Venezuelan Bitcoin Boom

Venezuelan Flag
Bitcoin is illegal to mine in Venezuela but it has not stopped the mining boom.

In Venezuela Bitcoin and altcoin mining has become very popular despite its illegality there. Due to the policies of Nicolas Maduro’s socialist government hyperinflation is out of control and supplies are scarce. The Venezuelan government is adamantly opposed to Bitcoin mining. Today it is estimated 100,000 Venezuelans are mining cryptocurrencies. The Venezuelan Bolivar has dropped 99.4% in value since 2012. The dramatic decline in value has forced Venezuelans to seek other ways to transact and store value. Supplemental income from cryptocurrency mining is enabling many Venezuelans to survive while their government fails and chaos fills their streets. We, as the cryptocurrency community, should support the good people of Venezuela during this difficult time in their nation.

To read more visit the CNBC article about Venezuelan cryptocurrency mining published here: https://www.cnbc.com/2017/08/30/venezuela-is-one-of-the-worlds-most-dangerous-places-to-mine-bitcoin.html

Bitcoin Cash Versus Bitcoin

Bitcoin Cash is getting a lot of buzz and the good news is if you owned Bitcoin (and controlled the private keys or had a reputable 3rd party holding them) you own Bitcoin Cash equivalent to the quantity of Bitcoin you had on the 1st of August 2017. A lot of FUD is going on regarding Bitcoin and Bitcoin Cash but here is something interesting I’m not seeing discussion on: back in 2015 Bitcoin XT was forked from Bitcoin and was to offer 8MB blocks. It currently has 2MB blocks and has had them for a long time. The plan was to double the block size as needed. Bitcoin Cash also seeks to do this. Will they be more successful than Bitcoin XT?

Wikipedia: Bitcoin XT

Bitcoin.com Associated With Homero Josh Garza Ponzi Scheme

Bitcoin.com Presents Itself Nicely

But did you know it was claimed to be owned by failed entrepreneur (or far, far, worse depending on who you ask) crypto-thug Homero Josh Garza? I would have just called him Homer because his crypto-scam exploits hurt a young community with his buffoonish attempts at scamming people (in a business where you could have made far more money NOT scamming them- what a ‘tard).

At one time the criminal mastermind (LOL appropriate) of GAW Mining he now is making monthly payments on a $12 million dollar Securities and Exchange Commission securities fraud penalty. The less than venerable man is also purported to be the owner of a frail and aging ISP system somewhere in the northeast (probably got FCC problems too). Josh Homero Garza was a verifiable crypto-scammer who once ran the hilariously named “Geniuses at Work” faux-cloud-mining consortium. Simply Google this for the full drama but it was worth a few LOLs to mention the association since Bitcoin.com covered his SEC securities fraud fine.

Long story short he over sold hash-rate compared to what he actually owned. SEC fined him $12 million US dollars and he’s probably still hiding out somewhere. Check it out on the domain he once claimed to own.

AlfaQuotes.com: Bitcoin Fair Value Quotes

Bitcoin price prediction website Alfaquotes is quite good.AlfaQuotes.com is a source of Bitcoin fair value quotes. AlfaQuotes gives you what “should be” the price of Bitcoin based on its cost to mine in equipment and electricity. Bitcoin is always becoming more difficult to mine as well as increasing in popularity so generally the trend has been upward. AlfaQuotes only takes into account certain Bitcoin mining related variables into its price which takes speculation pretty much out of the picture. AlfaQuotes intends to tell you how much it will cost to mine one Bitcoin.

Check out the chart at the bottom of the page and compare the green line representing the “AlfaQuote” price and the red line representing market value for Bitcoin. This is another good tool to track potential Bitcoin value. For the first time I have seen the AlfaQuote is approximately the market value. Previously it has always been pegged significantly higher than market value.

For more detail on how the price is calculated please visit AlfaQuotes.com formula page.

Dennis Rodman Has a New Sponsor – Potcoin

Potcoin Sends Rodman to North Korea

Dennis Rodman’s latest trip to North Korea was sponsored by the cryptocurrency “Potcoin”. Potcoin bills itself as “banking for the marijuana industry” and appears to have fully sponsored Rodman’s trip. Rodman engages in what he calls “basketball diplomacy” during his trips to NOKO. Last month (June 13, 2017) Rodman boarded an airplane for Pyongyang International Airport sporting Potcoin gear and CNN was there to cover it.

Around mid-last month (June 13, 2017 precisely) Dennis Rodman, the famous basketball player was seen wearing a Potcoin T-shirt and jet-setting to NOKO. As Potcoin’s website itself pointed out Dennis Rodman’s latest trip to North Korea is sponsored by Potcoin. Here’s Rodman decked out in Potcoin gear.

Dennis Rodman is promoting the digital cryptocurrency Potcoin.
Here Dennis Rodman is pictured wearing a Potcoin T-shirt. Potcoin sponsored his trip to North Korea. (Image from Potcoin.com)

So is Potcoin the next big thing?

Read moreDennis Rodman Has a New Sponsor – Potcoin

CoinMarketCap.com: Cryptocurrency Market Caps

CoinMarketCap.com

Cryptocurrency market capitalization is difficult to determine but can still be a good metric to estimate growth of a cryptocurrency (even if imperfect as provided). While I accept these are probably rough estimates they are still useful data-points to follow in an industry where data is paramount.

When I began using CoinMarketCap.com Bitcoin’s market capitalization was $4 billion. Check it out yourself but as of writing (07/05/2017) Bitcoin is sporting a $42 billion dollar market cap. The site CoinMarketCap.com also gives good insight into other popular cryptocurrencies as they rise and fall in popularity. As you probably know I always recommend diversifying and I also recommend utilizing this site to gain research ideas. Don’t put everything into Bitcoin, explore new possibilities as well!

Hashflare.io: A Legitimate Hashrate Provider

So Where Can I Buy Legitimate Hashrate?

I often point out who is very shady or perhaps incompetent but I do not often promote any business due to the very difficult nature of ascertaining lasting and legit cryptocurrency businesses from those who are looking for fresh bag-holders.

In cryptocurrency you cannot really trust any actors or businesses due to the extremely volatile and high-intensity, profit-driven, scam-filled environment (isn’t that why we are here, down in the mire?).

One company that has consistently provided effective, profitable hashrate is Hashflare.io. In the future I will profile other admirable corporate attempts at cryptocurrency success but for now I can let you know for over approximately two years Hashflare.io has kept its contractual obligations. I have broken even on these contracts (SHA256 and Scrypt) over a year ago! I cannot say anything bad about this.

Read moreHashflare.io: A Legitimate Hashrate Provider

Yobit.net: Part of Trump’s Election or Just Extremely Shady?

Yobit.net Banned My Account During the 2016 Election

Was this a covert attempt to hide the 1000x value of “Trumpcoin” versus “Clintoncoin” on this Russian-controlled website or is Yobit.net an arm of the KGB (I mean, FSB, whatever)? In either case it feels extremely shady. Writing a cryptocurrency blog you are always wondering if you can monetize it with advertising but you want to be quite sure you are propagating legitimate organizations and actors. I would not trust Yobit.net simply because they offer 20% per trade on referrals but I have further reason to deeply mistrust this cryptocurrency actor. That 20% per trade commission on referrals seems scam-like. In fact, I know it most likely is.

Read moreYobit.net: Part of Trump’s Election or Just Extremely Shady?

BITCOINTALK: Reinvents Itself As A High Quality Discussion Board

BitcoinTalk: A Previously Okay Forum, Now Far Better

Reinvention of Bitcointalk? The former home of the most intense fear, uncertainty, and doubt campaigns has brought some sensibility to itself in the cryptocurrency world. Long a boiling cauldron of insecurity and self-righteous scamming (as well as legitimate attempts at rationality) now has become a bastion of hope. I am only being semi-sarcastic. Observe: “Low Quality Topics Do Not Belong Here”, what a shocker!

BitcoinTalk has been there for years!

I am glad that Bitcointalk has elevated itself to the rightful position I felt it deserved to occupy for some time now. I think it is the biggest Bitcoin forum on the internet but it has also been in the past a source of discouragement to the community. A sense of duty has descended upon the community however and I feel it is now a worthwhile source to mention.

Read moreBITCOINTALK: Reinvents Itself As A High Quality Discussion Board