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I remember as a slightly younger Bitcoiner watching videos and eating up everything I could about the subject. There was Roger Ver and Charlie Shrem, a cast of long bearded geniuses who kept this magic money safe, and of course the mysterious creator Mr Nakamoto. Things were weird, and grand, just the way I like them. I bought my first bitcoin after the gox collapse, then more and more. If Mt gox couldn't kill bitcoin I wanted in. I watched it go to 300, then to 500, and was thrilled. I found bitcoin. I subbed a bunch of tech nerds on twitter. I remained on the outside, but I was now part of the dream of decentralized currency. I placed a certain amount of blind faith in this new technology that I admittedly didn't fully understand, yet somehow believed in, hoping that one day it would change the world. I soon became aware of forks, of factions, of discontent. I shrugged my shoulders. After all, I had long since learned that bitcoin was the honey badger and it would figure it out. It always does. I learned to laugh at "bitcoin is dead" headlines and learned that this was simply a cue to buy more. There was Hodl. There was, buy the dip. There was always that lame ass on reddit reminding nubes (in nasally tone I'm sure) to "never buy more than you can afford to lose". There was the cute roller coaster coin guy which seemed to be so often on a fun ride to the top. I was riding this thing to the top with that little guy. Life was good. I was invested far more than I could afford to lose and life was great that way! But then the more I read, the more 'in the know' guys I followed on twitter, the more reddit posts I read, I learned I would be forced to pick sides in an ideological battle between two distinct sides. Let's call them the nerds, and the capitalists. Being an anarchist/libertarian and capitalist it might seem strange that I found myself quickly taking the sides of the nerds. But it was the nerds who were the ones who kept all this shit together. The code, the security, the teflon armor that kept governments and crony capitalists out of bitcoin and who ultimately kept that little roller coaster guy going up and up and up. Life was good in the hands of the nerds. I was officially a small blocker, and I stood behind my nerds. I resented those who called them neckbeards. I have a beard and that was mean. Sometimes I chimed in on reddit posts, mocked big blockers on twitter, and firmly planted my feet on the rock of 1mb blocks. I would not be moved. Then the fork happened. I was happy to receive my dividend. I even rushed out to sell some of my coins and sold a few but my gut resisted selling all of them. Something stopped me. That something was the instinctual recognition of the echo chamber of the small block community. It was beginning to scare me. Was this really where the sharp money was? I was beginning to wonder. I was beginning to doubt. There was also the fact that I simply couldn't get my head around bigger blocks meaning less fees for the miners yet somehow the biggest miner in the world was such a staunch advocate of bigger blocks, all while more and more people were pouring into mining. I heard about side chains and lighting network. Boy did that sound good! But where was it? Where is it? When will it be delivered? Why isn't this ready yet with all this congestion? Do we really have the best nerds working on this problem? It's been like 9 years. What's up with this? The answers and future promises of core, I had to admit seemed a bit vague at best. Transactions were getting clogged. There would not be a day ever in the future that I would buy a coffee with my bitcoin (ok ok). But there would also never be a day that someone busting their hump washing our dishes in expensive restaurants would be able to send their bitcoin home to a family that could really use them. It was too expensive. And new leaders in the space like Ari Paul were touting $100 fees as a sign of huge success. Was this what I signed up for? Was this the face of decentralization and borderless money? But you have to have faith in the nerds, right? After all, they're nerds! And they were the ones that got us here. Or were they? I started to notice a complete disrespect for the companies that helped bitcoin grow to what it had; there was Jeremy Allaire, Brian Armstrong, Eric Vorhees, Gavin Andreson and Vinny Lingham, all thrown UNDER the bus and mercilessly at that. Profits were suddenly bad. Growth bad. Low fees, yup-bad. Appreciation for the risk some of these early pioneers took was non existent. And this didn't sit well with me. Why were these nerds so angry? Where was the respect? Where was the appreciation? Where was the loyalty to the men that helped the little roller coaster guy go so high? Why did you so quickly renege on the NY agreement once you got what you wanted; segwit. Only dishonest pussies do that kind of thing. A bigger question started to emerge in my head: what had these small block nerds done to improve on Bitcoin that a slightly different alternative group of nerd couldn't have done? Why couldn't' we just go to 2mb blocks for the time being? What if the small block nerds were wrong? Is there a shortage of nerds in this world? Maybe. But maybe not. I started to get back to my roots. To dig beneath the bullshit and take a shovel to dig through the propaganda, and it's deep in this war. There's a lot at stake here. If there's one thing I've learned in the years I've been an anarchist there's one rule I have which trumps them all: Never trust the popular narrative. Because it's usually dead wrong. And often, it's actually a well crafted lie. But here I was on the 'popular' side. Ut oh, not good. Had I been fooled? Now I'm not saying I'm fully in the big block camp. If I have been brainwashed, then I'll admit it's going to take more time to deprogram myself and begin to see things more clearly. However, I am starting to see a bit more clearly. What I do know is this; Tone Vays the famous bitcoin tout said BCH was going to zero within a day. That never came close to happening. Stick to massage parlors Tone. Men I respect and look up to (in certain ways) like Roger Ver, John McAfee, Jeff Berwick - all men with a provable TRACK RECORD of defying the government in one way or another and the criminal records to prove it (good thing in my book), and many other freedom loving anarchist types are all behind Bitcoin Cash. The small block community foams at the mouth like a demon in first century Galillee when you mention the name Roger Ver. Hmmm. Maybe he really is Bitcoin Jesus! Miners who let's face it, love money, put up their capital to invest in many many millions want to see bitcoin cash succeed. Vinny Lingham was thrown to the dogs by a ruthless community, for urging people to have an open mind and getting one BTC call wrong. The whole thing has at minimum, put a bad taste in my mouth. Then there's the fact that some of the main core developers work for a large insurance company's company called Blockstream. If you really believed in bitcoin, shouldn't you own enough to not have to work for someone? I don't work for anyone, and I'm not a neckbeard nerd. But even I figured that much out and got some bitcoins early enough that I don't have to punch any one else's time clock. And while I'm never one to shy away from conspiracies there is the fact that the CEO of the big insurance company; AXA (who owns Blockstream who employs heavy hitters from the nerd Core group) is none other than Henri de Castries, who just so happens to be the chairman of the Bilderberg Group. You might think I made that last one up. I didn't. This just smells bad to me. I think a lot of people on the nerd, Core, block stream, blah blah blah side might be, just might be getting DUPED. So, in closing I would like to apologize to the community. You can see, I'm not that active here or in bitcoin, but I have taken some stabs and even trolled a few of you. Hey, please forgive me, I thought I was on the right side, but I'm not so certain any more. One thing I did do is load up on some bitcoin cash. I paid a premium for it, and maybe I'll live to regret it. But I'm throwing my hat in with the successful capitalists, the anarchists, and people who believed in bitcoin enough in the beginning to not only buy (and maybe mine some), but to invest their lives in the space, to put their money where their mouth and beliefs were, and not have to go get a job working for some Bilderberger clown. The clues and the truth are always there folks, but you do have to search them out for yourself and more importantly, T H I N K. Sure I'm a bit late to the party, and I'm still not sure BCH will become the 'real bitcoin', but I'm moving some of my most valuable chips to this side of the table. I sense a strong rising tide here. I also just sent 30k worth of BCH for 2 cents and it was on the exchange in like 3 minutes. That felt like the good ole days and that felt good! And then there's the fact that when it all comes down to it, and despite the attempted slander meme circulating on twitter, I rather enjoy a glass of wine one day with Roger Ver and Jeff Berwick, Calvin Ayre (and maybe even fake Satoshi) than have my picture taken outside a Chucky Cheese with a group of nerds with small blocks.
Update 2: THE NOVEMBER SEGWIT2X HARDFORK HAS NOW BEEN CANCELLED! :D Update: Thank you for your appreciation on this article. I decided to publish it on Medium. You can find the article on this link.
Existing Article: With less than a dozen days left before the SegWit2X fork, I thought I'd start gathering some facts before I start forming personal opinions and speculative conclusions. I refer to the SegWit1X chain as 1X and the SegWit2X chain as 2X for simplicity, and I have looked for very simple facts and safe assumptions. Here are the dots that I gathered:
• Fork at Block 494,784. Approximate time = 16th of November - see Reference 6 for exact time.
• The New York Agreement: The NYA involved parties representing about 83% of the then hashing power who all agreed to both hardforks - one for SegWit and another for an increased block size of 2MB (2X) within 6 months of the former. Further details in reference 1.
• It is safe to assume that miners will only mine the most profitable chain (possibly several chains in differing proportions). • If whales pump a single chain it will gain more value. If this happens, miners will be more inclined to mine that particular chain only. This will result in the other chain(s)potentially losing overall mining attractiveness.
• 1X will continue to have a 1MB block and SegWit; • 2X will have a 2MB block and SegWit; • Bitcoin Cash (Just for info right now) currently has an 8 MB block with NO SegWit;
• Current Price Status (Futures) on BitFinex: 2X/BTC = 0.17; 1X/BTC = 0.83
• Current Mining Status: 2X = Around 85% of blocks are signalling for 2X. It seems only a few mining pools including Slush Pool, F2Pool and Kano CKPool are not signalling Segwit2X. All Antpool (Jihan Wu) owned pools are signalling for Segwit2X and will likely continue to do so up to the fork. It is not clear if any other pools from the Segwit2X signalling group will change their minds in the meantime.
• Lower mining power chain: Likely to be 1X. Fees likely to be extremely high as not many miners. Difficulty adjustment could take a few weeks, if not months. Until then it will be very difficult to transfer funds. [It may be better to keep BTC on an exchange before fork, to ease liquidity cost/time if you want to sell either of the coins immediately]
• Double-spending: Miners (from 2X) will have an ability and incentive to double-spend on the minority chain (lower mining power chain). If you have huge mining power, you can allocate some of it to just double-spend on the minority chain. Some people will possibly lose confidence in the minority chain as a result.
• Replay-Protection: Neither 1X nor 2X currently have replay protection.
Bitfinex: original chain is “BTC”, SegWit2x chain is “B2X”
BitMEX: Original chain is BTC
GDAX & Coinbase: hash power and market cap decides which chain is “BTC”
HitBTC: original chain is “BTC”, SegWit2x chain is “B2X”
CoinsBank: Original chain is BTC
CEX.IO: original chain is “BTC”, SegWit2x chain is “B2X”
Gemini: hash power decides which chain is “BTC”
BTCC (Updated on Twitter): BTCC will consider which of 1MB and 2MB to name as #bitcoin based on market feedback and adoption.
Further details in reference 4.
The OPINIONs section • Vinny Lingham's opinion: 2X will outcompete 1X.
• Enter Bitcoin Cash: A review by Ryan X. Charles who has incorporated some of Vinny Lingham's quotes, states the following:
a. BCH is a fork of BTC with same PoW, but with improved Difficulty Adjustment Algorithm (DAA). BCH cannot die, but 1X and 2X could both die. If whales shift most of their holdings to BCH (or another coin), that would incentivise the miners to mine BCH (or another coin) instead of 1X and 2X. Both 1X and 2X would lose their mining power; however Core would release an emergency update to software adding DAA like BCH (or another coin). Thus, 1X would survive, and 2X (which might not get DAA) would die.
b. If 2X continues to be the dominantly mined chain, 1X will be forced to launch an emergency update to their PoW with DAA. There could be fighting between the two chains, and as a result a struggle to become dominant potentially causing altcoins to flourish.
My observations • BCH is upgrading their EDA (Emergency Difficulty Adjuster) on Nov 13. See website. This will lead to reduced volatility in BCH - likely making it more attractive to more long-term miners.
• Mining profitability: It is currently almost equally profitable to mine either BTC or BCH.
• What to keep and eye on before the fork to judge yourself where the fate of BTC is heading.
Mining signalling distribution
DAA: 1X or 2X software updates to implement Difficulty Adjustment Algorithms
Vinny explained that *“I’m not buying any bounce right now that doesn’t go to around $6,200 and stays there for at least 24-48 hours as being the end of the bear market cycle.”*reference: https://www.btcnn.com/news/vinny-lingham-bitcoin-could-still-crash-below-3000/ This statement made me think. If elect people like Vinny Lingham believe that Bitcoin may crash any time and he's not buying the bounce. There are several questions that needs answers about this kind of stereotype:
Do these people think that Bitcoin may eventually completely crash? Most of us do not believe of this possibility, because we have faith that cryptocurrency is here to last not just by the will of its' developers/users but also (my opinion) because governments will seek it as a replacement/improvement for the traditional economic model.
If they do believe that Bitcoin may probably totally crash, why should I even invest in CVC (Vinny's product) if he does not have faith and believes that the father of cryptocurrency (Bitcoin) may die at any time, taking with it the entire space/market.
If they don't believe that BTC will completely crash, and instead it will keep rising in value then what's the point of not buying the bounce? Aren't these just minor details for the present moment? The only reason to believe that one person is not buying the bounce is a short term trader. But according to Vinny's statement he will only buy when BTC is around 6200 USD for 24 hours or more.
Vinny's statement has made me lose any trust in his project the CVC coin. Don't you think that the elect need to be leaders of the Bitcoin cryptocurrency-space faith instead of short term traders or BTC price prophets? To lead is to believe.
Jeff Garzik: “Today, bitcoin faces existential threats from forks, developer drama and so on. Knowing what we know and having a clean sheet of paper, we asked what would we build and the answer is this”.
...oh, so that explains it. The old and effective Problem-Reaction-Solution strategy. Well, effective before the current social media era, in which hidden motives can be brought to the light of day to be exposed. I will keep posting this until the very day of the fork, with the hope that more bitcoiners learn the true nature of S2X/B2X/NYA open attack on Bitcoin disguised as an "upgrade". This is a 2X Trojan Horse, and do you know who is inside that horse? Top level banker's special-forces like Blythe Masters, Larry Summers, Glenn Hutchins (sits on the board of The Federal Reserve Bank of New York) and DCG (Digital Currency Group). We need to keep our efforts to expose and inform people about what S2X/NYA/DCG really is. Don't trust and don't do business with these companies and individuals supporting the S2X attack on Bitcoin.
Companies: https://coin.dance/poli http://segwit.party/nya/ Individuals: Those guys are pure greed, they don't care about the 7 billion of people on this planet. Expose them and don't give them your business. Starve the beast. They will regret sticking with the B2X altcoin that will go the BCH way (and all the other highjack attempts before them). Moneybadger don't care and only gets stronger and immunized after each snake-bite. Actually >99% of the Bitcoin community supports the real Bitcoin. The centralized B2X-coin attack is only supported by a handful of rich crooks and the people they've managed to bribe with their deep pockets: Brian Armstrong, Fred Ehrsam (ex-Goldman Sacks), Bobby Lee, Winklevoss brothers, Peter Smith, Nic Cary, Haipo Yang, Rick Falkvinge, Jon Matonis, Wences Casares, Tony Gallippi, Mike Belshe, Ryan X Charles, Brian Hoffman/Sam Patterson/Chris Pacia (and all OB1 team), Gavin Andresen, Jeff Garzik, Mike Hearn, Roger Ver, Jihan Wu, John Mcaffe, Craig Wright, Barry Silbert, Larry Summers, Blythe Masters, Stephen Pair, Erik Voorhees, Vinny Lingham, Olivier Janssens, Jeremy Allaire, Peter Vessenes, Bruce Wagner, Brock Pierce, Aaron Voisine/Adam Traidman/Aaron Lasher (Breadwallet team), Glenn Hutchins, Bill Barhydt and Jiang Zhuoer.
Civic CEO Vinny Lingham forecast the Bitcoin price to remain below $5000 for at least three to six months this week as sentiment throughout the industry Bitcoin price will remain under $5000, said Civic CEO, Vinny Lingham, who expects at least three to six more months of 'crypto winter.' News.Bitcoin.com caught up with the serial entrepreneur to get his thoughts on bitcoin cash, Lightning Network, token models and more. Also read: Five Reasons Why Bitcoin Cash is About to Win Big. Vinny Lingham on Regulation. On April 20, over 1,000 delegates gathered at the Fairmont in Santa Monica for Start Engine’s ICO Summit 2.0. The ... Bitcoin News Another Bitcoin Bubble Predicted by Vinny Lingham. The blockchain entrepreneur and CEO of Civic expressed his opinion on a possible Bitcoin bubble while speaking at a blockchain event ... The event began sharply at 8:30am, with Vinny Lingham the most recognizable figure on a panel titled The State of ICO Regulation. Afterwards, news.Bitcoin.com sat down with the Civic founder for a chat about dual token models, blockchain scaling, and the acrimony that’s riven elements of the bitcoin community. Vinny Lingham was one of the investors, or “dragons”, on South Africa’s Dragons’ Den reality TV series as a serial entrepreneur who previously founded the digital gift card platform, Gyft, which was acquired by First Data Corporation in 2014 and one of the first platforms to gain traction accepting Bitcoin as payment. He co-founded Civic...
The Kohn Report #19 - Vinny Lingham, The Bitcoin Oracle
Vinny Lingham on Bitcoin. Learn all about the world of fintech and get certified with Rise, created by Barclays at https://www.42courses.com/courses/bar... Bitcoin is now over $740 and trading volume is normal. This is a good sign- people just want Bitcoin. People are praising Vinny Lingham's predictions from earlier this year. More Zcash and Steem ... Long, dark winter ahead for crypto, says bitcoin oracle Vinny Lingham - Duration: 7:08. CNBC Television 21,137 views. ... Bitcoin BTC Event & Twitter news updates Twitter US 12,977 watching. Aug.31 -- Vinny Lingham, Civic co-founder and chief executive officer, explains why he reduced his exposure to Bitcoin. He speaks with Bloomberg's Caroline Hyde on "Bloomberg Technology." Vinny joins the show to talk about Civic.com a new secure identity platform as well as the failure of the Bitcoin ETF and bubles in Altcoins.