How to Send Bitcoin from a Paper Wallet: 10 Steps (with
Running Bitcoin - Bitcoin Wiki
[Twitter/Clubhouse/News Media?] Silicon Valley v The New York Times: Overpriced Suitcases, Insta Stories, Insular Apps and Bitcoin Bounties
Background: What is Clubhouse? You know all those stories of people interrupting Zoom calls by spamming the link and getting in? What if that, as a business model. It is still in private beta, has only 1500 users and yet somehow venture capitalists have $12 million invested at a $100 milion dollar valuation in this. What is Away? Hardcover suitcases that cost $225 and above. Hipsters seem to like it. "The brand is more than just luggage. It’s about travel." It is treated like a tech company by VCs for some godforsaken reason (it has raised $100 million at a $1.4 billion valuation), and the CEO uses a lot of Lean In rhetoric (female led, inclusive etc.) How New York Times? The New York Times has hired a reporter, Taylor Lorenz, specifically for "Internet Culture" i.e. HobbyDrama reporting. (No, seriously, look at the stories she gets to write. For the NYT!) Pre-Drama Events: In December 2019, an elaborate investigation was posted by The Verge (not the NYT, important) about the toxic work culture at Away, with the CEO, Steph Corey, calling workers brain dead and firing someone based on chat in an internal private Slack channel called #Hot-Topics "filled with LGBTQ folks and people of color" (from article). Korey stepped down as CEO in December, with another CEO to be selected. She came back as co-CEO in January because she 'should not have fallen on the sword.' Course of the Drama: June 30/July 1: On an Instagram AMA, returned co-CEO Korey answered a question about "women being targeted by the media" (I presume the AMA went in that direction) by talking about media having an incentive to clickbait in the social media era that and women (like her) were targeted because women are supposed to be motherly, ambitious women like Hillary are targeted by the media, some millennial women who work in the media forgo their ethics to advance their career because old media ethics are being eroded. The Verge investigation was done by Zoë Schiffer, a “millennial woman.” Incensed by this, Lorenz posts the IG pics on twitter (previous link from her) and speculates that this AMA exists because of a piece on the disgracing of the “girlboss” stereotype. To recap, neither the original story, nor the Atlantic op-ed were written by her. Techbros start sharing the same pics of the AMA as a balanced perspective. Until this point, #bothsides, let them fight, etc. Enter Balaji Srinivasan. Here is a pompous bio. He starts attacking Lorenz (again, not the writer of any of the stories). Lorenz says the guy has been obsessively attacking her for quite some time on Clubhouse gussied up public Webex calls (in tweets after the linked tweet). Then anti-Lorenz sockpuppet accounts start being created to attack her. An elaborate website is linked by the accounts, specifically to attack her. (Click the link, it is deranged as all hell.) Taylor asks Ben Horowitz (of multi-billion dollar Andreessen Horowitz, where Balaji has worked before) to get him to stop. Gets blocked. Then the Andreessen Horowitz batch have a conversation on Clubhouse Discord without texting with Lorenz. After Taylor leaves, (this part leaked to Vice, so you can go listen) Ben Horowitz’ wife, Felicia says that Taylor is playing the “woman card to defend herself.” Balaji implies that she may be “afraid of a brown man.” And then the conversations ascend:
”the entire tech press was complicit in covering up the threat of COVID-19,” relying on the press is “outsourcing your information supply chain to folks who are disaligned with you,” ”Media corporations are not the free press, any more than chain restaurants are food “ “why does press have a right to investigate private companies, let the market decide, I don’t understand who gives them that right” (Note: Probably from another conversation by some CEO)
Also something about Github, VC funding and Blockchains being a better model for journalism. (Bitconeeeect!!) Then Vice reports on it. Tech media rallies around Taylor [retweets on her twitter]. Glenn Greenwald pokes his nose and says otherwise, because Greenwald. VCs support their own (along with MC Hammer?? because he’s also on Clubhouse the conference calls you join “for fun” app? So is Oprah???), with opinions like
And other nuclear fucking takes retweeted by Felicia Horowitz And Balaji? When reached for comment, Balaji claims recording it was illegal (which, idk, haven’t seen the Terms of Service, only 1500 people can use Clubhouse the Twitch app, but you don’t have video and chat has audio) And then heannouncesa $1000 bounty for memes and analysis of this event. (paid in Bitcoin, obviously, this whole scenario is a damn meme) This gets the creator of Ruby on Rails/Basecamp to defect to the media’s side Aftermath? (This is a current story): VCs (like Paul Graham) declare that the media hates them because they are losing power Media Twitter decides VC Twitter is trying to reanimate the corpse of #GamerGate Steph Korey, the instigator of this spiraling nonsense? Away says she has decided to step down (redux) because an employee revolt over her IG post. (Recap: Away sells hardcases to hypebeasts. They are worth a billion because of VCs) Balaji, rich VC guy, has memes on his timeline? [Elon Musk has not weighed in yet, if you are curious]
(if you would like to add information or see mistakes, just comment below and I will credit you) What is Cardano? Cardano is an open source and permissionless "Third Generation" blockchain project being developed by IOHK. Development and research started in 2015, with the 1.0 mainnet launching in 2017. Cardano blockchain is currently being developed into two layers. The first one is the ledger of account values, and the second one is the reason why values are transferred from one account to the other.
Cardano Settlement Layer (CSL) - The CSL acts as the ledger of account or balance ledger. This is an idea created as an improvement of bitcoin blockchain. It uses a proof-of-stake consensus algorithm known as Ouroboros to generate new blocks and confirm transactions.
IOHK has the contract with an undisclosed party to develop the project until the end of 2020, at which point the community may elect another development team - on the assumption that the voting infrastructure has been completed. However CEO Charles Hoskinson has stated that they will develop the project until it is completed, and they are simply financed until the end of 2020. Cardano was the first project built on a peer-reviewed scientific development method, resulting in dozens of research papers produced by IOHK. Among these papers is Ouroboros Genesis, proving that a Proof of Stake protocol can be just as secure as Proof of Work - which was originally developed for Bitcoin, and refined for Ethereum. This PoS protocol considerably lowers the resources cost to maintain network while still maintaining security and network speed. Cardano as a financial infrastructure is not yet completed, With significant development to be rolled out. What were the other two generations of blockchain? Gen 1 was Bitcoin. It exists by itself and talks to nobody but Bitcoin. It is capable of peer to peer transactions without a third party in such a way that you cannot cheat the system. This was a major step forward for the E-cash concept that people have been working on for the 20 years prior. Gen 2 was Ethereum and other smart-contract platforms that allow other coins and platforms to be built on top of their infrastructure. These coins can interact with others on the platform, but cannot interact with other platforms. Meaning it is still not truly interoperable. Most Gen 2 blockchains are also using Proof of Work likes Bitcoin, which effects scaling. Also missing is a built-in method to pay for upgrades and voting mechanics for decision making. Gen 3 blockchains are a complete package designed to replace the current financial infrastructure of the world. Cardano is using Proof of Stake to ensure security and decentralisation(Shelley). Scaling through parallel computation (Hydra in Basho), Sidechains to allow the platform to interact with other platforms (Basho), and also include mechanisms for voting for project funding, changes to the protocol and improvement proposals (Voltaire). Finally smart contracts platform for new and established projects that are developer friendly (Goguen). Who is the team behind Cardano? There are three organisations that are contributing to the development of Cardano. The first is the Cardano Foundation, an objective, non-profit organisation based in Switzerland. Its core responsibilities are to nurture, grow and educate Cardano users and commercial communities, to engage with authorities on regulatory and commercial matters and to act as a blockchain and cryptocurrency standards body. The second entity is IOHK, a leading cryptocurrency research and development company, which holds the contract to develop the platform until 2020. The final business partner is Emurgo, which invests in start-ups and assists commercial ventures to build on the Cardano blockchain. www.Cardano.orgwww.emurgo.iohttps://cardanofoundation.org/en/ What is the difference between Proof of Work and Proof of stake? Both these protocols are known as “consensus protocols” that confirm whether a transaction is valid or invalid without a middleman like Visa or your bank. Every node (active and updated copy of the blockchain) can agree that the transaction did take place legitimately. If more than half validators agree, then the ledger is updated and the transaction is now secured. Proof-of-Work (PoW) happens when a miner is elected to solve an exceptionally difficult math problem and gets credit for adding a verified block to the blockchain. Finding a solution is an arduous guessing game that takes a considerable amount of computing power to compete for the correct answer. It is like “pick a number between 1 and one trillion” and when you get it right, you get $30,000 in Bitcoin, so the more computers you have working on it, the faster you can solve it. Also the more people who are trying to solve the same block, the harder the algorithm, so it may become 1 in 20 trillion. The downside is the massive amounts of power required to run the computers that run the network, and the slow pace that blocks are solved. To “Hack” a PoW system, you need 51% of the computing power, which would allow you to deny transactions, or spend the same coin twice. At the moment there are 8 main mining operations for bitcoin, and 4 of them make up more that 51% of the mining power. PoS instead selects a coin at random that already exists, and the person who owns that coin is elected to put the work in to validate the block. This means there is no contest and no guessing game. Some computer power is required, but only a fraction of a PoW system. The complex nature of selecting a coin that exists on the correct and longest chain and is owned by someone who can complete the block, AND in such a way that it is secure AND that computer currently running AND that person also having an incentive to complete the work, has made the development of PoS very slow. However only a few years ago it wasn’t even possible. In this method, the more of the coin (ADA) you stake, the more likely you are to be selected to close a block. Cardano also allows you to delegate your stake to someone else to validate the block so they do the work, and you share in the reward for doing so. To “hack” a PoS blockchain you need to own 51% of the tokens, which is significantly harder than owning 51% of the computing power. What is ADA and how is it different to Cardano? Cardano is the name of the network infrastructure, and can be thought of like a rail network. ADA is the native token that has been developed alongside Cardano to facilitate the network operation. This helps confusion and maintains distinction, compared to Ethereum being the native token of Ethereum. Similar to bitcoin or any other token, ADA can be sent peer to peer as payment, but is also the reward for running the network, and what is taken as transaction fees. In this metaphor “Cardano” is the train tracks, that everything runs on. A stake pool would be the locomotive, facilitating transactions on the network while ADA is the coal that powers the locomotive. The train carriages are Decentralised applications (Dapps) that are also running on cardano tracks, but are not actively powering the network. What is staking Cardano is a Proof of Stake protocol, and uses already existing coins like a marker to ensure security. The protocol chooses a coin at random and the owner of that coin is elected to validate a block of transactions. Staking is the process of adding your ADA coins to a Pool that has the resources to run the network. If the pool you have chosen to "delegate" your stake to is chosen to close/validate a block, then you get a portion of the rewards. The ADA never leaves your wallet, and you can "undelegate" whenever you like. this increases stability of the network and also gives an incentive to pool operators to invest the time and hardware required to run a pool. What is a stake-pool and how does it work?Cardano.org FAQ on the issue goes into much more detail A stake pool is where the computing power of the network takes place. During ITN there was 1200 registered stake pools while 300 were creating blocks. You can manage your own stake-pool or delegate your ADA to an already registered pool. Rewards are determined by the protocol, however the pool may elect to charge fee Percentages, or flat rate fee to upkeep their pool. Can I Stake my ADA right now? The staking testnet has closed, If you participated in the Incentivised Test Net and earned rewards, instructions to check the balance are here. However if you have just purchased some or it was held on an exchange, then you will need to wait until the Shelley mainnet launch happening at the end of July 2020. Where do I stake my ADA? Daedalus Flight wallet, and Yoroi Wallet (as a chrome extension) are the current best options. Adalite and several other third-party wallets also exist. Coinbase will also allow staking as a custodial service, and many exchanges may offer “staking as a service” so you can leave your coins on the exchange and still earn rewards if you enjoy trading. I do not recommend leaving coins on an exchange unless you are actively trading. What are the staking rewards now and what can I expect on a return in the future? The Incentivised Test Net (ITN) Delivered 10%-15%pa returns on average. The future of staking will most likely be lower, but will depend on the amount of ADA staked across the network and the amount of network traffic. Check https://staking.cardano.org/en/calculato for a clearer picture. what is a Pledge? To stop one person operating many pools, the rewards that a pool earns will vary depending on the amount of personal ADA they “pledge” to open the pool. This means that 50 pools with a 1,00ADA pledge each will be overall less profitable than 1-2 pool with the max ADA pledge (unknown but likely around 300k). Even if the 50 pools have the same over stake delegated by other users and have a better chance of being selected to close a block, the 50 pools may receive lower rewards.. (at least that is the theory) Who is IOHK? IOHK is a for-profit software engineering company founded by CEO Charles Hoskinson and Jeremy Wood in 2015 that has taken a scientific approach to the development of blockchain. IOHK started with “first principles” and looked at questions like “what is a blockchain” and “what should a blockchain be able to do” rather than accepting the established paradigm of Bitcoin and Ethereum. IOHK was originally Input Output Hong Kong, but is now Input Output Global and is based in Wyoming USA employing over 230 staff. IOHK has established research labs in several universities in order to complete the Cardano project, and is also developing Ethereum Classic, Atala, Mantis and possibly other Blockchain related programs and infrastructure. Who is Charles? Charles Hoskinson is an early adopter of cryptocurrencies, American entrepreneur and cryptocurrency specialist. Charles Co-founded Ethereum with Vitalik Buterin and 5-8 others, However he only worked on that project for approximately six-months. Charles is now the CEO of IOHK and the director of The Bitcoin Education Project. Why isn’t ADA on coinbase? Cardano and coinbase have recently connected in a big way. With IOHK turning over all their ADA to the custodial services of Coinbase. This means that Cardano and Coinbase have been working together for some time and there is a strong partnership forming. Staking and cold storage will be available and trading on Coinbase will most likely become available after the release of Shelley (although no official word yet) Why Doesn’t Cardano have a Wikipedia Page? Wikipedia has strict guidelines on what can be turned into an article. As there has been no coverage of Cardano from mainstream media or “noteworthy” sources, there is no article yet. Wikipedia will also not accept sources from IOHK as they are not considered “reliable” and must come from a third party. This will most likely change soon. Cardano does have a dedicated community driven wiki https://cardanowiki.info/wiki/Home What is Atala and why do I care?* Atala is a suite of services being developed on top of the cardano blockchain by IOHK that focusses on credential certification, for things like education, work history and degrees (Atala Prism). Product counterfeiting protection through registering products on a blockchain and create taper-proof provenance. This does not only apply to Gucci handbags, but also medication, art, and anything that can be counterfeited (Atala Scan). As well as supply chain tracking to see issues and inefficiencies with greater transparency(Atala Trace). Im new, how much is a good investment? Cardano is still a speculative market and although there is amazing potential here, it is still only potential. When investing in any High risk market like Crypto, only every invest what you are willing to lose. Cardano may be testing the 10c barrier now. But in March it dumped to 1.7c. And if you suddenly need your money back during the dump then you are out of luck. Do your research before you FOMO in. Start with a small amount and send it between wallets and exchanges to understand how the system works. Store your private keys offline (or online cloud service but encrypted) with a method that is unlikely to be damaged AND have multiple copies. So in the case of a house fire or a blow to the head, or the cloud service being shutdown/destroyed, you do not lose your money. Timelines https://roadmap.cardano.org/en/ Shelley Decentralisation rollout and news Goguen smart contract rollout Voltaire Voting mechanics – no official roll out timeline (though promised for 2020) Basho scaling and sidechains – no official roll out time line (most likely 2021)
Cardano FAQ What is Cardano? Cardano is an open source highly secure "Third Generation" blockchain project being developed by IOHK. Development and research started in 2015, with the 1.0 mainnet launching in 2017. Cardano blockchain is currently being developed into two layers. The first one is the ledger of account values, and the second one is the reason why values are transferred from one account to the other.
Cardano Settlement Layer (CSL) - The CSL acts as the ledger of account or balance ledger. This is an idea created as an improvement of bitcoin blockchain. It uses a proof-of-stake consensus algorithm to generate new blocks and confirm transactions.
IOHK has the contract with an undisclosed party to develop the project until the end of 2020, at which point the community may elect another - on the assumption that the voting infrastructure has been completed. However CEO Charles Hoskinson has stated that they will develop the project until it is completed, and they are simply financed until the end of 2020. Cardano was the first project built on a peer-reviewed scientific development method, resulting in dozens of research papers produced by IOHK. Among these papers is Ouroboros Genesis, proving that a Proof of Stake protocol can be just as secure as Proof of Work, which was originally developed for Bitcoin, and refined for Ethereum. This PoS protocol considerably lowers the resources cost to maintain network while still maintaining security and network speed. Cardano as a financial infrastructure is not yet completed, With significant development to be rolled out. What were the other two generations of blockchain? Gen 1 was Bitcoin. It exists by itself and talks to nobody but bitcoin. It is capable of peer to peer transactions without a third party in such a way that you cannot cheat the system. this was a major step forward for the E-cash concept. Gen 2 was Ethereum and other smart-contract platforms that allow other coins to be built on top of their infrastructure. These coins can interact with others on the platform, but cannot interact with other platforms like Stella, Bitcoin, cardano - and so on. Also most Gen 2 blockchains are also using Proof of Work likes Bitcoin, which effects scaling. Gen 3 blockchains are using Proof of Stake to ensure scaling, Sidechains to allow the platform to interact with other platforms, like ethereum and bitcoin, and also include smart contracts that are developer friendly. Who is the team behind Cardano? There are three organisations that are contributing to the development of Cardano. The first is the Cardano Foundation, an objective, non-profit organisation based in Switzerland. Its core responsibilities are to nurture, grow and educate Cardano users and commercial communities, to engage with authorities on regulatory and commercial matters and to act as a blockchain and cryptocurrency standards body. The second entity working on Cardano is IOHK, a leading cryptocurrency research and development company, which holds the contract to develop the platform until 2020. The final business partner is Emurgo, which invests in start-ups and assists commercial ventures to build on the Cardano blockchain. (from https://www.cardano.org/en/help-support/) What is the difference between PoS and PoW? Both these protocols are known as “consensus protocols” that confirm whether a transaction is valid or invalid without a middleman like Visa or your bank. Every node (active and updated copy of the blockchain) can agree that the transaction did take place legitimately. If more than half the network agrees, then the transaction is validated. Proof-of-Work (PoW) happens when a miner solves an exceptionally difficult math problem and gets credit for adding a verified block to the blockchain. Finding a solution is an arduous guessing game that takes a considerable amount of computing power to compete for the correct answer. It is like “pick a number between 1 and one trillion” and when you get it right, you get $30,000 in Bitcoin, so the more computers you have working on it, the faster you can solve it. Also the more people who are trying to solve the same block, the harder the algorithm, so it may become 1 in 20 trillion. The downside is the massive amounts of power required to run the computers that run the network, and the slow pace that blocks are solved. To “Hack” a PoW system, you need 51% of the computing power, which would allow you to deny transactions, or spend the same coin twice. PoS instead selects a coin at random that already exists, and the person who owns that coin is elected to put the work in to validate the block. This means there is no contest and no guessing game. Some computer power is required, but only a fraction of a PoW system. The complex nature of selecting a coin that exists on the correct and longest chain and is owned by someone who can complete the block, AND in such a way that it is secure AND that computer currently running AND that person also having an incentive to complete the work, has made the development of PoS very slow. However only a few years ago it wasn’t even possible. In this method, the more of the coin (ADA) you stake, the more likely you are to be selected to close a block. Cardano also allows you to delegate your stake to someone else to validate the block so they do the work, and you share in the reward for doing so. To “hack” a PoS blockchain you need to own 51% of the tokens, which is significantly harder than owning 51% of the computing power. What is ADA and how is it different to Cardano? Cardano is the name of the network infrastructure, and can be thought of like a rail network. ADA is the native token that has been developed alongside Cardano to facilitate the network operation. This helps confusion and maintains distinction, compared to Ethereum being the native token of Ethereum. Similar to bitcoin or any other token, ADA can be sent peer to peer as payment, but is also the reward for running the network, and what is taken as transaction fees. In this metaphor “Cardano” is the train tracks, that everything runs on. A stake pool would be the locomotive, facilitating transactions on the network while ADA is the coal that powers the locomotive. The train carriages are Decentralised applications (Dapps) that are also running on cardano tracks, but are not actively powering the network. What is staking Cardano is a Proof of Stake protocol, and uses already existing coins like a marker to ensure security. The protocol chooses a coin at random and the owner of that coin is elected to validate a block of transactions. Staking is the process of adding your ADA coins to a Pool that has the resources to run the network. If the pool you have chosen to "delegate" your stake to is chosen to close/validate a block, then you get a portion of the rewards. The ADA never leaves your wallet, and you can "undelegate" whenever you like. this increases stability of the network and also gives an incentive to pool operators to invest the time and hardware required to run a pool. What is a stake-pool and how does it work? A stake pool is where the computing power of the network takes place. Currently there are 1200 registered stake pools while 300 are creating blocks. You can manage your own stake-pool or delegate your ADA to an already registered pool. Rewards are determined by the protocol, however the pool may elect to charge fee Percentages, or flat rate fee to upkeep their pool. Can I Stake my ADA right now? If you had ADA in a Yoroi or Daedalus wallet before November 2019 then yes, you can stake. However if you have just purchased some or it was held on an exchange, then you will need to wait until August 18 (hopefully) for pools to start creating blocks, and first staking rewards will be 5 days later. Where do I stake my ADA? Daedalus Flight wallet - Or Daedalus ITN, and Yoroi Wallet (as a chrome extension) are the current best options. What are the staking rewards now and what can I expect on a return in the future? At the moment the Incentivised Test Net (ITN) is delivering 10%-15%pa returns on average. The future of staking will most likely be lower, but will depend on the amount of ADA staked across the network and the amount of network traffic. However it should not be completely dissimilar from the ITN, with most speculating 6%-10%pa compounding weekly….at this point there is no solid answer what is a Pledge? To stop one person operating many pools, the rewards that a pool earns will vary depending on the amount of personal ADA they “pledge” to open the pool. This means that 100 pools with a 10,00ADA pledge will be overall less profitable than 1 pool with 1,000,000 ADA pledge. (at least that is the theory) Who is IOHK? IOHK is a for-profit software engineering company founded by CEO Charles Hoskinson and Jeremy Wood in 2015 that has taken a scientific approach to the development of blockchain. IOHK started with “first principles” and looked at questions like “what is a blockchain” and “what should a blockchain be able to do” rather than accepting the established paradigm of Bitcoin and Ethereum. IOHK was originally Input Output Hong Kong, but is now Input Output Global and is based in Wyoming USA employing over 230 staff. IOHK has established research labs in several universities in order to complete the Cardano project, and is also developing Ethereum Classic, Atilia, Mantis and possibly other Blockchain related programs and infrastructure. Who is Charles? Charles Hoskinson is an American entrepreneur and cryptocurrency specialist. Charles is often cited in the media as the Co-founder of Ethereum, but only worked on that project for approximately six-months. Charles is now the CEO of IOHK and the director of The Bitcoin Education Project. Why isn’t ADA on coinbase? There is no official word specifically as to why Cardano is not on Coinbase, However there prevailing theory is that Coinbase requires the coins to be decentralised. and as Cardano is still being developed, it will not be added Shelley is released, or possibly never, it is totally up to coinbase. However Charles did mention in an AMA that IOG has been working with many exchanges for the Shelley rollout. Why Doesn’t Cardano have a Wikipedia Page? Wikipedia has strict guidelines on what can be turned into an article. As there has been no coverage of Cardano from mainstream media or “noteworthy” sources, there is no article yet. Wikipedia will also not accept sources from IOHK as they are not considered “reliable” and must come from a third party. This will most likely change soon. Cardano does have a dedicated community driven wiki https://cardanowiki.info/wiki/Home
Hello visitors and subscribers of scams! Here you will find a master list of common (and uncommon) scams that you may encounter online or in real life. Thank you to the many contributors who helped create this thread!
If you know of a scam that is not covered here, write a comment and it will be added to the next edition.
Caller ID spoofing It is very easy for anyone to make a phone call while having any number show up on the caller ID of the person receiving the phone call. Receiving a phone call from a certain number does not mean that the person/company who owns that number has actually called you. Email spoofing The "from" field of an email can be set by the sender, meaning that you can receive scam emails that look like they are from legitimate addresses. It's important to never click links in emails unless absolutely necessary, for example a password reset link you requested or an account activation link for an account you created. SMS spoofing SMS messages can be spoofed, so be wary of messages that seem to be from your friends or other trusted people.
The most common scams
The fake check scam (Credit to nimble2 for this part) The fake check scam arises from many different situations (for instance, you applied for a job, or you are selling something on a place like Craigslist, or someone wants to purchase goods or services from your business, or you were offered a job as a mystery shopper, you were asked to wrap your car with an advertisement, or you received a check in the mail for no reason), but the bottom line is always something like this:
The scammer sends you a very real looking, but fake, check. Sometimes they'll call it a "cashier's check", a "certified check", or a "verified check".
You deposit the check into your bank account, and within a couple of days your bank makes some or all of the funds available to you. This makes you think that the check is real and the funds have cleared. However, the money appearing in your account is not the same as the check actually clearing. The bank must make the funds available to you before they have cleared the check because that is the law.
For various and often complicated reasons, depending on the specific story line of the scam, the scammer will ask you to send someone some of the money, using services like MoneyGram, Western Union, and Walmart-2-Walmart. Sometimes the scammer will ask for you to purchase gift cards (iTunes, Amazon, Steam, etc) and give them the codes to redeem the gift cards. Some scammers may also give you instructions on how to buy and send them bitcoins.
Within a couple of weeks, though it can take as long as a month, your bank will realize that the check you deposited was fake, and your bank will remove the funds that you deposited into your account and charge you a bounced check fee. If you withdrew any of the money from the fake check, that money will be gone and you will owe that money to the bank. Some posters have even had their bank accounts closed and have been blocked from having another account for 5 years using ChexSystems.
General fraudulent funds scams If somebody is asking you to accept and send out money as a favour or as part of a job, it is a fraudulent funds scam. It does not matter how they pay you, any payment on any service can be fraudulent and will be reversed when it is discovered to be fraudulent. Phone verification code scams Someone will ask you to receive a verification text and then tell you to give them the code. Usually the code will come from Google Voice, or from Craigslist. In the Google version of the scam, your phone number will be used to verify a Google Voice account that the scammer will use to scam people with. In the Craigslist version of the scam, your phone number will be used to verify a Craigslist posting that the scammer will use to scam people. There is also an account takeover version of this scam that will involve the scammer sending a password reset token to your phone number and asking you for it. Bitcoin job scams Bitcoin job scams involve some sort of fraudulent funds transfer, usually a fake check although a fraudulent bank transfer can be used as well. The scammer will send you the fraudulent money and ask you to purchase bitcoins. This is a scam, and you will have zero recourse after you send the scammer bitcoins. Email flooding If you suddenly receive hundreds or thousands of spam emails, usually subscription confirmations, it's very likely that one of your online accounts has been taken over and is being used fraudulently. You should check any of your accounts that has a credit card linked to it, preferably from a computer other than the one you normally use. You should change all of your passwords to unique passwords and you should start using two factor authentication everywhere. Boss/CEO scam A scammer will impersonate your boss or someone who works at your company and will ask you to run an errand for them, which will usually be purchasing gift cards and sending them the code. Once the scammer has the code, you have no recourse. Employment certification scams You will receive a job offer that is dependent on you completing a course or receiving a certification from a company the scammer tells you about. The scammer operates both websites and the job does not exist. Craigslist fake payment scams Scammers will ask you about your item that you have listed for sale on a site like Craigslist, and will ask to pay you via Paypal. They are scamming you, and the payment in most cases does not actually exist, the email you received was sent by the scammers. In cases where you have received a payment, the scammer can dispute the payment or the payment may be entirely fraudulent. The scammer will then either try to get you to send money to them using the fake funds that they did not send to you, or will ask you to ship the item, usually to a re-shipping facility or a parcel mule. General fraudulent funds scams The fake check scam is not the only scam that involves accepting fraudulent/fake funds and purchasing items for scammers. If your job or opportunity involves accepting money and then using that money, it is almost certainly a frauduent funds scam. Even if the payment is through a bank transfer, Paypal, Venmo, Zelle, Interac e-Transfer, etc, it does not matter. Credit card debt scam Fraudsters will offer to pay off your bills, and will do so with fraudulent funds. Sometimes it will be your credit card bill, but it can be any bill that can be paid online. Once they pay it off, they will ask you to send them money or purchase items for them. The fraudulent transaction will be reversed in the future and you will never be able to keep the money. This scam happens on sites like Craigslist, Twitter, Instagram, and also some dating sites, including SeekingArrangement. The parcel mule scam A scammer will contact you with a job opportunity that involves accepting and reshipping packages. The packages are either stolen or fraudulently obtained items, and you will not be paid by the scammer. Here is a news article about a scam victim who fell for this scam and reshipped over 20 packages containing fraudulently acquired goods. The Skype sex scam You're on Facebook and you get a friend request from a cute girl you've never met. She wants to start sexting and trading nudes. She'll ask you to send pictures or videos or get on webcam where she can see you naked with your face in the picture. The scam: There's no girl. You've sent nudes to a guy pretending to be a girl. As soon as he has the pictures he'll demand money and threaten to send the pictures to your friends and family. Sometimes the scammer will upload the video to a porn site or Youtube to show that they are serious. What to do if you are a victim of this scam: You cannot buy silence, you can only rent it. Paying the blackmailer will show them that the information they have is valuable and they will come after you for more money. Let your friends and family know that you were scammed and tell them to ignore friend requests or messages from people they don't know. Also, make sure your privacy settings are locked down and consider deactivating your account. The underage girl scam You're on a dating site or app and you get contacted by a cute girl. She wants to start sexting and trading nudes. Eventually she stops communicating and you get a call from a pissed off guy claiming to be the girl's father, or a police officer, or a private investigator, or something else along those lines. Turns out the girl you were sexting is underage, and her parents want some money for various reasons, such as to pay for a new phone, to pay for therapy, etc. There is, of course, no girl. You were communicating with a scammer. What to do if you are a victim of this scam: Stop picking up the phone when the scammers call. Do not pay them, or they will be after you for more money. Phishing Phishing is when a scammer tries to trick you into giving information to them, such as your password or private financial information. Phishing messages will usually look very similar to official messages, and sometimes they are identical. If you are ever required to login to a different account in order to use a service, you should be incredibly cautious. The blackmail email scam The exact wording of the emails varies, but there are generally four main parts. They claim to have placed software/malware on a porn/adult video site, they claim to have a video of you masturbating or watching porn, they threaten to release the video to your friends/family/loved ones/boss/dog, and they demand that you pay them in order for them to delete the video. Rest assured that this is a very common spam campaign and there is no truth behind the email or the threats. Here are some news articles about this scam. The blackmail mail scam This is very similar to the blackmail email scam, but you will receive a letter in the mail. Rental scams Usually on local sites like Craigslist, scammers will steal photos from legitimate real estate listings and will list them for rent at or below market rate. They will generally be hesitant to tell you the address of the property for "safety reasons" and you will not be able to see the unit. They will then ask you to pay them a deposit and they claim they will ship you the keys. In reality, your money is gone and you will have no recourse. Craigslist vehicle scams A scammer will list a vehicle on Craigslist and will offer to ship you the car. In many cases they will also falsely claim to sell you the car through eBay or Amazon. If you are looking for a car on Craigslist and the seller says anything about shipping the car, having an agent, gives you a long story about why they are selling the car, or the listing price is far too low, you are talking to a scammer and you should ignore and move on. Advance-fee scam, also known as the 419 scam, or the Nigerian prince scam. You will receive a communication from someone who claims that you are entitled to a large sum of money, or you can help them obtain a large sum of money. However, they will need money from you before you receive the large sum. Man in the middle scams Man in the middle scams are very common and very hard to detect. The scammer will impersonate a company or person you are legitimately doing business with, and they will ask you to send the money to one of their own bank accounts or one controlled by a money mule. They have gained access to the legitimate persons email address, so there will be nothing suspicious about the email. To prevent this, make contact in a different way that lets you verify that the person you are talking to is the person you think you are talking to. Cam girl voting/viewer scam You will encounter a "cam girl" on a dating/messaging/social media/whatever site/app, and the scammer will ask you to go to their site and sign up with your credit card. They may offer a free show, or ask you to vote for them, or any number of other fake stories. Amateur porn recruitment scam You will encounter a "pornstar" on a dating/messaging/social media/whatever site/app, and the scammer will ask you to create an adult film with hehim, but first you need to do something. The story here is usually something to do with verifying your age, or you needing to take an STD test that involves sending money to a site operated by the scammer. Hot girl SMS spam You receive a text from a random number with a message along the lines of "Hey babe I'm here in town again if you wanted to meet up this time, are you around?" accompanied by a NSFW picture of a hot girl. It's spam, and they'll direct you to their scam website that requires a credit card. Identity verification scam You will encounter someone on a dating/messaging/social media/whatever site/app, and the scammer will ask that you verify your identity as they are worried about catfishing. The scammer operates the site, and you are not talking to whoever you think you are talking to. This type of scam teases you with something, then tries to make you sign up for something else that costs money. The company involved is often innocent, but they turn a blind eye to the practice as it helps their bottom line, even if they have to occasionally issue refunds. A common variation takes place on dating sites/dating apps, where you will match with someone who claims to be a camgirl who wants you to sign up for a site and vote for her. Another variation takes place on local sites like Craigslist, where the scammers setup fake rental scams and demand that you go through a specific service for a credit check. Once you go through with it, the scammer will stop talking to you. Another variation also takes place on local sites like Craigslist, where scammers will contact you while you are selling a car and will ask you to purchase a Carfax-like report from a specific website. Multi Level Marketing or Affiliate Marketing You apply for a vague job listing for 'sales' on craigslist. Or maybe an old friend from high school adds you on Facebook and says they have an amazing business opportunity for you. Or maybe the well dressed guy who's always interviewing people in the Starbucks that you work at asks if you really want to be slinging coffee the rest of your life. The scam: MLMs are little more than pyramid schemes. They involve buying some sort of product (usually snake oil health products like body wraps or supplements) and shilling them to your friends and family. They claim that the really money is recruiting people underneath you who give you a slice of whatever they sell. And if those people underneath you recruit more people, you get a piece of their sales. Ideally if you big enough pyramid underneath you the money will roll in without any work on your part. Failure to see any profit will be your fault for not "wanting it enough." The companies will claim that you need to buy their extra training modules or webinars to really start selling. But in reality, the vast majority of people who buy into a MLM won't see a cent. At the end of the day all you'll be doing is annoying your friends and family with your constant recruitment efforts. What to look out for: Recruiters love to be vague. They won't tell you the name of the company or what exactly the job will entail. They'll pump you up with promises of "self-generating income", "being your own boss", and "owning your own company." They might ask you to read books about success and entrepreneurs. They're hoping you buy into the dream first. If you get approached via social media, check their timelines. MLMs will often instruct their victims to pretend that they've already made it. They'll constantly post about how they're hustling and making the big bucks and linking to youtube videos about success. Again, all very vague about what their job actually entails. If you think you're being recruited: Ask them what exactly the job is. If they can't answer its probably a MLM. Just walk away.
You should generally avoid answering or engaging with random phone calls. Picking up and engaging with a scam call tells the scammers that your phone number is active, and will usually lead to more calls. Tax Call You get a call from somebody claiming to be from your countries tax agency. They say you have unpaid taxes that need to be paid immediately, and you may be arrested or have other legal action taken against you if it is not paid. This scam has caused the American IRS, Canadian CRA, British HMRC, and Australian Tax Office to issue warnings. This scam happens in a wide variety of countries all over the world. Warrant Call Very similar to the tax call. You'll get a phone call from an "agent", "officer", "sheriff", or other law enforcement officer claiming that there is a warrant out for your arrest and you will be arrested very soon. They will then offer to settle everything for a fee, usually paid in giftcards. [Legal Documents/Process Server Calls] Very similar to the warrant call. You'll get a phone call from a scammer claiming that they are going to serve you legal documents, and they will threaten you with legal consequences if you refuse to comply. They may call themselves "investigators", and will sometimes give you a fake case number. Student Loan Forgiveness Scam Scammers will call you and tell you about a student loan forgiveness program, but they are interested in obtaining private information about you or demanding money in order to join the fake program. Tech Support Call You receive a call from someone with a heavy accent claiming to be a technician Microsoft or your ISP. They inform you that your PC has a virus and your online banking and other accounts may be compromised if the virus is not removed. They'll have you type in commands and view diagnostics on your PC which shows proof of the virus. Then they'll have you install remote support software so the technician can work on your PC, remove the virus, and install security software. The cost of the labor and software can be hundreds of dollars. The scam: There's no virus. The technician isn't a technician and does not work for Microsoft or your ISP. Scammers (primarily out of India) use autodialers to cold-call everyone in the US. Any file they point out to you or command they have you run is completely benign. The software they sell you is either freeware or ineffective. What to do you if you're involved with this scam: If the scammers are remotely on your computer as you read this, turn off your PC or laptop via the power button immediately, and then if possible unplug your internet connection. Some of the more vindictive tech scammers have been known to create boot passwords on your computer if they think you've become wise to them and aren't going to pay up. Hang up on the scammers, block the number, and ignore any threats about payment. Performing a system restore on your PC is usually all that is required to remove the scammer's common remote access software. Reports of identity theft from fake tech calls are uncommon, but it would still be a good idea to change your passwords for online banking and monitor your accounts for any possible fraud. How to avoid: Ignore any calls claiming that your PC has a virus. Microsoft will never contact you. If you're unsure if a call claiming to be from your ISP is legit, hang up, and then dial the customer support number listed on a recent bill. If you have elderly relatives or family that isn't tech savvy, take the time to fill them in on this scam. Chinese government scam This scam is aimed at Chinese people living in Europe and North America, and involves a voicemail from someone claiming to be associated with the Chinese government, usually through the Chinese consulate/embassy, who is threatening legal action or making general threats. Chinese shipping scam This scam is similar to the Chinese government scam, but involves a seized/suspicious package, and the scammers will connect the victim to other scammers posing as Chinese government investigators. Social security suspension scam You will receive a call from someone claiming to work for the government regarding suspicious activity, fraud, or serious crimes connected to your social security number. You'll be asked to speak to an operator and the operator will explain the steps you need to follow in order to fix the problems. It's all a scam, and will lead to you losing money and could lead to identity theft if you give them private financial information. Utilities cutoff You get a call from someone who claims that they are from your utility company, and they claim that your utilities will be shut off unless you immediately pay. The scammer will usually ask for payment via gift cards, although they may ask for payment in other ways, such as Western Union or bitcoin. Relative in custody Scammer claims to be the police, and they have your son/daughtenephew/estranged twin in custody. You need to post bail (for some reason in iTunes gift cards or MoneyGram) immediately or the consequences will never be the same. Mexican family scam This scam comes in many different flavours, but always involves someone in your family and Mexico. Sometimes the scammer will claim that your family member has been detained, sometimes the scammer will claim that your family member has been kidnapped, and sometimes the scammer will claim that your family member is injured and needs help. General family scams Scammers will gather a large amount of information about you and target your family members using different stories with the goal of gettimg them to send money. One ring scam Scammers will call you from an international number with the goal of getting you to return their call, causing you to incur expensive calling fees.
Online shopping scams
THE GOLDEN RULE OF ONLINE SHOPPING: If it sounds too good to be true, it probably is. Dropshipping An ad on reddit or social media sites like Facebook and Instagram offers items at huge discounts or even free (sometimes requiring you to reblog or like their page). They just ask you to pay shipping. The scam: The item will turn out to be very low quality and will take weeks or even months to arrive. Sometimes the item never arrives, and the store disappears or stops responding. The seller drop-ships the item from China. The item may only cost a few dollars, and the Chinese government actually pays for the shipping. You end up paying $10-$15 dollars for a $4 item, with the scammer keeping the profit. If you find one of these scams but really have your heart set on the item, you can find it on AliExpress or another Chinese retailer. Influencer scams A user will reach out to you on a social media platform, usually Instagram, and offer you the chance to partner with them and receive a free/discounted product, as long as you pay shipping. This is a different version of the dropshipping scam, and is just a marketing technique to get you to buy their products. Triangulation fraud Triangulation fraud occurs when you make a purchase on a site like Amazon or eBay for an item at a lower than market price, and receive an item that was clearly purchased new at full price. The scammer uses a stolen credit card to order your item, while the money from the listing is almost all profit for the scammer. Instagram influencer scams Someone will message you on Instagram asking you to promote their products, and offering you a discount code. The items are Chinese junk, and the offer is made to many people at a time. Cheap Items Many websites pop up and offer expensive products, including electronics, clothes, watches, sunglasses, and shoes at very low prices. The scam: Some sites are selling cheap knock-offs. Some will just take your money and run. What to do if you think you're involved with this scam: Contact your bank or credit card and dispute the charge. How to avoid: The sites often have every brand-name shoe or fashion item (Air Jordan, Yeezy, Gucci, etc) in stock and often at a discounted price. The site will claim to be an outlet for a major brand or even a specific line or item. The site will have images at the bottom claiming to be Secured by Norton or various official payment processors but not actual links. The site will have poor grammar and a mish-mash of categories. Recently, established websites will get hacked or their domain name jacked and turned into scam stores, meaning the domain name of the store will be completely unrelated to the items they're selling. If the deal sounds too good to be true it probably is. Nobody is offering brand new iPhones or Beats or Nintendo Switches for 75% off. Cheap Amazon 3rd Party Items You're on Amazon or maybe just Googling for an item and you see it for an unbelievable price from a third-party seller. You know Amazon has your back so you order it. The scam: One of three things usually happen: 1) The seller marks the items as shipped and sends a fake tracking number. Amazon releases the funds to the seller, and the seller disappears. Amazon ultimately refunds your money. 2) The seller immediately cancels the order and instructs you to re-order the item directly from their website, usually with the guarantee that the order is still protected by Amazon. The seller takes your money and runs. Amazon informs you that they do not offer protection on items sold outside of Amazon and cannot help you. 2) The seller immediately cancels the order and instructs you to instead send payment via an unused Amazon gift card by sending the code on the back via email. Once the seller uses the code, the money on the card is gone and cannot be refunded. How to avoid: These scammers can be identified by looking at their Amazon storefronts. They'll be brand new sellers offering a wide range of items at unbelievable prices. Usually their Amazon names will be gibberish, or a variation on FIRSTNAME.LASTNAME. Occasionally however, established storefronts will be hacked. If the deal is too good to be true its most likely a scam. Scams on eBay There are scams on eBay targeting both buyers and sellers. As a seller, you should look out for people who privately message you regarding the order, especially if they ask you to ship to a different address or ask to negotiate via text/email/a messaging service. As a buyer you should look out for new accounts selling in-demand items, established accounts selling in-demand items that they have no previous connection to (you can check their feedback history for a general idea of what they bought/sold in the past), and lookout for people who ask you to go off eBay and use another service to complete the transaction. In many cases you will receive a fake tracking number and your money will be help up for up to a month. Scams on Amazon There are scams on Amazon targeting both buyers and sellers. As a seller, you should look out for people who message you about a listing. As a buyer you should look out for listings that have an email address for you to contact the person to complete the transaction, and you should look out for cheap listings of in-demand items. Scams on Reddit Reddit accounts are frequently purchased and sold by fraudsters who wish to use the high karma count + the age of the account to scam people on buy/sell subreddits. You need to take precautions and be safe whenever you are making a transaction online. Computer scams Virus scam A popup or other ad will say that you have a virus and you need to follow their advice in order to remove it. They are lying, and either want you to install malware or pay for their software.
Chinese Brushing / direct shipping If you have ever received an unsolicited small package from China, your address was used to brush. Vendors place fake orders for their own products and send out the orders so that they can increase their ratings. Money flipping Scammer claims to be a banking insider who can double/triple/bazoople any amount of money you send them, with no consequences of any kind. Obviously, the money disappears into their wallet the moment you send it.
Door to door scams
As a general rule, you should not engage with door to door salesmen. If you are interested in the product they are selling, check online first. Selling Magazines Someone or a group will come to your door and offer to sell a magazine subscription. Often the subscriptions are not for the duration or price you were told, and the magazines will often have tough or impossible cancellation policies. Energy sales Somebody will come to your door claiming to be from an energy company. They will ask to see your current energy bill so that they can see how much you pay. They will then offer you a discount if you sign up with them, and promise to handle everything with your old provider. Some of these scammers will "slam" you, by using your account number that they saw on your bill to switch you to their service without authorization, and some will scam you by charging higher prices than the ones you agreed on. Security system scams Scammers will come to your door and ask about your security system, and offer to sell you a new one. These scammers are either selling you overpriced low quality products, or are casing your home for a future burglary. They ask to enter your home While trying to sell you whatever, they suddenly need to use your bathroom, or they've been writing against the wall and ask to use your table instead. Or maybe they just moved into the neighborhood and want to see how you decorate for ideas. They're scoping out you and your place. They want to see what valuables you have, how gullible you are, if you have a security system or dogs, etc.
Begging With a Purpose "I just need a few more dollars for the bus," at the bus station, or "I just need $5 to get some gas," at a gas station. There's also a variation where you will be presented with a reward: "I just need money for a cab to get uptown, but I'll give you sports tickets/money/a date/a priceless vase." Three Card Monte, Also Known As The Shell Game Unbeatable. The people you see winning are in on the scam. Drop and Break You bump into someone and they drop their phone/glasses/fancy bottle of wine/priceless vase and demand you pay them back. In reality, it's a $2 pair of reading glasses/bottle of three-buck-chuck/tasteful but affordable vase. CD Sales You're handed a free CD so you can check out the artist's music. They then ask for your name and immediately write it on the CD. Once they've signed your name, they ask you for money, saying they can't give it to someone else now. Often they use dry erase markers, or cheap CD sleeves. Never use any type of storage device given to you by a random person, as the device can contain malware. White Van Speaker Scam You're approached and offered speakers/leather jackets/other luxury goods at a discount. The scammer will have an excuse as to why the price is so low. After you buy them, you'll discover that they are worthless. iPhone Street Sale You're approached and shown an iPhone for sale, coming in the box, but it's open and you can see the phone. If you buy the phone, you'll get an iPhone box with no iPhone, just some stones or cheap metal in it to weigh it down. Buddhist Monk Pendant A monk in traditional garb approaches you, hands you a gold trinket, and asks for a donation. He holds either a notebook with names and amounts of donation (usually everyone else has donated $5+), or a leaflet with generic info. This is fairly common in NYC, and these guys get aggressive quickly. Friendship Bracelet Scam More common in western Europe, you're approached by someone selling bracelets. They quickly wrap a loop of fabric around your finger and pull it tight, starting to quickly weave a bracelet. The only way to (easily) get it off your hand is to pay. Leftover sales This scam involves many different items, but the idea is usually the same: you are approached by someone who claims to have a large amount of excess inventory and offers to sell it to you at a great price. The scammer actually has low quality items and will lie to you about the price/origin of the items. Dent repair scams Scammers will approach you in public about a dent in your car and offer to fix it for a low price. Often they will claim that they are mechanics. They will not fix the dent in your car, but they will apply large amounts of wax or other substances to hide the dent while they claim that the substance requires time to harden. Gold ring/jewelry/valuable item scam A scammer will "find" a gold ring or other valuable item and offers to sell it to you. The item is fake and you will never see the scammer again. Distraction theft One person will approach you and distract you, while their accomplice picks your pockets. The distraction can take many forms, but if you are a tourist and are approached in public, watch closely for people getting close to you.
From Conspiracy to Fact: An analysis of the COVID-19 Pandemic, Information Control, and the New World Order (Appendix includes hundreds of citations) - PART 1
UPDATE: This article is now available as a printable PDF with embedded hyperlinks for navigation through sources. This link will be valid thru July 9: https://ufile.io/4mpkg4x6
PLEASE NOTE: This article may be updated periodically with new information and links as they become available. All referenced information and a whole lot more is indexed and linked in the relatedappendix posts.Please feel free to crosspost, share, and take from my ideas to build your own. Namaste. Part 1 | Part 2 | Appendix A | Appendix B Hello. My name is Chris. I am nobody, really. An average citizen. I am an overweight 42 year old white male from the Midwestern suburbs of the US who has been fortunate enough to live a pretty comfortable life. I used to be a freelance graphic designer with a focus on small businesses, but I'm coming to terms with the fact that that career and part of my life is more than likely over in light of current events. Oh well, it was fun while it lasted. I've always been concerned about social injustice and tried to stay politically informed, even dabbling in some activism here and there. At times I've stepped away from paying attention for my own mental health, or due to laziness, defeatism, whatever. But I've never stopped caring, or trying, to fight the good fight and do the right thing. The news recently has of course swept us all up, and touched all our lives in some way or another. The world has never seen anything like the "Coronavirus Pandemic," and it's clear that our society will be changed forever when we finally come out the other end of this mess. But I've had the luxury of time recently, and in reading the news about things that were going on, I couldn't help but notice the patterns, and that a lot of stuff didn't exactly make sense. So, here we go, with the "conspiracy theory." I hate that term, because although it's technically accurate, it's been demonized and weaponized by the media and society at large to take on a bad connotation. Tinfoil hats, alien abductions, crazy people muttering to themselves, etc. You've no doubt got a lot of images in your mind of a conspiracy theorist. And make no mistake, what I'm going to tell you here is all currently very popular conspiracy theory. However, I think that by removing opinions and conjecture from it, and focusing on facts and things that have already happened, I can present this huge amount of overwhelming, disparate information in a way that makes it less a "theory" and more a "research project." And so that is how I have approached this. I have spent the last week doing little else besides reading every news and opinion article I could find, saving and organizing hundreds of links, and assembling a coherent, logical outline to organize and present these theories, and more importantly, facts. There are a lot of less-than-reputable sites and publications out there, and I have tried when at all possible to provide sources from verifiable news sites, with a wide range of slants and focuses, to illustrate that what is happening is not part of any one particular political agenda. I hope that you take the time to check the links, really look into the information presented here, and form your own opinions. Please do not just take my word for it. To that end, there are also a few links mixed in that are labeled as having come from conspiracy. These are well-written and well-reasoned posts from other concerned citizens that I think are worth reading, and relevant to the discussion here. One last thing - If you are new to most of these ideas, the information presented here is more than likely going to seem overwhelming at first. I encourage you now, and always, to take mental health breaks for yourself, and put down your phone or turn off your computer. The information will be here when you come back. And as you'll soon understand, what is happening is an unstoppable tide, truly a force of nature at this point, and there is nothing you can do to fight it, so try your hardest to relax, put on some chill music, hug your dog, and most of all... BREATHE. - - - - - - - - - - - - - - - - - - - - - If you start researching conspiracy theory, you're going to find a lot of information. Some much better or worse presented than others, and some much more plausible or unbelievable than others. Despite the seeming ridiculousness of some things you might read, I encourage you to always approach new information with an open mind. That said though, I have one main principle that guides all my beliefs about conspiracy theories, and that is the "Filter of Likelihood." Essentially, you have to ask yourself how possible, how likely, and how feasible a piece of information is. Furthermore, you need to ask yourself what the motivation would be. In many cases, it's quite easy to see how something makes a lot of sense based on other known info, whereas some theories seem rather implausible no matter how you look at it. I am interested only in the plausible, and where possible, the already actualized. Additionally, there's a lot to be said, and a lot that has already been written on many of these topics, so I will focus on current events and simple concepts. I will also ask you to open your mind to possibility. Please consider this as you evaluate new information:
Do you believe there are things going on in the world that you don't know about yet?
Do you believe that there is technology and science you've never heard of?
Do you believe that society is progressing at an increasing rate?
Do you believe that as populations grow, we require new societal strategies?
Do you believe that those with power and money want to retain their power and money?
Of course you believe all these things, and none of these are wild or unusual concepts. Rather, these are very basic concepts that apply to everyone, and always have. They are all part of our shared human experience, and undeniable facts of life. Populations grow, societies evolve, technology advances, and the world changes. And most important to our discussion here, people, families, and empires constantly jockey for power and control, while fighting for resources, power, fame, and... MONEY. We all hate TicketMaster, right? Who do they think they are, what the hell is this bullshit "service fee," etc. It's something everyone can get behind. But did you know that TicketMaster willingly cultivates that image? That venues, teams, and artists, in their pursuit of more money, raise fees and then let TicketMaster be the bad guy and take the heat so their reputations remain intact? There are many more people, organizations, and other entities in the world playing that same role for those who really have the money, who really call the shots. And those who call the shots work very hard and spend absolutely unfathomable amounts of money, time, and blood, to make sure that you don't ever realize who's actually taking your money. They do this in the simplest, easiest way. If you simply control information from the top down, and disseminate it when and where you see fit, you can effect great societal change without lifting a finger. Please imagine... really, try to imagine... You just read an article, saw a video, whatever, from a very, very reputable source. And it just informed you that an asteroid was 83% likely to impact the Earth next month. What would you do? What would happen in the world? Hopefully an asteroid will not hit next month, but it's important to really imagine what would happen and why, and how. Because a huge amount of information would be generated and published, people would panic, society would crumble, and the world as you know it would change forever in an instant, the moment you read that headline. Control of information is one of the most powerful tools known to mankind today. A person living in 2020 can easily encounter as much information in a day as someone in Medieval times might have encountered in a lifetime. And it comes at you from all angles, in all forms, non-stop, 24/7. Much like the water in the pipe, the information is always there, and one needs but turn it on. Disseminating the information then becomes a practice all its own, and to be sure, information processing accounts for more than half of the US GDP. And the rate at which it's spread, and way it is handled makes a huge difference in the societal repercussions. So a few different techniques are used:
The "Slow Walk" - If a large, unexpected piece of information is given suddenly, people tend to react poorly and irrationally. Also known as "letting them down easily," this technique restricts the flow of information to prevent the audience from balking or being overwhelmed
The "Steady Drip" - This technique involves keeping your audience subjected to a constant stream of the desired information, so that they become accustomed to it and it becomes "normalized"
The "Firehose" - A deluge of information flying out at full blast, designed to overwhelm the audience so that they cannot focus on anything else
It might be the greatest understatement of all time to say that there has been a lot of information passed around about COVID-19, the "Coronavirus," recently. In fact, there has never been anything like what we are currently experiencing in all of human history, and not by a long shot. And this unprecedented turn of events has caused a lot of people to react in a lot of ways, and say and do a lot of things, for better or for worse. Full disclosure: In particular, if you look up conspiracy theory, you'll see a lot of stuff suggesting that the "Coronavirus is a hoax." (You'll also find a lot of poorly-written rambling) I want to be clear that I DO NOT believe that. I am 100% sure that there is a Coronavirus, that it is making people sick, that a lot of people are dying, and that our medical professionals and many other undervalued workers are overwhelmed, and breaking their backs every day to do their best to keep their friends, families, and loved ones safe. I am extraordinarily grateful for them and admire the resolve and bravery that so many have shown in the face of this disaster. I do not think it is a hoax at all. However, I think that literally everything else that is happening surrounding the "pandemic" is. - - - - - - - - - - - - - - - - - - - - - The Pandemic In the first week of January this year, I got sick. Really sick. I know when I got it and who I got it from, and honestly the exact moment I got it (I only was in proximity of the dude for a few minutes). He had warned me that he was really sick, and I blew it off. I started feeling sick a day or two later, and a day or two after that I felt like I was dying. Fever, chills, aches, extraordinary fatigue. And literal, nonstop, 24/7 coughing. I had every single symptom of what we now know as COVID-19. I commented to anyone who would listen that I didn't recall ever feeling that sick before in my entire life. The most memorable part of it though was that after a couple days, I completely lost my sense of smell and taste. Joked a lot about how you could feed me onions and soap cause I'd have no idea. I try to have a good attitude about being sick. I spent a week sleeping on the couch before I finally went to the doctor. She gave me a Prednisolone steroid pack (which has worked well for me in the past), some Trazodone to knock me out, and Benzonatotate for my cough. As soon as I took the first dose of steroids I started to feel pretty fucking great, and it was more or less a non-issue after that. I spoke to a lot of people about it then and after, and man, I can't tell you how many stories I personally heard from people I know that said the exact same thing. Then I started reading the same story over and over again on Reddit:
We didn't start really hearing about the Coronavirus in the media until the beginning of March, and we didn't hear about the "Pandemic" until just a couple weeks ago. And what a couple weeks it's been since then. But I am quite certain that it's been around for a lot longer and that I, and a lot of other people I know, had it - and DID NOT DIE FROM IT - way back in January. We now know that the first documented case in the US was on January 19th, but that word "documented" is so, so important here. That means that we had identified the virus, developed a test, and tested a person with the symptoms that day. It does NOT mean that was when the virus reached the United States. How sick do you have to be before you take a day off work? Before you go to the doctor? With America's healthcare system or lack thereof, it's almost certain that many people had this virus before we determined what it was, and how infectious it really was. There is also the matter of the statistics of severity vs the regular flu. This is a highly contentious topic and I am no medical expert, and do not wish to make any assertions. However, what I can tell you from my personal experience is this: I had a horrible "flu" in January, got basic medicine, got better. So, either I had the flu, or perhaps I did indeed have the Coronavirus. We will never know because I was never tested. But the important thing is that it doesn't matter. Either I (and many others) had the Coronavirus and it did not kill us (calling into question the severity of the infection) or we just had a bad cold or flu, but it had the exact same symptoms as COVID-19 (calling into question the extent of Coronavirus diagnoses). But logically, one of those two statements is true. Furthermore, the data keeps changing, and I don't mean increasing on a daily basis. I mean up and down, back and forth, it is deadly or maybe it isn't, etc. On January 14 the WHO told you it couldn't spread from human to human. But then on Jan 19 we saw the first case of Coronavirus in the United States. Then it turns out that the Wuhan market outbreak began earlier in December. And then it's an "epidemic," but most people will only get mild symptoms. What are you supposed to believe? And it sure does seem to come at you as a firehose, and it's hard to even think about anything because OHMYGODTHECORONAVIRUS! But let's stop and look a couple basic facts. As a matter of fact, I'm going to let Dr. Sucharit Bhakdi explain this one to you. This is a very informative 10 minute video, watch it: Sucharit Bhakdi - Very clear math showing that the COVID statistics are being manipulated So 80% of people only experience mild symptoms, and we're crashing the economy for this? The statistics aren't any more extreme than many other illnesses we've had over time, and we're crashing the economy for this? It doesn't make sense until you consider that there are other factors besides just the virus at play. Wolfgang Wodard - Explaining how the statistics are being manipulated to cause panic The media, and society at large is inundating you with terrifying information about the Coronavirus. But if it's not as bad as we originally thought, then why? We don't freak out about every illness that comes along, and we've certainly never in the history of civilization had over 1/3 of the global population locked down under mandatory quarantine. And then there's the debate about where the virus came from. We believe it came from a meat market in China, under unsanitary conditions. The science behind a coronavirus making the leap from one species to another is well-established and researched, and it is a very likely scenario. There are also conspiracy theories that state that China released it on its people intentionally, or even that the US military released it in China. Again, we will never know exactly where this Coronavirus came from. It may be natural, it may be man made, and there are very plausible paths for both. I don't know what to believe myself. So here I ask you to make your own judgement based on likelihood. What we do know though is that the state of the world this virus has been unleashed on has played a major factor in its spread. In 1950 the global population was 2.5 billion, and that has exploded to almost 8 billion people in 2020. As a matter of fact, population growth has been exponential since about the time of the Industrial Revolution. With all these people on the planet there are sure to be many disagreements and conflicts, and there indeed have been. As a matter of fact, 2019 saw global protests on an unprecedented scale, in Hong Kong, France, Syria, and many other countries. Citizens have literally been fighting police and military with rocks, clubs, arrows, and molotov cocktails. Did you know that? Despite my seeing headlines and pictures every day of the riots in Hong Kong, I have been shocked to learn that multiple of my close friends, intelligent and aware people, had no knowledge whatsoever of the protests even existing. But that is far from a coincidence; rather, it is quite by design. - - - - - - - - - - - - - - - - - - - - - Billionaires and Coincidences Another major talking point over the last 5 to 10 years has been the "1%" - the handful of super-rich individuals who posess and control the vast majority of the Earth's wealth and resources. Where it used to just be a numerical term, "Billionaire" is now a dirty word, and one of the nastiest. We all hate billionaires. They are evil, and profit off the exploitation of the rest of the world. The "Illuminati" we call them, in pursuit of a "New World Order." Crazy stuff, right? Mysterious symbols and people in black robes doing nefarious things in secret meetings, and running the world from behind the scenes. We love the Illuminati, it's a huge pop culture thing now. The subject of endless speculation, they are made fun of in the media, movies, and now Taco Bell commercials. It's so far fetched it could never really be true. And the fact that you think that is by design as well. So, we don't know where the Coronavirus came from, but it's certainly here, and there are lot of other things unfolding in the world around it. Many different current events from all different places and fields of study. Some of it seems a little too coincidental. It is certainly very coincidental that this economically destructive Coronavirus entered the world right as there were global uprisings, protests in the street, and a growing public hatred for billionaires. Well, here are a few other coincidences: Hundreds of CEOs of major companies stepped down from their positions in recent months. Multiple US Senators sold stock right before the market crashed. Even the boss of the New York Stock Exchange sold his own stock right before the crash. Did they know something they weren't telling us? Here's another coincidence. In 2010, The Rockefeller Foundation published a selection of future-predicting scenarios in the name of "exploring the ways that technology and development could co-evolve." One of these four scenarios, entitled "Lock Step," eerily predicts a global viral pandemic and the resulting hypothetical consequences, which almost exactly mirrors the COVID-19 pandemic we are in the midst of today. Also coincidental: The first case of COVID-19 was diagnosed in China on November 17th, 2019. Literally one month earlier, The Johns Hopkins Center for Health Security in partnership with the World Economic Forum and the Bill and Melinda Gates Foundation hosted Event 201, a high-level pandemic exercise on October 18, 2019, in New York, NY. In this exercise, they discuss the potential implications and consequences of a novel Coronavirus, including an economic crash, martial law, and of particular interest, the control of information. (You can view some published highlights here) The World Economic Forum is comprised of the richest of the rich. The 1%. The Billionaires. CEO's, politicians, business owners, and many other powerful and influential figures. They meet regularly to discuss topics of global concern, and strongly control the dissemination of information. And of primary concern to many of them is maintaining their wealth and power in a rapidly-changing world. And finally, here's one more coincidence: At the exact same time as the Event 201 exercise, The World Military Games was held in Wuhan, China, Oct 18-27, 2019. It was the largest military sports event ever to be held in China, with nearly 10,000 athletes from over 100 countries competing in 27 sports. Wuhan China was, as we now believe, the source of our current global COVID-19 outbreak. Whether you think it is a "conspiracy" or not, that is all certainly coincidental, to say the least. - - - - - - - - - - - - - - - - - - - - - "Why didn't I hear about any of this?" That's an excellent question, and one that likely has multiple answers. For starters, how much do you really pay attention? Where do you get your news from? Do you research things you hear or just accept them on hearsay? Critical thinking skills are paramount in making sense of the chaos unfolding all around us. As I mentioned before, I can tell you that I personally know multiple people who had no clue whatsoever about the riots in Hong Kong last year. As you read this, you may be one of them. And it may seem like something that is happening far away, and "could never happen here." Or you may have been aware of it but just that it was happening. But please, consider for a moment: millions of average citizens risked their lives and safety in the streets of Hong Kong for months on end, fighting police and military, and transforming the city they lived in into a warzone. WHY? Why would people do something like that? Regardless of their motivations, that many people were banding together to fight for something they believed in. And that is worth considering. It's not really your fault though that you may not catch wind of all this news. The "mainstream media" that you hear about all the time deliberately controls information - downplaying threats and overreacting to silly things - in order to make sure that you hear the version of the news that they want you to hear. Did you know that only 6 corporations control 90% of the media In America? That number is reduced from 50 companies in the 80's. And literally all the news you see on TV, at the very least, is 100% owned and controlled by these companies. Lately, distrust is growing for cable news networks, and many people turn to their local hometown station for trusted news. The problem with that though is that your hometown station is probably owned by Sinclair Media, one of the most powerful broadcast networks in the country that you've never heard of. Please watch this very brief video, illustrating the chokehold that Sinclair Media maintains over your nightly local news broadcast: https://www.youtube.com/watch?v=hWLjYJ4BzvI Of course, not every piece of news is pre-programmed but a lot is. The real news is out there, but sometimes you have to look a little deeper than the infographics on TV news. Even if information is being directed from the top down, the boots on the ground tend to be passionate people with a variety of interests and agendas, and they are still doing their best to do real journalism despite corporate oversight. Think of those who are directing the information as steering an impossibly massive ship with a rudder. You can slowly adjust the course of direction, however it is slow to react. If you want to stop, you have to start thinking about stopping wayyy ahead of time. And similarly, once it gets underway, it is then influenced by an inertia all its own. Micro controls and adjustments aren't really possible. Our society is this giant ship. There are 8 billion people on this earth - that is 8000 million. An incomprehensible number that grows rapidly every day. As civilization grows and advances, so does our medicine, our technology, our cultural norms. These are all natural processes that are necessary to manage an increasing number of societies all around the globe. And many of the advances we're making have exciting potential benefits for humanity, although as with all tools, they also inherently possess the potential for abuse. Here are some other things happening in society right now, some you may be aware of and many you may not:
RealID - The Real ID law requires people to show security-enhanced IDs to pass through airport security checkpoints or to enter certain federal facilities.
Traffic Cameras - Most people know that there are traffic cameras in an increasing number of areas, some of which can assess your speed and issue you a ticket automatically.
Automation Everywhere - Beyond assembly lines, robots are continually performing more types of tasks from ever more companies, replacing human employees at an increasing rate.
Automated Trucks - Autonomous trucks are coming soon that can see forward over a half mile, farther than any other autonomous system in the world, and run during the day, the night and even in the rain.
Global Satellite Internet - Elon Musk's SpaceX recently launched its fourth batch of internet-beaming satellites, as the company builds a broadband internet business by deploying thousands of satellites into orbit
Bitcoin and Cryptocurrency - As digital payments become more and more prevalent, digital currency uses cryptography to secure and verify transactions as well as to control the creation of new units of a particular cryptocurrency.
Voluntary Nanochipping - People are having microchips implanted into their bodies so that they don't need to carry key cards, IDs, and even train tickets.
Programmable Viruses - As antibiotic-resistant bacteria becomes a greater problem, viruses are being engineered to fight the bacteria in targeted ways
Facial Recognition Technology - Airports are using facial-recognition cameras to confirm passenger identity. Mobile phone makers are using face recognition for biometric security. Retailers are using it to prevent violence and crime, and for advertising.
Thermal Scanners - Airports, casinos, and grocery stores are screening passengers for sickness. In China, this data is being used to control traffic.
ID2020 - Microsoft co-founder Bill Gates is developing human-implantable capsules that have ‘digital certificates’ which can contain financial data, medical records, tracking tech, and more.
There is an interesting chicken or egg relationship between science fiction and real world science. Sci-fi writers are inspired by the real science of the day, then they apply their creativity to imagine what might be in the future. Young scientists encounter these fantastical ideas and think they are worth pursuing, and then set about to make them a reality, and the cycle continues. Futuristic concepts are then preempted and introduced through the media to the conscious mind, as we include them in books, movies, TV, video games, and more. Eventually we start seeing headlines of these new technologies and developments happening in other places, usually Japan and China first due to their prevalence in the industrial and technological sectors of our global economy. - - - - - - - - - - - - - - - - - - - - -
Crypto-Powered - The Most Promising Use-Cases of Decentralized Finance (DeFi)
A whirlwind tour of Defi, paying close attention to protocols that we’re leveraging atGenesis Block. https://reddit.com/link/hrrt21/video/cvjh5rrh12b51/player This is the third post ofCrypto-Powered— a new series that examines what it means forGenesis Blockto be a digital bank that’s powered by crypto, blockchain, and decentralized protocols. Last week we explored how building on legacy finance is a fool’s errand. The future of money belongs to those who build with crypto and blockchain at their core. We also started down the crypto rabbit hole, introducing Bitcoin, Ethereum, and DeFi (decentralized finance). That post is required reading if you hope to glean any value from the rest of this series. 97% of all activity on Ethereum in the last quarter has been DeFi-related. The total value sitting inside DeFi protocols is roughly $2B — double what it was a month ago. The explosive growth cannot be ignored. All signs suggest that Ethereum & DeFi are a Match Made in Heaven, and both on their way to finding strong product/market fit. So in this post, we’re doing a whirlwind tour of DeFi. We look at specific examples and use-cases already in the wild and seeing strong growth. And we pay close attention to protocols that Genesis Block is integrating with. Alright, let’s dive in.
Stablecoins are exactly what they sound like: cryptocurrencies that are stable. They are not meant to be volatile (like Bitcoin). These assets attempt to peg their price to some external reference (eg. USD or Gold). A non-volatile crypto asset can be incredibly useful for things like merchant payments, cross-border transfers, or storing wealth — becoming your own bank but without the stress of constant price volatility. There are major governments and central banks that are experimenting with or soon launching their own stablecoins like China with their digital yuan and the US Federal Reserve with their digital dollar. There are also major corporations working in this area like JP Morgan with their JPM Coin, and of course Facebook with their Libra Project.
Stablecoin activity has grown 800% in the last year, with $290B of transaction volume (funds moving on-chain).
USDC($1B): This is the most reputable USD-backed stablecoin, at least in the West. It was created by Coinbase & Circle, both well-regarded crypto companies. They’ve been very open and transparent with their audits and bank records.
DAI ($189M): This is backed by other crypto assets — not USD in a bank account. This was arguably the first true DeFi protocol. The big benefit is that it’s more decentralized — it’s not controlled by any single organization. The downside is that the assets backing it can be volatile crypto assets (though it has mechanisms in place to mitigate that risk).
Three of the top five DeFi protocols relate to lending & borrowing. These popular lending protocols look very similar to traditional money markets. Users who want to earn interest/yield can deposit (lend) their funds into a pool of liquidity. Because it behaves similarly to traditional money markets, their funds are not locked, they can withdraw at any time. It’s highly liquid. Borrowers can tap into this pool of liquidity and take out loans. Interest rates depend on the utilization rate of the pool — how much of the deposits in the pool have already been borrowed. Supply & demand. Thus, interest rates are variable and borrowers can pay their loans back at any time.
So, who decides how much a borrower can take? What’s the process like? Are there credit checks? How is credit-worthiness determined?
These protocols are decentralized, borderless, permissionless. The people participating in these markets are from all over the world. There is no simple way to verify identity or check credit history. So none of that happens. Credit-worthiness is determined simply by how much crypto collateral the borrower puts into the protocol. For example, if a user wants to borrow $5k of USDC, then they’ll need to deposit $10k of BTC or ETH. The exact amount of collateral depends on the rules of the protocol — usually the more liquid the collateral asset, the more borrowing power the user can receive. The most prominent lending protocols include Compound, Aave, Maker, and Atomic Loans. Recently, Compound has seen meteoric growth with the introduction of their COMP token — a token used to incentivize and reward participants of the protocol. There’s almost $1B in outstanding debt in the Compound protocol. Mainframe is also working on an exciting protocol in this area and the latest iteration of their white paper should be coming out soon.
There is very little economic risk to these protocols because all loans are overcollateralized.
Buying, selling, and trading crypto assets is certainly one form of investing (though not for the faint of heart). But there are now DeFi protocols to facilitate making and managing traditional-style investments. Through DeFi, you can invest in Gold. You can invest in stocks like Amazon and Apple. You can short Tesla. You can access the S&P 500. This is done through crypto-based synthetics — which gives users exposure to assets without needing to hold or own the underlying asset. This is all possible with protocols like UMA, Synthetix, or Market protocol. Maybe your style of investing is more passive. With PoolTogether , you can participate in a no-loss lottery. Maybe you’re an advanced trader and want to trade options or futures. You can do that with DeFi protocols like Convexity, Futureswap, and dYdX. Maybe you live on the wild side and trade on margin or leverage, you can do that with protocols like Fulcrum, Nuo, and DDEX. Or maybe you’re a degenerate gambler and want to bet against Trump in the upcoming election, you can do that on Augur. And there are plenty of DeFi protocols to help with crypto investing. You could use Set Protocol if you need automated trading strategies. You could use Melonport if you’re an asset manager. You could use Balancer to automatically rebalance your portfolio. With as little as $1, people all over the world can have access to the same investment opportunities and tools that used to be reserved for only the wealthy, or those lucky enough to be born in the right country.
You can start to imagine how services like Etrade, TD Ameritrade, Schwab, and even Robinhood could be massively disrupted by a crypto-native company that builds with these types of protocols at their foundation.
As mentioned in our previous post, there are near-infinite applications one can build on Ethereum. As a result, sometimes the code doesn’t work as expected. Bugs get through, it breaks. We’re still early in our industry. The tools, frameworks, and best practices are all still being established. Things can go wrong. Sometimes the application just gets in a weird or bad state where funds can’t be recovered — like with what happened with Parity where $280M got frozen (yes, I lost some money in that). Sometimes, there are hackers who discover a vulnerability in the code and maliciously steal funds — like how dForce lost $25M a few months ago, or how The DAO lost $50M a few years ago. And sometimes the system works as designed, but the economic model behind it is flawed, so a clever user takes advantage of the system— like what recently happened with Balancer where they lost $500k. There are a lot of risks when interacting with smart contracts and decentralized applications — especially for ones that haven’t stood the test of time. This is why insurance is such an important development in DeFi.
Insurance will be an essential component in helping this technology reach the masses.
Decentralized Exchanges (DEX) were one of the first and most developed categories in DeFi. A DEX allows a user to easily exchange one crypto asset for another crypto asset — but without needing to sign up for an account, verify identity, etc. It’s all via decentralized protocols. Within the first 5 months of 2020, the top 7 DEX already achieved the 2019 trading volume. That was $2.5B. DeFi is fueling a lot of this growth. https://preview.redd.it/1dwvq4e022b51.png?width=700&format=png&auto=webp&s=97a3d756f60239cd147031eb95fc2a981db55943 There are many different flavors of DEX. Some of the early ones included 0x, IDEX, and EtherDelta — all of which had a traditional order book model where buyers are matched with sellers. Another flavor is the pooled liquidity approach where the price is determined algorithmically based on how much liquidity there is and how much the user wants to buy. This is known as an AMM (Automated Market Maker) — Uniswap and Bancor were early leaders here. Though lately, Balancer has seen incredible growth due mostly to their strong incentives for participation — similar to Compound. There are some DEXs that are more specialized — for example, Curve and mStable focus mostly only stablecoins. Because of the proliferation of these decentralized exchanges, there are now aggregators that combine and connect the liquidity of many sources. Those include Kyber, Totle, 1Inch, and Dex.ag.
These decentralized exchanges are becoming more and more connected to DeFi because they provide an opportunity for yield and earning interest.
As it relates to making payments, much of the world is still stuck on plastic cards. We’re grateful to partner with Visa and launch the Genesis Block debit card… but we still don’t believe that's the future of payments. We see that as an important bridge between the past (legacy finance) and the future (crypto). Our first post in this series shared more on why legacy finance is broken. We talked about the countless unnecessary middle-men on every card swipe (merchant, acquiring bank, processor, card network, issuing bank). We talked about the slow settlement times. The future of payments will be much better. Yes, it’ll be from a mobile phone and the user experience will be similar to ApplePay (NFC) or WePay (QR Code).
But more importantly, the underlying assets being moved/exchanged will all be crypto — digital, permissionless, and open source.
Someone making a payment at the grocery store check-out line will be able to open up Genesis Block, use contactless tech or scan a QR code, and instantly pay for their goods. All using crypto. Likely a stablecoin. Settlement will be instant. All the middlemen getting their pound of flesh will be disintermediated. The merchant can make more and the user can spend less. Blockchain FTW! Now let’s talk about a few projects working in this area. The xDai Burner Wallet experience was incredible at the ETHDenver event a few years ago, but that speed came at the expense of full decentralization (can it be censored or shut down?). Of course, Facebook’s Libra wants to become the new standard for global payments, but many are afraid to give Facebook that much control (newsflash: it isn’t very decentralized). Bitcoin is decentralized… but it’s slow and volatile. There are strong projects like Lightning Network (Zap example) that are still trying to make it happen. Projects like Connext and OmiseGo are trying to help bring payments to Ethereum. The Flexa project is leveraging the gift card rails, which is a nice hack to leverage existing pipes. And if ETH 2.0 is as fast as they say it will be, then the future of payments could just be a stablecoin like DAI (a token on Ethereum). In a way, being able to spend crypto on daily expenses is the holy grail of use-cases. It’s still early. It hasn’t yet been solved. But once we achieve this, then we can ultimately and finally say goodbye to the legacy banking & finance world. Employees can be paid in crypto. Employees can spend in crypto. It changes everything.
Legacy finance is hanging on by a thread, and it’s this use-case that they are still clinging to. Once solved, DeFi domination will be complete.
At Genesis Block, we’re excited to leverage these protocols and take this incredible technology to the world. Many of these protocols are already deeply integrated with our product. In fact, many are essential. The masses won’t know (or care about) what Tether, USDC, or DAI is. They think in dollars, euros, pounds and pesos. So while the user sees their local currency in the app, the underlying technology is all leveraging stablecoins. It’s all on “crypto rails.” https://preview.redd.it/jajzttr622b51.png?width=700&format=png&auto=webp&s=fcf55cea1216a1d2fcc3bf327858b009965f9bf8 When users deposit assets into their Genesis Block account, they expect to earn interest. They expect that money to grow. We leverage many of these low-risk lending/exchange DeFi protocols. We lend into decentralized money markets like Compound — where all loans are overcollateralized. Or we supply liquidity to AMM exchanges like Balancer. This allows us to earn interest and generate yield for our depositors. We’re the experts so our users don’t need to be. We haven’t yet integrated with any of the insurance or investment protocols — but we certainly plan on it. Our infrastructure is built with blockchain technology at the heart and our system is extensible — we’re ready to add assets and protocols when we feel they are ready, safe, secure, and stable. Many of these protocols are still in the experimental phase. It’s still early.
At Genesis Block we’re excited to continue to be at the frontlines of this incredible, innovative, technological revolution called DeFi.
--- None of these powerful DeFi protocols will be replacing Robinhood, SoFi, or Venmo anytime soon. They never will. They aren’t meant to! We’ve discussed this before, these are low-level protocols that need killer applications, like Genesis Block. So now that we’ve gone a little deeper down the rabbit hole and we’ve done this whirlwind tour of DeFi, the natural next question is: why?
Why does any of it matter?
Most of these financial services that DeFi offers already exist in the real world. So why does it need to be on a blockchain? Why does it need to be decentralized? What new value is unlocked? Next post, we answer these important questions. To look at more projects in DeFi, check outDeFi Prime,DeFi Pulse, orConsensys. ------ Other Ways to Consume Today's Episode:
Crypto-Powered: Build on Legacy Finance, Prepare To Die
The success of today’s high-flying fintech unicorns will be short-lived as long as they’re building on legacy financial infrastructure. https://reddit.com/link/hmw3sm/video/7sbwo5nh7g951/player This is the first post of ourCrypto-Poweredseries where we look at what it means forGenesis Blockto be a digital bank that’s powered by crypto, blockchain, and decentralized protocols. --- Today we start a new series called Crypto-Powered. This will be similar to our last series, Spreading Crypto, but now we’re exploring a new theme. At Genesis Block, we’re building a digital bank that’s powered by crypto, blockchain technology, and decentralized protocols. Yes, lots of buzzwords. What does any of it mean?How does it give us an unfair advantage? What superpowers are unlocked?What are the benefits for users? In this series, we’ll answer all of these questions. Grab some popcorn. Sit down. Put your feet up. Make yourself comfortable. Let us take you on a journey. Let us be your tour guide down the crypto rabbit hole… But hold on! Pump those brakes. Before we dive into the crypto rabbit hole, we need to establish some context. We can’t talk about the future of money unless we first understand the problems of money today. We need to understand what’s broken with legacy finance. So let’s do a quick primer on the current state of finance. That will set the stage for the rest of the series. Alright, let’s go.
Fintech & Unbundling
Over the last decade, legacy financial institutions (banks in particular) haven’t been meeting the needs of younger, more digital generations. As a result, fintech startups have emerged and effectively unbundled the consumer banking stack. Whether it was Robinhood for investing, TransferWise for cross-border payments, SoFi for student loans, Wealthfront for wealth management, or Digit for saving… these innovative upstarts all focused on a single use-case and nailed it. https://preview.redd.it/iwrpg6ek7g951.png?width=800&format=png&auto=webp&s=7648d28955ea4e12795826dc78cdf70d41ffaef1 While great for a period, this led to a lot of fragmentation. Users needed to split their finances across many different services and keep track of what money was where. The cognitive load for many users became overwhelming.
While many of these high-flying fintech unicorns have seen incredible success, I believe it will be short-lived as long as they’re building on legacy financial infrastructure. It’s a realization I’ve come to only recently. In years past, whenever I met a fintech entrepreneur, they’d always suggest that they’d never do a startup in traditional finance again. Too complex. Too expensive. Too slow. I always shrugged it off. Wimps. How hard can it be? I really didn’t believe or understand that pain until we started Genesis Block. And it wasn’t until we began integrating with some of our partners (Evolve Bank & Trust, I2C, Visa, etc) that I really started to understand. https://reddit.com/link/hmw3sm/video/vei2flrq7g951/player The rumors are true. Those fintech entrepreneurs were all right. The pain is real.
Trying to innovate in legacy finance is like running on a hamster wheel blindfolded while powerful, evil rats randomly throw explosives inside.
It feels like you are never making any progress and at any moment you can be destroyed. Luckily at Genesis Block, we’re only integrating with legacy finance at the edges — the onramps and offramps (money in, money out). We’ve worked with great partners and so far have been able to navigate the treacherous terrain.
Legacy Finance is Broken
You must be wondering why and how is it so bad. It’s all the things you’d expect… The antiquated tech stack of financial institutions. The frustrating process of working with big, bureaucratic, slow-moving organizations. The prehistoric payment systems that haven’t improved in decades (for example, ACH payments and their strange batch processing practices). The countless unnecessary middle-men on every card swipe (merchant, acquiring bank, processor, card network, issuing bank). The slow settlement times. Systems rife with fraud. An industry oozing with predatory practices and unethical behavior. The moth-eaten laws & regulations that are NOT innovator-friendly (mostly due to powerful Wall Street incumbents who control politicians). https://reddit.com/link/hmw3sm/video/2hdxxch38g951/player The list goes on and on. Maybe someday we can dedicate an entire series to it. It’ll be a good bedtime story.
The more familiar I become with how legacy finance works, the more convinced I am that the future of money cannot be built on that foundation.
The fintech darlings of Silicon Valley are all building on extremely shaky ground that is ripe for massive disruption. They will spend so much time looking backward (integration, compatibility, regulation) that they will have very little time to look forward (innovation, progress, disruption). They will be tangled in the quagmire of archaic tech and the tentacles of outdated regulation. I don’t believe the ultimate winners in consumer finance will come from the current cohort of fintech unicorns. And that’s because these companies are all building on the pipes of legacy finance.
The future of consumer finance belongs to those who build with blockchain technology & decentralized protocols at its core, and know how to best take it to the billions of people around the world.
That’s our thesis at Genesis Block. Our last series went deep on how the tech reaches and touches end-users. This new series is all about what’s under the hood — crypto & blockchain — and how that gives us an unfair advantage in the world of consumer finance.
While some fintech products are giving users the ability to buy & hold crypto (Robinhood, Revolut, Cash App), they aren’t leveraging the technology beyond that. And they most certainly aren’t building their infrastructure around it. So let’s ask the dumb VC question that some of you are thinking: what if these fintech companies or big banks just copy what we’re doing at Genesis Block? What if they add blockchain and crypto? https://reddit.com/link/hmw3sm/video/c0je9dvx8g951/player Sorry, you can’t just “add crypto” as if a pizza topping in a Doordash order. That’s not how it works. I mean, you can say you are doing that, but it’s not real. That’s just Innovation Theater. The systems behind banks and fintech are deeply integrated with legacy financial rails. Trying to retroactively add blockchain in any meaningful way would be like trying to make a 2020 Lambo with a 1910 Ford Model T engine. No matter how talented their engineers are, it just ain’t gonna happen. Not unless they burn it all down and start over. Massive risks. A classic case of Innovator’s Dilemma. Will anyone have the courage? I don’t know. I think they are much more likely to acquire someone like Genesis Block than gamble their entire business on it. But we aren’t cheap. These new, decentralized protocols are complex, fast-moving, and full of snags. Our team has been in this space for many years — we understand the security tradeoffs, the protocol nuances (we spent a lot of time actually building them), and enough self-awareness to know what we don’t know. Our team at Genesis Block can run circles around traditional banks and fintech companies. Certainly, they have large audiences and strong balance sheets — which can’t be underestimated. But when it comes to unlocking the enormous, new value to users, as long as the incumbents are building on legacy financial infrastructure, they simply cannot compete with us.
The empires created in the 21st-century world of finance will be crypto-native companies that deeply understand decentralized tech and know how best to leverage it. It will be the teams who build on “crypto rails” first, with bridges back to legacy finance second.
That’s our thesis at Genesis Block. In this series, we intend to lay out a convincing argument for why that’s true.
So now that the stage is set and we’ve introduced the series, I think you’re ready to start learning why blockchain technology is our superpower, our unfair advantage. You are ready to dive into that crypto rabbit hole. But first, a word of caution. Once you go in, you may never want to come out. It’s what happened to me and so many others. Once you see the potential & promise of this incredible technology, you won’t be able to ignore it. You won’t stop thinking about it. It’ll capture your imagination like few other things can. Don’t be afraid of it. Let it take you. --- Other Ways to Consume Today's Episode:
We have a lot more content coming. Be sure to follow our channels: https://genesisblock.com/follow/ Have you already downloaded the app? We're Genesis Block, a new digital bank that's powered by crypto & decentralized protocols. The app is live in the App Store (iOS & Android). Get the link to download at https://genesisblock.com/download
Crypto-Powered: Understanding Bitcoin, Ethereum, and DeFi
Until one understands the basics of this tech, they won’t be able to grasp or appreciate the impact it has on our digital bank, Genesis Block. https://reddit.com/link/ho4bif/video/n0euarkifu951/player This is the second post ofCrypto-Powered— a new series that examines what it means forGenesis Blockto be a digital bank that’s powered by crypto, blockchain, and decentralized protocols. --- Our previous post set the stage for this series. We discussed the state of consumer finance and how the success of today’s high-flying fintech unicorns will be short-lived as long as they’re building on legacy finance — a weak foundation that is ripe for massive disruption. Instead, the future of consumer finance belongs to those who are deeply familiar with blockchain tech & decentralized protocols, build on it as the foundation, and know how to take it to the world. Like Genesis Block. Today we begin our journey down the crypto rabbit hole. This post will be an important introduction for those still learning about Bitcoin, Ethereum, or DeFi (Decentralized Finance). This post (and the next few) will go into greater detail about how this technology gives Genesis Block an edge, a superpower, and an unfair advantage. Let’s dive in… https://preview.redd.it/1ugdxoqjfu951.jpg?width=650&format=pjpg&auto=webp&s=36edde1079c3cff5f6b15b8cd30e6c436626d5d8
Bitcoin: The First Cryptocurrency
There are plenty of online resources to learn about Bitcoin (Coinbase, Binance, Gemini, Naval, Alex Gladstein, Marc Andreessen, Chris Dixon). I don’t wanna spend a lot of time on that here, but let’s do a quick overview for those still getting ramped up. Cryptocurrency is the most popular use-case of blockchain technology today. And Bitcoin was the first cryptocurrency to be invented.
Bitcoin is the most decentralized of all crypto assets today — no government, company, or third party can control or censor it.
Bitcoin has two primary features (as do most other cryptocurrencies):
Send Value You can send value to anyone, anywhere in the world. Nobody can intercept, delay or stop it — not even governments or financial institutions. Unlike with traditional money transfers or bank wires, there are no layers of middlemen. This results in a process that is much more cost-efficient. Some popular use-cases include remittances and cross-border payments.
A few negative moments in Bitcoin’s history include the collapse of Mt. Gox — which resulted in hundreds of millions of customer funds being stolen — as well as Bitcoin’s role in dark markets like Silk Road — where Bitcoin arguably found its initial userbase. However, like most breakthrough technology, Bitcoin is neither good nor bad. It’s neutral. People can use it for good or they can use it for evil. Thankfully, it’s being used less and less for illicit activity. Criminals are starting to understand that transactions on a blockchain are public and traceable — it’s exactly the type of system they usually try to avoid. And it’s true, at this point “a lot more” crimes are actually committed with fiat than crypto. As a result, the perception of bitcoin and cryptocurrency has been changing over the years to a more positive light. Bitcoin has even started to enter the world of media & entertainment. It’s been mentioned in Hollywood films like Spiderman: Into the Spider-Verse and in songs from major artists like Eminem. It’s been mentioned in countless TV shows like Billions, The Simpsons, Big Bang Theory, Gray’s Anatomy, Family Guy, and more. As covid19 has ravaged economies and central banks have been printing money, Bitcoin has caught the attention of many legendary Wall Street investors like Paul Tudor Jones, saying that Bitcoin is a great bet against inflation (reminding him of Gold in the 1970s). Cash App already lets their 25M users buy Bitcoin. It’s rumored that PayPal and Venmo will soon let their 325M users start buying Bitcoin. Bitcoin is by far the most dominant cryptocurrency and is showing no signs of slowing down. For more than a decade it has delivered on its core use-cases — being able to send or store value.
At this point, Bitcoin has very much entered the zeitgeist of modern pop culture — at least in the West.
When Ethereum launched in 2015, it opened up a world of new possibilities and use-cases for crypto. With Ethereum Smart Contracts (i.e. applications), this exciting new digital money (cryptocurrency) became a lot less dumb. Developers could now build applications that go beyond the simple use-cases of “send value” & “store value.” They could program cryptocurrency to have rules, behavior, and logic to respond to different inputs. And always enforced by code. Additional reading on Ethereum fromLinda XieorVitalik Buterin.
Because these applications are built on blockchain technology (Ethereum), they preserve many of the same characteristics as Bitcoin: no one can stop, censor or shut down these apps because they are decentralized.
Just as tokens grew in popularity in 2017–2018, so did online marketplaces where these tokens could be bought, sold, and traded. This was a fledgling asset class — the merchants selling picks, axes, and shovels were finally starting to emerge.
I had a front-row seat — both as an investor and token creator. This was the Wild West with all the frontier drama & scandal that you’d expect.
Binance — now the world’s largest crypto exchange —was launched during this time. They along with many others (especially from Asia) made it really easy for speculators, traders, and degenerate gamblers to participate in these markets. Similar to other financial markets, the goal was straightforward: buy low and sell high. https://preview.redd.it/tytsu5jnfu951.jpg?width=600&format=pjpg&auto=webp&s=fe3425b7e4a71fa953b953f0c7f6eaff6504a0d1 That period left an embarrassing stain on our industry that we’ve still been trying to recover from. It was a period rampant with market manipulation, pump-and-dumps, and scams. To some extent, the crypto industry still suffers from that today, but it’s nothing compared to what it was then.
While the potential of getting filthy rich brought a lot of fly-by-nighters and charlatans into the industry, it also brought a lot of innovators, entrepreneurs, and builders.
The launch and growth of Ethereum has been an incredible technological breakthrough. As with past tech breakthroughs, it has led to a wave of innovation, experimentation, and development. The creativity around tokens, smart contracts, and decentralized applications has been fascinating to witness. Now a few years later, the fruits of those labors are starting to be realized.
I know that for the hardcore crypto people, what we covered today is nothing new. But for those who are still getting up to speed, welcome! I hope this was helpful and that it fuels your interest to learn more. Until you understand the basics of this technology, you won’t be able to fully appreciate the impact that it has on our new digital bank, Genesis Block. You won’t be able to understand the implications, how it relates, or how it helps. After today’s post, some of you probably have a lot more questions. What are specific examples or use-cases of DeFi? Why does it need to be on a blockchain? What benefits does it bring to Genesis Block and our users? In upcoming posts, we answer these questions. Today’s post was just Level 1. It set the foundation for where we’re headed next: even deeper down the crypto rabbit hole. --- Other Ways to Consume Today's Episode:
We have a lot more content coming. Be sure to follow our channels: https://genesisblock.com/follow/ Have you already downloaded the app? We're Genesis Block, a new digital bank that's powered by crypto & decentralized protocols. The app is live in the App Store (iOS & Android). Get the link to download at https://genesisblock.com/download
Bitcoin can be a lucrative hobby and an exciting investment, but as with any other kind of investing, it’s always best to diversify for safety. If you’d like to read more about Bitcoin, we recommend checking out Bitcoin.org, the Bitcoin Wiki, and the Bitcoin Wikipedia page. Image credit: Zack Copley, Mirko Tobias Schaefer On the left are links that may answer your questions. If you cannot find your question among those links, please check About Wikimedia and Answers/Index.You may then want to email answers wikimedia.org (see Answers/Process for terms).. For general discussion about Wikimedia and its projects with the community, please join one of our public mailing lists or IRC channels. Hashcash. Bitcoin uses the hashcash Proof_of_work function as the mining core. All bitcoin miners whether CPU, GPU, FPGA or ASICs are expending their effort creating hashcash proofs-of-work which act as a vote in the blockchain evolution and validate the blockchain transaction log. Bitcoin is a decentralized, peer-to-peer cryptocurrency system designed to allow online users to process transactions through digital units of exchange called bitcoins (BTC). Bitcoin is the most popular cryptocurrency with a market cap of over $10 Billion. Bitcoin is very popular for cross-boarder payments and other international money transfers. Bitfoo: Bitfoo is a Bitcoin technology company that is based in Hong Kong. The company’s mission is to make cryptocurrency accessible and useful for everyone, offering
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