A cryptocurrency based on Bitcoin, with additional features imported from both Dash and Digibyte. Improvements include triple algorithm Proof of Work with Multishield difficulty adjustment, Masternodes, Private Send, Community Fund Governance, and future plans for Simple Tokens based loosely on the Color Coins protocol.
CRH: The World's Largest Coin Roll Hunting Community!
Welcome to the world's largest Coin Roll Hunting community! Come meet other hunters, share your finds, give and get advice, and share in whatever else has to do with the hobby of Coin Roll Hunting (also known as Bank Roll Hunting).
@cz_binance: @Missing_Laces Being a global exchange platform, we are neutral on most things, coins, politics, max/minimalist, region, color, etc. #Bitcoin doesn't care either. We are just here to provide access to liquidity. 🙏
Couldn't the use of "colored coins" in Bitcoin Cash help with adoption by removing the price volatility 100% for merchants?
Lets say a company like Home Depot issues gift cards in the form of Bitcoin Cash colored coins. They could sell $0.01 worth of BCH for $20 store credit. The price volatility of BCH completely leaves the equation for the merchant. The downside is for the customer who now only holds Home Demo credits, but it could help with adoption - and transactions to secure the network.
I opened a new account for this because I'm concerned about legal action from the people behind Bitgold, Inc. I'm not a nOOb and I've been a bitcoiner since 2012. My motivation for this post: I've been thinking for a long time that a gold-backed colored coin might be the path to mass bitcoin adoption, a bridge from the past of non-fiat value to the future. E-gold didn't have the tech chops to execute and went down in a Gox-like implosion of hackers, malware, and crap management. Bitshares doesn't convince me for lots of reasons. And Bitreserve is a centralized service, which is a non-starter for me, though there service is easy as pie to use. But these Canadian Bitgold, Inc people really worry me because I worry they are up to something seriously fishy. If they end up scamming a lot of investors and/or users, it will be a huge setback for the gold <==gold colored coins==> bitcoin adoption that I think is bitcoin's best shot at near-term mainstream adoption. I first heard about them when I saw this on Coindesk. I was excited, as it seemed like some serious investors were backing an effort to bridge gold and bitcoin.
Sebag, BitGold's CEO, said technological breakthroughs in decentralised payment technologies such as the blockchain and Ripple have created a historical opportunity to make gold a useful means of payment in daily transactions.
They have a placeholder site (www.bitgold.com) with a count-down clock (they are going to launch in 14 days) and an email sign-up that promises $20 in gold per email. That struck me as a bit generous, but I remember reading that Paypal dished out $10 per user when they first started. And who am I to second-guess their marketing strategy. But then this came across by bitgold google alert yesterday. Despite having just raised $3.5 million, Bitgold, Inc is "going public" to raise more money (an additional $6mm target) by reverse-merging into a publicly-traded company also controlled by the Bitgold,Inc. principals who are named Sebag and Crumb (Dickens would have been pleased!). Let me count the ways this smells fishy to me:
Soros?First off-- there's no mention of the $3.5 million that they supposedly previously raised, nor the big name they trotted out for the announcement-- a Soros. So, what happened to that?
Sprott? For this announcement, there's another big name trotted out in the headline--Sprott--but when you read a bit further there's not much to it:
Sprott Inc., a leading alternative asset manager, has commenced discussions with BitGold to assess the potential business opportunities and commercial feasibility of establishing a strategic relationship.
Uh, okay, but then there's this farther below:
BitGold has obtained a lead order from Sprott Inc. and certain of its directors who intend to subscribe for an aggregate of 2,222,222 Subscription Receipts for an aggregate purchase price of $2,000,000.
So, which is it? Is Sprott in or is Sprott out. Or is going to be like the Soros bait and switch?
They are planning to pay a 12% commission (6% cash, 6% warrants) to the brokers who have signed up to sell the shares in the reverse-merged publicly-listed Bitgold. This doesn't sound like your usual venture capital deal to me. I'm imagining boiler room-style pumping by these brokers who are super-incentivized by the rich commission. Any finance experts, please tell me if I'm mistaken about this.
No tech background for this tech venture. Neither Sebag nor Crumb have tech backgrounds. They've never built, run, or worked for a tech start-up. They propose hiring this guy to be their CTO. He seems legit. But I don't see how they are going to launch in two weeks and still don't have anyone with tech, dev, or crypto as a founder. I guess we'll see what they come out with in two weeks.
No tech background, but patent-pending technology? Here's Sebag from their latest announcement:
True gold ownership requires gold to be safely vaulted and stored, making it extremely difficult to spend, especially in micro-transactions. BitGold solved this problem by developing a patent-pending technology and platform that is part gold exchange, part payments technology and part custodian, resulting in a powerful user experience that advances gold from a physical element to an instantly accessible unit of account and store of value for the internet, an operating system for gold.
Despite their original Soros-era chatter that implied they were going to be built on top of a decentralized crypto solution-bitcoin, ripple, or something new-- seems like they are going to be another trusted-party, centralized system. That's fine, but what I worry about is that this is a Neo & Bee that's going to seriously tarnish the whole concept of bitgold. Coindesk covered this latest Bitgold, Inc announcement, as they did the previous one. Sebag once again pays some lip service to decentralization:
“You can drop in a bitcoin and it turns into physical gold, and you can redeem the physical gold to bitcoin,” Sebag said in a more candid moment. “We’re fully compatible with blockchains like bitcoin and ripple, but the platform itself, a lot of it is built around security.”
What's that supposed to mean? Can anyone tell me? I'm all in favor of anything that will move the world away from funny money fiat and toward bitcoin, but I'm seriously afraid that these Bitgold, Inc guys are going to forever link the term bitgold to a pump-n-dump calamity for users and investors. I'm going to keep digging, but I'd welcome help from the community. Where's Nick Szabo's bitgold--the kind we really need!
To the trolls that say they will never own or buy a bitcoin lets play a thought experiment: Let's assume that bitcoin's ecosystem continues to develop and a myriad of application come online. Bitcoin becomes as ubiquitous and pervasive as the Internet. Applications are developed that will make your life more convenient much like the Internet makes it easier for you to access information. Some examples of applications could be like: Direct deposit for wages. Clock in to work and start getting paid instantly. No waiting to the end of the week to get pay checks, payments could be sent every hour. Immediately spendable. One click taxes are now possible. Instant rebates / discounts from retail manufactures. Add an item to your bitcoin shopping cart. It reads your purchase history and now can give you a personalized discount. Perhaps you often purchase a competitor or they give you a reward for buying a 10th product. This can be done at brick and mortar retail too they just need to develop smart phone apps instead of self checkout like grocery stores. Giving money to charity. Using something like colored coins, bitcoin donated can only be spent on goods like food, technology, seed, etc. Or send btc directly to the person in need. Imagine an OKcupid for charity where the poor had profiles and it could be a one on one charity interaction. Or donate to groups of people based on criteria. Like send btc to all parents in Kenya with 3 or more children who have spent 80% of all btc on food. This is all possible with blockchain technology. These are just a few examples, there are thousands more. According to Diffusions of Innovations there are innovators, early adopters, early majority, late majority, and laggards. If you choose to be a laggard you still will benefit from bitcoin technology just like people that just started using the Internet today with zero financial risk. Choosing a be an early adopter or early majority could have a quite less risk and good return. However, if you choose now to buy into the ecosystem you would be an innovator who is in the first 2.5% and have highest financial returns albeit with a higher risk of loss. To me buying bitcoin is investing in the first crowd sourced decentralized network, so there will be a rate of return at every point in this adoption phase except when the s-curve saturates (laggards). So if this scenario plays out over the next 10 years where do you expect to adopt? Ask yourself where did you adopt with the Internet, search engines, smart phones, or social networks?
Andrew Stone [Bitcoin Unlimited leading Dev] tokens/colored coins proposal: "With OP_GROUP, I'm trying to get 95% of the useful functionality of ethereum for .01% of the effort and maintenance" [quote from a post]
« Colored coins » est un meta-protocole qui permet d’associer des actifs réels à des adresses Bitcoin. Colored coins encapsule des informations sur de petites quantités de bitcoin. Un coin « coloré » est une somme de bitcoins réassignée pour représenter un actif : action, bien immobilier, matières premières… « Imaginez, par exemple, prendre un billet de cinq euros, et mettre ... Color Your Bitcoin World. John Scianna May 15, 2014 14:10 . Share. Tweet. Send . Share. Colored coins allow issuers to add an additional layer of value to bitcoins in a rainbow of different ways. Colored coins are part of an Open Assets Protocol, which means you can attach an additional value to bitcoins. If you want to be able to carry a stable amount of cash with you, but with the ... Digital money that’s instant, private, and free from bank fees. Download our official wallet app and start using Bitcoin today. Read news, start mining, and buy BTC or BCH. Coinprism, a color-aware wallet allows companies to create an IPO and issue shares extremely quickly. Also read: AE Property Management Starts Accepting Bitcoin. While Colored Coins will likely be important for the future of Bitcoin, the process of creating, storing, and using them needs to be further simplified for mainstream adoption. However, the Colored Coin protocol is still very young ... While not well known or widely used, colored coins could very well be the beginning of Bitcoin 2.0 as they expand the utility of the Bitcoin blockchain. The colored coins are tokens that are representations of real world assets on the blockchain.You can use colored coins to prove ownership of any physical asset, from precious metals to cars to real estate, or equities and bonds.
How to turn physical money into digital money ( Bitcoins)
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