I get quite a few emails from people looking to promote their products, services, events, and sites. Unfortunately I don't have the time to get back to everyone in a prompt manner, but I can assure you that all of your emails are read and I always take the time to check out your sites.
Here are the latest and greatest:
Pocket Rockets Casino - A new Bitcoin poker room (there are actually a bunch of new ones as of late) just opened up, called "Pocket Rockets Casino." They went live on April 16th. It's a great browser-based poker experience that just needs some players to get the ball rolling, which is usually the first big struggle for any poker site. They appear to be running some decent promotions to get bums in the seats, so be sure to check them out!
Silk Road - WhoisHostingThis.com put together a great infographic that questions the dependency of Bitcoin on Silk Road, and whether Bitcoin can survive without its most infamous service. Personally, I think if Silk Road disappeared, there would be another Silk Road ready to take its place. The bigger question being asked here is, "will anonymous transactions continue to be a mainstay of the Bitcoin economy?" I don't think there's any doubt about that.
Ripple Giveaway - If you were lucky enough to sign up to the Ripple email list prior to May 9th, then some free Ripples (XRP) are headed your way! Nobody knows how many are going to be given away this time around, but I'm going to venture a guess and say 1000ish to each person.
CoinCliff - Are you *still* staring at Bitcoinity or Clarkmoody, watching every Bitcoin trade? Well, stop! Get CoinCliff for Android (iOS coming soon) instead and set a variety of configurable alarms to let you get back to living your life again! By the way, if you've been staring at Bitcoin prices over the last week, you're more patient than I am.
The Bitcoin Catalog - Until I read The Bitcoin Catalog, I wasn't aware of how many Bitcoin sites existed that I hadn't even heard of; there are lots! The Bitcoin Catalog does a beautiful job of listing hundreds of Bitcoin-related sites, and would look great on a coffee table or in a waiting room. Be sure to take a look at the online .pdf version as well.
Inside Bitcoins (July 30th, NYC) - All eyes are focused on the Bitcoin 2013 conference, kicking off in San Jose this Friday (yours truly will be there). As a result, I bet most of you aren't aware that another big conference is planned just over two months later, on the east coast in New York City! "Inside Bitcoins" will take place at the New Yorker Hotel, and Charlie Shrem will be there to preach the good Bitcoin word!
WalletRSS - Looking for a way to track your Bitcoin transactions without opening your wallet? Check out WalletRSS and get real-time transaction info sent to the RSS applications that you already use!
BitcoinPaperWallet - One of the most secure ways to create a Bitcoin wallet is to do it on paper and store it safely. Keep in mind that no method is fool-proof, but BitcoinPaperWallet has done an amazing job of providing a free design for anyone looking to print their own paper Bitcoin wallet. Follow the additional security instructions for additional peace of mind.
Monday, May 13, 2013
Wednesday, May 8, 2013
I was offered $550 to say that "Ripple is a Scam."
I received an interesting message in my bitcointalk.org inbox today. It said that a user going by the name of 'TradeFortress' was paying forum members 5 BTC to edit their posts in this thread to say that, "Ripple is a scam."
This is the exact text he wanted each user to post:
Ironically, in the earlier days of Bitcoin (2010, 2011, and well into 2012), the same accusations were spread about Bitcoin. Bitcoin was a "Ponzi-scheme," "pyramid scheme," "scam," etc. The same Bitcoin supporters that fought these accusations tooth and nail are now saying the same thing about Ripple.
Ripple is led by Jed McCaleb (founder of MtGox, eDonkey) and Chris Larsen (e-loan, Prosper.com), both successful businessmen who do not have an interest in sullying their good names.
Arthur Britto, Stefan Thomas, and David Schwartz are major contributors to Ripple's development, and all played an active role in Bitcoin's early successes.
OpenCoin, the company overseeing Ripple, has already raised venture capital from firms led by the co-founders of PayPal and Netscape. These firms do not invest in scams, but in companies with unique ideas that will turn a significant profit if successful.
Ripple will only be successful if it's able to provide its users with the ability to send quick, cheap transactions to anyone, anywhere in the world, using any currency. Its intended goal is to let users do just that, in their currency of choice, as easy as it is to send an email.
Some Bitcoin users, like TradeFortress, are afraid of the idea of a central organization driving the development of such a capability. They think that if anyone is in charge, and if that anyone might turn a profit, then it's not in the best interest of anyone to use their service. Some Bitcoin users, like TradeFortress, are adamant about this, to the point that they're willing to pay out thousands of dollars worth of Bitcoin to get their message across. Ironically, a very large percentage of Bitcoin users are hoarding Bitcoins to do just that, turn a profit. Profit is fine for them, as long as it's just for them.
If Ripple is a scam, and its users are unable to take advantage of Ripple's services as advertised, then Ripple will quickly disappear as another failed business. If the fact that a centrally organized team is driving the development of a product equates to "scam," (this is the main argument) then pretty much every product and service you've ever used is also a scam.
You've probably heard that large websites like Reddit and OKCupid are now accepting Bitcoin. The fact of the matter is, they're not accepting Bitcoin at all. They're actually accepting US dollars. Reddit and OKCupid are using the services of a company called Coinbase that instantly converts Bitcoin payments into US dollars for a small fee. Reddit and OKCupid don't want Bitcoins because they can't pay their employees or their bills with Bitcoins, but they can do that with US dollars. In other words, large corporations aren't interested in Bitcoins themselves, but in the savings that can be had by using Bitcoin as a value-transfer mechanism, or protocol.
Similarly, Ripple is a protocol for sending money, but with Ripple you don't have to buy a digital currency like Bitcoin to get your money from A to B. You can send USD, EUR, CAD, AUD, whatever you wish, and as more Gateways come online, more currencies will become accessible. As long as you have a very small quantity of Ripples (XRP) in your account (just one or two dollars worth), you'll be able to complete thousands of transactions. This is Ripple's main advantage over Bitcoin, and why a lot of Bitcoin users are afraid of it.
Even Roger Ver, a.k.a. "Bitcoin Jesus" has to pay his supply chain to keep the Bitcoin Store running, so he can't use Bitcoins either. Roger Ver doesn't accept Bitcoin, he accepts US dollars from BitPay. If even Bitcoin Jesus isn't interested in Bitcoins themselves, then why not let customers use their local currencies from the get-go and take out the Bitcoin middleman? If the same, or even greater savings can be had with a better protocol, then why not use Ripple?
---
As always, do your due diligence, and come to your own conclusions. I can assure you that Ripple is not a scam, but I can't guarantee that it isn't a threat to Bitcoin.
This is the exact text he wanted each user to post:
"Ripple is a scam! Ripple is a get rich quick scheme for it's creators, a private for-profit company. It is NOT open source. It is CENTRALIZED, akin to PayPal rather than Bitcoin. For more info, visit RippleScam.org."
Ironically, in the earlier days of Bitcoin (2010, 2011, and well into 2012), the same accusations were spread about Bitcoin. Bitcoin was a "Ponzi-scheme," "pyramid scheme," "scam," etc. The same Bitcoin supporters that fought these accusations tooth and nail are now saying the same thing about Ripple.
Ripple is led by Jed McCaleb (founder of MtGox, eDonkey) and Chris Larsen (e-loan, Prosper.com), both successful businessmen who do not have an interest in sullying their good names.
Arthur Britto, Stefan Thomas, and David Schwartz are major contributors to Ripple's development, and all played an active role in Bitcoin's early successes.
OpenCoin, the company overseeing Ripple, has already raised venture capital from firms led by the co-founders of PayPal and Netscape. These firms do not invest in scams, but in companies with unique ideas that will turn a significant profit if successful.
Ripple will only be successful if it's able to provide its users with the ability to send quick, cheap transactions to anyone, anywhere in the world, using any currency. Its intended goal is to let users do just that, in their currency of choice, as easy as it is to send an email.
Some Bitcoin users, like TradeFortress, are afraid of the idea of a central organization driving the development of such a capability. They think that if anyone is in charge, and if that anyone might turn a profit, then it's not in the best interest of anyone to use their service. Some Bitcoin users, like TradeFortress, are adamant about this, to the point that they're willing to pay out thousands of dollars worth of Bitcoin to get their message across. Ironically, a very large percentage of Bitcoin users are hoarding Bitcoins to do just that, turn a profit. Profit is fine for them, as long as it's just for them.
If Ripple is a scam, and its users are unable to take advantage of Ripple's services as advertised, then Ripple will quickly disappear as another failed business. If the fact that a centrally organized team is driving the development of a product equates to "scam," (this is the main argument) then pretty much every product and service you've ever used is also a scam.
You've probably heard that large websites like Reddit and OKCupid are now accepting Bitcoin. The fact of the matter is, they're not accepting Bitcoin at all. They're actually accepting US dollars. Reddit and OKCupid are using the services of a company called Coinbase that instantly converts Bitcoin payments into US dollars for a small fee. Reddit and OKCupid don't want Bitcoins because they can't pay their employees or their bills with Bitcoins, but they can do that with US dollars. In other words, large corporations aren't interested in Bitcoins themselves, but in the savings that can be had by using Bitcoin as a value-transfer mechanism, or protocol.
Similarly, Ripple is a protocol for sending money, but with Ripple you don't have to buy a digital currency like Bitcoin to get your money from A to B. You can send USD, EUR, CAD, AUD, whatever you wish, and as more Gateways come online, more currencies will become accessible. As long as you have a very small quantity of Ripples (XRP) in your account (just one or two dollars worth), you'll be able to complete thousands of transactions. This is Ripple's main advantage over Bitcoin, and why a lot of Bitcoin users are afraid of it.
Even Roger Ver, a.k.a. "Bitcoin Jesus" has to pay his supply chain to keep the Bitcoin Store running, so he can't use Bitcoins either. Roger Ver doesn't accept Bitcoin, he accepts US dollars from BitPay. If even Bitcoin Jesus isn't interested in Bitcoins themselves, then why not let customers use their local currencies from the get-go and take out the Bitcoin middleman? If the same, or even greater savings can be had with a better protocol, then why not use Ripple?
---
As always, do your due diligence, and come to your own conclusions. I can assure you that Ripple is not a scam, but I can't guarantee that it isn't a threat to Bitcoin.
Sunday, May 5, 2013
Ripple is now a Tsunami!
Just like that, Ripple's market cap now exceeds that of Bitcoin. There are a lot of people asking just what the heck is going on, and of course, trying to figure out if this is just another digital currency bubble.
Taking into consideration the total number of Ripples (XRP), that is, 100 billion, and the current exchange rate of approximately 70 XRP/USD, the XRP market cap is $1.43 billion USD. Bitcoin's market cap is currently $1.30 billion USD.
Clearly the XRP exchange rate has been influenced by the limited supply of XRP. The question is, how many are actually "floating" and how many have been locked away by OpenCoin and the founders?
We do know that the founders have retained 20 billion XRP, and that OpenCoin controls 80 billion XRP. Of that 80 billion, 50 billion are being "given away," though how that is happening is a bit of an unknown. It's likely that giveaways like the one we saw on the bitcointalk.org forum are the exception and not the rule. OpenCoin is probably paying developers in large lots of XRP to help build Ripple's infrastructure and applications.
Six days ago, someone put together a spreadsheet that lists all non-zero Ripple accounts and their XRP holdings. From this list, we can make some educated guesses:
There are 99.25 billion XRP in the top 55 accounts, with the smallest one holding 40 million XRP. These are likely OpenCoin holdings or those of major investors. We can safely assume that none of these coins are in circulation.
There are another 17 accounts with exactly 10 million XRP that, again, are not likely in circulation. That brings the total number of "institutionally held" XRP to 99.42 billion.
The total number of XRP that are actually being bought and sold right now is therefore in the 500 million range. At 70 XRP to the USD, they would be worth just over $7 million USD, a realistic estimate of how much fiat and BTC has been deposited into Ripple.
Account number nine on the spreadsheet is of great interest, as it appears as one of the nine billion XRP accounts, but one that has been drawn down by 1.421 billion XRP. What is this account being used for? Perhaps for actual giveaways, or for selling Ripples to re-sellers such as BitStamp or xrptrader.com.
Sources tell me that, in the same vein as what has been happening with Bitcoin, Chinese investors have shown great interest in Ripple, and are responsible for a non-trivial fraction of the recent rise in XRP valuation.
So what is Ripple actually worth? As a protocol, it has Bitcoin beat hands down. Remember that most merchants do not accept Bitcoin directly, instead, they use services like BitPay to instantly convert Bitcoins to fiat. A good portion of Bitcoin's utility is as a protocol, not as a store of value. We will probably see much of Bitcoin's protocol-driven business move into Ripple as additional gateways, like the soon-to-be open Kraken, come online. If Ripple's "Federation Protocol" gains traction, we could very easily see a market cap in excess of $10 billion USD within a year.
Remember that Ripple's key investors have connections to PayPal and Dwolla, and will want to bring them on as Ripple Gateways. Such a move would boost Ripple's valuation well into the stratosphere, leaving Bitcoin behind as a beta-version afterthought.
Expect to see some interesting discussion, debate, and hopefully some big revelations at this year's Ripple... err... Bitcoin Conference in San Jose in two weeks. With the drama surrounding CoinBase and MtGox, and the explosion of interest in Ripple, the timing couldn't be better.
Taking into consideration the total number of Ripples (XRP), that is, 100 billion, and the current exchange rate of approximately 70 XRP/USD, the XRP market cap is $1.43 billion USD. Bitcoin's market cap is currently $1.30 billion USD.
Clearly the XRP exchange rate has been influenced by the limited supply of XRP. The question is, how many are actually "floating" and how many have been locked away by OpenCoin and the founders?
We do know that the founders have retained 20 billion XRP, and that OpenCoin controls 80 billion XRP. Of that 80 billion, 50 billion are being "given away," though how that is happening is a bit of an unknown. It's likely that giveaways like the one we saw on the bitcointalk.org forum are the exception and not the rule. OpenCoin is probably paying developers in large lots of XRP to help build Ripple's infrastructure and applications.
Six days ago, someone put together a spreadsheet that lists all non-zero Ripple accounts and their XRP holdings. From this list, we can make some educated guesses:
There are 99.25 billion XRP in the top 55 accounts, with the smallest one holding 40 million XRP. These are likely OpenCoin holdings or those of major investors. We can safely assume that none of these coins are in circulation.
There are another 17 accounts with exactly 10 million XRP that, again, are not likely in circulation. That brings the total number of "institutionally held" XRP to 99.42 billion.
The total number of XRP that are actually being bought and sold right now is therefore in the 500 million range. At 70 XRP to the USD, they would be worth just over $7 million USD, a realistic estimate of how much fiat and BTC has been deposited into Ripple.
Account number nine on the spreadsheet is of great interest, as it appears as one of the nine billion XRP accounts, but one that has been drawn down by 1.421 billion XRP. What is this account being used for? Perhaps for actual giveaways, or for selling Ripples to re-sellers such as BitStamp or xrptrader.com.
Sources tell me that, in the same vein as what has been happening with Bitcoin, Chinese investors have shown great interest in Ripple, and are responsible for a non-trivial fraction of the recent rise in XRP valuation.
So what is Ripple actually worth? As a protocol, it has Bitcoin beat hands down. Remember that most merchants do not accept Bitcoin directly, instead, they use services like BitPay to instantly convert Bitcoins to fiat. A good portion of Bitcoin's utility is as a protocol, not as a store of value. We will probably see much of Bitcoin's protocol-driven business move into Ripple as additional gateways, like the soon-to-be open Kraken, come online. If Ripple's "Federation Protocol" gains traction, we could very easily see a market cap in excess of $10 billion USD within a year.
Remember that Ripple's key investors have connections to PayPal and Dwolla, and will want to bring them on as Ripple Gateways. Such a move would boost Ripple's valuation well into the stratosphere, leaving Bitcoin behind as a beta-version afterthought.
Expect to see some interesting discussion, debate, and hopefully some big revelations at this year's Ripple... err... Bitcoin Conference in San Jose in two weeks. With the drama surrounding CoinBase and MtGox, and the explosion of interest in Ripple, the timing couldn't be better.
Tuesday, April 23, 2013
2.5Mb of Wikileaks Cables Embedded in the Bitcoin Blockchain
John Robb, a writer at Resilient Communities, just tweeted that a large amount of Wikileaks cable data has been embedded in the blockchain.
There are indeed methods for embedded text in the blockchain, the most famous being Satoshi Nakamoto's entry in the first block, "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks."
Some worry that child pornography could be stored in the blockchain, thus implicating anyone who downloads it, though the illegality of that is rather questionable.
Some guy just put 2.5 Mb of Wikileaks cables into the Bitcoin blockchain.It's out there forever now.Very cool use of the tech.
— John Robb (@johnrobb) April 24, 2013
Sunday, April 14, 2013
Bitcoin/Ripple Market Sets Daily Volume Record
Is Ripple riding on the coattails of Bitcoin's sudden rise to fame, or is its popularity a result of the recent press release regarding some high profile investors?
Total USD inside the Ripple network was hovering around $80,000 today, while total BTC was around 1300.
Ripples were trading for between 25,000 and 40,000 to the Bitcoin.
Either way, today was a big day for the Ripple (XRP) market. Over 300 Bitcoins worth of Ripples were traded on the distributed exchange, blowing the previous record of 92 out of the water, and the day isn't over yet.
 |
| Courtesy of RippleCharts.com |
Total USD inside the Ripple network was hovering around $80,000 today, while total BTC was around 1300.
Ripples were trading for between 25,000 and 40,000 to the Bitcoin.
Bitcoin Alliance of Canada Makes Debut
By gathering key industry players The Bitcoin Alliance of Canada's goal is to cultivate Bitcoin knowledge and involvement nationwide.
WireService.ca Press Release - 04/13/2013 - The concept behind the Bitcoin Alliance of Canada (BAC) was inspired by the need for accurate and professional media coverage of Bitcoin in Canada. Both on television and online, news typically doesn't properly address the dynamic aspects of Bitcoin. However, with Bitcoin use skyrocketing globally, the need for more concise and insightful information will only increase. The BAC is poised to become a reliable source of that information.
Knowledgeable Bitcoin users, those who are fluent in economics, those with a story to share, and merchants looking to start accepting Bitcoin will be key players in the development of Bitcoin in Canada. The BAC will exist to explain Bitcoin with clarity and professionalism. With more and more cryptocurrencies cropping up, businesses in Canada both interested in or already using electronic cash should keep up with news and facts surrounding these varied systems. The BAC hopes to strengthen the Bitcoin community by making all the news and facts accessible to the general public. The BAC will strive to clearly express new and foreign concepts common to emerging currencies like Bitcoin in order to avoid misconceptions and confusion, and to better appeal to a broad audience.
Support and interest is welcome in this endeavor to establish a strong, knowledgeable market in Canada that understands and accepts Bitcoin. For media requests, general inquires, or to participate please contact the BAC.
Contact:
Anthony Di Iorio
Founding Member, BAC
416-831-9593
adiiorio@bitcoinalliance.ca
www.bitcoinalliance.ca
Anthony Di Iorio
Founding Member, BAC
416-831-9593
adiiorio@bitcoinalliance.ca
www.bitcoinalliance.ca
Thursday, April 11, 2013
News Bits - April 11th, 2013
- Winklevoss Twins own 1% of all Bitcoins;
- Fair and positive analysis of Bitcoin on Bloomberg TV today;
- Tired of staring at the ticker all day? Try BTC Track;
- A new online marketplace, BitPapa, is launching this month;
- Trading will resume on Mt.Gox at 7pm Pacific;
- Ripple is starting to make waves in the media.
Monday, April 8, 2013
A Gorgeous Visualization of Key Bitcoin Statistics
A Bitcoin enthusiast working for Tableau Software forwarded me the code for an incredible visualization of stats regarding Bitcoin and Bitcoin-related statistics. I had to squish it a bit to fit in on my blog, but you can find it here.
Sunday, April 7, 2013
Ripple Coin Flip, the SatoshiDice of Ripple?
I came across Ripple Coin Flip on the bitcointalk forums and decided to give it a try. There's only one available address to send to and it gives you a 49% chance of doubling your money. The ripple address is rEgXAZiBKcLPo64wRd5JaASpZ8mGidfZiX if you want to try it for yourself. Watch this video to see how well it works!
Drew Carey and Roseanne Barr are Bitcoin Fans!
Just tried to buy breakfast w bitcoins. Refused. #whenwilltheworldcatchuptomyhipness?
— Drew Carey (@DrewFromTV) April 7, 2013
Leave your Narrow Corridors. Leave all limited thought. Dream the Dreams of poets and pirates. Ahoy me mateys! YE R WATCHIN' BITCOIN B BORN
— Roseanne Barr (@TheRealRoseanne) March 26, 2013
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