Global Bitcoin Stock Exchange Shuts Down For Good

$8.50 on Gox!

submitted by DrMandible to Bitcoin [link] [comments]

ICO's are the new IPO's. Making Ethereum the new GBLSE

First, I may need to provide some background, as many of you may not have been around in 2012 and 2013, so you may not remember GLBSE, BTC.TC, havelock, bitfunder and a few other "bitcoin stock exchanges". On those exchanges, companies could list securities like company shares and bonds, which where traded for bitcoin.
Initially, mining bonds where the most popular security, allowing people to invest in bitcoin mining without having to own and operate any hardware, while allowing miners to raise capital and sell off the risk of future difficulty increases. Revenue from mining was then paid to bond holders as "dividends". In theory, a sound concept and the precursor to cloud mining. In practice however, these bonds quickly became a mania. They where trading at prices that made no economic sense at all, anyone with a calculator could easily see it was impossible they would yield a positive ROI. Miners and scammers quickly caught on to that, and sold more bonds then they had hardware for. But they kept rising in price, and people kept buying them, expecting to sell them later with profit.
Soon after, all kinds of companies launched IPO's on these exchanges. Some where legit, many dubious, most where pretty obvious scams. It didnt matter, IPO's where as much a hype as ICO's today, and virtually never failed to sell out in record times, raising millions of dollars. Almost nothing was scrutinized, anyone scammer with a tiny amount of photoshop knowledge or anyone promising to achieve some ridiculous ROI had no problem raising millions.
After the companies, came the investment funds. Someone raised bitcoins through an IPO, and used that money to trade in other securities listed on that same exchange. Then they launched a second IPO for another fund, and used fund A to buy shares in fund B, and fund B to buy shares in fund A. Prices went through the roof. You couldn't make up stuff like that, it was hilarious.
Almost nothing that was traded on those exchanges, had any real value. A few notable exceptions include Asicminer, which raised money to develop an asic, actually managed to get it produced as one of the first ever bitcoin mining asics, sold in large quantities and made a huge profit, paying back investors through dividens many times the IPO value. It was the largest success story by far, but even that ended with an exit scam when the anonymous founder ran off eventually.
Around 2013, the SEC intervened, closed a few of the largest exchanges, charged and fined some of the operators and issuers. Other exchanges collapsed or vanished. Tens of thousands of BTC where lost. Im not aware of any company that was launched on any of those exchanges that still operates, except for the gambling site satoshidice (which was among the ones fined by the SEC).
What caused this to happen? The enormous rise in value of bitcoin created a group of early-investor millionaires, who believed in crypto currency, who where accustomed to double or triple digit gains in a very short time and who had money to burn. Many of them got rich "by accident", not because they did a lot of due diligence or understood the risk/rewards or even the technology. This gullibility was clearly seen with Trendon Shavers aka Pirateat40, who at that time operated a gigantic, half million bitcoin ponzi scheme by promising 7% weekly returns. These people where very likely to invest large sums of money in risky crypto related startups, expecting a repeat of the success of their early bitcoin investment. This created a self fulfilling prophecy where IPO's always succeeded, prices always went up, creating gigantic bubbles.
Fast forward a few years. Besides bitcoin millionairs, we now have ethereum and a few other altcoin millionaires. Instead of IPO's, we now have ICO's. Instead of GLBSE, we have ethereum as the enabling platform. Instead of tradeable funds, we will soon have things like iconomi. Instead of bubbles created by funds investing in each other, we will have blockchains that are denominated in each other. And instead of thinking security regulation can be avoided by denominating an investment in bitcoin, we have people thinking regulation can be circumvented by calling something a token.
Am I the only one having a terrible deja vue?
submitted by Vertigo722 to ethtrader [link] [comments]

An Insiders Take on CoinTerra & the Bitcoin Mining Sector

Having been involved in Bitcoin since 2011 and on the inside of one of the 28nm Bitcoin mining contestants for the past two months, here is my story.
Feel free to skip the long intro to skip to the present: I added it because people might want to know where I'm coming from.
My elevator pitch is that I discovered Bitcoin in 2011 while traveling in Argentina, and after doing research I started recommending it as an investment to the subscribers of my financial newsletter in early 2012. BTC was $5 back then, so we did well with that.
Here are some links of the things that I've done in Bitcoin:
"Bitcoin seen through the eyes of a central banker"
Interview Keiser Report about Bitcoin, ECB & Argentina
"Why you should invest in Bitcoin"
"Cryptocurrency is the future of money, banking, and finance"
Since the beginning I've been thinking a lot about how I wanted to invest in Bitcoin. It has always made plain sense to me to begin with buying coins, as it is like an ETF on the entire Bitcoin economy.
However, in early 2012, just the idea of buying bitcoins was a pretty scary prospect. I consulted with two core developers who actually tried to dissuade me from looking at Bitcoin as an investment. One said it was still very much an experiment, the other said (correctly so) that there were still substantial security risks.
Eventually it was my experience in Argentina's difficult economy (rife with currency crackdowns and capital controls) that convinced me to take the leap - I decided that there was enough demand and enthusiasm for financial freedom in the world. Enough for some crazy people to keep funneling resources into Bitcoin, resources that would support the idealist hackers and maverick entrepreneurs to make the technology of cryptocurrency a success.
So I started buying bitcoins, considering myself lucky because my friends in Latin America had it much tougher: they had to mine most of their cryptocurrency in their basement with graphic cards because of the harsh capital controls that prevented them from sending money abroad and buying them on an exchange.
In all, 2012 was a difficult year for Bitcoin. The 'old' bitcoiners were still psychologically numbed from the huge decline in price, and the newbees were continually scared by new scandals: the Bitcoinica thefts in May and July, the BTC Savings and Trust-ponzi implosion in August, and the Bitfloor theft in September. The price of Bitcoin hovered between $5 and $13 all year, the mainstream media ignored or at best scorned Bitcoin, and I for one was mostly happy to still have an unscathed wallet.
Throughout the year I wrote about Bitcoin practically every week in my email updates and every month in my printed investment newsletter. It was often a frustrating job, because my many of my subscribers are babyboomers or from an older generation who don't intuitively grasp the concepts of peer-to-peer, open source, online, etc. I received a good number of emails accusing me of promoting a ponzi scheme, and my publisher (who does all the promotion for the newsletter) was very sceptical and tried to persuade me to write less about Bitcoin and more about traditional investments like gold and stocks.
I think this tension/struggle is part of what prevented me from exploring the investable side of the Bitcoin economy for quite a while, although I did buy a few Bitcoin mining stocks on the GLBSE. (Compliments to the miners that kept paying out dividends even after the wild ending of this stock exchange - COGNITIVE is one of them)
Attending the Bitcoin London conference organized by Amir Taaki in late 2012 was definitely a turning point for me. Cryptocurrency suddenly became tangible and real, and I think that was the case for many people there.
During Amir's conference, I made friends with Jim from MultiBit and Nejc from BitStamp. I likely missed an investment opportunity with BitPay (even though Tony Galippi was just as impressive back then as he is now), and I tried to persuade GLBSE's Nefario to start talking to a lawyer about the legal risks of running a Bitcoin denominated exchange. Josh from Butterfly Labs made an announcement there in London, and that was my first experience with the excitement and controversy that characterizes so much of the Bitcoin mining industry today.
Meanwhile my investment newsletter kept doing well, and I decided to make a move to South America to expand my horizon. That's how it happened that I was with my friends in Buenos Aires when the March-April 2013 explosion in price happened: an exhilarating time, and I'm still grateful for their long term Bitcoin experience which helped me make the right decisions for myself during this period.
Still I kept thinking about how I could invest some of my gains back in the Bitcoin economy. Chasing a dollar profit doesn't make sense to me, so I had to identify business models that gave perspective for making a multiple on my bitcoins.
Bitcoin mining felt like an interesting fit, for several reasons.
First, I spent the past few years studying the gold mining industry and the parallels and differences with Bitcoin mining are absolutely fascinating to me.
Next, in the short run I am not at ease regarding the authorities ability to attack or destabilize the BTC network. Many will object by saying that the Bitcoin network has a hashrate that's currently 40 times faster than top 500 supercomputers combined. However, that is misleading because the equation would change dramatically if those computers were equipped with specialized ASICs that can be produced for a couple of million dollars.
This is what Jim Rickards referred to when he said "technologists don't understand the world of power politics and malicious actors: there are people who don't care about the cost. (…) If they want to destroy a system, and they have to pay to do it, they'll do it. It's not necessarily more expensive than buying an aircraft carrier or building a submarine."
This is the reason why I think it's crucial to push up the network speed as close to the physical limits as possible. Once the miners are working on the smallest node and with the most efficient chip possible, it will be much more difficult for a malicious entity to do a 51% attack on the network.
(By the way, much respect to the small bitcoiners and basement miners for this: they are the ones that have been bankrolling the expensive development of ever more sophisticated ASIC chips. They are the ones that are slowly turning the once brittle skeleton of the Bitcoin network into an indestructible Adamantium shield.)
Finally, it seemed obvious to me that the Bitcoin mining market was about to enter a consolidation phase, in which the market would increasingly sponsor the more reliable and technically gifted chip producers, which will eventually create a more stable environment for everyone. How exciting, to try and witness from the first row how an entirely new industry grows from childhood/adolescence towards maturity!
Enter CoinTerra.
I first met Ravi Iyengar and his team members at the San Jose Bitcoin conference, where they pitched for an angel investment in their company. I was immediately impressed by their passion, technical pedigree, and understanding of the workings of Bitcoin.
I was definitely intrigued and after the conference we kept the communication lines open. Back in Belgium I met with two interested angels who happened to be Belgian, too. I then talked to different people with hardware backgrounds to verify whether Ravi's team really was that good judging by the industry standards. They were.
I started getting excited.
From there on, things began moving fast. The two Belgians got in and the more I talked to Ravi, the more I was impressed with his cogent reasoning, his decisiveness, and the speed by which he absorbs large amounts of new information. By mid July I finally made the decision to also come in as the third angel investor in CoinTerra.
When I talked about the company to Timo Hanke (German cryptographer and author of the Bitcoin Pay-to-Contract protocol) he was intrigued, did his own due dilligence, and soon after became an investor in, and later a team member of CoinTerra.
Other investors and advisors that came in on the angel round had reputable backgrounds in the software and hardware industries, precious metals, telecom, and law - all of whom shared a great and genuine passion for Bitcoin. I began feeling very fortunate to be able to follow this project from such a close perspective.
After some days, because of Ravi's high energy and magnetic enthusiasm, the following turned into involvement. When I was invited to come to Austin, Texas to help out, I jumped in with both feet - I've been here for a week now.
One thing I noticed when getting involved with CoinTerra more closely, is that the communications part of the equation needed improving. I can understand how the issue came to be. Ravi is in the first place an engineer and a team leader, and he started structuring his company from that same perspective. Even today most of his focus is directed to closely managing all the engineers (in Austin, in Raleigh, and also in India) to make sure that the risks involved are managed to the greatest possible extent.
The engineering roots of CoinTerra are also reflected in the initial vision behind the company: to build large and efficient mining data centers, deploy them worldwide, and to then offer cloud hashing services to the public. However, the still uncertain legal repercussions of that lead to a change in strategy. Instead, CoinTerra is now working on providing chips and rigs for the general public, and leaves it for the customers to decide where and how to mine with them.
Now, I understand and appreciate how very skeptical a large part of the Bitcoin mining community has become. People have invested a lot of resources in brave but often very inexperienced teams who have not always been able to deliver on their promises. It has been a road of trial and error, and the errors of some have proven painful to many.
I can say that I understand what it means to have skin in the game of the mining market; I am an investor in a company that has announced but not released a manufactured product on the market yet. And I stand by it: I think CoinTerra is working on fantastic products and has great future potential as a company. Would I like to make a return on my investment? Of course, that will be the best proof that it fulfills the potential that I see in Ravi and his team.
That said, even to just be involved in this technological arms race that is taking place in Bitcoin mining, where hyper competitive capitalism is miraculously creating a very pure public good, is a real privilege. I think the sector will further mature and that we will see more and more reliable companies emerge over time, and all the while the Bitcoin network will grow stronger and stronger.
I'm happy to take questions if you are interested.
Best wishes,
Tuur
submitted by dtuur to Bitcoin [link] [comments]

I can afford to lose

I first learned of Bitcoin in 2010, installed the client and got my first bitcoin from The Bitcoin Faucet. Thank you Gavin, I assume it was your property.
I fell down the rabbit hole after reading Satoshi's paper (read it about 10 times so far. It gets better each time). I enabled bitcoind's mining feature on my home CPU (and possibly my work machine) and managed to solo mine a block. At the time, they were worth about $0.50 ea. A few months later, and zero blocks found, I compiled some code that allowed me to mine using my nVidia GPU. Still no blocks. Welcome slush pool! Bitcoins were flowing again (about 1/week). At this point, I figured I could make some money at this (price ~$1.00), so I spent $170 on an ATI GPU (about 10 times faster than the nVidia).
Difficulty was increasing, people were building huge GPU rigs - I wasn't one of them. I bought a few coins through MtGox and a few more with paypal. But for the most part, I was happy getting about 1BTC/week on my ATI card. I wasn't ready to spend my "real" money just yet.
I "invested" some assets on GLBSE and put it into a mining company called BITBOND. Was feeling pretty good until GLBSE was shut down and lost 50% of what I invested. I guess Bitcoin Savings and Trust (BST) was a bad idea. But, hey we're just playing around with digital tokens. No worries, I could afford to lose it - maybe $200 worth at the time. Live and learn.
Bitcoin velocity started to increase with Eric's Satoshi Dice and Charlie's BitInstant. Up to $28... Have to buy more. Crash! Back to $2.00 and bailed. Lost another $200.00.
In 2012, I made some paper wallets and gifted all my family members some BTC for x-mas. They were worth about $13/BTC. I still keep an eye on the accounts with watch only addresses on Blockchain.info. Paper wallets were created with Diceware and Amir's sx/libbitcoin, pen and paper.
GPU mining was puttering out, so I spent $300 on a BFL 5GHz ASIC with paypal. I received mine in July of 2013, mined 2 BTC over two weeks, then sold it for $350 on ebay. The mined coins were worth about $300, so I doubled my money. The difficulty increases went lunar, and that BFL miner never mined another full bitcoin. Sorry e-bay buyer.
My mining days were over and Coinbase came online. Since then, I've been lazily buying $50/week using Coinbase's recurring buy feature. All the way up to $1200 and all the way back down to $170. I've been here before. Each time though, I have more coins than I had before - and that's all that matters to me.
Bitcoin's not made me rich. I'm not driving a Ferrari with BITCOIN plates... yet. I'm only in as much as I can afford to lose. It's been a fun ride.
To all the people and companies mentioned, and to all of you building the future, Thank You.
submitted by btc-loser to Bitcoin [link] [comments]

Gauging interest: A mining contract marketplace. Would you use this?

Gauging interest: A mining contract marketplace. Would you use this? submitted by ferroh to Bitcoin [link] [comments]

Colored coins (decentralized exchange): we need developers to complete client implementation faster

Brief intro about colored coins (you can skip it if you already know): Colored coins can be used to encode information about ownership of external property (e.g. securities, tickets, etc) directly in blockchain; this enables trustless trading, i.e. securities represented with colored coins can be bought directly for Bitcoin with no 3rd party involvement and no counter-party risk; and trustless trading allows us to create a decentralized exchange: you do not care whom you trade with as long as price is good, so it is possible to trade in peer-to-peer fashion. More info in coindesk article.
History (of implementation): I've implemented first proof-of-concept a year ago, but it was very basic and didn't allow trustless trade. A more advanced version, one which supported trustless trade, appeared several months later. In January of 2013 we had a version of ArmoryX (based on Bitcoin Armory) which implemented p2ptrade: it allowed communication between peers via a chat server, so that they could trade when they agree on price. It had trading interface generally similar to what you see on btct.co, and worked more-or-less as advertised, but had several bugs and deficiencies. Particularly, Armory requires about 2 GB of RAM on mainnet, so it is quite a bit cumbersome. For this reason, we decided to focus on a web client (WebcoinX), which will be more accessible to users. Unfortunately, implementing a web client was hard, and also we had very few developers working on them (on average, less than one), so we got a very basic demo only in May.
Recent history: Unfortunately lead developer of WebcoinX disappeared soon after the first demo, so we had more delays... Until I restarted development in July. At that point I got a better theoretic model of colored coins, and some ideas for a better wallet architecture which would avoid possible corner cases and will be more convenient for users. So we started making so-called Next-generation colored coin client (NGCCC) from scratch, also we continued with WebcoinX, as I found more developers.
Current state: We were able to improve user interface of WebcoinX, so that it is better suited for colored coins, and it now works on testnet (note: it is work-in-progress, not all features work properly!), but we lack manpower to fix remaining problems and optimize it so it will work on the mainnet. It current pace it would take a lot of time until we get there. And we got a very basic proof-of-concept of NGCCC, but more work needs to be done to make it usable. Currently I'm working on it alone (when I'm not working on WebcoinX), so progress is slow.
Developers, developers, developers: If we'll be able get more developers working on this, we can make a complete colored coin client in matter of weeks. But I gotta clarify: we don't just need more developers, we need developers who understand general structure of a cryptocurrency wallet, and can make implementation decisions on their own. Otherwise, if I'll be responsible for all decisions, we'll be bottlenecked at decision-making.
Specifics: WebcoinX is written in JavaScript, NGCCC is written in Python. Both projects are 100% open source, but there are sponsors willing to fund development, so developers will receive bounties proportional to their contributions. Total compensation pool is 70 BTC for each project. Generally, each contributor will record how much time he spent on a particular task in a spreadsheet, and once specific milestone is complete, each will get bounty proportional to self-reported efforts. (But I reserve a right to make adjustments, in case someone will try to abuse the system.) Although if somebody if somebody bids to implement some component for a fixed sum, that might be a possibility too. I can even accept an offer to implement the whole thing for 70 BTC.
Importance: You might have heard news about BTCT.co and LitecoinGlobal.com closing down. A year ago GLBSE was shut down abruptly. Things like this cause turmoil on markets, even if no Bitcoins were lost. (We are lucky that no exchange have lost coins so far, I guess such an event, which is very well possible, would have resulted in much bigger panic.) Decentralized exchanges are going to ameliorate this problem, as they will remove necessity for centralized exchanges. Even if trading relies on some chat server, it is possible to switch to a different server in matter of minutes, so disruption will be minimal. There are other possible benefits, but I'm not going to go in details here, I could write a few pages about it...
Competition: There are several project which aim to implement decentralized stock markets. Some of them: Freimarkets, Bitshares, Mastercoin. But only colored coins and Mastercoin promise to enable direct trade for Bitcoins. And colored coins is both more mature (we had a working proof-of-concept a while ago), and I believe it is better: it doesn't put any data into blockchain, and it makes trustless thin clients (i.e. similar to Electrum) possible.
Myths about colored coins: Pretty much each time I mention them, people say how it is a bad thing, so here's a list of common misconceptions:
  1. It is a bad thing because it bloats blockchain. The approach we use now puts no extra data into blockchain, it creates only ordinary Bitcoin transactions, which are not different from trade transactions. Vilifying colored coins for this reason makes as much sense as vilifying selling coffee for Bitcoins: if millions of cups of coffee will be sold each day, it will create a lot of blockchain bloat!
  2. You should use a separate blockchain because it rustles my jimmies. Well, we use specifically the Bitcoin blockchain for a good reason: it enables trading securities for Bitcoins directly, with no 3rd party involved, and securely. This is what we want and this is what people want.
  3. Namecoin was first! Yes, it was, so? Use of Namecoin names for trading has much higher overhead. It is outright impossible to create a private currency on top of it, for example.
  4. But, cross-chain trade script. It exists, but it isn't as good as atomic coin swapping which we use.
  5. Anti-dust patch killed colored coins. It made order-based coloring much less convenient, but we now use a more general theoretic model which allows us to use different 'color schemes'. Particularly, improved version of order-based coloring eliminates all inconveniences created by anti-dust patch.
  6. Mixing and diluting problems. This can happen only if there is a bug in colored coin wallet. But you can lose your money if there is a bug in a Bitcoin client, e.g. some people managed to pay as much as 200 BTC in fees because client software forgot to include change output. At least with colored coins, if shit happens you can try to get compensation from an issuer, as it is easy to prove that coins were destroyed. And if he is kind enough, he will just send you replacement. Also, we now use better wallet architecture which will prevent problems like this.
submitted by killerstorm to Bitcoin [link] [comments]

What's new in Bitcoin

I have been out of the bitcoin game for about half a year now. I used to mine with GPUs and then invest in GLBSE. Me, like many others, have lost most of my investments in various companies/people that went down. Since then I asked for a refund on preorder of my Butterflylabs Single SC, since I got tired of the game (and losing money). In reality I would have been better off simply converting cash to Bitcoin and hoarding it, instead of 'investing it'. ASICs are also about to flood the market. What drove the prices up to $20 per bitcoin now?
submitted by triggermeme to Bitcoin [link] [comments]

Raising capital for a small business via Bitcoin

TL;DR - There are a small number of specific questions at the bottom I'd like some discussion on.

As I've said before on this reddit, I'm in the process of planning a Bitcoin-based business. In short, I want to open a lingerie store with my wife. I live in an area with very low operating costs, and could probably find the investment through traditional channels for as little as we need.
My concept, though, is to align the business with Bitcoin for mutual benefit. In all of our local advertising - radio, TV, and newspaper - we would mention that we preferred payment in BTC, thus increasing awareness in our region.
Our online store would include prices in both BTC and USD, and include automated payment processing for both. We would heavily advertise to the tech-aware crowd, again raising awareness of Bitcoin in a key demographic.
I'm also trying to find a supplier for our primary products that would take payment in BTC, even if only to convert it out to fiat currency on the other end. I'd like to be the first physical goods retailer with an entire supply line - from manufacturing to retail sales - run on Bitcoin. I've reached out to a few industry contacts in Somalia, China, and the Philippines to try and find a supplier.
I figure that there are lots of Bitcoin enthusiasts out there with coins stockpiled, either as an investment for monetary gain or as an investment in the future of an alternative currency for political reasons. The latter's interests would be well served by investing a small portion of their holdings in a business like this, as our efforts would stimulate the real-world, non-speculative transaction volume for Bitcoin.
I've seen the GLBSE, and I'm not too impressed with the site. The idea seems sound, though I'm still a little fuzzy on the mechanics. Is GLBSE a serious enough platform to handle this sort of venture? It seems like the daily transactional volume is measured in fractions of a BTC for most companies at best, but that doesn't tell the whole story in my opinion.
I would also need to speak with an attorney before launching this, to be clear on the implications of accepting outside investment via Bitcoin. I know there are "qualified investor" rules surrounding stock issuance if done as a corporation, but I'm not sure anyone knows how or if those translate to a virtual currency.
If there is no legal way to accept micro-investment from the Bitcoin community, I'm willing to ignore those laws if and only if it is acknowledged up front and all investors are aware of the risk before committing. I'm an Anarcho-Capitalist and firm on those beliefs - I am also very serious about honoring any contract I enter. If I am able to organize this within the law, then I will. If not, then I will do my best to identify specific laws potentially broken and the risks associated with that, and will not deviate from that plan.
I am willing to make my identity known to investors via any reasonable means. There would be none of this "MyBitcoin" saga associate with any business of which I am a part.
Finally, I do see this as am investment. I would be happy provide some level of mutually agreed-upon visibility into the books and day-to-day operation of this enterprise for the benefit of shareholders. While my wife and I would wish to remain majority shareholders, we would plan to cap our actual salaries at a very low level and take most of our profits via dividends, which would provide powerful incentive for us to make the shares a profitable investment - if you don't make money, we wouldn't make money.
I'm interested in any insight anyone here might have into this concept. My specific questions include:
submitted by gadsdengraphics to Bitcoin [link] [comments]

I have a unused security on the Global Bitcoin Stock Exchange that I could use for Civcraft Diamonds. Who's interested in selling their Diamond on consignment to dozens of investors?

http://glbse.com
Basically, you transfer me your Diamond on Civcraft and I create stocks for them on the GLBSE at your price in Bitcoin, plus a slight fee for my time and paperwork. An investor or a Diamond buyer buys them on the stock exchange and I send you what is owed in Bitcoin.
You can take that Bitcoin and use it to buy more Diamonds, convert them to USD/EUROs/etc. on http://mtgox.com.
Let's say you buy Diamond stock on the stock exchange and you want to redeem them for actual Diamond on Civcraft? You simply email me at the email listed on the security, say you are making a redemption, you transfer me the securities and I bury your Diamonds at a hidden coordinates minus a set fee.
Any questions, interest, thoughts?
submitted by TheAtlas to Civcraft [link] [comments]

Can virtual goods be packaged into bitcoins, or do we need a new protocol for that?

If bitcoins are gaining in value, could things like music or video game art assets appreciate too? For instance, I would like to be able to buy an original Thor Hammer from my favorite 3D artist, and I would like to be able to prove that mine is the original in case I sell it. If others copy it, I want the history of its ownership to be maintained forever.
Would we need a new network of ArtCoins to do this? Or would we just clone something like the GLBSE and trade art instead of assets? Might this be a boon for the games industry?
edit Don't know how this would work with games, but I could see an author releasing say 100 or a 1000 unique copies, which are stamped as "first prints". These could be transferred as "second prints" by the initial buyers at a reduced price, while they keep the originals. Subsequent prints are transferred ad infinitum, so I could buy an Nth edition for say 1/Nth the market price of the original. I could get behind that.
submitted by asherp to Bitcoin [link] [comments]

What I learnt from pirate

About 7 years ago a lost a few thousand to 12dailypro which was a fantastic scam where everybody seemed to be making loads of money.
When BS&T first popped up everybody involved seemed to be making money and the payouts were always on time, this is exactly how it was with 12dailypro.
I was hesitant having lost money to a scam before, but I knew that money was there to be made if only you get out early enough.
I invested several thousand BTC into one of the pirate passthrough schemes on GLBSE. I also re-sold and bought as the price on GLBSE fluctuated.
In less than 2 months I had doubled my money. Since this was going so well I was tempted to put more Bitcoins in, after all there were all these other people that were running the pass through accounts, they had a lot more BTC than me and were making stupid amounts of coin. I was jealous and wanted to be like them, however that is exactly what I had done 7 years prior and decided that I should just settle with the small victory and take what I had already made and run.
A few weeks later pirate defaulted. Now I likely have more BTC than them.
Lesson learnt: Take the small guaranteed victories. Don't let greed dictate your actions.
submitted by thanks_pirate to Bitcoin [link] [comments]

I am here to tell you why we are at the top of the current price rise, and why not to worry about it

Bitcoin adoption works in waves.
A group of people is introduced to it, and the price is affected by this.
The very first wave occurred at the very beginning when Satoshi introduced the very first people to Bitcoin. This is when the value of a Bitcoin changed for 0 to "something". Nobody knew how much a bitcoin was worth at that point, and there were no exchanges.
The next wave is when people outside of that little group started to find out about Bitcoin. At this point there was still no set value for Bitcoin, but it was certainly worth more than before.
The third wave is when the next generation of people is introduced, at this point we have people exchanging Bitcoins for pizza, and the first exchanges are established. Now a price is put onto the Bitcoin, and it is less than $1.
The fourth wave occurs when the media first finds out about Bitcoin. It appears on sites like slashdot which introduces a whole lot of new people, the price goes up and new services start to get introduced.
It is the fifth wave in which the 2011 bubble occurs. Several factors are at play here, one of which being the hacker collective lulzsec who mention Bitcoin while being in the media spotlight. There is now a huge demand for Bitcoin, but several thefts and hack attacks occur in quick succession and the price crumbles as people lose faith. At this point a large amount of people leave Bitcoin thinking that it was a failure.
The sixth wave is highlighted by Bitcoins Savings & Trust and the pirate passthroughs which led to the rise and fall of GLBSE. The price goes up and then tumbles down.
We are at the seventh wave. Some big names have started accepting Bitcoin, and there is also the coinlab deal.
Now for the kicker. After every crash people will leave Bitcoin. But, when something interesting comes up, like a impending price rise they are ready to jump back in and know exactly how to use the exchanges. The result of this is the price shoots up from the newbies and also the people that are coming back from the previous crash.
My point is this: The price is going to drop very soon. But it doesn't matter because it will rise well beyond it in a months.
submitted by bitcoin_pro to Bitcoin [link] [comments]

Bitcoin is not hitting $5 again.

The people who once believed there was a chance are now trying to get rid of their shorts, which are not selling higher than a 4% chance.
https://glbse.com/asset/view/STANDARD.5.50
Most are saying its a no-brainer to buy at this price and that resistance will come in the mid $7.
With Bitcoin being introduced at Porcfest and at more places online, this certainly seems to be true.
submitted by TheAtlas to Bitcoin [link] [comments]

5-Figure Bitcoin Price Predictions BITCOIN PRICE PLUMMETS IN MINUTES!  WHAT IS NEXT FOR BTC? Bitcoin Price in 2020 BITCOIN PRICE ABOUT TO EXPLODE? 13 DAYS OR LESS? Bitcoin (BTC) Price Forecast

GLBSE shuts down – Global Bitcoin Stock Exchange. October 9, 2012 Bitcoin, News colbert 0. what about my assets and my bitcoin? You will be able to get back your bitcoin, and if you want to reveal your username, email, and a bitcoin address to accept payments with, you can continue your relationship with the issuer of any assets you hold GLBSE BitCoin Market Watch A blog dedicated to watching the GLBSE BitCoin stock market and general BitCoin investments. The actual price you pay for the bonds each week will be decided by competitive auction. All bids for the bonds will range from 1.00 to 1.28 BTC per bond. The highest bids will win the bonds when the auction closes. Several bitcoin exchanges compete for customers, with Mt Gox as the clear winner. Silk Road is launched, as well as payment processor BitPay, the stock exchange GLBSE and bitcoin sees its first price bubble – a rally from $1 to $30. 2012: Gambling and leverage The shutdown has already had an impact on the Bitcoin price, dropping it from about $12.9 to a low of $10.65 before a partial recovery, and will have a significant impact on the Bitcoin economy over the next few weeks as the businesses listed on the exchange adjust to the loss of their main platform for attracting and interacting with investors. GLBSE is offline. For those worried about their bitcoin, please calm yourselves there has been no hack and your coins are safe and all accounted for. I apologize for the lack of notice and the downtime, but there isn't much choice. We will update our users on Saturday.

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5-Figure Bitcoin Price Predictions

BTC price is converging on the apex of 3 separate patterns at the same time. As bitcoin gets squeezed into this area, many people are now thinking that a big btc move is coming. The Bitcoin (BTC) market cap is currently US$163.8 billion, with US$7.46 billion traded in the past 24 hours. The current spot price is down 56% from the all-time high established in December 2017 ... NEW Bitcoin Price Prediction Here is How BTC Can Reach $288,000 After Bitcoin Halving - Duration: 17:46. Aimstone 26,956 views. 17:46. Bitcoin price predictions: 1 target $19.000 +80%, 2 target $35.000 +230%, in the next 1.500 days! DON'T CLICK THIS: https://bit.ly/2CfXa6Q If you are a trader, then is this the right trading ... Here is our latest Bitcoin (BTC) price forecast. Let's see if Bitcoin (BTC) is going to hold consolidation and move lower. It's time to stop the confusion. Join Us!!! Join This Elite Group - Sign ...

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