An Interview With Jeff Garzik, Bitcoin in Space

think that blockstream Satellite is a new , original idea ? think again ! 2014 - "Jeff Garzik Announces Plan to Launch Bitcoin Satellites into Space"

think that blockstream Satellite is a new , original idea ? think again ! 2014 - submitted by realistbtc to btc [link] [comments]

Jeff Garzik Announces Partnership to Launch Bitcoin Satellites into Space

Jeff Garzik Announces Partnership to Launch Bitcoin Satellites into Space submitted by bitbeliever to Bitcoin [link] [comments]

Andrew Miller on Twitter: "Jeff Garzik's crazy space company released a design document for a Bitcoin space satellite: http://dunveganspace.com/assets/bitsat-design-pdr.pdf"

Andrew Miller on Twitter: submitted by eragmus to Bitcoin [link] [comments]

Jeff Garzik Announces Partnership to Launch Bitcoin Satellites into Space (x-post from /r/bitcoin)

Jeff Garzik Announces Partnership to Launch Bitcoin Satellites into Space (x-post from /bitcoin) submitted by jaynemesis to Futurology [link] [comments]

think that blockstream Satellite is a new , original idea ? think again ! 2014 - "Jeff Garzik Announces Plan to Launch Bitcoin Satellites into Space"

think that blockstream Satellite is a new , original idea ? think again ! 2014 - submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Jeff Garzik Announces Partnership to Launch Bitcoin Satellites into Space

Jeff Garzik Announces Partnership to Launch Bitcoin Satellites into Space submitted by jgarzik to space [link] [comments]

Jeff Garzik Announces Partnership to Launch Bitcoin Satellites into Space | CoinSpeaker

Jeff Garzik Announces Partnership to Launch Bitcoin Satellites into Space | CoinSpeaker submitted by NSLbot to NSL [link] [comments]

Bitcoin Pioneer Jeff Garzik Signs Contract for 24 BitSat Satellite Constellation

Bitcoin Pioneer Jeff Garzik Signs Contract for 24 BitSat Satellite Constellation submitted by voyagerdoge to DogeNews [link] [comments]

Jeff Garzik Announces Partnership to Launch Bitcoin Satellites into Space

Jeff Garzik Announces Partnership to Launch Bitcoin Satellites into Space submitted by bVector to NSL [link] [comments]

Jeff Garzik announces partnership to launch Bitcoin satellites into space

Jeff Garzik announces partnership to launch Bitcoin satellites into space submitted by cryptodev to cryptodev [link] [comments]

[bostoniaa] Jeff Garzik Announces Partnership to Launch Bitcoin Satellites into Space (x-post from /r/bitcoin)

submitted by raddit-bot to FuturologyRemovals [link] [comments]

Jeff Garzik Announces Partnership to Launch Bitcoin Satellites into Space

Jeff Garzik Announces Partnership to Launch Bitcoin Satellites into Space submitted by BTCNews to BTCNews [link] [comments]

We are Jeff Garzik and Jeff Dionne, and we are tech experts in the blockchain and semiconductor industries and we are working on an open hardware platform for direct satellite-to-devices communication. Ask Us Anything!

Hi Everyone, we are Jeff Garzik and Jeff Dionne.
Jeff Garzik is the CTO of SpaceChain Foundation and CEO of Bloq. He is known for being the key Bitcoin core developer who worked under Satoshi Nakamoto for two years. His work can be found in every bitcoin and miner.
Jeff Dionne is the CEO of Core Semiconductor. He is known for uClinux, from which most embedded Linux systems are derived, and developing many other game-changing embedded systems hardware and software technologies.
Jeff Dionne and I have always been passionate about pushing the boundaries of space and blockchain applications; a few of the past projects we have worked on are Linux kernel and Bitcoin Core. We’ll love to share with you our experiences being in our respective industries, such as the formation of the open source industry, open hardware, fabless semiconductor development, nano-satellites, cryptocurrency, and more.
We'd also love to discuss our development for our latest project – an open-source hardware platform that is capable of providing a downlink to mobile phones and small devices directly from satellites in orbit – all without the use of a satellite dish on Earth or a third-party network.
Ask us questions about anything: blockchain, semiconductors and open-source hardware!
ETA AmA proof image: https://drive.google.com/file/d/13NGtR7pkzhjuZ2G-WuqPvXj00dUVsuHC/view?usp=sharing
submitted by jgarzik to IAmA [link] [comments]

Elon Musk's SpaceX Plans To Launch 4,000 Satellites, Broadcasting Internet To Entire World

Elon Musk's SpaceX Plans To Launch 4,000 Satellites, Broadcasting Internet To Entire World submitted by Im_a_rocket_surgeon to Bitcoin [link] [comments]

AMA Jeff Garzik SpaceChain CTO (former Bitcoin Core Dev). Blockchain is literally taking us to the moon, AMA 24 Jan 2018 630 PM PST (-8 GMT)

AMA Jeff Garzik SpaceChain CTO (former Bitcoin Core Dev). Blockchain is literally taking us to the moon, AMA 24 Jan 2018 630 PM PST (-8 GMT) submitted by IamABot_v01 to AMAAggregator [link] [comments]

The Great Bitcoin Bull Market Of 2017 by Trace Mayer

By: Trace Mayer, host of The Bitcoin Knowledge Podcast.
Originally posted here with images and Youtube videos.
I just got back from a two week vacation without Internet as I was scouring some archeological ruins. I hardly thought about Bitcoin at all because there were so many other interesting things and it would be there when I got back.
Jimmy Song suggested I do an article on the current state of Bitcoin. A great suggestion but he is really smart (he worked on Armory after all!) so I better be thorough and accurate!
Therefore, this article will be pretty lengthy and meticulous.
BACKGROUND
As I completely expected, the 2X movement from the New York Agreement that was supposed to happen during the middle of my vacation flopped on its face because Jeff Garzik was driving the clown car with passengers willfully inside like Coinbase, Blockchain.info, Bitgo and Xapo and there were here massive bugS and in the code and miners like Bitmain did not want to allocate $150-350m to get it over the difficulty adjustments.
I am very disappointed in their lack of integrity with putting their money where their mouths are; myself and many others wanted to sell a lot of B2X for BTC!
On 7 December 2015, with Bitcoin trading at US$388.40, I wrote The Rise of the Fourth Great Bitcoin Bubble. On 4 December 2016, with Bitcoin trading at US$762.97, I did this interview:

As of 26 November 2017, Bitcoin is trading around US$9,250.00. That is an increase of about 2,400% since I wrote the article prognosticating this fourth great Bitcoin bull market. I sure like being right, like usual (19 Dec 2011, 1 Jul 2013), especially when there are financial and economic consequences.
With such massive gains in such a short period of time the speculative question becomes: Buy, Hold or Sell?
FUNDAMENTALS
Bitcoin is the decentralized censorship-resistant Internet Protocol for transferring value over a communications channel.
The Bitcoin network can use traditional Internet infrastructure. However, it is even more resilient because it has custom infrastructure including, thanks to Bitcoin Core developer Matt Corrallo, the FIBRE network and, thanks to Blockstream, satellites which reduce the cost of running a full-node anywhere in the world to essentially nothing in terms of money or privacy. Transactions can be cheaply broadcast via SMS messages.
SECURITY
The Bitcoin network has a difficulty of 1,347,001,430,559 which suggests about 9,642,211 TH/s of custom ASIC hardware deployed.
At a retail price of approximately US$105/THs that implies about $650m of custom ASIC hardware deployed (35% discount applied).
This custom hardware consumes approximately 30 TWh per year. That could power about 2.8m US households or the entire country of Morocco which has a population of 33.85m.
This Bitcoin mining generates approximately 12.5 bitcoins every 10 minutes or approximately 1,800 per day worth approximately US$16,650,000.
Bitcoin currently has a market capitalization greater than $150B which puts it solidly in the top-30 of M1 money stock countries and a 200 day moving average of about $65B which is increasing about $500m per day.
Average daily volumes for Bitcoin is around US$5B. That means multi-million dollar positions can be moved into and out of very easily with minimal slippage.
When my friend Andreas Antonopolous was unable to give his talk at a CRYPSA event I was invited to fill in and delivered this presentation, impromptu, on the Seven Network Effects of Bitcoin.
These seven network effects of Bitcoin are (1) Speculation, (2) Merchants, (3) Consumers, (4) Security [miners], (5) Developers, (6) Financialization and (7) Settlement Currency are all taking root at the same time and in an incredibly intertwined way.
With only the first network effect starting to take significant root; Bitcoin is no longer a little experiment of magic Internet money anymore. Bitcoin is monster growing at a tremendous rate!!

SPECULATION
For the Bitcoin price to remain at $9,250 it requires approximately US$16,650,000 per day of capital inflow from new hodlers.
Bitcoin is both a Giffen good and a Veblen good.
A Giffen good is a product that people consume more of as the price rises and vice versa — seemingly in violation of basic laws of demand in microeconomics such as with substitute goods and the income effect.
Veblen goods are types of luxury goods for which the quantity demanded increases as the price increases in an apparent contradiction of the law of demand.
There are approximately 16.5m bitcoins of which ~4m are lost, ~4-6m are in deep cold storage, ~4m are in cold storage and ~2-4m are salable.
(http://www.runtogold.com/images/lost-bitcoins-1.jpg)
(http://www.runtogold.com/images/lost-bitcoins-2.jpg)
And forks like BCash (BCH) should not be scary but instead be looked upon as an opportunity to take more territory on the Bitcoin blockchain by trading the forks for real bitcoins which dries up more salable supply by moving it, likely, into deep cold storage.
According to Wikipedia, there are approximately 15.4m millionaires in the United States and about 12m HNWIs ($30m+ net worth) in the world. In other words, if every HNWI in the world wanted to own an entire bitcoin as a 'risk-free asset' that cannot be confiscated, seized or have the balance other wise altered then they could not.
For wise portfolio management, these HNWIs should have at least about 2-5% in gold and 0.5-1% in bitcoin.
Why? Perhaps some of the 60+ Saudis with 1,700 frozen bank accounts and about $800B of assets being targetted might be able to explain it to you.
In other words, everyone loves to chase the rabbit and once they catch it then know that it will not get away.
RETAIL
There are approximately 150+ significant Bitcoin exchanges worldwide. Kraken, according to the CEO, was adding about 6,000 new funded accounts per day in July 2017.
Supposedly, Coinbase is currently adding about 75,000 new accounts per day. Based on some trade secret analytics I have access to; I would estimate Coinbase is adding approximately 17,500 new accounts per day that purchase at least US$100 of Bitcoin.
If we assume Coinbase accounts for 8% of new global Bitcoin users who purchase at least $100 of bitcoins (just pulled out of thin error and likely very conservative as the actual number is perhaps around 2%) then that is approximately $21,875,000 of new capital coming into Bitcoin every single day just from retail demand from 218,750 total new accounts.
What I have found is that most new users start off buying US$100-500 and then after 3-4 months months they ramp up their capital allocation to $5,000+ if they have the funds available.
After all, it takes some time and practical experience to learn how to safely secure one's private keys.
To do so, I highly recommend Bitcoin Core (network consensus and full validation of the blockchain), Armory (private key management), Glacier Protocol (operational procedures) and a Puri.sm laptop (secure non-specialized hardware).
WALL STREET
There has been no solution for large financial fiduciaries to invest in Bitcoin. This changed November 2017.
LedgerX, whose CEO I interviewed 23 March 2013, began trading as a CFTC regulated Swap Execution Facility and Derivatives Clearing Organization.
The CME Group announced they will begin trading in Q4 2017 Bitcoin futures.
The CBOE announced they will begin trading Bitcoin futures soon.
By analogy, these institutional products are like connecting a major metropolis's water system (US$90.4T and US$2 quadrillion) via a nanoscopic shunt to a tiny blueberry ($150B) that is infinitely expandable.
This price discovery could be the most wild thing anyone has ever experienced in financial markets.
THE GREAT CREDIT CONTRACTION
The same week Bitcoin was released I published my book The Great Credit Contraction and asserted it had now begun and capital would burrow down the liquidity pyramid into safer and more liquid assets.
(http://www.runtogold.com/images/Great-Credit-Contraction-Liquidity-Pyramid.jpg)
Thus, the critical question becomes: Is Bitcoin a possible solution to the Great Credit Contraction by becoming the safest and most liquid asset?
BITCOIN'S RISK PROFILE
At all times and in all circumstances gold remains money but, of course, there is always exchange rate risk due to price ratios constantly fluctuating. If the metal is held with a third-party in allocated-allocated storage (safest possible) then there is performance risk (Morgan Stanley gold storage lawsuit).
But, if properly held then, there should be no counter-party risk which requires the financial ability of a third-party to perform like with a bank account deposit. And, since gold exists at a single point in space and time therefore it is subject to confiscation or seizure risk.
Bitcoin is a completely new asset type. As such, the storage container is nearly empty with only $150B.
And every Bitcoin transaction effectively melts down every BTC and recasts it; thus ensuring with 100% accuracy the quantity and quality of the bitcoins. If the transaction is not on the blockchain then it did not happen. This is the strictest regulation possible; by math and cryptography!
This new immutable asset, if properly secured, is subject only to exchange rate risk. There does exist the possibility that a software bug may exist that could shut down the network, like what has happened with Ethereum, but the probability is almost nil and getting lower everyday it does not happen.
Thus, Bitcoin arguably has a lower risk profile than even gold and is the only blockchain to achieve security, scalability and liquidity.
To remain decentralized, censorship-resistant and immutable requires scalability so as many users as possible can run full-nodes.
(http://www.runtogold.com/images/ethereum-bitcoin-scability-nov-2017.png)
TRANSACTIONS
Some people, probably mostly those shilling alt-coins, think Bitcoin has a scalability problem that is so serious it requires a crude hard fork to solve.
On the other side of the debate, the Internet protocol and blockchain geniuses assert the scalability issues can, like other Internet Protocols have done, be solved in different layers which are now possible because of Segregated Witness which was activated in August 2017.
Whose code do you want to run: the JV benchwarmers or the championship Chicago Bulls?
As transaction fees rise, certain use cases of the Bitcoin blockchain are priced out of the market. And as the fees fall then they are economical again.
Additionally, as transaction fees rise, certain UTXOs are no longer economically usable thus destroying part of the money supply until fees decline and UTXOs become economical to move.
There are approximately 275,000-350,000 transactions per day with transaction fees currently about $2m/day and the 200 DMA is around $1.08m/day.
(http://www.runtogold.com/images/bitcoin-transaction-fees-nov-2017.png)
What I like about transaction fees is that they somewhat reveal the financial health of the network.
The security of the Bitcoin network results from the miners creating solutions to proof of work problems in the Bitcoin protocol and being rewarded from the (1) coinbase reward which is a form of inflation and (2) transaction fees which is a form of usage fee.
The higher the transaction fees then the greater implied value the Bitcoin network provides because users are willing to pay more for it.
I am highly skeptical of blockchains which have very low transaction fees. By Internet bubble analogy, Pets.com may have millions of page views but I am more interested in EBITDA.
DEVELOPERS
Bitcoin and blockchain programming is not an easy skill to acquire and master. Most developers who have the skill are also financially independent now and can work on whatever they want.
The best of the best work through the Bitcoin Core process. After all, if you are a world class mountain climber then you do not hang out in the MacDonalds play pen but instead climb Mount Everest because that is where the challenge is.
However, there are many talented developers who work in other areas besides the protocol. Wallet maintainers, exchange operators, payment processors, etc. all need competent developers to help build their businesses.
Consequently, there is a huge shortage of competent developers. This is probably the largest single scalability constraint for the ecosystem.
Nevertheless, the Bitcoin ecosystem is healthier than ever before.
(http://www.runtogold.com/images/bitcoin-ecosystem.jpg)(/images/bitcoin-ecosystem-small.jpg)
SETTLEMENT CURRENCY
There are no significant global reserve settlement currency use cases for Bitcoin yet.
Perhaps the closest is Blockstream's Strong Federations via Liquid.
PRICE
There is a tremendous amount of disagreement in the marketplace about the value proposition of Bitcoin. Price discovery for this asset will be intense and likely take many cycles of which this is the fourth.
Since the supply is known the exchange rate of Bitcoins is composed of (1) transactional demand and (2) speculative demand.
Interestingly, the price elasticity of demand for the transactional demand component is irrelevant to the price. This makes for very interesting dynamics!
(http://www.runtogold.com/images/bitcoin-speculation.jpg)
On 4 May 2017, Lightspeed Venture Partners partner Jeremy Liew who was among the early Facebook investors and the first Snapchat investor laid out their case for bitcoin exploding to $500,000 by 2030.
On 2 November 2017, Goldman Sachs CEO Lloyd Blankfein (https://www.bloomberg.com/news/articles/2017-11-02/blankfein-says-don-t-dismiss-bitcoin-while-still-pondering-value)said, "Now we have paper that is just backed by fiat...Maybe in the new world, something gets backed by consensus."
On 12 Sep 2017, JP Morgan CEO called Bitcoin a 'fraud' but conceded that "(http://fortune.com/2017/09/12/jamie-dimon-bitcoin-cryptocurrency-fraud-buy/)Bitcoin could reach $100,000".
Thus, it is no surprise that the Bitcoin chart looks like a ferret on meth when there are such widely varying opinions on its value proposition.
I have been around this space for a long time. In my opinion, those who scoffed at the thought of $1 BTC, $10 BTC (Professor Bitcorn!), $100 BTC, $1,000 BTC are scoffing at $10,000 BTC and will scoff at $100,000 BTC, $1,000,000 BTC and even $10,000,000 BTC.
Interestingly, the people who understand it the best seem to think its financial dominance is destiny.
Meanwhile, those who understand it the least make emotionally charged, intellectually incoherent bearish arguments. A tremendous example of worldwide cognitive dissonance with regards to sound money, technology and the role or power of the State.
Consequently, I like looking at the 200 day moving average to filter out the daily noise and see the long-term trend.
(http://www.runtogold.com/images/bitcoin-price-200dma-nov-2017.png)
Well, that chart of the long-term trend is pretty obvious and hard to dispute. Bitcoin is in a massive secular bull market.
The 200 day moving average is around $4,001 and rising about $30 per day.
So, what do some proforma situations look like where Bitcoin may be undervalued, average valued and overvalued? No, these are not prognostications.
(http://www.runtogold.com/images/bitcoin-price-pro-forma.png)
Maybe Jamie Dimon is not so off his rocker after all with a $100,000 price prediction.
We are in a very unique period of human history where the collective globe is rethinking what money is and Bitcoin is in the ring battling for complete domination. Is or will it be fit for purpose?
As I have said many times before, if Bitcoin is fit for this purpose then this is the largest wealth transfer in the history of the world.
CONCLUSION
Well, this has been a brief analysis of where I think Bitcoin is at the end of November 2017.
The seven network effects are taking root extremely fast and exponentially reinforcing each other. The technological dominance of Bitcoin is unrivaled.
The world is rethinking what money is. Even CEOs of the largest banks and partners of the largest VC funds are honing in on Bitcoin's beacon.
While no one has a crystal ball; when I look in mine I see Bitcoin's future being very bright.
Currently, almost everyone who has bought Bitcoin and hodled is sitting on unrealized gains as measured in fiat currency. That is, after all, what uncharted territory with daily all-time highs do!
But perhaps there is a larger lesson to be learned here.
Riches are getting increasingly slippery because no one has a reliable defined tool to measure them with. Times like these require incredible amounts of humility and intelligence guided by macro instincts.
Perhaps everyone should start keeping books in three numéraires: USD, gold and Bitcoin.
Both gold and Bitcoin have never been worth nothing. But USD is a fiat currency and there are thousands of those in the fiat currency graveyard. How low can the world reserve currency go?
After all, what is the risk-free asset? And, whatever it is, in The Great Credit Contraction you want it!
What do you think? Disagree with some of my arguments or assertions? Please, eviscerate them on Twitter or in the comments!
submitted by bitcoinknowledge to Bitcoin [link] [comments]

Blockchain is taking us to the moon (and beyond) AMA w/ Jeff Garzik Jan 24 2018 6:30 PM PST (+8 GMT)

SpaceChain plans to launch three Low Earth Orbit (LEO) satellites this year! SpaceChain also has created SpaceChain OS to run a decentralized satellite system that advances satellite communications and provides an alternative for data transmission, storage, and other applications thousands of miles above ground.
Jeff Garzik, former bitcoin core developer & the CTO of SpaceChain, has been advocating the need for nodes in space since 2014.
Have a question about blockchain or space technology? Ask Jeff!
For more information, follow us on SPC Global Telegram http://t.cn/RYpbux0
submitted by qtum-john to Qtum [link] [comments]

Whatever happened to the bitcoin satellite? 43 bitcoin were collected by a core dev and then nothing came of it? Where did the money go?

Did any of the money get returned or is this just case 1000 of donating things in bitcoin means you get your money stolen?
http://www.coindesk.com/jeff-garzik-announces-partnership-launch-bitcoin-satellites-space/
submitted by taken2space to Bitcoin [link] [comments]

Milton Friedman, Satohshi Nakamoto, Adam Back, Pieter Wuille, and Bram Cohen Are True Visionaries

Milton Friedman, Satoshi Nakamoto, Adam Back, Pieter Wuille, and Bram Cohen Are True Visionaries
Gavin Andreson, Jeff Garzik, and Mike Hearn Are Non-visionary Hacks
*Edited: Added some more points thanks to bitcoinknowledge.
submitted by baronofbitcoin to Bitcoin [link] [comments]

[uncensored-r/Bitcoin] The Great Bitcoin Bull Market Of 2017 by Trace Mayer

The following post by bitcoinknowledge is being replicated because some comments within the post(but not the post itself) have been silently removed.
The original post can be found(in censored form) at this link:
np.reddit.com/ Bitcoin/comments/7fyhbw
The original post's content was as follows:
By: Trace Mayer, host of The Bitcoin Knowledge Podcast.
Originally posted here with images and Youtube videos.
I just got back from a two week vacation without Internet as I was scouring some archeological ruins. I hardly thought about Bitcoin at all because there were so many other interesting things and it would be there when I got back.
Jimmy Song suggested I do an article on the current state of Bitcoin. A great suggestion but he is really smart (he worked on Armory after all!) so I better be thorough and accurate!
Therefore, this article will be pretty lengthy and meticulous.
BACKGROUND
As I completely expected, the 2X movement from the New York Agreement that was supposed to happen during the middle of my vacation flopped on its face because Jeff Garzik was driving the clown car with passengers willfully inside like Coinbase, Blockchain.info, Bitgo and Xapo and there were here massive bugS and in the code and miners like Bitmain did not want to allocate $150-350m to get it over the difficulty adjustments.
I am very disappointed in their lack of integrity with putting their money where their mouths are; myself and many others wanted to sell a lot of B2X for BTC!
On 7 December 2015, with Bitcoin trading at US$388.40, I wrote The Rise of the Fourth Great Bitcoin Bubble. On 4 December 2016, with Bitcoin trading at US$762.97, I did this interview:

As of 26 November 2017, Bitcoin is trading around US$9,250.00. That is an increase of about 2,400% since I wrote the article prognosticating this fourth great Bitcoin bull market. I sure like being right, like usual (19 Dec 2011, 1 Jul 2013), especially when there are financial and economic consequences.
With such massive gains in such a short period of time the speculative question becomes: Buy, Hold or Sell?
FUNDAMENTALS
Bitcoin is the decentralized censorship-resistant Internet Protocol for transferring value over a communications channel.
The Bitcoin network can use traditional Internet infrastructure. However, it is even more resilient because it has custom infrastructure including, thanks to Bitcoin Core developer Matt Corrallo, the FIBRE network and, thanks to Blockstream, satellites which reduce the cost of running a full-node anywhere in the world to essentially nothing in terms of money or privacy. Transactions can be cheaply broadcast via SMS messages.
SECURITY
The Bitcoin network has a difficulty of 1,347,001,430,559 which suggests about 9,642,211 TH/s of custom ASIC hardware deployed.
At a retail price of approximately US$105/THs that implies about $650m of custom ASIC hardware deployed (35% discount applied).
This custom hardware consumes approximately 30 TWh per year. That could power about 2.8m US households or the entire country of Morocco which has a population of 33.85m.
This Bitcoin mining generates approximately 12.5 bitcoins every 10 minutes or approximately 1,800 per day worth approximately US$16,650,000.
Bitcoin currently has a market capitalization greater than $150B which puts it solidly in the top-30 of M1 money stock countries and a 200 day moving average of about $65B which is increasing about $500m per day.
Average daily volumes for Bitcoin is around US$5B. That means multi-million dollar positions can be moved into and out of very easily with minimal slippage.
When my friend Andreas Antonopolous was unable to give his talk at a CRYPSA event I was invited to fill in and delivered this presentation, impromptu, on the Seven Network Effects of Bitcoin.
These seven network effects of Bitcoin are (1) Speculation, (2) Merchants, (3) Consumers, (4) Security [miners], (5) Developers, (6) Financialization and (7) Settlement Currency are all taking root at the same time and in an incredibly intertwined way.
With only the first network effect starting to take significant root; Bitcoin is no longer a little experiment of magic Internet money anymore. Bitcoin is monster growing at a tremendous rate!!

SPECULATION
For the Bitcoin price to remain at $9,250 it requires approximately US$16,650,000 per day of capital inflow from new hodlers.
Bitcoin is both a Giffen good and a Veblen good.
A Giffen good is a product that people consume more of as the price rises and vice versa — seemingly in violation of basic laws of demand in microeconomics such as with substitute goods and the income effect.
Veblen goods are types of luxury goods for which the quantity demanded increases as the price increases in an apparent contradiction of the law of demand.
There are approximately 16.5m bitcoins of which ~4m are lost, ~4-6m are in deep cold storage, ~4m are in cold storage and ~2-4m are salable.
(http://www.runtogold.com/images/lost-bitcoins-1.jpg)
(http://www.runtogold.com/images/lost-bitcoins-2.jpg)
And forks like BCash (BCH) should not be scary but instead be looked upon as an opportunity to take more territory on the Bitcoin blockchain by trading the forks for real bitcoins which dries up more salable supply by moving it, likely, into deep cold storage.
According to Wikipedia, there are approximately 15.4m millionaires in the United States and about 12m HNWIs ($30m+ net worth) in the world. In other words, if every HNWI in the world wanted to own an entire bitcoin as a 'risk-free asset' that cannot be confiscated, seized or have the balance other wise altered then they could not.
For wise portfolio management, these HNWIs should have at least about 2-5% in gold and 0.5-1% in bitcoin.
Why? Perhaps some of the 60+ Saudis with 1,700 frozen bank accounts and about $800B of assets being targetted might be able to explain it to you.
In other words, everyone loves to chase the rabbit and once they catch it then know that it will not get away.
RETAIL
There are approximately 150+ significant Bitcoin exchanges worldwide. Kraken, according to the CEO, was adding about 6,000 new funded accounts per day in July 2017.
Supposedly, Coinbase is currently adding about 75,000 new accounts per day. Based on some trade secret analytics I have access to; I would estimate Coinbase is adding approximately 17,500 new accounts per day that purchase at least US$100 of Bitcoin.
If we assume Coinbase accounts for 8% of new global Bitcoin users who purchase at least $100 of bitcoins (just pulled out of thin error and likely very conservative as the actual number is perhaps around 2%) then that is approximately $21,875,000 of new capital coming into Bitcoin every single day just from retail demand from 218,750 total new accounts.
What I have found is that most new users start off buying US$100-500 and then after 3-4 months months they ramp up their capital allocation to $5,000+ if they have the funds available.
After all, it takes some time and practical experience to learn how to safely secure one's private keys.
To do so, I highly recommend Bitcoin Core (network consensus and full validation of the blockchain), Armory (private key management), Glacier Protocol (operational procedures) and a Puri.sm laptop (secure non-specialized hardware).
WALL STREET
There has been no solution for large financial fiduciaries to invest in Bitcoin. This changed November 2017.
LedgerX, whose CEO I interviewed 23 March 2013, began trading as a CFTC regulated Swap Execution Facility and Derivatives Clearing Organization.
The CME Group announced they will begin [trading in Q4 2017 Bitc...
submitted by censorship_notifier to noncensored_bitcoin [link] [comments]

Bitcoin satellites going to space?

It looks like Bitcoin is planning to launch the blockchain in space in case of a huge terrestrial failure.
www.coindesk.com/jeff-garzik-announces-partnership-launch-bitcoin-satellites-space/
submitted by techmaster89 to dogecoin [link] [comments]

4/23/14 - Bitcoin into space, Atlas ATS pushes forward, & Dorian Nakamoto says thank you

Video: http://www.moneyandtech.com/apr23-news-update/
Here are today's top news stories in Money & Tech:
The blockchain is headed for space. Jeff Garzik’s Dunvegan Space Systems is partnering with Deep Space Industries to build satellites called ‘BitSats’ that will be launched into space as a backup bitcoin orbital system. From orbit, these BitSats will be able to broadcast out transaction data from the blockchain to any users with a downlink. Garzik made the first payment to Deep Space Industries via BitPay, where he is also a senior software developer, and is now accepting bitcoin donations to help complete the project.
Bitcoin trading platform Atlas ATS has formed a partnership with The National Stock Exchange to speed up regulatory approval. By partnering with this self-regulatory organization, Atlas ATS hopes to bypass FinCEN's money-transmitting license in favor of SEC-approved rules that are more tailored to digital currency exchanges. Kraken and CoinMKT are also taking this route, as several exchanges race to become the first fully regulated digital currency exchange.
Nine state banking officials from the US Conference of State Bank Supervisors (CSBS), including New York Superintendent Ben Lawsky, have launched the Emerging Payments Task Force. The new task force plans to investigate bitcoin and other virtual currencies in the hopes of developing state regulation best practices, as well as more educational resources. The discussion will begin with a public hearing on May 16th in Chicago.
With the reluctance of Irish banks to accept bitcoin, ATM provider BitVendo and safe deposit box facility Merrion Vaults have partnered to provide cold storage to BitVendo's local cryptocurrency users. The service allows users to store their bitcoins safely in Merrion Vaults' high quality and secure safe deposit vault in Dublin.
Butterfly Labs has been on rocky ground since this month's lawsuit against the bitcoin mining hardware company, accusing it of collecting payments for false orders and using customer equipment for their own mining. This recent lawsuit is only the latest accusation of fraud against the Kansas-based company. What's more, co-founder Sonny Vleisides has been found in violation of his probation since pleading guilty to one count of mail fraud in 2010, which will likely extend his probation another two years.
Dorian Nakamoto, the man famously falsely identified as bitcoin's creator, has filmed a YouTube video with Andreas Antonopoulos to thank the bitcoin community for its support. Antonopoulos led a fundraising campaign for Nakamoto that raised over 47 bitcoins - worth nearly $23,000 dollars - in a new bitcoin wallet that Nakamoto says he will keep open as a new bitcoin user. Watch that YouTube video at https://www.youtube.com/watch?v=w7YmJZ-qVW8.
Bitcoin documentary The Rise and Rise of Bitcoin premieres today at the Tribeca Film Festival in New York City. Money & Tech will be attending the screening, as well as the film’s after-party hosted by Charlie Shrem. We will be bringing you video coverage and interviews from that event soon.
We will also be attending the next major digital currency event this Friday, Dogecon SF, which will be San Francisco's first dogecoin conference. The event is hosted by Follow The Coin, and will feature prominent industry speakers such as litecoin creator Charlie Lee, industry expert Andreas Antonopoulos, and of course, Dogecoin's own creator, Jackson Palmer. We sat down with Tina Hui and Matt Schlicht from Follow The Coin to talk about what we can look forward to at Dogecon SF. Find that interview here: http://moneyandtech.com/follow-the-coin-dogecon-sf/
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Bitcoin, the organism  Jeff Garzik ... Jeff Garzik Shares Insights on The Future of Bitcoin Interview with JEFF GARZIK, Bitcoin Pioneer & Founder of Bloq, Metronome Bitcoin News #55 - Bitcoin around the World, Jeff Garzik Launches Token #574 BTC Handelsvolumen Jahreshoch, Jeff Garzik Prozess gegen Craig Wright & Krypto Regeln

Jeff Garzik: I'm Co-Founder and CEO of Bloq with my business partner and crypto billionaire Matthew Roszak and I started in late 2015. I have always been a computer nerd and science fiction aficionado and have always, from when I was a little boy, thought about outer space—what it's like to live in space, what it would take to get to space. My father was a fighter pilot in Vietnam and after ... The satellite data feed broadcasts bitcoin payment information, so you may receive payments. Sending is another matter. To send a bitcoin payment, you would need a cheap mobile phone (ie. not a smartphone) and SMS. Catherine: Have you already worked out arrangements for receiver services? Jeff: The current Phase 1 contract with Deep Space Industries will create specifications for: the cubesat ... We're joined by Jeff Garzik, who was among the very first developers to work with Satoshi in the early days of Bitcoin. Later, he was a core developer at Bitpay and even tried to put a Bitcoin node on a satellite in space. Today, he is co-founder at Bloq, a company providing enterprise-grade blockchain infrastructure.… Ende vergangenen Jahres machte Bitcoin-Kernentwickler Jeff Garzik seine Pläne öffentlich, Satelliten im Erdorbit als Knoten im Bitcoin-Netzwerk zu nutzen. Das Unternehmen Deep Space Industries ... We’re joined by Jeff Garzik, who was among the very first developers to work with Satoshi in the early days of Bitcoin. Later, he was a core developer at Bitpay and even tried to put a Bitcoin node on a satellite in space. Today, he is co-founder at Bloq, a company providing enterprise-grade blockchain infrastructure. Bloq recently announced a new project called Metronome that challenges ...

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Bitcoin, the organism Jeff Garzik ...

Bitcoin News #54 - Lightning on Horizon, LedgerX Does $1m In First Week, Sweden Gov Accepts Bitcoin - Duration: 1:05:35. World Crypto Network 11,194 views 1:05:35 willkommen zur Bitcoin-Informant Show Nr. 574 Heute geht's um folgende Themen: BTC Handelsvolumen erreicht Jahreshoch, Jeff Garzik Vorladung wegen Prozess gegen Craig Wright & Kryptographie ... 🔴 Robert Kiyosaki Live: Blockchain technology, Future of Crypto, Bitcoin BTC Halving 2020 Robert Kiyosaki 80,229 watching Live now Panel Discussion – Bitcoin in 2025 – A Glimpse Into The ... Hear quotes from Strategic Coin's exclusive management interview with Cryptocurrency Revolutionary Jeff Garzik. Full Article: http://strategiccoin.com/metron... After helping to inaugurate CNN.com on the Internet in the early 1990s, Garzik worked at a succession of Internet startups and service providers for over two...

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