College students are secretly mining bitcoin in their

Curiosity/Motivation/Logic and why stablecoins are the future

From the Prohashing mining pool forums, at https://forums.prohashing.com/viewtopic.php?f=11&t=6428:
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In my last post, I showed why my confidence in there being more than one more bubble is too low to justify remaining heavily invested in cryptocurrencies. In this article I want to expand upon that reasoning by talking a little bit about human factors that lead me to believe that stablecoins pose a great risk to traditional cryptocurrencies.
Defining CML
People differ in a number of ways, and they express all sorts of personality traits. However, in my interactions with people in all areas of life, I've noticed that one characteristic seems to differentiate people more than any other. I'll refer to this characteristic as "CML" throughout the rest of this post, as the best way I was able to describe it is a sequence of curiosity, motivation, and logic. People who exhibit this trait use those three steps to evaluate and act when faced with most situations, while people who do not exhibit this trait fail to do so. An overwhelming majority of people do not possess the "CML" trait and its absence increasingly hinders their abilities to understand and succeed in the world as technology and social structures become increasingly complex.
Here are a few examples of common scenarios people face in life.
When presented with new information or with a decision, high-CML people are curious about how things work. They are motivated to learn more about the topic. They use logic to think through why things are they way they are, and arrive at a logical conclusion based upon the new knowledge they gained by being curious and motivated. In contrast, when low-CML people are presented with new information or a decision, they lack the curiosity and motivation to improve their knowledge, and often do what is most common in society.
You can tell that a person is low-CML if he says phrases like "that's dumb," "you're weird," or "because I don't like it." The response in some forums where I reposted the last post about bubbles and the singularity was met by many low-CML people stating it was "insane" or "delusional." High-CML people but who disapprove of something would instead say "that point is wrong because..." The first phrases demonstrate a lack of thought about the topic, while the last shows that the person spent some time considering the topic, even though they both come to the same conclusion. You can probably picture several people you know who are low-CML, and may know someone who is high-CML.
CML is not related to intelligence, and low-CML people are not dumb. While there are some people who unfortunately have severe disabilities and will never be able to understand most topics, 99% of people can gain enough knowledge of almost any topic to make good decisions if they are willing to spend a little energy on learning about it. Even complex topics, like computer programming, are within reach of most people. While learning how to avoid race conditions in Javascript is a challenge, it's not difficult to understand the difference between a client and a server, how a single core processor differs from a quad-core processor, or that a computer consists of memory and a CPU and a hard drive. Consider how many people spend 12 hours a day looking at their phone screens, but have never bothered to understand what the purpose of graphics processor is.
Low-CML people innately believe that they do not have the ability to learn or think logically. Therefore, they take the easiest way out on almost everything, even though that repeatedly leads to suboptimal outcomes for them. They make the same mistakes over and over, despite the fact that there is almost always a way to put in 5% more effort to get out something that is 50% better.
The world's problems
As technology continues to advance at an ever increasing pace, CML is becoming the core trait that divides humanity. Increasingly, people are becoming divided into two camps - those who understand the basics of how computers work, and those who do not. And the difference between people who understand the basics is not intelligence, education, or age, but whether a person is low-CML or high-CML.
At the core of most of the political issues of today is a battle between low-CML people who believe they are powerless against technological change, and high-CML people who take the time to understand these changes. Trump, Johnson, and (to a lesser extent so far) Le Pen have been effective at rallying people who do not exhibit the curiosity to learn about why the world is the way it is. Their opponents are people who have put careful thought into the issues and come to a reasoned belief.
Unfortunately, the number of people who are motivated to learn new information and remain informed in the world is far lower than the number of people who never examine the reasons why anything is true. One of the reasons why fake news is so prevalent and effective is apparently because many people share articles after having only read the headline. The politicians above recognize this low motivation to read the article and create false soundbytes that they know low-CML people will not take the time to fact-check.
An enormous amount of effort is now being spent on making products inferior to what they used to be to cater to low-CML people. For example, when Windows boots, in 1995 there used to be a list of the drivers being loaded. Then, in 2005 there was a progress bar. Now, there's a spinning or pulsing Windows logo with no information indicating what is happening at all. Even though these changes didn't affect the stability of Windows or the load time in any way, Microsoft hid useful information, probably because a marketing department found that low-CML people had a negative reaction to seeing code they said was "nerdy" or "weird."
How CML relates to cryptocurrencies
Now that you're aware of what CML is, it should be easy to explain why I believe that stablecoins are the first real threat to cryptocurrency.
In a recent conversation, I discussed Purse.io with someone. I had mentioned that my Purse orders were being regularly filled at 33% discounts, and that I had saved about $3000 during the past year by using Purse. I asked why he hadn't used Purse, given that he earned much less than I did and that $3000 to him would be life changing. His response was immediate and typical of a low-CML person: because bitcoins have too much volatility. I explained to him that volatility isn't a factor because you can buy the amount of bitcoin cash you need, send it to Purse, and spend it immediately, all within 10 minutes. The next response was that there were crashes in cryptocurrencies, so I pointed out that while that crashes did occur, it is extremely rare, if ever, that the price of bitcoin cash fell by 33% in 10 minutes - so even if there were a crash, you could still save money.
In the end, that person never did sign up for Purse - and that should be a huge warning flag to everyone. Purse is as close to a "killer app" for cryptocurrency as there ever will be. On bulk trash collection weekends near where I live, there are huge pickup trucks owned by people who supplement their income by driving hundreds of miles around the neighborhoods picking up metal to sell it at a few cents per pound to a scrapyard, costing hundreds of dollars in gas and maintenance to scrape out a miniscule profit. These same people could sign up for Purse and order necessities, like toothpaste and soap, saving more money in an hour than the few bucks they can make (and that's before taxes) in an entire night picking up trash, simply because they think Purse is too complicated.
The enormous discounts on Purse - the maximum of 33% - remain. In any efficient market, one would expect these discounts to decline to be close to what one can achieve by gaming the credit card system, where one can get 5% cash back on Amazon with some cards. The belief that cryptocurrency is too complicated and volatile is so anathema to low-CML people that they are willing to ignore thousands of dollars in savings because they aren't willing to try it and form their own opinions.
Why stablecoins will become dominant
Stablecoins are the exact type of product that appeals to low-CML people, because they are exactly the same thing as government-backed money is. They are just backed by corporations instead. Science fiction has, for 50 years, been predicting what is happening with stablecoins, where eventually corporations gain so much power that they buy entire planets and mine them for minerals. The only difference these authors failed to predict is that instead of employees of the huge corporations spending company scrip, they will be spending cryptocurrencies created by the companies. These stablecoins can be backed by more than one asset across a wide range of classes, such as gold, bitcoins, real estate, and other things, to prevent inflation or deflation better than today's currencies do.
One of the reasons why stablecoins will become dominant is that low-CML people aren't willing to question what money is backed by, as many cryptocurrency enthusiasts do, or learn about economics. They won't care that their money is backed by facebook instead of the United States. As long as it appears to be worth the same amount, that will be fine with them. They won't look into whether facebook actually is in good financial condition to back that promise, just as many people share headlines without even a cursory glance to see whether they have any possibility of being true.
Unbacked cryptocurrencies have turned into a circus. After an entire decade, they still aren't used for everyday purchases, and the volatility in the past week has been more ridiculous than ever. Low-CML people are not motivated to spend a few minutes learning about why these coins are valuable and useful. If they had been motivated, these markets wouldn't be in the absurd state they are in now.
Conclusion
In conclusion, I've had to change my outlook from years ago after realizing that stablecoins are likely to suck up most of the world's money over the next ten years. Unlike bitcoin, they are run by corporations that can make a profit by advertising the coins and getting people to use them. Low-CML people, who are the majority of people in society, follow what they are told without being willing to understand why they are told it. As the incredible Purse discounts show, low-CML people are so unwilling to understand existing coins that they will pay 50% more for some goods, just so they don't have to use bitcoin cash.
The existing cryptocurrencies will still be around, and they will still appreciate greatly in value from what they are worth now. But I now expect their usage to continue to be limited to speculation and trading. If 1% of the world has used bitcoins so far, then I doubt that more than 10% of the population will ever own unpegged coins, despite 100% of people eventually using cryptocurrency. Bitcoin will become an even more valuable currency, but it will not become the dominant currency for everyday use because low-CML people will not take the time to understand it.
If you are trying to predict the future value of bitcoins or litecoins, the most important statistic you should be evaluating is what you believe the percentage of high-CML people in the world is. Since almost all the people reading this article are high-CML (given its length and the uncommon opinions presented), and most high-CML people associate with like people, I think they overestimate the percentage of high-CML people in the world. My belief is that the percentage is less than 10%, which is why stablecoins will dominate and bitcoins are very unlikely to ever meet the seven-figure valuations some users are predicting.
submitted by MattAbrams to BitcoinMarkets [link] [comments]

Slack chat with James Lovejoy (VTC Lead Dev)

Thought I would share this chat I had with James Lovejoy last night. Super generous of him to provide this much access and time answering questions. I was already a HODL'er, but this solidified it.
beerfinger [1:28 AM] Just read through the entire rebranding thread in the Vertcoin subreddit. Earlier today I also watched some of Crypto Hedge's interview of James Lovejoy from last August on YouTube. I understand both sides of the rebranding argument and have tried to play devil's advocate. Right now I do believe that the argument against rebranding is stronger. Full disclosure: I've worked in marketing/advertising my whole career and just recently got into cryptos. With that said, there are two questions that keeps nagging on me:
[1:28] 1. this coin has been around since 2014, so nearly 4 years. James seems like an incredibly smart and capable chap, but I'm just going to go ahead and assume the he hasn't always been the Lead Dev while he was in high school. Presumably there was someone before him and, after he graduates and moves on to whatever it is he's going to do with his life, there will be someone after him. Yes? So, with all due respect to James, as an investor in VTC, what assurances are there that this isn't merely an interesting side-project for a brilliant MIT student with little interest/incentive in its value as an investment portfolio? If the value of this coin to James is that of a college project, that is something I as an investor would like to know.
jamesl22 [1:32 AM] Hey!
[1:33] I've been the lead dev since Nov 2014
[1:33] (while I was in high school)
[1:33] And I've kept at it through college, I certainly don't intend to go anywhere
[1:33] Plus, there are more who work on this project that just me
beerfinger [1:33 AM] 2. I've read complaints about Vertcoin from people who poopoo its usefulness. Decrying it as "just another coin trying to be Bitcoin with not much differentiating it." People don't seem to view the ASIC thing as a big enough differentiator to make VTC stand out. There seems to be a kernel of truth to that as part of the argument against rebranding seems to be a tacit acknowledgement that it should not occur until a major change in the development is launched. So my question again stems back to James' motivations and incentives here. Is this a convenient use case for some college thesis? Or is the team really working on coming up with a major change in development?
[1:34] hey James! wow, thanks so much for your quick response
[1:34] great to actually communicate with you. and I stand corrected. very impressive that you started on this so young. I can see why MIT accepted you :slightly_smiling_face:
[1:36] my questions still stand though: I'm not trying to insult you so I hope you don't take it that way, but as someone who considers VTC part of my investment portfolio, I am very curious to hear about your incentives. You clearly have noble intentions. But what is your ultimate goal? What's the end game? Is it the same as Satoshi's was? (assuming he was really one person who existed)
[1:37] Or is there something else?
jamesl22 [1:37 AM] I think it's the same as Satoshi's
[1:37] To recreate the financial system in a fairer, more distributed way
[1:37] My research at MIT is totally separate to my work on VTC, though the two are complimentary (both are in cryptocurrency)
[1:38] In my ideal world everyone runs a VTC miner and full node in their home, banks become narrow banks and clearing houses/stock exchanges are a thing of the past
[1:39] The rewards of the financial system (in the form of transaction fees) will be distributed to the people, rather than siphoned off by banks or ASIC manufacturers as happens now (edited)
goodminer [1:40 AM] :thumbsup:
beerfinger [1:40 AM] I see. That is compelling. So, being that's the case, that sounds to me like something worthy of a brand, no?
[1:41] Unless you think there are other coins on the market with the same goals. In which case, what will differentiate VTC?
jamesl22 [1:42 AM] I don't think there are any on the market with as strong of an ideology as us
[1:42] Or any that can demonstrate that it follows through on its commitments
[1:42] The way I see it, VTC went from being worth $0.01 last year to 100x that now
[1:43] I don't see how a rebrand can possible accelerate already parabolic growth
[1:43] Bear in mind, that until a few months ago we had 0 marketing, that is where our focus should be now
beerfinger [1:44 AM] Fair. I'm curious, what do you think it SHOULD be worth?
[1:44] I mean right now, at this moment.
jamesl22 [1:44 AM] I don't think I should say, the SEC might be watching us
beerfinger [1:44 AM] Not in the future.
[1:44] haha
[1:44] ok
[1:44] Can you say if you feel it is undervalued?
[1:44] or overvalued
jamesl22 [1:45 AM] I will say with confidence that 95% of the top 100 is severely overvalued
beerfinger [1:45 AM] coins you mean
jamesl22 [1:45 AM] Yes
[1:45] On coinmarketcap
[1:45] If you visit most of their websites, there is no code at all
[1:45] Yet it's worth many times what VTC is worth
[1:46] Where VTC has been established for nearly 4 years, bug free and features well demonstrated
[1:46] VTC also had LN and SegWit on main net before LTC or BTC (edited)
beerfinger [1:46 AM] Yes I mean your statement doesn't surprise me. It's a nacent market. Lots of snake oil, clearly.
[1:47] I guess to steer this back towards the branding/marketing of your coin though, you clearly feel strongly about it and have a clear vision. Do you feel that as it stands the branding conveys that sentiment?
jamesl22 [1:47 AM] When you say branding, I assume you mean "vertcoin" and the logo?
beerfinger [1:48 AM] yes. logo, color scheme, etc...
[1:48] name even
[1:49] also to clarify one point, when I say that you clearly feel strongly about it, the "it" refers to your coin (not the marketing of it)
jamesl22 [1:49 AM] I think it's largely arbitrary
beerfinger [1:49 AM] why is that
jamesl22 [1:49 AM] Most coin names have no meaning whatsoever
[1:49] Google, the largest tech company in the world has a silly name
[1:50] Litecoin (whose name ought to imply it has fewer features) is #4
beerfinger [1:51 AM] I wouldn't underestimate the amount of strategy that went into branding Google (and continues to this day)
jamesl22 [1:51 AM] What's most important is the pitch, how can you convince someone who knows nothing about the technicals behind cryptocurrency, that ASIC resistance and decentralisation is important?
[1:51] Yes, but the original branding was arbitrary and haphazard
[1:52] Yet the technology spoke for itself
[1:52] Now it's in the dictionary
[1:53] Spending lots of time and money on a new name/logo, trying to get community consensus on that and then redesigning the website/subreddit/wallets/other services to reflect the changes is not where I think we should focus our small resources
[1:54] My goal over the next year or two is to take VTC from speculative value to real-world value
[1:54] So point of sale, ease of use, that's the focus now
[1:55] I aim to over time provide complete solutions for merchants to implement VTC at point of sale, for laymen to set up nodes and miners in their homes
[1:55] As well as potentially enterprise support if we get big enough
beerfinger [1:55 AM] It sounds like this is your intended career path then, yes?
jamesl22 [1:55 AM] In some shape or form, yes
beerfinger [1:55 AM] Wonderful
[1:55] When do you graduate, James?
[1:55] If you don't mind me asking
slackbot Custom Response [1:55 AM] I AM talking to you aren't I !
jamesl22 [1:56 AM] Charlie Lee worked at Coinbase for several years before returning to LTC a month or two ago
[1:56] 2019
beerfinger [1:56 AM] So you're a Sophomore? Or are you in graduate school?
jamesl22 [1:57 AM] Junior
chuymgzz [1:58 AM] @beerfinger can you imagine when people first heard the word "dollar" like WTF is a dollar where did it actually came from. It actually comes from Czech joachimsthaler, which became shortened in common usage to thaler or taler. Don't pay much attention to the name Vertcoin, just take a look at the tech. If you buy into this coin's ideology, you will actually start to like the name.
jin [1:58 AM] Hey guys :slightly_smiling_face:
[1:59] @chuymgzz but not everyone looks purely at the tech, if we look at the top 100 coins, you would know whats going on :stuck_out_tongue:
beerfinger [1:59 AM] Cool well thanks for indulging me, James. I really appreciate it. Hopefully this conversation continues in the future. While your probably right that right now is probably not the right time, that doesn't mean at some point in the future it won't be. In the meantime, I'll take comfort in the knowledge that I've invested in a worthy cause.
chuymgzz [1:59 AM] Longer term only the functional ones and the ones that deliver will survive and a whole ecosystem will be built around it
jin [1:59 AM] buzz and hype is unfortunately a large part of it
beerfinger [2:00 AM] *you're
jin [2:00 AM] that is true, but without marketing to draw in attention (which leads to usage and so on etc) it will be difficult for a functional one to survive even
beerfinger [2:07 AM] @james122 One more thing: how do you feel about regulation? Pro or con? Do you feel that the idea of nation states like the US and China (ergo the ICO ban) taking it upon themselves to place restrictions on the market to try and make them safer is anathema to the idea of decentralization? Are you a full on libertarian in that respect? Or do you welcome regulation because it'll separate the wheat from the chaff?
jamesl22 [2:07 AM] I think we need a sane amount of regulation
[2:08] ICOs are clearly illegal imo
[2:08] Unless they are performed under the same rules as an IPO
[2:09] Plus I don't want to create a safe harbour for child pornographers, people traffickers and terrorists to store their money
[2:09] However I do think the state has no right to spy on you without a warrant (edited)
beerfinger [2:09 AM] You mean you don't want to be Monero? :slightly_smiling_face:
jamesl22 [2:09 AM] No
[2:10] I will pursue privacy features that make the pseudoanonymity provided by the blockchain easier for people to use effectively
[2:11] That way, it is not obvious to anyone your holdings or transactions publicly (edited)
[2:11] But things like sting operations would still be theoretically possible
beerfinger [2:13 AM] Love it. I still feel the branding thing will need to be revisited at some point. I don't know what that means, exactly. Whether its as small as a font change to something bigger like a new color scheme, logo or even name, I'm not sure of. The ideology is strong, but as it stands Vertcoin doesn't have a clear differentiator in the market. I'm not sure that matters so much yet at this time, but it will.
[2:15] You clearly have a strong vision, I'm just not sure it's being communicated effectively yet. Hence, haters who say Vertcoin is just trying to be another Bitcoin.
workstation [2:15 AM] beerfinger might be a huge whale sniffing out Vertcoin before a huge loadup. Not that, that's a bad thing :stuck_out_tongue:
beerfinger [2:15 AM] haha... I wish
jamesl22 [2:16 AM] Vertcoin is trying to be another Bitcoin lol
[2:16] It's picking up where Bitcoin left off
[2:16] If people want a decentralised cryptocurrency, they should use Vertcoin
[2:17] Bitcoin just isn't one anymore
[2:17] Neither is Litecoin (edited)
beerfinger [2:20 AM] Semantics really, but if that's the case then that means Vertcoin isn't trying to be another Bitcoin. Bitcoin is already Bitcoin, which is a coin that did not fulfill it's promises. Vertcoin, on the other hand, like you said picks up where Bitcoin left off. I'm not sure that's being communicated by the brand (yet). Doing so may have nothing to do with rebranding (unless rebranding generates a bigger social following who then helps you communicate that).
workstation [2:20 AM] You've continued on a great coin James and no doubt Vertcoin has great features vs other coins, however without widespread use and adoption, Vertcoin might just become another coin without much use. The marketing side is sometimes even more important than the development side. Just need to look at history for that. E.g. Early version of Windows was buggy, bluescreen of death plagued it. But with heaps of $$ and marketing, Windows is pretty rock solid these days.
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jamesl22 [2:22 AM] Yes, agreed to both statements
[2:22] We're working on it, but it takes time and money
[2:23] But really, adoption is pointless until point of sale works properly
[2:23] When you can get it into people's physical wallets, or phone and they can spend it in a store, that's when it takes off (edited)
[2:23] Walmart, Target, all the big retailers hate Visa and Mastercard
workstation [2:24 AM] Thats a long way off... Even Apple and Samsung are struggling in that area
jamesl22 [2:24 AM] They would love a solution that opted them out of having to pay their fees
beerfinger [2:25 AM] @workstation To play devil's advocate for one sec, most successful people in the world don't achieve success because they tried to achieve success. Success is merely a byproduct of their passion. I do believe that James' commitment to the ideology can be sufficient. But it is true that the branding should communicate his vision. That is a constant conversation, too.
workstation [2:25 AM] yes, true
jamesl22 [2:26 AM] What we really need is talented content creators to make compelling media that explains the vision in a layman friendly way
[2:26] Thus far the message has been far too technical
[2:26] But in the past, the space was mostly populated by technical people so that is understandable
[2:26] It is only in the last 6 months that the general public has started to get involved
[2:27] Sadly "ASIC resistance" doesn't speak to them
beerfinger [2:27 AM] @james122 While it's true that universal adoption is key, you can say that about ANY coin. Even dogecoin would suddenly become a real coin if everyone up and decided to start using it one day. What's your strategy for making VTC that coin?
jamesl22 [2:27 AM] Whereas I think taking power from banks, chinese miners and giving it back to the people can be far more compelling
workstation [2:27 AM] We take Visa and Mastercard at our stores. We only do it because it boosts sales. People these days are all borrowing on credit because they don't have enough.... Paying on their CC# lets them buy things now (instant gratification) and slowly pay later. They managed to get banks on board because they make so much money on the interest. There is a clear reason why those cards satisfy a demand. We get charged about 1.5% by VISA/MC. To be honest, it's not a real deal breaker.
beerfinger [2:27 AM] haha, well, james you're talking to the right guy :slightly_smiling_face:
[2:28] My career is content creation
[2:28] I have nearly 20 years producing commercials and (lately) social content for global brands
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beerfinger [2:29 AM] I would be happy to consult and provide any assistance I can
[2:29] "taking power from banks, chinese miners and giving it back to the people can be far more compelling" - that's your modus operandi
[2:29] you can definitely tell that story in a compelling way
[2:30] Question: have any crypto's ever created any sort of ad before? Even just for social content? (sorry, I'm new to this space)
jamesl22 [2:30 AM] Well we'd obviously be grateful for your assistance
[2:31] I'd imagine so, though I don't follow many other coins' social media very much
goodminer [2:31 AM] @beerfinger lets chat :smile: We've been working on a lot of initiatives over the last few weeks
jamesl22 [2:31 AM] @workstation 1.5% to a huge retailer is a large sum of money though
workstation [2:35 AM] I don't see any coin being widely used to be honest. They fluctuate way too much. Say a typical consumer whose after tax salary is $1000/week.. He buys groceries at the store for $1/Liter. This is simple maths for him, he knows it's going to cost $1 each week, inflation may make it rise to $1.10 next year, but he understands that. With coins, the price of his milk is too hard to calculate.
[2:37] Why would Bob switch to using coins, when Visa/MC give him so much more? He doesnt pay the processing fee (1.5%), he gets free credit (these days, banks will easily approve 10k credits). Why would he switch to Vertcoin?
jamesl22 [2:37 AM] @workstation, volatility is high because market volume is low
[2:38] I think it will take another financial crisis or two though before people start to abandon fractional reserve banking (edited)
workstation [2:42 AM] As long as bob gets his paycheck, he's not going to care what happens at the fed
jamesl22 [2:43 AM] Bob ain't gunna get his paycheck one day though
[2:44] Because the credit ponzi scheme economy will have collapsed
workstation [2:48 AM] yes, the fed can print whatever it wants out of thin air... But its backed by US tax payers to the tune of 2+ trillion/year with most banks adhering to loan capital requirements. E.g. they need a certain amount of money deposited before they can loan more money out. What is Bitcoin/alt coins backed by? Seems like its somewhat of a ponzi scheme now, with everyone piling in thinking it will go up forever. I get that BTC is backed by real energy usage/capital requirements to mine it (asic equipment, datacenters, etc), so its more "real" than $1 USD, but they both service a purpose.
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workstation [2:51 AM] but whats the end goal because it seems they all become ponzi schemes. The only true coin will be one that will not allow any fiats be converted to to coin.
[2:51] the only way to earn a coin, would be to mine it, wouldn't you think that that would be the truest coin?
[2:52] right now people are just moving wads of fiat money into coins/alt coins, thereby skewing everything.
beerfinger [2:54 AM] just jumping in here with one last comment before I go to sleep: money, whether we're talking salt, precious metals, fiat currency, or cryptos, is just something that we all agree to prescribe a value to. That being the case, how are you going to stop someone from trading that value for something they want? If someone wants to trade their cryptos for chickens, a latte, USD or anything else, they're going to do it. No point in trying to regulate what people spend their money on or how they do it. Seems the antithesis of the whole decentralization thing anyway
workstation [2:57 AM] true
aegisker [3:02 AM] I belive when crypto matures, has fast and easy payments solutions, volume will rise and price will be more stable. Current price is speculation due to news and new development. I dont belive that after 10 years we will be seeing such swings.
beerfinger [3:04 AM] sorry keep thinking of new stuff... @jamesl22 your point about POS is salient. What's your perspective on coins like TenX that try to address that with payment platforms and cards?
[3:05] is that what you mean? nuts & bolts, how would Vertcoin become a POS option?
aegisker [3:06 AM] How is usdt keeping its price around usd?
beerfinger [3:07 AM] don't they just keep up with USD inflation by making sure there's an equal amount of tokens to USD in the market at any given point?
jamesl22 [3:07 AM] Integration of LN and AS is key
[3:07] Then providing some hardware or software solution to integrate with payment processors
[3:07] I haven't looked at tenx
beerfinger [3:07 AM] so Vertcoin IS actively pursuing this then
[3:08] interesting
[3:09] perhaps there's some way to leverage things like ApplePay
jamesl22 [3:09 AM] I doubt it
[3:09] ApplePay's design is fundamentally different
beerfinger [3:09 AM] I mean it doesn't have to be ApplePay itself. Can be a separate app
lucky [3:09 AM] Having bitcoin or altcoins tied to your debit card isn't unbelievable
jamesl22 [3:10 AM] Of course not
[3:10] But it is suboptimal
beerfinger [3:10 AM] yeah sort of kills the whole decentralization thing
lucky [3:10 AM] in fact if we are going the whole hog and saying fiat collapsed. You'd be silly to think the banks would standby and let crypto take over without them
beerfinger [3:10 AM] now we're relying on banks again
lucky [3:11 AM] At the first sign of crypto succeeding fiat. Banks will take over
[3:11] Because they can trade their fiat to coin
[3:11] Government too
aegisker [3:12 AM] Well, banks issues debt, whole market is built around debt. Crypto would take that away
[3:12] This will be hardest transition
jamesl22 [3:12 AM] If the crypto market ever gets to say $1tril, the banks will use their lobbyist army to squash it as best they can
lucky [3:13 AM] Is it not possible crypto gets immediately regulated into the banking system as soon as it passed fiat in some way
jamesl22 [3:13 AM] They don't care right now because the space is tiny compared to their own equity
lucky [3:13 AM] Yes exactly James
beerfinger [3:13 AM] i like the idea of leveraging NFC tech as a way to introduce crypto to POS purchases... everyone already has a smart phone so no need to reinvent the wheel... it's basically just an app
lucky [3:13 AM] If finance is going to change politics needs to too
[3:14] Nfc seems like the way. Yeag
[3:14] Lots of the android wallets leverage it
aegisker [3:14 AM] No need for nfc, nfc was kinda overhyped. Qr codes can work equally good
jamesl22 [3:14 AM] @beerfinger I think LN will allow us to achieve that
lucky [3:14 AM] Lol qr
[3:14] Who has ever scanned a qr....
jamesl22 [3:14 AM] We just need a hardware implementation for the reader
beerfinger [3:14 AM] sorry james, what's LN?
lucky [3:14 AM] Apple made sure qr never worked
jamesl22 [3:14 AM] Lightning Network
beerfinger [3:14 AM] ah
aegisker [3:15 AM] If u use your phone, why complicate with nfc, is there a security benefit?
beerfinger [3:15 AM] the infrastructure is there... most readers i come across these days are already NFC compliant
jamesl22 [3:15 AM] QR can work, but requires a high res display in the POS device
[3:15] Which would increase costs
[3:15] NFC is cheap af
lucky [3:16 AM] Yep. Qr is extremely requirement heavy
aegisker [3:16 AM] For example, pub: you get check with qr. U pay with your phone. Waiter sees on his computer that its payed.
lucky [3:16 AM] Look at Asia and south America
[3:16] Nobody can read qr
aegisker [3:17 AM] I europe all checks already have qrs for tax checking
lucky [3:17 AM] I work in global marketing. Qr is completely unadopted in the real world
[3:17] Yes in no public scenario qr is used
aegisker [3:17 AM] Where you from?
lucky [3:17 AM] Uk
[3:19] A decade in marketing I can tell you for sure Joe public doesn't scan qr codes
[3:19] James is right. We need an alternative hardware solution
[3:19] And I think I unique piece of tech in public would drive massive interest
aegisker [3:20 AM] In slovenia, croatia, austria(i tjink) there is law that all transactions in coffeeshops or shops(everything with fiat transaction) is sent to tax authority as soon as check is printed. U get qr code on your check, so you can check if tax s paid for your service. This is to prevent black markets and unauthorized sellers. Works pretty well. If you frequently scan qrs you can get some bonuses..
[3:21] Public got used to this pretty fast.
lucky [3:21 AM] So there's an incentive
aegisker [3:21 AM] So also you could print qr shop wallet addr.
lucky [3:21 AM] Kind of skews the ease of adoption stat we are looking for
aegisker [3:22 AM] Costz nothing
lucky [3:22 AM] Costs a smartphone with a quick camera
[3:22] How about in a dark club
beerfinger [3:23 AM] I came tonight with many questions about Vertcoin. Namely the incentives of the Devs and how it differentiated itself in the marketplace. All of those questions have been answered as best as I could have hoped. The only thing left is figuring out a way to tell that story. @jamesl22, all of the things you've said tonight are reassuring and exciting. They provide great promise for the future of this coin and even more - your goals, if realized, are truly category shifting. This is such a compelling story. TELL IT!
lucky [3:23 AM] Asking every transaction to require an in focus photo capability is insane, imo
aegisker [3:23 AM] uploaded and commented on this image: IMG_20170908_092307.jpg 1 Comment Thats how it looks
lucky [3:23 AM] We need something similar to a contactless debit card
[3:24] Good luck scanning that in the dark with a £100 smartphone. Though.
aegisker [3:24 AM] For starters this is easiest solution for early adoption (edited)
workstation [3:25 AM] why not something short like vCoin. Then u could make it go off V=Vendetta, sort of has a nice mystery, anti establishment
aegisker [3:25 AM] You just need plugin for your pos software that checks your crypto wallet for received funds
[3:26] Imo this is easiest way to implement first public purchases of beer or coffee
beerfinger [3:26 AM] by the way, less is more when it comes to branding
[3:26] look at apple
[3:26] i love this example: https://www.youtube.com/watch?v=EUXnJraKM3k YouTube Brant Walsh Microsoft Re-Designs the iPod Packaging
[3:31] and there's always something to be said for ad wars... apple's david vs goliath attack ads vs microsoft is what put them back on the map
[3:31] that could be a great angle for Vertcoin... go after Bitcoin
[3:31] make fun of it the way Jobs poked at Gates
[3:32] that's just my 2 Vertcoins
submitted by beerfinger to vertcoin [link] [comments]

Monero Marketing - Easy things you can do!

I'm creating this list since people have a lot of questions for what Monero's marketing goals should be. While I can only speak for myself, I think the following ideas are simple, achievable, and realistically uncontentious. Further below are some limitations to keep in mind.
  1. Purchase Monero logo stickers in bulk and sell them for Monero. I think it would actually be pretty cool if you sold them for free + an optional donation, but that's just an idea. If no one does this, I'll do this in August.
  2. Speak with friends. Anyone can do this, even if they don't know what cryptocurrencies are. Show them the GUI and the Monero: The Essentials video. Monero.how has a ton of resources.
  3. Buy a Monero shirt and wear it occasionally. I haven't met anyone else that knows about Monero this way yet, but I would be ecstatic if I did. Plus, it might give you a excuse to talk about Monero if people ask you about your shirt.
  4. Be extremely nice and helpful to companies that are willing to work with Monero. I helped communicate with Ledger, KeepKey, and the /privacy mods in a polite way, and they hopefully think better of the Monero project. I like to think I helped accelerate Monero implementation. I'll create a basis for communication guidelines that will help people reach out to potential stakeholders that will keep the conversation positive and beneficial for everyone, and prevent these people from thinking they are being spammed.
  5. Attend your local Meetup group, even if it is just for Bitcoin, and even if very few people go or if you had a bad experience in the past. At one Bitcoin Meetup of only four other people, I met another Monero enthusiast and we had a very good conversation. Even if no one else knows about Monero, you can learn if other people have heard about it before, and share what you like about the currency.
  6. If you're a college student, start a general cryptocurrency club. I study in the Midwest, where no one cares about cryptocurrencies (at least compared to other regions). Despite this, I was able to get 50 active members within a year of funding the club (with the help of others, of course). Many college students have heard of Bitcoin before but not much else, and you'd be surprised how many are willing to come to a meeting (especially if you are offering free food)! If you go through this route, please let me know and I'll give you as much advice as I can to help you out. I will go out of my way to work with you. Make those flyers and put them all over campus!
  7. Develop applications with usability in mind. Want to make a Monero mining GUI wrapper that automatically mines based on CPU cores and GPU type? Perfect! That will help take on MinerGate. Want to work on the GUI? Please do! There is a never-ending list of things to be worked on. If you can, learn how to code and start messing around.
  8. Run a Monero node with ports 18080 and 18089 open and restricted RPC enabled. This will help reduce the difficulty others have using Monero.
  9. Mine Monero on your shitty PC. Even your shitty PC can help the Monero network, and it's not like your old PC is doing anything anyway. Even 20 H/s helps.
  10. Make simple YouTube videos, such as "How to Mine Monero with an AMD card" or similar. These may seem so simple to people who have been around for a bit, but even videos like "How to download Monero" help a lot more than people think. Fire up OBS (or similar recording software) and make these.
  11. Contribute to StackExchange. Google loves StackExchange, and the documentation we have here is far more helpful than the Moneropedia or other resources that the community has. Your help here is very appreciated.
  12. Post your advertising creations on /subredditads. Here is an example I made alittle while ago. This probably won't help at all, but some people may notice, and your Monero ad may be featured for free if you are lucky.
  13. Any marketing materials you make can be posted to #monero or on this subreddit for community feedback. We can improve it before someone accidentally spreads false information or low-quality materials.
  14. Make some Monero desktop backgrounds and share them on Reddit and IRC. Then if you're ever doing a presentation or people look at your screen, people will immediately know you're a hackecriminal! /s
  15. Contribute to translations. We really, really need these.
Limitations
  1. Monero is pretty hard for merchants to accept, so I would not suggest begging Tutanota, ProtonMail, Private Internet Access (or any other VPN provider) to accept Monero directly right now. Depending on how the PayBee project develops, this may change this year, but for now, calm down and use XMR.to or Shapeshift.
  2. May people are skeptical of cryptocurrencies, and most people will assume you have a motive in mind. Do your best to acknowledge your involvement with Monero up-front. Stick to the technical advantages and really try to tell a story about why you like Monero so much without trying to sound like a paid advertisement. I'll post some advice how to do this in a little bit since it's sometimes hard to ask people for a favor without sounding like you are trying to scam them.
  3. Mobile wallets are not out yet, so don't work too hard to get Monero accepted by a merchant that would do the majority of their payments over mobile connections.
  4. The Monero GUI is buried in the Monero website, and there is no way to download it from the "All Monero Downloads" page. I'd suggest linking the Monero GUI directly for people, since the CLI leaves a bad first impression for most new users.
  5. Monero is harder to add than Bitcoin-based cryptocurrencies. Don't expect things to be done quickly, expect resistance, and be patient.
I just scratched the surface, but I feel these are all good places to start.
submitted by SamsungGalaxyPlayer to MoneroMarketing [link] [comments]

Crypto News Recap for the week ending August 3rd

Developments in Financial Services

Regulatory

General News

submitted by QuantalyticsResearch to CryptoCurrency [link] [comments]

Nyancoins Megapost - Central Link Collection

Edit: Going to finally start an overhaul on this (April 23rd, 2016); it's been six months since the last edit. I'm going to go from current back, so there's going to be a gap between this top, new stuff and what's below until I finish the update.
I'm just going to have the last six months all shoved together into one large update here. There's weak categorization, but basically just think of it as a huge list. In general, the newer items will be higher within a given category than the older items. I apologize if I left anything out which people would like to see included. Some things I considered more of a temporary update than something relevant months later, but just PM me and I'll add anything requested!
We're currently in a quiet low point. Nothing catastrophic is happening, but we are relatively weak. I call it "the best nadir" because if this is as bad as it gets, we're doing alright. The price is down to 4 satoshi now, which is the lowest sustained price since the beginning of the revival. I'm going on a year behind my original goal for releasing NYAN2, still stuck on a new build computer (alternately time and energy to cripple together a build system out of what I have available).
One major new element: I've set a goal for us to have a mission to visit the site of Apollo 17 in twenty years. This is basically a new dimension. For the first ten years, I envision this as a purely "paper program", doing research on past space programs, in particular Mercury through Apollo, but any and all launch platforms and spacecraft which have been done. We may additionally seek to gain additional education (for instance, I would like aerospace engineering and material science undergraduate degrees at a minimum; we also are going to need experienced test pilots).
Space Program Initial Vision: [NYAN 2035] We must send a mission to visit the site of the Apollo 17 plaque on the Moon
Also, I've replaced the previous "Nekonauts of the Month" competition with a "Who Wants to be a Nillionaire?". The major difference is that rather than relying upon me to track everything, the expectation is that Nekonauts will sign up and self-report accomplishments.
Nyan Projects
[Hype] Browser based MMORPG accepting Nyancoins for member items: KojoSlayer's latest foray into nyan video game development! I've seen an early preview and it reminds me of a primitive Runescape (meant as a compliment)
Fun Posts
Insert NyanDisk 1 into Drive A:: NyanDOS!
Nyan like it's 1999 ....: telnet into nyan!
[breaking news] Nyancoins will be bought out by Garza in a last-ditch attempt to save Paycoin - April fool's post
Trumpchain on Twitter: "It can happen. Our blockchain has tremendous potential. We have tremendous people. #MakeTheBlockchainGreatAgain" - Terrific shitpost; really fantastic!
Join the Nekonauts today! - Cool nyan poster
"I really hope Satoshi is finally dumping and declaring that, like, Nyancoin is the true bearer of his vision." - CountOneInterrupt - My favorite idea ever
Nyancoin Zen - So cute. This may be my favorite nyan image ever for its understatement and beauty.
High Definition Nyan up close - Amusing
Making PC more Nyan-Friendly! - cute; amusing. Such nyan!
Typical Nyancoiner breakfast. - DobbsCoin is great with this stuff!
[meta] [misadventures of coinaday] [Pizza Boy Adventures] Late Night Pizza - Just a little choose-your-own-delivery I wrote during my stint as a pizza delivery boy.
I don't know how I wasn't aware of this site before - I still can't believe there's an entire site for this!
Get NYAN
Want more NYAN? Faucet Mrai and trade to me for NYAN (and then hodl!): What is says on the tin. The faucet is down temporarily at time of this writing, but it'll be back up before I update this section likely. The price offered there is low (mailing list mentioning 200-300 satoshi currently; my offer is worth about 2 satoshi currently); I would consider higher, but probably wouldn't pay those apparent market rates (no actual exchange yet).
Force Multipliers
Content about the difference a determined person can make. Intended as inspiration.
[Force Multiplier] [Original Content] [pdf; 23 pages] Archimedes and the Siege of Syracuse - Previously unpublished paper I wrote for a history course in college.
[Force Multipliers] [Military History] Julius Caesar's Greatest Military Victory (Video; 10 minutes) - An explanation of achieving victory in an apparently unwinnable situation.
[Force Multipliers] [Naval History] Korea: Admiral Yi - I: Keep Beating the Drum - Extra History - Incredible loyalty and dedication from this greatest Admiral saved his country
Philosophy
Content which fits the themes of fun, self-improvement, and service to others.
Wikipedia essay: WikiLove - I think Wikipedia's policies are in a lot of ways something to look up to. It's true that they're stuck in bureaucracy now, and have driven away many experts, but they function and their policies have helped to give some structure to the anarchy.
[US history and macroeconomics] [59 minute video] Thom Hartmann, "The Crash of 2016" - Interesting video. I think the predicted outcome is something of a longshot, but it's interesting to me that he called Sanders as a major factor in the election years ago.
Taylor Mali, "Words and Their Consequences" (68 min video) - Poetry and philosophy
We Are One - Didn't get any attention at the time, but this is a general statement about the power of people working together.
A Message of Hope for the World - What's the point of Nyancoins? To inspire people.
A brief word on censorship - tl;dr: Censorship is bad, m'kay?
Who Owns Nyancoins? - Hodlers.
To The Moon is Not Enough: 100 Year Planning - About the importance of an unlimited time horizon. We build to last.
General
Catch-all category. Okay, this category got out of hand. I should do a second round later and break this out into a few different ones.