A year ago, Finnish bitcoin entrepreneur Risto Pietilä attempted to compile a list of the top publicly known bitcoin holders.
Assuming his list is accurate (which it probably isn't), if you add up the alleged top-20 largest holders of bitcoin, these individuals control roughly 4.44m BTC.
In this podcast update, The Blush Family made it safely through the snowy mountains just in time for their 6PM Liberty on the Rocks Screening of Sovereign Living Episode 4. After the screening, John interviewed Stephen Macaskill, CEO of Amagi Metals, a precious metals broker that sponsored our tour. After the meetup, Cat and John grab pizza at Pizza Republica, one of the first bitcoin accepting businesses in Denver. John uses a Coinkite terminal for the first time and interviews the manager on duty. On the way to their home for the night, the family comes across some Ferguson solidarity protestors and the police state that came with them. The next evening, John visited the Denver Bitcoin Center and got a tour and interview from the center director, Ben Ullrich. After the visit, The Blush family enjoyed dinner with local bitcoiners at Southern Hospitality, the first Denver restaurant to accept bitcoin. After the meal John interviews Shawn Owen, owner of the restaurant and member of the local bitcoin meetup.
John and Cat thoroughly enjoyed their time in Denver and strongly believe it is an up and coming city when it comes to bitcoin adoption and community.
Brawker.com - Proxy facilitating service enabling users to buy anything with bitcoin or buy bitcoin while still maintaining your privacy!
WatchMyBit.com - The first ever micro-payment based video service!
Amagi Metals - http://amagimetals.com/
Pizza Republica - https://airbitz.co/biz/7640/pizza-republica-denver/
Denver Bitcoin Center - https://denverbitcoincenter.com/
Southern Hospitality - https://airbitz.co/biz/5830/southern-hospitality-denver/
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Learn more here: http://uncoinventional.com/
Follow our live blog here: http://uncoinventional.com/2014/11/west-coast-tour-live-blog/
Check out the itinerary here: http://uncoinventional.com/2014/11/west-coast-tour-live-blog/
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Gyft.com/bitcoin - Purchase gift cards online with bitcoin!
USE COUPON CODE UNCOIN14 TO GET $5 BACK!
CheapAir.com - Use bitcoin to book hotels
AirBitz - Bitcoin business directory and wallet
Amagi Metals - Buy precious metals with bitcoin!
BTC: 1HJ3WRuEEapWgEFNTDCxpTxzWoJCZ8YZQc
LTC: Ld35jZQhkJrpRPKtnfRw1r37KuazzgAiQS
DOGE: DLpxS6j6DA38kZzkGAUNtR6tCtCHckaW7k
NXT: NXT-9VGC-DBUT-NDJP-2A6DP
LTBC: 1HbAwvkKyD6vbZbgCUqikRLhoL4rQkBmxR
PayPal: donttreadoncat@gmail.com
PRESS RELEASE – 11/20/14
Albany, New York - Ronald McDonald House Charities of the Capital Region is making history by heading down technology lane and becoming the first local charity in Upstate New York to accept Bitcoin donations. They will partner with Bitcoin processing giant BitPay to handle their transactions, and the NY Bitcoin Group will help them get started.
“We are very excited to have our local Ronald McDonald House be the first chapter in the United States to start accepting a digital currency for donations. Bitcoin gives us the ability to send a nickel, a dime, or any other denomination, without the charity getting charged a fee, as they would using with other payment networks,” said Paul Paterakis, a member of the NY Bitcoin Group.
Elizabeth Ploshay of BitPay added, “In other words, through BitPay, they get 100% of the donation, as they would with cash, but unlike with cash, they can now receive donations from anywhere in the world, instantly.” BitPay is the lead global Bitcoin payment processor making donation functionality possible.
Currently, a few other charitable organizations in the United States and around the world accept Bitcoin, including the United Way and Greenpeace USA.
Paterakis said, “This will go down as a historic moment for Ronald McDonald House in Albany. People can be afraid to be the first when it comes to change, but sometimes the first to act are the most rewarded. I believe that will be the case here. The Bitcoin community is generous and I personally plan on matching up to $500 in Bitcoin donations to show my support. Any time I have a quarter or two sitting in my digital wallet, I’ll send it over.”
ABOUT THE COMPANIES
NY Bitcoin Group (http://ift.tt/1HGEvdt) was founded in June 2014 by Bitcoin enthusiasts from different industry sectors. Their goal is to promote Bitcoin and educate businesses within the Capital Region on setting up Bitcoin as a form of payment.
BitPay (www.bitpay.com) is the largest global Bitcoin payment service provider headquartered in Atlanta, Georgia. BitPay provides payment processing services for more than 40,000 businesses and processed over $100 million USD worth of Bitcoin transactions in 2013. In 2014, BitPay started processing $1 million USD daily.
The American Red Cross has announced that it will now accept bitcoin through a partnership with BitPay.
Founded in 1881, the American Red Cross is the official US affiliate of the International Red Cross and Red Crescent movement. The humanitarian organisation provides disaster relief and emergency assistance in the US and posted total operating revenues and expenses of $3.4bn for its fiscal year 2013.
Looking at charts showing the price of bitcoin over time is like looking at a child’s crude attempt to draw the world’s craziest roller-coaster. It has certainly been a wild ride for the brave few early adopters with the courage to hold a significant portion of their money in btc.
Since its earliest days, predicting the price of bitcoin next week, let alone next month or year, has largely been a fool’s game. Whilst 10% plus swings in a day would be exceptional events for any other currency or asset, it’s virtually the norm in the cryptocurrency world, and much larger fluctuations have not exactly been uncommon. This tendency for the price to change radically in a short space of time is known in financial circles as ‘volatility.’ Something with a very stable price which doesn’t change much is said to have low volatility, whereas something like bitcoin is said to have high volatility.
Although day traders may revel in high volatility, as these price swings are where they make their money, it’s generally not seen as a good thing for everyone else. Personally, I have always thought that this high volatility is one of the main barriers to mass adoption of bitcoin by the general public. The average man or woman on the street simply isn’t going to want to convert any significant part of their wages into bitcoin if there is such a high risk that their value could so easily drop dramatically overnight. With rent and bills to pay, kids to feed and clothe, and so little extra cash, most people simply can’t take a risk like that with their money, even if they may want to. Of course there are services which aim to combat this by allowing people to ‘lock in’ a certain fiat value of bitcoin in their wallet, having a balance of say $400 worth of BTC instead of a balance of 1 BTC. But although these services may help more people to use bitcoin, they do little to increase the number of people who own bitcoin and in any case they take away some of the natural benefits of cryptocurrency as you have to trust your coins to a centralized financial service provider and, of course, they stop you benefiting from any increases in price over time, just the same as they ameliorate any risk from any sudden falls.
Volatility is also a problem for most businesses which may want to work with bitcoin. With fixed costs in fiat and a volatile bitcoin price most businesses must avoid holding any coins. As a result of this, retailers, for example, must sell their coins instantly as soon as their customers pay with them – which again reduces the number of people holding coins. Some commentators have even speculated that this sell-off by retailers has been partly responsible for this year’s price decline.
Fortunately, it does seem that volatility is decreasing over time. For example, this chart, which shows volatility calculated using a 30-day rolling window, appears to show a long term down trend since 2010:
There are some good reasons to think that this will continue. One reason may be that as more time passes people have a clearer idea of what they think each coin should be worth, and are more confident in their valuation. In other words, as we get more and more information about the use of bitcoin, uncertainty gradually decreases, taking volatility with it. But this can only take us so far. Ultimately it is unlikely that the price will be as stable as the fiat currencies of today, because there is nothing behind the price of bitcoin – as people have often said, there are no fundamentals ‘backing’ the price.
The answer to the question of what a bitcoin is worth is the same as the question of what a dollar is worth (if we consider it to be a currency, to be used for buying things). The answer is, simply, it is worth whatever you can buy with it. If you can buy a loaf of bread for a dollar then the value of a dollar = 1 loaf of bread. Of course dollars aren’t valued exclusively in bread – the value is equal to anything which can be bought for a dollar. This may sound like I’m pointlessly stating the obvious, but this is a major part of the inertia behind the value of any currency which can be freely traded. That’s because if the value of a dollar changes against other currencies, without there being a corresponding change in the fundamentals of the US econonomy and how it interacts with the global economy, then everything priced in dollars is effectively ‘the wrong price’. If the dollar is too cheap then, unless everyone re-prices everything they sell, American products are all too cheap, and the world buys dollars to buy the products, but if the dollar is too expensive then people stop paying for American products and services so demand for the dollar declines and the price must fall. What that means is that the value of the dollar should only fluctuate with the fundamentals of the US economy, and any additional volatility coming from traders should be dampened by underlying economic forces. This is an oversimplification of course, because politicians and bankers routinely engage in practices which distort the markets (google ‘petrodollar’ for the most infamous example), but the general principle is sound and this remains a significant part of the way foreign currency markets work.
These powerful forces, which dampen a currency’s volatility, can only operate if products or services are actually priced in that currency, otherwise nothing could ever end up being ‘the wrong price’. One big reason why bitcoin is so volatile compared to, say, the dollar, or the euro, is therefore the fact that very few things are actually priced in dollars. This is becomes a vicious circle: businesses can’t price their products in BTC because of the volatility, so they price them in dollars and simply use Bitcoin as a payment solution, which in turn contributes to that same volatility.
In many ways this is a real shame, because the use of national fiat currencies by internationalized internet businesses with customers all over the world often doesn’t make much sense. Our use of these national currencies is a very real drag on the growth of successful businesses and digital currency could well be the answer. One of the great advantages of Bitcoin is that it is fundamentally an international currency, independent of national government – the Esperanto of money. The use of Bitcoin for international pricing could, therefore, one day be one of its biggest growth drivers. But for that to happen, the vicious circle needs to be broken, and volatility needs to give way to steady price growth.
Although very few things are priced in bitcoin at the moment (even the Bitcoin Foundation prices its memberships in USD) there are some things. In particular other crypto currencies, or ‘alt coins’, and tokens issued as part of crowd-funding initiatives. In many cases these things can only be bought with BTC, and as a result an increase or decrease in price is measured in BTC.
Alt coins don’t always have the best reputation amongst Bitcoin purists. They may be seen as reducing Bitcoin’s network effect before it has even had a chance to hit the big time by competing unnecessarily. They harbour many scams and often fail, leaving their supporters out of pocket and perhaps disillusioned with the whole idea of cryptocurrency. But it may be that they are actually providing Bitcoin with the most valuable service possible: they may be the beginning of a newly emerging economy priced in BTC.
Despite a slow down in the number of new alt coins being launched, this is still a growth area, too. With projects springing up every day to introduce novel uses of the blockchain using tokens that are sold for bitcoin, there is an ever growing number of things whose price or value must change whenever the bitcoin price changes if they are to avoind being ‘the wrong price’. For example, Patrick Byrne’s Medici is seeking to build a legally compliant stock market on top of the Bitcoin protocol using the Counterparty protocol (which itself hasn’t always been popular with Bitcoiners). In the future it may not only be new coins and small software projects which are priced in BTC, but also large international businesses such as Overstock. And what could be more natural than a company doing business with Bitcoin, whose success is at least partially linked to the success of Bitcoin, being valued in bitcoin?
Alt coins, then, may just be the foundation and beginning of a new economy in which Bitcoin is not just a payment technology, but a transnational unit of value – the first truly international currency.
Bitcoin has become a powerful tool for independent activist journalists. In the past, news writers and correspondents would compete for limited professional opportunities with large media networks. The message was highly centralized and filtered from the top.
As technology has evolved, it has empowered mass coverage of anti-establishment opinions. The Internet has allowed anyone with a message to have a voice and Bitcoin has allowed anyone with a dream to fund it.
As news coverage opportunities arise, indie media personalities can crowdfund an on-location trip with bitcoin and buy a plane ticket through CheapAir almost instantaneously. This removes the need for a large network to cover travel costs, which helps to create a de-centralized source for unfiltered news.
Never before has documenting the realities of the world been so simple for the independent journalist.
Meet Derrick Broze, a bitcoin powered independent activist journalist.
I was introduced to Derrick at a Houston, Texas End the Fed rally. I was instantly captivated by his warm energy and profound life perspective, so I began to follow his social media channels.
Over the years his activism became his journalism and he began to travel the country covering and creating unique media events. He was first introduced to bitcoin about two years ago, and began accepting the cryptocurrency as payment for his stories on The Liberty Beat.
He typically spends his bitcoin on plane tickets to get to his next news story, but Derrick doesn’t only fly. He also spent several months riding his bike across the country, documenting sustainable communities and like minded groups of people that he crossed paths with along the way.
This powerfully creative individual founded his own multimedia operation, The Conscious Resistance Network, and a local activist group, The Houston Free Thinkers. He also writes for Tony Stiles, Ben Swann, The Liberty Beat, The Anti Media, and more!
Catherine Bleish: When did you become aware of bitcoin?
Derrick Broze: Around 2012 is the first time I started hearing about BTC.
What was your first bitcoin transaction?
My first bitcoin transaction was getting paid for writing for The Liberty Beat!
When did you become a journalist?
Around 2012 my activism started to become journalism. Since then I have had many opportunities to write and gather news.
What sort of topics do you like to cover?
I like to focus on Indigenous Movements, grassroots activism, [and] National Security, and I have a long-term hobby of trying to finish the work of some of the journalists who have died under mysterious circumstances. Of course I also like writing about bitcoin and the ways that technology can free humanity.
What publications do you write for?
I write for TheLibertyBeat.com, BenSwann.com, TonyStiles.com, theAntiMedia.org, Earth We Are One, and ConnexionW magazine in Houston.
Have you used bitcoin to travel for your journalism?
Yes! I have received investments in my journalism through BTC!
What bitcoin services do you prefer? (Wallets, plane tickets, etc..)
I love being able to buy plane tickets with bitcoin.
Where do you spend your bitcoin?
Most of my bitcoin has gone towards plane tickets but I have also paid for some homemade soaps at Jackalope Fest in Arizona.
How do you bring bitcoin into your life?
I write!
What major writing projects do you have in the works?
I am working with John Vibes on a book titled “The Conscious Resistance: Reflections on Anarchy and Spirituality”. The book will explore the synthesis of various spiritual beliefs and anarchist, libertarian, and voluntaryist philosophy.
How can people follow you?
You can find me on Facebook and http://ift.tt/1354Tfr. All my writing can be found at http://ift.tt/1yXk8Tl
Donation Addresses
Paypal: dbroze@thehoustonfreethinkers.com
BTC: 1LVATadEVsd4X4wf9k2W1Xv2SKn5q57s1M
In this podcast update, John and Cat are having a treacherous time as they make their way through the Colorado Mountains on their way to Denver, CO for more bitcoin antics. The Blush Family ends up stranded in a small Colorado town but made the most out of it when they find an awesome Chinese Restaurant and a really cool hotel. Listen in as the couple recounts the accidents and rough conditions they encountered along the way and how social media and peer to peer technology helped them through their journey.
Brawker.com - Proxy facilitating service enabling users to buy anything with bitcoin or buy bitcoin while still maintaining your privacy!
WatchMyBitc.com - The first ever micro-payment based video service!
May Palace: http://ift.tt/15rxDSq
Hotel Glenwoon Springs: http://ift.tt/1uDBQXv
Waze App: https://www.waze.com/
LISTEN TO THE PODCAST TO LEARN THE LTBC MAGIC WORD!
Learn more here: http://ift.tt/1rrheWw
Follow our live blog here: http://ift.tt/1yt5geO
Check out the itinerary here: http://ift.tt/1yt5geO
Follow the Podcast here: http://ift.tt/1AIBNSB
Follow Cat's Twitter here: http://ift.tt/1xKDLzG
Follow John's Twitter here: http://ift.tt/NVSTau
Donate to our journey here: http://ift.tt/1oF6pjH
Gyft.com/bitcoin - Purchase gift cards online with bitcoin!
USE COUPON CODE UNCOIN14 TO GET $5 BACK!
CheapAir.com - Use bitcoin to book hotels
AirBitz - Bitcoin business directory and wallet
Amagi Metals - Buy precious metals with bitcoin!
BTC: 1HJ3WRuEEapWgEFNTDCxpTxzWoJCZ8YZQc
LTC: Ld35jZQhkJrpRPKtnfRw1r37KuazzgAiQS
DOGE: DLpxS6j6DA38kZzkGAUNtR6tCtCHckaW7k
NXT: NXT-9VGC-DBUT-NDJP-2A6DP
LTBC: 1HbAwvkKyD6vbZbgCUqikRLhoL4rQkBmxR
PayPal: donttreadoncat@gmail.com
Mellon has long been involved in the bitcoin industry, having helped found ventures like Coin Validation that focus on compliance solutions for businesses using bitcoin. A former finance committee chairman for the New York State Republican Party, Mellon comes from an American family known for its deep ties in both US banking and politics.
Mellon will focus on growing the level of bank involvement in the bitcoin industry, as well as supporting initiatives that enable conversations between the bitcoin space, members of Congress and financial industry leaders, according to the Washington, D.C.-based bitcoin advocacy group.
Joseph Joel Bayaua is employed as a private driver by a family in Hong Kong. He has worked in the special administrative region for four years.
When Bayaua sends part of his earnings back to his family in Santiago, a city of 132,000 people in the Philippines' northern Isabela province, he selects either a Western Union money transfer or an inter-bank transfer. He usually ends up choosing Western Union.
When you store your bitcoins on an exchange, a gambling site, or in an investment site, you're placing a lot of trust in the company.
Personal wallet security with a relatively small amount of coins is one thing, but these sites store many more bitcoins than the average user, and are therefore prime targets for attack. So how do they protect your money?
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Andreas and Chris Ellis discuss revisionist history in technologies and the nature of reality.
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Content for todays episode was provided by Andreas M. Antonopoulos and Chris Ellis
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London, November 18, 2014. UK Bitcoin service provider SpectroCoin.com this month launched a new feature on its platform to allow clients to withdraw cash in more than 25 countries around the Europe and Central Asia raging from France or Switzerland to Turkey by overcoming banks to provide an easier access to Bitcoin for unbanked people.
In Europe and Central Asia where 193 million adults[1] are not using formal financial services, their financial exclusion might lead to a social exclusion. Provision of link for these people to a global payment network acts as a social mission to reduce their financial exclusion in highly effective and low cost way.
According to SpectroCoin.com co-founder and CEO Vytautas Karalevicius, previously a finance student at University of Cambridge, this solution will have an impact on both Bitcoin adoption and remittances industry in the region. Firstly, this solution will provide a link to Bitcoin network, which is the most accessible payment network in the world looking from IT perspective and one of the most financially fractioned region in the world. With help of our partners network now our clients in 25 countries are able to exchange bitcoins to cash by not leaving the town and in the most cases the district they live in. That makes Bitcoin as a payment method more accessible and provides more trust and liquidity as the user now will be certain, that after receiving a transaction in Bitcoin he or she will be able to easily cash-out funds just around the corner. In combination to user friendly Bitcoin wallet cash withdrawal provides an initiative for a person to use bitcoins for daily transactions as well.
On the other hand for remittances industry, it provides a unique option to make a cash transfer at a competitive price from nearly everywhere in a world to people in Europe and Central Asia residing anywhere from France to Turkey. From company’s perspective it is a test-field to see how Bitcoin could shape the remittances industry as well as to understand the actual needs of under banked people in the region.
SpectroCoin.com is a European Bitcoin service provider with a focus on highly fractioned markets and provides one of the widest selections of options to buy and sell Bitcoins in Europe as well as solutions for integration of Bitcoin to serve various business needs for corporate clients.
[1] Regional groupings based on UN Human Development Index
https://spectrocoin.com
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info@spectrocoin.com
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