{
  "trx_id": "6bb34dff6210e296fc1e90d39cdce68236b24219",
  "block": 106153189,
  "trx_in_block": 1,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2026-05-18T08:24:12",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "yakko",
      "vesting_shares": "7114.945230 VESTS"
    }
  ]
}

{
  "trx_id": "4121593d298989b90d4db6019651a8fe3ba0cde7",
  "block": 106015352,
  "trx_in_block": 1,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2026-05-13T12:56:57",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "yakko",
      "vesting_shares": "4402.734825 VESTS"
    }
  ]
}

{
  "trx_id": "b582ae5f59b4157dd92fb5f0ca9d2ed75b3444a0",
  "block": 105520613,
  "trx_in_block": 0,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2026-04-26T07:32:54",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "yakko",
      "vesting_shares": "7127.460986 VESTS"
    }
  ]
}

{
  "trx_id": "17d27b2e00869bf549d265b14ca22112e022d853",
  "block": 102878051,
  "trx_in_block": 1,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2026-01-24T05:42:51",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "yakko",
      "vesting_shares": "4444.281644 VESTS"
    }
  ]
}

{
  "trx_id": "bff477d131491bb9424b41407578b90b747a73cb",
  "block": 91324250,
  "trx_in_block": 7,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2024-12-18T00:51:54",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "yakko",
      "vesting_shares": "4608.500841 VESTS"
    }
  ]
}

{
  "trx_id": "de80ca5aeb4f56ca44a27105d2915068254059c5",
  "block": 79878346,
  "trx_in_block": 11,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2023-11-14T16:30:54",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "yakko",
      "vesting_shares": "4777.634373 VESTS"
    }
  ]
}

{
  "trx_id": "7398972e8abd908a41b358016b1b10bc278619ec",
  "block": 78365862,
  "trx_in_block": 0,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2023-09-22T12:53:48",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "yakko",
      "vesting_shares": "7714.543159 VESTS"
    }
  ]
}

{
  "trx_id": "551a53a5372fc7c98fab715eb49e412111886120",
  "block": 69123214,
  "trx_in_block": 3,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2022-11-03T20:02:03",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "yakko",
      "vesting_shares": "7936.594597 VESTS"
    }
  ]
}

{
  "trx_id": "abc884bcb0c11ac5d18958d792a20355e8fbd765",
  "block": 60826215,
  "trx_in_block": 11,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2022-01-18T01:01:36",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "yakko",
      "vesting_shares": "8156.702198 VESTS"
    }
  ]
}

{
  "trx_id": "83f75a8ad0cd73730a878f17cbed549ab69a5079",
  "block": 54616429,
  "trx_in_block": 0,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2021-06-14T08:07:24",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "yakko",
      "vesting_shares": "8340.896486 VESTS"
    }
  ]
}

{
  "trx_id": "7ca6d8bb5564da200e36af946a8c46f1819f370a",
  "block": 49363623,
  "trx_in_block": 4,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2020-12-11T18:17:30",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "yakko",
      "vesting_shares": "8528.318460 VESTS"
    }
  ]
}

{
  "trx_id": "7b303759de877e7d8dd2b3f90ae540d64b157929",
  "block": 49215137,
  "trx_in_block": 3,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2020-12-06T11:52:33",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "yakko",
      "vesting_shares": "1912.543513 VESTS"
    }
  ]
}

{
  "trx_id": "a6f6286ffa35cadb6411fe83657addcd1713e344",
  "block": 49198707,
  "trx_in_block": 0,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2020-12-05T21:55:18",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "yakko",
      "vesting_shares": "8534.526314 VESTS"
    }
  ]
}

{
  "trx_id": "6019b9b688b12ddf036fcbc52b59f2319bbc893c",
  "block": 48275293,
  "trx_in_block": 3,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2020-11-03T06:29:42",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "yakko",
      "vesting_shares": "1920.017158 VESTS"
    }
  ]
}

{
  "trx_id": "14e3e15cfa7f316de0f41ee82894a381a8c8c28b",
  "block": 43225495,
  "trx_in_block": 13,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2020-05-09T12:57:33",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "yakko",
      "vesting_shares": "8737.331673 VESTS"
    }
  ]
}

{
  "trx_id": "f8d6b348f13934365ac6057dc12cff5a8910c193",
  "block": 43202861,
  "trx_in_block": 16,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2020-05-08T17:38:48",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "yakko",
      "vesting_shares": "1953.311140 VESTS"
    }
  ]
}

{
  "trx_id": "1746d5c0ef8db44209b6c967e033611c01780f38",
  "block": 39517377,
  "trx_in_block": 3,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-12-31T11:31:27",
  "op": [
    "comment",
    {
      "parent_author": "yakko",
      "parent_permlink": "g6jqoh2e",
      "author": "steemitboard",
      "permlink": "steemitboard-notify-yakko-20191231t113126000z",
      "title": "",
      "body": "Congratulations @yakko! You received a personal award!\n\n<table><tr><td>https://steemitimages.com/70x70/http://steemitboard.com/@yakko/birthday2.png</td><td>Happy Birthday! - You are on the Steem blockchain for 2 years!</td></tr></table>\n\n<sub>_You can view [your badges on your Steem Board](https://steemitboard.com/@yakko) and compare to others on the [Steem Ranking](https://steemitboard.com/ranking/index.php?name=yakko)_</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\"]}"
    }
  ]
}

{
  "trx_id": "6c56b21940a483dc3a33dd9b827819994f3201d6",
  "block": 36132590,
  "trx_in_block": 22,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-09-04T16:54:48",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "yakko",
      "vesting_shares": "8878.119372 VESTS"
    }
  ]
}

{
  "trx_id": "99489ae2128750ac4d7344a8796db4fe548f2d84",
  "block": 35996477,
  "trx_in_block": 32,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-08-30T09:37:18",
  "op": [
    "transfer",
    {
      "from": "crypto.piotr",
      "to": "yakko",
      "amount": "0.001 STEEM",
      "memo": "Dear @yakko. I hope you don't mind this little memo. Every week I'm trying to help and promote content published by few selected authors and today I would like to share with you post published by my friend @honarparvar: \"WARNING: This might not be a trend!\". I'm curious if you believe in TA and what's your opinion on using indicators while trading crypto. Share your opinion, I read all valuable comments. Piotr // LINK: https://steemit.com/trading/@honarparvar/warning-this-might-not-be-a-trend"
    }
  ]
}

{
  "trx_id": "e6c18a45341af4815358bb9103c21c83c6992636",
  "block": 33568760,
  "trx_in_block": 1,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-06-06T18:08:15",
  "op": [
    "vote",
    {
      "voter": "martins87",
      "author": "yakko",
      "permlink": "9w6zd2yt",
      "weight": 10000
    }
  ]
}

{
  "trx_id": "c40e2331406f2fd428dbecd2c027444ef05c9aac",
  "block": 33536986,
  "trx_in_block": 15,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-06-05T15:37:27",
  "op": [
    "comment_options",
    {
      "author": "yakko",
      "permlink": "g6jqoh2e",
      "max_accepted_payout": "1000000.000 SBD",
      "percent_steem_dollars": 10000,
      "allow_votes": true,
      "allow_curation_rewards": true,
      "extensions": [
        [
          0,
          {
            "beneficiaries": [
              {
                "account": "dtube",
                "weight": 1000
              }
            ]
          }
        ]
      ]
    }
  ]
}

{
  "trx_id": "c40e2331406f2fd428dbecd2c027444ef05c9aac",
  "block": 33536986,
  "trx_in_block": 15,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-06-05T15:37:27",
  "op": [
    "comment",
    {
      "parent_author": "",
      "parent_permlink": "dtube",
      "author": "yakko",
      "permlink": "g6jqoh2e",
      "title": "A Essência dos Smart Contracts",
      "body": "<center><a href='https://d.tube/#!/v/yakko/g6jqoh2e'><img src='https://ipfs.io/ipfs/QmS2zsm2FRyBS1XSub3nKyXfguZnNaES1ogJFb67SUsduy'></a></center><hr>\n\nPalestra online do co-fundador da BlockchainBH, Yakko Majuri, sobre a essência dos smart contracts.\n\n<hr><a href='https://d.tube/#!/v/yakko/g6jqoh2e'> ▶️ DTube</a><br /><a href='https://ipfs.io/ipfs/QmNtRwd2HhgyABYqWJBPvGfN3Z5jLrivnxra1DwZGZgwcq'> ▶️ IPFS</a>",
      "json_metadata": "{\"video\":{\"info\":{\"title\":\"A Essência dos Smart Contracts\",\"snaphash\":\"QmYXQ8V9ckQuQu33mPBgTxfX9Fyv3YTLSrGCaKs7NRZnbx\",\"author\":\"yakko\",\"permlink\":\"g6jqoh2e\",\"duration\":1457.022233,\"filesize\":268529853,\"spritehash\":\"QmeBBab6vyUfgkHBn8AZybn3dJ7q9MnpA4Cqn5pKkcWkPp\"},\"content\":{\"videohash\":\"QmNtRwd2HhgyABYqWJBPvGfN3Z5jLrivnxra1DwZGZgwcq\",\"description\":\"Palestra online do co-fundador da BlockchainBH, Yakko Majuri, sobre a essência dos smart contracts.\",\"tags\":[\"blockchain\",\"ethereum\",\"bitcoin\",\"lecture\"],\"video240hash\":\"Qmb51EFj9Jgixy1VUNhY4ciMHARiyCUahusiMHQuKsN82g\",\"video480hash\":\"Qmf2RWhPXwxF6UEovZc4h9mF4zpo49yX6zRqGfeaZgTZ1T\"}},\"tags\":[\"dtube\",\"blockchain\",\"ethereum\",\"bitcoin\",\"lecture\"],\"app\":\"dtube/0.8\"}"
    }
  ]
}

{
  "trx_id": "1df9e6d88ba974b0fd5815b9fac391b44e70a446",
  "block": 33448053,
  "trx_in_block": 20,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-06-02T13:25:57",
  "op": [
    "account_update",
    {
      "account": "yakko",
      "memo_key": "STM5bEd8e1PXPhHAYCZTribGEN53nbYECoFdEaRgi3MKnZgqcqz9H",
      "json_metadata": "{\"profile\":{\"name\":\"Yakko\",\"website\":\"https://blockchainbh.com\",\"location\":\"London\",\"profile_image\":\"https://cdn.steemitimages.com/DQmTwNGshQq1c9bjX6ud6u1gcKLYfNnyNvgpYd9ypByaYTq/WhatsApp%20Image%202018-11-24%20at%2017.35.52%20copy.jpeg\"}}"
    }
  ]
}

{
  "trx_id": "9b0746eda5f4ed00dcf2d9542370b67df7043ea8",
  "block": 33446597,
  "trx_in_block": 16,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-06-02T12:13:06",
  "op": [
    "vote",
    {
      "voter": "hozn4ukhlytriwc",
      "author": "yakko",
      "permlink": "9w6zd2yt",
      "weight": 1500
    }
  ]
}

{
  "trx_id": "478ca90c79be658c43f33e06295083fad0dd9e7b",
  "block": 33445881,
  "trx_in_block": 2,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-06-02T11:37:18",
  "op": [
    "transfer",
    {
      "from": "steembeem",
      "to": "yakko",
      "amount": "0.001 STEEM",
      "memo": "Hey @yakko 🎗 Checkout SteemBeem DAPP on https://www.steembeem.com ⚡ Find out which HEX it is and WIN the Jackpot. Give It A Try, Earn BEEM & Redeem for Post Promotion and Resteem. Best Is Yet To Come!"
    }
  ]
}

{
  "trx_id": "1082a17bc7b1498076822e94586e4c8d4e837a67",
  "block": 33445776,
  "trx_in_block": 12,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-06-02T11:32:03",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "yakko",
      "vesting_shares": "28858.707704 VESTS"
    }
  ]
}

{
  "trx_id": "e73462cc134e190505166be22bb8913bf957c92b",
  "block": 33445748,
  "trx_in_block": 9,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-06-02T11:30:39",
  "op": [
    "transfer",
    {
      "from": "hiroyamagishi",
      "to": "yakko",
      "amount": "0.001 STEEM",
      "memo": "\nWe will support people who will watch our video topic explained by Brother Eli. We have dedicated 24,000 Steem Power to vote for all of your comment. Comment the summary of what we understand on the topic of the day.\nWe invite you to also join our Discord chat.\nhttps://discord.gg/vzHFNd6\n"
    }
  ]
}

{
  "trx_id": "0311b50bbf42b84234270118de30123afc3992e2",
  "block": 33445746,
  "trx_in_block": 5,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-06-02T11:30:33",
  "op": [
    "comment_options",
    {
      "author": "yakko",
      "permlink": "9w6zd2yt",
      "max_accepted_payout": "1000000.000 SBD",
      "percent_steem_dollars": 10000,
      "allow_votes": true,
      "allow_curation_rewards": true,
      "extensions": [
        [
          0,
          {
            "beneficiaries": [
              {
                "account": "dtube",
                "weight": 1000
              }
            ]
          }
        ]
      ]
    }
  ]
}

{
  "trx_id": "0311b50bbf42b84234270118de30123afc3992e2",
  "block": 33445746,
  "trx_in_block": 5,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-06-02T11:30:33",
  "op": [
    "comment",
    {
      "parent_author": "",
      "parent_permlink": "dtube",
      "author": "yakko",
      "permlink": "9w6zd2yt",
      "title": "BlockchainBH Responde #1",
      "body": "<center><a href='https://d.tube/#!/v/yakko/9w6zd2yt'><img src='https://ipfs.io/ipfs/QmTc8zG2Sq5kdcRnhspb7WND291CY2LMK8ktcWaoNCFBvJ'></a></center><hr>\n\nPrimeira edição do BlockchainBH Responde com Yakko Majuri.\n\nPerguntas:\n\n1:30 - Como podemos mudar o mundo dos pagamentos com blockchain e fazer a tecnologia se popularizar?\n4:00 - Gostaria de saber se vocês já estão utilizando ou conhecem o Tangle (IOTA)?\n6:10 - O que é e como funciona a blockchain Corda?\n9:55 - Quais são alguns exemplos de empresas já utilizando o Ethereum em suas operações?\n12:50 - Quando irá ser o próximo workshop e/ou evento?\n\nLink para enviar perguntas: http://bit.ly/blockchain-bh\nWebsite: https://blockchainbh.com\nMeetup: https://meetup.com/BlockchainBH-Meetup/\n\n\n\n\n\n\n<hr><a href='https://d.tube/#!/v/yakko/9w6zd2yt'> ▶️ DTube</a><br /><a href='https://ipfs.io/ipfs/QmNWmi8niidHyVFTdKshXaUiSCdwpSSH7syoZkDhyaho4X'> ▶️ IPFS</a>",
      "json_metadata": "{\"video\":{\"info\":{\"title\":\"BlockchainBH Responde #1\",\"snaphash\":\"QmSC6Quz47pbc4Lsjjt1L4kumEaUtA4KthfDTsWPiK79bF\",\"author\":\"yakko\",\"permlink\":\"9w6zd2yt\",\"duration\":882.548333,\"filesize\":1325695542,\"spritehash\":\"QmWJ5YiLQE9DS9vvATipmvCKp4Ttnsp2Qs1YAM7Zb1zECx\"},\"content\":{\"videohash\":\"QmNWmi8niidHyVFTdKshXaUiSCdwpSSH7syoZkDhyaho4X\",\"description\":\"Primeira edição do BlockchainBH Responde com Yakko Majuri.\\n\\nPerguntas:\\n\\n1:30 - Como podemos mudar o mundo dos pagamentos com blockchain e fazer a tecnologia se popularizar?\\n4:00 - Gostaria de saber se vocês já estão utilizando ou conhecem o Tangle (IOTA)?\\n6:10 - O que é e como funciona a blockchain Corda?\\n9:55 - Quais são alguns exemplos de empresas já utilizando o Ethereum em suas operações?\\n12:50 - Quando irá ser o próximo workshop e/ou evento?\\n\\nLink para enviar perguntas: http://bit.ly/blockchain-bh\\nWebsite: https://blockchainbh.com\\nMeetup: https://meetup.com/BlockchainBH-Meetup/\\n\\n\\n\\n\\n\",\"tags\":[\"yakko\",\"\",\"blockchain\",\"ethereum\"],\"video240hash\":\"QmNRRfjVPR748QDEtrihchgiXXZv8fZx9Ph5HE3WBB6bYT\",\"video480hash\":\"QmeYpJeus81jnggoaQL6icgavFhmVdeKsCgNx1k8dQtPgv\"}},\"tags\":[\"dtube\",\"yakko\",\"\",\"blockchain\",\"ethereum\"],\"app\":\"dtube/0.8\"}"
    }
  ]
}

{
  "trx_id": "a15cf75d3a1bd686ef47b7393e1e326473285824",
  "block": 33445528,
  "trx_in_block": 29,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-06-02T11:19:39",
  "op": [
    "account_update",
    {
      "account": "yakko",
      "posting": {
        "weight_threshold": 1,
        "account_auths": [
          [
            "dtube.app",
            1
          ]
        ],
        "key_auths": [
          [
            "STM8fWDx43e8ArWJjcyks7eYhyCiEMsXYM9XKFhr6BcvMz3qpv3vb",
            1
          ]
        ]
      },
      "memo_key": "STM5bEd8e1PXPhHAYCZTribGEN53nbYECoFdEaRgi3MKnZgqcqz9H",
      "json_metadata": ""
    }
  ]
}

{
  "trx_id": "6e170eda0a49ce5889244bd7a65dd083391574d2",
  "block": 29045586,
  "trx_in_block": 6,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-12-31T12:39:06",
  "op": [
    "comment",
    {
      "parent_author": "yakko",
      "parent_permlink": "adeus-aos-bancos-voce-pode-agora-receber-emprestimos-de-qualquer-lugar-do-mundo",
      "author": "steemitboard",
      "permlink": "steemitboard-notify-yakko-20181231t123905000z",
      "title": "",
      "body": "Congratulations @yakko! You received a personal award!\n\n<table><tr><td>https://steemitimages.com/70x70/http://steemitboard.com/@yakko/birthday1.png</td><td>1 Year on Steemit</td></tr></table>\n\n<sub>_[Click here to view your Board](https://steemitboard.com/@yakko)_</sub>\n\n\n**Do not miss the last post from @steemitboard:**\n<table><tr><td><a href=\"https://steemit.com/christmas/@steemitboard/christmas-challenge-send-a-gift-to-to-your-friends-the-party-continues\"><img src=\"https://steemitimages.com/64x128/http://i.cubeupload.com/kf4SJb.png\"></a></td><td><a href=\"https://steemit.com/christmas/@steemitboard/christmas-challenge-send-a-gift-to-to-your-friends-the-party-continues\">Christmas Challenge - The party continues</a></td></tr></table>\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**!",
      "json_metadata": "{\"image\":[\"https://steemitboard.com/img/notify.png\"]}"
    }
  ]
}

{
  "trx_id": "f6b9ca286a57c54b49b80ef2b76a548847507ce5",
  "block": 25785201,
  "trx_in_block": 2,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-09-08T16:51:42",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "yakko",
      "vesting_shares": "9083.971934 VESTS"
    }
  ]
}

{
  "trx_id": "d58c6a67dd9bc89d736402d41c23098af40f1be1",
  "block": 23175221,
  "trx_in_block": 0,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-06-09T15:52:54",
  "op": [
    "vote",
    {
      "voter": "sensation",
      "author": "yakko",
      "permlink": "adeus-aos-bancos-voce-pode-agora-receber-emprestimos-de-qualquer-lugar-do-mundo",
      "weight": 10000
    }
  ]
}

{
  "trx_id": "7819faf531a1d7492d7d4dd547610a81195b3095",
  "block": 23174783,
  "trx_in_block": 36,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-06-09T15:31:00",
  "op": [
    "vote",
    {
      "voter": "magpielover",
      "author": "yakko",
      "permlink": "adeus-aos-bancos-voce-pode-agora-receber-emprestimos-de-qualquer-lugar-do-mundo",
      "weight": 10000
    }
  ]
}

{
  "trx_id": "94b1cf93980df804f4448e785b50ff8ce2b3340c",
  "block": 23174636,
  "trx_in_block": 47,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-06-09T15:23:39",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "yakko",
      "vesting_shares": "29456.030076 VESTS"
    }
  ]
}

{
  "trx_id": "02e97818e13dede6b5854c54fa78ef41f8d5da88",
  "block": 23174230,
  "trx_in_block": 33,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-06-09T15:03:21",
  "op": [
    "vote",
    {
      "voter": "abduljalil.mbo",
      "author": "yakko",
      "permlink": "adeus-aos-bancos-voce-pode-agora-receber-emprestimos-de-qualquer-lugar-do-mundo",
      "weight": 10000
    }
  ]
}

{
  "trx_id": "77da4dc2e637e3abee569022f5260f28810f196e",
  "block": 23174165,
  "trx_in_block": 39,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-06-09T15:00:06",
  "op": [
    "comment",
    {
      "parent_author": "yakko",
      "parent_permlink": "adeus-aos-bancos-voce-pode-agora-receber-emprestimos-de-qualquer-lugar-do-mundo",
      "author": "allnatural",
      "permlink": "re-yakko-adeus-aos-bancos-voce-pode-agora-receber-emprestimos-de-qualquer-lugar-do-mundo-20180609t150006765z",
      "title": "",
      "body": "Go here https://steemit.com/@a-a-a to get your post resteemed to over 72,000 followers.",
      "json_metadata": "{\"tags\":[\"blockchain\"],\"links\":[\"https://steemit.com/@a-a-a\"],\"app\":\"steemit/0.1\"}"
    }
  ]
}

{
  "trx_id": "91b6b873efb539517660195fb1246ff7a01b8485",
  "block": 23174160,
  "trx_in_block": 53,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-06-09T14:59:51",
  "op": [
    "vote",
    {
      "voter": "ax3",
      "author": "yakko",
      "permlink": "adeus-aos-bancos-voce-pode-agora-receber-emprestimos-de-qualquer-lugar-do-mundo",
      "weight": 100
    }
  ]
}

{
  "trx_id": "41fe5c80b70aaa0058b4db9c80cc726abad3fb0a",
  "block": 23174157,
  "trx_in_block": 74,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-06-09T14:59:42",
  "op": [
    "comment",
    {
      "parent_author": "",
      "parent_permlink": "blockchain",
      "author": "yakko",
      "permlink": "adeus-aos-bancos-voce-pode-agora-receber-emprestimos-de-qualquer-lugar-do-mundo",
      "title": "Adeus aos bancos: você pode agora receber empréstimos de qualquer lugar do mundo",
      "body": "Papelada, serviço ruim, demora e juros altos. Conseguir um empréstimo não é fácil, e especialmente no Brasil, também não é barato. Mas isto já está mudando, e a plataforma ETHLend promete fazer a dor de cabeça que você associa com empréstimos uma coisa do passado.\n\nFazendo uso da blockchain, uma tecnologia que permite transações eficientes e seguras entre pessoas em qualquer lugar do mundo, ETHLend criou uma plataforma para que pessoas possam receber empréstimos mais facilmente e com melhores taxas.\n\n<b>Como funciona a plataforma?</b>\n\nO serviço funciona de maneira que alguém que quer pegar dinheiro emprestado cria uma oferta em que é estabelecida quanto a pessoa quer emprestado, quanto oferece de garantia, o valor do prêmio e quanto tempo precisa para pagar. Esta oferta é então divulgada na rede para que alguém disposto a te emprestar o dinheiro aceite a oferta e te envie o dinheiro. Esta pessoa pode ser de qualquer lugar do mundo.\n\nIsto é possível por algumas razões. Usando criptomoedas e smart contracts (contratos digitais inteligentes), você não precisa conhecer ou confiar na pessoa do outro lado da rede, a plataforma cuida disso para você. Os contratos digitais já preparados funcionam de maneira que certas funções e requerimentos precisam ser cumpridos para que ele execute sua função. Por exemplo, ao invés de enviar o dinheiro para você, eu envio o dinheiro para o contrato, que não libera o dinheiro para você até que você enviar a garantia. Quando você devolver o dinheiro com o prêmio até a data marcada, o contrato envia o dinheiro para mim e você recebe sua garantia de volta. Dessa maneira, ninguém precisa confiar em ninguém, porque o contrato executa tudo. E o código que define o contrato é transparente, então qualquer um pode checar que não existem erros, e também verificar que sua garantia se encontra são e salva no contrato, fora do acesso de qualquer um.\n\nOs contratos funcionam com criptomoedas, mas possuem funcionalidade para fixar o valor com o dólar. Desta maneira, você não corre o risco associado com a volatilidade de criptomoedas. Você pode pegar emprestado 1 ETH de valor equivalente a $850, e precisa devolver por exemplo $880 (valor mais prêmio), independente se isto representa 1, 3 ou 0.5 ETH.\n\n<b>Quais são os benefícios?</b>\n\nO maior benefício da plataforma é o valor do prêmio, que para brasileiros, é muito mais baixo do que o valor oferecido pelos bancos. Como qualquer um pode se tornar um emprestador, existe uma competição no mercado para oferecer os menores juros. É possível pagar na plataforma juros que são até mais do que a metade do que os oferecidos por bancos no Brasil. E isso promete ainda melhorar: a plataforma está trabalhando para lançar leilões em que emprestadores competem para te oferecer o menor prêmio pelo empréstimo desejado.\n\nOutro aspecto importante é a facilidade e eficiência. Como a plataforma não necessita de confiança, você não precisa preencher dados ou passar muito tempo cuidando de papelada para receber um empréstimo, que cria um processo mais rápido e simples.\n\n<b>Mas pera aí, isso é seguro?</b>\n\nPor fazer uso da blockchain, a plataforma é segura e também não tem controle sobre seus empréstimos. Por causa da natureza dos contratos digitais, ninguém pode destruir ou mudar o contrato após sua criação, nem a ETHLend. A organização cuida apenas de desenvolver o serviço e suas funcionalidades, mas não tem poder para afetar nenhum empréstimo. Isso significa que não existem possibilidades para fraude nesse aspecto, porque o contrato está registrado permanentemente e pode ser verificado sempre que necessário.\n\n<b>E se o devedor não pagar de volta?</b>\n\nNo momento, a plataforma só permite empréstimos de até 70% do valor da garantia, que significa que não há incentivo para um devedor não pagar o dinheiro de volta pois ele perderá a garantia, que é ainda mais valiosa.\n\nEsta solução é no entanto parcialmente temporária e uma de muitas que estão sendo desenvolvidas para proteger os emprestadores. Algumas dessas são avaliações de crédito daqueles que buscam pegar dinheiro emprestado e seguros para emprestadores caso o devedor não pague o dinheiro de volta. Quando essas e outras ferramentas estiverem mais avançadas, será possível conseguir empréstimos até sem garantia alguma, sem sacrificar a segurança do emprestador.\n\n<b>O futuro</b>\n\nA plataforma ainda é muito nova, e está ficando melhor a cada dia, com um time dedicado por trás. Ele já funciona e pode ser usada no link abaixo para aqueles que possuírem um app ou plugin para acessar a rede Ethereum, como o MetaMask.\n\nhttps://app.ethlend.io\n\nNo momento, o serviço ainda é um pouco complicado para ser usado por aqueles que não tem conhecimento de blockchain, porém um dos focos da equipe é fazer com que ele possa ficar mais acessível a todos, mesmo aqueles que não sabem muito sobre o tópico. De qualquer maneira, tendo já provado que a plataforma funciona, os próximos passos para são melhorar sua funcionalidade, criando algo com potencial para revolucionar o mundo das finanças.",
      "json_metadata": "{\"tags\":[\"blockchain\",\"criptomoedas\",\"bitcoin\",\"ethlend\",\"ethereum\"],\"links\":[\"https://app.ethlend.io\"],\"app\":\"steemit/0.1\",\"format\":\"markdown\"}"
    }
  ]
}

{
  "trx_id": "50b044934cfce09d5b8dbbc0d998400880989d9b",
  "block": 22498890,
  "trx_in_block": 7,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-05-17T03:49:36",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "yakko",
      "vesting_shares": "9145.351026 VESTS"
    }
  ]
}

{
  "trx_id": "4ab0077bd0e62cc944b7255d502920146c9e3e8f",
  "block": 22438084,
  "trx_in_block": 25,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-05-15T01:08:42",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "yakko",
      "vesting_shares": "29496.739561 VESTS"
    }
  ]
}

{
  "trx_id": "5ff39316ad9c6ff23ff439aa63ab6a63493e11de",
  "block": 19141225,
  "trx_in_block": 53,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-01-20T10:52:36",
  "op": [
    "claim_reward_balance",
    {
      "account": "yakko",
      "reward_steem": "0.000 STEEM",
      "reward_sbd": "0.010 SBD",
      "reward_vests": "4.095995 VESTS"
    }
  ]
}

{
  "trx_id": "0000000000000000000000000000000000000000",
  "block": 18921186,
  "trx_in_block": 4294967295,
  "op_in_trx": 0,
  "virtual_op": 5,
  "timestamp": "2018-01-12T19:22:51",
  "op": [
    "author_reward",
    {
      "author": "yakko",
      "permlink": "prisoner-s-dilemma-crypto-edition",
      "sbd_payout": "0.010 SBD",
      "steem_payout": "0.000 STEEM",
      "vesting_payout": "4.095995 VESTS"
    }
  ]
}

{
  "trx_id": "d9d0930a0ff37f890f3762e69a390ba8d8b361bf",
  "block": 18806307,
  "trx_in_block": 44,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-01-08T19:34:18",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "yakko",
      "vesting_shares": "29700.381419 VESTS"
    }
  ]
}

{
  "trx_id": "3522bc762abe682f39788b9bf5626416e73d51d2",
  "block": 18725571,
  "trx_in_block": 10,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-01-06T00:12:48",
  "op": [
    "vote",
    {
      "voter": "ulasbilgen",
      "author": "yakko",
      "permlink": "prisoner-s-dilemma-crypto-edition",
      "weight": 10000
    }
  ]
}

{
  "trx_id": "e512cb3b4c9539982ff20b7259cac71f0625f890",
  "block": 18720138,
  "trx_in_block": 31,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-01-05T19:41:00",
  "op": [
    "vote",
    {
      "voter": "yakko",
      "author": "yakko",
      "permlink": "prisoner-s-dilemma-crypto-edition",
      "weight": 10000
    }
  ]
}

{
  "trx_id": "2982eb99cc4f9228f71dc6ddb003ca0c7322a846",
  "block": 18719969,
  "trx_in_block": 10,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-01-05T19:32:33",
  "op": [
    "vote",
    {
      "voter": "yakko",
      "author": "crypto-old-guy38",
      "permlink": "clutch-pay",
      "weight": 10000
    }
  ]
}

{
  "trx_id": "66a85e0cebbaa1897d65999b6c5b00fd19c7e5bc",
  "block": 18719967,
  "trx_in_block": 13,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-01-05T19:32:27",
  "op": [
    "vote",
    {
      "voter": "yakko",
      "author": "bobreedo",
      "permlink": "we-don-t-choose-our-death",
      "weight": 10000
    }
  ]
}

{
  "trx_id": "2c64f52a130f7c87cda14114b3f8efb32562d963",
  "block": 18719933,
  "trx_in_block": 7,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-01-05T19:30:45",
  "op": [
    "comment",
    {
      "parent_author": "",
      "parent_permlink": "bitcoin",
      "author": "yakko",
      "permlink": "prisoner-s-dilemma-crypto-edition",
      "title": "Prisoner’s dilemma: crypto edition",
      "body": "@@ -1,39 +1,7 @@\n-Prisoner's dilemma: crypto edition%0A\n+***\n Hodl\n@@ -69,11 +69,16 @@\n win?\n+***\n %0A%0A%0A\n+**\n Yet \n@@ -93,16 +93,18 @@\n currency\n+**\n %0A%0ALet%E2%80%99s \n@@ -982,16 +982,17 @@\n ragraph.\n+*\n %0A%0ANow le\n@@ -6513,16 +6513,17 @@\n o not.%0A%0A\n+*\n Quick in\n@@ -6903,16 +6903,17 @@\n f value.\n+*\n %0A%0ANow, i\n@@ -8114,16 +8114,18 @@\n graph.%0A%0A\n+**\n Marine m\n@@ -8172,16 +8172,18 @@\n y making\n+**\n %0A%0ASay th\n@@ -8922,16 +8922,17 @@\n es up.%0A%0A\n+*\n Another \n@@ -9503,16 +9503,17 @@\n in real?\n+*\n %0A%0AAfter \n",
      "json_metadata": "{\"tags\":[\"bitcoin\",\"blockchain\",\"cryptocurrency\",\"shitcoin\",\"hodl\"],\"app\":\"steemit/0.1\",\"format\":\"markdown\"}"
    }
  ]
}

{
  "trx_id": "06665035dbcb1658dfa853fa2136eb5a4a3cd4b8",
  "block": 18719844,
  "trx_in_block": 43,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-01-05T19:26:18",
  "op": [
    "vote",
    {
      "voter": "yakko",
      "author": "ulasbilgen",
      "permlink": "building-a-telegram-bot-to-properly-managing-haejin-trade-suggestions",
      "weight": 10000
    }
  ]
}

{
  "trx_id": "c0db9b5f3e99cacf57867de5f11b3be7bb90f522",
  "block": 18719843,
  "trx_in_block": 22,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-01-05T19:26:15",
  "op": [
    "vote",
    {
      "voter": "yakko",
      "author": "jamestrue",
      "permlink": "moon-coin-is-on-fire-thanks-to-xp",
      "weight": 10000
    }
  ]
}

{
  "trx_id": "02b3b19553b9c3dc153ec097734860d6864eeca0",
  "block": 18719789,
  "trx_in_block": 14,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-01-05T19:23:33",
  "op": [
    "comment",
    {
      "parent_author": "",
      "parent_permlink": "bitcoin",
      "author": "yakko",
      "permlink": "prisoner-s-dilemma-crypto-edition",
      "title": "Prisoner’s dilemma: crypto edition",
      "body": "Prisoner's dilemma: crypto edition\nHodl theory — Can everyone win? — If everyone wins, does anybody win?\n\n\nYet another currency\n\nLet’s create an imaginary cryptocurrency. Call it PnDcoin. Its supply is limited to 1 million coins, out of which PnD Foundation holds 50%, and the rest is on the market. PnD coin has no intrinsic value. Sure, people will throw at you stuff such as “Metcalfe’s law” and “innovative tech”* to claim it has an underlying specific (measurable?) value, but it really doesn’t. Yes, it has a true value, a use, and importance, but one cannot pinpoint something attached to it which gives it value. It’s price is determined solely by what people want to pay for it. Period. Is that how it should be determined? Well that is irrelevant to the point.\n\n*I am not claiming cryptos do not have innovative tech or that Metcalfe’s law is no good, I just mean these things do not qualify for intrinsic value in my view. If the crypto lover in you is tingling with rage, start from the last paragraph.\n\nNow let us assume that out of the 50% of PnDcoins in the market, me and Johnny own almost all of them (e.g. 24% each), and the price of one PnDcoin just rose from 0.1x to x. We get something close to a prisoner’s dilemma. If me and Johnny both sell right now, we will make x monies. If me or Johnny sells, while the other hodls, he who sells will make x, and the value of the other’s coins will be worth, say, 0.5x. If Johnny hodls, and I buy more, we will both have coins valued at about 1.5x. Now, if we both increase our positions, the value of our coins rises to 2x. It is supply and demand theory. With a fixed supply, as demand rises, price rises, and as demand falls, price falls. In this situation, it is therefore quite clear that if both increase their positions, both will win. It is the optimal scenario, everyone is happy.\n\nThe thought experiment above seems quite simple. Yet in reality, as Johnny and I make a 900% ROI on our first investment, we may be inclined to sell. After all, I expect Johnny to sell, because 900% is too good, and he probably wants to buy a car, and it is in my interest to sell before him. He is likely to think similarly. Therefore we probably settle for cashing out at the 900%, although 1900% was achievable.\n\nLet us go even further. Assume that now the Foundation has opened their 50% share up to the market, and it floods with people eager to get their hands on this revolutionary cryptocurrency. If me and Johnny hodl as investors pour into the market, we will make big gains. Again, this is a theoretical experiment, so let’s push the boundaries. Say investors will consistently come into the market, and they are infinite. If me, Johnny and the first batch of investors hodl as the second batch joins the market, we will profit. After that, if me, Johnny, the first and second batch of investors hodl, as the third generation comes in, we will all profit. And this could go on infinitely. Actually, until the Foundation’s coins end. Now assume that after the coins are all distributed, the interest to buy is still high, and everyone is still hodling. No one wants to sell. With this external pressure, the price will continue to rise, as buyers attempt to find the price at which a hodler will crack and sell. Now, this price is not really real, because no transactions are being made. But it becomes the market price as soon as someone decides to sell, valuing the coin at a very high value. After that, if the majority continues to hodl, while sales occur here and there, and it is still “difficult” to get your hands on a PnDcoin, the price will continue to rise. And this can go on and on. The idea is almost the same as what happened when there was just me and Johnny in the game. You hodl, you win, everyone wins. Of course, in reality, it is not feasible that everyone will hodl, but as long as the majority of the people are holding long-term positions, either not selling or buying more, the whole community profits (in terms of money, but probably not in terms of development).\n\nThe experiment above is possible because there is no intrinsic value anchor, as I will call it. Stocks, bonds, real estate, all have this anchor. This is because their value is tied to something, and that true value— for example the company’s valuation or revenue— must somewhat keep up with the rise of the asset, or people will realize their asset is not worth its price, and sell. With a digital currency, or a store of value (the PnDcoin community still debates on what is its best use case), you can calculate using some crazy formulas measuring the value of the network or the technology it brings up, but as its purpose is merely to keep or exchange value, it is worth what people accept it is worth when they trade it. I remember as kid when we collected cards, and in each packet of cards bought, there was about a 1/6 chance of getting a “RARE” card. In theory, rare cards were worth more, and you could also easily calculate their value compared to common cards (an average pack would have a 5:1 rare:common ratio, making a rare card 5 times more valuable than a common one — in theory). And sure, there were times when we followed this theoretical concept. But sometimes, rare cards would trade for up to 20 common ones. And what happened when someone would be missing one common card to complete the whole collection? They would be willing to offer one, hell, even three rares to get it. The value was subjective, because mediums of exchange are valued at what the parties involved accept it to be worth, regardless of what the value is supposed to be. And I’m not saying there’s no such thing as overvaluation, I’m not saying PnDcoin’s price is not a product of speculation and I’m not saying that the usability shouldn’t be a measure of value. All I’m saying is that if I accept a banana as a payment for my gold bar, in this transaction price of banana=price of gold. And if the whole market accepts a banana for their gold, then that is what gold is worth, regardless of the usability and characteristics of both. Now, with this argument, you could say that stocks, bonds, and houses can follow the same idea. And they can. As we know, many times they are found to be valued at more than they “should be”. It is just even more fitting for cryptocurrencies such as PnDcoin because they aren’t tied to anything, they don’t even exist physically (stocks don’t either but companies do). Also, they aim at working as a medium of exchange specifically, which the others do not.\n\nQuick interesting point unrelated to the topic of the article: one ultimate goal of tokenized assets and cryptocurrencies in the long-run is to allow for the old-school “my cow for your two sheep” kind of trade without an intermediary (e.g. fiat currency). This opens up a wide variety of possibilities and allows for simpler mutually beneficial exchanges exploiting subjectivity of value.\n\nNow, if you accept the points above, let’s move on to a final question. (If you do not, I would truly be glad to engage in a conversation in the responses to this post). If we all hodl PnDcoin, and we are all winning, are we all winning? New thought experiment: Say that tomorrow every single person in the world wakes up and their net worth has doubled. Is anyone truly richer? There are two possible answers to this question in my view: 1. No one is richer, because rich is a comparative term that requires a relative increase in wealth from an n number of people out of m (where m>n) and as everybody had their net worth increased by the same factor, there is no relative increase in wealth for anyone. Income inequality remains at the same state as it was. 2. The rich get richer, and the poor stay at the bottom, as a 1000 euro net worth increases by 1000 euros, whereas a 1 billion net worth increases by a billion. The increase is proportional, yet those at the top are the ones who are really making the big bucks. I personally see an argument for both, but mostly agree with answer 2. The bottom loses. And if you haven’t yet gotten the link to PnDcoin, I will make it clear in the next paragraph.\n\nMarine mammals, cutting-edge technology and money making\n\nSay the aforementioned “Hodl theory” is applied, and everyone makes 1000% profits on PnDcoin. Those truly winning are the so-called whales, and they are winning at the expense of the rest. Johnny, an owner of 24% of all PnDcoins will experience the same 1000% gain as Jerry from a given point t in time. But since Jerry only owns 0.001% of all coins, his 300 euro profit is quite nice, but nothing compared to Johnny’s 7.2 million. Better yet, if Jerry decides he’s made a lot of money and this is too good to be true, his dumping of the coins won’t affect the market a bit. Johnny, however, choosing to realize his profits, gets the millions, and can possibly cause Jerry’s 300 euro gain to become 100, or even -50, by the time Jerry wakes up.\n\nAnother interesting hypothetical scenario occurs when Johnny calls me, his friend, and we decide to tell the world PnDcoin is sure to hit $500,000. Remember: together we own 48%. We go on the news and claim we have done our proper analysis, and that we should be listened to because we’ve been here from the start. Since PnDcoin is at this moment a “mere” $16,000, everyone rushes to buy it, bumping the price up, only for me and Johnny to sell and crash the market at $450,000, or even $20,000, as most people watch their new house dreams melt before their eyes.\nIs PnDcoin real?\n\nAfter a multiple thousand-word thought experiment, I will try to be explicit as I conclude my thoughts. If you haven’t noticed, the article has some aspects very similar to reality. In my opinion, that is because despite being a theoretical approach, it has real implications in the cryptocurrency markets. Of course, values were made extreme and unrealistic ideas of for example infinity were used, but I believe the effect occurs similarly, just not under the same extreme conditions set by the hypothetical model (which is used to ease understanding). With that being said, this is what I take from the thought experiments above:\n\nBy playing the prisoner’s dilemma correctly and “hodling” as a community of a cryptocurrency, that currency is likely to have upside regardless of the returns it has given up to this point. I believe this is a large part of the upwards movement we see in crypto, and why currencies constantly rise to new heights (FOMO →HODL →RISE). I think this is especially clear in bitcoin’s history. And although I attempt to be as skeptical of specific predictions as possible, you can see a currency’s upside by looking at the subreddit for it and seeing how many people claim they will not sell before it hits x (usually accompanied by five exclamation marks and some unfounded arguments). That x value varies from person to person but many times it is very easy to find the “minimum value of x” in the community, after which it is not too unlikely the price of the currency will eventually get at least close to that number.\n\n“Hodl theory” works assuming little to no intrinsic value in cryptocurrencies. I accept this assumption. It can also work with things that have a measurable underlying value, but because of such I think it has a limit to how far it can go, whereas in cryptocurrencies the limit is much higher.\n\nBy doing the above, we are all likely to profit. However, those profits are even greater to those on top, and I believe we are at their mercy more than we think. Currently, whales and sardines are riding this wave together, but the tide can easily change. After all, the whales are largely responsible for the wave . Also, the world is not as rational and predictable as the “Hodl theory” would imply.\n\nAlthough not mentioned explicitly in the article, the following point is also implied: those that have invested in cryptocurrency A three years ago “win at the expense” of those who invested a year later, while those profit from those who came in six months ago, and from there forward. The markets are so crazy right now that people who first invested in cryptocurrencies two weeks ago can be considered “early” by some. And every newcomer, while making themselves a little pocket money, make the Winklevoss twins & gang of early investors even richer.\nUpon reading and re-reading my words above, I recognize I show flashes of a cryptocurrency hater and others of a lover. I would like to openly state my bias. I am a supporter of cryptocurrencies and DLT as a whole. What prompted me to write this article was the contradiction the cryptocurrency market posed to my world view. I could not see how everyone was winning. Randomly selecting coins leads to hundred-percent returns in a week, and it all just seems too easy. The theory presented here (it is merely a theory) is one explanation I found for this phenomena. Right now, the prisoner’s dilemma is being played just right. But my more conservative senses still worry about this money-making machine, hence the extension of the theory to ask the question of who is actually winning. In all honesty, I both agree with those who claim we are just at the beginning, and those who claim this is all a bubble. Cryptos are here to stay yet most coins are overhyped and overvalued. But then again, the market still does not include a big chunk of the world population (99% at minimum), meaning there is still room for growth. All I can say is: make sure you know how to swim, cuz’ the sea is getting a little rough.",
      "json_metadata": "{\"tags\":[\"bitcoin\",\"blockchain\",\"cryptocurrency\",\"shitcoin\",\"hodl\"],\"app\":\"steemit/0.1\",\"format\":\"markdown\"}"
    }
  ]
}

{
  "trx_id": "ed74c9a3026fb110617951c56c7756796d019f9f",
  "block": 18719775,
  "trx_in_block": 49,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-01-05T19:22:51",
  "op": [
    "comment",
    {
      "parent_author": "",
      "parent_permlink": "bitcoin",
      "author": "yakko",
      "permlink": "prisoner-s-dilemma-crypto-edition",
      "title": "Prisoner’s dilemma: crypto edition",
      "body": "Prisoner's dilemma: crypto edition\nHodl theory — Can everyone win? — If everyone wins, does anybody win?\n\n\nYet another currency\n\nLet’s create an imaginary cryptocurrency. Call it PnDcoin. Its supply is limited to 1 million coins, out of which PnD Foundation holds 50%, and the rest is on the market. PnD coin has no intrinsic value. Sure, people will throw at you stuff such as “Metcalfe’s law” and “innovative tech”* to claim it has an underlying specific (measurable?) value, but it really doesn’t. Yes, it has a true value, a use, and importance, but one cannot pinpoint something attached to it which gives it value. It’s price is determined solely by what people want to pay for it. Period. Is that how it should be determined? Well that is irrelevant to the point.\n\n*I am not claiming cryptos do not have innovative tech or that Metcalfe’s law is no good, I just mean these things do not qualify for intrinsic value in my view. If the crypto lover in you is tingling with rage, start from the last paragraph.\n\nNow let us assume that out of the 50% of PnDcoins in the market, me and Johnny own almost all of them (e.g. 24% each), and the price of one PnDcoin just rose from 0.1x to x. We get something close to a prisoner’s dilemma. If me and Johnny both sell right now, we will make x monies. If me or Johnny sells, while the other hodls, he who sells will make x, and the value of the other’s coins will be worth, say, 0.5x. If Johnny hodls, and I buy more, we will both have coins valued at about 1.5x. Now, if we both increase our positions, the value of our coins rises to 2x. It is supply and demand theory. With a fixed supply, as demand rises, price rises, and as demand falls, price falls. In this situation, it is therefore quite clear that if both increase their positions, both will win. It is the optimal scenario, everyone is happy.\n\nThe thought experiment above seems quite simple. Yet in reality, as Johnny and I make a 900% ROI on our first investment, we may be inclined to sell. After all, I expect Johnny to sell, because 900% is too good, and he probably wants to buy a car, and it is in my interest to sell before him. He is likely to think similarly. Therefore we probably settle for cashing out at the 900%, although 1900% was achievable.\n\nLet us go even further. Assume that now the Foundation has opened their 50% share up to the market, and it floods with people eager to get their hands on this revolutionary cryptocurrency. If me and Johnny hodl as investors pour into the market, we will make big gains. Again, this is a theoretical experiment, so let’s push the boundaries. Say investors will consistently come into the market, and they are infinite. If me, Johnny and the first batch of investors hodl as the second batch joins the market, we will profit. After that, if me, Johnny, the first and second batch of investors hodl, as the third generation comes in, we will all profit. And this could go on infinitely. Actually, until the Foundation’s coins end. Now assume that after the coins are all distributed, the interest to buy is still high, and everyone is still hodling. No one wants to sell. With this external pressure, the price will continue to rise, as buyers attempt to find the price at which a hodler will crack and sell. Now, this price is not really real, because no transactions are being made. But it becomes the market price as soon as someone decides to sell, valuing the coin at a very high value. After that, if the majority continues to hodl, while sales occur here and there, and it is still “difficult” to get your hands on a PnDcoin, the price will continue to rise. And this can go on and on. The idea is almost the same as what happened when there was just me and Johnny in the game. You hodl, you win, everyone wins. Of course, in reality, it is not feasible that everyone will hodl, but as long as the majority of the people are holding long-term positions, either not selling or buying more, the whole community profits (in terms of money, but probably not in terms of development).\n\nThe experiment above is possible because there is no intrinsic value anchor, as I will call it. Stocks, bonds, real estate, all have this anchor. This is because their value is tied to something, and that true value— for example the company’s valuation or revenue— must somewhat keep up with the rise of the asset, or people will realize their asset is not worth its price, and sell. With a digital currency, or a store of value (the PnDcoin community still debates on what is its best use case), you can calculate using some crazy formulas measuring the value of the network or the technology it brings up, but as its purpose is merely to keep or exchange value, it is worth what people accept it is worth when they trade it. I remember as kid when we collected cards, and in each packet of cards bought, there was about a 1/6 chance of getting a “RARE” card. In theory, rare cards were worth more, and you could also easily calculate their value compared to common cards (an average pack would have a 5:1 rare:common ratio, making a rare card 5 times more valuable than a common one — in theory). And sure, there were times when we followed this theoretical concept. But sometimes, rare cards would trade for up to 20 common ones. And what happened when someone would be missing one common card to complete the whole collection? They would be willing to offer one, hell, even three rares to get it. The value was subjective, because mediums of exchange are valued at what the parties involved accept it to be worth, regardless of what the value is supposed to be. And I’m not saying there’s no such thing as overvaluation, I’m not saying PnDcoin’s price is not a product of speculation and I’m not saying that the usability shouldn’t be a measure of value. All I’m saying is that if I accept a banana as a payment for my gold bar, in this transaction price of banana=price of gold. And if the whole market accepts a banana for their gold, then that is what gold is worth, regardless of the usability and characteristics of both. Now, with this argument, you could say that stocks, bonds, and houses can follow the same idea. And they can. As we know, many times they are found to be valued at more than they “should be”. It is just even more fitting for cryptocurrencies such as PnDcoin because they aren’t tied to anything, they don’t even exist physically (stocks don’t either but companies do). Also, they aim at working as a medium of exchange specifically, which the others do not.\n\nQuick interesting point unrelated to the topic of the article: one ultimate goal of tokenized assets and cryptocurrencies in the long-run is to allow for the old-school “my cow for your two sheep” kind of trade without an intermediary (e.g. fiat currency). This opens up a wide variety of possibilities and allows for simpler mutually beneficial exchanges exploiting subjectivity of value.\n\nNow, if you accept the points above, let’s move on to a final question. (If you do not, I would truly be glad to engage in a conversation in the responses to this post). If we all hodl PnDcoin, and we are all winning, are we all winning? New thought experiment: Say that tomorrow every single person in the world wakes up and their net worth has doubled. Is anyone truly richer? There are two possible answers to this question in my view: 1. No one is richer, because rich is a comparative term that requires a relative increase in wealth from an n number of people out of m (where m>n) and as everybody had their net worth increased by the same factor, there is no relative increase in wealth for anyone. Income inequality remains at the same state as it was. 2. The rich get richer, and the poor stay at the bottom, as a 1000 euro net worth increases by 1000 euros, whereas a 1 billion net worth increases by a billion. The increase is proportional, yet those at the top are the ones who are really making the big bucks. I personally see an argument for both, but mostly agree with answer 2. The bottom loses. And if you haven’t yet gotten the link to PnDcoin, I will make it clear in the next paragraph.\n\nMarine mammals, cutting-edge technology and money making\n\nSay the aforementioned “Hodl theory” is applied, and everyone makes 1000% profits on PnDcoin. Those truly winning are the so-called whales, and they are winning at the expense of the rest. Johnny, an owner of 24% of all PnDcoins will experience the same 1000% gain as Jerry from a given point t in time. But since Jerry only owns 0.001% of all coins, his 300 euro profit is quite nice, but nothing compared to Johnny’s 7.2 million. Better yet, if Jerry decides he’s made a lot of money and this is too good to be true, his dumping of the coins won’t affect the market a bit. Johnny, however, choosing to realize his profits, gets the millions, and can possibly cause Jerry’s 300 euro gain to become 100, or even -50, by the time Jerry wakes up.\n\nAnother interesting hypothetical scenario occurs when Johnny calls me, his friend, and we decide to tell the world PnDcoin is sure to hit $500,000. Remember: together we own 48%. We go on the news and claim we have done our proper analysis, and that we should be listened to because we’ve been here from the start. Since PnDcoin is at this moment a “mere” $16,000, everyone rushes to buy it, bumping the price up, only for me and Johnny to sell and crash the market at $450,000, or even $20,000, as most people watch their new house dreams melt before their eyes.\nIs PnDcoin real?\n\nAfter a multiple thousand-word thought experiment, I will try to be explicit as I conclude my thoughts. If you haven’t noticed, the article has some aspects very similar to reality. In my opinion, that is because despite being a theoretical approach, it has real implications in the cryptocurrency markets. Of course, values were made extreme and unrealistic ideas of for example infinity were used, but I believe the effect occurs similarly, just not under the same extreme conditions set by the hypothetical model (which is used to ease understanding). With that being said, this is what I take from the thought experiments above:\n\nBy playing the prisoner’s dilemma correctly and “hodling” as a community of a cryptocurrency, that currency is likely to have upside regardless of the returns it has given up to this point. I believe this is a large part of the upwards movement we see in crypto, and why currencies constantly rise to new heights (FOMO →HODL →RISE). I think this is especially clear in bitcoin’s history. And although I attempt to be as skeptical of specific predictions as possible, you can see a currency’s upside by looking at the subreddit for it and seeing how many people claim they will not sell before it hits x (usually accompanied by five exclamation marks and some unfounded arguments). That x value varies from person to person but many times it is very easy to find the “minimum value of x” in the community, after which it is not too unlikely the price of the currency will eventually get at least close to that number.\n\n“Hodl theory” works assuming little to no intrinsic value in cryptocurrencies. I accept this assumption. It can also work with things that have a measurable underlying value, but because of such I think it has a limit to how far it can go, whereas in cryptocurrencies the limit is much higher.\n\nBy doing the above, we are all likely to profit. However, those profits are even greater to those on top, and I believe we are at their mercy more than we think. Currently, whales and sardines are riding this wave together, but the tide can easily change. After all, the whales are largely responsible for the wave . Also, the world is not as rational and predictable as the “Hodl theory” would imply.\n\nAlthough not mentioned explicitly in the article, the following point is also implied: those that have invested in cryptocurrency A three years ago “win at the expense” of those who invested a year later, while those profit from those who came in six months ago, and from there forward. The markets are so crazy right now that people who first invested in cryptocurrencies two weeks ago can be considered “early” by some. And every newcomer, while making themselves a little pocket money, make the Winklevoss twins & gang of early investors even richer.\nUpon reading and re-reading my words above, I recognize I show flashes of a cryptocurrency hater and others of a lover. I would like to openly state my bias. I am a supporter of cryptocurrencies and DLT as a whole. What prompted me to write this article was the contradiction the cryptocurrency market posed to my world view. I could not see how everyone was winning. Randomly selecting coins leads to hundred-percent returns in a week, and it all just seems too easy. The theory presented here (it is merely a theory) is one explanation I found for this phenomena. Right now, the prisoner’s dilemma is being played just right. But my more conservative senses still worry about this money-making machine, hence the extension of the theory to ask the question of who is actually winning. In all honesty, I both agree with those who claim we are just at the beginning, and those who claim this is all a bubble. Cryptos are here to stay yet most coins are overhyped and overvalued. But then again, the market still does not include a big chunk of the world population (99% at minimum), meaning there is still room for growth. All I can say is: make sure you know how to swim, cuz’ the sea is getting a little rough.",
      "json_metadata": "{\"tags\":[\"bitcoin\"],\"app\":\"steemit/0.1\",\"format\":\"markdown\"}"
    }
  ]
}

{
  "trx_id": "aaceaf0cac26351ce537be8f600d3b703d9e549f",
  "block": 18691998,
  "trx_in_block": 9,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-01-04T20:13:33",
  "op": [
    "transfer",
    {
      "from": "poloniex",
      "to": "yakko",
      "amount": "1.508 STEEM",
      "memo": ""
    }
  ]
}

{
  "trx_id": "42ec6324ce7d219713954a8edf8c41ac5e397885",
  "block": 18691920,
  "trx_in_block": 47,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-01-04T20:09:33",
  "op": [
    "vote",
    {
      "voter": "yakko",
      "author": "kingscrown",
      "permlink": "bitcoin-genesis-block-was-mined-3th-jan-2009-happy-birthday",
      "weight": 10000
    }
  ]
}

{
  "trx_id": "186ced801c50930fb5422a9d522e8b815f4d7558",
  "block": 18691895,
  "trx_in_block": 0,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-01-04T20:08:18",
  "op": [
    "transfer",
    {
      "from": "poloniex",
      "to": "yakko",
      "amount": "0.990 STEEM",
      "memo": ""
    }
  ]
}

{
  "trx_id": "25d6308e19449e9cd720d50271eff8c7c9c34e18",
  "block": 18691825,
  "trx_in_block": 23,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-01-04T20:04:48",
  "op": [
    "transfer",
    {
      "from": "poloniex",
      "to": "yakko",
      "amount": "0.090 STEEM",
      "memo": ""
    }
  ]
}

{
  "trx_id": "91761a8b00b5e18db61313c9daf820aec350d934",
  "block": 18691614,
  "trx_in_block": 29,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-01-04T19:54:15",
  "op": [
    "transfer",
    {
      "from": "poloniex",
      "to": "yakko",
      "amount": "0.190 STEEM",
      "memo": "STM5bEd8e1PXPhHAYCZTribGEN53nbYECoFdEaRgi3MKnZgqcqz9H"
    }
  ]
}

{
  "trx_id": "d072c4d9a0f6635c2efd2a0c47416fb17dead31a",
  "block": 18565782,
  "trx_in_block": 60,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2017-12-31T10:49:51",
  "op": [
    "account_create_with_delegation",
    {
      "fee": "0.500 STEEM",
      "delegation": "57000.000000 VESTS",
      "creator": "steem",
      "new_account_name": "yakko",
      "owner": {
        "weight_threshold": 1,
        "account_auths": [],
        "key_auths": [
          [
            "STM74pFREptAR2JpZEuwmaM853E81EBCX3s9JuFeFW79268vSdqZv",
            1
          ]
        ]
      },
      "active": {
        "weight_threshold": 1,
        "account_auths": [],
        "key_auths": [
          [
            "STM6pFWPSA28sK3y8HLiQwi9tGmeMmYGTqkbj43z5ZoM3VV76pPMY",
            1
          ]
        ]
      },
      "posting": {
        "weight_threshold": 1,
        "account_auths": [],
        "key_auths": [
          [
            "STM8fWDx43e8ArWJjcyks7eYhyCiEMsXYM9XKFhr6BcvMz3qpv3vb",
            1
          ]
        ]
      },
      "memo_key": "STM5bEd8e1PXPhHAYCZTribGEN53nbYECoFdEaRgi3MKnZgqcqz9H",
      "json_metadata": "",
      "extensions": []
    }
  ]
}