Ecoer Logo
VOTING POWER100.00%
DOWNVOTE POWER100.00%
RESOURCE CREDITS100.00%
REPUTATION PROGRESS42.52%
Net Worth
0.068USD
STEEM
0.005STEEM
SBD
0.000SBD
Effective Power
5.007SP
├── Own SP
1.176SP
└── Incoming Deleg
+3.831SP

Detailed Balance

STEEM
balance
0.005STEEM
market_balance
0.000STEEM
savings_balance
0.000STEEM
reward_steem_balance
0.000STEEM
STEEM POWER
Own SP
1.176SP
Delegated Out
0.000SP
Delegation In
3.831SP
Effective Power
5.007SP
Reward SP (pending)
0.000SP
SBD
sbd_balance
0.000SBD
sbd_conversions
0.000SBD
sbd_market_balance
0.000SBD
savings_sbd_balance
0.000SBD
reward_sbd_balance
0.000SBD
{
  "balance": "0.005 STEEM",
  "savings_balance": "0.000 STEEM",
  "reward_steem_balance": "0.000 STEEM",
  "vesting_shares": "1912.098304 VESTS",
  "delegated_vesting_shares": "0.000000 VESTS",
  "received_vesting_shares": "6231.561502 VESTS",
  "sbd_balance": "0.000 SBD",
  "savings_sbd_balance": "0.000 SBD",
  "reward_sbd_balance": "0.000 SBD",
  "conversions": []
}

Account Info

namesaadone01
id1107640
rank1,449,631
reputation11149343715
created2018-08-14T20:01:06
recovery_accountsteem
proxyNone
post_count93
comment_count0
lifetime_vote_count0
witnesses_voted_for0
last_post2018-09-23T10:50:00
last_root_post2018-09-23T10:50:00
last_vote_time2018-09-12T17:40:03
proxied_vsf_votes0, 0, 0, 0
can_vote1
voting_power0
delayed_votes0
balance0.005 STEEM
savings_balance0.000 STEEM
sbd_balance0.000 SBD
savings_sbd_balance0.000 SBD
vesting_shares1912.098304 VESTS
delegated_vesting_shares0.000000 VESTS
received_vesting_shares6231.561502 VESTS
reward_vesting_balance0.000000 VESTS
vesting_balance0.000 STEEM
vesting_withdraw_rate0.000000 VESTS
next_vesting_withdrawal1969-12-31T23:59:59
withdrawn0
to_withdraw0
withdraw_routes0
savings_withdraw_requests0
last_account_recovery1970-01-01T00:00:00
reset_accountnull
last_owner_update1970-01-01T00:00:00
last_account_update1970-01-01T00:00:00
minedNo
sbd_seconds0
sbd_last_interest_payment1970-01-01T00:00:00
savings_sbd_last_interest_payment1970-01-01T00:00:00
{
  "id": 1107640,
  "name": "saadone01",
  "owner": {
    "weight_threshold": 1,
    "account_auths": [],
    "key_auths": [
      [
        "STM69qLgGDGs15TvyH3XSqT72vB784otWJQJsEuThk6dURoQAsdBj",
        1
      ]
    ]
  },
  "active": {
    "weight_threshold": 1,
    "account_auths": [],
    "key_auths": [
      [
        "STM7vyuMMedWN58jgFiJUUh1FjiBdvX2bpcTspq4dZfx627nFdUaj",
        1
      ]
    ]
  },
  "posting": {
    "weight_threshold": 1,
    "account_auths": [],
    "key_auths": [
      [
        "STM4xQbtEo6ZQnmwrMJXMPvQpXW9eLqYVzPXLguKDTJpGLCaVhXSV",
        1
      ]
    ]
  },
  "memo_key": "STM8T3LM9sJeX3tGpShPAgFbLpe5A8U9PLZx6xDGXkzXD9UBJDRYQ",
  "json_metadata": "{}",
  "posting_json_metadata": "",
  "proxy": "",
  "last_owner_update": "1970-01-01T00:00:00",
  "last_account_update": "1970-01-01T00:00:00",
  "created": "2018-08-14T20:01:06",
  "mined": false,
  "recovery_account": "steem",
  "last_account_recovery": "1970-01-01T00:00:00",
  "reset_account": "null",
  "comment_count": 0,
  "lifetime_vote_count": 0,
  "post_count": 93,
  "can_vote": true,
  "voting_manabar": {
    "current_mana": "8143659806",
    "last_update_time": 1779083997
  },
  "downvote_manabar": {
    "current_mana": 2035914951,
    "last_update_time": 1779083997
  },
  "voting_power": 0,
  "balance": "0.005 STEEM",
  "savings_balance": "0.000 STEEM",
  "sbd_balance": "0.000 SBD",
  "sbd_seconds": "0",
  "sbd_seconds_last_update": "2018-09-14T10:29:33",
  "sbd_last_interest_payment": "1970-01-01T00:00:00",
  "savings_sbd_balance": "0.000 SBD",
  "savings_sbd_seconds": "0",
  "savings_sbd_seconds_last_update": "1970-01-01T00:00:00",
  "savings_sbd_last_interest_payment": "1970-01-01T00:00:00",
  "savings_withdraw_requests": 0,
  "reward_sbd_balance": "0.000 SBD",
  "reward_steem_balance": "0.000 STEEM",
  "reward_vesting_balance": "0.000000 VESTS",
  "reward_vesting_steem": "0.000 STEEM",
  "vesting_shares": "1912.098304 VESTS",
  "delegated_vesting_shares": "0.000000 VESTS",
  "received_vesting_shares": "6231.561502 VESTS",
  "vesting_withdraw_rate": "0.000000 VESTS",
  "next_vesting_withdrawal": "1969-12-31T23:59:59",
  "withdrawn": 0,
  "to_withdraw": 0,
  "withdraw_routes": 0,
  "curation_rewards": 1,
  "posting_rewards": 830,
  "proxied_vsf_votes": [
    0,
    0,
    0,
    0
  ],
  "witnesses_voted_for": 0,
  "last_post": "2018-09-23T10:50:00",
  "last_root_post": "2018-09-23T10:50:00",
  "last_vote_time": "2018-09-12T17:40:03",
  "post_bandwidth": 0,
  "pending_claimed_accounts": 0,
  "vesting_balance": "0.000 STEEM",
  "reputation": "11149343715",
  "transfer_history": [],
  "market_history": [],
  "post_history": [],
  "vote_history": [],
  "other_history": [],
  "witness_votes": [],
  "tags_usage": [],
  "guest_bloggers": [],
  "rank": 1449631
}

Withdraw Routes

IncomingOutgoing
Empty
Empty
{
  "incoming": [],
  "outgoing": []
}
From Date
To Date
steemdelegated 3.831 SP to @saadone01
2026/05/18 05:59:57
delegateesaadone01
delegatorsteem
vesting shares6231.561502 VESTS
Transaction InfoBlock #106150313/Trx e1c3e5e11d734cd5b21b086396dd29c47c6b2cb7
View Raw JSON Data
{
  "block": 106150313,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "saadone01",
      "delegator": "steem",
      "vesting_shares": "6231.561502 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2026-05-18T05:59:57",
  "trx_id": "e1c3e5e11d734cd5b21b086396dd29c47c6b2cb7",
  "trx_in_block": 0,
  "virtual_op": 0
}
steemdelegated 2.164 SP to @saadone01
2026/05/13 03:10:45
delegateesaadone01
delegatorsteem
vesting shares3519.351097 VESTS
Transaction InfoBlock #106003652/Trx 02842821ca1fe5891ed921cbcc6b57096a5fbb70
View Raw JSON Data
{
  "block": 106003652,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "saadone01",
      "delegator": "steem",
      "vesting_shares": "3519.351097 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2026-05-13T03:10:45",
  "trx_id": "02842821ca1fe5891ed921cbcc6b57096a5fbb70",
  "trx_in_block": 1,
  "virtual_op": 0
}
steemdelegated 3.839 SP to @saadone01
2026/04/26 05:12:03
delegateesaadone01
delegatorsteem
vesting shares6244.077258 VESTS
Transaction InfoBlock #105517804/Trx 176491095b47931a7148b6857a1e85ad84385aba
View Raw JSON Data
{
  "block": 105517804,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "saadone01",
      "delegator": "steem",
      "vesting_shares": "6244.077258 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2026-04-26T05:12:03",
  "trx_id": "176491095b47931a7148b6857a1e85ad84385aba",
  "trx_in_block": 0,
  "virtual_op": 0
}
steemdelegated 2.189 SP to @saadone01
2026/01/23 23:14:57
delegateesaadone01
delegatorsteem
vesting shares3560.897916 VESTS
Transaction InfoBlock #102870317/Trx ca0f015449e6dfd4501fde19400519ab184aacea
View Raw JSON Data
{
  "block": 102870317,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "saadone01",
      "delegator": "steem",
      "vesting_shares": "3560.897916 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2026-01-23T23:14:57",
  "trx_id": "ca0f015449e6dfd4501fde19400519ab184aacea",
  "trx_in_block": 1,
  "virtual_op": 0
}
steemdelegated 2.290 SP to @saadone01
2024/12/17 18:25:21
delegateesaadone01
delegatorsteem
vesting shares3725.117113 VESTS
Transaction InfoBlock #91316537/Trx 2f06e2e79cb965e8c9549c762904387602afd5a3
View Raw JSON Data
{
  "block": 91316537,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "saadone01",
      "delegator": "steem",
      "vesting_shares": "3725.117113 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2024-12-17T18:25:21",
  "trx_id": "2f06e2e79cb965e8c9549c762904387602afd5a3",
  "trx_in_block": 1,
  "virtual_op": 0
}
steemdelegated 2.394 SP to @saadone01
2023/11/14 10:06:36
delegateesaadone01
delegatorsteem
vesting shares3894.250645 VESTS
Transaction InfoBlock #79870690/Trx 71106536bb886353ff665ed5f737197cfdee5f81
View Raw JSON Data
{
  "block": 79870690,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "saadone01",
      "delegator": "steem",
      "vesting_shares": "3894.250645 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2023-11-14T10:06:36",
  "trx_id": "71106536bb886353ff665ed5f737197cfdee5f81",
  "trx_in_block": 1,
  "virtual_op": 0
}
steemdelegated 4.200 SP to @saadone01
2023/09/22 10:02:54
delegateesaadone01
delegatorsteem
vesting shares6831.159431 VESTS
Transaction InfoBlock #78362454/Trx 9320d8b17b78de5b5c11c80f8f5da8bfcbcd6d99
View Raw JSON Data
{
  "block": 78362454,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "saadone01",
      "delegator": "steem",
      "vesting_shares": "6831.159431 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2023-09-22T10:02:54",
  "trx_id": "9320d8b17b78de5b5c11c80f8f5da8bfcbcd6d99",
  "trx_in_block": 2,
  "virtual_op": 0
}
steemdelegated 4.337 SP to @saadone01
2022/11/03 17:33:12
delegateesaadone01
delegatorsteem
vesting shares7053.210869 VESTS
Transaction InfoBlock #69120248/Trx a3156f4e2aa1244a6e1c72007dff208907bd07f7
View Raw JSON Data
{
  "block": 69120248,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "saadone01",
      "delegator": "steem",
      "vesting_shares": "7053.210869 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2022-11-03T17:33:12",
  "trx_id": "a3156f4e2aa1244a6e1c72007dff208907bd07f7",
  "trx_in_block": 13,
  "virtual_op": 0
}
ph-supportsent 0.001 STEEM to @saadone01
2022/08/17 10:56:48
amount0.001 STEEM
fromph-support
memo
tosaadone01
Transaction InfoBlock #66879894/Trx b9cd7feb79f2e6638daf14bfea8b73a771071fb1
View Raw JSON Data
{
  "block": 66879894,
  "op": [
    "transfer",
    {
      "amount": "0.001 STEEM",
      "from": "ph-support",
      "memo": "",
      "to": "saadone01"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2022-08-17T10:56:48",
  "trx_id": "b9cd7feb79f2e6638daf14bfea8b73a771071fb1",
  "trx_in_block": 1,
  "virtual_op": 0
}
steemdelegated 4.472 SP to @saadone01
2022/01/17 22:46:54
delegateesaadone01
delegatorsteem
vesting shares7273.318470 VESTS
Transaction InfoBlock #60823532/Trx 95c754123cf7ba6fe44cbf9e28ccda633d0591c8
View Raw JSON Data
{
  "block": 60823532,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "saadone01",
      "delegator": "steem",
      "vesting_shares": "7273.318470 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2022-01-17T22:46:54",
  "trx_id": "95c754123cf7ba6fe44cbf9e28ccda633d0591c8",
  "trx_in_block": 27,
  "virtual_op": 0
}
steemdelegated 4.585 SP to @saadone01
2021/06/14 05:58:36
delegateesaadone01
delegatorsteem
vesting shares7457.512758 VESTS
Transaction InfoBlock #54613875/Trx 64f06c0e4a2294125080a33d0ae061033ec68536
View Raw JSON Data
{
  "block": 54613875,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "saadone01",
      "delegator": "steem",
      "vesting_shares": "7457.512758 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2021-06-14T05:58:36",
  "trx_id": "64f06c0e4a2294125080a33d0ae061033ec68536",
  "trx_in_block": 9,
  "virtual_op": 0
}
steemdelegated 4.700 SP to @saadone01
2020/12/11 16:11:21
delegateesaadone01
delegatorsteem
vesting shares7644.934732 VESTS
Transaction InfoBlock #49361149/Trx 861c8e42e56ec8a03b23d5bb4dec04c39e6354e4
View Raw JSON Data
{
  "block": 49361149,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "saadone01",
      "delegator": "steem",
      "vesting_shares": "7644.934732 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2020-12-11T16:11:21",
  "trx_id": "861c8e42e56ec8a03b23d5bb4dec04c39e6354e4",
  "trx_in_block": 1,
  "virtual_op": 0
}
steemdelegated 1.176 SP to @saadone01
2020/12/06 09:47:03
delegateesaadone01
delegatorsteem
vesting shares1912.543513 VESTS
Transaction InfoBlock #49212674/Trx 318e48841b2407be02eb02c9bb5b01ddea53fb4e
View Raw JSON Data
{
  "block": 49212674,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "saadone01",
      "delegator": "steem",
      "vesting_shares": "1912.543513 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2020-12-06T09:47:03",
  "trx_id": "318e48841b2407be02eb02c9bb5b01ddea53fb4e",
  "trx_in_block": 7,
  "virtual_op": 0
}
steemdelegated 4.704 SP to @saadone01
2020/12/05 19:49:06
delegateesaadone01
delegatorsteem
vesting shares7651.142586 VESTS
Transaction InfoBlock #49196232/Trx 0a1e4ce4b677d5dc3f279f5d739fe585c0b4c216
View Raw JSON Data
{
  "block": 49196232,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "saadone01",
      "delegator": "steem",
      "vesting_shares": "7651.142586 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2020-12-05T19:49:06",
  "trx_id": "0a1e4ce4b677d5dc3f279f5d739fe585c0b4c216",
  "trx_in_block": 0,
  "virtual_op": 0
}
steemdelegated 1.180 SP to @saadone01
2020/11/03 02:10:09
delegateesaadone01
delegatorsteem
vesting shares1920.017158 VESTS
Transaction InfoBlock #48270200/Trx 5686d4dfd754c6d294958e94a469239eb42fc727
View Raw JSON Data
{
  "block": 48270200,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "saadone01",
      "delegator": "steem",
      "vesting_shares": "1920.017158 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2020-11-03T02:10:09",
  "trx_id": "5686d4dfd754c6d294958e94a469239eb42fc727",
  "trx_in_block": 6,
  "virtual_op": 0
}
steemdelegated 4.829 SP to @saadone01
2020/05/09 10:49:54
delegateesaadone01
delegatorsteem
vesting shares7853.947945 VESTS
Transaction InfoBlock #43222996/Trx 2a0abe12cdd0eedfb2ad26ebd84b4e3863042f61
View Raw JSON Data
{
  "block": 43222996,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "saadone01",
      "delegator": "steem",
      "vesting_shares": "7853.947945 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2020-05-09T10:49:54",
  "trx_id": "2a0abe12cdd0eedfb2ad26ebd84b4e3863042f61",
  "trx_in_block": 8,
  "virtual_op": 0
}
steemdelegated 1.201 SP to @saadone01
2020/05/08 15:11:51
delegateesaadone01
delegatorsteem
vesting shares1953.311140 VESTS
Transaction InfoBlock #43199996/Trx 353cf641ed8f5c515d4453f2e015f4ede198cc2a
View Raw JSON Data
{
  "block": 43199996,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "saadone01",
      "delegator": "steem",
      "vesting_shares": "1953.311140 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2020-05-08T15:11:51",
  "trx_id": "353cf641ed8f5c515d4453f2e015f4ede198cc2a",
  "trx_in_block": 3,
  "virtual_op": 0
}
steemdelegated 4.885 SP to @saadone01
2019/11/26 06:18:03
delegateesaadone01
delegatorsteem
vesting shares7945.614853 VESTS
Transaction InfoBlock #38504967/Trx af349e9589b0d631974e1ae0f5815eb0d900e81e
View Raw JSON Data
{
  "block": 38504967,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "saadone01",
      "delegator": "steem",
      "vesting_shares": "7945.614853 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2019-11-26T06:18:03",
  "trx_id": "af349e9589b0d631974e1ae0f5815eb0d900e81e",
  "trx_in_block": 20,
  "virtual_op": 0
}
2019/08/14 22:10:48
authorsteemitboard
bodyCongratulations @saadone01! You received a personal award! <table><tr><td>https://steemitimages.com/70x70/http://steemitboard.com/@saadone01/birthday1.png</td><td>Happy Birthday! - You are on the Steem blockchain for 1 year!</td></tr></table> <sub>_You can view [your badges on your Steem Board](https://steemitboard.com/@saadone01) and compare to others on the [Steem Ranking](https://steemitboard.com/ranking/index.php?name=saadone01)_</sub> ###### [Vote for @Steemitboard as a witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1) to get one more award and increased upvotes!
json metadata{"image":["https://steemitboard.com/img/notify.png"]}
parent authorsaadone01
parent permlinkthe-usd416-million-usd-liquidation-on-chinese-crypto-exchange-okex-super-simplified
permlinksteemitboard-notify-saadone01-20190814t221047000z
title
Transaction InfoBlock #35556606/Trx 1ef57c2e5e0b068713ff31000b82e37eb8f69325
View Raw JSON Data
{
  "block": 35556606,
  "op": [
    "comment",
    {
      "author": "steemitboard",
      "body": "Congratulations @saadone01! You received a personal award!\n\n<table><tr><td>https://steemitimages.com/70x70/http://steemitboard.com/@saadone01/birthday1.png</td><td>Happy Birthday! - You are on the Steem blockchain for 1 year!</td></tr></table>\n\n<sub>_You can view [your badges on your Steem Board](https://steemitboard.com/@saadone01) and compare to others on the [Steem Ranking](https://steemitboard.com/ranking/index.php?name=saadone01)_</sub>\n\n\n###### [Vote for @Steemitboard as a witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1) to get one more award and increased upvotes!",
      "json_metadata": "{\"image\":[\"https://steemitboard.com/img/notify.png\"]}",
      "parent_author": "saadone01",
      "parent_permlink": "the-usd416-million-usd-liquidation-on-chinese-crypto-exchange-okex-super-simplified",
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crypto.piotrsent 0.002 STEEM to @saadone01- "Dear @saadone01. Hope you don't mind this memo. If you do then please let me know and I will not bother you again in the future. Just wanted to share with you link to amazing publication related to AR..."
2019/03/10 10:19:09
amount0.002 STEEM
fromcrypto.piotr
memoDear @saadone01. Hope you don't mind this memo. If you do then please let me know and I will not bother you again in the future. Just wanted to share with you link to amazing publication related to ARTIFICIAL INTELLIGENCE by my friend @neavvy. He "touched" very interesting topic: could AI disturb and dominate social media platforms (including Steemit) in the nearest future? I would LOVE to hear your opinion on that particular topic. Check out my comment and share your view. Yours, Piotr // LINK: https://steemit.com/steemstem/@crypto.piotr/re-neavvy-ai-learns-to-play-flappy-bird-the-impact-of-machine-learning-on-steem-blockchain-20190310t074433939z
tosaadone01
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steemdelegated 5.006 SP to @saadone01
2018/12/23 12:32:30
delegateesaadone01
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crypto.piotrsent 0.002 STEEM to @saadone01- "Hi @saadone01. Im sending this memo to you only because you're following me. I hope you don't mind. Currently Im trying to find a ways to support crypto community here on Steemit and I decided to dele..."
2018/11/28 17:13:03
amount0.002 STEEM
fromcrypto.piotr
memoHi @saadone01. Im sending this memo to you only because you're following me. I hope you don't mind. Currently Im trying to find a ways to support crypto community here on Steemit and I decided to delegate 1200 SP to curators and solid bloggers. Perhaps this is something that you would find interesting. Please check out my latest post: https://steemit.com/steemit/@crypto.piotr/delegating-up-to-1200-steem-power-to-curators-and-solid-bloggers , Yours, Piotr
tosaadone01
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steemdelegated 17.448 SP to @saadone01
2018/10/08 18:44:00
delegateesaadone01
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saadone01powered up 0.040 STEEM to @saadone01
2018/09/23 10:51:54
amount0.040 STEEM
fromsaadone01
tosaadone01
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2018/09/23 10:50:00
authorsaadone01
bodyThe $416 million USD liquidation on Chinese crypto exchange OKEx — super simplified In the night of July 31st 2018, an unprecedentedly large Bitcoin long position got liquidated on Chinese cryptocurrency exchange OKEx. The position had a total value of a staggering $416,000,000 USD (four hundred sixteen million) on entry. It is unknown what leverage was applied to this trade, but various findings point out that it must have been x20. This means the trader in question actually had a collateral of $20,800,000 in their trading account, and exchange OKEx lended the trader… ![0D3BE056-4901-437A-B8F0-0A20239FA33D.png](https://cdn.steemitimages.com/DQmPPnWnS3hAZ8xNm27bNNEbwptrTdu59AaV7wwS2q1FXxG/0D3BE056-4901-437A-B8F0-0A20239FA33D.png)
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parent permlinkcrypto
permlinkthe-usd416-million-usd-liquidation-on-chinese-crypto-exchange-okex-super-simplified
titleThe $416 million USD liquidation on Chinese crypto exchange OKEx — super simplified
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      "body": "The $416 million USD liquidation on Chinese crypto exchange OKEx — super simplified\nIn the night of July 31st 2018, an unprecedentedly large Bitcoin long position got liquidated on Chinese cryptocurrency exchange OKEx. The position had a total value of a staggering $416,000,000 USD (four hundred sixteen million) on entry.\nIt is unknown what leverage was applied to this trade, but various findings point out that it must have been x20. This means the trader in question actually had a collateral of $20,800,000 in their trading account, and exchange OKEx lended the trader…\n![0D3BE056-4901-437A-B8F0-0A20239FA33D.png](https://cdn.steemitimages.com/DQmPPnWnS3hAZ8xNm27bNNEbwptrTdu59AaV7wwS2q1FXxG/0D3BE056-4901-437A-B8F0-0A20239FA33D.png)",
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crypto.piotrsent 0.003 STEEM to @saadone01- "Hi @saadone01. I hope you don't mind this memo. I've published post related to hot topic: "china printing foreign currencies" and I would really like to hear your opinion on that particular issue. Hop..."
2018/09/23 04:06:27
amount0.003 STEEM
fromcrypto.piotr
memoHi @saadone01. I hope you don't mind this memo. I've published post related to hot topic: "china printing foreign currencies" and I would really like to hear your opinion on that particular issue. Hope you don't mind sharing your view. Yours, Piotr. Link to my post: https://steemit.com/market/@crypto.piotr/china-s-printing-my-country-currency-isn-t-that-a-clear-threat-to-a-nation-security
tosaadone01
Transaction InfoBlock #26186131/Trx 01525b98a99253910c68609c7101c7dc53b7dd1a
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wcasino.paysent 0.001 STEEM to @saadone01- "::: block chain based transparent game ::: join holdem now ! see more info here : https://steemit.com/wcasino/@wcasino/wcasino-holdem-how-to-play"
2018/09/20 08:28:30
amount0.001 STEEM
fromwcasino.pay
memo::: block chain based transparent game ::: join holdem now ! see more info here : https://steemit.com/wcasino/@wcasino/wcasino-holdem-how-to-play
tosaadone01
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2018/09/20 08:28:18
authorsaadone01
bodySpotlight Growth China Crypto Ban Ramps Up Crackdown WeChat Bans Crypto Media Outlets Medium should be attracting more Chinese crypto enthusiasts soon. China’s app ecosystems are going through a period of scrutiny and regulatory crackdowns. Basically, On Aug. 7, 2018, the Cyberspace Administration of China (CAC) announced temporary regulations for the development and management of public information services for instant message tools. It’s quite remarkable that China has not only shut down blockchain news accounts, according to the South China Morning Post, but is also banning hotels in Beijing from hosting cryptocurrency events. China is a well-known ecosystem for blockchain startups in stealth mode, but the Government is getting even stricter. Blockchain and cryptocurrency media accounts in China have been banned on WeChat, the messenger app owned by Tencent. The decrease of chatter is going to be good for the crypto community on Medium, one of the last places for free speech to occur for cryptocurrencies and blockchain startups. While Twitter and Reddit are good for community and influencers, the bulk of good crypto content is still found on Medium. Medium is definItely blocked by China’s Great Firewall, but that’s not stopping Chinese crypto enthusiasts from coming on here. At least eight blockchain- and cryptocurrency-focused online media outlets — some of which raised several million dollars in venture capital — found their official public accounts on WeChat blocked on Tuesday, August 21st evening, due to violations against new regulations from China’s top internet watchdog. Sorry crypto, you are sort of too decentralized. It’s a really bizarre story, to be honest. Back in March, People’s Daily, the state-run media outlet in China, directly criticized blockchain and cryptocurrency media outlets in China and claimed that these media outlets were helping manipulate the cryptocurrency market. Here in the West, Facebook banned Ads relating to crypto and their convoluted new system of checks just about kills the desire of such companies to want to earn the right to work with them again — this has been a boon for Twitter Ads related to the crypto community. While places like India and China are cracking down, places like Malta, Taiwan and South Korea show exceptional progressiveness with regards to blockchain startups, cryptocurrency exchanges and the speed of regulatory frameworks. China is both a censorship state and a leader in blockchain, which is a bit of an oxymoron. It’s dubious trust issues globally are also problematic for companies like Huawei, who have effectively been banned recently in Australia for being in the running for 5G. The crypto crackdown on WeChat is pretty wide-sweeping. According to one rule: “The users of instant messaging tools serving in public information service activities shall abide by relevant laws and regulations. For instant messaging service users who violate the agreement, the instant messaging service provider shall take measures such as warning, restriction, suspension and closure until the account is closed, meanwhile saving the relevant records and fulfilling the obligation to report to the relevant authority.” Hotel Ban on Crypto Events According to the SCMP, furthermore and separately, Beijing’s central Chaoyang district issued a notice on August 17, 2018, banning hotels, office buildings and shopping malls in the area from hosting events promoting cryptocurrencies. The document was leaked online this week, and confirmed with the local authority by the South China Morning Post. Where the People’s Daily’s commentary — typically assumed to be the voice of the Chinese Communist Party (CCP) — was seen by some as the government’s call for stricter regulations on blockchain media outlets, China’s stance against cryptocurrencies but in favor of blockchain adoption by centralized authorities shows the two-faced propaganda we are seeing all over the world. ChinaCryptocurrencyWechatBlockchainDecentralization![E7DA6736-1251-43A1-BDAC-9537C2086F4C.jpeg](https://cdn.steemitimages.com/DQmaki6JXc5DXcyB5Dgpjt1Y4KjCv9iDCozAry6qz21BoyJ/E7DA6736-1251-43A1-BDAC-9537C2086F4C.jpeg)
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parent permlinkchina
permlinkchina-crypto-ban-ramps-up-crackdown
titleChina Crypto Ban Ramps Up Crackdown
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      "body": "Spotlight Growth\nChina Crypto Ban Ramps Up Crackdown\nWeChat Bans Crypto Media Outlets\n\nMedium should be attracting more Chinese crypto enthusiasts soon.\nChina’s app ecosystems are going through a period of scrutiny and regulatory crackdowns.\nBasically, On Aug. 7, 2018, the Cyberspace Administration of China (CAC) announced temporary regulations for the development and management of public information services for instant message tools.\nIt’s quite remarkable that China has not only shut down blockchain news accounts, according to the South China Morning Post, but is also banning hotels in Beijing from hosting cryptocurrency events.\nChina is a well-known ecosystem for blockchain startups in stealth mode, but the Government is getting even stricter. Blockchain and cryptocurrency media accounts in China have been banned on WeChat, the messenger app owned by Tencent.\nThe decrease of chatter is going to be good for the crypto community on Medium, one of the last places for free speech to occur for cryptocurrencies and blockchain startups.\nWhile Twitter and Reddit are good for community and influencers, the bulk of good crypto content is still found on Medium. Medium is definItely blocked by China’s Great Firewall, but that’s not stopping Chinese crypto enthusiasts from coming on here.\nAt least eight blockchain- and cryptocurrency-focused online media outlets — some of which raised several million dollars in venture capital — found their official public accounts on WeChat blocked on Tuesday, August 21st evening, due to violations against new regulations from China’s top internet watchdog.\n\nSorry crypto, you are sort of too decentralized.\nIt’s a really bizarre story, to be honest. Back in March, People’s Daily, the state-run media outlet in China, directly criticized blockchain and cryptocurrency media outlets in China and claimed that these media outlets were helping manipulate the cryptocurrency market.\nHere in the West, Facebook banned Ads relating to crypto and their convoluted new system of checks just about kills the desire of such companies to want to earn the right to work with them again — this has been a boon for Twitter Ads related to the crypto community.\nWhile places like India and China are cracking down, places like Malta, Taiwan and South Korea show exceptional progressiveness with regards to blockchain startups, cryptocurrency exchanges and the speed of regulatory frameworks.\nChina is both a censorship state and a leader in blockchain, which is a bit of an oxymoron. It’s dubious trust issues globally are also problematic for companies like Huawei, who have effectively been banned recently in Australia for being in the running for 5G.\nThe crypto crackdown on WeChat is pretty wide-sweeping.\nAccording to one rule:\n“The users of instant messaging tools serving in public information service activities shall abide by relevant laws and regulations. For instant messaging service users who violate the agreement, the instant messaging service provider shall take measures such as warning, restriction, suspension and closure until the account is closed, meanwhile saving the relevant records and fulfilling the obligation to report to the relevant authority.”\nHotel Ban on Crypto Events\nAccording to the SCMP, furthermore and separately, Beijing’s central Chaoyang district issued a notice on August 17, 2018, banning hotels, office buildings and shopping malls in the area from hosting events promoting cryptocurrencies. The document was leaked online this week, and confirmed with the local authority by the South China Morning Post.\nWhere the People’s Daily’s commentary — typically assumed to be the voice of the Chinese Communist Party (CCP) — was seen by some as the government’s call for stricter regulations on blockchain media outlets, China’s stance against cryptocurrencies but in favor of blockchain adoption by centralized authorities shows the two-faced propaganda we are seeing all over the world.\nChinaCryptocurrencyWechatBlockchainDecentralization![E7DA6736-1251-43A1-BDAC-9537C2086F4C.jpeg](https://cdn.steemitimages.com/DQmaki6JXc5DXcyB5Dgpjt1Y4KjCv9iDCozAry6qz21BoyJ/E7DA6736-1251-43A1-BDAC-9537C2086F4C.jpeg)",
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2018/09/16 13:55:33
authorsteemitboard
bodyCongratulations @saadone01! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) : [![](https://steemitimages.com/70x80/http://steemitboard.com/notifications/posts.png)](http://steemitboard.com/@saadone01) Award for the number of posts published [![](https://steemitimages.com/70x80/http://steemitboard.com/notifications/comments.png)](http://steemitboard.com/@saadone01) Award for the number of comments <sub>_Click on the badge to view your Board of Honor._</sub> <sub>_If you no longer want to receive notifications, reply to this comment with the word_ `STOP`</sub> > Support [SteemitBoard's project](https://steemit.com/@steemitboard)! **[Vote for its witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1)** and **get one more award**!
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      "body": "Congratulations @saadone01! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :\n\n[![](https://steemitimages.com/70x80/http://steemitboard.com/notifications/posts.png)](http://steemitboard.com/@saadone01) Award for the number of posts published\n[![](https://steemitimages.com/70x80/http://steemitboard.com/notifications/comments.png)](http://steemitboard.com/@saadone01) Award for the number of comments\n\n<sub>_Click on the badge to view your Board of Honor._</sub>\n<sub>_If you no longer want to receive notifications, reply to this comment with the word_ `STOP`</sub>\n\n\n\n> Support [SteemitBoard's project](https://steemit.com/@steemitboard)! **[Vote for its witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1)** and **get one more award**!",
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2018/09/16 11:24:33
authorsaadone01
bodyAltcoin 😤. 📉📉📉
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permlinkre-coininfo-re-saadone01-is-crypto-manipulated-20180916t112431535z
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2018/09/16 11:19:27
authorsaadone01
bodyWelcoom
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2018/09/16 11:19:06
authorsaadone01
bodyYes good
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2018/09/16 10:43:12
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2018/09/16 10:43:06
authorcoin.info
body**Coins mentioned in post:** Coin | | Price (USD) | 📉 24h | 📈 7d - | - | - | - | - **BTC** | Bitcoin | 6496.046$ | _-0.48%_ | _2.58%_ **EOS** | EOS | 5.371$ | _-0.5%_ | _8.94%_ **ETH** | Ethereum | 218.715$ | _0.98%_ | _10.16%_ **NEO** | NEO | 18.153$ | _-0.58%_ | _-1.9%_ **XTZ** | Tezos | 1.594$ | _-3.66%_ | _31.77%_
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2018/09/16 10:34:42
authorcheetah
bodyHi! I am a robot. I just upvoted you! I found similar content that readers might be interested in: https://medium.com/futuresin/is-crypto-manipulated-f78d26506584
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2018/09/16 10:34:42
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2018/09/16 10:34:39
authormagic8ball
bodyTo the question in your title, my Magic 8-Ball says:<blockquote>It is certain</blockquote><hr>*Hi! I'm a bot, and this answer was posted automatically. Check [this post out](https://steemit.com/introduceyourself/@magic8ball/introducing-the-magic-8-ball-bot) for more information.*
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2018/09/16 10:34:39
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2018/09/16 10:34:39
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saadone01published a new post: is-crypto-manipulated
2018/09/16 10:34:33
authorsaadone01
bodyIs Crypto Manipulated? In a highly financial regulated world, is Bitcoin and crypto’s price volatility natural or forced? With widespread anonymity in cryptocurrency markets, manipulation can easily arise. That is, when you don’t have clear disclosure of buyers and sellers, you open the doors for perennial problems of whales and market manipulation to occur. When the U.S. Justice Department opened an investigation into illicit trading in late May, 2018, you had to wonder. Traditional frauds that occur in the stock markets surely have and are occuring in the cryptocurrency markets. These guys have jurisdiction over any transactions that occur in the U.S. While Bitcoin’s price volatility has been anything but stable, it has meant the entire cryptocurrency market cap has been the ultimate playground for pump-and-dump scheming. US Department of Justice (DOJ) apparently have been on-goingly working with the SEC and CFTC to investigate market manipulation of Bitcoin price, particularly via spoofing and wash-trading. The investigation is focused on illegal practices that can influence prices — such as spoofing, or flooding the market with fake orders to trick other traders into buying or selling. As the price of many cryptocurrencies is speculative and not tied to actual assets the mainstream rhetoric has been that they are highly “risky”. However that hasn’t stopped millions of people around the world investing in them. The rise of Bitcoin futures seemed to correlate according to some with Bitcoin’s slide in Price after the anomaly of December, 2017, where Bitcoin has seen a 70% drop in price value, just seven months later. Market manipulation of course is nothing new, there’s always been whales, scammers and price fixers. Market manipulators have always been present as long as there have been markets. Decades ago the Hunt brothers attempted to corner the silver market (but failed). In the late 19th Century, various “plungers” tried to control railroad stock prices. Crypto is a hotbed of innovation, but also rampant market manipulation that has fueled the rise of 1,800 altcoins, where nearly 650 display signs of coin and code death. That’s a pretty incredible turn-over rate. It turns out, there may be as much fraud and cyber hacking going on, as actual innovation in the space. This is why corporate, government and banking associates speak of “blockchain” in a very different vein to “crypto”, and this is of course in part what has made Bitcoin’s legend (only 10 years old) so controversial and truly stunning to follow for both enthusiasts and skeptics alike. Nobody will contradict the reality that many ICOs have been fraudulent, however many startups that employ them have incredible use cases in the real world if they could ever get off the ground. Getting early-round and seed investments isn’t what it used to be for many early startups. From breaches in cryptocurrency exchanges, to legal changes in countries as far as South Korea, India, or China, there are so many factors and variables likely involved in Bitcoin’s price volatility and the actual demand and artificial scarcity created by the limited number of available tokens — 21 million in the case of BTC. We know that Federal prosecutors are working with the Commodity Futures Trading Commission, the CFTC, a financial regulator that oversees derivatives tied to Bitcoin. While the SEC has publicly stated that Ethereum is not a security, many if not nearly all of ICOs likely are. It’s really hard to imagine that grey and black hat tactics banned in securities trading, and illegal in general, but not cracked down on in crypto trading, are NOT being used in crypto trading. Without legal regulation, and more transparency — cryptocurrency trading might remain viewed as practically criminal activities by Governments, as is basically the case in places like India and China. That’s not to say that these places aren’t hotbeds of blockchain startups, crypto mining or anything of that sort. As the legalization of cryptocurrencies continues to play out with leaders like Malta and South Korea moving the world slowly forwards, in the U.S. Ad bans and investigations continue. Even as Japan seeks improved regulations against money laundering in its major cryptocurrency exchanges, the balance between regulation, anonymity and transparency remains fraught with breaches, fraud and market price manipulation. When you look at the troubled history and credibility of projects that got massive ICO funding such as Tezos and EOS, you really do have to wonder at the leadership of the supposed competitors to the likes of Ethereum and NEO who they themselves seem far larger and more active communities of daily active developers who have established legitimate partnerships. If private companies such as Block.One or Dynamic Ledger Solutions, Inc hold the actual keys to projects like EOS or Tezos, what hope could they possibly have of actually being decentralized? Thus, crypto projects suffer from major credibility issues, where crypto advisors line their white papers, but common sense dictates most these projects don’t have much hope of long-term sustainability and aren’t commercially viable. So while the ICOs will come and go and surely some will be prosecuted. The Bitcoin advocates and HODLers remain. 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      "body": "Is Crypto Manipulated?\nIn a highly financial regulated world, is Bitcoin and crypto’s price volatility natural or forced?\n\nWith widespread anonymity in cryptocurrency markets, manipulation can easily arise. That is, when you don’t have clear disclosure of buyers and sellers, you open the doors for perennial problems of whales and market manipulation to occur.\nWhen the U.S. Justice Department opened an investigation into illicit trading in late May, 2018, you had to wonder. Traditional frauds that occur in the stock markets surely have and are occuring in the cryptocurrency markets. These guys have jurisdiction over any transactions that occur in the U.S.\nWhile Bitcoin’s price volatility has been anything but stable, it has meant the entire cryptocurrency market cap has been the ultimate playground for pump-and-dump scheming. 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Decades ago the Hunt brothers attempted to corner the silver market (but failed). In the late 19th Century, various “plungers” tried to control railroad stock prices. Crypto is a hotbed of innovation, but also rampant market manipulation that has fueled the rise of 1,800 altcoins, where nearly 650 display signs of coin and code death. That’s a pretty incredible turn-over rate. It turns out, there may be as much fraud and cyber hacking going on, as actual innovation in the space.\nThis is why corporate, government and banking associates speak of “blockchain” in a very different vein to “crypto”, and this is of course in part what has made Bitcoin’s legend (only 10 years old) so controversial and truly stunning to follow for both enthusiasts and skeptics alike. Nobody will contradict the reality that many ICOs have been fraudulent, however many startups that employ them have incredible use cases in the real world if they could ever get off the ground. Getting early-round and seed investments isn’t what it used to be for many early startups.\nFrom breaches in cryptocurrency exchanges, to legal changes in countries as far as South Korea, India, or China, there are so many factors and variables likely involved in Bitcoin’s price volatility and the actual demand and artificial scarcity created by the limited number of available tokens — 21 million in the case of BTC.\nWe know that Federal prosecutors are working with the Commodity Futures Trading Commission, the CFTC, a financial regulator that oversees derivatives tied to Bitcoin. While the SEC has publicly stated that Ethereum is not a security, many if not nearly all of ICOs likely are.\nIt’s really hard to imagine that grey and black hat tactics banned in securities trading, and illegal in general, but not cracked down on in crypto trading, are NOT being used in crypto trading. Without legal regulation, and more transparency — cryptocurrency trading might remain viewed as practically criminal activities by Governments, as is basically the case in places like India and China. That’s not to say that these places aren’t hotbeds of blockchain startups, crypto mining or anything of that sort.\nAs the legalization of cryptocurrencies continues to play out with leaders like Malta and South Korea moving the world slowly forwards, in the U.S. Ad bans and investigations continue. 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2018/09/14 11:55:42
authorsaadone01
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2018/09/14 10:51:12
authorohmygoodness
bodyThank you! Now even I begin to understand this technology ;)
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2018/09/14 10:48:57
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2018/09/14 10:33:36
authorsaadone01
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2018/09/14 10:33:30
authorlinkdead13
bodyA very good breakdown to the history of blockchain, though i'm not too sure there are many 5 year olds that would understand haha. Off to Read part 2.
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saadone01claimed reward balance: 0.032 STEEM, 0.041 SP
2018/09/14 10:29:33
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2018/09/14 10:29:18
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bodyHi! I am a robot. I just upvoted you! I found similar content that readers might be interested in: https://hackernoon.com/beginners-guide-to-blockchain-explaining-it-to-a-5-years-old-772caac6ae97
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2018/09/14 10:29:15
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2018/09/14 10:29:06
authorsaadone01
bodyBeginner’s Guide to Blockchain — Explaining it to a 5 Year Old A Simple Guide to Understand Blockchain with a Real World Analogy This is a two part series. You can find the link to the follow up article at the end of this article. Everyone is talking about Bitcoin these days, from your barber to your friends working at stock market. Don’t worry this article is not about several other articles talking about making money from Bitcoin. However, I will try to help you understand the underlying technology which makes Bitcoin work and how this concept of blockchain can be useful in the coming decades. Historical Overview October 31, 2008, a white paper from an anonymous person or organization named Satoshi Nakamoto was published which explained a novel approach to send money from sender to receiver directly without involving any financial intermediaries. The paper gave a name to this concept — Bitcoin. Since, Bitcoin uses some underlying concepts of cryptography, this new way of exchanging money was categorized as cryptocurrency. The only purpose of Bitcoin was for financial transactions but researchers realized that its foundational technology can be harvested to build other secure and robust applications that can revolutionize the way current systems work. “Blockchain” was the name given to this foundational technology. Lots of technical words? Let’s simplify! What is Blockchain? — A Real World Analogy Let’s imagine that you live in a city, which has a big parking space to park 200 cars at one time (assume that the parking space just has a ground floor). This parking space has a main gate which stays locked and is only opened when a car moves in or out. Now let’s analyze this single parking building from different points of view — Price: Since some private company built this parking space exclusively for parking purposes and all the maintenance cost will be beared by the owner company, there will be a high renting fee for renting out a single parking space. Security: If thieves get access to the main door, they can easily get to your car (take its wheels, or fuel, or damage the brake, anything!) Limit: What if the number of cars in your city grow from 200 to 300? The parking space will not have enough space for all cars and some other private agency will have to built a new parking space. Trusted: You trust the parking space company and they are responsible for taking care of security and reliability. Centralized: Since all the cars are in one building, we can consider it to be a centralized parking. Now, let’s modify the current scenario. Imagine that there are 200 houses in your city and all 200 houses have two garages each. However, to simplify our explanation, let’s assume each house just has one car (all cars filling up all the slots of big parking space described above). So, each house has one empty garage out of the two garages available. Now, let’s say people of the city decide to rent out the extra garage to anyone who needs a parking. This model of providing parking space will solve the problem of parking 200 cars or more cars (in case people move in and out of the city) without the need of building any central bigger parking space for the entire city. Similar to the previous scenario, let’s analyze this scenario — Price: Since people didn’t built the second garage exclusively for renting purposes and the cost of maintenance will be little, the cost to rent that extra space will be low comparatively to the big central parking space Security: Each car is locked in a different garage therefore thieves will have to unlock all the garages to get access to the cars, thus providing more security. (Security in blockchain is a bit different but for simplicity let’s consider it this way for now!) Limit: As the number of houses grow, assuming each new house also has extra garage space, the space to keep more cars will keep increasing. Thus, increasing the network of lessee and lessor. Trustless: Since, no central authority controls these distributed parking spaces, we assume that there will be certain rules set by all the participating garage owners for renting out their places. Decentralized: As mentioned in the previous point, these parking spaces are distributed throughout the city, we can consider it to be a decentralized parking. The above analogy provides the foundation for understanding the actual technical infrastructure of the Blockchain. Parking Model to Technical Model The parking model presents a very basic overview of Blockchain in some real world language. Now, let’s try to match the components of our parking example to the actual technical model — The big central parking is a centralized system like AWS, Google Cloud etc. (these cloud platforms are also distributed at some level but for the sake of simplicity, we will assume them to be a single entity). The cars are the data and applications. The distributed parking is a decentralized system — Blockchain. Wait! We missed something. All decentralized systems are not Blockchain!! Yes, Blockchain is a particular type of decentralized system that has a unique property. Which property? Let’s talk about it. “Blocks” make Blockchain Let’s revisit our distributed parking example and make a small change. Let’s assume that the lock to a particular garage is generated when a car is parked inside it (we assume that the same car goes to the same parking everyday). Also, assume that we have numbered all the distributed garages in serial order. The lock-key pair of garage #50 is based on the lock-key pair of garage #49 and also on the features (like color, weight, engine number etc.) of the car parked inside garage #50 and this process starts from garage #1 and moves till garage #200 or even more. Each garage’s lock-key pair depends on the garage’s car features and previous garage’s lock-key pair. Therefore, if a thief tries to break into garage #49 and modifies any feature of the car, say its color or registration number, the features of car in garage #49 will change which means a new lock-key pair for garage #49 will be generated and since lock-key-pair for garage #50 depends on lock-key pair of garage #49, lock-key pair for garage #50 will also change and same goes on for future garages. Now, let’s make one last assumption that computing a lock-key pair requires lots of computing resources which means if we have to recompute these pairs in case any thief modifies any car feature in any garage, it will be practically impossible to recompute all the pairs again. What happens if a lock-key pair is changed? Hope you remember that we talked about all garage owners abiding by some rules? One of these rules is to check for a valid garage. A garage is valid if you can validate its lock-key pair and if any lock-key pair gets changed, the lock-key pairs of all the following garages get invalid because every pair depends on the previous pair. (Process to validate a lock-key pair for a particular garage is very fast as compared to generating one). This dependence of one pair on the previous pair makes it a chain of garages and in technical world, these garages are “blocks”, thus getting its name — Blockchain (a chain of blocks). Blocks in Blockchain are tied to the next block by hashes just like lock-key pairs in our example. Similar to garage example, if data in one block is modified, hashes need to be recalculated for all the following blocks and since calculating the hash is a very resource intensive operation, it gets practically impossible to do that and hence the network rules out the invalidated block. The calculation of hash is called mining and we will talk more about it in the next release of this series. How do the blocks recover from modification? All the computers on the blockchain network, keep a copy of the full blockchain, so if one block or one complete chain at a particular computer or multiple computers is modified, the whole network tries to compare it with their own copies of the full chain. If majority of the nodes (or computers) on the network find that the modified chain is invalid, the modified chain is replaced with valid chain from other nodes. This makes Blockchain vulnerable to 51% attack. In simpler words, if more than 50% of the nodes on the network are malicious (or say have a modified chain), then the whole network can be compromised. Conclusion Phew!! that was a lot of information to digest. This was the part I of the full beginner’s guide, providing the basic foundation for Blockchain. I hope this article prepared you for some good discussion with your friends regarding Blockchain. Checkout the next release of this series where we talk about Ethereum, Smart Contracts and Mining. If you enjoyed reading this, please click and hold “Claps” below and help your friends find it by sharing it with them. Thank You! :) This was the first release of the series “Beginner’s Guide to Blockchain”. You can check out the second release here. Beginner’s Guide to Blockchain — Explaining it to a 6 year old A Simple Guide to Understand Blockchain with a Real World Analogy — Part II hackernoon.com ![FE3CED2E-7E21-4C84-8140-2D32837A6D48.jpeg](https://cdn.steemitimages.com/DQmYp2bieuYxdxHak5FMD6kXb4p7Hxemxzy5yjizsYzSzN9/FE3CED2E-7E21-4C84-8140-2D32837A6D48.jpeg)
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      "body": "Beginner’s Guide to Blockchain — Explaining it to a 5 Year Old\nA Simple Guide to Understand Blockchain with a Real World Analogy\n\n\nThis is a two part series. You can find the link to the follow up article at the end of this article.\nEveryone is talking about Bitcoin these days, from your barber to your friends working at stock market. Don’t worry this article is not about several other articles talking about making money from Bitcoin. However, I will try to help you understand the underlying technology which makes Bitcoin work and how this concept of blockchain can be useful in the coming decades.\nHistorical Overview\nOctober 31, 2008, a white paper from an anonymous person or organization named Satoshi Nakamoto was published which explained a novel approach to send money from sender to receiver directly without involving any financial intermediaries. The paper gave a name to this concept — Bitcoin. Since, Bitcoin uses some underlying concepts of cryptography, this new way of exchanging money was categorized as cryptocurrency. The only purpose of Bitcoin was for financial transactions but researchers realized that its foundational technology can be harvested to build other secure and robust applications that can revolutionize the way current systems work. “Blockchain” was the name given to this foundational technology. Lots of technical words? Let’s simplify!\nWhat is Blockchain? — A Real World Analogy\nLet’s imagine that you live in a city, which has a big parking space to park 200 cars at one time (assume that the parking space just has a ground floor). This parking space has a main gate which stays locked and is only opened when a car moves in or out. Now let’s analyze this single parking building from different points of view —\nPrice: Since some private company built this parking space exclusively for parking purposes and all the maintenance cost will be beared by the owner company, there will be a high renting fee for renting out a single parking space.\nSecurity: If thieves get access to the main door, they can easily get to your car (take its wheels, or fuel, or damage the brake, anything!)\nLimit: What if the number of cars in your city grow from 200 to 300? The parking space will not have enough space for all cars and some other private agency will have to built a new parking space.\nTrusted: You trust the parking space company and they are responsible for taking care of security and reliability.\nCentralized: Since all the cars are in one building, we can consider it to be a centralized parking.\nNow, let’s modify the current scenario. Imagine that there are 200 houses in your city and all 200 houses have two garages each. However, to simplify our explanation, let’s assume each house just has one car (all cars filling up all the slots of big parking space described above). So, each house has one empty garage out of the two garages available. Now, let’s say people of the city decide to rent out the extra garage to anyone who needs a parking. This model of providing parking space will solve the problem of parking 200 cars or more cars (in case people move in and out of the city) without the need of building any central bigger parking space for the entire city. Similar to the previous scenario, let’s analyze this scenario —\nPrice: Since people didn’t built the second garage exclusively for renting purposes and the cost of maintenance will be little, the cost to rent that extra space will be low comparatively to the big central parking space\nSecurity: Each car is locked in a different garage therefore thieves will have to unlock all the garages to get access to the cars, thus providing more security. (Security in blockchain is a bit different but for simplicity let’s consider it this way for now!)\nLimit: As the number of houses grow, assuming each new house also has extra garage space, the space to keep more cars will keep increasing. Thus, increasing the network of lessee and lessor.\nTrustless: Since, no central authority controls these distributed parking spaces, we assume that there will be certain rules set by all the participating garage owners for renting out their places.\nDecentralized: As mentioned in the previous point, these parking spaces are distributed throughout the city, we can consider it to be a decentralized parking.\nThe above analogy provides the foundation for understanding the actual technical infrastructure of the Blockchain.\nParking Model to Technical Model\nThe parking model presents a very basic overview of Blockchain in some real world language. Now, let’s try to match the components of our parking example to the actual technical model —\nThe big central parking is a centralized system like AWS, Google Cloud etc. (these cloud platforms are also distributed at some level but for the sake of simplicity, we will assume them to be a single entity).\nThe cars are the data and applications.\nThe distributed parking is a decentralized system — Blockchain.\nWait! We missed something.\nAll decentralized systems are not Blockchain!! Yes, Blockchain is a particular type of decentralized system that has a unique property. Which property? Let’s talk about it.\n“Blocks” make Blockchain\nLet’s revisit our distributed parking example and make a small change. Let’s assume that the lock to a particular garage is generated when a car is parked inside it (we assume that the same car goes to the same parking everyday). Also, assume that we have numbered all the distributed garages in serial order. The lock-key pair of garage #50 is based on the lock-key pair of garage #49 and also on the features (like color, weight, engine number etc.) of the car parked inside garage #50 and this process starts from garage #1 and moves till garage #200 or even more.\nEach garage’s lock-key pair depends on the garage’s car features and previous garage’s lock-key pair.\nTherefore, if a thief tries to break into garage #49 and modifies any feature of the car, say its color or registration number, the features of car in garage #49 will change which means a new lock-key pair for garage #49 will be generated and since lock-key-pair for garage #50 depends on lock-key pair of garage #49, lock-key pair for garage #50 will also change and same goes on for future garages.\nNow, let’s make one last assumption that computing a lock-key pair requires lots of computing resources which means if we have to recompute these pairs in case any thief modifies any car feature in any garage, it will be practically impossible to recompute all the pairs again.\nWhat happens if a lock-key pair is changed?\nHope you remember that we talked about all garage owners abiding by some rules? One of these rules is to check for a valid garage. A garage is valid if you can validate its lock-key pair and if any lock-key pair gets changed, the lock-key pairs of all the following garages get invalid because every pair depends on the previous pair. (Process to validate a lock-key pair for a particular garage is very fast as compared to generating one).\nThis dependence of one pair on the previous pair makes it a chain of garages and in technical world, these garages are “blocks”, thus getting its name — Blockchain (a chain of blocks).\n\nBlocks in Blockchain are tied to the next block by hashes just like lock-key pairs in our example. Similar to garage example, if data in one block is modified, hashes need to be recalculated for all the following blocks and since calculating the hash is a very resource intensive operation, it gets practically impossible to do that and hence the network rules out the invalidated block. The calculation of hash is called mining and we will talk more about it in the next release of this series.\nHow do the blocks recover from modification?\nAll the computers on the blockchain network, keep a copy of the full blockchain, so if one block or one complete chain at a particular computer or multiple computers is modified, the whole network tries to compare it with their own copies of the full chain.\n\nIf majority of the nodes (or computers) on the network find that the modified chain is invalid, the modified chain is replaced with valid chain from other nodes. This makes Blockchain vulnerable to 51% attack. In simpler words, if more than 50% of the nodes on the network are malicious (or say have a modified chain), then the whole network can be compromised.\nConclusion\nPhew!! that was a lot of information to digest. This was the part I of the full beginner’s guide, providing the basic foundation for Blockchain. I hope this article prepared you for some good discussion with your friends regarding Blockchain. Checkout the next release of this series where we talk about Ethereum, Smart Contracts and Mining.\nIf you enjoyed reading this, please click and hold “Claps” below and help your friends find it by sharing it with them. Thank You! :)\nThis was the first release of the series “Beginner’s Guide to Blockchain”. You can check out the second release here.\nBeginner’s Guide to Blockchain — Explaining it to a 6 year old\n\nA Simple Guide to Understand Blockchain with a Real World Analogy — Part II\nhackernoon.com\t\n![FE3CED2E-7E21-4C84-8140-2D32837A6D48.jpeg](https://cdn.steemitimages.com/DQmYp2bieuYxdxHak5FMD6kXb4p7Hxemxzy5yjizsYzSzN9/FE3CED2E-7E21-4C84-8140-2D32837A6D48.jpeg)",
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saadone01received 0.032 STEEM, 0.041 SP author reward for @saadone01 / ethereum-s-demise-as-a-cryptocurrency-is-foreseeable
2018/09/14 10:24:21
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2018/09/12 17:40:03
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2018/09/12 11:53:54
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2018/09/12 11:12:45
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2018/09/12 10:48:57
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bodyHi! I am a robot. I just upvoted you! I found similar content that readers might be interested in: https://medium.com/futuresin/the-future-of-decentralization-acfcf0ae909c
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2018/09/12 10:48:54
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2018/09/12 10:48:45
authorsaadone01
bodyThe Future of Decentralization The future of decentralization isn’t just a better internet, it’s a better capitalism, experience of democracy and a sharing economy where prosperity is shared and wealth inequality no longer exists. If blockchain was born in 2009, it was in fact the date was October 31st, 2008. Satoshi Nakamoto published his white paper. Many concepts of what decentralization would come to mean, for a new generation, started there. If Ethereum has expanded beyond Bitcoin, now there’s over 1,600 altcoins. It’s not about investing, it’s about building a better world. It’s not about profit, it’s about shared ownership of the future, smart contract consensus, and a new concept of what nodes, security, transactions and trust even mean. Decentralization isn’t about the best dApp platform, it’s about the shared energy, wealth, resources and power of the human species, to find the most optimal way to evolve as an organism that deserve to live and to do good in the galaxy. It’s about the root essence of what energy and money means, to the future of humanity. Crypto is a symbol that we can do digital money better. Blockchain is a mechanism of how we can do trust and democracy and collaboration better. But decentralization is the mission, and any system that falls or fails to uphold it, isn’t worthy of our time or future. (or of our investment). Decentralization at its core, is a value system of a group of young people born in the 90s (among others), destined to make the world a better place. Radical decentralization is revolutionary. If Ethereum is the attempt at a programmable virtual machine, Bitcoin is the representation of an idea that a decentralized ledger is a superior method of establishing value. However the march towards decentralization does not stop, it does not rest, and as our world becomes more authoritarian with AI and as we own less of our own data, that is less secure and our minds less free, the necessity of a concept of decentralization become more urgent, more tremendously innovative to how we are held captive by the past, money and past systems we are unable to transcend. There’s no liberation from banks and money or from wealth inequality any time soon. We are all tethered to this legacy infrastructure of the current power structure like simulations inside of a Matrix. However, banks and huge financial service systems are themselves realizing they have to update themselves in order to survive long-term. They realize cryptocurrencies are an existential threat to their business model, as the value system of people is changing. We won’t always live in a system of ruthless capitalism where the profit-motive is ungainly a zero sum game where most are failures, and only a few winners emerge as some kind of ruling elite. Those who earnestly believe in decentralization, envision a better world. Where constructs like capitalism, money and democracy need new code, new software, updated smart contracts, better AI, and a more united will that’s planetary and imbued with corporate social responsibility, equal opportunity and prosperity shared with all. The Trinity of Centralization Authoritarian regimes whether it be the ultra-rich, the tech corporations or leadership like the Chinese Government do not want such a world to come to pass. Because in such a world, they could not function as they do, growing in power, growing in influence and growing in their reach among consumers, citizens and followers. Forces of centralization truly do see pure decentralization as a threat to their status-quo, their hegemony and their ownership of our collective reality. However, they are not us, they are not the people. The augmentation of technology, is the privilege to enact true decentralization. It’s not unlike a neural net where everyone participates, almost telepathically, like a quasi mesh of artificial intelligence and all the minds that make up humanity. That is after all, the purest expression of what the internet is, what it will become and what it is meant to be. The web was not designed to be a place where advertisements proliferate, algorithms are primed to stimulate us, a place where porn or gamified digital dopamine channels entertain us, that’s not its true purpose. The internet is supposed to be about free transactions, free education, free access to the same utilities others have enjoyed for decades. Decentralization therefore when realized, is the internet-of-freedom. It is connection as a service. It’s not designed to exploit data, monetize attention or anything like that. We are not talking about blockchain religion here, we are talking about how technology should empower people. Just as alternative, renewable, natural and sustainable energy can contribute to a cleaner environment, so to the infrastructure of politics, economics and the motives of the web need to be remade with more intention as to truly allow technology to serve humanity and not the other way around. This will take time, likely decades if not longer. It will take the help of whatever artificial intelligence becomes. It turns out we need more than the familiar tools of language, shared meaning and money to solve the problems that our greater complexity and higher population is creating. Decentralization requires a human-AI hybrid civilization. It requires automation, robots, new kinds of jobs, roles and values not yet invented or even implemented or imagined. Radical decentralization also requires leadership, humans with a different consciousness, that’s more inclusive, more augmented with data, more wise — than any human leaders in history. The future of decentralization is global, it’s not something Scandinavia or China arrives at before others, though certainly they may embody some elements of it before. A decentralized internet, like solutions on the blockchain will required upgrades, better iterations, improved software, smarter smart contracts, quantum infrastructures, AIs that police them to make sure they are what they were intended to be. In a decentralization future, the concept of ownership, creation, stewardship, collaboration and many other things are all fundamentally alterted. As human beings begin to realize the scarcity of a shared future, as signs of our extinction become more imminent — it will change us. It will force us to think differently about how we go about our “business-as-usual”. This may necessitate each generation have their own 2008, their own crises that they must face. Major global, economic and technological and political obstacles to overcome. Time and time again, decentralization will show the way. Thousands of hours of research, and billions of dollars of hashpower, have been spent for the sole purpose of attempting to achieve decentralization, and to protect and improve it… — Vitalik Buterin. The future of decentralization is how the species learns to overcome its materialism, dysfunctional individualism, its addiction to status, possession, power and control. Ideas that to profit, one must harm others; as if to thwart competitors and enemies were desirable. Imagined enemies who are fundamentally, the same as us. The American dream must die, both symbolically and literally. To rise above the herd can no longer be put on a pedestal. In truth, decentralization is closer to the ideals of collectivistic societies. They are humble, pragmatic, understand the value of the common good over the brashness of the individual. The future of decentralization isn’t about one blockchain or one internet, but about the future of all blockchains, all internets, all citizens, all splinter colonies the Earth may or may not produce. Decentralization is the only way humanity will survive. Any major mistakes towards that aim, could be the end of the species — an extinction event, or a gradual stagnation into decay. Many believe we are already seeing signs of either or both of these. For the new generation, decentralization is like the Tao of the blockchain. It is not just software decentralization, it is the shift of human values to a new way of thinking about exchange, energy, and humanity’s shared future. It is a hard fork towards a techno-socialism where what we conceive of economic elites or even government, is no longer required. It is a radical hive mind of pure consensus. It is the kind of decentralization that is only possible with a smarter AI and a neutral interface, and a different iteration of the “internet” altogether. As far as I’m concerned, everything that happens with blockchain or cryptocurrencies are but small beginnings to prepare for such a world. And, I am not alone in believing this. The way we conceive of data, decision making, software-as-a-reality and a dynamic internet are all in flux. The ways of the future are hard for us to comprehend. However we know that the concept of blockchain and decentralization are useful pillars that lead to a more just world, a world of faster transactions and a better circulation of different kinds of capital and currencies. Such a world is more fluid, more creative, and has many more aspects of what we now call the sharing economy. Our concept of money is different in the future, it’s no longer something to accumulate. Ideas of ownership, hoarding, controlling others, corporate pyramids, political corruption — all of these will be changed. Also what we consider a working proof-of-decentralization will continue to evolve indefinitely. In the future, it’s very likely the future of decentralization will be created by our most powerful artificial intelligences. But we are not there yet. After all, a system that formalizes only capital and not human individuality may inexorably serve wealth rather than humanity. — Vitalik Buterin & Glen Weyl ![CDF43B96-F647-4D94-BF86-B2151DCC0369.jpeg](https://cdn.steemitimages.com/DQmdRcdCvJ3b2TzpYWYTMPPz3YvUUvoDNFZwsVfx3gypciH/CDF43B96-F647-4D94-BF86-B2151DCC0369.jpeg)
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      "body": "The Future of Decentralization\nThe future of decentralization isn’t just a better internet, it’s a better capitalism, experience of democracy and a sharing economy where prosperity is shared and wealth inequality no longer exists.\nIf blockchain was born in 2009, it was in fact the date was October 31st, 2008. Satoshi Nakamoto published his white paper. Many concepts of what decentralization would come to mean, for a new generation, started there.\nIf Ethereum has expanded beyond Bitcoin, now there’s over 1,600 altcoins. It’s not about investing, it’s about building a better world. It’s not about profit, it’s about shared ownership of the future, smart contract consensus, and a new concept of what nodes, security, transactions and trust even mean.\nDecentralization isn’t about the best dApp platform, it’s about the shared energy, wealth, resources and power of the human species, to find the most optimal way to evolve as an organism that deserve to live and to do good in the galaxy. It’s about the root essence of what energy and money means, to the future of humanity.\nCrypto is a symbol that we can do digital money better. Blockchain is a mechanism of how we can do trust and democracy and collaboration better. But decentralization is the mission, and any system that falls or fails to uphold it, isn’t worthy of our time or future. (or of our investment). Decentralization at its core, is a value system of a group of young people born in the 90s (among others), destined to make the world a better place. Radical decentralization is revolutionary.\nIf Ethereum is the attempt at a programmable virtual machine, Bitcoin is the representation of an idea that a decentralized ledger is a superior method of establishing value. However the march towards decentralization does not stop, it does not rest, and as our world becomes more authoritarian with AI and as we own less of our own data, that is less secure and our minds less free, the necessity of a concept of decentralization become more urgent, more tremendously innovative to how we are held captive by the past, money and past systems we are unable to transcend.\nThere’s no liberation from banks and money or from wealth inequality any time soon. We are all tethered to this legacy infrastructure of the current power structure like simulations inside of a Matrix. However, banks and huge financial service systems are themselves realizing they have to update themselves in order to survive long-term. They realize cryptocurrencies are an existential threat to their business model, as the value system of people is changing.\nWe won’t always live in a system of ruthless capitalism where the profit-motive is ungainly a zero sum game where most are failures, and only a few winners emerge as some kind of ruling elite. Those who earnestly believe in decentralization, envision a better world. Where constructs like capitalism, money and democracy need new code, new software, updated smart contracts, better AI, and a more united will that’s planetary and imbued with corporate social responsibility, equal opportunity and prosperity shared with all.\nThe Trinity of Centralization\nAuthoritarian regimes whether it be the ultra-rich, the tech corporations or leadership like the Chinese Government do not want such a world to come to pass. Because in such a world, they could not function as they do, growing in power, growing in influence and growing in their reach among consumers, citizens and followers. Forces of centralization truly do see pure decentralization as a threat to their status-quo, their hegemony and their ownership of our collective reality. However, they are not us, they are not the people.\nThe augmentation of technology, is the privilege to enact true decentralization. It’s not unlike a neural net where everyone participates, almost telepathically, like a quasi mesh of artificial intelligence and all the minds that make up humanity. That is after all, the purest expression of what the internet is, what it will become and what it is meant to be. The web was not designed to be a place where advertisements proliferate, algorithms are primed to stimulate us, a place where porn or gamified digital dopamine channels entertain us, that’s not its true purpose.\nThe internet is supposed to be about free transactions, free education, free access to the same utilities others have enjoyed for decades. Decentralization therefore when realized, is the internet-of-freedom. It is connection as a service. It’s not designed to exploit data, monetize attention or anything like that. We are not talking about blockchain religion here, we are talking about how technology should empower people.\nJust as alternative, renewable, natural and sustainable energy can contribute to a cleaner environment, so to the infrastructure of politics, economics and the motives of the web need to be remade with more intention as to truly allow technology to serve humanity and not the other way around. This will take time, likely decades if not longer. It will take the help of whatever artificial intelligence becomes. It turns out we need more than the familiar tools of language, shared meaning and money to solve the problems that our greater complexity and higher population is creating.\nDecentralization requires a human-AI hybrid civilization. It requires automation, robots, new kinds of jobs, roles and values not yet invented or even implemented or imagined. Radical decentralization also requires leadership, humans with a different consciousness, that’s more inclusive, more augmented with data, more wise — than any human leaders in history.\nThe future of decentralization is global, it’s not something Scandinavia or China arrives at before others, though certainly they may embody some elements of it before. A decentralized internet, like solutions on the blockchain will required upgrades, better iterations, improved software, smarter smart contracts, quantum infrastructures, AIs that police them to make sure they are what they were intended to be.\nIn a decentralization future, the concept of ownership, creation, stewardship, collaboration and many other things are all fundamentally alterted. As human beings begin to realize the scarcity of a shared future, as signs of our extinction become more imminent — it will change us. It will force us to think differently about how we go about our “business-as-usual”. This may necessitate each generation have their own 2008, their own crises that they must face. Major global, economic and technological and political obstacles to overcome. Time and time again, decentralization will show the way.\nThousands of hours of research, and billions of dollars of hashpower, have been spent for the sole purpose of attempting to achieve decentralization, and to protect and improve it… — Vitalik Buterin.\nThe future of decentralization is how the species learns to overcome its materialism, dysfunctional individualism, its addiction to status, possession, power and control. Ideas that to profit, one must harm others; as if to thwart competitors and enemies were desirable. Imagined enemies who are fundamentally, the same as us. The American dream must die, both symbolically and literally. To rise above the herd can no longer be put on a pedestal. In truth, decentralization is closer to the ideals of collectivistic societies. They are humble, pragmatic, understand the value of the common good over the brashness of the individual.\nThe future of decentralization isn’t about one blockchain or one internet, but about the future of all blockchains, all internets, all citizens, all splinter colonies the Earth may or may not produce. Decentralization is the only way humanity will survive. Any major mistakes towards that aim, could be the end of the species — an extinction event, or a gradual stagnation into decay. Many believe we are already seeing signs of either or both of these.\nFor the new generation, decentralization is like the Tao of the blockchain. It is not just software decentralization, it is the shift of human values to a new way of thinking about exchange, energy, and humanity’s shared future. It is a hard fork towards a techno-socialism where what we conceive of economic elites or even government, is no longer required. It is a radical hive mind of pure consensus. It is the kind of decentralization that is only possible with a smarter AI and a neutral interface, and a different iteration of the “internet” altogether.\nAs far as I’m concerned, everything that happens with blockchain or cryptocurrencies are but small beginnings to prepare for such a world. And, I am not alone in believing this. The way we conceive of data, decision making, software-as-a-reality and a dynamic internet are all in flux. The ways of the future are hard for us to comprehend. However we know that the concept of blockchain and decentralization are useful pillars that lead to a more just world, a world of faster transactions and a better circulation of different kinds of capital and currencies. Such a world is more fluid, more creative, and has many more aspects of what we now call the sharing economy.\nOur concept of money is different in the future, it’s no longer something to accumulate. Ideas of ownership, hoarding, controlling others, corporate pyramids, political corruption — all of these will be changed. Also what we consider a working proof-of-decentralization will continue to evolve indefinitely. In the future, it’s very likely the future of decentralization will be created by our most powerful artificial intelligences. But we are not there yet.\nAfter all, a system that formalizes only capital and not human individuality may inexorably serve wealth rather than humanity. — Vitalik Buterin & Glen Weyl\n![CDF43B96-F647-4D94-BF86-B2151DCC0369.jpeg](https://cdn.steemitimages.com/DQmdRcdCvJ3b2TzpYWYTMPPz3YvUUvoDNFZwsVfx3gypciH/CDF43B96-F647-4D94-BF86-B2151DCC0369.jpeg)",
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2018/09/10 22:02:45
authorcryptoeagle
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2018/09/10 11:35:51
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2018/09/10 11:35:36
authorsaadone01
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2018/09/10 11:35:30
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2018/09/10 11:34:54
authorcheetah
bodyHi! I am a robot. I just upvoted you! I found similar content that readers might be interested in: https://medium.com/swlh/10-altcoins-that-will-survive-the-bloodbath-7b7f53a393ae
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2018/09/10 11:34:45
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saadone01published a new post: top-10-altcoins-for-2019
2018/09/10 11:34:36
authorsaadone01
body2019 2017 and 2018 were wild years in the crypto world. The number of ICOs exploded and with it the number of altcoins. As of this summer, there are over 2000 cryptocurrencies available. However, many of the new altcoins are weak in terms of creativity and vision. I’ve been tracking ICOs for the past two years and have seen a lot based on recycled technology and unworkable ideas. This, along with the low success rate of startups in general, suggests that many if not most of the new altcoins don’t have a future. Before investors start to panic it’s important to remember there are some altcoins that will survive and thrive. Below is a list of 10 I think have the best chance of generating profit next year. Note: Ethereum is not on the list because I don’t see it as an altcoin. I think Ethereum will survive as a store of value along with Bitcoin! EOS EOS addresses some shortcomings of the Ethereum Network. For instance, to develop a dApp on Ethereum you need to use Solidity, a programming language for smart contracts. The need to know Solidity is a barrier to the use of the Ethereum Network. EOS overcomes this by providing services to developers, including database and account management services, which do not require programming knowledge. EOS has other technological strong points as well. For instance, it is fast and more scalable than Ethereum. Where the Ethereum Network requires users to pay gas to use the network, transactions on the EOS blockchain are free. EOS also has huge and enthusiastic community support, and for good reason. The coin is not mined. Rather, block producers are voted in by the community. Finally, EOS recently completed a successful token sale and has the capital to develop its full potential. For these reasons, I am confident EOS will be a profitable investment in 2019 and beyond. Ripple — XRP Ripple is the third-largest cryptocurrency by market capitalization after Bitcoin and Ethereum. It is a venture-backed startup that never held an ICO (which is the main reason why the SEC will never declare it a security). Ripple offers a global financial settlement service for banks that lets them transact directly and instantly across national borders. Thus, Ripple is oriented to large institutions instead of individual users. Its goal is to give financial institutions an easy and reliable solution for cross-border payments. It has already partnered with large banks around the world and more financial institutions are moving to adopt the Ripple protocol. This institutional support and the fact it is safe from SEC regulation are why I believe XRP will survive the altcoin bloodbath. Stellar — XLM Stellar’s goal is providing a fast, efficient, and inexpensive service to individuals for cross-border payments. Unlike XRP, Stellar is geared to individuals, not large institutions. Companies like Paypal currently dominate the online payment sector and charge around 5% in fees per transaction. In contrast, Stellar offers 5 second transaction speeds and extremely low fees (e.g. the Tempo remittances dApp running on the Stellar blockchain can process 600,000 transactions for 0.01 USD). Importantly, Stellar is it does not use proof of work verification, which means it doesn’t have to deal with the energy consumption issue plaguing Bitcoin (instead of PoW it uses the Stellar Consensus Protocol). Finally, Stellar has established several partnerships with large tech companies, including IBM. I think Stellar represents a solid investment. Zcash — ZEC The morality of darknet markets is not an interesting debate to me. However, the fact ZEC is secure and sought out by people who want their purchases to remain private adds value to the coin from an investment perspective. This value will only deepen as darknet markets continue to grow. The Zcash dev team also recently published technical improvements they claim will reduce the memory consumption of transaction privacy by 98%.the Coinbase blog also recently mentioned Zcash as having great potential. 0x — ZRX Many are aware of the recent explosion in the number of decentralized cryptocurrency exchanges. Decentralized exchanges are built with the 0x protocol, which is an open protocol allowing ERC20 tokens to be traded directly on the Ethereum blockchain. This alone make 0x a promising investment. It has also hit a majority of milestones in its road map and was built through several libraries to ease its way into the developer community. It was mentioned on the Coinbase Blog recently as well. For these reasons, Ox is a good investment this year. Basic Attention Token — BAT BAT was founded by a team of highly regarded people with a lot of experience in the tech world. The token is a unit of account between advertisers, publishers, and users. Synonymous with BAT is the Brave browser, which integrates with the BAT token. The browser can repel malware and protect the privacy of users while they surf the web. The BAT whitepaper banks on the fact users will welcome a browser that blocks trackers and ads that sell their personal information. I would tend to agree. This is why I think BAT is likely to be a good long term investment. Tron — TRX TRX will be a controversial pick for some. Why add it to the list? TRON recently bought BitTorrent. This acquisition will mean big things if TRON can develop more secure and decentralized torrenting methods in the future. For instance,a major innovation would be to distribute file parts across a network and recombine them for user downloading, especially if this included first come first save placeholder-styled downloads. TRX is also one of the few ERC20 tokens to make it to MainNet. While TRON only has 100,000 accounts so far — much less than the Ethereum Network — the growth is impressive. The fact, its chain is actually running is something. For these reasons, I think TRX is another altcoin with a solid future. Ethereum Classic — ETC ETC could be poised to survive for one major reason: Ethereum is moving towards a proof of stake system. Some people will undoubtedly want to use ETC over the new protocol because they prefer proof of work consensus. Coinbase also recently added ETC, which is a good sign this coin isn;t going anywhere soon. For these reasons, Ethereum Classic is a good investment. Monero — XMR Monero is a privacy token and the preferred coin in darknet markets (which is likely why Coinbase won’t be adding it any time soon). It has solid transaction schematics that involves ring signatures and stealth addresses created on an ad hoc basis to keep transactions private. Monero also runs on a proof of work verification standard similar to Bitcoin. PoW means there will always be a value behind XMR, even if only the cost of energy. Finally, Monero has a strong base of community support because it was founded on principles of privacy and decentralization. These values are central to the original cryptocurrency concept. This is why I think it is a good long term investment right now. Litecoin — LTC Litecoin was founded in 2011 and has become a Bitcoin alternative with a top 10 market cap of over 3 billion USD. LTC took key features of Bitcoin and improved upon the technology. Some differences between Bitcoin and Litecoin are the total supply, which is 84 million compared to Bitcoin’s 21 million. The average mining time of a block on the LTC blockchain is 2.5 minutes while it is 10 minutes for BTC. LTC is also one of the big four on Coinbase. For these reasons, I think Litecoin will survive the altcoin bloodbath. Full disclosure: I own LTC, XRP, EOS and TRX. This article is not intended as investment advice. It is just my personal opinion. You should always do your own research. Subscribe to my Medium and Twitter channels if you like my articles and want to learn more about blockchain and cryptocurrency projects. To show support for my writing: 1PUzB7FtURwikfUg4zgdULyyeQkcK6o9fh If you have any questions about this article, please comment in the comment section below. Thank you!![7CE29F91-DB84-4370-8A26-C4920D8C893C.jpeg](https://cdn.steemitimages.com/DQmSUH75ynjVYDX8GURRVoDERL6C15P3AbmApnsWx3woRKf/7CE29F91-DB84-4370-8A26-C4920D8C893C.jpeg)
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      "body": "2019\n2017 and 2018 were wild years in the crypto world. The number of ICOs exploded and with it the number of altcoins. As of this summer, there are over 2000 cryptocurrencies available. However, many of the new altcoins are weak in terms of creativity and vision. I’ve been tracking ICOs for the past two years and have seen a lot based on recycled technology and unworkable ideas. This, along with the low success rate of startups in general, suggests that many if not most of the new altcoins don’t have a future.\nBefore investors start to panic it’s important to remember there are some altcoins that will survive and thrive. Below is a list of 10 I think have the best chance of generating profit next year.\nNote: Ethereum is not on the list because I don’t see it as an altcoin. I think Ethereum will survive as a store of value along with Bitcoin!\n\nEOS\nEOS addresses some shortcomings of the Ethereum Network. For instance, to develop a dApp on Ethereum you need to use Solidity, a programming language for smart contracts. The need to know Solidity is a barrier to the use of the Ethereum Network. EOS overcomes this by providing services to developers, including database and account management services, which do not require programming knowledge.\nEOS has other technological strong points as well. For instance, it is fast and more scalable than Ethereum. Where the Ethereum Network requires users to pay gas to use the network, transactions on the EOS blockchain are free. EOS also has huge and enthusiastic community support, and for good reason. The coin is not mined. Rather, block producers are voted in by the community. Finally, EOS recently completed a successful token sale and has the capital to develop its full potential. For these reasons, I am confident EOS will be a profitable investment in 2019 and beyond.\n\nRipple — XRP\nRipple is the third-largest cryptocurrency by market capitalization after Bitcoin and Ethereum. It is a venture-backed startup that never held an ICO (which is the main reason why the SEC will never declare it a security). Ripple offers a global financial settlement service for banks that lets them transact directly and instantly across national borders. Thus, Ripple is oriented to large institutions instead of individual users. Its goal is to give financial institutions an easy and reliable solution for cross-border payments. It has already partnered with large banks around the world and more financial institutions are moving to adopt the Ripple protocol. This institutional support and the fact it is safe from SEC regulation are why I believe XRP will survive the altcoin bloodbath.\n\nStellar — XLM\nStellar’s goal is providing a fast, efficient, and inexpensive service to individuals for cross-border payments. Unlike XRP, Stellar is geared to individuals, not large institutions. Companies like Paypal currently dominate the online payment sector and charge around 5% in fees per transaction. In contrast, Stellar offers 5 second transaction speeds and extremely low fees (e.g. the Tempo remittances dApp running on the Stellar blockchain can process 600,000 transactions for 0.01 USD). Importantly, Stellar is it does not use proof of work verification, which means it doesn’t have to deal with the energy consumption issue plaguing Bitcoin (instead of PoW it uses the Stellar Consensus Protocol). Finally, Stellar has established several partnerships with large tech companies, including IBM. I think Stellar represents a solid investment.\n\nZcash — ZEC\nThe morality of darknet markets is not an interesting debate to me. However, the fact ZEC is secure and sought out by people who want their purchases to remain private adds value to the coin from an investment perspective. This value will only deepen as darknet markets continue to grow. The Zcash dev team also recently published technical improvements they claim will reduce the memory consumption of transaction privacy by 98%.the Coinbase blog also recently mentioned Zcash as having great potential.\n\n0x — ZRX\nMany are aware of the recent explosion in the number of decentralized cryptocurrency exchanges. Decentralized exchanges are built with the 0x protocol, which is an open protocol allowing ERC20 tokens to be traded directly on the Ethereum blockchain. This alone make 0x a promising investment. It has also hit a majority of milestones in its road map and was built through several libraries to ease its way into the developer community. It was mentioned on the Coinbase Blog recently as well. For these reasons, Ox is a good investment this year.\n\nBasic Attention Token — BAT\nBAT was founded by a team of highly regarded people with a lot of experience in the tech world. The token is a unit of account between advertisers, publishers, and users. Synonymous with BAT is the Brave browser, which integrates with the BAT token. The browser can repel malware and protect the privacy of users while they surf the web. The BAT whitepaper banks on the fact users will welcome a browser that blocks trackers and ads that sell their personal information. I would tend to agree. This is why I think BAT is likely to be a good long term investment.\n\nTron — TRX\nTRX will be a controversial pick for some. Why add it to the list? TRON recently bought BitTorrent. This acquisition will mean big things if TRON can develop more secure and decentralized torrenting methods in the future. For instance,a major innovation would be to distribute file parts across a network and recombine them for user downloading, especially if this included first come first save placeholder-styled downloads.\nTRX is also one of the few ERC20 tokens to make it to MainNet. While TRON only has 100,000 accounts so far — much less than the Ethereum Network — the growth is impressive. The fact, its chain is actually running is something. For these reasons, I think TRX is another altcoin with a solid future.\n\nEthereum Classic — ETC\nETC could be poised to survive for one major reason: Ethereum is moving towards a proof of stake system. Some people will undoubtedly want to use ETC over the new protocol because they prefer proof of work consensus. Coinbase also recently added ETC, which is a good sign this coin isn;t going anywhere soon. For these reasons, Ethereum Classic is a good investment.\n\nMonero — XMR\nMonero is a privacy token and the preferred coin in darknet markets (which is likely why Coinbase won’t be adding it any time soon). It has solid transaction schematics that involves ring signatures and stealth addresses created on an ad hoc basis to keep transactions private. Monero also runs on a proof of work verification standard similar to Bitcoin. PoW means there will always be a value behind XMR, even if only the cost of energy. Finally, Monero has a strong base of community support because it was founded on principles of privacy and decentralization. These values are central to the original cryptocurrency concept. This is why I think it is a good long term investment right now.\n\nLitecoin — LTC\nLitecoin was founded in 2011 and has become a Bitcoin alternative with a top 10 market cap of over 3 billion USD. LTC took key features of Bitcoin and improved upon the technology. Some differences between Bitcoin and Litecoin are the total supply, which is 84 million compared to Bitcoin’s 21 million. The average mining time of a block on the LTC blockchain is 2.5 minutes while it is 10 minutes for BTC. LTC is also one of the big four on Coinbase. For these reasons, I think Litecoin will survive the altcoin bloodbath.\nFull disclosure: I own LTC, XRP, EOS and TRX. This article is not intended as investment advice. It is just my personal opinion. You should always do your own research.\nSubscribe to my Medium and Twitter channels if you like my articles and want to learn more about blockchain and cryptocurrency projects.\nTo show support for my writing: 1PUzB7FtURwikfUg4zgdULyyeQkcK6o9fh\n \nIf you have any questions about this article, please comment in the comment section below.\nThank you!![7CE29F91-DB84-4370-8A26-C4920D8C893C.jpeg](https://cdn.steemitimages.com/DQmSUH75ynjVYDX8GURRVoDERL6C15P3AbmApnsWx3woRKf/7CE29F91-DB84-4370-8A26-C4920D8C893C.jpeg)",
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jsecoinsent 0.001 STEEM to @saadone01- "Thank you for upvoting a post about JSEcoin"
2018/09/09 17:06:33
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memoThank you for upvoting a post about JSEcoin
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2018/09/09 00:22:09
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2018/09/08 22:56:06
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2018/09/08 22:47:51
authorsaadone01
bodyGo to the profile of MIT Technology Review MIT Technology Review Reporting on important technologies and innovators since 1899 Oct 27, 2017 Understand why Ethereum exists, and you’ll get why it’s a big deal The world’s second-most-valuable cryptocurrency is also its most interesting — but in order to understand it, you must first understand its origins. By Mike Orcutt ![4474E790-1905-4E63-AC98-7581DA8EAED1.jpeg](https://cdn.steemitimages.com/DQmTiaEEtvqyH5v1CCo6p9UqHuEf9o7xAHYQCPZJLXMiQkF/4474E790-1905-4E63-AC98-7581DA8EAED1.jpeg)
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thetimetravelerzsent 0.003 STEEM to @saadone01- "Hello @saadone01 Knock! Knock! I am a little birdie who brings you news from @thetimetravelerz about how we can make the internet work faster and join the 200 NOIA token/week airdrop.Do drop in and s..."
2018/09/08 14:26:27
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memoHello @saadone01 Knock! Knock! I am a little birdie who brings you news from @thetimetravelerz about how we can make the internet work faster and join the 200 NOIA token/week airdrop.Do drop in and share your thoughts. Have a great Weekend. https://steemit.com/crypto/@thetimetravelerz/how-to-make-the-internet-fast-with-noia-and-earn-crypto-for-free
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2018/09/07 15:05:15
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2018/09/07 11:02:45
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2018/09/07 11:01:48
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2018/09/07 10:36:09
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2018/09/07 10:24:36
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bodyHi! I am a robot. I just upvoted you! I found similar content that readers might be interested in: https://medium.com/futuresin/ethereums-demise-as-a-cryptocurrency-is-foreseeable-d9240dcc061e
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2018/09/07 10:24:33
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2018/09/07 10:24:21
authorsaadone01
bodyEthereum’s Demise as a Cryptocurrency is Foreseeable The fate of cryptocurrencies is dynamic, the roadblocks to ETH are considerable. Last year we loved to speculate about Bitcoin, this year we are talking about Ethereum a bit more, it’s only natural. This is also since decentralized app platforms and their interactions with cryptocurrencies and altcoins are more intimately tied to the evolution of public blockchains than niche coins such as privacy, stable or crypto assets. Ethereum is like a promise to the future that decentralization will one day actually matter. There’s been talk lately that ETH the asset will inevitably be worth nothing one day, that its collapse is inevitable. That’s an amusing dialogue since it forces us to consider just how fast things are moving. ETH has problems to mass adoption: Scalability Transactions are too expensive The technology is getting old Newer more scalable blockchains will eclipse it Developers will migrate to more “shiny” ecosystems It’s feasible in 2018 to talk about how many of the things Ethereum set out to do, others will do better. Ethereum has a massive community and is decentralization-orientated in a way that feels much more genuine than many other projects; however that’s not to say that its value as ETH is eternal. It doesn’t run unstoppable applications. It’s created a shared global infrastructure for ICOs, something we must admit has damaged the reputation of crypto to be synonymous with fraud and scams, in dire ways. Bitcoin purists have many valid points for being critical of Ethereum. It’s scaled “mistrust”, probably more than it’s scaled trust and used blockchain to create a new world. Blockchain is and crypto is in early garden mode As TechCrunch points out, there’s no future for GAS in its current state. It’s expensive AF. ETH fees are not a sustainable model as they work circa 2018. The Gas metaphor is legit but an ugly model as the same time: The Ethereum network is like a shared car. When a contract wants to be driven by the shared car, the car uses up fuel, which you have to pay the driver for. How much gas money you owe depends on how far you had to be driven and how much trash you left in the car. — TechCrunch But we need blockchain platforms and dApps with the equivalent of self-driving and electric cars. We need clean energy. Is Ethereum ever going to be that model? In 2018 as dominant a position as ETH has, relative to other cryptocurrencies, we can’t say it’s so, or will be so. The ERC-20 won’t be relevant forever, that’s a given. Crypto has a regulation problem, there’s a lot of manipulation in the space. Smart contracts are just in their infancy. Ethereum is the first-mover, not the end-game of this stuff. It’s inspiring, rather than a delightful product. That’s okay, that’s how technology works and how innovation happens. But is Etheruem the solution to cryptoeconomics and economic abstraction obstacles? Lack of software support for economic abstraction Difficulty in pricing many tokens Existence of contracts not tied to tokens (speculative) Need for ETH for Proof-of-Stake In the evolution of our understanding of cryptoeconomics, we can probably do better than ETH. It’s what we compare public blockchains and some ecosystems to, (like how DFINITY chose to copy their branding lingo), but is it the end-game of public blockchains? Certainly not. ETH is in some respects, I think, a compromise between Vitalik Buterin and Vlad Zamfir, which is not necessarily a bad thing but doesn’t solve all problems of economic abstraction. This and the scaling issue mean basically that ETH is vulnerable to disruption. Whatever issues in software support, market pricing, non-token contracts and PoS ETH might have, it’s certainly still the dominant model in public blockchain cryptoeconomics today. We should be critical of the standard bearer, that’s only fair. But then decentralization advocates have a way of turning crypto influencers into prophets. Google may have tried to hire him as an intern recently, but we have to remember he’s just some mid-20s person who is dedicated to the development of the blockchain. Do we Need More Crypto Prophets? We have Satoshi Nakamoto, do we really need to evangelize the personal brands of more crypto influencers? Does Vitalik Buterin really want that kind of scrutiny and influence? Do we want him to think, like Musk or Trump, that Twitter is somewhat important to his legacy? Vitalik Buterin (Ethereum Foundation) at TechCrunch Disrupt SF 2017 The papers he works on with E. Glen Weyl, may turn out to be his most important contributions to humanity: Liberal Radicalism: Formal Rules for a Society Neutral Among Communities. ETH felt very new in 2017, but we have a tendency to get wrapped up too much in the cult of crypto. Bitcoin is a perfect example of this. The utility of these things as the founding crypto Bitcoin and the founding ecosystem Ethereum, is that they are inspirational and will not live forever. The current crypto marketplace has attracted a lot of free-riders, scammers, profiteers, pump-and-dump investors, shitcoins and regulatory hoodwinkers, and Ethereum is at least somewhat responsible for this. If Technology as a whole has trust issues, it’s nothing in 2018 compared to the trust issues crypto has. In an era defined by misinformation, cyber hacking and fraud online, being skeptical is the least we can do. Free-riders are people or businesses that profit from the under-provision of public goods. While Vitalik Buterin explores this in his recent paper with Microsoft researcher Glen Weyl and Ph.D. of economics at Harvard Zoë Hitzig, the irony is ETH is being exploited by such types. So much for decentralization guys. ETH’s ethereal value is a cryptoeconomics and decentralized use-case and obstacle in and of itself. TechCrunch argues that in a stateless ecosystem, replacing ETH is a Pareto Improvement (i.e., all parties are better off). That’s an interesting interpretation to me. ETH is a success in terms of developer opt-in and public blockchain enthusiasm, but for technical reasons it does appear to be flawed. Ethereum’s contribution to to the evolution of cryptoeconomics may or may not be important, it’s too soon to tell. When the cryptocurrency entrepreneur Jeremy Rubin wrote the TechCrunch article where he outlines and stipulates that the price of ETH is bound to plummet it was nice to see that Vitalik Buterin agreed in a response on Reddit, “In Ethereum as it presently exists, this is absolutely true.” Timeless Ethereum, immortal Bitcoin, what are we going to do with you? BlockchainEthereumCryptocurrencyFutureEconomics Like what you read? Give Michael K. Spencer a round of applause. From a quick cheer to a standing ovation, clap to show how much you enjoyed this story. 577 5 Follow ![82FBB87E-F618-4530-B631-2639DD9D8536.jpeg](https://cdn.steemitimages.com/DQmbGR3jEq6vMGfEE4paRagszjnBg7TPE91Vzu187ndxdTy/82FBB87E-F618-4530-B631-2639DD9D8536.jpeg)
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      "body": "Ethereum’s Demise as a Cryptocurrency is Foreseeable\nThe fate of cryptocurrencies is dynamic, the roadblocks to ETH are considerable. Last year we loved to speculate about Bitcoin, this year we are talking about Ethereum a bit more, it’s only natural. This is also since decentralized app platforms and their interactions with cryptocurrencies and altcoins are more intimately tied to the evolution of public blockchains than niche coins such as privacy, stable or crypto assets.\nEthereum is like a promise to the future that decentralization will one day actually matter.\nThere’s been talk lately that ETH the asset will inevitably be worth nothing one day, that its collapse is inevitable. That’s an amusing dialogue since it forces us to consider just how fast things are moving. ETH has problems to mass adoption:\nScalability\nTransactions are too expensive\nThe technology is getting old\nNewer more scalable blockchains will eclipse it\nDevelopers will migrate to more “shiny” ecosystems\nIt’s feasible in 2018 to talk about how many of the things Ethereum set out to do, others will do better. Ethereum has a massive community and is decentralization-orientated in a way that feels much more genuine than many other projects; however that’s not to say that its value as ETH is eternal.\nIt doesn’t run unstoppable applications. It’s created a shared global infrastructure for ICOs, something we must admit has damaged the reputation of crypto to be synonymous with fraud and scams, in dire ways. Bitcoin purists have many valid points for being critical of Ethereum. It’s scaled “mistrust”, probably more than it’s scaled trust and used blockchain to create a new world.\n\nBlockchain is and crypto is in early garden mode\nAs TechCrunch points out, there’s no future for GAS in its current state. It’s expensive AF. ETH fees are not a sustainable model as they work circa 2018. The Gas metaphor is legit but an ugly model as the same time:\nThe Ethereum network is like a shared car. When a contract wants to be driven by the shared car, the car uses up fuel, which you have to pay the driver for. How much gas money you owe depends on how far you had to be driven and how much trash you left in the car. — TechCrunch\nBut we need blockchain platforms and dApps with the equivalent of self-driving and electric cars. We need clean energy. Is Ethereum ever going to be that model? In 2018 as dominant a position as ETH has, relative to other cryptocurrencies, we can’t say it’s so, or will be so. The ERC-20 won’t be relevant forever, that’s a given.\nCrypto has a regulation problem, there’s a lot of manipulation in the space. Smart contracts are just in their infancy. Ethereum is the first-mover, not the end-game of this stuff. It’s inspiring, rather than a delightful product. That’s okay, that’s how technology works and how innovation happens.\nBut is Etheruem the solution to cryptoeconomics and economic abstraction obstacles?\nLack of software support for economic abstraction\nDifficulty in pricing many tokens\nExistence of contracts not tied to tokens (speculative)\nNeed for ETH for Proof-of-Stake\nIn the evolution of our understanding of cryptoeconomics, we can probably do better than ETH. It’s what we compare public blockchains and some ecosystems to, (like how DFINITY chose to copy their branding lingo), but is it the end-game of public blockchains? Certainly not.\nETH is in some respects, I think, a compromise between Vitalik Buterin and Vlad Zamfir, which is not necessarily a bad thing but doesn’t solve all problems of economic abstraction. This and the scaling issue mean basically that ETH is vulnerable to disruption.\nWhatever issues in software support, market pricing, non-token contracts and PoS ETH might have, it’s certainly still the dominant model in public blockchain cryptoeconomics today. We should be critical of the standard bearer, that’s only fair. But then decentralization advocates have a way of turning crypto influencers into prophets. Google may have tried to hire him as an intern recently, but we have to remember he’s just some mid-20s person who is dedicated to the development of the blockchain.\nDo we Need More Crypto Prophets?\nWe have Satoshi Nakamoto, do we really need to evangelize the personal brands of more crypto influencers? Does Vitalik Buterin really want that kind of scrutiny and influence? Do we want him to think, like Musk or Trump, that Twitter is somewhat important to his legacy?\n\nVitalik Buterin (Ethereum Foundation) at TechCrunch Disrupt SF 2017\nThe papers he works on with E. Glen Weyl, may turn out to be his most important contributions to humanity: Liberal Radicalism: Formal Rules for a Society Neutral Among Communities.\nETH felt very new in 2017, but we have a tendency to get wrapped up too much in the cult of crypto. Bitcoin is a perfect example of this. The utility of these things as the founding crypto Bitcoin and the founding ecosystem Ethereum, is that they are inspirational and will not live forever.\nThe current crypto marketplace has attracted a lot of free-riders, scammers, profiteers, pump-and-dump investors, shitcoins and regulatory hoodwinkers, and Ethereum is at least somewhat responsible for this. If Technology as a whole has trust issues, it’s nothing in 2018 compared to the trust issues crypto has. In an era defined by misinformation, cyber hacking and fraud online, being skeptical is the least we can do.\nFree-riders are people or businesses that profit from the under-provision of public goods. While Vitalik Buterin explores this in his recent paper with Microsoft researcher Glen Weyl and Ph.D. of economics at Harvard Zoë Hitzig, the irony is ETH is being exploited by such types. So much for decentralization guys. ETH’s ethereal value is a cryptoeconomics and decentralized use-case and obstacle in and of itself.\nTechCrunch argues that in a stateless ecosystem, replacing ETH is a Pareto Improvement (i.e., all parties are better off). That’s an interesting interpretation to me. ETH is a success in terms of developer opt-in and public blockchain enthusiasm, but for technical reasons it does appear to be flawed. Ethereum’s contribution to to the evolution of cryptoeconomics may or may not be important, it’s too soon to tell.\nWhen the cryptocurrency entrepreneur Jeremy Rubin wrote the TechCrunch article where he outlines and stipulates that the price of ETH is bound to plummet it was nice to see that Vitalik Buterin agreed in a response on Reddit, “In Ethereum as it presently exists, this is absolutely true.” Timeless Ethereum, immortal Bitcoin, what are we going to do with you?\nBlockchainEthereumCryptocurrencyFutureEconomics\nLike what you read? Give Michael K. Spencer a round of applause.\nFrom a quick cheer to a standing ovation, clap to show how much you enjoyed this story.\n\n\n577\n5\nFollow\n![82FBB87E-F618-4530-B631-2639DD9D8536.jpeg](https://cdn.steemitimages.com/DQmbGR3jEq6vMGfEE4paRagszjnBg7TPE91Vzu187ndxdTy/82FBB87E-F618-4530-B631-2639DD9D8536.jpeg)",
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