Institutional OG: The Fact That You Can ... - Bitcoin Insider

Forex Trading in Kenya.

Someone posted on here a few days ago asking about forex and forex trading in Kenya, I have gone through the responses and clearly, most people don’t have an idea. It is 3am in the morning and am in a good mood so let me make this post. This will be a comprehensive and lengthy post so grab a pen and paper and sit down. We’ll be here a while.
FIRST OF ALL, who am I..?
I am a forex trader, in Nairobi, Kenya..i have been actively involved in forex since I found out about it in Feb 2016 when I somehow ended up in a wealth creation seminar (lol) in pride inn Westlands, the one close to Mpaka Rd. Luckily for me, it was not one of those AIM global meetings or I’d be on Facebook selling God knows what those guys sell. I did not take it seriously till August of the same year and I have been active ever since.
I don’t teach, mentor or sell a course or signals, I trade my own money. I am also posting from a throwaway account because I don’t want KRA on my ass.
What the fuck is forex and forex trading.
In simple plain English, forex is like the stock market but for currencies. Stock Market = Shares, forex = currencies. If you want more in-depth explanation, google is your friend.
These currencies are pegged on specific countries, united states- dollar, UK- pound, euro zone- euro, Switzerland- Swiss franc, Kenya- Kenya shilling.. you get the point. Now, there are specific events and happenings between these economies that affect the movement and values of the currencies, driving their value (purchasing power up and down). Forex trading exploits these movements to make money. When the value is going up, we buy and vice versa (down –sell)
Is forex trading illegal in Kenya? Is it a scam?
Illegal, no. scam, no. All the banks in the world do it (KCB made about 4 billion from trading forex in 2019)
Have there been scams involving forex in Kenya?
Yes. Here is one that happened recently. This one is the most infamous one yet. Best believe that this is not the end of these type of scams because the stupidity, greed and gullibility of human beings is unfathomable.
However, by the end of this post, I hope you won’t fall for such silliness.
What next how do I make it work..?
Am glad you asked. Generally, there are two ways to go about it. One, you teach yourself. This is the equivalent of stealing our dad’s car and hoping that the pedal you hit is the brake and not the accelerator. It is the route I took, it is the most rewarding and a huge ego boost when you finally make it on your own. Typically, this involves scouring the internet for hours upon hours going down rabbit holes, thinking you have made it telling all your friends how you will be a millionaire then losing all your money. Some people do not have the stomach for that.
The second route is more practical, structured and smarter.
First Learn the basics. There is a free online forex course at www.babypips.com/learn/forex this is merely an introductory course. Basically it is learning the parts of a car before they let you inside the car.
Second, start building your strategy. By the time you are done with the babypips, you will have a feel of what the forex market is, what interests you, etc. Tip..Babypips has a lot of garbage. It is good for introductory purposes but not good for much else, pick whatever stick to you or jumps at you the first time. Nonsense like indicators should be ignored.
The next step is now the most important. Developing the skill and building your strategy. As a beginner, you want to exhaust your naivety before jumping into the more advanced stuff. Eg can you identify a trend, what is a pair, what is position sizing, what is metatrader 4 and how to operate it, what news is good for a currency, when can I trade, what are the different trading sessions, what is technical analysis, what is market sentiment, what are bullish conditions what is emotion management, how does my psychology affect my trading (more on this later) an I a swing, scalper or day trader etc
Mentors and forex courses.. you have probably seen people advertising how they can teach and mentor you on how to trade forex and charging so much money for it. Somehow it seems that these people are focused on the teaching than the trading. Weird, right..? Truth is trading is hard, teaching not quite. A common saying in the industry is “Those who can’t trade, teach” you want to avoid all these gurus on Facebook and Instagram, some are legit but most are not. Sifting the wheat from the chaff is hard but I did that for you. The info is available online on YouTube, telegram channels etc. am not saying not to spend money on a course, if you find a mentor whose style resonates with you and the course is reasonably priced, please, go ahead and buy..it will cut your learning curve in half. People are different. What worked for me might not work for you.
Here are some nice YouTube channels to watch. These guys are legit..
  1. Sam sieden
  2. Cuebanks
  3. TheCoinFx
  4. The trading channel
  5. Astro
  6. Forex family
  7. Wicksdontlie
Advanced stuff
  1. ICT
After a short period of time, you will be able to sniff out bs teachers with relative ease. You will also discover some of your own and expand the list. Two tips, start with the oldest videos first and whichever of these resonates with you, stick with till the wheels fall off.
How long will it take until things start making sense
Give yourself time to grow and learn. This is all new to you and you are allowed to make mistakes, to fail and discover yourself. Realistically, depending on the effort you put in, you will not start seeing results until after 6 months. Could take longeshorter so there is no guarantee.
Social media, Mentality, Psychology and Books
Online, forex trading might not have the best reputation online because it takes hard work and scammers and gurus give it a bad name. However, try to not get sucked into the Instagram trader lifestyle as it is nowhere close to what the reality is. You will not make millions tomorrow or the day after, you might never even make it in this market. But that is the reality of life. Nothing is promised, nothing is guaranteed.
Your mentality, beliefs and ego will be challenged in this market. You will learn things that will make you blood boil, you will ask yourself daily, how is this possible, why don’t they teach this in school..bla bla bla..it will be hard but growth is painful, if it wasn’t we’d all be billionaires. Take a break, take a walk, drink a glass of whatever you like or roll one..detox. Chill with your girl (or man) Gradually you will develop mental toughness that will set you up for life. Personally, I sorta ditched religion and picked up stoicism. Whatever works for you.
Psychology, this is unfortunately one of the most neglected aspects of your personal development in this journey. Do you believe in yourself? Can you stand by your convictions when everyone is against you? Can you get up every day uncertain of the future? There will be moments where you will question yourself, am I even doing the right thing? the right way? It is normal and essential for your growth. People who played competitive sports have a natural advantage here. Remember the game is first won in your head then on the pitch.
Books: ironically, books that helped me the most were the mindset books, Think and grow rich, trading for a living, 4 hour work week, the monk who sold his Ferrari..just google mindset and psychology books, most trading books are garbage. Watch and listen to people who have made it in the investing business. Ray Dalio, warren, Bill Ackman and Carl Icahn.
This is turning out to be lengthier than I anticipated so I’ll try to be brief for the remaining parts.
Brokers
You will need to open up an account with a broker. Get a broker who is regulated. Australian ones (IC Market and Pepperstone) are both legit, reliable and regulated. Do your research. I’d avoid local ones because I’ve heard stories of wide spreads and liquidity problems. International brokers have never failed me. There are plenty brokers, there is no one size fits all recommendation. If it ain’t broke..don’t fix it.
Money transfer.
All brokers accept wire transfers, you might need to call your bank to authorize that, avoid Equity bank. Stanchart and Stanbic are alright. Large withdrawals $10k+ you will have to call them prior. Get Skrill and Neteller if you don’t like banks like me, set up a Bitcoin wallet for faster withdrawals, (Payoneer and Paypal are accepted by some brokers, just check with them.)
How much money can I make..?
I hate this question because people have perceived ceilings of income in their minds, eg 1 million ksh is too much to make per month or 10,000ksh is too little. Instead, work backwards. What % return did I make this month/ on this trade. Safaricom made 19.5% last year, if you make 20% you have outperformed them. If you reach of consistency where you can make x% per month on whatever money you have, then there are no limits to how much you can make.
How much money do I need to start with..?
Zero. You have all the resources above, go forth. There are brokers who provide free bonuses and withdraw-able profits. However, to make a fulltime income you will need some serious cash. Generally, 50,000 kes. You can start lower or higher but if you need say 20k to live comfortably and that is a 10% return per month, then you can do the math on how big your account should be. Of course things like compound interest come into play but that is dependent on your skill level. I have seen people do spectacular things with very little funds.
Taxes..?
Talk to a lawyer or an accountant. I am neither.
Family? Friends?
Unfortunately, people will not understand why you spend hundreds of hours watching strangers on the internet so it is best to keep it from them. Eventually you will make it work and they will come to your corner talking about how they always knew you’d make it.
The journey will be lonely, make some trading buddies along the way. You’d be surprised at how easy it is when people are united by their circumstances (and stupidity) I have guys who are my bros from South Africa and Lebanon who I have never met but we came up together and are now homies. Join forums, ask questions and grow. That is the only way to learn. Ideally, a group of 5-10 friends committed to learning and growth is the best model. Pushing each other to grow and discovering together.
Forex is real and you can do amazing things with it. It is not a get rich quick scheme. If you want a quick guaranteed income, get a job.
And now it is 5am, fuck.
This is oversimplified and leaves out many many aspects.
Happy to answer any questions.
submitted by ChaliFlaniwaNairobi to Kenya [link] [comments]

I have Insomnia so I summoned The Sandman to help me sleep.

NoSleep. Ironically, I am posting this to NoSleep. You are here to read stories so scary that they will keep you up all night, I am here because I can’t fucking sleep. I haven’t slept in 3 days, and I can’t even remember the last time I got real sleep. The kind where you go to sleep and stay asleep. The kind where you naturally drift off to a relaxing sleep and not your body forcibly shutting itself down against its own will. So I am sorry if I ramble some, but I can’t help but laugh at the irony of this being on no sleep. Is that funny to you too, or just to me because I am too tired to be rational?
I have real insomnia. The kind where people think you are insane, and to be honest, they aren’t wrong. I have had it since I was in college, but it has only gotten worse and worse. I can't even remember the last time I slept. Wait? I told you that already.
I’ve been to a sleep specialist. I’ve been on every sleeping pill you can think of. Melatonin, no caffeine, no naps, Ambien, Sonata, Lunesta, silenor, antidepressants, Seroquel, Ativan, benzos, you name it, I have taken more than they recommended. Still no relief or sleep.
I know, you are not reading this to read the ramblings of a madman who hasn’t slept in days. You are here because you want a scary story. I’ve got one for you. I think it is real. To be honest, when you haven’t had a real night's sleep in months, dreams and reality start to become one big blur.
The story starts about 6 months ago, maybe? It was still winter and the virus was not a big deal yet. I remember that much for sure.
I had been up for days when a commercial came on for an over the phone psychic reading. If a doctor couldn’t help, maybe a spiritual advisor could. No, I didn’t need a psychic, what I needed was a hypnotist. You have seen them before, they can just snap their fingers and you fall asleep instantly! This is the answer to all of my prayers.
It was a scam. They had me lay down and close my eyes, then they softly started talking while I tuned out. When I woke up, she said when I go to sleep at night to relax and listen to a youtube channel that softly plays music and tells you to relax. It didn’t work at all except that every time I listen to soft background music I get the strong urge to make a grilled cheese sandwich, which is weird because I had not had one since I was maybe 9. I think she just hypnotized me to crave grilled cheese. She probably invests in the Big Cheese Industry and makes money by making people crave grilled cheese. What a waste of money.
So much for that idea. The next night I still couldn’t sleep. I decided to watch my feel-good movie: Back to the Future. During the movie, Marty goes back in time to 1955 and there is a part where a song comes on, you hear the unmistakable BUM BUM BUM BUM BUM BUM BUM BUM BUM BUM BUM BUM BUMMMMMMM! MR. SANDMAN! BRING ME A DREAM! (That song will be stuck in your head for the rest of the day. I’m not sorry.)
When I heard the song, I started to boil over in rage. Maybe it was from the lack of sleep, or maybe I am just insane, but I picked up the remote and threw it into the LED screen breaking the tv. I screamed, “THAT IS THE MOTHER FUCKER WHO HAS CURSED ME! THE FUCKING SANDMAN! I AM GOING TO FIND HIM AND KILL HIM!”
This went on for longer than I am willing to admit, but you get the point. The Sandman was my enemy. The one who is supposed to deliver us into sleep every night had decided to stop visiting me. What had I ever done to him to make him skip me every night not allowing me to sleep? The Sandman was to blame.
The Sandman was going to have to answer for these wrongs. I was determined to find a way to confront him and give him a piece of my mind. I just had to figure out how the hell you could find or trap it. At this point, I don't care if The Sandman is God himself, I was going to find him..
I thought about it for a while and decided based on movies and books, the way to call a god to you is to summon it. Sounds simple enough, Let’s do it.
Another long story short, putting candles in a circle and yelling I SUMMON YOU SANDMAN! Doesn’t work.
Again, I was back on the internet looking for someone to help me. After talking to someone I was given the email of an African Witch Doctor named Mrs. Fatima. I emailed her and she agreed to help me if I send her bitcoin. She even offered to come out for more money, but screw that, I can do it myself. Why the hell does everything have to be so difficult? Can’t people just take a credit card like the rest of the world? Always extra steps for some weird-ass digital currency crap.
Screw it, I am willing to try anything at this point. I sent her the bitcoin. Whatever the hell that is. It is expensive, I can tell you that much.
After she got the money, she replied to my email with detailed instructions and a warning. She could help me summon The Sandman, but advised against it. Summoning a dead person is dangerous, summoning a demon is disastrous, summing a God is deadly. I thought about it for less than a moment and decided to do it. What is the worst that can happen? I die and am in an endless uninterrupted sleep for eternity? Sounds like heaven to me.
Under her instructions, I waited until 2 am the following night. You can do it anytime, but the barrier between the spirit realm and the mortal world is the thinnest in the early morning hours when people are sleeping. She advised to go somewhere secluded like in the middle of the woods since it would be desolated and more likely to work. I am doing it in my bedroom, it gets the same amount of girls in it as a desolated forest. Lucky for me, I also need the blood of a virgin, so I got that covered too! Just joking, I don’t need blood.
The first thing I needed to do was draw a large circle in chalk. The circle had to be complete and above all else, not broken. The circle is the doorway between realms, if it was not complete it would not work. It also acts as an invisible wall to keep the spirit contained once you summon it. Keep the circle complete at all times. I drew a circle on my hardwood floor. Easy.
The next step was to light 5 red candles drawing a pentagram star. They have to be red because the devil is red and we are practicing devil magic, that’s my explanation, not hers.
Inside the circle, I was to fill it with sand. If you are summoning The Sandman, you need sand?
That was all I needed. Some chalk, candles, a secluded spot, and sand. I was closer than I thought earlier.
Next, the hard part, summoning a god.
The first step is to clear your mind and meditate. Most people have a hard time with this, but I have been meditating for years. They said it would help me sleep, it doesn’t. Don’t waste your time.
The next step is to concentrate on the circle, opening the pathway in your mind. Like imagining it disappearing or opening it like a door?
When your mind is clear, envision the one you are summoning. Do I just imagine what I think he looks like in my head? It’ll have to work.
When you feel the energy start to peak, only then can you summon the spirit into the realm. Call out to the spirit you desire and demand it’s presence. Do not ask. Demand it. This is your world and you must stay in control at all times. If you give up control, the spirit will be able to take control and possibly hurt or kill you.
If you do everything right, you will have summoned the spirit.
Let’s do this. I have a bone to pick with that asshole Sandman.
The circle is drawn, the candles are lit, and sand is in the circle. I turned off the lights for good measure, it wasn’t in the instructions, but it makes for a better dramatic effect.
I closed my eyes and cleared my mind. I imagined the circle in my mind as an empty white space, a void, a door, then I imagined a portal like in the video game with a blue glowing loop.
Next, I imagined The Sandman. Was he a human figure who carried sand, or a God made of sand? I kept trying back and forth, and everything in between before I finally settled on a spirit outlined in the sand.
I held my concentration on The Sandman and the opening of the portal. It felt like nothing was happening when suddenly everything changed. My eyes were shut but I could feel the energy start to build in the room. It felt like a strong storm was blowing on the outside of the house. I couldn’t physically feel the force, but I could feel the pressure growing and growing. Finally, I felt the energy reach its crescendo like something was trying to push itself through the circle into my room.
It’s time to open the gate.
“I OPEN THE PATHWAY AND DEMAND YOUR PRESENCE SANDMAN! THE DOOR IS OPEN AND I ORDER YOU TO APPEAR BEFORE ME!
I felt resistance trying to pull energy back from the door, not wanting to obey.
“SANDMAN! APPEAR BEFORE ME NOW!”
The energy in the room seemed to explode out of the circle. I opened my eyes to see the sand turning in a tornado inside the circle high above my head. I gasped in shock, wondering if I was dreaming. This couldn’t be real. Suddenly the tornado dissolved and the sand formed into a figure with red eyes staring down at me.
“WHAT MORTAL DARES TO SUMMON ME!” He roared. “WHO HAS MADE SUCH THE MISTAKE TO SUMMON A GOD!”
I may have made a mistake. The thing is, spirits and especially Gods, do not like it when mortals summon them. They have to come if you summon them, and that pisses them off. They are over there doing ghost and god stuff and get interrupted by people who can’t even walk through a wall. So if you do ever try this, just expect the ghost or demon or god to be in a pissy mood when they come. It is understandable when you think about it.
I looked up at the god, not backing down, and responded “I did.”
Sand swirled around The Sandman as he looked at me in disbelief.
“You are The Sandman, right?” I yelled at him. “You are the god of sleep, the god of dreams, right?”
“I am,” it growled.
“Then why the fuck can I not sleep?” I said. “It has been years and I am stuck awake for days at a time. Why have you done this to me?”
A deep laugh came from the circle. “You think I care about you, mortal? Do you think I waste my time on someone as insignificant as you or your kind? I am a god. A GOD! I don’t have time to waste being here talking to you. Release me!”
“I am not going to release you until you give me what I want.”
The sand settled down and it was quiet. I waited for it to respond.
“You want something from a God? What do I get out of the deal? What do you have that I could possibly want?”
“Give you something?” I asked. “You are the asshole who won’t let me sleep.”
“I am feeling generous. We can make a deal,” it said. “I will give you the ability to sleep anytime you want”
“What is the catch?”
“Ahhh! The catch. Smarter than you look.” He said. “I am the God of Sleep and Dreams. You can sleep, but I will control your dreams.”
”Can’t you do that anyway?” You are the God of Dreams”
“Do we have a deal or no? Answer me before I change my mind.”
Damn it. I know he is playing me as a fool. Fuck it, I’ll solve my sleep problem now and worry about the catch later.
“We have a deal, Sandman.”
“A deal it is” he laughed. “Anytime you wish to sleep just say Mr. Sandman, Give me a dream.’ And you will be asleep in less than a minute.”
“You gotta be kidding me.”
“My game. My rules.” He said. “Now release me.”
“You are released.”
“See you in your dreams!”
The energy that had filled the room evaporated into thin air, the sand fell back into the circle, the candles went dark, and The Sandman was gone.
Was that real or am I hallucinating again? And damn! What even happened there? I was ready to cuss him out and he somehow took control of the encounter. Shit! Mrs. Fatima warned me it could be deadly if he took control. Then again, he made a deal and I can finally sleep.
What is done is done. I blew out the candles and decided to put our deal to the test. He will allow me to sleep anytime I want, real sleep, he will just be controlling my dreams. I’ve had nightmares, what happens in the dream world is all a dream. Nothing can hurt me there. Right?
It was 4:15 am. I turned off the lights, turned the fan on high, and put on some calming music and prepared to lay in bed awake for hours on end. I said the magic words As soon as I closed my eyes, I was out like a rock.
The dream started. I was back five minutes earlier saying “What happened in the dream world is all a dream. Nothing can hurt me there, right?” There was an echo repeating the same phrase back to me. That isn’t a good start.
I laid down in bed, just like before and closed my eyes trying to sleep but this time no sleep came, like always. I sat there for hours trying to sleep. I meditated, listened to calm music making me crave grilled cheese, and tried to will myself to sleep. My dream self was exhausted and on the verge of tears from being unable to sleep.
The Sandman’s idea of a joke is to give me insomnia in my dreams so I couldn’t escape it. Funny joke, but as long as I wake up refreshed I don’t care.
I looked at the clock and it was 7:45 and the sun was up or would be if I didn’t have the windows blacked out. Too exhausted to get up I laid in bed and prayed for sleep.
A moment later, the red candles flickered to life in a star pattern, the room went cold, then the sand started to swirl up into the air. The Sandman appeared in the circle.
My body stiffened, I couldn’t move a muscle, not even to close my eyes. Is this what sleep paralysis feels like? I thought back to my email with Mrs. Fatima and remembered as long as the circle was complete he would be stuck inside.
“That is only true when you’re awake. You’re in my world now,” he laughed as he floated across the circle to my bedside. “You brought me to your world, now I have you in mine. A deal is a deal.”
Ah shit. I knew taking his deal was a bad idea. Never negotiate with a god. You will never come out ahead. I tried to answer him but I was still paralyzed.
“Do you know the legend of The Sandman? The original story? The real story?” He stood over me.
Everyone knows the legend. He comes at night, sprinkles sand in your eyes so you will sleep well and have good dreams. You wake up with sand in your eyelashes.
“Wrong!” He yelled. “That is a story told much later after I left the mortal world to stop people from fearing me. You are about to find out the real legend of The Sandman.
I laid in bed unable to move, my eyes held open by some imaginary force, staring at him in fear.
He held out his hand in front of my face and blew. I felt the wind on my face followed by the sand. The awful awful sand. Unable to close my eyes the sand blanketed my eyes. I could feel every grain of sand stick to my eyes.
Finally, I had control of my eyes again and started to blink uncontrollably. Each blink the sand grinded deeper and deeper into my eyeballs and eye socket. Each blink felt like shards of glass cutting my eyes. My eyes became watery and started to tear up but it wasn’t tears but blood leaking down my face. The pain engulfed my face but I couldn’t move, only involuntary blinking trying to clear the sand from my eyes. Each blink the sand cut farther and farther into my eyes. The pain became excruciating like someone had stuck a red hot fire poker in each eye. I wanted to scream out but nothing else worked on my body. Then the pain disappeared.
I assumed I had blacked out or went unconscious but that doesn’t happen in dreams and I wasn’t that lucky. Instead, I felt a weird sensation on my eyeballs then the feeling of water being poured into my eye. When it stopped, my vision started to appear again, blurry at first but clearing. I could see a sandy palm and fingers like I was being carried in The Sandman’s hand.
“The legend of The Sandman isn’t that he comes to put sand in your eyes to help you sleep, he comes to put sand in your eyes to steal eyeballs of kids who stay up too late.” He said. “I’m making an exception for you.”
He opened his palm and I could see my lifeless body, still in bed, not moving, the face covered in blood with empty holes as eye sockets. I am seeing myself from my own eyeballs. What the fuck, even for a dream this is fucked up. Luckily the pain had stopped, for now.
“Do you know what happens next in the legend? Do you know what I do with the eyeballs I steal” He asked like I could to respond. I didn’t know the answer but I knew I was about to find out.
“Right you are. Close your eyes, It’’s a surprise.” He laughed. “Get it? You can’t! You have no eyelids. Hahaha”
Excuse me for not thinking the joke is funny, being the butt of the joke.
“He pointed my eyes toward the moon and asked, “Do you like The Dark Side of the Moon?”
What the hell does the Pink Floyd album have to do with anything? Who doesn’t like it?
“Great. Let’s take a trip there. You’re dreaming so we can be there in, what would you say, a blink of an eye?”
Fucking funny. A moment later, we were on the dark side of the moon. It looked like the moon, but dark. He walked into a crater and I started to hear cries. Not like human cries, more like an animal cry. Not just one animal but a bunch. The cries got louder and louder. Even in a dream, I knew something bad was about to happen.
We finally arrived at what I would call a nest. Not your typical earth nest, but an enclosure that held a bunch of giant ugly bird-like featherless babies. Not dinosaur big, but big enough. Each bird-like creature was lifting its beak up in the air crying for its parents to bring it back food. What the fuck kind of food was available on the moon or in space is beyond my understanding, but that’s exactly what my eyes were seeing.
“After I steal the eyeballs, I bring them back here and feed them to the birds. In your world, you may throw bread out to the birds for a treat. In my world, I feed them your eyes.”
Fuck. Can I wake up now? I really don’t feel like being eaten by a giant alien baby bird thing.
“The legend says I fed them to my children, but that is the part they got wrong.” He said. “Sweet dreams, prince.”
He tossed my eyes into the air into the waiting mouth of one of these creatures. I saw it’s beak close as my eyeballs exploded into a gooey mess.
The dream ended and I woke up in a panic. I tried to open my eyes but they were sealed shut. I lifted my hands, happy I could move again, and felt my eyelids crusted over with sand. I cleared them the best I could but needed a warm compress to clean all the salt out. When I finally opened my eyes, they hurt. Everything had happened in the dream, but somehow my eyes felt sore.
I thought back to what I said and heard in my dream, “It is just a dream, nothing can hurt me there.” It is true, I wasn’t really hurt, but I’ve never woken up feeling pain I got from a dream. What is going on?
Still, If I dreamed, that means I slept! A nightmare isn’t so bad if I get real sleep. The dream felt like it lasted hours, a few more nights of this and I will have a somewhat normal sleep schedule and feel rested. I looked at the clock to see it was 4:30. I slept 12 hours and 15 minutes. Amazing!
I opened the door to my room and walked into the kitchen and it was still dark. That can’t be right. It should be 4:30 pm, the middle of the afternoon. Did I sleep for 24 hours straight? I looked at my phone and saw the date. My heart dropped. I had only slept for 15 minutes. It is like dreams take place in another dimension where time doesn’t exist. The Sandman was able to torture me for hours in dream time while allowing me to sleep for a few minutes. I cried. Seriously, I cried like a baby.
He held up his end of the bargain, I can fall asleep any time I want to, except now I am afraid to go to sleep. Everytime I fall asleep, he takes me away to his realm and gives me nightmare after nightmare. Every dream is one where he does something horrible to me and my dream self feels every bit of excruciating pain. And he never allows me to sleep more than an hour at the most.
I eventually accepted my fate. He is going to torture me, but it is all a dream. I will wake up feeling mostly normal. Then things changed. It is like he knew I had stopped fighting, so he found a new way to hurt me. Instead of hurting me in my dreams, he started to make me watch him hurt people I loved in their dreams. I didn’t think it was real until I heard from my sister about how my niece has been having terrible nightmares and refusing to go to sleep. When she described her dreams, I already knew, because I was there too.
That has been my life for the past however many months. Instead of trying to take medicine or listen to music or having The Sandman put me to sleep, I try to use my insomnia to stay awake for as long as my body will withstand it. I drink coffee and energy drinks, I take adderall, but eventually sleep always comes, even if for short periods. No matter how hard you fight it, your body will always sleep, and the Sandman will be there waiting on me.
submitted by LandoCommandoe to nosleep [link] [comments]

The Sandman

NoSleep. Ironically, I am posting this to NoSleep. You are here to read stories so scary that they will keep you up all night, I am here because I can’t go to sleep. I haven’t slept in 3 days, and I can’t even remember the last time I got real sleep. The kind where you go to sleep and stay asleep. The kind where you naturally drift off to a relaxing sleep and not your body forcibly shutting itself down against its own will. So I am sorry if I ramble some, but I can’t help but laugh at the irony of this being on no sleep. Is that funny to you too, or just to me because I am too tired to be rational?
Every teenager thinks they have insomnia because they stayed up too long playing video games 2 nights in a row and fell asleep in class, then they sleep for 15 hours straight on the weekend. I was like that once. Life must be tough with that sort of insomnia.
I have real insomnia. The kind where people think you are insane, and to be honest, they aren’t wrong. I have had it since I was in college, but it has only gotten worse and worse. I can't even remember the last time I slept. Wait? I told you that already.
I’ve been to a sleep specialist. I’ve been on every sleeping pill you can think of. Melatonin, no caffeine, no naps, Ambien, Sonata, Lunesta, silenor, antidepressants, Seroquel, Ativan, benzos, you name it, I have taken more than they recommended. Still no relief or sleep.
I know, you are not reading this to read the ramblings of a madman who hasn’t slept in days. You are here because you want a scary story. I’ve got one for you. I think it is real. To be honest, when you haven’t had a real night's sleep in months, dreams and reality start to become one big blur. The truth is, when you are as desperate for sleep as I am, you will do almost anything to get even 1 night of real sleep, no matter how crazy it is.
The story starts about 6 months ago, maybe? It was still winter and the virus was not a big deal yet. I remember that much for sure.
At this time, my insomnia was at the worst it had been in a few years. I remember I had been up for 4 days straight. When you hit this point, you become jittery. You know when someone has had too much caffeine and they sort of shake uncontrollably. Eventually, lack of sleep does the same thing, my whole body feels like it is trembling, my teeth feel like they are chattering even though they are resting as normal, my hands can’t even hold my phone still.
Then there is your mind. You get Brain Fog. At first, it feels like you have been driving on the interstate for 10 hours and can't see or think straight, then you get a second burst of energy and feel great. Most people crash at this point. If you stay up, things that don’t make sense start to make sense. Last is paranoia and anxiety. Every shadow has something lurking in it, ready to jump out and take you. TV or Radio starts to talk to you. You go on Reddit but every story is the same, like god playing a trick on you. You get anxious, praying for sleep, knowing the anxiety is keeping you up even longer. You start to ramble like I am doing again right now.
Okay. I am gathering myself now.
I had been up for days when a commercial came on for an over the phone psychic reading. If a doctor couldn’t help, maybe a spiritual advisor could. No, I didn’t need a psychic, what I needed was a hypnotist. You have seen them before, they can just snap their fingers and you fall asleep instantly! This is the answer to all of my prayers.
It was a scam. They had me lay down and close my eyes, then they softly started talking while I tuned out. When I woke up, she said when I go to sleep at night to relax and listen to a youtube channel that softly plays music and tells you to relax. It didn’t work at all except that every time I listen to soft background music I get the strong urge to make a grilled cheese sandwich, which is weird because I had not had one since I was maybe 9. I think she just hypnotized me to crave grilled cheese. She probably invests in the Big Cheese Industry and makes money by making people crave grilled cheese. What a waste of money.
So much for that idea. The next night I still couldn’t sleep. I decided to watch my feel-good movie: Back to the Future. During the movie, Marty goes back in time to 1955 and there is a part where a song comes on, you hear the unmistakable BUM BUM BUM BUM BUM BUM BUM BUM BUM BUM BUM BUM BUMMMMMMM! MR. SANDMAN! BRING ME A DREAM! (That song will be stuck in your head for the rest of the day. I’m not sorry.)
When I heard the song, I started to boil over in rage. Maybe it was from the lack of sleep, or maybe I am just insane, but I picked up the remote and threw it into the LED screen breaking the tv. I screamed, “THAT IS THE MOTHER FUCKER WHO HAS CURSED ME! THE FUCKING SANDMAN! I AM GOING TO FIND HIM AND KILL HIM!”
This went on for longer than I am willing to admit, but you get the point. The Sandman was my enemy. The one who is supposed to deliver us into sleep every night had decided to stop visiting me. What had I ever done to him to make him skip me every night not allowing me to sleep? The Sandman was to blame.
The Sandman was going to have to answer for these wrongs. I was determined to find a way to confront him and give him a piece of my mind. I just had to figure out how the hell you could find or trap it. At this point, I don't care if The Sandman is God himself, I was going to find him..
I thought about it for a while and decided based on movies and books, the way to call a god to you is to summon it. Sounds simple enough, Let’s do it.
Another long story short, putting candles in a circle and yelling I SUMMON YOU SANDMAN! Doesn’t work.
Again, I was back on the internet looking for someone to help me. After talking to someone I was given the email of an African Witch Doctor named Mrs. Fatima. I emailed her and she agreed to help me if I send her bitcoin. She even offered to come out for more money, but screw that, I can do it myself. Why the hell does everything have to be so difficult? Can’t people just take a credit card like the rest of the world? Always extra steps for some weird-ass digital currency crap.
Screw it, I am willing to try anything at this point. I sent her the bitcoin. Whatever the hell that is. It is expensive, I can tell you that much.
After she got the money, she replied to my email with detailed instructions and a warning. She could help me summon The Sandman, but advised against it. Summoning a dead person is dangerous, summoning a demon is disastrous, summing a God is deadly. I thought about it for less than a moment and decided to do it. What is the worst that can happen? I die and am in an endless uninterrupted sleep for eternity? Sounds like heaven to me.
Under her instructions, I waited until 2 am the following night. You can do it anytime, but the barrier between the spirit realm and the mortal world is the thinnest in the early morning hours when people are sleeping. She advised to go somewhere secluded like in the middle of the woods since it would be desolated and more likely to work. I am doing it in my bedroom, it gets the same amount of girls in it as a desolated forest. Lucky for me, I also need the blood of a virgin, so I got that covered too! Just joking, I don’t need blood.
The first thing I needed to do was draw a large circle in chalk. The circle had to be complete and above all else, not broken. The circle is the doorway between realms, if it was not complete it would not work. It also acts as an invisible wall to keep the spirit contained once you summon it. Keep the circle complete at all times. I drew a circle on my hardwood floor. Easy.
The next step was to light 5 red candles drawing a pentagram star. They have to be red because the devil is red and we are practicing devil magic, that’s my explanation, not hers.
Inside the circle, I was to fill it with sand. If you are summoning The Sandman, you need sand?
That was all I needed. Some chalk, candles, a secluded spot, and sand. I was closer than I thought earlier.
Next, the hard part, summoning a god.
The first step is to clear your mind and meditate. Most people have a hard time with this, but I have been meditating for years. They said it would help me sleep, it doesn’t. Don’t waste your time.
The next step is to concentrate on the circle, opening the pathway in your mind. Like imagining it disappearing or opening it like a door?
When your mind is clear, envision the one you are summoning. Do I just imagine what I think he looks like in my head? It’ll have to work.
When you feel the energy start to peak, only then can you summon the spirit into the realm. Call out to the spirit you desire and demand it’s presence. Do not ask. Demand it. This is your world and you must stay in control at all times. If you give up control, the spirit will be able to take control and possibly hurt or kill you.
If you do everything right, you will have summoned the spirit.
Let’s do this. I have a bone to pick with that asshole Sandman.
The circle is drawn, the candles are lit, and sand is in the circle. I turned off the lights for good measure, it wasn’t in the instructions, but it makes for a better dramatic effect.
I closed my eyes and cleared my mind. I imagined the circle in my mind as an empty white space, a void, a door, then I imagined a portal like in the video game with a blue glowing loop.
Next, I imagined The Sandman. Was he a human figure who carried sand, or a God made of sand? I kept trying back and forth, and everything in between before I finally settled on a spirit outlined in the sand.
I held my concentration on The Sandman and the opening of the portal. It felt like nothing was happening when suddenly everything changed. My eyes were shut but I could feel the energy start to build in the room. It felt like a strong storm was blowing on the outside of the house. I couldn’t physically feel the force, but I could feel the pressure growing and growing. Finally, I felt the energy reach its crescendo like something was trying to push itself through the circle into my room.
It’s time to open the gate.
“I OPEN THE PATHWAY AND DEMAND YOUR PRESENCE SANDMAN! THE DOOR IS OPEN AND I ORDER YOU TO APPEAR BEFORE ME!
I felt resistance trying to pull energy back from the door, not wanting to obey.
“SANDMAN! APPEAR BEFORE ME NOW!”
The energy in the room seemed to explode out of the circle. I opened my eyes to see the sand turning in a tornado inside the circle high above my head. I gasped in shock, wondering if I was dreaming. This couldn’t be real. Suddenly the tornado dissolved and the sand formed into a figure with red eyes staring down at me.
“WHAT MORTAL DARES TO SUMMON ME!” He roared. “WHO HAS MADE SUCH THE MISTAKE TO SUMMON A GOD!”
I may have made a mistake. The thing is, spirits and especially Gods, do not like it when mortals summon them. They have to come if you summon them, and that pisses them off. They are over there doing ghost and god stuff and get interrupted by people who can’t even walk through a wall. So if you do ever try this, just expect the ghost or demon or god to be in a pissy mood when they come. It is understandable when you think about it.
I looked up at the god, not backing down, and responded “I did.”
Sand swirled around The Sandman as he looked at me in disbelief.
“You are The Sandman, right?” I yelled at him. “You are the god of sleep, the god of dreams, right?”
“I am,” it growled.
“Then why the fuck can I not sleep?” I said. “It has been years and I am stuck awake for days at a time. Why have you done this to me?”
A deep laugh came from the circle. “You think I care about you, mortal? Do you think I waste my time on someone as insignificant as you or your kind? I am a god. A GOD! I don’t have time to waste being here talking to you. Release me!”
“I am not going to release you until you give me what I want.”
The sand settled down and it was quiet. I waited for it to respond.
“You want something from a God? What do I get out of the deal? What do you have that I could possibly want?”
“Give you something?” I asked. “You are the asshole who won’t let me sleep.”
“I am feeling generous. We can make a deal,” it said. “I will give you the ability to sleep anytime you want”
“What is the catch?”
“Ahhh! The catch. Smarter than you look.” He said. “I am the God of Sleep and Dreams. You can sleep, but I will control your dreams.”
”Can’t you do that anyway?” You are the God of Dreams”
“Do we have a deal or no? Answer me before I change my mind.”
Damn it. I know he is playing me as a fool. Fuck it, I’ll solve my sleep problem now and worry about the catch later.
“We have a deal, Sandman.”
“A deal it is” he laughed. “Anytime you wish to sleep just say Mr. Sandman, Give me a dream.’ And you will be asleep in less than a minute.”
“You gotta be kidding me.”
“My game. My rules.” He said. “Now release me.”
“You are released.”
“See you in your dreams!”
The energy that had filled the room evaporated into thin air, the sand fell back into the circle, the candles went dark, and The Sandman was gone.
Was that real or am I hallucinating again? And damn! What even happened there? I was ready to cuss him out and he somehow took control of the encounter. Shit! Mrs. Fatima warned me it could be deadly if he took control. Then again, he made a deal and I can finally sleep.
What is done is done. I blew out the candles and decided to put our deal to the test. He will allow me to sleep anytime I want, real sleep, he will just be controlling my dreams. I’ve had nightmares, what happens in the dream world is all a dream. Nothing can hurt me there. Right?
It was 4:15 am. I turned off the lights, turned the fan on high, and put on some calming music and prepared to lay in bed awake for hours on end. I said the magic words As soon as I closed my eyes, I was out like a rock.
The dream started. I was back five minutes earlier saying “What happened in the dream world is all a dream. Nothing can hurt me there, right?” There was an echo repeating the same phrase back to me. That isn’t a good start.
I laid down in bed, just like before and closed my eyes trying to sleep but this time no sleep came, like always. I sat there for hours trying to sleep. I meditated, listened to calm music making me crave grilled cheese, and tried to will myself to sleep. My dream self was exhausted and on the verge of tears from being unable to sleep.
The Sandman’s idea of a joke is to give me insomnia in my dreams so I couldn’t escape it. Funny joke, but as long as I wake up refreshed I don’t care.
I looked at the clock and it was 7:45 and the sun was up or would be if I didn’t have the windows blacked out. Too exhausted to get up I laid in bed and prayed for sleep.
A moment later, the red candles flickered to life in a star pattern, the room went cold, then the sand started to swirl up into the air. The Sandman appeared in the circle.
My body stiffened, I couldn’t move a muscle, not even to close my eyes. Is this what sleep paralysis feels like? I thought back to my email with Mrs. Fatima and remembered as long as the circle was complete he would be stuck inside.
“That is only true when you’re awake. You’re in my world now,” he laughed as he floated across the circle to my bedside. “You brought me to your world, now I have you in mine. A deal is a deal.”
Ah shit. I knew taking his deal was a bad idea. Never negotiate with a god. You will never come out ahead. I tried to answer him but I was still paralyzed.
“Do you know the legend of The Sandman? The original story? The real story?” He stood over me.
Everyone knows the legend. He comes at night, sprinkles sand in your eyes so you will sleep well and have good dreams. You wake up with sand in your eyelashes.
“Wrong!” He yelled. “That is a story told much later after I left the mortal world to stop people from fearing me. You are about to find out the real legend of The Sandman.
I laid in bed unable to move, my eyes held open by some imaginary force, staring at him in fear.
He held out his hand in front of my face and blew. I felt the wind on my face followed by the sand. The awful awful sand. Unable to close my eyes the sand blanketed my eyes. I could feel every grain of sand stick to my eyes.
Finally, I had control of my eyes again and started to blink uncontrollably. Each blink the sand grinded deeper and deeper into my eyeballs and eye socket. Each blink felt like shards of glass cutting my eyes. My eyes became watery and started to tear up but it wasn’t tears but blood leaking down my face. The pain engulfed my face but I couldn’t move, only involuntary blinking trying to clear the sand from my eyes. Each blink the sand cut farther and farther into my eyes. The pain became excruciating like someone had stuck a red hot fire poker in each eye. I wanted to scream out but nothing else worked on my body. Then the pain disappeared.
I assumed I had blacked out or went unconscious but that doesn’t happen in dreams and I wasn’t that lucky. Instead, I felt a weird sensation on my eyeballs then the feeling of water being poured into my eye. When it stopped, my vision started to appear again, blurry at first but clearing. I could see a sandy palm and fingers like I was being carried in The Sandman’s hand.
“The legend of The Sandman isn’t that he comes to put sand in your eyes to help you sleep, he comes to put sand in your eyes to steal eyeballs of kids who stay up too late.” He said. “I’m making an exception for you.”
He opened his palm and I could see my lifeless body, still in bed, not moving, the face covered in blood with empty holes as eye sockets. I am seeing myself from my own eyeballs. What the fuck, even for a dream this is fucked up. Luckily the pain had stopped, for now.
“Do you know what happens next in the legend? Do you know what I do with the eyeballs I steal” He asked like I could to respond. I didn’t know the answer but I knew I was about to find out.
“Right you are. Close your eyes, It’’s a surprise.” He laughed. “Get it? You can’t! You have no eyelids. Hahaha”
Excuse me for not thinking the joke is funny, being the butt of the joke.
“He pointed my eyes toward the moon and asked, “Do you like The Dark Side of the Moon?”
What the hell does the Pink Floyd album have to do with anything? Who doesn’t like it?
“Great. Let’s take a trip there. You’re dreaming so we can be there in, what would you say, a blink of an eye?”
Fucking funny. A moment later, we were on the dark side of the moon. It looked like the moon, but dark. He walked into a crater and I started to hear cries. Not like human cries, more like an animal cry. Not just one animal but a bunch. The cries got louder and louder. Even in a dream, I knew something bad was about to happen.
We finally arrived at what I would call a nest. Not your typical earth nest, but an enclosure that held a bunch of giant ugly bird-like featherless babies. Not dinosaur big, but big enough. Each bird-like creature was lifting its beak up in the air crying for its parents to bring it back food. What the fuck kind of food was available on the moon or in space is beyond my understanding, but that’s exactly what my eyes were seeing.
“After I steal the eyeballs, I bring them back here and feed them to the birds. In your world, you may throw bread out to the birds for a treat. In my world, I feed them your eyes.”
Fuck. Can I wake up now? I really don’t feel like being eaten by a giant alien baby bird thing.
“The legend says I fed them to my children, but that is the part they got wrong.” He said. “Sweet dreams, prince.”
He tossed my eyes into the air into the waiting mouth of one of these creatures. I saw it’s beak close as my eyeballs exploded into a gooey mess.
The dream ended and I woke up in a panic. I tried to open my eyes but they were sealed shut. I lifted my hands, happy I could move again, and felt my eyelids crusted over with sand. I cleared them the best I could but needed a warm compress to clean all the salt out. When I finally opened my eyes, they hurt. Everything had happened in the dream, but somehow my eyes felt sore.
I thought back to what I said and heard in my dream, “It is just a dream, nothing can hurt me there.” It is true, I wasn’t really hurt, but I’ve never woken up feeling pain I got from a dream. What is going on?
Still, If I dreamed, that means I slept! A nightmare isn’t so bad if I get real sleep. The dream felt like it lasted hours, a few more nights of this and I will have a somewhat normal sleep schedule and feel rested. I looked at the clock to see it was 4:30. I slept 12 hours and 15 minutes. Amazing!
I opened the door to my room and walked into the kitchen and it was still dark. That can’t be right. It should be 4:30 pm, the middle of the afternoon. Did I sleep for 24 hours straight? I looked at my phone and saw the date. My heart dropped. I had only slept for 15 minutes. It is like dreams take place in another dimension where time doesn’t exist. The Sandman was able to torture me for hours in dream time while allowing me to sleep for a few minutes. I cried. Seriously, I cried like a baby.
He held up his end of the bargain, I can fall asleep any time I want to, except now I am afraid to go to sleep. Everytime I fall asleep, he takes me away to his realm and gives me nightmare after nightmare. Every dream is one where he does something horrible to me and my dream self feels every bit of excruciating pain. And he never allows me to sleep more than an hour at the most.
I eventually accepted my fate. He is going to torture me, but it is all a dream. I will wake up feeling mostly normal. Then things changed. It is like he knew I had stopped fighting, so he found a new way to hurt me. Instead of hurting me in my dreams, he started to make me watch him hurt people I loved in their dreams. I didn’t think it was real until I heard from my sister about how my niece has been having terrible nightmares and refusing to go to sleep. When she described her dreams, I already knew, because I was there too.
That has been my life for the past however many months. Instead of trying to take medicine or listen to music or having The Sandman put me to sleep, I try to use my insomnia to stay awake for as long as my body will withstand it. I drink coffee and energy drinks, I take adderall, but eventually sleep always comes, even if for short periods. No matter how hard you fight it, your body will always sleep, and the Sandman will be there waiting on me.
submitted by LandoCommandoe to LandoCommandoeStories [link] [comments]

Bitcoin and Cryptocurrencies are in reality a hyperinflationary multilevel-marketing pyramid cult of anarcho-capitalism and contradictory hypocrisy, prove me wrong/change my mind effort post itt

Reminder, Satoshi's Bitcoin and every other cryptocoin is designed to enrich a tiny minority of oligarchs who produce the supply for measurably less work/capital input than late adopters. These members form the inner circle of the cult who are than heavily incentivized to disseminate propaganda and psychological marketing tactics to the public "investors" who further spread the marketing-cult "white paper" claims like a virus in the hope that they will be able to leverage their low-effort low-capital database tokens though the smoke and mirrors and low liquidity exchanges and tape painting in order to pass their bags for real capital as all the later users buy into the dream that they too will become one of the oligarchs.
For future alpaca farmers, Sexton and Saitone laid out some of the major hallmarks of a speculative bubble, including: (1) The asset not the product is the thing being marketed (i.e. live alpacas, not fiber),
Bitcoin cult members sell users the dream of egalitarian wealth, when in reality the math and code behind Bitcoin simply created a system where existing capital is proportionally transfered into Bitcoin during the temporary hyperinflationary phase at an accelerated rate based on how early one begins to to set up server farms. Early users spent measurably less capital to generate significantly more of the supply. The Bitcoin protocol and mining algorithm is not some fancy complex math (Bitcoin mining math amounts to a lottery system, more capital gives more lottery ticket printers). Mining boils down to wasting more work and energy for less output as time passes.
(2) investors have unrealistic expectations (alpaca fiber would replace wool, despite the lack of infrastructure; and besides the fact that people don’t really wear that much wool),
Cryptocoins seek to turn money and now entire industries and services into speculative gift cards where the majorty of the supply is in the hands of a few "pre-sale ICO" kings and a few existing wealthy whales who have set up large warehouses in China, Washington, South East Asia, etc. Are we to expect the future robber barons who bought a bunch of gamer graphics cards to waste energy running this software deserve anything?
https://www.politico.com/magazine/story/2018/03/09/bitcoin-mining-energy-prices-smalltown-feature-217230
https://www.popularmechanics.com/culture/web/a11610/this-is-what-happens-when-a-bitcoin-mine-burns-down-17410755/
Honestly, if the mining software actually produced real world useful work though distributed computing like BOINC ( https://boinc.berkeley.edu/ ) , [email protected] ( http://folding.stanford.edu/ ) - than mining would have a measurable value but instead the computational energy is wasted though a convoluted "guess a random number" game. Also note, guessing a random number and increasing the amount of capital to waste by guessing a random number (leading 0 hash) is not to be confused with a secure decenteralized ledger of trust - this is a gimmicky ass way that can be observed being actively exploited by pools and large hashfarms in many of the smaller PoW altcoins.
See also how smart contracts can be manipulated by large mining operations:
https://steemit.com/ethereum/@dhumphrey/f2pool-manipulates-usd1-2-million-on-the-ethereum-blockchain-during-the-status-im-ico
and note that PoS systems are even bigger scams (i.e. Raiblocks and supposedly the future of Ethereum) where the supply is premined and PoW transaction verification rewards are statistically granted to the richest users who coincidently are the early adopters or existing capital hodlers, poors don't even qualify for staking rewards.
(3) information is controlled through industry sources (most of the information the researchers were able to dig up was put out by breeding associations),
Even in the more reputable publications, journalists boil down the computer science into the marketing claims of what Blockchain and smart contracts cultist CLAIM it can do. These are solutions in search of problems.
Blockchains are inefficenct databases, and lying about data input or stealing the deed to your house never seems to be a problem.
Smart contracts need a data source to trigger, and how can data be trusted in an adveserial decenteralized network? A set of trusted "Oricales" who 'stake' their beanie babies? What's the use case for a smart contract? What happens if someone puts up a smart contract to assisinate the head of all the three letter agencies, the Queen, and the UN, and the international monitary fund?
(4) small scale investors predominate (Foster Farms did not open an alpaca plant).
The cult of bagholders think they are the kings.
The underlying bitcoin/cryptocoin systems are simply a shitty anarcho-capitalist scam cult.
The idealist vision behind ecash is great and all but it's a huge mistake to dismiss the side effect of further enabling a system designed for anarcho-capitalist black markets. This could easily spiral out into a long winded debate and flame war, but ill just point out that the game theory behind bitcoin favors early adopters (just some dudes who ran some software before other people.. software that can be duplicated ad infinitum ) at the expense of extracting real wealth from users who join at any later time.
Bitcoiners claim Satoshi style ecash systems are a response to the 2008 financial collapse, fiat inflation, central banks etc, and yet the replacement system Satoshi designed just exacerbates the existing capital system into a measurably worse oligarchical techno-cult which embraces the enablement of lawlessness. If the claim of "trustless" and "decenteralized" is a main selling point, it's an illusion at best and manipulative propaganda at worst as there are centeral points of control within the cryptocoin ecosystems- i.e. /bitcoin censorship, anonymous developers, mining pool operators, really fucked up exchanges operating behind 7 shell companies in seychelles, the whole shitshow behind tether pulling what amounts to be fraud and theft of large sums of assorted cryptocurrencies simply because exchanges are central power hodlers and can exploit normie small fish traders (exchanges are poised to even exploit the whales) via front running and cooking the books though manipulative insider trading.
There's no accountablity in the cryptocoin space - so while tradiational systems are flawed, we at least know who to blame and how to find them and hold them legally responsible. With anarcho-capital systems, we lose that option. Additionally, the production of the money supply in these specific implementations of cryptocoins are measurably worse than traditional money minting and distribution systems.
One important point: if we actually include all 7 billion people on the earth, most of whom have zero BTC or Ethereum, the Gini coefficient is essentially 0.99+. And if we just include all balances, we include many dust balances which would again put the Gini coefficient at 0.99+. Thus, we need some kind of threshold here. The imperfect threshold we picked was the Gini coefficient among accounts with ≥185 BTC per address, and ≥2477 ETH per address. So this is the distribution of ownership among the Bitcoin and Ethereum rich with $500k as of July 2017.
In what kind of situation would a thresholded metric like this be interesting? Perhaps in a scenario similar to the ongoing IRS Coinbase issue, where the IRS is seeking information on all holders with balances >$20,000. Conceptualized in terms of an attack, a high Gini coefficient would mean that a government would only need to round up a few large holders in order to acquire a large percentage of outstanding cryptocurrency — and with it the ability to tank the price.
With that said, two points. First, while one would not want a Gini coefficient of exactly 1.0 for BTC or ETH (as then only one person would have all of the digital currency, and no one would have an incentive to help boost the network), in practice it appears that a very high level of wealth centralization is still compatible with the operation of a decentralized protocol. Second, as we show below, we think the Nakamoto coefficient is a better metric than the Gini coefficient for measuring holder concentration in particular as it obviates the issue of arbitrarily choosing a threshold.
...However, the maximum Gini coefficient has one obvious issue: while a high value tracks with our intuitive notion of a “more centralized” system, the fact that each Gini coefficient is restricted to a 0–1 scale means that it does not directly measure the number of individuals or entities required to compromise a system.
Specifically, for a given blockchain suppose you have a subsystem of exchanges with 1000 actors with a Gini coefficient of 0.8, and another subsystem of 10 miners with a Gini coefficient of 0.7. It may turn out that compromising only 3 miners rather than 57 exchanges may be sufficient to compromise this system, which would mean the maximum Gini coefficient would have pointed to exchanges rather than miners as the decentralization bottleneck.
Conversely, if one considers “number of distinct countries with substantial mining capacity” an essential subsystem, then the minimum Nakamoto coefficient for Bitcoin would again be 1, as the compromise of China (in the sense of a Chinese government crackdown on mining) would result in >51% of mining being compromised.
https://medium.com/@balajis/quantifying-decentralization-e39db233c28e
https://medium.com/@Bitfinexed
submitted by buttcoin_juice to Buttcoin [link] [comments]

r/cryptocurrency in a nutshell

Almost 3 days after calling out the level of circlejerking. When then see today that the circle jerk then continues to happen. Not only is the are the 3 threads filled with massive levels of disinformation, but people are even attempting to shill a false narrative in those selective threads.

Heres the formula for easy upvotes on this sub.
If coin = bch/eos/trx//xrp/nano
and you post either - miss information that smears the coin/ joke thats also factually wrong / post the coins value dropping ( "DAE "x" coin is worth less in USD so its a bad project??? ")

you instantly get flooded with upvotes. You guys like to shout adoption unless its a project that you dont hold any coins of. You guys like to call things a scam unless your invested in it. And then worst of all, you guys like to call things a pump and dump unless its a coin you been holding
Ex : bitcoin going from 10k to 20k in 6 days = organic growth all natural here.
bch going from 2k to 4k in 6 days = insider trading scam scam bcash scam!
stop up-voting shit just because your invested in something. Your really not doing yourself a favor since your getting noobs trapped into certain ideologies or bag holding for your cheap 2% pump.

Edit: also to add
consensus rules are awesome unless the side i didnt want to win ends up winning.
progress is great unless im not holding it.
its centralized unless im holding it.
if I dont have the coin being shilled then downvote
submitted by TechCynical to CryptoCurrency [link] [comments]

Proposal for a marketing campaign which I think would be really cost efficient

First, sorry in advance for all the grammatical errors, English is not my native language. To give my silly username a bit of reputability, I have a masters in marketing and economics and 15+ years business experience.
I've read a few suggestions about the marketing approach on Reddit and here is my take.

"Making videos about NANO and showing its strengths"
I like it in general, but in the end that video will become an AD and ADs always have this fishy scent which users generally don't really like. NANO videos are a cool way to introduce new users to NANO, but I'm not sure if it's cost efficient enough. Myself, I always close ADs because I don't know if it's legit or scam. If I'm an average internet user who isn't into cryptos and I start watching that AD it would most likely sound like Venmo/Paypal to me (especially if this AD was played on the market that has a functioning economy), I don't think I would fully grasp the decentralization advantage of NANO and would end up closing the AD while we as advertisers would end up paying for nothing.

"Litecoin's approach"
Some say that we need Litecoin type of marketing (UFC octagon sticker + NFL clubs accepting Litecoin). While it would be cool to have any type of marketing, I don't think that this type of marketing is financially efficient and we have to be VERY financially efficient because we do not have a treasury fund and we have to rely on our donations which have already proven to be a problem for us. If you check Litecoin's daily confirmed transaction number you will notice that UFC campaign which was few months ago haven't done much if anything at all when it comes to daily transactions number: https://bitinfocharts.com/comparison/litecoin-transactions.html
This type of marketing is expensive and it's not really building the usage of Litecoin since other types of payments work just fine in the USA. Think about going to UFC event and seeing that Litecoin sticker, it has just a subliminal impact (brand awareness building) on people seeing it, but none of those users or a very few will buy Litecoin because of that sticker and even less will use Litecoin in western market after buying it.
With NFL club accepting Litecoin, the same thing, no one or a very few people will buy Litecoin because now you can pay your NFL game ticket with Litecoin. Why making that additional step of buying LTC with fiat to spend it when you can just spend fiat using credit cards which work just fine?!

WHAT I THINK IS WAY MORE EFFICIENT APPROACH AND WHY
My suggestion is that we need to go after daily confirmed transactions numbereal usage of NANO/real world adoption which also means more BUYING PRESSURE on the free market, more demand. Here is how I think we will be the most efficient at it.

First of all I think we need to focus on remittances market in poor country, there is a real usecase for NANO, a real need compared to Litecoin campaign in USA which doesn't really boost usage because no one needs Litecoin at the moment (maybe if USD collapses it will be another story).

Lets use Venezuela for example. The situation there is so bad that people are starving to death. They've literally killed and ate zoo animals a long time ago and now many are eating rotten meat leftovers out of trash cans to survive (yes, it's that bad, check on the Youtube for example https://www.youtube.com/watch?v=8MGbyLUCw5k).

Average monthly salary is around 10$ while you need 100$ to survive the month. Many Venezuelans depend on their friends and family members outside of Venezuela who are sending them money to survive. From what I read, most money to Venezuela comes from Colombia and Spain (please correct me if I'm wrong) and since most of them cannot use banks the new remittances business model emerged in Venezuela. Users on social networks who have money and bank accounts in two (Venezuela + Colombia for example) or more countries have started their remittances business offering a remittances service for a FEE. Here is where NANO comes into play to skip this fee and to skip the need to meet with a stranger!
To read more about remittances market in Venezuela, here is the recent answer from Venezuelan itself https://www.reddit.com/btc/comments/cb7qw1/ama_destroying_myths_about_the_use_of/etdpvza/

OK, REMITTANCES IN VENEZUELA, HOW?
As we already figured out, because of economic disaster life is cheap in Venezuela, with 100$ we can feed a person 1 month meaning that also you can get a cheap marketing

Let's target Venezuelans with big social media reach (hundreds of thousands of followers or even millions), make deals with them through NANO center and by using our Venezuelan trusted member and pay them out to do a 4 video campaign (as a package) which would include:
- video of them explaining basic stuff about NANO
- video of them explaining why remittances with NANO (no fee, no intermediary)
- video of them showing the whole remittances process (their friend or relative buying NANO with CC and influencers receiving that NANO within seconds to their phone wallet)
- video of them spending the NANO to buy groceries (I'm sure one of the shops accepting DASH/BTC which are mostly used in Venezuela today will be happy to accept NANO as well)

My guess is that with this approach, we would get many users who would contact their friends and relatives outside Venezuela and ask them to start using NANO for remittances simply because it makes sense and it's more efficient than any other way.

WHY INFLUENCERS AND NOT ADS?

Trust
- As I've already mentioned above, when I see the AD I simply close it and I guess many of you do the same simply because I don't know if it's a scam or not. Influencers have followers who TRUST them which is really important.
Cost efficiency
- I think the ADs are no match to the potential reach we would be getting through influencers for the same amount of money which of course depends on the negotiated price we would be paying for the campaigns.

WHAT'S NEEDED TO START THIS KIND OF CAMPAIGN

1) Reputable intermediary between the community and groundwork deal executor
- Ideally this campaign would go through NANO center which has the reputability to collect our donations.

2) Person from Venezuela
...who is willing to be our extended hand and make us a deal with the influencers. Once the donations are collected NANO center would connect with a NANO member in Venezuela who could then contact suitable influencers and setup the deal. Ideally we would already have a Venezuelan who is a member of NANO center, do we?!

3) Money
How much would this cost? Honestly I have no idea, we would have to ask to find out, but as the situation there is so bad I think the price would be really cost effective to us considering we would be getting REAL ADOPTION which is maybe the biggest NANO's problem at the moment. There is quite a lot of work required from an influencer to do, from recording, video editing to going across the town to spend NANO. We need to be aware of that when negotiating the fair price with influencer. Also we need to pay our Venezuelan connection who would be doing deals with influencers.

4) Scripts
- We would need to create the script for those 4 videos and outline exactly what we want to happen in those videos

5) Influencers
- Research and find potential influencers

6) Metrics
- Along with comments/and likes bellow the campaigned videos, confirmed daily transactions on NANO block lattice type of metric to show us if the campaigns are successful or not would be really helpful. Looks like we don't have it at the moment, the closest is https://nano-faucet.org/stats/ which I find too confusing for my average brain. I know this metric is not the most precise one due to spam but spam usually creates spikes and what we would be looking for is a long term trend line something like red line in this Bitcoin example: http://prntscr.com/oe933nThis is not essential for this campaign, but if someone could build this it would be useful for NANO in general as well.

COULD WE GET SCAMMED?
Yes unfortunately, but we can take a careful approach using milestone payments. Having a really trustworthy Venezuelan connection is the key IMO.

When it comes to influencers, to mitigate a risk of getting scammed we can pay the influencers after every video instead of all at once. Also, our Venezuelan connection will have to explain to the influencer that there is a huge community behind this idea and that they can expect many more campaigns to follow if the first one proves itself to be a success which should help with not getting scammed.

WHAT IS THE END GOAL?

Usage of NANO, adoption!
- Every remittances transaction will create a few more transactions
1 - buy NANO with fiat
2 - send it to Venezuelan friend/relative
3 - Venezuelans spends it to buy food
4 - merchant will eventually have to sell NANO to get more supply or IDEALLY he/we could close the whole circle and find a supplier who would accept NANO himself or some merchants (who can) would be start saving money in NANO due to it's deflationary property.

On top of that people would continue to use it on and on in the future simply because it's the most effective way. Remember that with higher transaction numbers you will eventually get more exposure to media and other users and a bigger value of the network itself. Don't forget, NANO foundation lives from NANO and we need a good NANO price for the team to continue making great updates to the protocol. Also bigger NANO price in USD = more campaigns that we will be able to fund in the future while spending the same amount of NANO.

If this method really is the most cost effective for users I really don't see a reason why those first users who came out of watching influencers videos wouldn't recommend their friends to do the same process for remittances!

Merchants
- If we would be able to get this rolling, many Venezuelans would end up having NANO on their mobile phones, looking where to spend it. They would approach grocery stores and ask to pay with NANO and eventually get us merchants through a simple market demand mechanism. DASH and BTC are mostly used in Venezuela today and we need to thank them for doing the hard work for us introducing merchants to cryptos and having them more likely to accept the more superior payment protocol, NANO.

NEXT STEPS

1) Feedback
I put some thoughts and time into writing this (as I should for holding a lot of NANO), I'll leave it here and first and most important if your feedback because if NANO community in general doesn't like this idea, then it makes no sense to proceed with it since it won't be getting enough funding. With your feedback we can also improve this proposal.

2) NANO center approval + Venezuelan groundworker
If the community likes the idea and the feedback is good we can see what folks from NANO center have to say about it, and to see if we even have a trustworthy Venezuelan member who is willing to make this proposal into a reality.

3) Detailed scripts for videos
- I've mentioned 4 important short videos that I think are all needed for 1 successful campaign so that we offer the followers of those influencers the whole package explaining the whole process and answering "Why NANO?" through those videos (of course his can change if you guys give better idea of what we need from the influencer). Scripts need to be detailed with time stamps explaining exactly what we want inside the videos. If we have a green light from first 2 steps I will start this script building process through Google documents and invite you guys to help me build those.

4) Finding and choosing influencers We can create a topic to find the most suitable influencers in Venezuela, Venezuelan members needs to help us with this!

5) Donations With the community and NANO center behind this proposal, Venezuelan connection ready to do it and scripts ready for the influencers the next step would be to reach into our wallets and donate enough money to be able to fund out first deal.

6) Negotiations, budget building Once the donations start dripping into NANO center's wallet our Venezuelan connection can start reaching out to the chosen influencers and see what's doable with our budget and proceed from there.

7) First campaign Do our first campaign, evaluate it and see if it was cost efficient enough and if yes, improve the whole concept from the experience that we will get from the first campaign and proceed scaling further.

To show that I'm serious about this proposal, I promise to donate the first 100 NANO to this campaign if the NANO center gives us a green light for this proposal. Without NANo center's green light, I think this proposal doesn't have much chances of success.
submitted by ureindanger to nanocurrency [link] [comments]

There is no such thing as real magic

I'm an amateur magician. I've performed at children's parties and done some touring. I wouldn't class myself as an expert, but I am in the magic circle. I love to see professional magicians perform, there is nothing better than when you see a trick and you have no idea how it was done.
I read a forum post a month ago that had a link to a YouTube video, 10 times magic went wrong. I checked it out, and as you can imagine, the contents were quite horrific. Two of the clips were of the Nail Under the Cups trick. If you are from England, you may have seen Derren Brown performing this. It's a good one, if the magician is qualified. If they aren't, then you end up being at positions seven and three of this video.
A magician mixes up some cups, under one is a piece of wood with a nail pointed up. The others are weighted, so they all feel the same. The magician puts on a blindfold and gets their volunteer to guide them over the top of the cups. The magician then pushes the volunteer's hand down, crushing the cup. It's usually when there are two left that this trick goes wrong. And when it does it's very bloody.
The clip in question though, is of a man sawing a woman in half. We've all seen this. But in this grainy footage, the woman screams, the box is brought apart, blood drips from the opening and the legs of the woman slip out. The bloody bottom half slams on the floor with a thunk, the legs spasm, then stop. The curtains are hastily brought across and the show ends.
There are comments after the video, people calling bullshit, until someone posted the full trick in question. At the end of this video, the woman can be seen on stage, whole again, nothing wrong with her at all.
People argue with each other that the woman must have been in the upper box and the lower box contained some prosthetics. The thread ends with someone saying that they swear it's real, they've seen it in person.
I commented saying, "I'm skeptical, magic is illusion, no one gets sawn in half; incredible footage though."
The next day, I get a direct message from someone with the handle Tricked4Life.
Hey Baz1987, the man from that video is performing next month. He's called The Russian, it's invite only. I can arrange tickets if you like?
I replied, Totally, I'd be up for that, please!
While waiting to hear back, I went to watch the video again. The link didn't work, a message came up saying it had been taken down due to copyright infringement. I tried the top 10 one too, that was also gone, just a 404 page.
It was a Saturday, so I was already on the whiskey and watching Netflix. I think I was binge watching Breaking Bad for the third or forth time.
Tricked4Life replied with a link. I browsed to the site. It looked like something from 1997. There was a still from the video and a form below. Slightly drunk, I filled out the details and continued to the payment form. I had to pay in BitCoin, what the fuck was that?
I messaged Tricked4Life, "I don't know what BitCoin is."
"PayPal me the money and I can buy it for you."
"How do I know this isn't a scam?"
"You don't, but as a magician, you should see through a trick a mile off ;)"
It sounded like he was baiting me.
"How much?"
"£540."
"Christ, that's heavy."
"It's worth it though."
"Have you seen him before?"
"No, this will be my first time. I know some people who are going. They said he's incredible. You have to see it for yourself."
I left the computer and continued watching TV, though I couldn't concentrate. I really wanted to know how the trick was done. I drank more whiskey and got more drunk.
I woke in the early hours. Confused, I took in my surroundings and realised I fell asleep in front of the television again. My head pounded, so I went to the kitchen and drank some orange juice, before throwing the best hangover cure, bacon, into the frying pan.
As the meat sizzled, I checked my phone. I had an email with the subject, Ticket Confirmation. My heart sank. I opened it up to see a confirmation number and an address... in the Ukraine.
I'd bought things while I was drunk before, but not a ticket to a magic show in Eastern Europe. Not only was I out £540, I'd need to book plane tickets and a hotel.
I gazed at the whiskey bottle, to see it almost empty, not even as much as a shot left. I felt embarrassed.
I logged into the forum and read the messages I had sent.
Fuck it! was the first. The second my details and a third saying I'd PayPalled the money over, with a reply saying to buy a Tuxedo if I didn't have one.
I won't bore you with the details of how I had to beg my manager to give me the time off at last minute, suffice to say I had to agree to perform at his daughter's birthday. I was surprised and relieved with how cheap plane fare was to the Ukraine. That was the only ray of light I had in this stupid ordeal. I rented a Tux from a local business and I was ready to go.
The flight was bumpy. We flew through a thunderstorm and for the first time in my life, saw the lighting hit the tip of the plane. People startled and children cried. I was nervous myself. It wasn't long after the Russians shot down a passenger jet over the Ukraine. I was very happy when we landed.
I sat in silence in the taxi to the hotel. When I got out, I saw it was a dump. I asked the driver to wait, he nodded. I had no idea if he understood me or not. Three stars was supposed to be the rating, but it looked more like an abandoned office building than a hotel.
I checked in and changed. I was glad I was only staying for the night. My rushed plans meant I didn't have more than a few hours until the show started.
Thankfully the taxi was still outside when I returned. I handed him the printout of the address and we drove off into the night.
It was an odd city, nothing like the London that I'd known all my life. It was as if it wasn't planned, that it just sprawled in every direction when the need for more buildings were required. We stopped at the end of an alleyway. He pointed down it.
"Are you sure?" I said.
I expected us to be somewhere posh.
"Is right," the man said, finally breaking his silence.
I got out. Almost as if the driver was in a hurry, the taxi sped off. Suddenly I felt all alone, in a foreign country I knew nothing about.
The rain poured down and soaked through my Tux. The woollen material grew heavy with the water. I wondered if I'd get my deposit back.
I jogged down the alleyway. Light leaked out from a door underneath a fire escape. I thumped on the frame and waited.
A man wearing paint splattered jeans and a body warmer opened it.
"I'm sorry, I don't know where I'm going. I'm looking for this."
I handed him the printout.
"I'm supposed to see some Russian magician..."
He lifted his chin and opened the door wider. I was glad to get out of the rain. Inside had the appearance of a factory service corridor.
"Through there," he said pointing to the end of the hallway.
Visions of me entering some basement out of the film Hostel filled my mind and I wanted to turn back and go straight to the airport. The outside door clunked shut.
I took a deep breath and walked forward. My shoes echoed around the small passageway and I felt vulnerable. I pushed on the metal bar at the end and hoped for the best.
I was shocked. The low murmurs of hundreds of voices filled the large room I entered. It wasn't as I expected. It was cavernous. It looked like a palace. Large marble columns rose up from the floor and held in place an ornate ceiling, from which hung intricate chandeliers.
Dozens of men in suits drank from Champagne glasses, all deep into conversation. No one turned to stare at me. It was as if there was nothing odd about me entering via a back door. For a magic show, I found it kind of fitting. Standing there though, I wasn't sure if I felt more out of place here or in the alleyway.
A waiter approached and I panicked.
"Drink, sir?" he said, offering me some Champagne.
I took the crystal flute and resisted the urge to down it in one.
I sipped and tried to blend in.
"The show will start in thirty minutes," was announced over the tannoy in an Eastern European accent.
The guests looked up as if watching the person making the announcement.
Another waiter offered me some canapés. I grabbed one and thanked him.
"Baz?" someone shouted and I peered around.
I locked eyes with a man I didn't recognise.
"Do I know you?" I asked.
"I'm Dan," he said offering his hand.
"I'm sorry, I don't recall."
"Tricked4Life? I ordered your ticket."
Confused, I said, "How did you recognise me?"
"Your avatar, man," he said smiling, "Good to meet you in person. I wasn't sure if you'd come."
"£540, I wasn't going to stay at home."
"Are you excited? I've seen some famous magicians around."
I was nervous. Dan didn't appear to be.
"Oh shit, is that ," I asked.
He turned.
"Hell, yeah," he replied, " and are also here too."
"That's crazy, this is the real deal then?"
"I think so," he said, taking a large gulp of his drink.
"What's his real name?"
"I don't know, no one does."
"That's a bit ominous."
"He's the best of the best, who cares what he's called."
Dan checked his watch.
"We should go take our seats."
"Yeah."
The house lights went down and cheers erupted from the crowd. A spotlight lit the red velvet curtains. They waited for the crowd to die down before they opened.
I was disappointed when I saw him on stage. His hair was grey, not black like the video. He was so much smaller in stature than how he appeared, too. Assistants wheeled in a large tall box.
The magician led one of the assistants inside and proceeded to lock the padlocks on the front of the box. He counted down from three, and on the beat after one, fireworks exploded at the front of the stage and the walls of the box collapsed in on themselves. He approached and spun the box around showing it was now flat. The remaining assistants rolled it off stage and the crowd clapped.
"That's easy," I said turning to Dan, "Fireworks - textbook misdirection and trap door underneath."
He smiled.
Medieval wooden stocks were now brought onto the stage. The magician asked for a volunteer from the audience. A young lady stood up (the only female in the whole crowd) and was invited on stage. The magician mimed claps, and the audience obliged. The woman was secured into place. He threw some eggs into the crowd and offered her as a target. Most missed, except the last that hit her square on the face. Laughter erupted. An assistant arrived with a melon. The magician picked up a sword, its blade flashed in the bright spotlight. He lifted it overhead and brought it down, slicing the melon in two with ease.
He approached the woman in the stocks and with one swift blow, her hands and head fell into the baskets below. The crowd roared with approval.
"Impressed yet?" Dan said to me and to be honest I was vexed.
No sudden flash of light to hide the switch of body parts with fakes, but no blood either.
"She was obviously a stooge, are there any other women in the crowd?"
More helpers joined on stage, mopping the floor as if to clean up blood that wasn't there. A chuckle fluttered through the crowd.
The final illusion was the classic Chinese Water Torture Cell made famous by Harry Houdini.
A large tank of water sat centre stage. The magician took off his clothes to reveal a turn-of-the-nineteenth-century bathing-suit, a beige number that covered his body and upper legs. He placed on a nose clip and rubbed his hands in anticipation.
He ascended the ladder attached to the tank and jumped in. Water splashed over the sides and an iron lid was slammed into place. Padlocks were locked around the top and a curtain drawn in front. A man started a stopwatch and gazed at it in earnest.
Time passed. I checked my watch, he had been in there for ninety seconds. The curtain was removed, to reveal his hand poking out the top trying to pick the locks on the outside, then the curtain was replaced.
Another minute passed and banging could be heard from within. The man with the stopwatch brought his hand across his throat, signalling to end the performance.
Someone ran on stage with an axe and the curtain was pulled away. The locks were still in place, but the tank was empty. The audience gasped.
"Hallo," rang out around the auditorium.
I turned to see The Russian in the stalls above, dripping with water.
Wild cheers erupted and everyone clapped.
"How did he do that then, Mr Smart Guy?" Dan asked, clearly pleased with himself.
"I have no idea," I said, clapping without even thinking about it.
The house lights went up.
"There will be a ten minute intermission before the second part of the show, will guests with tickets..." the announcer said, listing off numbers, "... please make their way to the door at the side of the stage."
"That's me?" I said to Dan confused.
"Me too, are you excited?"
"I don't understand?"
He grinned and grabbed my hand.
He led me along the row.
"What's going on?"
"Didn't you wonder why it was so expensive? We're part of the show!"
A silent dread filled me.
"I don't want to do it."
"Come on! You're a magician, don't you want to know how it's done?"
"Yeah, but I don't want to be on stage."
"You've done that before, though."
"Of course, but mostly in front of children. At most fifty people. Not in a theatre with over four hundred containing some of the most respected magicians in the world."
"Too bad, you're going," he said, tightening his grip.
We waited at the back of the line of eight people. A man checked tickets and one by one they were led backstage.
Dan passed his ticket over, letting go of his grasp. I thought about leaving, but before I could, the man asked for mine and like a robot I handed it over.
It was quiet backstage.
"Oh shit, is that ?" I said as the man approached.
"Hey," he said excitedly, "I'm..."
"I know who you are," I said shocked that was talking to me.
"Are you boys excited?"
"Very," Dan said, "Baz here's a little nervous."
"Don't be nervous," said, "this is what we are'll here for, right?"
"I have no idea what's going on," I blurted out.
"Don't listen to him," Dan said, "he's just scared."
"And you should be, it's not very often that you're in the presence of a real magician."
"What do you mean?"
"You know, someone who performs real magic."
I scoffed, "There's no such thing as real magic."
"Is this guy for real?" said pointing his thumb at me.
Dan shrugged his shoulders.
balked at me, "Then why are you here?"
"I wanted to see it for myself."
"And that you will, son. Be part of it."
"I don't think I want to."
"This is a once in a lifetime opportunity," he said gesturing with his hands, "it's what we all dream of."
We heard a roar of applause.
"It's time," said, getting in line behind the queue that had now formed.
"I don't know about this Dan," I said.
"It'll be fine, I promise."
I watched as the first of us was taken on stage. A round of applause, then silence. A minute or so passed, then I heard a blood curdling scream and my heart raced.
"What the hell was that?!?!"
"Shhhh," Dan said in deep concentration.
Then the next one was taken and then the next. With each one, a silent time passed, the end of the trick punctuated by a scream.
"Dan!" I said in a whisper, "That man has blood on him!"
I stared at the stagehand as he exited stage right. Blood flecked his shirt and face.
"It's all part of the fun," Dan said, slapping my back.
My stomach lurched, as one by one, the line got shorter.
"Wish me luck," said as he was led on stage.
The man was now drenched in blood, but it didn't seem to bother Dan.
"We have a special guest tonight, please welcome ," bellowed out on the tannoy.
We were almost at the top of the stairs now. Dan watched the performance, his face lit up with pure joy before he grimaced and looked away.
"What's happening?" I asked.
"Holy shit, that was intense. I'm not sure I can do this," Dan said.
But it was too late, the stagehand had already grabbed him and dragged him up. I ascended the last few steps and could now see the wooden floor. I gasped as Dan walked through the blood than now pooled. His shoes left yawning, sticky stalagmites in the congealing liquid.
A horizontal box was opened and he was placed inside. From my angle it was obvious there was no-one placed in the leg side. I watched his feet poke through the holes at the end and the box closed on top of him. The magician picked up a chain saw, pulled the cord into action. Blue-grey smoke billowed out of the side as he revved the engine. Without a second thought, he brought it down, through the box. Dan's face contorted as he shrieked in agony.
"Stop, stop!" he shouted.
The magician ignored him. Blood sprayed out, covering him and launching a mist of bright, red liquid onto the crowd, who cheered in response.
The chainsaw idled. The assistants pulled the box apart and just like the video, Dan's legs fell out of the other end of the box. It was then I noticed the box had been purposefully sloped to allow this to happen. That was the trick. I felt sick and ran.
There was nowhere to go. A large man stood at the door I had entered. Luckily he hadn't noticed I'd panicked. I slowed to a walk and took the stairs down into the basement. As I descended, I heard the muffled tannoy then a rapturous applause.
I paused at the door at the bottom. I assumed it was the fire exit. I tried to turn the knob but it didn't budge. I could hear voices on the other side. I placed my ear against the metal, flinching at the cold. It was a chant. Low tenor voices repeated the same line again and again, in a language I didn't understand. They switched into a more sing-song chorus, then returned to the original verse.
I banged on the door and the voices stopped.
"Mister, you can't be down here," the large man from backstage said.
I obeyed him without a struggle. He let me back into the theatre. The crowd didn't acknowledge me. Waiters patiently walked through the punters offering more Champagne and canapés.
Without thinking, I screamed out, "He's killing them! All of them, they are dead!"
The audience silenced and looked at me.
" is dead, everyone's dead. I saw it. It's not a trick!"
"Sir," one of the waiters said holding his hand up for me to stop.
"I won't be quiet, it's a fucking abattoir up there! Didn't you all see?!"
People started to panic. I raced for the exit. The doors were camouflaged from this side. I ran my hand down the seam trying to find a hidden latch.
"Calm down, sir."
I turned to see the large security guard.
"Fuck that, that man is insane! Let me out of here."
He grabbed my arm, stopping me from leaving.
The house lights went down again and the audience settled.
"Please show your appreciation to your magician tonight and his wonderful volunteers."
The man held me tightly, and I gave up trying to leave and gazed at the stage.
The Russian appeared front and centre, bowing. His assistants from the night joined him. Everyone clapped.
Then one by one, the people who were in the line ahead of me walked on stage, wearing pristine white suits.
waved as he walked on, the audience cheered. The last to enter was Dan. I was shocked.
The crowd stood and clapped.
"Let's not forget our friend at the back there," The Russian said, as the spotlight travelled over the audience, stopping on me.
I froze. The security guard let go of me and joined in the clapping. I ran my hand through my hair and feigned a smile.
"I hope to see you all again soon," The Russian said for one last time and the house lights came up.
Instantly murmurs broke out around the theatre.
"Great job, really added to the finish," one man said as he exited past me.
"Thank you," I said without thinking.
Everyone wanted to shake my hand, but all I could do was stand in confusion and unexpected awe.
The last of the people left, and so did I. As I entered the large hall I was in earlier, I saw Dan. He held a cardboard box under his arm.
"Great job you did," he said grinning from ear to ear.
"What the fuck just happened?"
"I'm sorry," he replied.
was standing next to him.
"I admit it, I didn't think it would work, but your friend Dan here said it would and I trusted him."
"Is anyone going to fill me in on what happened?"
Dan put his hand on my shoulder, "They needed someone to cause a fuss, you know, to make it seem all the more real."
"Dude, I saw you get chopped in half! What did you expect me to do."
"It was really great," said.
"I thought you were dead."
He tried to smile, but I could see the guilt in his face.
"Really sorry, man. It was a shitty thing to do. If we told you though, it wouldn't have looked believable. The Russian doesn't like to use shills."
"What about the woman in the stocks?"
"That was only the warm up. Hey check this out!"
Dan opened the box and revealed his Tux, it was ripped to shreds.
"Glad I didn't rent," he said laughing.
"It was great to meet you," said, "here's my card. If you ever want to see me perform, let me know, I'll get you backstage passes."
"You're not going to try to kill me too?"
He laughed.
"I'll see you around," he said, leaving through the backdoor.
We followed a few minutes later.
A row of limos waited to pick up people as they left.
"You go first," Dan said.
"Aren't you coming?"
"Nah, I'll get the next one."
I told the driver where I was going.
I slept badly in the hotel, my dreams filled with corrupted visions of the night before. I flew back to England in the morning.
I stayed away from that forum for a while, but curiosity got the better of me. There was a post about , saying he'd cancelled his tour. I read the comments, they were filled with the expected bile of people pissed their favourite magician had flaked out on them.
There was a direct message. I clicked. It was from Tricked4Life. It contained a single photo. It appeared to be of someone's torso, a purple-pink bruise ran horizontally along its stomach, blood seemed to leak as if it were some sort of wound. Underneath the photo was a comment.
"I need help, I think the magic is wearing off."
I replied and told him to go to the hospital. That was 48 hours ago and I've not heard back.
xx
submitted by ecrowe to nosleep [link] [comments]

Decred Journal — May 2018

Note: New Reddit look may not highlight links. See old look here. A copy is hosted on GitHub for better reading experience. Check it out, contains photo of the month! Also on Medium

Development

dcrd: Significant optimization in signature hash calculation, bloom filters support was removed, 2x faster startup thanks to in-memory full block index, multipeer work advancing, stronger protection against majority hashpower attacks. Additionally, code refactoring and cleanup, code and test infrastructure improvements.
In dcrd and dcrwallet developers have been experimenting with new modular dependency and versioning schemes using vgo. @orthomind is seeking feedback for his work on reproducible builds.
Decrediton: 1.2.1 bugfix release, work on SPV has started, chart additions are in progress. Further simplification of the staking process is in the pipeline (slack).
Politeia: new command line tool to interact with Politeia API, general development is ongoing. Help with testing will soon be welcome: this issue sets out a test plan, join #politeia to follow progress and participate in testing.
dcrdata: work ongoing on improved design, adding more charts and improving Insight API support.
Android: design work advancing.
Decred's own DNS seeder (dcrseeder) was released. It is written in Go and it properly supports service bit filtering, which will allow SPV nodes to find full nodes that support compact filters.
Ticket splitting service by @matheusd entered beta and demonstrated an 11-way split on mainnet. Help with testing is much appreciated, please join #ticket_splitting to participate in splits, but check this doc to learn about the risks. Reddit discussion here.
Trezor support is expected to land in their next firmware update.
Decred is now supported by Riemann, a toolbox from James Prestwich to construct transactions for many UTXO-based chains from human-readable strings.
Atomic swap with Ethereum on testnet was demonstrated at Blockspot Conference LATAM.
Two new faces were added to contributors page.
Dev activity stats for May: 238 active PRs, 195 master commits, 32,831 added and 22,280 deleted lines spread across 8 repositories. Contributions came from 4-10 developers per repository. (chart)

Network

Hashrate: rapid growth from ~4,000 TH/s at the beginning of the month to ~15,000 at the end with new all time high of 17,949. Interesting dynamic in hashrate distribution across mining pools: coinmine.pl share went down from 55% to 25% while F2Pool up from 2% to 44%. [Note: as of June 6, the hashrate continues to rise and has already passed 22,000 TH/s]
Staking: 30-day average ticket price is 91.3 DCR (+0.8), stake participation is 46.9% (+0.8%) with 3.68 million DCR locked (+0.15). Min price was 85.56. On May 11 ticket price surged to 96.99, staying elevated for longer than usual after such a pump. Locked DCR peaked at 47.17%. jet_user on reddit suggested that the DCR for these tickets likely came from a miner with significant hashrate.
Nodes: there are 226 public listening and 405 normal nodes per dcred.eu. Version distribution: 45% on v1.2.0 (up from 24% last month), 39% on v1.1.2, 15% on v1.1.0 and 1% running outdaded versions.

ASICs

Obelisk team posted an update. Current hashrate estimate of DCR1 is 1200 GH/s at 500 W and may still change. The chips came back at 40% the speed of the simulated results, it is still unknown why. Batch 1 units may get delayed 1-2 weeks past June 30. See discussions on decred and on siacoin.
@SiaBillionaire estimated that 7940 DCR1 units were sold in Batches 1-5, while Lynmar13 shared his projections of DCR1 profitability (reddit).
A new Chinese miner for pre-order was noticed by our Telegram group. Woodpecker WB2 specs 1.5 TH/s at 1200 W, costs 15,000 CNY (~2,340 USD) and the initial 150 units are expected to ship on Aug 15. (pow8.comtranslated)
Another new miner is iBelink DSM6T: 6 TH/s at 2100 W costing $6,300 (ibelink.co). Shipping starts from June 5. Some concerns and links were posted in these two threads.

Integrations

A new mining pool is available now: altpool.net. It uses PPLNS model and takes 1% fee.
Another infrastructure addition is tokensmart.io, a newly audited stake pool with 0.8% fee. There are a total of 14 stake pools now.
Exchange integrations:
OpenBazaar released an update that allows one to trade cryptocurrencies, including DCR.
@i2Rav from i2trading is now offering two sided OTC market liquidity on DCUSD in #trading channel.
Paytomat, payments solution for point of sale and e-commerce, integrated Decred. (missed in April issue)
CoinPayments, a payment processor supporting Decred, developed an integration with @Shopify that allows connected merchants to accept cryptocurrencies in exchange for goods.

Adoption

New merchants:
An update from VotoLegal:
michae2xl: Voto Legal: CEO Thiago Rondon of Appcívico, has already been contacted by 800 politicians and negotiations have started with four pre-candidates for the presidency (slack, source tweet)
Blockfolio rolled out Signal Beta with Decred in the list. Users who own or watch a coin will automatically receive updates pushed by project teams. Nice to see this Journal made it to the screenshot!
Placeholder Ventures announced that Decred is their first public investment. Their Investment Thesis is a clear and well researched overview of Decred. Among other great points it noted the less obvious benefit of not doing an ICO:
By choosing not to pre-sell coins to speculators, the financial rewards from Decred’s growth most favor those who work for the network.
Alex Evans, a cryptoeconomics researcher who recently joined Placeholder, posted his 13-page Decred Network Analysis.

Marketing

@Dustorf published March–April survey results (pdf). It analyzes 166 responses and has lots of interesting data. Just an example:
"I own DECRED because I saw a YouTube video with DECRED Jesus and after seeing it I was sold."
May targeted advertising report released. Reach @timhebel for full version.
PiedPiperCoin hired our advisors.
More creative promos by @jackliv3r: Contributing, Stake Now, The Splitting, Forbidden Exchange, Atomic Swaps.
Reminder: Stakey has his own Twitter account where he tweets about his antics and pours scorn on the holders of expired tickets.
"Autonomy" coin sculpture is available at sigmasixdesign.com.

Events

BitConf in Sao Paulo, Brazil. Jake Yocom-Piatt presented "Decentralized Central Banking". Note the mini stakey on one of the photos. (articletranslated, photos: 1 2 album)
Wicked Crypto Meetup in Warsaw, Poland. (video, photos: 1 2)
Decred Polska Meetup in Katowice, Poland. First known Decred Cake. (photos: 1 2)
Austin Hispanic Hackers Meetup in Austin, USA.
Consensus 2018 in New York, USA. See videos in the Media section. Select photos: booth, escort, crew, moon boots, giant stakey. Many other photos and mentions were posted on Twitter. One tweet summarized Decred pretty well:
One project that stands out at #Consensus2018 is @decredproject. Not annoying. Real tech. Humble team. #BUIDL is strong with them. (@PallerJohn)
Token Summit in New York, USA. @cburniske and @jmonegro from Placeholder talked "Governance and Cryptoeconomics" and spoke highly of Decred. (twitter coverage: 1 2, video, video (from 32 min))
Campus Party in Bahia, Brazil. João Ferreira aka @girino and Gabriel @Rhama were introducing Decred, talking about governance and teaching to perform atomic swaps. (photos)
Decred was introduced to the delegates from Shanghai's Caohejing Hi-Tech Park, organized by @ybfventures.
Second Decred meetup in Hangzhou, China. (photos)
Madison Blockchain in Madison, USA. "Lots of in-depth questions. The Q&A lasted longer than the presentation!". (photo)
Blockspot Conference Latam in Sao Paulo, Brazil. (photos: 1, 2)
Upcoming events:
There is a community initiative by @vj to organize information related to events in a repository. Jump in #event_planning channel to contribute.

Media

Decred scored B (top 3) in Weiss Ratings and A- (top 8) in Darpal Rating.
Chinese institute is developing another rating system for blockchains. First round included Decred (translated). Upon release Decred ranked 26. For context, Bitcoin ranked 13.
Articles:
Audios:
Videos:

Community Discussions

Community stats: Twitter 39,118 (+742), Reddit 8,167 (+277), Slack 5,658 (+160). Difference is between May 5 and May 31.
Reddit highlights: transparent up/down voting on Politeia, combining LN and atomic swaps, minimum viable superorganism, the controversial debate on Decred contractor model (people wondered about true motives behind the thread), tx size and fees discussion, hard moderation case, impact of ASICs on price, another "Why Decred?" thread with another excellent pitch by solar, fee analysis showing how ticket price algorithm change was controversial with ~100x cut in miner profits, impact of ticket splitting on ticket price, recommendations on promoting Decred, security against double spends and custom voting policies.
@R3VoLuT1OneR posted a preview of a proposal from his company for Decred to offer scholarships for students.
dcrtrader gained a couple of new moderators, weekly automatic threads were reconfigured to monthly and empty threads were removed. Currently most trading talk happens on #trading and some leaks to decred. A separate trading sub offers some advantages: unlimited trading talk, broad range of allowed topics, free speech and transparent moderation, in addition to standard reddit threaded discussion, permanent history and search.
Forum: potential social attacks on Decred.
Slack: the #governance channel created last month has seen many intelligent conversations on topics including: finite attention of decision makers, why stakeholders can make good decisions (opposed to a common narrative than only developers are capable of making good decisions), proposal funding and contractor pre-qualification, Cardano and Dash treasuries, quadratic voting, equality of outcome vs equality of opportunity, and much more.
One particularly important issue being discussed is the growing number of posts arguing that on-chain governance and coin voting is bad. Just a few examples from Twitter: Decred is solving an imagined problem (decent response by @jm_buirski), we convince ourselves that we need governance and ticket price algo vote was not controversial, on-chain governance hurts node operators and it is too early for it, it robs node operators of their role, crypto risks being captured by the wealthy, it is a huge threat to the whole public blockchain space, coin holders should not own the blockchain.
Some responses were posted here and here on Twitter, as well as this article by Noah Pierau.

Markets

The month of May has seen Decred earn some much deserved attention in the markets. DCR started the month around 0.009 BTC and finished around 0.0125 with interim high of 0.0165 on Bittrex. In USD terms it started around $81 and finished around $92, temporarily rising to $118. During a period in which most altcoins suffered, Decred has performed well; rising from rank #45 to #30 on Coinmarketcap.
The addition of a much awaited KRW pair on Upbit saw the price briefly double on some exchanges. This pair opens up direct DCR to fiat trading in one of the largest cryptocurrency markets in the world.
An update from @i2Rav:
We have begun trading DCR in large volume daily. The interest around DCR has really started to grow in terms of OTC quote requests. More and more customers are asking about trading it.
Like in previous month, Decred scores high by "% down from ATH" indicator being #2 on onchainfx as of June 6.

Relevant External

David Vorick (@taek) published lots of insights into the world of ASIC manufacturing (reddit). Bitmain replied.
Bitmain released an ASIC for Equihash (archived), an algorithm thought to be somewhat ASIC-resistant 2 years ago.
Three pure PoW coins were attacked this month, one attempting to be ASIC resistant. This shows the importance of Decred's PoS layer that exerts control over miners and allows Decred to welcome ASIC miners for more PoW security without sacrificing sovereignty to them.
Upbit was raided over suspected fraud and put under investigation. Following news reported no illicit activity was found and suggested and raid was premature and damaged trust in local exchanges.
Circle, the new owner of Poloniex, announced a USD-backed stablecoin and Bitmain partnership. The plan is to make USDC available as a primary market on Poloniex. More details in the FAQ.
Poloniex announced lower trading fees.
Bittrex plans to offer USD trading pairs.
@sumiflow made good progress on correcting Decred market cap on several sites:
speaking of market cap, I got it corrected on coingecko, cryptocompare, and worldcoinindex onchainfx, livecoinwatch, and cryptoindex.co said they would update it about a month ago but haven't yet I messaged coinlib.io today but haven't got a response yet coinmarketcap refused to correct it until they can verify certain funds have moved from dev wallets which is most likely forever unknowable (slack)

About This Issue

Some source links point to Slack messages. Although Slack hides history older than ~5 days, you can read individual messages if you paste the message link into chat with yourself. Digging the full conversation is hard but possible. The history of all channels bridged to Matrix is saved in Matrix. Therefore it is possible to dig history in Matrix if you know the timestamp of the first message. Slack links encode the timestamp: https://decred.slack.com/archives/C5H9Z63AA/p1525528370000062 => 1525528370 => 2018-05-05 13:52:50.
Most information from third parties is relayed directly from source after a minimal sanity check. The authors of Decred Journal have no ability to verify all claims. Please beware of scams and do your own research.
Your feedback is precious. You can post on GitHub, comment on Reddit or message us in #writers_room channel.
Credits (Slack names, alphabetical order): bee, Richard-Red, snr01 and solar.
submitted by jet_user to decred [link] [comments]

By request: Why Bitcoin is a specific kind of scam called a seigniorage scheme (long, but has tl;dr). X-Post from /r/Finance.

Seigniorage has two functional definitions, although they really dovetail out of one. Within debt-backed fiat it's usually defined as the profit made from interest paid on the debt which backs the fiat. The persons with seigniorage privilege in debt-backed fiat would be the cartel of international banking elite to whom once-sovereign nations pay the interest to lease their non-sovereign "sovereign" currencies.
The strict definition of seigniorage, however, is 'the difference between the face value of something and the cost to produce and distribute it.' In the case of debt-backed fiat, the interest is rolled in as a functional increase in the value of the currency to the seignoirage privilege holders, since it's additional revenue generated from the same dollar despite no additional cost being required to produce the physical bill or digital dollar entry on a balance sheet. In the case of coinage, the inheritor of seigniorage is the United States treasury (say a quarter costs $.03 to produce and bring to market, and its face value is $.25. The inheritors of the seigniorage profit $.22 per quarter when they are initially spent into the market).
Bitcoin is a seigniorage scheme because the program was not widely known or public when the first bitcoins were generated. You can show me your fancy bs (and it's really just window dressing, making things appear fantastic so you will be distracted from the same rotten core that's at the center of all such scams) about 'mining' them and how it's 'free to all' and all of this, but the fact remains that whether they were 'mined' or not initially, at the beginning there was a very small group of people who knew of the existence of Bitcoin. An anonymous, shadowy cartel of insiders who pretends to be one fictitious person in order to maintain their anonymity.
Because Bitcoins are digital, the cost of generating them was negligible, as was their value. Their value was then pumped artificially using paid gophers and an enormous marketing campaign throughout internet circles, preying upon lonely techies with decent job security and convincing them it was a gateway to 'economic freedom.' This is textbook scam; it has a vulnerable, wealthy, lonely market audience with very little practical experience with economic models or systems, but plenty of money to take.
The creators of the initial currency and system are unknown, which means the inheritors of the seigniorage are totally anonymous and to this day no one knows who they are and what they've done with the massive amount of money they've earned when they sold their once-worthless but post-pump-valuable Bitcoins onto the market initially. This is textbook scam, it should be a huge red flag. The fairytale that this is the creation of one person, who obviously does not exist, is another red flag of a textbook scam. When Rome crashes and burns, these insiders simply slip away to their new island in Micronesia while you're dead in the water, and you have no way of even knowing who pantsed you.
Once the value of the commodity was inflated beyond its initial zero value, Bitcoins were then sold liberally to lonely suckers with zero scam experience, at which point the insider cartel could've just walked away and let it crash and burn. Instead, more scarily, it appears they have used part of that capital (and perhaps only sold part of their initial reserve) to exert influence within or over the exchanges themselves, and may control one or more entirely for all we know. The pump then continued. The exchanges are incredibly corrupt, there have been several crashes already and there is zero explanation for how the value of Bitcoins has recovered from any of them. The most likely answer, in my opinion, is that the seigniorage gains and revenues from insider-generated dumps and successive rebuys are being used to continue to pump the scam, as is typical in equity market pump and dumps as well. The insiders are always going to exit before everyone else, allowing them to rebuy on the cheap and pump again, and their control over one or more exchanges facilitates this.
Then there's the total hogwash that Bitcoin is a 'currency.' There are several reasons why Bitcoin is not a currency, but rather a zero-purpose digital commodity. This distinction is very important, because removing its distinction as a currency means its downfall is inevitable since as a digital commodity it has zero tangible purpose. Anything can be a medium of exchange for as long as you can trick one fool into valuing it, but that doesn't make it a currency. It makes it a pet rock, minus the rock and the paint if it's digital.
A key difference between a currency and a commodity is that currencies typically command a premium within poorer societies, and commodities need not. A great example is the Federal Reserve Note (most people mistakenly call it the United States Dollar), which is worth more and generates a great deal of attention if pulled out of a wallet in Zimbabwe. Try that with a Bitcoin, and after the initial curiosity surrounding its novelty you'll be left only with confusion as you utterly fail to explain to these people why this silly token has any value whatsoever.
If you can name one poor society that values Bitcoins more highly than first-world ones, you'll be well on your way to shattering my logic. But you won't be able to do that, because poor societies have zero use for Bitcoin; it is a commodity of privilege because its uses are fictitious, and the fact that it doesn't translate vertically down the income inequality ladder means it is completely screwed in its supposed-intended long-term purpose. This is in marked contrast with, say, silver, which is a true currency (as well as a commodity) in that it has ubiquitous global liquidity and can be exchanged for virtually any world currency within any society, with a linear increasing premium as income within the society of exchange falls.
Bitcoins also have very poor liquidity, in that they are incapable of purchasing most fundamental necessities of life, and certainly cannot do so on demand. The very few exceptions to this are niche cases hoping to benefit from the fad and nothing more. This also makes it dissimilar to currencies, which have peak liquidity.
Magic cards, for instance (interestingly, the thing MtGOX, short for Magic: the Gathering Online Exchange, was initially designed to trade, before they were prohibited from doing so), are an infinitely stronger currency than Bitcoins ever will be because they are incredibly liquid anywhere but indigenous communities (making them weaker than, say, silver or gold but little else), and command a great premium in less-affluent societies like Brazil. They're also a functional on-shore tax shelter, making them one of the most practically useful mediums of exchange in the entire world, and their market has experienced more sustained, successive growth than any in modern history to my knowledge, while remaining nearly crash free.
The most recent seigniorage scheme that Bitcoin resembles is cap-and-trade. Only cap-and-trade was a far more honest scam, in that at least the globalist billionaires like Al Gore were willing to admit they were the team who was going to inherit the seigniorage when companies were forced to purchase a totally worthless and created-from-zero-and-at-zero-cost commodity called 'carbon credits' at an artificially inflated value. When the carbon credit market crashed in Europe and the whole scheme reached seeing-is-believing level, the plan was abandoned (money already made, just like Bitcoin is poised to do/be). Bitcoin is even shadier; the sinister seigniorage schemers won't even admit who they are, and the only difference is that its market hasn't crashed yet. But it will. Guaranteed. Because they're totally worthless.
Don't be a bag holder.
TL;DR: A huge quantity of Bitcoins were created by people, at their leisure, when their value was zero and no one knew they existed, then their value was pumped by marketing to a target audience of well-paid, bored, gullible suckers and then they were sold to them at much-higher-than-zero value. The inheritors of the seigniorage are anonymous. Currencies have liquidity, and command a premium in less-affluent societies. Magic cards (intentionally trivial comparison) are a real currency in every single way Bitcoins are not, and will continue to function as a far better alternative currency than Bitcoins ever will, because they're also a functional on-shore tax shelter as well as having peak liquidity and being a way to convert any currency into any other currency without paying conversion fees.
STL;DR: Bitcoins are cap-and-trade 2.0, plus anonymity for the perps since they couldn't possibly get the legislative cover Gore et. al tried to obtain so they would be immune to prosecution for scamming everyone when the market inevitably crashed.
Thanks for reading, hopefully this saves someone from getting hosed.
submitted by 19Alcibiades87 to investing [link] [comments]

Scam Projects

Hello!
My name is Kristina Semenova, I am the Head of Investors Relation Department at Platinum, the world’s number one business facilitator.
Our team knows how to start ICO/STO in 2019!
Why are we so sure? Well, our experience speaks for itself:
Platinum.fund
But what is the difference between ico and sto? What is the cornerstone of ICO marketing strategy? You will know this after finishing the UBAI courses!
Here’s just a quick preview of our Short Course lesson.
Real World Examples
Multinational accounting firm Ernst and Young found that $400 million of the $3.7 billion USD raised from ICOs (as of January 22, 2018) had been stolen. That is, up to 10% of all ICO funding is virtually being stolen from investors. Though ICO scams are the most common method of theft in the crypto world, some projects will actually operate for a period of time before disappearing with the money. Like in a Ponzi scheme, an exit scam may be planned for later, sometime after a manipulated pump; or some other time the team believes is most opportune to take the money and run. Giza: Giza marketed itself as a platform within which different cryptocurrencies could be stored securely. But after raising $2.4 million in one month, the team deleted the website and stopped replying to emails. Investors were duped by a very convincing whitepaper, and actors had been hired to appear in photographs promoting the project. No investor funds have ever been recovered. Centra: The SEC put an end to fundraising for the Centra ICO and charged the founders Robert Farkas and Sohrab Sharma with orchestrating a fraudulent ICO after they raised $32 million USD. They were promoting the ability to develop financial products backed by VISA and Mastercard, though it was later found that neither partnership was real. One of the major red flags in the Centra project was the use of celebrity endorsements for publicity, reportedly paying champion boxer Floyd Mayweather a significant sum to promote their project. Who wants to leave their Blockchain investment decisions up to Floyd Mayweather, regardless of his unbelievable skill as a boxer and regardless of his own financial success? He should still not influence where you invest your money!
Ponzi Schemes: Bitconnect: This is the most infamous Ponzi scheme in the history of cryptocurrency, and certainly the most damaging. Bitconnect was a Bitcoin-based project that rose to an all-time high of $463 per token on the back of a fictitious trading bot. The Bitconnect scam operated by paying dividends to users, proportional to the number of tokens they held and the number of referrals they made. The BCC tokens were exchanged for the users’ Bitcoin, and the highly sophisticated and wildly successful trading bot would trade BTC for them and distribute profits as dividends. The value of the dividends offered was approximately 1% of the initial investment per day. In other words, that is approximately 3,780% per year in cumulative gain! The referral system was capitalized upon most heavily by many of the biggest crypto YouTube channels, including CryptoNick and Trevon James, both of whom are now under investigation by the Federal Bureau of Investigation. Shortly after the Bitconnect Token reached its all-time high, they received cease and desist orders from the security regulators of Texas and North Carolina, which caused the owners of the Bitconnect exchange to shut down operations, and the price to plummet.
Davorcoin: Davorcoin was a lending platform very similar to Bitconnect. And Davorcoin was farcically promoted by the same Trevon James crypto Youtuber who promoted Bitconnect, and is currently under investigation by the FBI for promoting Ponzi schemes. The Texas State Securities Board, in likening Davor to Bitconnect, stated that “DavorCoin is telling investors they can earn lucrative profits by investing in a lending program based on a new cryptocurrency known as davorcoin. Investors allegedly purchase davorcoin and then lend it to DavorCoin”. Davorcoin promptly plunged from an all-time high of $180 to very close to zero after a cease and desist order was made against them on the 2nd of February 2018. Useless Ethereum Token: Despite brazenly stating in the name of the project that the token has no use, the UET managed to raise $340,000 in its crowdsale, and saw a significant pump of over 300% on the HitBTC exchange in February of 2018. The scam was an obvious case of pump and dump, with the total trading volume for UET crashing back down to as low as $3 per day, after reaching as high as $350,000 per day during the pump.
It is currently an unfortunate consequence of the decentralized nature of cryptocurrency, but there is a distinct lack of recourse for scammed investors. It is wise to become as well-acquainted with the various indicators of good and bad ICOs as you possibly can. In weighing the factors that will allow you to avoid expensive mistakes, ask yourself in whose favor are the terms of the ICO slanted, yours or the teams? To what extent are you actually likely to profit from this investment? Cryptocurrency is inherently a grey area, whether you are investing in it or not. Investing is another inherently grey area, no matter what the area or object of investing might be. Laws and regulations are not always able to keep up. Trying to define and prove what was or was not a scam is not likely to be as simple as the scammed investor would want it to be. A project can be set up in certain ways to avoid being technically classified or provable as a scam, but the unprepared investor can still be burnt or scammed just as badly. Now we look at more individual indicators that can help you form a valid impression whether or not an ICO or even a fully-fledged exchange-listed coin is a scam or a bona fide investment opportunity.
Common Signposts
Contrasting Scam & Legitimate Projects
Presale Bonus/Token Release If the ICO allots massive bonuses to team members, you may leave yourself open to getting dumped on by presale investors if you buy when the project tokens are listed on an exchange. Likewise, if the project has a short lock-up period for developers and founders, you run the risk of them selling as soon as the token is listed on a major exchange. The token release schedule for the founders of a worthwhile project should show long-term team commitment to that project. The Jibrel Network team tokens will be locked up for 5 years before release, and they had no early investor bonus in the main sale. Both of these factors instilled confidence in the JNT ICO investors, and the tokens were sold out weeks before the ICO was due to end. No Presale lock up If Presale investor tokens are not locked up at all for any period after listing, that could easily be a set up for an exit scam after the initial listing. No presale lockup for early investor tokens is a crystal clear warning, the project may be fatally rigged toward those in the inner circle, with little commitment to the long term health or success of that project.
Unsolicited Offers or Unasked for Additions to Groups Characters running scam projects will often add you to Telegram groups out of the blue or send you unsolicited emails with information about their project. Telegram is the most widely used messaging app in the cryptocurrency community and you should familiarize yourself with it to keep yourself in the loop for specific projects in which you invest as well as all kinds of other relevant crypto info. You can adjust the settings on the Telegram app to disallow anonymous additions to cryptocurrency projects if you find yourself bombarded with offers by scammers. Reputable projects at the ICO stage will spread by word of mouth, or by eloquent and meaningful articles posted on their Medium page. A project with serious potential does not need to actively seek participants for their ICO like that. They will often be able to fill their ICO hard cap in a matter of hours, or even just minutes!
Anonymous Team
Alarm bells, again, immediately, if the project has minimal online presence. The individual team members could be mere fabrications. The entire project could be a farce by utterly inexperienced characters. What if the project leaders are simply unaware of the importance of a strong social media profile? That in itself would be too strange to ignore. Top-level projects will have team members with experience in crypto and the LinkedIn accounts for those members will be easily accessible right there on the project website. You should be able to easily see and evaluate each individual’s experience in their field and ascertain what they bring to the project team. Bitconnect’s anonymous team should have been the only deterrent prospective investors needed to discourage them from putting money into that doomed project. Ethhorse, a current project with anonymous founders and operators should be steered clear of at all costs for the same reasons.
Community Atmosphere
The subreddits or Telegram groups of scam projects will often feature moderators that do not allow any kind of criticism in the group chat. If, in the process of your due diligence, you encounter didactic admins that only wish to silence your questioning of certain aspects of the whitepaper or mechanism of the tokenomics
, you should be concerned. Similarly if you see a coherent critical reply attacked by many different users who refuse to engage the substance of the point being made, that may be a subreddit infested with bots. Projects that have nothing to hide will allow free debate in the chat. Ideally, they hope to develop a positive community that is itself an asset to the long-term success and overall strength of the project. Good projects do not need to automatically brand all criticism as Fear Uncertainty and Doubt (FUD).
Whitepaper
One common tactic of scammers is to produce a whitepaper that uses too many buzzwords, and deliberately obfuscates and overcomplicates the explanation of the problem and/or its solution. A good whitepaper clearly and concisely lays out the problem and answer, as well as provides compelling arguments why a Blockchain solution is preferable to the current solution. Another point of concern is a whitepaper that gives unrealistic time frames and goals. Bitconnect’s almost comically optimistic profit projections are a prime example of this, as are the 1,354% yearly gains promised by Plexcoin. Respectable projects will set out development timescales in terms of quarters or years, rather than offering immediate profit projections, which are simply a red flag.
Advisors/Connections in the Cryptoworld
The most prestigious projects will already have partnerships made before the ICO stage, and the worst ones, i.e. the scams, will not mention any such partnerships. Icon (ICX) for example was spawned from a South Korean project named The Loop, a collaboration between 3 Korean universities and the DAYLIFinancial Group. They boasted an advisory panel consisting of the legendary investor Don Tapscott, Jehan Chu and crowdfunding expert Jason Best. On top of a solid team of advisors, good projects will also be visible at major Blockchain events such as the Consensus, and the World Blockchain Forum, etc. Scam projects will be unable to inspire this same level in confidence. As an investor, you should sense a certain presence and expect a certain feeling of trust that should guide you in your investments. After all, it is actually a people-to-people thing you are doing.
Key Stress points upon the Timeline to Identify Scam Projects Post Whitepaper Release The period in the immediate aftermath of the release of the whitepaper can also be decisive in establishing the validity of a project. How a team copes with the roadmap that they have laid out for themselves is key. Valuable insight into the operational efficiency and commitment to the project can be gleaned from the quality of and amount of code committed to GitHub. If you have any experience in computer programming you can see how clean and orderly the code is, which gives insight into the skill of the developers, and in turn the quality of project leaders’ decision-making in hiring team members. Scam projects will have little or no code committed to GitHub, or at best it will be copied and pasted from other projects just to cover their tracks. Start of ICO Sometimes, a scam project, or other project in which you would be better off not investing, will change the terms of the ICO just before the ICO starts. The Key (TKY) ICO doubled the price of tokens on the day before the ICO was due to take place, because the price of NEO had risen so drastically. Currently, the TKY token price is still only half of its ICO price. Initial investors are faced with the prospect of a 50% loss on their investment.
Exchange Listing
Some particularly greedy scammers will create a scam project with the intent of selling tokens in the ICO for BTC and ETH, and then pumping and dumping their share of the tokens immediately after listing. The team of fraudsters behind Monero Gold used this method after the crowdfunding of their useless ERC-20 token. After listing on CoinExchange.io, the team dumped their tokens until the exchange finally ceased trading. Although it is not uncommon for ICO tokens to sold after listing (just like can happen with shares of stock after an IPO), if the price does not stabilize and massive sell walls are continually placed, a scam is likely taking place and the token is being dumped.
Fake Ethereum Twitter giveaway
You may have noticed Ethereum creator Vitalik Buterin’s twitter handle has been changed to Vitalik “Not giving away Eth” Buterin in recent months. This is because a group of devious scammers had created fake accounts with almost exact replicas of his profile (deviating by only one character). The fake accounts promised to deposit 1 whole ETH for every 0.1 ETH the potential sucker deposited into the wallet address provided by the scammer. These fake account “Ether giveaway” scam tweets were set up to be sent in just a matter of seconds after the real person tweeted, and usually always appear immediately after the tweet of the real public figure. Fake bot profiles then came into play, thanking the fake Vitalik, or fake Elon Musk, for holding up their end of the bargain and depositing the ETH as promised. One scammer, or group of scammers, managed to fill a wallet up with almost $20 thousand worth of ETH, which they transferred out, never to be seen or heard from again.
Effect of Scam Customers, Upon the Affected Parties
Of course, this is no fun for the targeted public figure either. They need to take steps to avoid being targeted again. This will mean changing their handle, their username, or making their accounts private. However, the injured party with whom we are most concerned is the unfortunate scammed social media user, who has no chance whatsoever of getting his or her funds back, ever. It is a harsh lesson to learn. But it is a fact of crypto reality. Nearly every one that trades crypto will at least be exposed to frauds or scams in one way or another. In this case, we think it is better to learn about scams by studying them, rather than learn from your own unfortunate and expensive experience. In the case of Mr. Buterin, these incidents were awful public relations for the Ethereum project. It had only been a few years since cryptocurrency as a whole was primarily associated with criminality and seedy transactions on the Darkweb. Any connection with unscrupulous behavior is best avoided at all costs. Negative associations could have been particularly damaging for Ethereum’s brand because the vast majority of ICO fraud is committed using the ERC-20 token as the template for the scam tokens.
Any and all the scamming or fraudulent behavior in the cryptocurrency ecosystem is bound to have a negative impact on the speed at which mainstream uptake finally takes place. Cryptocurrencies, as an emerging asset class, will be painted in the worst possible light. Crypto is aiming to, and is in fact in the process of, causing great disruption in traditional centralized finance and business. Mainstream media organizations are also part of that traditional centralized economy. Press coverage will be damning. Something is happening here, but Mr. Jones doesn’t know what it is.
Legal Recourse for Scams
We clearly understand, there is a possibility of being scammed. We know the scams are happening. The SEC has made some arrests and actually charged people for operating fraudulent ICOs. But it is a struggle to deal with the flood of ICOs coming from anywhere at any time. The SEC filed charges against two founders of a purported financial services startup for orchestrating a fraudulent ICO that raised more than $32million from thousands of investors. As you know from the ICOs we have covered so far, the lack of regulation allows for direct contact and dealing between the entrepreneurs, business owners and potential investors. While we believe this is a blessing according to the founding principles of Bitcoin and other alternate Cryptocurrencies, because it frees us from traditional roadblocks, middle-men, and all kinds of time-consuming procedures; it also leaves investors in a place where there is often little to no hope of ever recovering funds lost in fraudulent schemes.
Actions after a Successful ICO
Good post-ICO practice is characterized by stringent security, well thought-out legal strategy and clear communication. Many projects have paid the price in damage to their reputation for failing to adequately guard customer information, leaving themselves open to phishing attacks by fraudsters. Investors in the Enigma project had half a million dollars stolen from them; and a whopping $8.4 million was defrauded from investors in Veritaseum via phishing attacks. After a successful token distribution, the team’s main focus is initially on switching the enterprise from one primarily focused on fundraising, to superficially at least, a fully-fledged, functioning business. This involves removing most of the token sale-related content from their main webpage, sending newsletters to all successful ICO participants, and sending refunds to those who may have missed the deadline or the hardcap. Then, with the stressful and complicated fundraising stage finally concluded, a portion of the funds raised can be assigned to fuel the growth of the project community. This can involve hiring community managers, forum admins, and social media managers to outsource the job of keeping investors in the loop. The founders can focus on growth strategy and product development. The cultivation of a thriving and energetic community is extremely important. The community will give you free marketing for your product and your business. Community members who believe in the project, and are engaged by professional moderators, can give you very effective promotion to other prospective investors. Communication with community members is a great way to test ideas and gauge sentiment related to various aspects of your project.
The project leads must set aside adequate funds for lawyers. The project will need to address potential future or imminent problems with regulators, at the very least. The transition from fundraising project to full-fledged business can be incredibly challenging, and even more stressful than the ICO itself. The main thing to remember is that your pre-sale and ICO investors are not just silent investors waiting for a return. They are the early adopters of your solution, of your product; they are the community and promoters of your project; and they are the individuals with a vested interest in the financial success of your venture. The ICO environment is not as heavily regulated, so quarterly and/or semi-annual reporting is not required the way it is in the traditional world. That means your own style of effective communication about the progress and key developments on your project matters even more. In the ICO world, you communicate with your press releases, social media, and Medium posts. You also communicate by the very nature of your relations with your exchange, and relationships with your cornerstone investors. Effective communication and good business relationships can play a prominent role in the success or failure of your venture (by token liquidity and valuation).
If your investors start to lose interest, and stop trading your token on the exchange, liquidity will dry up and cause increasingly volatile price swings. You need to keep certain things in mind, and follow effective practices to maintain a happy and motivated community.
Social Media & Medium
In addition to your website, your social media & Medium blog most likely formed a significant part of your ICO preparations. Your purpose pivots after the ICO from one of promotion to one of communication. Consistent, informative and material Medium blogs, also Facebook and Twitter updates, ensure that investors remain engaged and well-informed of what the company is up to. Frequent activity in this space makes investors feel much more comfortable. You can foster a kind of organic community expansion that is consistently advertising your project to potential new members.
Cornerstone Investors & Exchanges
As we mentioned, your relationship with investors in the ICO world is different from that of the traditional silent IPO minority equity partners. Consistent, Transparent & Honest communication is incredibly important here. Even if an ICO is struggling to overcome a problem or whatever issues are occurring, honest communication from the team is key to business survival. You should think of and treat your exchange like a business partner too, a very important one at that. Exchanges provide liquidity for you and your investors. That liquidity is like the blood for your business. Many top exchanges demand nothing less than absolute honesty and integrity, it is imperative to maintain strong and comfortable relationships with exchanges. Everything we have said so far, also applies to your Telegram channel and forums too. These give you another great opportunity to build a thriving community. Team members and investors can enjoy lively debates in their Telegram channels. This can be constructive discussion, or critical commentary too. But it is always valuable as a direct link between the team and the community. It is always good to know how people are feeling and what they expect from you and your project. You are able to use your Telegram channel and forums to consistently adapt your marketing and communication strategy. Keep your investors as happy and comfortable as possible, and you will be more likely to attract new investors and allocations. Other forums around the internet operate more or less in the same manner as Telegram.
After a successful funding round with the hardcap reached and time to spare, legal counsel has been secured, and the community is flourishing, the team will prepare for their first listing by paying the exchange fee and waiting for the announcement by the exchange. Unless they are willing to pay exorbitant fees for an immediate listing on Binance for example, teams will usually settle for an initial listing on a second-tier exchange. The fee charged by an exchange depends on many different factors that we will cover in more detail in the next section.
ICO Company actions after a Successful ICO
Real World Case Study
The Basic Attention Token (BAT) project, when used in conjunction with the Brave Browser, allows users to pay micro-fees in BAT to their most-used sites. The idea was conceived by Brendan Eich, the inventor of Javascipt and former CEO of Mozilla Firefox. Investors absolutely pounced on it at ICO and the project raised an amazing $35million in under 30 seconds. The BAT/Brave project has delivered on time on nearly all of its targets, helped in no small part by having a working product, the Brave Browser, for over a year before the token launch. The project secured a listing on the premier exchange, Binance, in November 2017.
A project can suffer through a disappointing funding phase and, for example, fail to reach 75% of its hardcap. The team will be only partially funded. Though they may be able to initiate the project, the value proposition of the token has been compromised, potentially forever. The market has spoken. There is limited faith in the team’s ability to complete or carry out their project. Failure to reach a hardcap is a serious obstacle on the project road map. This will mean massive revisions to the timescales for development and listing. Such a project may have to be content listing on decentralized exchanges for a period of time and they will lose any post-ICO hype that could have helped the project price to “moon” early on. There is less money to be allocated. Each section of the business will be underfunded compared to the original plan. There can be delays in code development, exchange listing, marketing and community development as well.
Calling the Tezos ICO a disappointment might seem strange considering they raised over $232million. But this open-source, smart contracts fintech platform became a victim of its own success post-ICO by devolving into multiple class-action lawsuits between the founders and its foundation chairman. They suffered from a distinct lack of clearly defined roles and expectations on key positions. There was infighting at the boardroom level. This all caused an as yet unresolved delay in listing and development. This is also one example why a capped ICO can be more desirable for investors than an uncapped ICO. If the team have a set amount of capital to work with, an amount that isn’t absolutely ridiculous, like in the case of Tezos, perhaps the resultant greed and discord is less likely. Although it may not be so easy for speculative investors to make a profit from an uncapped ICO with such a massive initial market cap, it is a very impressive feat of fundraising nonetheless. Tezos’s post ICO market cap of $232million is already 64th of all projects, and would have to perform brilliantly on listing to maintain this position.
Company actions after a Failed ICO
Failed ICOs can mean either fundraising initiatives that have failed to reach the softcap and will therefore not be economically viable, or fraudulent projects whose sole intention was to steal from investors and do an exit scam. We’ve already covered scams and fraud projects in detail, but what happens when an ICO just fails to raise the requisite funds? Projects that are legitimate, with honest founders and developers, refund the ETH or BTC deposited by investors as quickly as possible if the softcap is not reached. The same process that is followed by ICOs that are oversubscribed is employed by those that have failed to raise enough capital. The process of returning funds back to the sender ideally should take a period of days, but more likely will take a few weeks. The Sappy Network, advised by Dan Tapscott, failed to come anywhere near to their funding goals. They are currently in the process of sending all investor funds back to the wallets from which they came. The statement from the founders read as a textbook example of how you should react to failure with the founder stating “In the spirit of transparency and honesty, we are sharing with the community that we did not reach the soft cap, and thus we will be honoring our terms and conditions and returning the Ethers to all contributors”
Exchange Listing
A bottleneck developed in the ICO market after the explosion of crypto prices in 2017. There was a massive increase of ICO teams on all stages along the pathway from start-up to fully listed crypto asset. Certainly, a huge part of the value proposition for both the token and the project depends on securing a listing on an exchange. It is precisely the liquidity of the token as a valuable asset on a free market exchange, that determines or even defines its value. The liquidity is what makes tokens attractive to investors, but that liquidity simply does not exist without a platform for the exchange. Unfortunately for new projects, the balance of power is heavily weighted in favor of large centralized exchanges that can pick and choose which tokens to list, and the timescale within which listing will occur. Each large exchange has its own list of pros and cons as well as its own specific procedure for coin/token listing. They also have their own particular ethos regarding the type of projects they prefer to list. ERC-20 tokens will be available for trade immediately on decentralized exchanges (IDEX Forkdelta) but those platforms are generally quite low volume, and certainly not a long term solution. Projects must often pay huge fees to be listed on the larger centralized exchanges. At first those fees will be prohibitive. The usual route is to initially list on a more reasonably priced smaller exchange like Kucoin or Gate.io.
Listing Process
Major centralized exchanges have the power to list anything they want, and they also each have a unique structure that projects must adhere to if they wish to be listed. Each potential new listing will undergo a rigorous examination by the exchange operators to test the feasibility for listing the token. An exchange will likely have forms available on its website that you can fill out to give them all the necessary initial information. If a particular project and token qualify for listing, the team will invariably be put under a NDA, Non-Disclosure Agreement, to avoid any insider trading or other regulatory problem
s. In the case of larger exchanges like Binance, there is a period within which owners of a newly listed coin or token can transfer them to the exchange in preparation for trading. This is a fantastic opportunity for traders to make use of the likely pump that occurs after a new token is listed on a large exchange. It is common to see up to 100% increases on the first day of trading, and a subsequent dump of up to 50% or more can follow. This allows traders holding the coin already, to sell for a good profit, and maybe buy back in at a much lower price too, if they think that is a good idea.
Exchange Fees
There are no definitive figures available to the public regarding fees that major exchanges charge new projects to list. Binance, Bitfinex, Kraken and Bittrex have all been quoted as saying that they do not charge any fee at all but this is almost definitely untrue. Knowledgeable industry insiders estimate between $500,000 and $1,000,000 USD for listing on a top-tier exchange. (There have been more rumors of 7 figure exchange listing fees since January 2018 too). This figure will vary greatly from project to project. Various factors can affect how an exchange determines the fee for a particular project. These are some of the most important ones: Market Maker Service Required Whether or not the client project requires liquidity services directly from the exchange, or can connect proprietary ones via API, will lead to a huge reduction in listing cost.
Type of Token (ERC-20 NEP-5 or DAG) Not all tokens are created equal in the listing process. ERC-20 tokens and BTC based tokens have code architecture that will almost certainly be preferred by the exchange. NEO based tokens (NEP-5) such as Ontology will be far most costly to integrate because separate new wallets have to be built to facilitate NEO transactions. The costs involved in integrating Direct Acyclic Graph projects such as Nano into the exchange structure are even worse. Expected Daily Volume Exchanges derive their profits largely from transaction fees and withdrawal fees. The trading volume a new token is likely to bring in will have a great influence on the computation of the exchange listing fee. Exchange Listing Procedures Evaluation Different exchanges have different rules for new listings. A new project must of course abide by specific rules for that exchange before they are allowed to list there. There are procedures that must generally be followed for the most noteworthy exchanges. You can get a good idea of the hurdles to be overcome before listing can take place.
Ongoing relationship with Exchanges
Exchanges, usually Huobi or Kucoin, will sometimes make it essential for newly listed tokens to engage in “trading competitions” after listing. Competitions can last between 2 weeks, or a month or more, aiming to increase the trading volume for that token, thereby increasing trading fees collected by the exchange, and giving the project extra publicity too. The whales may have made a nice profit already and be very happy about it; but the project token can still get stuck in a long period of stagnation and a loss of post-ICO hype. Once a coin or token has been successfully registered for trading on a particular exchange, the project must focus on maintaining regulatory compliance and paying things like annual maintenance fees too. Exchanges can investigate and delist coins or tokens to see if they have fallen below a certain standard set by the exchange. The exchange is concerned about such things as: an extended period with an extremely low volume; a team member connection to an exit scam; or other such immoral/illegal behavior.
Post ICO Company Evaluation
After a presumably successful ICO, the necessary funds have been obtained, and the real business, the real team challenge is now, to bring the project to life as a bona fide disruptive Blockchain endeavor! The core advantage of the ICO method of funding business startups is the lack of regulatory hurdles to navigate with regards to fundraising and fund allocation. The funds that have been raised have, in effect, been freely given to the project leads to do with what they will in a no-strings-attached transaction. Of course, there are still strings attached in that the team are tasked with making that money grow for the investors. But there is no regulatory oversight of the process. The regulatory freedom is a double edge sword. It gives a good team freedom to work however they want; and it also allows for unscrupulous thieves to use the ICO process to defraud investors of their ETH and BTC.
Advantages of being Post ICO From Investor Perspective
You should have little to fear in terms of fraud from a project in which you have invested, if you have done your due diligence correctly. You can expect the tokens to be distributed, and the exchange listing to take place as expected. And you know your project is totally legitimate. There are different ways to think about your ICO tokens after the crowd sale has concluded. If you are a speculative investor looking for a quick flip, you can gauge the correct moment and sell anytime you like, assuming the ICO has been well-received by the markets.
From Team Perspective
The post-ICO period is, from the point of view of the team, a period where stress and responsibility for the safety of investor funds is passed, in the form of ICO tokens, from the team to the investors themselves. This responsibility for tokens is replaced with the stress of building the actual company itself, and succeeding in the business as planned. A small portion of the responsibility for the project’s success is also passed on to the exchange that has listed the tokens. This is especially true if market makers have been employed by the team or the exchange to provide liquidity. After the ICO has concluded, all funds are released to the project team immediately, so they can start building their business brand, and tackling each step on the road map right away. The freedom with which startups can operate is one of the main reasons behind the explosion in Blockchain businesses in 2017. With the ICO funds safe, and money being put to work on various areas essential to the growth of the project, and the tokens already distributed to investors, the risk of fraud is greatly diminished. If KYC and Anti-money Laundering procedures have been followed correctly during the ICO phase, the risk of phishing attacks and theft will also be marginal now. At any rate, with tokens safely delivered to all participants, the responsibility has passed from the team to the investor.
From Team Perspective
The release of all funds and the freedom to allocate them with no supervision, as cited above, is certainly a tremendous advantage empowering the team to fulfil the entire breadth of their vision unimpeded. But it does have its drawbacks. If there is a mistake made in the allocation of funds, or an unforeseen problem arises, there is nowhere to turn to, and no means of generating further money via crowdfunding. The ICO is over; it is finished. The project simply has to work with what it has. Your community can sometimes turn against you when the market is going down. Times like that just add to the already intense pressure of presiding over a startup Blockchain business.
Solution: DAICO
The DAICO, or Decentralized Autonomous Organization Initial Coin Offering, is a means to integrate a more specific, rigorous and regimented smart contract schedule into the ICO process. Doing so will eliminate fraudulent ICOs, exit scams, pump and dumps, and many of the other disadvantages listed above. The DAICO method, proposed by Ethereum creator, Vitalik Buterin, will merge the core concepts of both an ICO and a DAO to leverage the most relevant features of both, in order to solve the main problems in the ICO method. For example, to eliminate the risk of an exit scam, the release of funds will be spread out over a period of time, with the next allotment only being released when a certain set of parameters are met.
Buterin explains that the DAICO method will provide user protection in a manner not present in the current ICO model, ensuring funds are not misspent or used in any way contrary to the intention of investors. In simpler terms the DAICO will operate as follows: The DAICO will start with a smart contract by its executors that can set whether this is to be a capped or uncapped round of fundraising (amongst many other options) as well as including KYC requirements. After these settings have been configured, the DAICO is set into “contribution mode” and presented to the public. This stage will function identically to a normal ICO with ETH exchanged for project tokens. Once the funding period has elapsed, or the hardcap has been met, investors will have the ability to set the “tap” for the collected funds. This will set the amount per second, or amount per minute, that will be available to the executor to develop that specific portion of the project to which those funds have been assigned. If investors believe at any point that the team is misspending funds or otherwise wasting time, etc., the investors have significant options to take. Of course they could choose to release more funds to the team. But, they could also stop the tap altogether, and stop the entire ICO, by voting, and actually release all unused funds back to their own wallets from which the investment had first been made!
Learn more on how to market any ICO and STO, get better understanding of security token definition and learn what a scam project is!
Follow the link to read the full article:
UBAI.co
Contact me via Facebook or LinkedIn to know more about our services:
LinkedIn
Facebook
submitted by UBAI_UNIVERSITY to u/UBAI_UNIVERSITY [link] [comments]

COINTEN SCAM Crypto InnerCircle - YouTube Insiders Circle Review - Insiders Circle Software And Insider's Circle Community Review 'Fake Bitcoin' - How this Woman Scammed the World, then ... Andreas Antonopoulos - OneCoin is a notorious scam

Insider’s Circle Scam . Earn $300 To $950 Consistently. Best Forex & CFD Software 2020. AI Managed Fund Account. Recent Posts . Mirror Trading International Scam Review! Johan Steynberg Warning! Loantech SCAM Review! Loan Tech Top CEO Chris D Wright Exposed!! FORSAGE Crypto Investment SCAM Review! SEC Alert About Forsage.io; Bitcoin Optimizer Review App SCAM Or Legit? Shocking Discovery ... Six people were arrested in the Netherlands and the UK over a $27 million "typosquatting" scam, which involved making a fake website to gain access to user Bitcoin wallets. Binance, one of the ... Insiders Circle Scam Review. December 6, 2015 by Patrick Jones 2 Comments. When I first got an email about the Insiders Circle I was sure it was just another scam like channel ranger, but then I decided to take a deeper look and review this new binary options trading system. The results were quite surprising, and I was happy to see that this time they were able to produce a signals system that ... Insiders Circle Proof. The Insiders Circle software was developed with the user in mind and is able to “completely take control of the binary options trading process” by finding and automating the trades for the investor. There are a number of investors reaching over $2,539 per day using the live trading signals provided by Insiders Circle software. High usage of leverage in Bitcoin futures is the symptom of a gambling mentality in crypto, argues CMS Holdings’ Dan Matuszewski. Institutional OG: The Fact That You Can Go 100x Leverage on Bitcoin Is Pretty Wild

[index] [11606] [6091] [9538] [20076] [51338] [26142] [36059] [33042] [44197] [18791]

COINTEN SCAM

Onecoin promised the world, but only proved to be a trail of destruction. --- About ColdFusion --- ColdFusion is an Australian based online media company ind... Insiders Circle works, Insiders Circle truth, Insiders Circle real money, Insiders Circle binary trading, Insiders Circle binary system, Insider's Circle Trading Results, Insiders Circle proof ... bitcoins brain bitcoinsbrain bitcoins brain review bitcoins brain scam bitcoins brain proof bitcoins brain 7.2% bitcoins brain presentation bitcoinsbrain review bitcoinsbrain scam bitcoinsbrain ... He mentions especially OneCoin as an example, it being the most notorious cryptocurrency scam at the moment. The clip is from THE FILTER #114 “Bitcoin Answers” w/ Andreas M. Antonopoulos https ... http://bit.ly/1K3EcJs - Click to Visit the Official Site! Business Credit Insiders Circle PDF Business Credit Insiders Circle Review Business Credit Insiders...

#