Ifunny is a front for bitcoin mining through ... - reddit

Miner donations will not be implemented. I will vote No in the hashrate vote.

Jiang Zhuoer, the founder of Leibite mining pool, said in a Weibo post.
It was him who first proposed the plan, and it was also him who stood up and said that he would vote against it. The taste is only known to the BCH community who has been sawing for more than a month.
Planned preform
All this has to start from January 22. On this day, Jiang Zhuoer also published the article "Infrastructure Funding Plan (IFP) for Bitcoin Cash" on Weibo and medium at the same time. In his opinion, the current BCH has a problem of developer operating funds, only A few companies donate to developers, and the other members are hitchhikers, which can be called a tragedy of the commons.
In fact, it is not just BCH. Many early projects without 1CO lack a continuous source of funds. BTC and LTC also rely on the sustainable funding of companies and individuals to donate to developers. Regarding this, Jiang Zhuoer added at the subsequent AMA held by Reddit that a few companies continued to donate, and these companies' right to speak would increase, which might affect the development in the future, which is also a major hidden danger.
So based on the consideration of stable development funds, he said that several major mining pools on BCH (BTC.TOP, Antpool, BTC.com, ViaBTC, Bitcoin.com) will implement a new donation plan that will reward BCH for block explosions. 12.5% ​​was donated to a specially established fund to support BCH infrastructure, which aims to provide sufficient funds for BCH developers. Blocks that are unwilling to participate in this donation plan will be isolated.
According to its disclosure, the donation will last 6 months and the estimated amount is about 6 million US dollars. A Hong Kong company has been set up to accept and distribute funds. At the end of the article, Jiang Zhuoer, Wu Jihan, Yang Haibo and Roger Ver were stated to be supporters of this plan.
The response was extremely intense
After the news came out, BCH communities at home and abroad had a heated discussion. There are mixed voices in China. Some people think that this is a great benefit to the BCH currency price. Some people think that this is a miner sacrificing part of their own interests to support infrastructure construction. It is a manifestation of the spirit of the community, but some people allege that this is a pumping behavior ... these are evident in the comments below Jiang Zhuo's blog post.
The foreign community, which has gathered most of the BCH developers and core personnel, is even more dramatic.
On January 23, the day after the BCH miner donation plan was issued, Amaury Séchet (@deadalnix), the chief developer of the ABC team of BCH, posted a post on read.cash [1], which is the platform for the donation plan. He said this plan It has been brewing for a long time. The operation of the team needs financial support, clarifying that this is not the so-called "compulsory miner tax". What's more notable is that he thinks that there is no problem as long as the endowment fund can be transparent, and even Mao has recommended himself that he and Jonald Fyookball, the chief developer of Electron Cash, a light wallet developed by BCH, are qualified to control the fund.
Later, the Jonald Fyookball he mentioned also posted on read.cash [2], which also said that it would be beneficial to the team and miners. I have tried many measures on development funds before, but none of them worked. One will be a short six-month trial and will be upgraded in the next BCH agreement.
However, the core people in the community took the lead to speak out in support of this, but it could not stop the tide of opposition afterwards.
In order to fight for the miners' donation, the moderators of read.cash also created a special "Debate section" [4] for the community to express their opinions.
On January 26, Peter Rizun, chief scientist of the Bitcoin Unlimited (BU) team, posted a post on it [5], explaining in detail the operation of funds in this scheme. (It is necessary to add here that the BCH network is composed of two major clients, ABC and BU, which together account for more than 95% of the 1,510 public nodes in the BCH network.)
According to his article, the 12.5% ​​block reward BCH tokens will be sent directly to the new company in Hong Kong, and the developer's operating funds will come from the funds obtained by the new company from selling these BCH tokens on the exchange.
After the mining revenue decreases, the hash rate of the network will drop by about the same percentage. Since BCH accounts for about 3% of the SHA256 hash rate, and other conditions remain unchanged, the total income of SHA256 miners will fall by ~ 0.4%. The following figure graphically shows the flow of these donated tokens: In fact, the mining The merchant lost only a small part of its profits. The group of investors who ultimately bought the BCH tokens out of the Hong Kong company. In the text, Peter Rizun pointed out that this is simply the developer service tax of BCH, and corruption will arise.
In addition, the Bitcoin protocol has been eleven years so far. At present, what BCH needs to do is how to make the protocol more stable. The role of developer should gradually fade away, and the continuous growth of users is the core. Peter Rizun even stated at the end of the article that the monopolistic miners are still trying to adopt such a plan, and the greed is obvious and disgusting, and the BU team will probably not accept this donation plan.
On the same day, BCH developer Imaginary Username posted that he believes that the development team's funds can come directly from capital investment, sponsorship, shareholder contributions and voluntary payments by miners, rather than forcing miners to pay. c After this, a BCH crowdfunding plan named Flipstarter.cash was announced online [7], and proposed other fundraising schemes other than donations from miners, and emphasized that this would be a new proposal based on voluntary.
In general, opponents of these donation programs acknowledge that developers need revenue and infrastructure needs to be maintained, but also said that if the final plan is passed, those who do not support this plan will be lonely and violate the blockchain. spirit. Whether the taxation in disguise causes corruption, whether it will be carried out for a long time, or whether it violates the spirit of blockchain decentralization is the focus of debate.
Things are still fermenting. Subsequently, Bitcoin.com also began to counter water, thinking that there is no consensus on this plan at present, and the development team needs to be clear about their use of funds. Bitcoin.com will also adopt a more prudent attitude and will not risk the risk of chain forks To support this decision.
In the face of various oppositions, Jiang Zhuoer released a new donation plan on February 1 [9], stating that the issue of donation ratio is in fact questionable, and reiterated that this plan will be democratic and encourage miners to perform computing power. Vote for your opinion. This plan will only be implemented if more than two-thirds of the computing power vote in favor of the donation. On February 16, Jiang Zhuoer updated the donation plan again, which reduced the original 12.5% ​​to 5%.
However, the release of the new version did not solve the doubts in the community.
In response, digital currency commentator WhalePanda tweeted that the miner's tax rate is very funny, and any block that is not donated will be blocked. This is actually a totalitarian totalitarian regime, accompanied by a 51% attack threat.
On the same day on the 16th, Roger ver, the founder of the Bitcoin.com wallet, posted a YouTube video [10]. He believed that the donation ratio was 12.5% ​​or 5% a bit random, and said "probably because of communication problems". His donation plan supporters have his name, but in fact he and Bitcoin.com do not support the plan.
In fact, aside from the question of donation ratio, it is worth considering whether this so-called hashrate voting has practical significance. According to data from BTC.com, the five mining pools of the four supporters mentioned by Jiang Zhuoer have a total BCH computing power of more than 51%, reaching 54.5%, occupying a considerable say, and it is difficult for other miners to have a real speech right.
Despite the opposition of the plan, it was still proceeding methodically.
On February 18, according to an official BitcoinABC tweet, the ABC team has added the code for the donation plan to the ABC version 0.21.0 client. At the same time, TobiasRuck and Antony Zegers of the ABC team, and the BCHD team have stated their support for the donation plan at this node.
On the one hand, there is no consensus, and on the other hand, donations need to be opened.
This self-talking attitude caused strong dissatisfaction in the community. On February 19th, Freetrader, one of the earliest developers in the BCH ecosystem, created a full node called BCH Node (BCHN) [11], This version will remove the donation plan, express protest, and then release the PGP signatures of the BCHN project supporters. The supporters gathered, including Alexander Levin Jr, CEO of Asicseer.com, Pokkst of Crescent Cash wallet, Tipbitcoin cash, bitcoincashj , Tubing host Collin Enstad and others.
Fragmentation and unification
To this point, the community split into two camps, led by the ABC team and Electron Cash wallet, BCHD, etc. to support the donation plan, and BU, BCHN, etc. formed an opposition. In fact, various disputes have already raised concerns from the domestic and foreign communities that BCH may fork again.
Fragmentation, strife ...
This softened Jiang Zhuoer's attitude in LongBit's online live broadcast, saying that at least basic community consensus must be reached before donations can begin.
Subsequently, at the second meeting of the BCH developers, Séchet of the ABC team who initially stood up to support this plan also said loosely that there are currently differences, and miners will not ignore these opinions and go their own ways. If the community becomes better, Alternatives can also be implemented.
The concessions of the Séchets became a sign of gradual strife in foreign communities. Regarding the end of the entire donation plan, it ended with a post by Jiang Zhuoer's Weibo.
In the article "Talking about the differences and recent market trends of BTC, BCH, and BSV" on March 5, Jiang Zhuoer said that due to a lot of opposition from the community, especially from major BCH supporters like Roger, the donations of miners will not be implemented. . The dispute, which lasted more than a month, finally ended with the termination of the donation plan.
In fact, the donation plan was updated many times, and the donation share easily changed without letting us see the basis for its formulation, as Roger ver said "somewhat randomly". And "voluntary and democratic" computing power voting, if someone finally voted No in the computing power vote can influence the result, which will also lead to thinking about computing power dictatorship.
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An extensive guide for cashing out bitcoin and cryptocurrencies into private banks

Hey guys.
Merry Xmas !
I am coming back to you with a follow up post, as I have helped many people cash out this year and I have streamlined the process. After my original post, I received many requests to be more specific and provide more details. I thought that after the amazing rally we have been attending over the last few months, and the volatility of the last few days, it would be interesting to revisit more extensively.
The attitude of banks around crypto is changing slowly, but it is still a tough stance. For the first partial cash out I operated around a year ago for a client, it took me months to find a bank. They wouldn’t want to even consider the case and we had to knock at each and every door. Despite all my contacts it was very difficult back in the days. This has changed now, and banks have started to open their doors, but there is a process, a set of best practices and codes one has to follow.
I often get requests from crypto guys who are very privacy-oriented, and it takes me months to have them understand that I am bound by Swiss law on banking secrecy, and I am their ally in this onboarding process. It’s funny how I have to convince people that banks are legit, while on the other side, banks ask me to show that crypto millionaires are legit. I have a solid background in both banking and in crypto so I manage to make the bridge, but yeah sometimes it is tough to reconcile the two worlds. I am a crypto enthusiast myself and I can say that after years of work in the banking industry I have grown disillusioned towards banks as well, like many of you. Still an account in a Private bank is convenient and powerful. So let’s get started.
There are two different aspects to your onboarding in a Swiss Private bank, compliance-wise.
*The origin of your crypto wealth
*Your background (residence, citizenship and probity)
These two aspects must be documented in-depth.
How to document your crypto wealth. Each new crypto millionaire has a different story. I may detail a few fun stories later in this post, but at the end of the day, most of crypto rich I have met can be categorized within the following profiles: the miner, the early adopter, the trader, the corporate entity, the black market, the libertarian/OTC buyer. The real question is how you prove your wealth is legit.
1. Context around the original amount/investment Generally speaking, your first crypto purchase may not be documented. But the context around this acquisition can be. I have had many cases where the original amount was bought through Mtgox, and no proof of purchase could be provided, nor could be documented any Mtgox claim. That’s perfectly fine. At some point Mtgox amounted 70% of the bitcoin transactions globally, and people who bought there and managed to withdraw and keep hold of their bitcoins do not have any Mtgox claim. This is absolutely fine. However, if you can show me the record of a wire from your bank to Tisbane (Mtgox's parent company) it's a great way to start.
Otherwise, what I am trying to document here is the following: I need context. If you made your first purchase by saving from summer jobs, show me a payroll. Even if it was USD 2k. If you acquired your first bitcoins from mining, show me the bills of your mining equipment from 2012 or if it was through a pool mine, give me your slushpool account ref for instance. If you were given bitcoin against a service you charged, show me an invoice.
2. Tracking your wealth until today and making sense of it. What I have been doing over the last few months was basically educating compliance officers. Thanks God, the blockchain is a global digital ledger! I have been telling my auditors and compliance officers they have the best tool at their disposal to lead a proper investigation. Whether you like it or not, your wealth can be tracked, from address to address. You may have thought all along this was a bad feature, but I am telling you, if you want to cash out, in the context of Private Banking onboarding, tracking your wealth through the block explorer is a boon. We can see the inflows, outflows. We can see the age behind an address. An early adopter who bought 1000 BTC in 2010, and let his bitcoin behind one address and held thus far is legit, whether or not he has a proof of purchase to show. That’s just common sense. My job is to explain that to the banks in a language they understand.
Let’s have a look at a few examples and how to document the few profiles I mentioned earlier.
The trader. I love traders. These are easy cases. I have a ton of respect for them. Being a trader myself in investment banks for a decade earlier in my career has taught me that controlling one’s emotions and having the discipline to impose oneself some proper risk management system is really really hard. Further, being able to avoid the exchange bankruptcy and hacks throughout crypto history is outstanding. It shows real survival instinct, or just plain blissed ignorance. In any cases traders at exchange are easy cases to corroborate since their whole track record is potentially available. Some traders I have met have automated their trading and have shown me more than 500k trades done over the span of 4 years. Obviously in this kind of scenario I don’t show everything to the bank to avoid information overload, and prefer to do some snacking here and there. My strategy is to show the early trades, the most profitable ones, explain the trading strategy and (partially expose) the situation as of now with id pages of the exchanges and current balance. Many traders have become insensitive to the risk of parking their crypto at exchange as they want to be able to trade or to grasp an occasion any minute, so they generally do not secure a substantial portion on the blockchain which tends to make me very nervous.
The early adopter. Provided that he has not mixed his coin, the early adopter or “hodler” is not a difficult case either. Who cares how you bought your first 10k btc if you bought them below 3$ ? Even if you do not have a purchase proof, I would generally manage to find ways. We just have to corroborate the original 30’000 USD investment in this case. I mainly focus on three things here:
*proof of early adoption I have managed to educate some banks on a few evidences specifically related to crypto markets. For instance with me, an old bitcointalk account can serve as a proof of early adoption. Even an old reddit post from a few years ago where you say how much you despise this Ripple premined scam can prove to be a treasure readily available to show you were early.
*story telling Compliance officers like to know when, why and how. They are human being looking for simple answers to simple questions and they don’t want like to be played fool. Telling the truth, even without a proof can do wonders, and even though bluffing might still work because banks don’t fully understand bitcoin yet, it is a risky strategy that is less and less likely to pay off as they are getting more sophisticated by the day.
*micro transaction from an old address you control This is the killer feature. Send a $20 worth transaction from an old address to my company wallet and to one of my partner bank’s wallet and you are all set ! This is gold and considered a very solid piece of evidence. You can also do a microtransaction to your own wallet, but banks generally prefer transfer to their own wallet. Patience with them please. they are still learning.
*signature message Why do a micro transaction when you can sign a message and avoid potentially tainting your coins ?
*ICO millionaire Some clients made their wealth participating in ETH crowdsale or IOTA ICO. They were very easy to deal with obviously and the account opening was very smooth since we could evidence the GENESIS TxHash flow.
The miner Not so easy to proof the wealth is legit in that case. Most early miners never took screenshot of the blocks on bitcoin core, nor did they note down the block number of each block they mined. Until the the Slashdot article from August 2010 anyone could mine on his laptop, let his computer run overnight and wake up to a freshly minted block containing 50 bitcoins back in the days. Not many people were structured enough to store and secure these coins, avoid malwares while syncing the blockchain continuously, let alone document the mined blocks in the process. What was 50 BTC worth really for the early miners ? dust of dollars, games and magic cards… Even miners post 2010 are generally difficult to deal with in terms of compliance onboarding. Many pool mining are long dead. Deepbit is down for instance and the founders are MIA. So my strategy to proof mining activity is as follow:
*Focusing on IT background whenever possible. An IT background does help a lot to bring some substance to the fact you had the technical ability to operate a mining rig.
*Showing mining equipment receipts. If you mined on your own you must have bought the hardware to do so. For instance mining equipment receipts from butterfly lab from 2012-2013 could help document your case. Similarly, high electricity bill from your household on a consistent basis back in the day could help. I have already unlocked a tricky case in the past with such documents when the bank was doubtful.
*Wallet.dat files with block mining transactions from 2011 thereafter This obviously is a fantastic piece of evidence for both you and me if you have an old wallet and if you control an address that received original mined blocks, (even if the wallet is now empty). I will make sure compliance officers understand what it means, and as for the early adopter, you can prove your control over these wallet through a microtransaction. With these kind of addresses, I can show on the block explorer the mined block rewards hitting at regular time interval, and I can even spot when difficulty level increased or when halvening process happened.
*Poolmining account. Here again I have educated my partner bank to understand that a slush account opened in 2013 or an OnionTip presence was enough to corroborate mining activity. The block explorer then helps me to do the bridge with your current wallet.
*Describing your set up and putting it in context In the history of mining we had CPU, GPU, FPG and ASICs mining. I will describe your technical set up and explain why and how your set up was competitive at that time.
The corporate entity Remember 2012 when we were all convinced bitcoin would take over the world, and soon everyone would pay his coffee in bitcoin? How naïve we were to think transaction fees would remain low forever. I don’t blame bitcoin cash supporters; I once shared this dream as well. Remember when we thought global adoption was right around the corner and some brick and mortar would soon accept bitcoin transaction as a common mean of payment? Well, some shop actually did accept payment and held. I had a few cases as such of shops holders, who made it to the multi million mark holding and had invoices or receipts to proof the transactions. If you are organized enough to keep a record for these trades and are willing to cooperate for the documentation, you are making your life easy. The digital advertising business is also a big market for the bitcoin industry, and affiliates partner compensated in btc are common. It is good to show an invoice, it is better to show a contract. If you do not have a contract (which is common since all advertising deals are about ticking a check box on the website to accept terms and conditions), there are ways around that. If you are in that case, pm me.
The black market Sorry guys, I can’t do much for you officially. Not that I am judging you. I am a libertarian myself. It’s just already very difficult to onboard legit btc adopters, so the black market is a market I cannot afford to consider. My company is regulated so KYC and compliance are key for me if I want to stay in business. Behind each case I push forward I am risking the credibility and reputation I have built over the years. So I am sorry guys I am not risking it to make an extra buck. Your best hope is that crypto will eventually take over the world and you won’t need to cash out anyway. Or go find a Lithuanian bank that is light on compliance and cooperative.
The OTC buyer and the libertarian. Generally a very difficult case. If you bought your stack during your journey in Japan 5 years ago to a guy you never met again; or if you accumulated on https://localbitcoins.com/ and kept no record or lost your account, it is going to be difficult. Not impossible but difficult. We will try to build a case with everything else we have, and I may be able to onboard you. However I am risking a lot here so I need to be 100% confident you are legit, before I defend you. Come & see me in Geneva, and we will talk. I will run forensic services like elliptic, chainalysis, or scorechain on an extract of your wallet. If this scan does not raise too many red flags, then maybe we can work together ! If you mixed your coins all along your crypto history, and shredded your seeds because you were paranoid, or if you made your wealth mining professionally monero over the last 3 years but never opened an account at an exchange. ¯_(ツ)_/¯ I am not a magician and don’t get me wrong, I love monero, it’s not the point.
Cashing out ICOs Private companies or foundations who have ran an ICO generally have a very hard time opening a bank account. The few banks that accept such projects would generally look at 4 criteria:
*Seriousness of the project Extensive study of the whitepaper to limit the reputation risk
*AML of the onboarding process ICOs 1.0 have no chance basically if a background check of the investors has not been conducted
*Structure of the moral entity List of signatories, certificate of incumbency, work contract, premises...
*Fiscal conformity Did the company informed the authorities and seek a fiscal ruling.
For the record, I am not into the tax avoidance business, so people come to me with a set up and I see if I can make it work within the legal framework imposed to me.
First, stop thinking Switzerland is a “offshore heaven” Swiss banks have made deals with many governments for the exchange of fiscal information. If you are a French citizen, resident in France and want to open an account in a Private Bank in Switzerland to cash out your bitcoins, you will get slaughtered (>60%). There are ways around that, and I could refer you to good tax specialists for fiscal optimization, but I cannot organize it myself. It would be illegal for me. Swiss private banks makes it easy for you to keep a good your relation with your retail bank and continue paying your bills without headaches. They are integrated to SEPA, provide ebanking and credit cards.
For information, these are the kind of set up some of my clients came up with. It’s all legal; obviously I do not onboard clients that are not tax compliant. Further disclaimer: I did not contribute myself to these set up. Do not ask me to organize it for you. I won’t.
EU tricks
Swiss lump sum taxation Foreign nationals resident in Switzerland can be taxed on a lump-sum basis if they are not gainfully employed in our country. Under the lump-sum tax regime, foreign nationals taking residence in Switzerland may choose to pay an expense-based tax instead of ordinary income and wealth tax. Attractive cantons for the lump sum taxation are Zug, Vaud, Valais, Grisons, Lucerne and Berne. To make it short, you will be paying somewhere between 200 and 400k a year and all expenses will be deductible.
Switzerland has adopted a very friendly attitude towards crypto currency in general. There is a whole crypto valley in Zug now. 30% of ICOs are operated in Switzerland. The reason is that Switzerland has thrived for centuries on banking secrecy, and today with FATCA and exchange of fiscal info with EU, banking secrecy is dead. Regulators in Switzerland have understood that digital ledger technologies were a way to roll over this competitive advantage for the generations to come. Switzerland does not tax capital gains on crypto profits. The Finma has a very pragmatic approach. They have issued guidance- updated guidelines here. They let the business get organized and operate their analysis on a case per case basis. Only after getting a deep understanding of the market will they issue a global fintech license in 2019. This approach is much more realistic than legislations which try to regulate everything beforehand.
Italy new tax exemption. It’s a brand new fiscal exemption. Go to Aoste, get residency and you could be taxed a 100k/year for 10years. Yes, really.
Portugal What’s crazy in Europe is the lack of fiscal harmonization. Even if no one in Brussels dares admit it, every other country is doing fiscal dumping. Portugal is such a country and has proved very friendly fiscally speaking. I personally have a hard time trusting Europe. I have witnessed what happened in Greece over the last few years. Some of our ultra high net worth clients got stuck with capital controls. I mean no way you got out of crypto to have your funds confiscated at the next financial crisis! Anyway. FYI
Malta Generally speaking, if you get a residence somewhere you have to live there for a certain period of time. Being stuck in Italy is no big deal with Schengen Agreement, but in Malta it is a different story. In Malta, the ordinary residence scheme is more attractive than the HNWI residence scheme. Being an individual, you can hold a residence permit under this scheme and pay zero income tax in Malta in a completely legal way.
Monaco Not suitable for French citizens, but for other Ultra High Net worth individual, Monaco is worth considering. You need an account at a local bank as a proof of fortune, and this account generally has to be seeded with at least EUR500k. You also need a proof of residence. I do mean UHNI because if you don’t cash out minimum 30m it’s not interesting. Everything is expensive in Monaco. Real Estate is EUR 50k per square meter. A breakfast at Monte Carlo Bay hotel is 70 EUR. Monaco is sunny but sometimes it feels like a golden jail. Do you really want that for your kids?
  1. Set up a company in Dubaï, get your resident card.
  2. Spend one day every 6 month there
  3. ???
  4. Be tax free
US tricks Some Private banks in Geneva do have the license to manage the assets of US persons and U.S citizens. However, do not think it is a way to avoid paying taxes in the US. Opening an account at an authorized Swiss Private banks is literally the same tax-wise as opening an account at Fidelity or at Bank of America in the US. The only difference is that you will avoid all the horror stories. Horror stories are all real by the way. In Switzerland, if you build a decent case and answer all the questions and corroborate your case in depth, you will manage to convince compliance officers beforehand. When the money eventually hits your account, it is actually available and not frozen.
The IRS and FATCA require to file FBAR if an offshore account is open. However FBAR is a reporting requirement and does not have taxes related to holding an account outside the US. The taxes would be the same if the account was in the US. However penalties for non compliance with FBAR are very large. The tax liability management is actually performed through the management of the assets ( for exemple by maximizing long term capital gains and minimizing short term gains).
The case for Porto Rico. Full disclaimer here. I am not encouraging this. Have not collaborated on such tax avoidance schemes. if you are interested I strongly encourage you to seek a tax advisor and get a legal opinion. I am not responsible for anything written below. I am not going to say much because I am so afraid of uncle Sam that I prefer to humbly pass the hot potato to pwc From here all it takes is a good advisor and some creativity to be tax free on your crypto wealth if you are a US person apparently. Please, please please don’t ask me more. And read the disclaimer again.
Trust tricks Generally speaking I do not accept fringe fiscal situation because it puts me in a difficult situation to the banks I work with, and it is already difficult enough to defend a legit crypto case. Trust might be a way to optimize your fiscal situation. Belize. Bahamas. Seychelles. Panama, You name it. At the end of the day, what matters for Swiss Banks are the beneficial owner and the settlor. Get a legal opinion, get it done, and when you eventually knock at a private bank’s door, don’t say it was for fiscal avoidance you stupid ! You will get the door smashed upon you. Be smarter. It will work. My advice is just to have it done by a great tax specialist lawyer, even if it costs you some money, as the entity itself needs to be structured in a professional way. Remember that with trust you are dispossessing yourself off your wealth. Not something to be taken lightly.
“Anonymous” cash out. Right. I think I am not going into this topic, neither expose the ways to get it done. Pm me for details. I already feel a bit uncomfortable with all the info I have provided. I am just going to mention many people fear that crypto exchange might become reporting entities soon, and rightly so. This might happen anyday. You have been warned. FYI, this only works for non-US and large cash out.
The difference between traders an investors. Danmark, Holland and Germany all make a huge difference if you are a passive investor or if you are a trader. ICO is considered investing for instance and is not taxed, while trading might be considered as income and charged aggressively. I would try my best to protect you and put a focus on your investor profile whenever possible, so you don't have to pay 52% tax if you do not have to :D
Full cash out or partial cash out? People who have been sitting on crypto for long have grown an emotional and irrational link with their coins. They come to me and say, look, I have 50m in crypto but I would like to cash out 500k only. So first let me tell you that as a wealth manager my advice to you is to take some off the table. Doing a partial cash out is absolutely fine. The market is bullish. We are witnessing a redistribution of wealth at a global scale. Bitcoin is the real #occupywallstreet, and every one will discuss crypto at Xmas eve which will make the market even more supportive beginning 2018, especially with all hedge funds entering the scene. If you want to stay exposed to bitcoin and altcoins, and believe these techs will change the world, it’s just natural you want to keep some coins. In the meantime, if you have lived off pizzas over the last years, and have the means to now buy yourself an nice house and have an account at a private bank, then f***ing do it mate ! Buy physical gold with this account, buy real estate, have some cash at hands. Even though US dollar is worthless to your eyes, it’s good and convenient to have some. Also remember your wife deserves it ! And if you have no wife yet and you are socially awkward like the rest of us, then maybe cashing out partially will help your situation ;)
What the Private Banks expect. Joke aside, it is important you understand something. If you come around in Zurich to open a bank account and partially cash out, just don’t expect Private Banks will make an exception for you if you are small. You can’t ask them to facilitate your cash out, buy a 1m apartment with the proceeds of the sale, and not leave anything on your current account. It won’t work. Sadly, under 5m you are considered small in private banking. The bank is ok to let you open an account, provided that your kyc and compliance file are validated, but they will also want you to become a client and leave some money there to invest. This might me despicable, but I am just explaining you their rules. If you want to cash out, you should sell enough to be comfortable and have some left. Also expect the account opening to last at least 3-4 week if everything goes well. You can't just open an account overnight.
The cash out logistics. Cashing out 1m USD a day in bitcoin or more is not so hard.
Let me just tell you this: Even if you get a Tier 4 account with Kraken and ask Alejandro there to raise your limit over $100k per day, Even if you have a bitfinex account and you are willing to expose your wealth there, Even if you have managed to pass all the crazy due diligence at Bitstamp,
The amount should be fractioned to avoid risking your full wealth on exchange and getting slaughtered on the price by trading big quantities. Cashing out involves significant risks at all time. There is a security risk of compromising your keys, a counterparty risk, a fat finger risk. Let it be done by professionals. It is worth every single penny.
Most importantly, there is a major difference between trading on an exchange and trading OTC. Even though it’s not publicly disclosed some exchange like Kraken do have OTC desks. Trading on an exchange for a large amount will weight on the prices. Bitcoin is a thin market. In my opinion over 30% of the coins are lost in translation forever. Selling $10m on an exchange in a day can weight on the prices more than you’d think. And if you trade on a exchange, everything is shown on record, and you might wipe out the prices because on exchanges like bitstamp or kraken ultimately your counterparties are retail investors and the market depth is not huge. It is a bit better on Bitfinex. It is way better to trade OTC. Accessing the institutional OTC market is not easy, and that is also the reason why you should ask a regulated financial intermediary if we are talking about huge amounts.
Last point, always chose EUR as opposed to USD. EU correspondent banks won’t generally block institutional amounts. However we had the cases of USD funds frozen or delayed by weeks.
Most well-known OTC desks are Cumberlandmining (ask for Lucas), Genesis (ask for Martin), Bitcoin Suisse AG (ask for Niklas), circletrade, B2C2, or Altcoinomy (ask for Olivier)
Very very large whales can also set up escrow accounts for massive block trades. This world, where blocks over 30k BTC are exchanged between 2 parties would deserve a reddit thread of its own. Crazyness all around.
Your options: DIY or going through a regulated financial intermediary.
Execution trading is a job in itself. You have to be patient, be careful not to wipe out the order book and place limit orders, monitor the market intraday for spikes or opportunities. At big levels, for a large cash out that may take weeks, these kind of details will save you hundred thousands of dollars. I understand crypto holders are suspicious and may prefer to do it by themselves, but there are regulated entities who now offer the services. Besides, being a crypto millionaire is not a guarantee you will get institutional daily withdrawal limits at exchange. You might, but it will take you another round of KYC with them, and surprisingly this round might be even more aggressive that the ones at Private banks since exchange have gone under intense scrutiny by regulators lately.
The fees for cashing out through a regulated financial intermediary to help you with your cash out should be around 1-2% flat on the nominal, not more. And for this price you should get the full package: execution/monitoring of the trades AND onboarding in a private bank. If you are asked more, you are being abused.
Of course, you also have the option to do it yourself. It is a way more tedious and risky process. Compliance with the exchange, compliance with the private bank, trading BTC/fiat, monitoring the transfers…You will save some money but it will take you some time and stress. Further, if you approach a private bank directly, it will trigger a series of red flag to the banks. As I said in my previous post, they call a direct approach a “walk-in”. They will be more suspicious than if you were introduced by someone and won’t hesitate to show you high fees and load your portfolio with in-house products that earn more money to the banks than to you. Remember also most banks still do not understand crypto so you will have a lot of explanations to provide and you will have to start form scratch with them!
The paradox of crypto millionaires Most of my clients who made their wealth through crypto all took massive amount of risks to end up where they are. However, most of them want their bank account to be managed with a low volatility fixed income capital preservation risk profile. This is a paradox I have a hard time to explain and I think it is mainly due to the fact that most are distrustful towards banks and financial markets in general. Many clients who have sold their crypto also have a cash-out blues in the first few months. This is a classic situation. The emotions involved in hodling for so long, the relief that everything has eventually gone well, the life-changing dynamics, the difficulties to find a new motivation in life…All these elements may trigger a post cash-out depression. It is another paradox of the crypto rich who has every card in his hand to be happy, but often feel a bit sad and lonely. Sometimes, even though it’s not my job, I had to do some psychological support. A lot of clients have also become my friends, because we have the same age and went through the same “ordeal”. First world problem I know… Remember, cashing out is not the end. It’s actually the beginning. Don’t look back, don’t regret. Cash out partially, because it does not make sense to cash out in full, regret it and want back in. relax.
The race to cash out crypto billionaire and the concept of late exiter. The Winklevoss brothers are obviously the first of a series. There will be crypto billionaires. Many of them. At a certain level you can have a whole family office working for you to manage your assets and take care of your needs . However, let me tell you it’s is not because you made it so big that you should think you are a genius and know everything better than anyone. You should hire professionals to help you. Managing assets require some education around the investment vehicles and risk management strategies. Sorry guys but with all the respect I have for wallstreebet, AMD and YOLO stock picking, some discipline is necessary. The investors who have made money through crypto are generally early adopters. However I have started to see another profile popping up. They are not early adopters. They are late exiters. It is another way but just as efficient. Last week I met the first crypto millionaire I know who first bough bitcoin over 1000$. 55k invested at the beginning of this year. Late adopter & late exiter is a route that can lead to the million.
Last remarks. I know banks, bankers, and FIAT currencies are so last century. I know some of you despise them and would like to have them burn to the ground. With compliance officers taking over the business, I would like to start the fire myself sometimes. I hope this extensive guide has helped some of you. I am around if you need more details. I love my job despite all my frustration towards the banking industry because it makes me meet interesting people on a daily basis. I am a crypto enthusiast myself, and I do think this tech is here to stay and will change the world. Banks will have to adapt big time. Things have started to change already; they understand the threat is real. I can feel the generational gap in Geneva, with all these old bankers who don’t get what’s going on. They glaze at the bitcoin chart on CNBC in disbelief and they start to get it. This bitcoin thing is not a joke. Deep inside, as an early adopter who also intends to be a late exiter, as a libertarian myself, it makes me smile with satisfaction.
Cheers. @swisspb on telegram
submitted by Swissprivatebanker to Bitcoin [link] [comments]

Part 462c - Force of Nature

"Easy there, Ben. You're not looking too good." I carefully keep one hand on his shoulder as we exit the bar. It occurs to me that I could easily erase the drunkenness from his body with Wordsmithing, as I did to myself, but Ben wouldn't want that. OMEN is already back at the castle by now, since we couldn't stand his chattering, so I had a guard escort him to my room. I'm sure Samantha will be delighted to see him again.
"Ah feel fine. Nebber vetter." He mixes up his words and stumbles forward a step, but I keep my grip firm, holding onto his armor as if my life depends on it. I'm more than strong enough to carry him by the back of his shirt with a single arm, so it's not an issue for me. Ben, still looking at the ground, waves his hand in front of himself, as if feeling for a wall. "Left m'damn keys somewhere. Can't get in the house."
"There's no house, Ben. I'll just teleport us to the castle; you're in no condition to be walking around at night." I glance up and realize the sun is peeping over the horizon. Shit, I've been out drinking with him and didn't even get a drop of sleep. Oh well, Wordsmithing can rest me up in a pinch if need be. I can't rely on it for long stretches of time, as I did in my youth, but the aftereffects of skipping one night's sleep will be relatively minor.
Instantly, we appear inside the castle. Before I can make another move, Ben lunges forward, escapes my grasp, and falls to the ground, only to start heaving a moment later. It takes me a second to realize I just gave a drunk man motion sickness. In retrospect, changing his surroundings all of a sudden probably wasn't the best idea.
Ben vomits for a solid ten seconds all over the castle courtyard lawn, making me feel oddly relieved he didn't do that indoors. I have the most random thoughts sometimes.
Deciding that's more than enough vomiting, I aim my mind at Ben. "Sober." He won't be happy since he drank so much explicitly to feel nothingness on the inside, but it can't be helped. He's in a pitiful state.
After a moment of staring at his own vomit, Ben jumps to his feet and dusts himself off. "Great. Now I can feel my body again. This must be because of that Wordsmithing you told me about."
"Yup." I yawn reflexively, before muttering "Awake," under my breath. "You were starting to embarrass yourself, so I figured I'd stop you before you drew a crowd."
I smile at him, but he doesn't return the expression. "Embarrassment, huh? Emotions like that are reserved for humans. I'm a man of steel now because I have to be. I've long since had any sense of tragedy ripped from my body." Ben reaches up to slick his hair back, but he bumps his hand against his helmet. "Damn. This metal piece of shit. It's the only thing that makes me feel secure, after what happened when the Kolvaxians attacked. It's like a shelter for me, a refuge from those monsters. However, at the same time, it's also a coffin. It makes me feel secure, but also reminds me of how weak and pathetic I am. Not like you."
He gestures at me flippantly, and I raise an eyebrow. "What do you mean by 'not like me'? You punched me so hard that you nearly broke my jaw."
"Wasn't me, it was the suit. I'm only as strong as any other average guy. The Hypersuit enhances my strength, my speed, my defense, and all my other physical attributes to superhuman levels. It can monitor around me in a 360 degree sphere, and can even go into autopilot mode if I pass out, ensuring my safety. The difference is, you may be weaker than this suit, but only somewhat. I can tell by the energy readings Centurion gave me that you're way above an ordinary human, strength, and speed-wise. You don't have to rely on fancy equipment or gadgets to protect yourself." Ben shakes his head as a depressed look crosses his face. "There's only one thing this suit can't protect me from."
"Your inner demons," I say, nodding at him sagely. "Don't beat yourself up too much, Ben. Everyone has problems. Yours may be way more than the average person's, but-"
"Hey! Don't lecture me. You may have the face of an adult, but you're just a kid. You haven't even been alive a century." Ben grinds his teeth together and looks past me, toward the rising sun. "I'm not even a real person, Jason. I'm just a clone. A fake. So was Beatrix, and several other commanding officers. Someone woke us up from our cloning pods, and when we learned that we had been asleep for thousands of years, humanity was on the edge of defeat, and we had to piece it together... the pressure was unthinkable. I did terrible acts- things that no person should have, all in the name of ensuring the Terra's survival."
I'm surprised to see a single tear roll down Ben's face. "And for what? Why did I give up my humanity?! Why did I fight for so long, when the Kolvaxians turned them all in the end? Do you know? Do you have any insight into the machinations of the universe, Hero boy?"
His words don't sting like they should, perhaps because I know he's simply lashing out in anger. If it weren't me here, he'd be taking out his pent-up heartache on someone else.
"I'm not that smart, Ben. I barely know anything. What I do know is that I've made a lot of mistakes, and I'll inevitably make more as time goes on. You won't learn anything valuable in life without fucking up, so by that logic, the more you ruin things, and the bigger your margins are, the more you'll learn. In your case, you've unlocked a newfound hatred for the Kolvaxians, above and beyond anything you had before. You should turn your feelings of guilt and rage against them, and focus your mind on how you can save the lives of those you called friends."
For a moment, I feel a little proud of myself. That sounded smart! Wise, even!
Ben, however, isn't so easily impressed. "You can learn plenty of other ways, Jason. Books, for example. Getting the entirety of my crew killed, millions of innocent souls- that isn't a small setback, it's a colossal failure. Maybe I can move on and try and not mess things up again in the future, but they can't. My crew is gone." Ben pauses, and an odd look appears in his eye. "Though... you did cure my Kolpox. Maybe things aren't as hopeless as I thought. It might be possible to convert a fully turned Kolvaxian back to their original form, but only you could do it."
"I suppose anything's possible," I say, keeping my tone neutral since I'm not sure about that at all.
Realistically, it's probably doable. The future isn't set in stone, after all. The problem is, without a Kolvaxian test subject, I won't know for sure if reverting them to their original form is doable or not.
Well, I'm a Wordsmith. I can bend the universe to my will, so I'm probably just overthinking things, as usual. I need to stop doing that.
Ben reaches up and pulls his helmet off, catching me off-guard as he inhales deeply. "Ahh, fresh air."
It takes me a moment to respond. "What? You had the front of the helmet open. Couldn't you smell the flowers already?"
He shakes his head. "The suit is oppressive, in a way that's hard to put into words. The fragrance reaches me, but as long as my head and body are within the confines of the Hypersuit, it forms a solid barrier between Mother Nature and my perception of her beauty. After all, man created machines to bend nature to his will. As long as we use weapons of war and machines to till the soil, they will always be an artificial barrier between us and her glory."
I stare at him in silence. Shit. That was a lot more poetic than what I said a minute ago. Ben beat me, and he wasn't even trying, I think to myself. "Yeah. That's a smart way to put it."
Ben turns away from me to stare at a red flower his foot barely missed stomping on by an inch or two. "Sometimes, when I couldn't sleep at night, I would lie on my bed and stare up at the ceiling, wondering what the Kolvaxians were and from where they came. Their green skin, the way they absorb technology and flesh together into a single entity... what if they're..." He pauses and his breath catches. "...never mind. If the Kolvaxians are a force of Nature, a weapon wielded by the Mother herself as the final punishment for corrupting her body with our machines, we won't win. Even when Earth was around, a single hurricane could lay waste to millions of human lives all at once."
"A force of nature?" I gaze at Ben as he reaches down and plucks the flower, then brings it to his nose and inhales. "You're saying you don't think they're a sentient species, but an organism born to kill humanity, and tear apart our machines?"
With a shake of his head, Ben casts the flower aside. "I haven't the faintest clue, Jason. Nobody does. Anyone who says they do is lying. I can only hope that isn't the case, or humanity, the Volgrim, and the Demons are dead already." A wistful look appears on his face, and the corners of his mouth curl up slightly. "Wouldn't it be funny if my friends weren't monsters, but instead were living normal peaceful existences? What if the Kolvaxians have achieved perfect unity? Maybe they aren't all that bad. Perhaps I should have allowed myself to turn, after all. I could be missing out."
Oh boy. Ben just pivoted from rage at the Kolvaxians to debating whether he should join them. He's all over the damn place.
"Ben, if becoming a Kolvaxian is a good thing, you'll have plenty of opportunities in the future. I think that right now, your skills as a leader would be best put to use here, leading this remnant of humanity. We not only have Demons to fight but also Volgrim and Kolvaxians in due time. If you're willing to put the past behind you, you could help us out a lot. For my part, I'll do everything I can to find out more about the Kolvaxians, and try to see if there's a way to revert them to their human forms. We both have a role to play in this, but I can't do my part if you won't do yours. Understand?"
No longer content with just a faint smile, Ben's mouth contorts into a full-on grin. "Yeah, you're right, Jason. There's still a chance. Beatrix, Emily, everyone from the Terra might yet see the light of day. I can't give up hope."
The sun continues to rise behind me, and silently beats down, warming my back. "The first step is always the hardest. Come on. I'll show you to an empty room, and we'll work out what your new role is in this new human society later."
Ben nods, and as he turns to walk alongside me, he chuckles softly. "You know, I'm still annoyed you took away my drunkenness. I enjoy that aspect of drinking."
"Eh, I don't. I like to keep my wits about me. If you feel that strongly though, I'll make you drunk again when we reach your room."
"Hell yeah." Ben slugs me in the arm, and his punch feels like he hit me with a sledgehammer. "You're a good kid."
"Thanks, grandpa."
"Elder Basil..." An Admiral from one of the forward fleets stares at me from the hologram in the center of the room. His serpent-like appearance is muted somewhat by the guilt strewn across his face. "...Perhaps you may recall the exploration pod we sent to the Outer Rim?"
I steal a glance at Elder Lozu. If this is going to be more bad news, I'm sure he'll be just delighted to see me squirm. "I do."
The Admiral's cheeks quiver as he sucks in a quick breath. "We lost contact with it seven hours ago. It transmitted the Emergency alert just before it turned offline, along with all of its data stores. The results were... unsettling."
"Ah, so it's more bad news. Just spit it out, Admiral Kresh. At this point, you can't shock me."
I hope. Thinking those two words to myself, I keep my mouth shut. Saying them out loud would be like begging the universe to prove me wrong.
Admiral Kresh keeps his hands clasped together in front of his stomach and bows his head ever so slightly. "I'll be blunt. To Elder Basil, and all other members of the Council... I don't see a path to defeating the Kolvaxians. Combined with the other scouting pod findings from across the Milky Way, we've confirmed that they have made landfall in nearly every system across the galaxy. We're encircled, and breaking through to flee the galaxy is likely impossible at this point."
Elder Lozu, ever the composed one, nods slowly. "So that was their goal. Encircle us, chew at our perimeters, and slowly hem us in. Thanks to that blunder with the damned Sentinel, we hardly have any reserves, and building new ships will take several years to replace the ones we've lost. We can't try and retake any systems, or else we run the risk of spreading our forces too thin."
Anger, sadness, resentment... none of those feelings enter my mind. I feel nothing. Looking at the faces of those around me, it's obvious that all the other Council members are thinking the same thing.
We can't attack. We can't retreat. We can't flee. We can't move slowly. We can't move quickly.
All options are off the table. At this point...
"We're just delaying the inevitable." The words slip out my mouth, but I no longer feel wrong about saying them. So what if the other Council-members think of me as weak for daring to admit the futility of our actions? We've already lost. Whether it takes the plague one year or a million, it will infect all of us eventually.
A sudden energy springs into Lozu's body. He jerks forward and pounds his fist on the table. "Fine! Fine! I will say it. Elder Basil, I was wrong!" He jerks his head back to glare at me. "They can't be bartered or reasoned with, nor will they listen to diplomacy or take bribes. Military might is the only way to crush them!"
Hah. Hahaha... what is Lozu even saying? Is he only now realizing the peril we're in? He's far, far too late. The time for action was a year ago, or ten years ago, or a thousand years ago. Too little, too late.
Still, I decide to humor him. I might as well get a chuckle out of the little pipsqueak, even if we're all going to be consumed in the end. "Yes, military might. Do tell how we're going to beat them after you dragged your feet for so long."
Lozu gnashes his teeth together. "W-we could bring the ancient technology back online! Unlock it and start the research once again!"
"That would take time. Even if we fight a war of attrition and focus entirely on defense and research to prolong the inevitable, it won't be enough."
Worthless scum. Lozu chooses now, of all the times, to grow a backbone? I've finally stopped caring about appearances in front of the others, and he's done the opposite. The folly of youth knows no limits.
Lozu jumps up from his seat and stumbles slightly, but jabs a finger at me. "The demons! We should demand their help! Send them off to die against the Kolvaxians instead of our soldiers!"
"You're assuming Diablo would allow such a thing. Despite his pretenses, he is no lover of our people. In fact, displaying weakness in front of him is sure to make him stab us in the back. That's what demons do, after all."
The courageous barrage from the idiot, Lozu, falters as he slowly lowers his arm. "What about that Sentinel? Surely it could-"
"The Sentinel demonstrated it was no ally of ours. We threatened the human, demon, and the angel, and their Sentinel displayed where its loyalty lay. Bringing a Sentinel here would surely kill us faster than the Kolvaxians would."
Finally defeated, Lozu crumbles back into his seat and sighs, before looking at me. "You don't want to try anything then? Have you given up already?"
What a loaded question. All this youth did was object to my insistence for millions of years that we should open up the ancient technology to be studied, and now he acts like I'm the coward in the room. "I'm a pragmatist, Elder Lozu. Long before you were so much as daring to make a move to be on the Council, I led the Volgrim alongside the first Elders to pacify the demons. It was a vicious, bloody war, but we won. You arrived here a fresh-eyed youngster, hoping to make a mark by opposing the most politically involved of all of us, and you built your career on trying to stop any of my goals, no matter the detriment to Volgrim-kind. Now you sit upon your coveted seat, as one of us, daring to hint that I have grown soft? I do not fear fighting the Kolvaxians, I simply understand that it is futile now that we've lost all our advantages. Or rather, you gave them away for free. Had you listened to my advice early on, we could have driven the monsters back to the void from whence they came, but it will never happen now. All we can do is prolong our suffering."
Every Council-member in the room, barring Lozu, nod slowly along with my words. Even Admiral Kresh has to agree, for my little speech is rooted in a timeless wisdom earned only by living and doing things the right way for such a long time. It's impossible to disagree.
Admiral Kresh is the first to speak, after several long moments of silence. "Elder Basil, there is another possibility. If we cannot flee the galaxy, and we likely cannot win, the ancient research may still be our salvation. If we begin working on it now, we might have a breakthrough. In the worst-case scenario, we could pass our research to the humans. The demons will not know how to use it, but the humans might. Better for them to outlive us and slay the Kolvaxians, than for the galaxy to become a utopia for those parasites to spread to the rest of the universe."
I lean back in my seat and nod approvingly at the Admiral. "A selfless act, from the one who has brought our people many victories against the Kolvaxians over the millennia. Coming from anyone else, I'd hardly entertain the idea, but your words have merit."
Heh, the more I think about it, the more I wish to laugh, as primitive as it sounds. The Admiral is effectively advocating petty revenge. If we can't defeat you; we'll make sure our enemies can! To think that the once-mighty Volgrim, above the demons and the humans, would fall so far... the Founders would spit upon the shell we've become.
Elder Lozu doesn't even offer a weak rebuttal. The anguish I felt only a minute ago has been heaped on his shoulders, and for now, it warms my soul. He deserves it, the worthless little runt. Our people will perish because of his incessant stonewalling, so he'd better be as miserable as possible when we reach our end.
"Do you have any orders, Elder Basil?" Admiral Kresh stares at me, ignoring the other Council members in the room.
"Do what you can to slow them down. We'll start our research at once. If we're lucky, perhaps there will be a miracle. If not... it'll be up to the humans and demons to purge the plague from the galaxy." I pause and look at the Admiral meaningfully. "One last thing. Consider this a new order, effective for all troops. Everyone must equip themselves with a killswitch. If a Kolvaxian is going to take us, all it will get is a corpse."
Admiral Kresh simply nods. "I contemplate, and I comprehend."
Hey guys! New part yay!
SO, I'm currently working on a bunch of new things. Firstly, I now have a Bitcoin and Ethereum wallet address! You will soon find these on the sidebar in case you lose them. We'll add QR codes in the near future as well.
BTC Address: 1KLokky8FRbEkdcqiG8EVNKNcLBwyAxG8T
ETH Address: 0xf743C88AF530CfE9A9f110F6ba12DD53405B5754
(If you donate any cryptocurrency, plz shoot me a PM on Reddit, since I don't know how often I'll be checking these! If you don't I might not realize you donated for a long while!)
Additionally, I have set up a MakerSupport page to potentially replace Patreon, located here. But wait! Don't pledge to it yet, because I'm currently talking with the Drip staff about getting invited early. I don't know if I will or not, but if I do, I'd rather be on a big site run by a company like Kickstarter than MakerSupport.
Well, sorta. You see, I've been talking with the developer of MakerSupport. As you guys may have realized, I like good customer service. I may not be the best writer of all time, but one thing I strive to do is read every comment, PM, email, and etc sent to me by fans of cryopod. I try to respond to as many as possible too, unless of course it's not directed at me or such.
One thing I hated about Patreon was that the site was huge, and I never felt like I had a voice. Shit would just change, and I had no say in what those changes would be. On MakerSupport, however, while it is a small site, the developer has added ten major features in just the last three days. I've spoken with him, and two of the things I asked for were implemented immediately. That's huge! The site has lots of flaws, but for raw potential, I'd say MakerSupport is in the lead. It's also low-fees, lower than Patreon by far, and that means for myself as well as my donors. You pay less, I get more, we all win.
Don't sub to my MakerSupport page just yet, but do know that I've got a good feeling about it. I'm not in a rush just yet, but I'm planning to chooce between Drip and MS by the end of this week, depending on whether Drip accepts/denies me, and whether MS adds a few key features I really need.
In any case, we've got BTC and ETH support up for you mining folks, and I'll probably make a litecoin wallet too because DAMN son, that jump! It doubled in value over just two days! Crazy!
Thanks for reading and being my fans! I love you guys!
submitted by Klokinator to TheCryopodToHell [link] [comments]

/r/bitcoin: let's share with those in need. for every $20 you donate to a charity i'll send you a 1btc (rules inside)

Final update: it's been an amazing and wild ride. I've spent almost 300 350BTC on rewards, which mean that almost $6000 $7000 went to the organizations that help others. Plus we probably made enough noise for some of them to at least check what exactly bitcoins are. And, if you ask me, even if one's person life gets a little better or at least one of those foundations starts accepting btc for donations, then it was totally worth it! Hopefully this won't be the last time that we spare some coins to make the world a little brighter. I hope you enjoyed it as much as I did!
ps: if i forgot or omitted you, or did wrong by you by any means do not hesitate to message me, i'm sure we'll figure something out:) ps2: whoever bought me reddit gold: thanks! while i can see absolutely no difference at all, it looks nice next to my name at least. i really hope you paid in btc :)!
right now 1btc~=$35, so i think it's a fair deal. here's what you have to do to participate:
1) you must donate to any charity of your choice. by this i mean any known, reputable organization that actually helps people (as in medical aid, education or feeding the hungry, you get the drift. no political/social movements types of orgs. please comment/msg me if in doubt.)
2) you must should send a short message to the said charity, explaining what btcs are and why they should consider accepting them as a donation. extra karma for those of you who actually succeed.
3) you must send me a verifiable receipt - i reserve the right to contact the organization you donated to before i send you any bitcoins. don't get me wrong, i believe most of you are really charming, kind, caring people, but there is no shortage of thieves and scammers, and i don't want to make their day.
4) your receipt WITH ALL YOUR PERSONAL INFO BLACKED OUT will be posted in the comments along with txid of your reward; hopefully this get enough momentum to actually make some impact in and outside of the btc community, and i don't want any idiots crying "omg is liek totaly a SCAMM!!11" and whatnot
... and that's it. let's get it going :) imho there's no better way to promote bitcoins than to share some.
ps: before anyone asks
now, /bitcoin, let's show the world that we care :)
EDIT: you people are FUCKING AWESOME! didn't expect it to escalate so quickly. i'm currently waiting for bitcoins to confirm on my bitcointip account*, and trying to verify any proofs i got on pm in the meantime. * - funny story time: if an e-wallet service charge some % of the funds you keep with them for the transactions fees, that doesn't necessarily mean any fees will get included with outgoing transactions. go figure. they learn from bankers pretty quickly, eh
EDIT2: ugh 5 confirmations, so i'll start tipping any minute now. still overwhelmed by the response o_O quick few words:
EDIT3: WOW you guys mean business. since i'm pretty close to reaching 100 btc and i'm just about 1/3 through my inbox, i'm going to throw extra 150 btc to the mix.
!!! BUT !!!
when this limit (overall 250 btc) is reached i will have to stop. SO IF YOU WANT TO DONATE ONLY IF YOU ARE GETTING BTC IN RETURN PLEASE, PLEASE wait some time until i go through all the donations made already an state how much btc i've got left to give away (if any)
SERIOUSLY people, i love your enthusiasm and all but if i run out of coins before i get to your donation in my inbox you will NOT be getting btcs, just so we're clear. >50btc left
EDIT4: aaaand it seems that i'm out. it's been a one crazy ride i'm keeping few btc locked for people who donated earlier but didn't send a receipt (or send a one lacking details). if they don't answer in a while i'm going to send the remaining btc to any not rewarded donations in order of their receipts incoming in my inbox [damn i don't know how to english :/]. for those few people who donated and didn't make it on the btc train, well, a) you have been warned and b) you've done a good deed so don't beat yourself over it :). i'll be posting some sort of summary and maybe few 'last words' in a bit.
submitted by shakethatbass to Bitcoin [link] [comments]

A List of Coins People Find Suspicious | January Edition, 2014

Scamcoin/Shitcoin/Clonecoin/LameCoin's Game Plan review: 1) 2-3 months of pump and dump plan 2) fork litecoin/peerCoin/quarkcoin/bitcoin/nxt , copy-n-paste the codes or using coin generator 3) hype train 4) list on exchanges (not for adoptions but for dumping) 5) pump up the value using tiny amount and dump massive amount at the top 6) the coin became abandon coin, and those hold the coins became bagholders 7) dev(s) changed name, and the project, move on, rinse and repeat
Also, I wrote the scamcoins' signs a while ago, check out http://www.reddit.com/scamcoin/comments/1sa8vu/scam_scale_rating_auditing_proposal/
To see a taste of of the upcoming cesspools, check out http://coingen.io/status.html . Maybe you should screen-capture it to see what's coming out the other end. For backup purpose, here is the pastebin list for these shit/scamcoins http://pastebin.com/wTaY19Qx
Yes, there is a coin generator now. All readied for pump and dump.
For reference of new shitcoins/scamcoins/clonecoins, check out https://bitcointalk.org/index.php?board=159.0
Coinye http://www.reddit.com/coinyewest/comments/1uok4u/fair_launch_my_ass_this_coin_is_premined/ , also don't forget the sticky gem http://www.reddit.com/coinyewest/comments/1uoqph/read_this_before_crying_scam/
Lights- IPO of IPO, 7th gen https://bitcointalk.org/index.php?topic=404524.0
Neon- more IPO shit https://bitcointalk.org/index.php?topic=400356.0
DubstepCoin - relaunch https://bitcointalk.org/index.php?topic=395599.0
TopCoin - IPO shit https://bitcointalk.org/index.php?topic=404622.0
VeroCoin: next-gen "forging" and more IPO shit https://bitcointalk.org/index.php?topic=395758.0
webcoin: emptied talk and IPO shit
vCoin: https://bitcointalk.org/index.php?topic=395534.0
NutCoin: a sample quote "Nutcoin is not a copycoin, it was designed to have a real value based on the "real world" necessity to buy goods, services, food, coffee or nuts, hence the name." https://bitcointalk.org/index.php?topic=393572.0
KaiserCoin : It's our friend Max up to his no-good. Where's his buddy Bill? I thought they are not done with the Pump and Dump Quarkcoin. https://twitter.com/search?q=%23KeiserCoin&src=hash
NOXXO: already in its 9-generation. dude gonna do parallel programming for mining octa-core on Samsung Note. /sarcasm https://bitcointalk.org/index.php?topic=400670.0
ShareCoin : IPO shit https://bitcointalk.org/index.php?topic=399375.0
Atom: So much pre-mined it's not even funny https://bitcointalk.org/index.php?topic=380546.0
KarpCoin: they are running out of meme/animal/celebs and now it's pokemon https://bitcointalk.org/index.php?topic=400794.0
ShoeCoin: nothing to see. https://bitcointalk.org/index.php?topic=399279.0
RiceCoin: quote "the first commodity backed coin" uh huh. https://bitcointalk.org/index.php?topic=398709.0
GiftCoin: quote "We are going to launch a brand new coin unique to any other. " no, just no. admit that it's just plain Scrypt, don't cover it with lies. what i hate some coins the most is that they try to spin bullshit on plain Scrypt. also, ANY damn coin can be printed on a card using QR code to conver the public address. https://bitcointalk.org/index.php?topic=392465.0
LottoCoin -pump and dump
Fckbankscoin - aside from the douchy tittle, claimed to be the "word's first and only protest coin". failed
CuntCoin: death on arrival. Using Coingen. https://bitcointalk.org/index.php?topic=407952.0
CryptoStuds: instamine https://bitcointalk.org/index.php?topic=402464.0
LennyCoin https://bitcointalk.org/index.php?topic=401120.0
Turko https://bitcointalk.org/index.php?topic=409779.0
GrumpyCoin https://bitcointalk.org/index.php?topic=403936.0
LeproCoin huge premine. https://bitcointalk.org/index.php?topic=400393.0
Unicoin https://bitcointalk.org/index.php?topic=392204.0
AlienCoin https://bitcointalk.org/index.php?topic=392204.0
USDE https://bitcointalk.org/index.php?topic=410254.40
DigiByte https://bitcointalk.org/index.php?topic=408268.0
KushCoin https://bitcointalk.org/index.php?topic=411457.0
Klondike Coin https://bitcointalk.org/index.php?topic=407705.0
Mr.T Coin more shitty idea https://bitcointalk.org/index.php?topic=411692.0. coingen
C-Notes https://bitcointalk.org/index.php?topic=397916.0
PesetaCoin https://bitcointalk.org/index.php?topic=403378.0
BatCoin https://bitcointalk.org/index.php?topic=400753.0
BitLand Lot of shits no actual codes. Asking for BTC https://bitcointalk.org/index.php?topic=398826.0
LiveCoin Coigen shit. https://bitcointalk.org/index.php?topic=406095.20
Cryptonium https://bitcointalk.org/index.php?topic=412037.0
TEXT more IPO shit for next-generation https://bitcointalk.org/index.php?topic=409655.0 . Seemed like all next-generation coins are e-begging.
BiddleBabbleBoo Coin https://bitcointalk.org/index.php?topic=379471.20
** One Coin**
To be updated.
December 2013 Edition
1) Africoin discussion: http://www.reddit.com/scamcoin/comments/1rwetv/africoin/ assessment: http://www.reddit.com/scamcoin/comments/1s40s2/assessment_of_africoin/
2) Quarkcoin discussion: http://www.reddit.com/scamcoin/comments/1rvp62/any_opinions_on_quarkcoin/) /quarkcoin
Reason: 98% or more already mined or pre-mined. 245,673,985 already in circulation since July 21, 2013 based on www.coinmarketcap.com. Great for pump and dump. On bitcointalk's release page discussion: "Total of 247 million QRK will be mined in ~ 6 months, after that ~ 1 million QRK p.a. (~ 0.5% p.a inflation)"
Auditing reveals:30.26% of all Quarks owned by 27 wallets. Source: http://quark.freeforums.net/thread/368/auditing-block-chain https://bitcointalk.org/index.php?topic=260031.0
Regarding Quarkcoin's development team:http://www.reddit.com/Bitcoin/comments/1su2aj/the_scam_behind_quarkcoin/ce1efux
3) Novacoin discussion: http://www.reddit.com/scamcoin/comments/1ru8ru/novacoin/
Reason: pre-mined /novacoin
Total shares: 504,839 NVC, price at $21.48 a share ! . Rumors has it the creators mined most of the coin and hold about 90% shares.
From here, https://bitcointalk.org/index.php?topic=144047.0 check out this line "There have been claims that over 200.000 coins were premined by the developer. The developer has claimed that only 60.000 coins have been premined but apparently BTC-e admitted that they got 100.000 coins to accept this currency on their exchange"
4) Ripple /ripplers
Reasons: tokens/money without mining, centralized system. It goes against the ideas of most crypto currencies stood for.
Source:http://ripplescam.org/ http://www.reddit.com/Bitcoin/comments/1ezeil/exposing_the_ripple_scam/ http://bitcoin.stackexchange.com/questions/11172/is-ripple-a-scam
5) Megacoin /megacoin 28% or more than 1/4 of total current shares are pre-mined Discussion : http://www.reddit.com/scamcoin/comments/1s62ao/megacoin/
7) Orbitcoin
8) LotteryTickets
9) Mastercoin pre-sale period of 5,120.6 BTC. blockhain address http://blockchain.info/address/1EXoDusjGwvnjZUyKkxZ4UHEf77z6A5S4P /mastercoin (discussion: http://www.reddit.com/scamcoin/comments/1rue87/mastercoin/ )
10) HobboNickels
11)Infinitecoin /infinitecoin
12)BitcoinScrypt http://bitcoinscrypt.org/
13)Q-coin : proposal phase http://q-coin.org/
14)LightCoin : https://github.com/litecoinmessiah/lightcoin LiteCoin clone. Vague to-do list.
15) ScamCoin: no website, no launch day ready. Emptied promises.
16) Nxt Coin http://www.reddit.com/scamcoin/comments/1si4xi/nxt_coin_discussion/ , also http://www.reddit.com/scamcoin/comments/1tmaz6/nxt_what_justifies_this_price/
17) SexCoin: pumped up 1200% on debut on coinmarketcap and then being dumped
18) FlorinCoin: pumped and dump
19) BitBar
20)YaCoin: /yacoin extreme low difficulty for instamine, disproportionate coins holding of 35% total coins are held by 20 wallets http://www.reddit.com/scamcoin/comments/1swa3s/yacoin_scam/
21)EarthCoin pre-mined 270 million coins. discussion http://www.reddit.com/scamcoin/comments/1tf3ch/earthcoin/
22) Colossus Coin
23) StableCoin -- the coin that is unstable. Premining history. Dev disappeared a few months, promised mixing service, and while waiting for the update, larger holders dumped and flooded the market and tanked the price.
24)GoldCoin: pre-mining history. Got hardforked
25) CatCoin: one meme too many. broken launch. vanilla litecoin clone
26) InternetPeso: this is not even a coin, just QR code branded as tangible currency with user-generated value.
27)eMunnie: next generation scam has arrived
28)DimeCoin: pre-mined 8% of 460 billion coins Release page: https://bitcointalk.org/index.php?topic=382164.0;all
29) MoonCoin : pre-mining accusation. total circulation 384.4 billions, on release page denied premined but http://moonminers.org/ states "MoonCoin is a premined SCAM with over 500+ blocks premined since the start. Im sorry but this pool isnt going to mine it. The first block of mooncoin is at 1388427134 ( Mon, 30 Dec 2013 18:12:14 GMT ) , 30 minutes earlier than anyone got access to source and / or wallet."
30) VisaCoin: Barring legal threat from the real Visa company, It is pre-sale nearly 80BTC with outlandish claims and nonexistence source codes.
31) Ripple
32) Mastercoin
Edit: Got shills downvoted. It is still a sticky topic. Downvoting it is pointless.
submitted by etparle to scamcoin [link] [comments]

Inside a Bitcoin mine that earns $70K a day - YouTube How To Use A Bitcoin Wallet (2019)– HODL Wallet WTF Happened to BITCOIN?! - YouTube What is Bitcoin Mining? - YouTube r/Cryptocurrency Reddit

r/Bitcoin: A community dedicated to Bitcoin, the currency of the Internet. Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography ... Bitcoin mining is done by specialized computers. The role of miners is to secure the network and to process every Bitcoin transaction. Miners achieve this by solving a computational problem which allows them to chain together blocks of transactions (hence Bitcoin’s famous “blockchain”).. For this service, miners are rewarded with newly-created Bitcoins and transaction fees. Collective and even some of the featured section is chocked full of bots posting memes stolen from reddit. You can tell which accounts are bots by viewing how long the accounts have been around, if it says the acc is 1 day old then they are most likely a bot. Seriously, scroll through collective and look at the account making the post most of them are bots. These bots are used by ifunny to try ... The first step when getting started with cloud mining is finding which cloud-mining service provider meets your requirements. Each service charges different fees and has customized packages available. Three popular cloud-mining service providers are Genesis, Hashflare and Minex. DO THE RESEARCH. I can’t stress this enough, make sure the ... About Site - NewsBTC is a news service that covers bitcoin news, technical analysis and forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies. Frequency 14 posts / day . View ...

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Inside a Bitcoin mine that earns $70K a day - YouTube

Start trading Bitcoin and cryptocurrency here: http://bit.ly/2Vptr2X Bitcoin is the first decentralized digital currency. All Bitcoin transactions are docume... The virtual goldrush to mine Bitcoin and other cryptocurrencies leads us to Central Washington state where a Bitcoin mine generates roughly $70,000 a day min... Mix Play all Mix - Crypto ... Multiply Your Bitcoin with The Most Profitable Cloud Mining Service - Duration: 9:12. Beer Money Forum 743 views. 9:12 . Choosing The Right Pool To Mine On - Crypto ... Mix Play all Mix - BTC Sessions YouTube; My Top Bitcoin Wallets, Devices, Services and Resources - Duration: 28:45. BTC Sessions 2,522 views. 28:45. How to ... Mix Play all Mix - Bitcoin.com - Official Channel YouTube Top 10 Amazing Things About BCH That People Don't Realize - Roger Ver - Duration: 14:05. Bitcoin.com - Official Channel 4,202 views