Mark Carney (Bank of England governor) resisted lately that bitcoin has failed to be a legitimate currency estimated by the standard benchmarks, as it’s neither a store of value nor a useful medium of exchange.
At London’s Regent’s University, the central banker told students that bitcoin has failed to meet those “two-key” requirements to emerge as a legitimate currency. He said that during a live Q/A session. To him, the top-cryptocurrency has failed so far. He added, no one uses it like a medium of exchange as it’s not a store of value.
Business Insider noted, that bitcoin is a medium of exchange and it is acknowledged on the “dark web”. Even though its instability deters its acceptance, still hundreds of traders accept this cryptocurrency and these also include Microsoft and Overstock.
Stripe, which is a payment processor, recently stepped away from the cryptocurrency and stated, that there were only few cases for which paying or accepting with the top-cryptocurrency (bitcoin) makes sense. Steam, which is a pretty famous gaming/digital distribution platform has stopped accepting bitcoin, due to high fees and instability in the price of Bitcoin.
The argument that bitcoin is a store of value is based on its volatility, so that if you are looking for investing in it, make sure that its price won’t fluctuate immensely. Even though the cryptocurrency has lately seen an increase in its value around about 30% in a week, government failures can almost wipe out the fiat currencies. In countries like Venezuela and Zimbabwe, where fiat currencies failed to emerge as a legitimate cryptocurrency, bitcoin trades at the top.
Mark Caney Views on Bitcoin:
Mark Carney’s remarks are not really surprising and fall in accordance with those central bankers/Wall Street personalities, who’ve been recently assessing the bitcoin and the cryptocurrency ecosystem. Head of the Bundesbank, Jens Weidmann, lately argued that exchanging fiat with bitcoin is quite hazardous. He also stated, that for stabilizing monetary and economic system, we do not need crypto-tokens.
In the beginning of this month, board member of European Central Bank, Yves Mersch said, cryptocurrencies are not money, while Bank of International Settlements general manager, Agustin Carstens, argued that bitcoin was just a “bubble”, in which global stock markets were losing trillions of dollars. At the same time, the head of South Korea’s financial regulator has confirmed the government is finally going to support cryptocurrency trading while promoting banks to enable transactions with exchanges.
Are you looking out for the biggest trends in cryptocurrency? Well, Initial Coin Offering (ICO) is going to be a fine start. Today, we’re going to give you an overview on the ICO.
Initial Coin Offering
The abbreviation of ICO is “Initial Coin Offering” and since 2013, ICOs are frequently used for evolving new cryptocurrencies. When we talk about ICOs, this also means individuals offering investors some units of crypto-token or new cryptocurrency in exchange, contrary to major cryptocurrencies such as; Bitcoin and Ethereum. If there’s a demand for pre-created tokens, then they can be easily traded and sold in all cryptocurrency exchanges.
ICO token could become the shares and securities of tomorrow and with the success of Ethereum, more and more ICOs are being used for funding the crypto project development. ICO has become a tool that doesn’t only reform the currency, but also the entire financial system.
History of ICOs
At the beginning of 2013, around 100 billion XRP tokens were created in the Ripple Labs, as the first cryptocurrency distributed by an ICO was Ripple. The main reason why the company sold these tokens was to fund the development of the Ripple platform.
A layer on top of Bitcoin was promised to be created by Mastercoin, for tokenizing Bitcoin transactions and executing smart contracts. Almost $1 million was received by the developer against the top-cryptocurrency Bitcoin.
ICO has funded numerous other cryptocurrencies like; Lisk, which sold around $5 million coins at the beginning of 2016. The Ethereum Foundation sold ETH against 0.0005 Bitcoin in the mid-2014 respectively. By doing so, around 20 million was received, and it became one of the largest crowdfunding, and now, it serves as the capital base for Ethereum development.
A simple token, which can be transacted on the on the blockchain of Ethereum is one of the simplest applications of Ethereum’s smart contract system and this type of contract was standardized with ERC#20. This is something that made Ethereum host of such an extensive scope of ICO that now you can say that Ethereum has finally found its Killer App.
The token is sold as a digital good, not as a financial asset and this is why it’s sometimes called “crowd-sale”. The legal state of ICO is undefined and in this case, the funding with an ICO is not regulated, making it quite simple and paperless.
ICO – Fundraising Future
The DAO is amongst the most prominent demonstration of Ethereum’s smart contracts. Ether, worth $100 million, fueled the distributed investment company. The idea of funding projects with a token on Ethereum turned out to be a highly successful generation of crowdfunding projects. You’d know that investing in token on top of Ethereum is very easy especially, if you’ve already tried it out. Just transfer ETH and paste the contract in your wallet. You’ll be able to see the token in your account and then you can easily transfer it as you want.
ICOs could be used for completely reconstructing the financial system of securities, shares, and decentralizing, not just money, but trade and stock creation as well.
Do you want to assess Ethereum’s market capitalization? Do not only look at the market cap of Ether but also on the token’s value.
Is it Profitable?
ICO has been a blessing for many investors but, on the other hand, many ICO ends with losses. Many scammers and semi-scammers have used ICO for; promising the greatest cryptocurrency ever or building a sleek website. In addition to that, the successful and largest ICOs, like Iconomi, Melonpost, Lisk, Melonpost, and Augur collected funds and delivered literally nothing.
Let’s find out what’s happening in the market for ICO.
Building a layer on top of Bitcoin was announced by Mastercoin in 2013, and Mastercoin-token were sold to investors. Around 10,000 Bitcoin was received by the developers and had the worth of $1 million at that time. Some investors made hefty profits and later, Mastercoin merged with Omni and Counterparty.
One of the largest ICOs has been made by Ethereum yet, with a pre-sale of almost 60 million ETH and around 31,500 Bitcoin were raised by the Ethereum Foundation. ETH-presale investors also profited immensely.
100 billion XRP-tokens were created in Ripple Labs and serve as an anti-spam mechanism in the Ripple payment network. Ripple Labs are selling XRP but their value doesn’t move in a clear direction. It started with almost 5,000 Satoshi, felt below 1,000 Satoshi, then raised above 7,000.
In 2013, a new gen-cryptocurrency made, Next. Around 1 billion tokens were sold to early investors and the developers only got a double digit’s amount of Bitcoins with the ICO. However, today the NXT token is valued much more and NXT has become a successful and firm cryptocurrency relatively.
Ethereum token ICO:
An Asian platform for decentralized Sportsbet completed the ICO of its token within few seconds and many of them have been purchased by a Chinese exchange.
The aim of Golem project is to create a decentralized supercomputer, through which applicants can earn money by selling its power. The ICO was limited to 820,000,000 tokens, and more than 10,000 BTC were received by the developers. Today, the Golem market share is beyond 50,000 BTC.
The decentralized prediction market uses REP-token to choose the outcome of events in which 80% of these tokens have been sold for funding the development and got around $5 million. Today all these tokens are worth more than $100 million.
Well, Iconomi is a platform for managing the virtual assets and the ICN token is like shares on the platform. 85,000,000 tokens were sold by the developers and more than 17,000 BTC were received for it. Today, it has a market cap of almost 40,000 BTC.
SingularDTV with the ICO raised more than 12,000 BTC and today, tokens as a whole are worth about 40,000 BTC.
The above ICO tokens can be easily purchased and traded on exchanges but some extra ICOs have just completed some time ago and are now preparing to release the newly created token on the Ethereum Blockchain.
This is the following projects:
Melonport’s aim is to advance a platform for managing the blockchain assets made on Ethereum. The MLN token that the developers sold were around more than 2,000 BTC.
Dfinity aims to build a decentralized platform for cloud computing and has raised more than 3,000 Bitcoin in its ICO.
The main aim of this project is to build a platform for the easy formation and blockchain based smart contracts and could raise more than 14,000 Bitcoin in an ICO for this mission.
You can currently invest in ICOs like:
Humaniq (a wallet for the unbanked)
Aeternity (“scalable smart contracts interfacing with real-world data”)
Internet of Coins (a distributed environment for several blockchains)
Cosmos (similar: “a network of distributed ledgers”)
ICO Blockchain Capital allows everybody to contribute to its investment rounds. But, not every ICO is worth your money.
Ever since its creation, Bitcoin has had its ups and downs in terms of both survival and price stability. However, as of late, the currency has been on the rocket-ship ride; going past $4000 mark for the first time last week.
Some investors view Bitcoin as something which can be compared to gold, and rightly so. Because just like gold, Bitcoin is not governed by any government or a central authority. One of the advantages of Bitcoin’s autonomy is that it makes Bitcoin insulated to any financial or economic crisis in a country. On the other hand, the fiat of that country can’t really cope with the crisis and more often tends to take a nosedive.
In fact, Bitcoin can benefit from the uncertainty and crisis, just like gold does. A recent example is Donald Trump winning presidential elections as both gold and Bitcoin surged 3% and 4% respectively in the aftermath.
Some investors are also relating the latest spike in Bitcoin to the potential war between North Korea and USA over NK’s nuclear problem.
Regardless of all the similarities, there is still one noteworthy difference between gold and Bitcoin: Gold is substantially more stable and the graph below shows it all:
The graph comprises of the data taken from Onvista and Coindesk. So, if you are looking to make a safe investment, Gold is still the way to go.
To begin with, Bitcoin has been the talk of every news channel, tabloid, website, etc. for a long while now. It’s increasing popularity might’ve caused a little problem for the network. Bitcoin is in a messy situation right now and something needs to be done. Fortunately, two possible solutions have been proposed as well, but only one can exist.
What is Bitcoin Hard Fork?
It is a compulsory software update that is required in order for the program to function. It can be implemented to fix bug errors or any security issues present in the older version of the software. Also, a hard fork is irreversible.
The “hard fork” will split the blockchain, leading to the introduction of a new chain of transactions branching from the original one.
Bitcoin Fork Explained – What’s The Issue?
In simple words, Bitcoin is unable to withstand the number of transactions taking place on the network.
The technical explanation is that the 1MB block size limit which is programmed into the system has become a problem and is causing delays in the processing of transactions. Basically, a purchase can take from a few minutes to hours to confirm.
Two techniques were proposed, which result in two different solutions: Bitcoin Unlimited, and Segregated Witness. They’re both proposed software updates to the Bitcoin network with the aim to completely change the way Bitcoin functions.
Obviously, the two can’t coexist, that would “fork” the Bitcoin network – splitting it into two different digital currencies.
A fork is known as a software update. Basically, updating a program from an old version to a new one to fork bitcoin.
Starting off with Bitcoin Unlimited, this proposal is favored majorly by Bitcoin miners. To understand this, you must know the concept of Bitcoin mining. Bitcoin miners use specified powerful computers to solve complex mathematical algorithms in order to verify a transaction and be rewarded with newly issued bitcoins.
We are aware that there is a built-in block size limit of 1MB in the Bitcoin network, however, BU gives miners the permission to vote on increasing the block size whenever they want. This gives them control of the Bitcoin network, due to which they’re favored by miners.
On the other hand, SegWit is being voted by many Bitcoin enthusiasts and developers. Their aim is to optimize the Bitcoin coding in a way that allows them to decrease the transaction size and increase the transaction volume, all while sticking to the 1MB block limit. They suggest the use of a soft fork.
A soft fork is a software update that lets the network to adapt to the new functionalities and features implemented. The update doesn’t interfere with the existing software and the older version will still be usable.
When is Bitcoin Hard Fork Happening?
Every Bitcoin user around the world is anxiously waiting for August 1st– a day that will mark the history of bitcoin. No one really knows what to expect but we are all eager to know what will be the fate of Bitcoin. We’re approximately 2 weeks away from the big day so let’s reflect back on the possible end result.
On 31st July, the activation of SegWit2x is set to take place. SegWit2x is a proposal that will enact SegWit through a Soft Fork but will increase its block-size limit by Hard Fork after three months. So, basically, SegWit2x will be introducing Segregated Witness first which will follow a 2MB block-size increase three months later.
Moreover, SegWit2x has the support of major mining pools which means it’s backed up by miners.
What Will Be The Bitcoin Hard Fork Consequences?
When the 2MB hard fork is scheduled to be introduced, there are chances of a chain split to occur cause of the soft fork. This, in return, would lead some part of the community jumping on to SegWit2x while others remain on SegWit.
This can create a very messy situation as there would be two different kinds of Bitcoin present. The last thing we’d want is to damage Bitcoin, particularly since there are high chances of two competitor blockchains existing simultaneously.
What Should I Do in Order To Prepare For August 1st?
You’re advised to move your bitcoins to a private wallet, where you solely are in charge of your private keys. Also, be sure to do this before July 31st, and remain until storm calms down. We are not aware of what is in store for us on August 1st or the day after, and the future is a total blur. So, let’s sit back and watch the calendar hit August.
Who Will Be The Winner?
Aha! Too bad we can’t answer this question because half the community goes for SegWit and the other half for BU. There’s not really much we can do, just voice out our opinion and educate others with whatever we learn and maybe help them come up with opinions of their own.
We’ll just have to patiently wait and watch how this turns out.
I’d like to point out that I have a very limited technical knowledge and only know my way around a few technical terminologies. This post is a compilation of weeks of research that I’ve put together myself. So, if you do find any errors, do let me know in the comment section below and I’ll be sure to check.
Bitcoin is a digital currency that first came into circulation in 2009. The identity of the creator is still disclosed.
In recent years, Bitcoin has attracted interest from numerous people of different lines of work, but there is still a large portion of the public that still doesn’t know what is Bitcoin and how does it work. Simply stated, Bitcoin is a peer to peer, decentralized, digital currency system, designed to enable online users to make transactions via the digital currency. In other words, it’s a virtual currency.
Let’s take a look at some of the advantages of using this currency.
What Are The Benefits Of Bitcoins:
Its Tax Free:
When a user buys something using euros, pounds, dollars or any other type of flat currency, he is supposed to pay some additional sums in taxes. Every item that is purchased via cash has a certain amount of tax on it.
On the other hand, Bitcoin is tax-free. No sales taxes are involved when you pay with bitcoin in transactions made.
The zero taxation makes Bitcoin an extremely useful form of currency, especially when it comes to buying luxury items.
There Are Minimal Transaction Fees:
Exchange costs/fees are part of all sorts of wire transfers. On the other hand, no such costs come with Bitcoin transactions. Since there is no monitoring bank or governing authority to keep the flow of bitcoins in order, the transaction costs are extremely low, or even zero in some cases.
Flexible To Pay:
The fact that Bitcoin payment system is online makes it extremely handy for the users to make transactions. All you have to do is tap your smartphone screen a few times or do some clicks on your PC to transfer the coins.
The flexibility in payment methods means you can make the worldwide transaction without even having to leave your bed. Amazing! Isn’t it?
Bitcoin transactions are distinct and give you complete user anonymity. Every purchase made through bitcoins is never connected to you and there is no way for it to be tracked back to you. However, if a user is willing to reveal his identity, he does have the option of to publish his transactions – but in most cases, the users prefer to stay anonymous.
Lastly, The Currency Is Free from Third Party Influence:
One of the biggest advantages of using Bitcoin value is that it eliminates third-party influence. There is no central bank or a government authority controlling the flow of bitcoins, which ultimately eliminates the chances of your transaction being disrupted.
Bitcoin transactions are based on peer to peer system and it allows the users more freedom and greater liberty to make a purchase.
Are you looking for the best darknet marketplaces? Well, search no more as we’ve outlined the most popular online marketplaces currently. Check out our list below and you might as well find one of your favorites in there too.
However, here’s a quick tip if you’re going to be on the dark-web. You should be increasing your security by pairing a good VPN along with your Tor browser since just the browser is not enough for anonymous browsing. Once you’ve got yourself a VPN, you’re good to go.
Dream market is known for its quality of products and sellers as compared to other markets on the dark web. It is also taking $% of the overall commission on sales, which is higher than other markets but, I think that’s reasonable since they provide good quality items. So, if you’re looking to spend on something with a guarantee that it’s worth the bucks, Dream Market is the place you should be at.
Bermuda is a darknet marketplace which aims to serve for a free world to buy & sell whatever they desire. Its marketplace provides you an escrow service, based on Bitcoin (a cryptocurrency) for an easy and smooth trade with a fine sense of confidence.
Here are some of the Vendor’s and Buyer’s guidelines: Vendor’s Guidelines:
All members are kindly requested to be honest regarding Product quality, Package, Shipping, and Delivery.
Truthiness in your words helps to establish a network of trust, which is the backbone of Deep Markets.
Bermuda releases your available coins instantly; blockchain procedure may take some time. In case of issue contact to support.
A membership fee of $100 would be charged to become a vendor.
All members are kindly requested to be honest regarding Product quality, Package, Shipping, and Delivery.
Select your desired product carefully; Read the description, Delivery time and other necessary information.
Recommended system to use is Linux. Apple and MS window based system is not fully trusted to use Tor based markets.
This marketplace was previously Finnish but is now available in the English language as well. One reason this site is pretty secure is that you can only enter it if you receive an invite. Due to this invite-only system, there is more safety in trades made in the marketplace.
Hansa is just a few months old but according to its reviews it seems to be doing pretty well. Since it’s pretty new it doesn’t have quite as many vendors but it’s expanding fast. It’s got a very simple interface along with maximum security, ensuring that the admins cannot run away with your funds.
Crypto Market is said to be handled by the same team as Silk Road 3.0 and apparently, they share databases as well. We’re a bit skeptical as to whether this site is a safe place to trade or not. If you’re curious to check it out yourself, we’ve provided the link below.
No matter how many times you take Silk Road down, it seems to always bounce back. It wasn’t long after Silk Road 2.0 being shut down that an another would come back on, and it did. It’s safe to say that as long as Darknet Markets remain to exist, so will Silk Road. Obviously, Silk Road 3.0 has been gaining a substantial amount of popularity and it has even got tons of listings now.
RAMP stands for Russian Anonymous Marketplace, which makes it all the more obvious that it is in fact in Russian. Surprising to say it is one of the oldest darknet markets out there, standing since 2012. It’s a forum based marketplace and is said to contain drugs ranging from light to strong. Their dealers are mostly from Russia, Ukraine and Belarus.
Market URL: http://ramp2bombkadwvgz.onion Remember that each portal has its pros and cons and it’s totally your decision to pick the suitable one for you being a buyer or seller. Also, I’d suggest that you become aware of marketplace scams before you jump into buying or selling anything on the dark-web.