pirateat40 Bitcoin News

11-05 03:33 - 'BTC and DeFi Contracts?' (self.Bitcoin) by /u/faustus67 removed from /r/Bitcoin within 18-28min

I am new to this whole DeFi revolution but I am not new to crypto. I have just been sitting on BTC, ETH and XMR for many years. I have read quite a few reviews of these products but can't seem to answer a few simple questions.
First off, why would people borrow from a DeFi contract when they have to put more crypto as collateral than they are actually borrowing? If they already have the money why do they borrow?
It seemed to me that the contracts only offered good exchange rates for stablecoins, so if I were to invest for the interest then I would have to convert out of my long term hodls into a stablecoin, therefore missing out on any moves in my hodls of choice. Are there any contracts in BTC (let's say) that allow me to take advantage of a good rate of return and remaining native to BTC to ride the rollercoaster?
As far as I can see, there are two risks: 1) The contract has a catastrophic loss due to hacking, custody breach or contract bugs. 2) the borrower fails to pay back against the original loan.
How am I protected (if at all), it appears on naive numbers that the BitGO insurance is underinsured for the amount loaned on some contracts?
Is there a safe place offering interest income against BTC, ETH or XMR
BTW: I was around for pirateat40 etc so I understand "not your keys, not your coins", and if it looks too good to be true then it probably is. But DeFi seems to be getting some traction now so I thought I'd ask.
BTC and DeFi Contracts?
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Author: faustus67
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Bitfinex chapter, quick preview: an attempt to explain WTF. Doesn't include latest developments. Please nitpick.

Currently trying to do a non-shit cover for the book, which is actually a huge amount of work given I have no artistic talent whatsoever (though I'm OK at graphic design).
So instead of doing that, here's what I have so far on a current rich seam of comedy gold!
Please look over this and flag any inaccuracies or unclear bits. What they did is convoluted and confusing, and a good example of why bankruptcy laws exist, so we need to maximise clarity.
The latest developments are not included, except the redemption. But OH BOY WILL SAID DETAILS BE FUN!
Bitfinex: software competence turns out not to be optional
If you’re not interested in mining or selling something to get bitcoins, exchanges unfortunately haven’t improved much since Mt. Gox.
Bitfinex is one of the closer things Bitcoin has, or had, to a reputable exchange. Advocates liked and trusted it and enjoyed using it – it has margin trading and other fancy features – and recommended it to others.
Its software turned out to be made entirely of copy-and-pasted cheese and string that nobody at all knew how to fix. This is quite typical of Bitcoin-related code and systems, as if financial software and systems had never happened.
Bitfinex was based on the codebase from defunct exchange Bitcoinica, which was founded by sixteen-year-old Bitcointalk user “Zhoutong” and shut down after being hacked in 2012. One of Bitfinex's early developers described what the system was like when he had been working on it:[1]
It has proved impossible to cleanly modularize and upgrade zhoutong’s spaghetti code. (Or if it is possible, Bitfinex technical team doesn’t know how to proceed.) In the current system, everything is entangled. There is no clean separation of concerns. They inherited this steaming shitpile of a codebase and they're stuck with it.
Their legacy data model, as implemented in their current system is insane. The system was designed by a 16 year old FFS! Everything is ad hoc, there is no specification, there was zero documentation, there is minimal accounting for edge cases, exception handling was tacked on as an afterthought. There was no thinking things through. Everything is ad-hoc! Therefore it kinda works except when it doesn’t!
A Bitfinex representative responded stating that “a grand total of 0 lines from Bitcoinica's code exist on Bitfinex” (the site moved at least partially to the AlphaPoint platform in 2015), but the poster asked him to explain, if Bitfinex had an all-new codebase, how they had accurately reproduced bugs that dated back to Bitcoinica.
The software problems were glossed over for years, because day traders are otherwise known as compulsive gamblers, and cryptocurrency day traders are the worst. I don’t often use the word “degenerate,” but if I did, they’re who I’d apply it to: reduced to a lizard brain, typing and clicking obsessively and watching for a number to change and provide a hit to the pleasure centre, all other mental and bodily functions atrophied. They make foreign exchange day traders look sober, considered and balanced.
On 12 August 2016, nearly 120,000 BTC (then around US$60 million) was stolen from Bitfinex customer accounts. The accounts were secured with multiple signatures, including from third party agency Bitgo, but the hacker seemed to know Bitfinex’s systems and even overrode Bitfinex’s transaction limits. On many accounts, two of the three signatures were Bitfinex, and Bitgo routinely allowed all requests from Bitfinex because there were so many.
Usually a theft of this magnitude heralds an exchange disappearing or shutting up shop with apologies, or the regulators noticing their existence and swooping in. In this case, as the supplier of gambling trading facilities not available elsewhere, Bitfinex felt there was sufficient demand for their services that a drastic action would be considered acceptable to their users. To wit: a 36% “haircut” for all customers. Depositors who had been hacked would be compensated with money from depositors who hadn’t.
You might think that compensating your customers using money from other customers, while the managers or owners don’t take a hit in any way, would be grossly illegal in any reasonable financial system. Particularly as bankruptcies usually go creditors, then depositors, and equity holders last. But welcome to Bitcoin.
Why on earth did the users put up with this? Secondly, because this was claimed to be the haircut they’d take if Bitfinex were to liquidate. (No, Bitfinex didn't show their working.) But firstly, because they were obsessive gamblers, desperate for more access to their strip mall casino. Bitfinex promptly went back up to No. 1 on the Bitcoin exchange volume charts, because Bitcoiners never learn.
Bitfinex didn’t want its users to feel they’d been left high and dry. So it offered them Bitfinex tokens (BFX) for their losses, saying (though not guaranteeing) that they’d totally come through at some later date on these IOUs and reimburse the holders with their face value:[2]
The token is a notional credit, is dependent on the Bitfinex Group’s recovery of Losses, and is subordinated to any claims against the Bitfinex Group not related to the Losses.
Meanwhile, you could trade these tokens – trading away your right to reimbursement if the stolen coins were recovered – and use them as collateral for financed trades! Only on Bitfinex, of course:
The token and your rights pursuant thereto may not be assigned except with notice to, and the prior consent of, the Bitfinex Group, on terms to be determined by the Bitfinex Group.
You might think this would constitute offering an unregistered security, but welcome to Bitcoin. The price for BFX dropped below its $1 face value even before release, opening at $0.80 and ending the day at $0.32.
Bitfinex redeemed about 1% of the BFX in early September. As it happened, they had enabled margin trading on BFX one day before, and the price went up from $0.40 to $0.56 just before the announcement. Speculation was that they had paid for the 1% redemption using insider margin trading on the BFX itself, thus looking good for free,[3] but I’m sure it was all just pure coincidence.
Bitfinex was getting their customers coming and going, and keeping them coming and going. Around the time of the 1% redemption, 30% of trading on Bitfinex was BFX, which they collected trading fees on. Furthermore, the BFX tokens kept their customers on Bitfinex in the hope of a payout, rather than just cashing out and never coming back.
In October, they came up with another layer on the scheme: the Recovery Right Token (RRT), for everyone who had converted their BFX for further gambling. Should any of the stolen coins ever be recovered, Bitfinex would first pay back the BFX holders who had not converted their BFX to something else, then pay back RRT holders with the remainder. That’s a made-up token on a made-up token on money they would normally have had to pay back.
Convoluted arrangements like this are part of why bankruptcy laws, let alone financial trading regulations, exist: so that creditors and depositors get paid first and fairly in a clear and open manner, rather than having what they are owed obscured in fast-talking flimflam.
In the meantime, Bitfinex set a financial and security audit in motion. Not by any such tawdry profession as actual accountants; they used “Ledger Labs Inc., a top blockchain forensics and technology firm,” which happens to be run by Vitalik Buterin, creator of altcoin Ethereum (of which more later).[4]
They also posted an open letter to the hacker, seeking “a mutually agreeable arrangement in exchange for an enormous bug bounty”, i.e., if only they would explain how they’d hacked Bitfinex: “Our interest here is not to accuse, blame or make demands, but rather to discuss an arrangement that we think you will find interesting.”[5]
It was entirely unclear to any observer what possible arrangement would be more interesting to the thief than “I have all your bitcoins now.” The stolen bitcoins are slowly being sold off through other exchanges.[6] This is very like a bank accepting dye-marked notes known to have been stolen from another bank and deciding they don’t care. At least Bitfinex will never have to cash in those RRTs.
In April 2017, Bitfinex announced they would finally redeem 100% of the BFX tokens for their $1.00 face value![7] This involves paying back the dollar value of the stolen bitcoins at the time of the theft – i.e., about half what it was by April. They also shut down all margin positions on BFX, putting users with insufficient collateral into debt to them (on a margin position on their own debt).
The founder of Bitfinex, Raphael Nicolle, has never seemed to appreciate the problem financial regulators tend to have with schemes that pay early investors using money from later investors. He enthusiastically backed the Pirateat40 Ponzi – though at least he later apologised for that one[8] – and came up with a high-yield scheme of his own:
So I'm thinking of the following plan: when I need more coins than I have to fill an order, I will ask everyone that previously “registered” with me to lend me some btc. After 7 days, I will return all of it, principal + 2% interests. For you to be contacted, you would have to post here or in PM to say you might lend me bitcoins, and approx. how many you'd be willing to lend me.[9]
Nicolle has not been seen online since the 120,000 BTC hack.[10]
The Bitfinex hack does answer one common question about Bitcoin:
“If you're so down on Bitcoin, why don't you short it?”
“Well ...”
1 elux. Comment on “[Daily Discussion] Sunday, October 04, 2015”. Reddit /bitcoinmarkets, 4 October 2015.
2 Bitfinex. “BFX Token Terms”. August 2016.
3 e.g., 7a11l409b1d3c65. "Buttfinex pays back 1% of their debt - Butters cheer, not realizing that they have been scammed again". Reddit /buttcoin, September 2016.
4 Zane Tackett. “Bitfinex: Update Regarding Security Audit, Financial Audit, And More”. Reddit /bitcoinmarkets, 17 August 2016.
5 Giancarlo Devasini. “Message to the individual responsible for the Bitfinex security incident of August 2, 2016”. Bitfinex blog, 21 October 2016.
6 Andrew Quentson. “Bitfinex’s Hacked Bitcoins Are on the Move; 5% Recovery Bounty Offered”. CryptoCoinsNews, 27 January 2017.
7 “100% Redemption of Outstanding BFX Tokens”. Bitfinex, 3 April 2017.
8 unclescrooge. “[shame thread]The sorry and thank you Pirateat40 thread”. Bitcointalk.org Bitcoin Forum > Economy > Marketplace > Lending > Long-term offers, 17 August 2012.
9 unclescrooge. "Unclescrooge 1-week deposit program at 2%/week". Bitcointalk.org Bitcoin Forum > Economy > Marketplace > Lending > Long-term offers, 13 September 2012.
10 Andrew Quentson. “Bitfinex’s Founder Seemingly Tried to Start a Ponzi Scheme”. Cryptocoins News, 8 June 2016. hai
submitted by dgerard to Buttcoin [link] [comments]

Book intro, your most querulous nitpicking needed.

Another book excerpt! This is the very first bit of the book, the first thing you would see with "Look Inside" or picking up the physical copy. As such, this needs to be perfect on the word level, tell people what's in the book and make them want more. Please nitpick querulously. Suggestions eagerly welcomed. (Might also make text from this the blurb.)
A Bitcoin FAQ
Updated 9/30/2013 – © Christian Wagner CC by-nc-sa
Short Version
1) Should I buy Bitcoins?
2) But I keep seeing all this stuff in the news about them and how
No. Tech journalism is uniformly terrible, always remember this.
3) How does this work? It doesn’t make any sense!
No, it really doesn’t. It’s impossible to accurately explain Bitcoin in anything less than mind-numbingly boring technical terms so you should probably just not worry about it. Go do something useful instead.
This book is aimed at those who’ve heard about “Bitcoin,” “blockchains” or “Ethereum” and want to know more. As I write this in June 2017, we’re in the middle of a huge crypto bubble that’s getting mainstream press, and there are things you need to know before getting involved.
Bitcoin and blockchains are not a technology story, but a psychology story: bubble economy thinking and the art of the steal. There is no such thing as a free lunch or a get-rich scheme.
The technology is an excuse to make outlandish near-magical claims. The scams and scammers are frankly amazing, in both their audacity and their ineptitude.
You can make money from Bitcoin! But it is vastly more likely that you will be the one that others make their money from.
Remember: if it sounds too good to be true, it almost certainly is.
What’s wrong with Bitcoin, blockchains and cryptocurrencies?
For all their creators’ good intentions, crypto assets are in practice saturated with scams at every level. When phrases like “a whole new form of money” or “the old rules don’t apply any more” start going around, people get gullible and the ethically-challenged get creative. Cryptos reliably attract serial scammers, and serial victims who get burnt repeatedly.
Cryptocurrency is also a disastrous waste of resources and effort at every level – in particular, “Proof of Work,” as used in Bitcoin and Ethereum, is an environmental disaster.
Cryptocurrency advocates are frequently both strident and delusional about technology, economics, human nature and computer science itself. General incompetence and Dunning-Kruger syndrome are the order of the day.
Not even the underlying technology, the blockchain, turns out to be useful for anything practical. It’s a bad technology being sold on buzzwords.
What the book covers
Digital cash, without having to check in with a central authority, sounds like a useful idea; Bitcoin is a first attempt. I explain what you have when you have a “bitcoin” and describe the ridiculously wasteful process of generating bitcoins, using as much electricity as all of Ireland.
Why would anyone do this? To implement a weird and extreme libertarian ideology, literally based on conspiracy theories about central bankers. Bitcoin was intended to reinvent the gold standard, so it works like a commodity: incredibly volatile, with booms, busts and bubbles.
Nobody knows who “Satoshi Nakamoto,” the creator of Bitcoin who disappeared in 2011, actually was. But there have been a few noteworthy candidates.
Bitcoin advocates promise all sorts of possibilities and use cases for Bitcoin. A lot of these contradict each other and none of them work in practice. The idea is to get you to buy Bitcoin and send the price up.
Bitcoin rose from its creation in 2009 to a spectacular economic bubble in late 2013. As a financial instrument created without regulation, it was like catnip for scammers – the Pirateat40 Ponzi scheme of 2012 held 7% of all bitcoins just before its collapse. Exchanges were founded by enthusiastic amateurs; the largest exchange, Mt. Gox, collapsed in early 2014 and took $400 million with it. The only consumer use case was drugs, sold on the Silk Road darknet market.
Bitcoin mining was supposed to be decentralised and accessible to all. This held for a few years, during which miners built frightening firetraps full of video cards and proudly photographed them for the world. Then economies of scale kicked in and it centralised; mining is now controlled by a few pools in China, and barriers to entry now include designing your own silicon chips to mine with.
It’s 2017 and we’re in a second Bitcoin and crypto asset bubble. Bitcoin transaction capacity filled in 2015 and is still clogged. The use cases are mainly drugs and ransomware; ordinary merchants find it all but unusable. Exchanges are no better than in 2013, particularly the exchange that kicked off the present bubble.
Bitcoin was easily copied, so other crypto assets, or altcoins, rapidly followed. The most popular is Ethereum, which added smart contracts – programs running on the blockchain – which also made it easy to do ICOs (Initial Crowdfunding Offerings), raising ridiculous amounts of money very quickly.
Smart contracts aim to replace the messy human nature of laws and the legal system with automatic computer programs that can’t be interfered with – which also means they can’t be fixed. They also have trouble interacting with the world outside their system. Fortunately, they’re mostly used for automated Ponzi schemes and ICO token offerings. One of these, The DAO, was the most famous smart contract in the world; of course, it got hacked immediately upon launch.
Bitcoin’s reputation was somewhat grubby by late 2014. So advocates tried marketing the technology to business as “Blockchain”, sometimes further euphemised to “distributed ledger technology.” The usual proposed use case is that Blockchain will somehow clean up your data and formats for you for free. Other claims are literally the same outlandish claims that were made for Bitcoin, with the buzzword changed.
Blockchain marketers have worked hard to push their product on the music industry, so the last chapter is a case study into the feasiblity of this approach.
The book goes into deep technical detail where it’s relevant, though those bits aren’t required to understand the rest and you can usually skim them. There are also extensive footnotes, with links where possible to the sources for further reading.
submitted by dgerard to Buttcoin [link] [comments]

UASF is basically what you would expect to see if Bitcoin were being divided intentionally

I've been involved in Bitcoin for a long time. I know the problem it is trying to solve. And I recognize the hurdles placed in the way of doing so.
One of those hurdles, as we have all seen, is systematic manipulation and censorship. At some point, each of us has noticed that different people in Bitcoin seem to have had different experiences surrounding the same major events, since its creation. Each of us has witnessed the deliberate manipulation, the lies and censorship, that exacerbates this division.
Why did Satoshi really quit? Is Gavin really trustworthy? Why did he quit? What about Mike Hearn? What really happened with pirateat40? What really happened with the bear whale? What happened at MtGox? Is Roger Ver trustworthy? What about Peter Vessenes and the Bitcoin Foundation? Why did they add Satoshi to their list of "founders"? Is Blockstream trustworthy? What happened to Theymos and all those Bitcoins he raised to build a new forum? Who really is Craig Wright, and why would trustworthy people believe his claims? Why would others dismiss them out of hand?
Ask ten different questions. You will get a hundred different answers. People can't even seem to agree on a common interpretation of a fifty-word agreement that they all negotiated and signed.
Why is that, exactly?
Trading and finance and currency are ultimately just information games. Having the right information at the right time, and being able to trust it, can make you rich. Having the wrong information, and trusting it, can make you poor. And in the fiat world, at least, having no information, or taking the default position of not trusting anything, is guaranteed to make you poor, over time.
Bitcoin was designed to change that. Bitcoin was designed to overcome the information coordination problem. It was intended to reverse this fundamental bias of the modern economy towards disinformation, destruction and poverty. And the way it does this, the innovation which enables it to do so in a trustless manner, is proof-of-work.
Yes, Bitcoin is "decentralized," as it was designed to produce economic decentralization. But to say that there is no central authority is a blatant lie. The central authority is the genesis block, and all valid blocks after that which have the most proof of work. The central authority is the group of wonderful, intelligent, selfless people who worked tirelessly, both before Satoshi and after, to bring Bitcoin into fruition and unite the world behind it. The central authority is our shared recognition of the ordering and inclusion of transactions in the chain of transactions that goes back to the beginning. It can be distributed, divided among many miners and among many individuals controlling various pieces of Bitcoin, as seems to have been deliberately done.
But it must be global. It must be shared. It must be voluntary. And it must be valid.
Therefore, every attempt to alter the definition of "validity" should be evaluated with extreme skepticism. Who is making this proposal? What is their connection to Bitcoin, and to its creation? What are their other connections, and motivations? What are the methods used to promote this proposal, and to counter its detractors? Does this proposal continue to unite the Bitcoin community, or does it divide it needlessly?
I have witnessed, over the past seven years, Bitcoin become progressively more and more separated from its creation. I have seen individuals come and go with little explanation. I have seen a few controversial and influential figures intentionally segregated. And I have seen Bitcoin suffer for it. I can't help but wonder whether this is not only intentional, but malicious.
I, myself, have done my own small part to attempt to unite Bitcoin, to re-connect it to its creation, to determine and to share what is really going on. For this, I have been censored and maligned. I don't take it personally. But it does beg the question:
Is Bitcoin being deliberately divided?
I'm not talking about decentralization, whether of nodes or of mining or of development or of trading or of discussion or of the real Bitcoin economy. That's all well and good.
I'm talking about fundamental, basic, irreversible... division. Permanent and intentional separation of Bitcoin, from its creation.
submitted by benjamindees to btc [link] [comments]

The Bet: BMR and Sheep to die in a year

EDIT: No one has offered to accept any of the bets, so I am declaring this offer withdrawn.
BMR & Sheep have demonstrated their danger, but few black-market-users seem to genuinely appreciate this. I am publicly betting that they will fail in the near-future. If you think I am wrong, just try to take my money and prove me wrong! Otherwise, spare us your cheap talk.
Hi! I'm Gwern Branwen. You may remember me from such black-market webpages as Silk Road: Theory & Practice, and /silkroad. Today I'm here to talk to you about BlackMarket Reloaded & Sheep Marketplace.
(A signed version of this 30 October 2013 post will be posted as a comment, because I wish to use Markdown formatting; my PGP key is available.)


With the fall of SR, we're all very sad: it was a good site which performed a useful function. But life goes on, so it's no surprise we're all moving on to new black markets. That said, I am concerned by the accumulating pattern I am seeing around BMR and Sheep, and by the delusional optimism of many of the users.


BlackMarket Reloaded, since the fall, has been marked by a pattern of arrogance, technical incompetence, dismissal of problems, tolerance for sellers keep buyer addresses & issuing threats, astounding tolerance for information leaks (all the implementation information, and particularly the VPS incident with the user data leak; mirrors: 1, 2), etc. We know his code is shitty and smells like vulnerabilities (programmer in 3 different IRC channels I frequent quoted bits of the leaked code with a mixture of hilarity & horror), yet somehow backopy expects to rewrite it better, despite being the same person who wrote the first version and the basic security principle that new versions have lots of bugs. (I'm not actually bothered by the DoS attacks; they're issues for any site, much less hidden services.)
And then there's the things he's not telling us. Atlantis shut down because they were worried about contacts from LE, and thus far this shut down seems to have saved them; but BMR has been around several times longer than Atlantis - would it not beggar belief if LE had not made contacts, attempted SR-style stings, or infiltrated BMR staff? And remember how we were able to discover all sorts of leaks in DPR's opsec once we had the indictment and knew what to look for? Or consider the claims being made about the Project Black Flag Leaks, where someone claims to have accessed laundry list of information from its internals - only after Metta DPR decided to rip-and-run. If this is what we see publicly for BMR, what on earth is going on behind the scenes?
backopy should have handed on BMR weeks ago, but is still around. He seems to plan to repeat SDPR's mistakes exactly: leak information all over the place, never retire, and just keep on until he is busted and takes who-knows-how-many people down to prison with him. He has learned nothing. What, exactly, is his exit strategy? What goals does he have and when will they ever be satisfied? He has been running BMR for more than 2 years now, and has not left. How does this story end: of a man who does not know his limits, does not have ability equal to the task, and refuses to quit while he's ahead? It ends with a party-van, that's how it ends.
And hardly anyone seems troubled by this! The BMR subreddit is full of bustle; people are even hailing backopy as a "hero" for allowing withdrawal of bitcoins. (How generous of him.)


Is Sheep any better? No. BMR is troubled and probably infiltrated at this point, but Sheep may well be a dead market walking at this point. No one has a good word to say about its coding, so there may well be BMR-style issues in its future. More importantly: the veriest Google search would turn up that clearnet site, and it has been pointed out that the clearnet Czech site hosted by HexaGeek was uncannily similar to the actual hidden service. It uses almost the same exact technology, and the official explanation is that they had "fans" (fans? who set up, many months ago, before anyone gave a damn about Sheep, an entire functioning mirror while cloning the software stack and being in a foreign non-English-speaking country just like the Sheep admins?). Ridiculous! DPR may have set up a WordPress site, but at least 'altoid' didn't run an entire SR mirror! (He left that to onion.to & tor2web.org.). Sheep's likely about one subpoena of HexaGeek away from fun party times in the party-van.

The Wager

I am uninterested in seeing Sheep/BMR busted and lots of newbies caught because they can't appreciate the patterns here. People don't take mere criticism seriously, and even if I lay it all out like here, and I mention that I have an excellent track record of predictions, they still won't because anyone can doom-monger and issue warnings, it won't get through to them. I want to get through to them - I want them to understand the risks they're taking, I want them to reflexively use PGP, and I want them to leave balances on sites for as short a time as possible. So! I am putting my money where my mouth is.


I and 3 others are publicly wagering ฿4 ($816 at today's rate), ฿1 each, on the following 4 bets:
  1. BMR will not be operating in 6 months:
    25%; 1:3 (you risk ฿3 and if BMR is still operating, you win our ฿1, else you lose the ฿3 to us)
  2. BMR will not be operating in 12 months
    40%; 1:1.5 (you risk ฿1.5 & BMR is operating in a year, you win our ฿1, else lose ฿1.5)
  3. Sheep will not be operating in 6 months
    30%; 1:2.3 (your ฿2.3 against our ฿1)
  4. Sheep will not be operating in 12 months
    60%; 1:0.66 (you risk ฿0.66 against our ฿1)
The ฿4 are currently stored in 1AZvaBEJMiK8AJ5GvfvLWgHjWgL59TRPGy (proof of control: IOqEiWYWtYWFmJaKa29sOUqfMLrSWAWhHxqqB3bcVHuDpcn8rA0FkEqvRYmdgQO4yeXeNHtwr9NSqI9J79G+yPA= is the signature by 1Az of the string "This address contains bitcoins for the BMSheep bet run by gwern.").



Arbitration & escrow are being provided by Nanotube, a long-time Bitcoin user & -otc trader, who has handled some past bets (most famously, the ฿10,000 bet between the Ponzi schemer pirateat40 & Vandroiy) and I believe can be trusted to escrow this one as well; he has agreed to a nominal fee of 1%.
(I am not using Bets of Bitcoin because they have a dishonest & exploitative rule-set, and I am not sure Predictious would allow these bets.)


If you disagree and are man enough to take our bets, post the amount you are betting on which bet, and Nanotube will supply an address for you to transfer your bitcoin to. When it arrives in his wallet, then our bet will be in effect.
May the most accurate beliefs win.
submitted by gwern to SilkRoad [link] [comments]

If Bitcoin is really going to become the new currency of the world...

If Bitcoin really became the new currency of the world, it would need to accommodate the lowest common denominator of people. As it stands now, most people who are really into bitcoin are probably considered at least moderately intelligent.
I'm going to use the word 'idiot' in this post from here on out, just to make shit easier to follow.
Idiots need something and/or someone to cover their asses. Just like children need their parents to cover their asses. If the neighbor kid steals from them, they cry to Mommy or Daddy about it. Then the parents go ahead and handle it.
The same is needed for bitcoin. A lot of this wallet/address/private-key/public-key/blockchain talk is definitely complicated to idiots. If you really think about it, an idiot could lose their entire financial worth because of their non-understanding of bitcoin and the securities that are needed to go with it. That simply isn't fair when their livelihood is at stake in our current society, regardless of what their level of intelligence is.
Because of that alone, bitcoin will never surpass fiat as it currently stands. At some point there will need to be an entity that arises, that is similar to a bank(yes I know that analogy alone will get me downvoted). But everyone reading this needs to think about their understanding of bitcoin security, versus that of an idiot's understanding. Those idiots need a place to put their coins if this ever becomes mainstream. They need a level of cover, just like a child needs his/her parent's cover.
The snide comment that if you're too stupid to understand it, you deserve to lose your coins, simply will not fly. It would be great if it did, but then again it would be great if people with low IQs couldn't reproduce, right? You have to understand the fact that modern society revolves around accommodation for all people starting at the lowest common denominator. Bitcoin cannot ignore that if it wants to be more than a niche.
This post is probably way before it's time. Not because I'm the first to think about it. But because it's way before the time something like this is needed, before the idiots need a way to store their bitcoins, before the banks and fiat start crumbling(lots of ifs there). At that point they would need to be accommodated. As it stands now, they cannot be.
This issue needs to be solved before bitcoin can even attempt to compete with fiat on a noticeable scale, let alone surpass it. Who can or will do that? We've already seen what happened with pirateat40 for example. So how can this be accomplished with full trust and blame? Can it be accomplished with full trust and blame that doesn't involve the government? That is a big question that the idiots will need answered, and those idiots are necessary to full adoption, whether you like it or not.
So what will it be? A massive education for the idiots so they can handle their own coins, and simply suck it up if something bad happens? Or will there be some entity that provides them the security they need, so that they can continue spending by simply swiping a plastic card(funded with bitcoin instead of their fiat)?
TL;DR: Idiots need fallbacks and security, that currently is not offered to them with bitcoin. Sucks to be them, sure, but there are so many of them that such a response won't fly in the big scheme of things. They need to be accommodated or taught. Who or what will do it, and how?
edit: grammar
submitted by tpbtc to Bitcoin [link] [comments]

Vladimir (Atlantis admin) official statement

I saw this posted in the SR forum and figured I would repost in case others have difficulty accessing the forums. Hi all,
It has come to our attention that some users on Silk Road believe the following;
1. That I am a scammer and was involved in a Ponzi scam on Silk Road. 2. The moderators at Atlantis market are deleting user comments. 3. Our forums term of use policy is aimed to arrest people and record information. 4. That we are DDoS'ing Silk Road. 5. Our PGP system is crackable.
I'd like to take the time to address each point and if you have any questions, please don't hesitate to reply to this thread. The staff members at Atlantis and I are happy to address your questions.
1) This belief has come into existence as 'Vladimir' was a scammer on Silk Road and thus people thought I was the same person as him. Unfortunately without knowing Vladimir's past history, this is my name and the one I have chosen to use. Hypothetically if I was Vladimir, why would I use a scammers alias at a market place which deals directly with user funds? It wouldn't help build trust in our market place and doesn't make any sense at all. Its the equivalent of pirateat40 creating a new Bitcoin Savings and Trust scheme and asking people to re-invest in it. We're proud to say that in our 7 weeks of operation, we have suffered no down time, no users have lost funds and security concerns have been addressed promptly (like increasing PGP key support up to 16Kbits).
2) We have deleted posts only related to spam, posts involving unfounded claims or accusations (FUD) and have deleted no posts in which people have given us criticism, bug reports or requests about improving security. You can check the relevant forum sections to find examples of this. We actively encourage this feedback as it helps us create a better market place. We are here to help users and are happy to reply to any security concerns or criticism you have. We have also created a sticky topic in the general forums for people to post whatever conspiracy theories they like. We will not be moderating this thread however the other forum rules still apply.
3) We used the default term of service which comes with the forum software. You can find an exact replica when you download and install the SMF software. This has now been updated.
4) We believe competition is healthy and believe that Dead Pirate Roberts is a great leader. We also need to shed the light that Silk Road has had technical issues in the past, even when we weren't around. Things like item listing image hijacking, denial of service attacks, site upgrades and switching hosting providers all caused down time. Although it would assist in us gaining more market share if our largest competitor is down, we have no desire to resort to dodgy tactics. We believe that what goes around comes around.
5) The auto-encryption service only works IF the user or vendors uploads their PGP public key (we support key sizes of 1024 - 16384 bits). However, Atlantis also supports manual encryption outside of Atlantis in which users can use a PGP client to encrypt their message. Atlantis administrators and law enforcement could not decipher the encrypted message without the users private key. With all this said, the security comes down to the end user. If they don't trust the auto-encryption service, they can STILL manually encrypt the message outside of Atlantis and thus there is absolutely no risk of anyone being able to decipher the message. To this day, PGP with large key sizes (>= 4096bits) is still uncrackable, you can find more information about it here: http://en.wikipedia.org/wiki/Pretty_Good_Privacy#Security_quality. Noting: 'there is no known method which will allow a person or group to break PGP encryption by cryptographic or computational means.'
As stated earlier, if you have any concerns please don't hesitate to reply to this thread. Lastly, we'd like to thank all the people who have put their trust in Atlantis and believe in where we are heading. The ride is only just starting and we're glad to have you as part of Atlantis
submitted by reaperx2 to SilkRoad [link] [comments]

Legality of cryptocurrencies

Regulations or positions of some countries about cryptoworld Because governments can sometimes be a bit touchy about attempts to create alternatives to the legal tender they enjoy a monopoly on printing, a wise investor might wonder about the legal status of cryptocurrencies. Indeed, the disruptive potential of these technologies has made governments around the world nervous, as they have struggled to devise appropriate regulations for the cryptocurrency realm without stifling innovation. Most potential investors have nothing to worry about from a legal standpoint, but it pays to do one’s homework.
Regulations or positions of some countries about cryptoworld Some countries have banned or ruled unconstitutional the use of cryptocurrencies within their borders, while others have embraced them or even announced plans to issue their own. Of course, due to the inherently decentralized nature of cryptocurrencies, enforcement has proven difficult. Taxes levied on profits made trading cryptocurrencies vary based on their legal classification. Check the laws in your country, and make sure you abide by them when investing. Questions of legality in major markets have caused temporary dips in cryptocurrency prices over the years, but they have always recovered. Keep reading for a brief history of legal rulings and government announcements related to bitcoin that have helped shape the current ecosystem.
February 2012
Payments services firms Paxum and Tradehill temporarily cease bitcoin exchange activities due to legal concerns raised by Canadian regulators.
28 March 2013
Cypriot investors drive up bitcoin prices seeking a refuge for savings when a government bailout program threatens to tap bank deposits.
14 May 2013
The United States Department of Homeland Security seizes almost $3 million from a subsidiary of the Mt. Gox exchange, claiming that the business is illegally engaged in money transmission without a license.
30 August 2013
Tradehill stops exchanging bitcoin, again due to regulatory uncertainty, indicating a growing need for government clarification on the legal status of cryptocurrency.
October 2013
The U.S. Federal Bureau of Investigation arrests operator of Silk Road dark web marketplace Ross Ulbricht, alias “Dread Pirate Roberts,” charges him with computer hacking, money laundering, drug trafficking and attempted murder, shuts down the site and seizes over 170,000 bitcoins. In the wake of the shutdown, numerous other illicit marketplaces emerge, but are prone to exit scams in which operators abscond with bitcoins held in escrow.
18 November 2013
U.S. Senate holds hearing titled “Beyond Silk Road: Potential Risks, Threats, and Promises of Virtual Currencies.” Members express reservations about the potential illicit applications of cryptocurrencies so vividly illustrated by Silk Road, frustration at the difficulty of regulating something so difficult to understand, but ultimately hope that government will be able to create a system in which decent people have a “chance to try and play by the rules.”
22 November 2013
China’s central bank issues an equivocal statement on bitcoin that nonetheless greenlights Chinese participation in cryptocurrency exchange and investment, prompting huge price gains over subsequent weeks.
05 December 2013
Backpedaling somewhat in response to the widespread use of bitcoin to circumvent limits on capital outflows, China bans banks and other financial institutions from dealing with or offering services relating to bitcoin, ruling that it is not a currency.
25 March 2014
The U.S. Internal Revenue Service issues its first guidelines for bitcoin, ruling that it is to be taxed as property, not treated as currency.
10 April 2014
Under government pressure, Chinese banks begin to shut down accounts belonging to bitcoin exchanges. Prices drop 10%, but many exchanges exploit loopholes and offshore parts of their businesses to continue operating.
July 2014
The state of New York announces plans to develop licensing requirements for businesses dealing in bitcoin or related services, which proves extremely unpopular with cryptocurrency advocates.
06 November 2014
Trendon Shavers, alias “pirateat40,” arrested for defrauding bitcoin investors in Ponzi scheme in 2012.
19 December 2014
Bitcoin entrepreneur and proponent Charlie Shrem sentenced to two years in prison for illegal money transmission charges related to the Silk Road marketplace.
25 January 2015
Coinbase navigates regulatory frameworks to win approval to operate a fully-fledged bitcoin exchange in 25 U.S. states and sets sights on further expansion.
25 March 2015
Hong Kong officials warn against potential fraud on exchanges, but indicate they will take a light hand regulating cryptocurrencies, classifying them not as legal tender but as “virtual commodities.”
29 May 2015
Ross Ulbricht receives sentence: life in prison without parole. Judge Katherine Forrest explicitly seeks to make an example of him and thereby discourage others from using cryptocurrency and the relative anonymity of the Internet to flout the law.
01 August 2015
Mark Karpeles, former Mt. Gox CEO, arrested in Japan and charged with falsification of records relating to the solvency of the exchange during its collapse.
10 August 2015
Deadline hits for compliance with New York regulators’ “BitLicense” rules, leading many exchanges to stop serving customers in the State.
22 October 2015
Crypto advocates hail a European court ruling that VAT does not apply to bitcoin and other cryptocurrency transactions, thereby classifying them as currency, not property.
10 November 2016
The state of North Carolina creates legislation to address bitcoin and money transmission, which regards businesses dealing in virtual currencies as subject to the same set of rules and licensing requirements that govern transmission
10 March 2017
The U.S. Securities and Exchange Commission denies Cameron and Tyler Winklevoss authorization to create a bitcoin-based ETF, citing inadequate regulation of cryptocurrency exchanges.
28 March 2017
The SEC denies the Winklevoss brothers’ second request for authorization of a bitcoin ETF, again citing concerns about the lack of regulation and potential for fraud on the exchanges.
01 April 2017
Japan recognizes bitcoin and other cryptocurrencies as legal tender and lays the groundwork for supportive regulations intended to permit legitimate investment while discouraging money laundering and terrorist financing.
04 September 2017
China prohibits fundraising via initial coin offerings, which it considers illegal.
07 September 2017
The European Central Bank rules out the possibility of Estonia launching its own national cryptocurrency, reaffirms the privileged status of the Euro as legal tender, and cites concerns that national cryptocurrencies would undermine financial regulations.
06 December 2017
Softening its initial stance, Russian regulators indicate that new rules may allow the purchase of cryptocurrencies, but forbid or heavily restrict mining activities.
07 December 2017
Regulators in South Korea ban trading in bitcoin futures as well as initial coin offerings(ICO), but will permit cryptocurrency exchanges to continue operations.
submitted by Which_Blockchain to u/Which_Blockchain [link] [comments]

Can someone explain, in simple terms, what the hell just happened to BTC?

I was looking to purchase some BTC as an investment for the long run and also to purchase some goods. While I was waiting for the bank transfer to process, the price of BTC has gone haywire. I saw the other post about pirateat40 manipulating, but I don't quite understand what happened there (between buy walls, etc.).
Could someone throw out a quick explanation for us new people? This sort of thing makes bitcoin seem very bad.
submitted by YJLTG to Bitcoin [link] [comments]

Rule free poetry (hey that rhymes!)

Fat Tay Choon went to the Mining Academy in Brazil, east of Satoshi's yurt, where Gavin was kidnapped by the CIA's goons and forced to pretend fucking an anonymous decentralized biscuit—better than all the fish in the Pacific Ocean—but also to defray leeches intelligently with ECDSA fighting qubits for 16.8 dree12, or Phinnaeus must fling toilets towards psy‐ops, without potato smoothies mixed with fried chicken wings from BitMunchies.com, urbanchickennj.com, and Popeye's Bitcoin wallet, which deleted Satoshi's premine ability to cheer very victoriously, none like Butterfly Labs better enabled, but also Pirate crashing AIR applications without the express use of interest-free scams, conspiring with fraudulent sockpuppets and PPTs and..., you troll-herding piece of Shiitake mushroom, go lick Goat's horns until Theymos admits to having a quite erotic fetish involving honey badgers wearing thongs composed of soggy burlap waffles dangling from cosmic linoleum-based iphones running quantum chips explodes spewing deadly acid! b!z screamed out "Light is bright like...like... stars." When Markjamrobin opens the isolated window, he sees three pigs together in bed. Kouye and myself laugh when chinese food falls the impact kills Obama Bin ladin whoever thinks he may be terrorist, is correct but hates the bitcoin logo. Earth has snakes. Currently, the other species have decimated to tiny groups called "marko solo" whatever time it all comes and ends? However, Bitcoin's acidity level dipped causing catastrophic double-spends!
Meanwhile, AntiOps was confused by the awkward change to his penis melting uncontrollably. Vanilla Ice perfume spritzed onto cheese and greasy slime covered with babies boiled in a smelly old heatsink. But it tasted like shit therefore it poisoned his blood although he did survive. Reproductive organisms attacked the internal testicle which caused terrible congestion somehow. Evolution then terminated the smelly old business thank the inability of AntiOps to lock Satoshi's thread. In a transactional forum there was a debate about hacking unprotected accounts, however the debate shortly ended.
Phinnaeus Gage, king pluto, duke of the people. Returned one of his loans that he fraudulently claimed without declaring intentionally. Although this was bullshit. Earth was hit by a meteor which cause catastrophic events which cause people to cause mass destruction by proxy voting it was documented recently on the news that oranges are disguised anti-gravity pockets which have giant bears attacked Zeus because bitcoin accidentally crashed to Mars which created spaceships and aliens who pretended being humans wearing hats on their toes.
Altcoin suck on apples and oranges too. Megacoin is the most shit sucker of apples and melons ever. Most people love to troll others. Evolution is a slow process which created forks. It is beneficial to wash your feet because it distributes bacteria and oil, notwithstanding the beneficial attributes which are how chocolate arouses some of the miners brains. Today was an abysmal event which caused many abnormal but not smart bitcoiners because many of them are cute animals who were insane because of excessive oreo consumption. One watermelon is not love how people try me explotation Maybe Heisenberg Breaking bad control guy director or masturbation my time vampire drinks urine not lemon tek and water supernatural.
LEALANA is fat looking because pizza is sour with pickles which are sexy and never rot. So many people eat pizza it's unbelievable. The news said that pizza is bought mainly with anchovies which results in big wet weather which had massive gusts of wind with pouring milk down on everyones throat because it feels great! Although honey is very sweet taste it makes when it is served hot it melts softly but slowly. The universe is populated with many planets which were destroyed by pirateat40. Cyborgs then warped to the zoo and ate mushroom with a aerospace technician. Bitcoin has used a lot resources from peoples although people smell like melons.
Ipods suck. Androids rule. Altcoins also suck peanuts. Bitcoin is the greatest idea that has ever been created by man although litecoin sucks? Once upon a time Gandalf went to wal-mart to dry her hair. Minecraft is the best game in universe because chickens cluck. 231134421 is one crazy big ass monkey. What is with people posting replies still. Terraria is a crazy game which requires extreme concentration. This can result in health cubes; Parentheses are a pain in the brain. This noodle is disgusting. Although spaceships cry waterfalls they are magical little elves. Golden towns is very annoying and smell like bacon. Celebrities are awesome and smart. But, evolution taught us that butterflys are ugly.
Vitamin D is important to scam Taras and raise taxes which would cause the world to go crazy but not insane. Obama is the president now. Alot of gamers will illustrate sony that nintendo is leading the infiltration of Iran. Microsoft Windows was salivating pedophiles of the coastal farts. Yet the banana shrank. What was doge poo doing under the bridge with bridge cleaner? He was just he's aren't because something something different like seems incorrect, because we fucked. Yet prunes prunes are very bad lad's yet unknown to fuckers SWEARING. Banana monkey is not virgin-horse. Corn.
This disappoints satan more than satoshi because he ate hydrochloric pools and he fucked whores who are sick shemales shemales shemales BANGCOCK! God smited non-believers with dicks on a stick. They shat together sitting upside-down flicking birdies. Baezl'bub slept with Hitler inside a bomb ticking furiously and hodling. That was awesome. Bitmit made belt so that walruses can shit on his dick and eat mushroom full of wonderful shit, he HODL'd BTCs and Dogecoin with a succubus sperm from first blowjob stories.
Nefarious words spoken shit at bitcointalk and destroyed uranus with a big-ass Spaceship mouth that eats goats flying shuttle that revolves expressly and quietly to hell. Gamma flux destroyed Litecoin with a barracks producing Atreides shit and Kadafi. Same Binladen puppet goxed clients sucking lollipops shaped like mixed frapuccino lids. Goku start this fight prematurely in Odessa Klondike's yard. Winter is not shitty. Gooches. Seven.
H̛̝̖͙̩ṳ̗̞̙̩m̖̜̬ͅan̯̠̞̹͙̣̼i̬̤ty̗̱̰͍̕ ̟̦̰s̲͉͔͈o̻̗̖̟̥̺̣l̢̫͈̗̻d̷ ̻̮̜̦͙p̸̭͖̩̤̬ub̶̗̠͓͕̭ͅe͙͉͙̝̖̺s̲̺͍͚̺͈ ̡̟̬͇̗͖̪t̙̰o̡͇̩ ̮̙̻͈̣Z̟͘ȩ̱u͔͟s͇̠̬͙̣̯̪.̖̣̻̩̱̫͖͝ ̛̜Ńe̛̫v̀e͈̺̲̹͙͍̠͝ṟ̙̣̘t̝̯͍͖h͓̹͔e̟̯̺̣̲l҉̥̰̙̪e̬̪ṣ̯̜͖͖̠̘͞s̹,̤̣̘̖͙͍̹ ҉C̯̮͙̪̦̞͎̕i͈͘n̤̪n̷a̼̻͕̖m̞o̙͚̺͈̮n͚͈̫͚ ̮͔̟w̻̯͍͍̣͜a͕̣s̮͖ ̨c͓̯̯̬͍ṟ̼̻̬̗̺̹y͈̫͈̘̞i̘̭̜ng̨.͈͙̺̘͈̳̜́ ̪̖̹͎̞̗̖Mi̲͈̝͇͘ḻ̛͎̱̺͈l̷̠͓̝͍̝e̴n͡n̳̻̟̪͔̜i̖͙̭̬u̗͖̻̝̘m̥͔͇͍͓͜ b̟̙̳̪re̱͍̕ạ̜kd̛̗̜͙͉̺o͖̱w̴̺n ͉̥̗͎͎̳c̜̹̖͔͖͙̫aư̖̱̺s̶̳̥͍̟̩̞e̖͈̝̦̰̦͡d ̱͚̠̤d͇̙̣̖͔̥͢i͔̭v̱̫̮̖̗͕e̬͓͓͚̱̙r̴̳̟̞͉̣̲̰s͈͔͡if̳̞̻í͍̹̣c͏͍͙̟̝͎à̺t̻̳̫͟i͔̦̣o̸̠̥͙n̸̮͇ ҉̹͈͈m͕̻͉ȩ̝̬t͏̳̬̣̤̝̼̝h͚h̻̖͈̰e̙̣ad̫s̼̗͍̭̼̕ ̱͢c̭͈̩̦̕a̤͕͝ͅr̩͎͉̫̜̰̝͜d̵in̢̩̗͎a̮̩̻̖̟ll̖͔̭y̖̖͕̳̹.̵̤̫͍ Hy͉̖̠͡p̴è͍r̤̺̠͈̬͞-̬͔̩͎͢i̥n̮͚̮̗̠͙͞f̘͔̼͍̳̣̀l̷͔̠͓̲͔̼̬a̤ṱ̟̩̙̣͖̟iọ̸͕̜n͕̪̕,̹̫̗̤ ̻̱e̡̮̳̲̭ͅp͇͉i̯̙̠̝d҉e̹̗͜ḿ̜̟i̛cs͈̬͈̲ ̳̗͍̦̜w̙̻͙i̺͖͓t̢h̥̦͈ ͕̩̻̫̰m͉a̦͓r̳̝̻͔s͏̲h̬̘͖̞̱m͈̠̭͈̙a͔̳͖̬̤ĺ̟l̩̮͘o̮w̬̜̤͚͎s̮̱͈͎̗̞ ͙̪m̳͍ạ̥̱̪͜d̨̯͉e͎ ̤̮̞̤̫͈b͍y͘ ̪͝g̹̭̺̯͇̼̯͜o̢̱v̨͎͎̥e͙̦̼̺͎̱̩r͡n̻̲͓̯m͏̬e̶n̸̫̻̠͔̼͇t̩̼̺ͅ ̨͎̬̮͚̘̞c̤̜̦͟h̰̫̤̖͘o͎̬d̟͍͇̫͕͞e͉s ̝̜̻a̫͠n̵̪̱̠̝̙d̖͓͙͔ ̻ͅy̸̮͖̗̦͇͓̝e̛͎̼̥ah̹̪̭͙̳̠͖.̖̭̤̞̤ ̸̣̞̗T̘̼h̠̟̮̼e̟̦͎̫̞ ̯̯̦̦̗͘ͅÉ̤͎̘̤̼̭n̸͙͔̭d̦̘̫.͔͙͜ ̘̺̦͇͟Ņ̝̦̝͚͉̻͇o̪̬̩͕͟.͇̬̥ ̝̠Yḙ̱̻̩s̛͉̻̥̪͔̖. ̤̖̟͚L̖i̺͎͇̻̮͕̤e̤̹̲s̸̺̮̹̼͔ͅ.̺̹͙̀ ̹̖̼͞Ş̖͎̯̰͎̩͍t̶̗̩̤̖̫̩͔o͔̱̳p͕.͙͕͉̞̤͈̙ ̷C̮̣̹̳͚a̕n͏͇̻̹̹͉ͅ.̴͎̪͎͇ ̴͕̟̲͓͓Dǫ͍͉̺ a̠̬̱̞̦͘l̬i͕̳̬͈̦e̟̠͔ṇ̴͕̪̘s̺̥ ͓͖͇͡h̢̤̭̼ą̱v̝̳è̲͖͙ ̼͘a̵̜n҉̬y̩ ̝̫̻̫͖̰̯ḇ̵̖̠̯i̼͎̦̘͙͚̮͝t̤̬͉͇ͅc͙̣̻̮̰̯ͅo͏̼̠͚͖i͙n̫s̮?͖̫͖̟̦̱ ̠̻͎̪͕͝N̢̰͉ͅo̞̩̼͠.̰̖̠͝ ̩̖̲͕͜I̴̻̬̰̗̬̻n̖̭s̺t͚̰͕e̘̕a̟͙̼̱̞ͅͅd̶̳̤̞̠̦̪̜,̡͈̬ ͇͍̣͖̼̗͎P̰̙P̦͇͞C͎͖ ̭͚̞͈͚ḁ̰̰̫c͇͔̼̩͓͙t͍̜͈̣͙s̴̯ ̬̪̲̭̪̤͙q̷̻ư͙̳͖͍̣i͏̭̲̣ck͏̝͕̻l̼̠y l̠̹̪̗͚͉ͅi̫̳͡k̮̫͍͕̻̜ͅe̫̟̗ ͙͇͙̖F͙̼̗̱̪̳Ṯ͜L̹̮̱͔̯ ̲̩̗̼͘s̛̭̤͕͖͕̯̲h̡̩͙̭̦̮̠i̹̭̤̺̟͎ͅt̶̹̹͇̜,͉̥̮͓ ̛͙͙̞̟ri͇͖̜͕̫̯͟f͡f̨r̥a̵̲f̴f ͖̼̤͙̬ͅt͎̗͓͈̳̖̕o͍͓̯͕̕y͍͙͙̼̼̺̞ş̫͎̳͖͍̫.͙
M̵̨̼̞͇̲i̱̮̗̜͖͉͞͞r̘͝á̴͚̟̘̳̻̫̙͔͠c̠͓͖̲͟͞l͕͚͔̺e̠̘͈͓̜̟̘s̯̟͍̕ ̸̖̦h̪̩͚̠̩̼͘͜á̸̘̞̭̳̩̣̦p̛͕͓͇̫̪̕ͅp̹̘̜͍͔͇̬͜e͏̸̪̜̥n̴̗̝̯̟ ̧̺̼͎̪͉̟l̷̮̻͔̻̲̘̗͓̱i͙̠̫͙͠ͅk̜e͉̝͝ ̨̻͓̟͖͓̗̥c̘̺̬͚͙͞͠ą̝̝̦̮͚̮͙̰̕n̦͔̫̰̩̞̦̤̕͢ń̻̳̯̹ì̴͉̣͓b̠̼̱̮̟̬̖̹ͅa̶̛͙̦̥̯̬͢ͅl̲͎͘s̞͙͎̰̰̲̹̞͘͝ ̨͏̭͔̮͉͈s̡͙̮p̴̨̫̞̯̱͍͙̣̣̺i̥̮͎̱̕ț͇̀t̼̘̻͈̯̀i̲͕͇͎̝̫͚̩͇͝n̫͔̫̪͘͢g̙͉̘͕̼̕ͅ ̵̛̫͖̗̞s̢̢̪͎͇̞̙̞͙̩̕i͏͓̯̙̬̠ǹ̬̻̬̖͜ͅḛ̸̩̪̤̦̺̜̩̱̀͞ẉ̢̥̯̯̯͕͇̀ ͏̛̞̪̝̬̬͚a̢̤̮̦͍͉͖̙͎͡ͅń̺̦͚̱̹̦ͅd̷̨̯̩͙̟ ̵̜̟̮͍e̸̮͕̠̜̫̩l̡̢͍̼̻͕̕ę̖͝p̴̨̩̼͇ͅͅͅh̢͔͍̲̯̞̪̪̤ḁ̮̻̲͉͖͔n̰̤̭͡͞t̟̖̠̰͈ͅs̴͔̪͍̀ ̨͍͙̠ẉ̶̸̺́h̶̸̰̯͉͡i̫̹͕̳̻̫͉̗c̰̻͙̕h̗̹͍͓͕ ̬̙̳͍̣̩̀ͅi͔̮̲̥͚̝ͅͅn̵̛̙̤̝͇̥̙͘n̡̨̬̰͇̲̬̝̱ǫ̺̭̠̯̠͔͔c̶̬͇̦̮̳͔̙̳e̷̞̳͔̰̮͇̩̥͜͠n͚̼͢͡t̠̞͔ ̬̬̯̭͚̜̼́ͅl̴̜͈̹̹͓̮̬̭o̭͉̗͚̩͠v̥͉̹̠̙̞͇́́ͅę͡҉̺̪͙͇̟̩̦͇ ̗̯̬̫̹̝͈̣͡a͓͜ͅn̫͔͓̦͓͞d̡̨̬͎̤̥̗̝̟ ̶̧̫̣͙s̟̪̩̮͢h̨͈̭͕̝̳í̛̩̥̭̬͇͙ͅt̵̰̫̬ ͖̱h̷̯̜̙̱a͏̴̳̼̦̭̯͔ͅs̛͔̭̣̘̠͍͞ ̨̗̜̰͞n̷̙̤̙̰̘͇̼ȩ͎̲͖͍͇͞ͅv̳̙̘̰̠͚̼̣̣͜e̶͚̺r͇͝ ̲̻͖̰͙̠̠͢ͅf͈̪̦͕̱̮̙u҉̸̖͍̻c̛̰̹̹̳̩̦͕̭͟͠k̴̟̜̖̬͕e̶̹̳͘d̖̣̹̭͚́̕͟ ̠͖̯̝̞͝ù̳̟̙͎͕̳̟ͅͅp̷̡̙͝!̡͏҉̗̘͔̭̣̯̗̫̫ ̗̤̭̹͘D̢̢̯̼̟͓̼͍̺̯ͅa̸͔̯͔̙͠n̸̷̪̫̳̥̙̝k҉̴̲̗͖͈̙̮̪ ͏̫͉͕͙͔͙̮̯̗͘͝h̷̭̠̬̝ͅa̶͖̘s̨͇̬͇͚͟͡ ̧̤͡k̷̡͇̖̘̣͓̣̲̘̤ì̗̝l̷̬̣̜͖̙͉̻͚l̰̹̜̦̬̪̺̜e̤̘͍̼͓̹̙̮d̴͖̹̥̻͈ ̸̟͢b҉͏͚ͅy̘̙̙̬͖͉s̡̬̹e̶͇̲͉̰x̥͚͙̦̯̥͚̣͘͟u͏͕͚̦͎a̩̗̱͖̘͙̣̞̮l̛̤͇̬͚͖̼͙s̜̠̥̻.̶͏̧͕̬̘̞̩͈̺.̘̩͙̜̣.̗̼ ̰͙̝͕̭̩͕̝ẁ̭̝̰̠̗͡a̫̲͕̟̞̼̩̺ị͍͎͙͔̻̱̞̦t̷̻̦͢,̺̘̞͔̳̲̹̲ ҉̜̣̙ͅͅw̢̢̹̳̳̯͔̝̤̖ͅh̢̻̟̺̻̦̹̬e̡͎̦͡n̞̮̩͎̦͡ ͎̖̣d̶̢̲̹͜i̼͇͢͠d̶̢̛̳̺͍̳͈͈ ̶̸̤͔̞̰̪̻̀K̛͏̤̖̩̠̣͔͎a҉̰̠r̳̳̙̙p̞͙͔͢͟ę͏̬͉͈͔͈l̨҉͎̯̭̰̲ͅḙ̢̧̼̳͓̟̖̳͚͔s̛̯͇ ̮̬̖s͏̝ͅa̵̺̭ì̶̮̝͚̠̘̹̯͞ͅḑ͚͔/̵̼̞͇̖ͅs̪̞̯͟a̷̱̭̻͓̩̺͢ỵ̛͖͎̀ͅ ͓͈͔̭̘̙̩̬̕Ṃ̶̱̣̳̦͔̺͟ͅc̴̼̤͔̰͓ͅD̜̝̖̪̞̘͘͠ͅo̮͚͉̥̪̦͓̯n̼̰̱̙̣͢a̶̢͖̪͈̝̗͔͈̟̠l̡͉d͙͙̰̟̘̘̱̻̭'̱̯s̛̮̱̹̙̱ ̗͉̟͍̗͜s̶͇̖̱̙u̲͔̺̭̣ͅc̵̢͕͎͚̖̠͚̠͚͓͝ḳ͉͚̥͕͘̕͜s͠҉̬̞̹?̨̭̳̰͓͚
C̀͡҉̴͓͓̹̬͇̗͎̜͙̺̬̺̭̝̼o͏̡̮͍̯̻̳̯̙͔̲̭͕̰͞͠ͅͅĺ̢͜҉̠̪͖̝̳̱̩̝͉̳͇o̢͏̬̬͕̲̲͓̤̻̳̞̙̮̗̪̤̜͈̝̱n̷̢͎̤͎̤̤̳e̢̳̮͓̲͝ͅl̖̥͎͓͙̹͚̠̀́͢ ͇͕̥̗̩̦͔͕͖͉̱̬̱͈͈͇̥́́ͅT̹̰͓̠̺̪͔̥͉̗́̀o̧͉̭͙͚̮̖̹̼̥͘͟ͅͅͅm̴̵̺̙̯̰͇ ̛͇͙͕̤͍́͡͝s̷̢̧̼̲̬͕̯̜̜̟̤͔͝e̸̡̠̤̱͘̕͠x̸̴̗̭͙̮̩̳̦̠̘̞͚͍͖́͞-̷̢͕̬͈̖̼̭̙̪̤̠͈͙̗̯̭̺̯̩̯̕͢͡m̶̖̞̜̘̩͎̭͚͇̗͕͘̕͢ͅą̷͖̞̥̼͉̗̟̮̳͓͖̜̼͓͞c̸̛̫̲͍͔h̸̶̺̬̗̥͔̮̯̥̤̥̳͖̪͘̕͜ͅi̧̧̼͙̪͎̠̹̥̩͉̪͉̺̟͉͝ͅń̶̫͙͙̳̮͖̞͕̬̥̟̜͖̗̯̙̪͡ẹ̫̯̫͓̻̣̞͝ ̷̡̝̫̲̫͔̘͇͍͓̀͘͠T͓̰̙̱̝̝̹̬͢͡h̻̟̠̝̰̀͠ͅe͎̭͓̝͙̕ͅ ̧̧̧̺̖̦͖̥̝̤͈͇̪͕͔̩͕͜3͏̲͚̥̖̻̯̼̹̬́.̸҉̧͔̬̫̪̻̝̦̬̠͓̳̬1̷̯͙͔̜̯̗͜ͅ4̘͚͈́1̷̭̹͉͈͜5̷̫͎̝͙̗̲̞̦͉͞͡͠9҉͔͍͓̟͈̰͢2͚̠͎͎̳͡͞͝6̶̸̞͍̱̙̲͈̞5̴̡̦̳͎͔̬̭̙̜̠̻̥͕̼͟ͅ3̶͓̻̹͙̟̦̯͘͡͝5̷̹̦̼̦͓̮͎̭̬̪͔̦́8̵̛̩͖͉̤͖̥̞̬̬͖̪͉̬͔̼̺̫͘t̷̶̟͉͙̱̦͇̼͎͡͠ͅͅh͘͏̲̝̮̳̳̭̩̭̤͉̟̣̲͕ͅ ҉̢̕͏̱̦͔̗̙̪̺̪͈͙̬͈̻̻̙̭m͏҉̵͚̫̟̠̹͜u̕͜͏̰̲͇̮͍͕̣̮̞̬̣̤̱̳͖̯̲̕s̸̳͓̣̖̼͇̩̮̼̲̕t̶̶̨̛̮͍͍͍͍̹̘͡ͅ ̸̴̛̤̭͓̼͔̻̙͎̪̤̯̥̮̹̤́f҉͕͉̰̥͈̥̹̼̙̙͖͙̩o̧̭̱̬̟̠̭͓̣̦̫͎̱̠̙̯̘͢͜ͅͅọ̷̙͓̭̗͢͡͡k̀͏̞̦̙͕̥̪͔͟ͅͅ ̷̱̰̱̮̭̫̠̺̯̠͈͓̞̩͢a͏̻̲͍̦̻͖n̨̛͇̲̫̘̮̳̼͙͠ͅỳ̴͎̭̮̼̬͔̙͍̙̤͍͇̫̝̞̩͉͟ͅt̯̟̫͢͝h̵̢͔̻̯͚͕̤̯̞̹̳͜i̴̸̠̼͕̣̞̖̼͓̥͓̲̮͚͍̩͢͠n̰͕͉͖̟͢͡ģ̘͔͈͙̪̖̪̲̺̦̼͖͈̻̝̺͖̞͘͠ͅ ̶̧̹̺̜̰͙͔̙̞̟̲̰̝͓͓͜͟t҉̟̩̺̪̱̪̺̥̖̱̻̥̣̠̖͚̤̪͘͜h̴̤͇̭͍̻͉͍͘ͅa҉̣̝̗̹̰̯͇͉̦̤̮̰͙̘͎̙͜ͅͅt̡͜͏͏̲͓͍͍ ̸̢̩̱̰̲͚͚͍̤̖ģ̸͎̹̻̙͎̪͙͙̺̖͙̥͡o̖͈͍̼̮̦̱̰͟͝͞e͍͖̼̦͕͍͞ş̩̲͖̦̖̗̺̗͔̀ ̸̴̨̙̟͓̭̺̮̣̻͈̜̜̟̩͢͡ͅi̡̙̣̰̳̙̗̣͇̟̯͓͘ń̛͍̞͎̘̠͓͖̟t̢̖͉͖̬̜̦̯̲͓͍̩̥͈͖̥ò̪͍̱̩̙͍͈̗͕̀͝͞ͅ ̵̸͖͙͖̦͢a̡̞̺͎̜̖͉̟̥͢͞ ̴̸̬̘͕̦͍͚̠̮͚͙͟͝ś̬̜͓̺͍̤͖͍̮͉̖̞̘̠̯̫͙͟͠e҉̟̻̠͕͎̼͕͎͈̞͎̕͢͟͝c҉͝҉͖̞̻̝͉͖̻̰̪̙͙̬͔̜̞t̴̛̟̻͙̗̻i̧̕͏̞̟̝̻̫̯̺̼͔̺͖̭̖̖̘̝ͅo̵̶̪̰͎̣̭̲͇͈̭̪̻̦͘͜ͅͅń̸̢̧͓̮̲͖͈̤͍̼͕͓͉.̸͙̼̼̺̯̝̤̫̤͉̰͔̺ ̧̢̙̹͓̦̟̼̞͚̱͎͖̘͇̞B͙̤̬̟̭͕̙͇̘̬̞̯̱͇̱͘͞ͅͅͅe̻͓̙̮̻̰͉̺̗̦̻̰͔̗̹̬͖̕͠a̴̙̖͍̞͚̯̳͙̳̝͈̳̥̳̕͘͘ẉ̝̜̻̺̥̼̤̰͘͡͡ą̕͏͎͍͚̺̲̲̝͙̬̦̖̲̹̙͚r̷̠̱̳͙̱̲̙͇̯̗̖͓̺͢͡ͅe̷̳̗̟̙͕̺̲̭̮̠̹̫͓͉̪̬ ̵͏̟̤͎̫͍̖̘̟̝̭̗̰ò̶͓̻̺̘͎̲͍̮̫͍͇̰͓̙͉̠ͅf̴̶̸̴̥͔͕̭̞̘̙͔̲̠͇̙͞ ͎̳̯͎̫͖͈̱͍̩͚͖́͝s̵̢̪̬̖̮̙̲͍͟͜p̸̨̛̤͖̮͈̭͎͍͙̣̠̣̖̘͍͎̫̦̝͜͡e͡҉̜͙̭͔̘̟͖̥̦̫̰̯͉̻͜͢ͅļ͟҉̛͉̺͎͕̭̯͖̦̥̱͡l̷̸҉̨̫̥̖̲c̵̢̛̱͕̺͈̤̲͍͚͓͇̫̠̼̣̮̟̟̻͘͘ḩ̶̬̞̝̞̖̤̤̪̻̹̹̫͇̲̙̭͚́è̸̡҉̝̤̬͈̰̖͔c̨͈̺̜͚̥̲̞̖̻̻̲̺͘͞k̸̢͕̬͚͔̺̜̦̲͚̘̳̦̫̪̰̤̩̞̥e͏͏̹̝̬̭̬̜͎̗͓̬͞r̢͇̞̯̠͢s̶͓̲̮̯̟̫̮̝̣͉̪͚̙̦͙̱̬̕̕͟͠.̛͇͔̜̟̱̭̰͍̭̹̰͞ ̯̟͈̦̘̩̲̪̼̺̬̘͘̕̕͜F̝̫̱̠͚͍͔͈̭̖̦̟͞͠a҉̵̖͍͔͔̲̬̲̞͈̟͇̠̲̲̫̣̘̫̦͜͠n̶̢̛͚̻̖̹̥͇͈̮̺̳̦̻̯t̜̬̯͎͇͇̮͓͖̝͘͝͡ǫ̦͇̞̼̮̺̼̭̗̻̂͠͝ḿ̵̢̬̱͈̬͎͝a̶̵̴̛̩̭̦͖̠͖̟͔̟̜̼̱̩̲̪s̴̻̼͔̯̗̟̦̖̲̩̠ ̢̩̯͚͕̯̪͈̰̭̖͔͟p̸̟͔̜̘̣̼͔̟̫̬̮̠͟o̶̸̮̘̪̼͙͚̬͢r̟͎̣̗̠̰͍̟̳̘͍͈͔̗̥͔̲̤͝͠t̷̴̢̯͉͎̙͕̤̪̹̣̱ư̷̮͇̪̟̻͎͓͇̕͠g҉̸̧͖͓͙̺̱̗̻͖̙̥͢ù͕͇̙͈̺̗̰̝̪̜͎̘͎͈͖͈̤̕͞͡ȩ̵̘̫̦̺̖ͅs̺̣͇̼̻͘͜ͅe̪̼̠͕̦̲͙̙̖̕͜͜͝ ̵̷̸̵͓͙͕̞̭̪̬̭̳̲̺͇̘̞̰̤̞͔̲͢a̸̡͉̣͍͍̙̜̞r̢̛͏̦͉̯̺͘͞è̢̧̞̳̮̭̙̘͠ ̢̙̳̙̝̘́ͅs̷̨͈̝̜͓̺̬̦͖͔̝̭̮ò̢̧̠̗̗̩̰̙̩̰͉͕̬̙̟̩b̵̷̜̲̞̼̙͎̯̫̹̪͙̣r̸̶̪͕͉͘͜͞i͟҉̭̹̦̯̠̻͙̦̣̹̤̤̖̱̲̰̩̲͓͝͠q͡͏̻͕̤̙͈̹̗̘̫͙̘̟͖͎̙̦̦͢ừ̵̧̡̠̗̯̼̙̟̟͓̳͍̖̣͉ͅͅe̷̵͙̳̣̖̜͙͕̲t̸̬͚̖̬͇̗̣̙̪̺͖̳͔̼͓̕ ̦̜̬̹̰̯̮̟̣͈̠̟̖͔͎͙͟͢o҉̸̸̝̦̹̟̟̙͇͙͕̻̫̀f̧̹̫̯̘̘̤͖̞̣̹͞ ̵̶͠͏̫̭̠̻̘̩̼̗͔̲̼̼͡F̡҉͏̰͈͙̬̭̺̯͚̮̟̲͖͕ȩ̶̵̣̼̮̣̲̮̪͍̱̜́ͅr̷̴͖̱̣͙̥͈ͅn̦͓̯̭̝̪̪̹̝̯͚̳̩̰͓̬̬͢͟ã̙̣̳̩̹́͡o̢̨̡̘͔͎͜ ̡͏̺̝̭͎̙̀͘͟w͎̭̮͙̲̫͍̘̠̮̲͍͉̠̫̞͙̦̫̕h́͟͡͏̙̱̹̗͔͚̬̝̣̗͖͚̟͕͉͔̞ͅo҉̷̛̣͎̩̤̪̗͔̜͙̱̜̫͘ ҉͍͉̫̳̖̼́̀͢c҉̷͉̥̲̯̼͎͢͟a̶̠̼͍̭̮̫̮̯͖͓͕͔̖͉̘͞͡ͅl̡͘͢͏̙͓̪͉̗ĺ̶̡̢͙͎͈͎̥̰̯̕é̶͚̦̬̹̗̩̻̘̞̙̪̘̱͈̯͘͟͡ͅͅd͏̴̛̳̜͓̩̺̯͎͚͓̜̜̖͚ ̷̩͖̤̠̀͢͡͠t̸̗͎̼̥̭̗̙̦̩̪͓̱̙̖̻̥̗͢h̶̞͉̱̰̬̪̠͓͍͇̝́̕ȩ̛̺̺̪̹̮̝̙̺̮̠͈̳̤͟͝͠m͈̟̹̠̀͟ ̸̶̸̨̭̭̜̥͚̜̘͖̭̩͡ͅͅC̶̷̢͉͙̭̯̦̰̬͠o̖̟̱̤̝̫̼̥̱̰̣͜ͅa͏̹̖̫̭͈͚͓̖̭̻̝̣̗ḑ̛͚̼͚͔̮̭͕̙̻̘̕͟ś̢̗͚̲͇̱̲̦͔-̸̨̠͇̭̭͔̲̻̝͕̬͚̙͎̩̖ͅͅn̨͜͠͏̰͉̫̹͖̲̣͈̙̣̱̹̰͎̩͢ͅi̞͎̻͖̙͍̘̩͕͙͈̬̬̰̬̱͘͜͞ͅͅģ̶͙͔̞̣̳͖̘̳͝͡ͅs̨̨̱̤̥̥̳̩̟̲̟͙͔̬͝!̢̧̞̹̘͉̩̗̖̲͙̤̞̀͜ ҉̧̹̣̹͍̗̘͍͔͚̠͓̞̲̙̖̘ͅT̴̞̬̝̖͚͎̼͈͙͉̙͎͢ͅh̛́҉̸̭̹̲͔̩̘̻͕̙͔̲̬͉̣͎̫̖͕è̸̛̤̗͚̖̙̱̹͓̗̙̩̕͟y͔̦͚̤͖̯̖̱̟͜͜ ̷̛̖̲͖̜͎̮͚̺̠̲͙̫̮̗͍̞̙ș̸̷̷͈̺̙͈̻̗̣̪̲̣̗̤̜͇̯̘̮̕͜ͅa̶̙̣̫͔͓̟̻͖̣̹̼͖̙̤̗̗̼̙̺͘y̢͝҉̠̰̦̯̫͜ ̢̢͏̢͔̺̮̣w҉͞͏͏̡͉̱͈̲̫̘͙͔e̴̩̱͎͚̞̜̲̼͓̬̠̠̥͠͝ ̶̜̘̝̩̱͎͕̘͞a̶̪͉̦̼̩̥͎̥͉͔̩͈̮̖̫͜͢͝r̵̷͡͏̭̤̬͇̟̕ȩ̢̪̠̳̣̳́͝͠ ̷̷͖̼͍̗̜͈͚̼̹̺̩͚̬͉̀͡á̸̧̛̘̳̹͙̝̖͉͈z̷̢̦̠̯͔̻̱̺͓̳̗̣͘ó̸͍̣̞̫͕̬̥͙̰̟͓̦͔̙͚̹́ͅt͏̸̬̟͈̪̝̪͈͈̳̭h̶̙͖͇͉͎̝̫͜͝,̝̹̜̘̮̻͚̮͕͚̪̮̝̪͕͉̞̥̟͘͘͜ ̡͝͏̨̛̹̩̞̥̥̣b̢͔͇̺̲̖͈̰̥̞̤̩̺̭̗̠͡͝͞į͍͙̳͖̫͍͇̤͕̻͔̞̗̺͘ͅͅͅb̙̣̪͇̱̗̤̝̫̘͢͜͝ļ̮̭͎̝͕͎̯͚͍̻̫͓̠͇͎̤͢͝ͅį̛͇̖͙͔̠̗͉̠̞ͅc̢̩̩̰̟̬̻̰̲̮̬̗͖̝͜a̵̜̻̯̟͕̳̗̣͟l̵̙̦̠̞͙̥̝̭̰̗͜ ͏̴̻̳̹̺̳̩̞̜̲͓͓̻̝̣̤̘͖͟͞t̷͕͎͇͍͘͜͜į̷͔͕̘̹̙̣̩͉͇̥̹̙̞́ͅt̨̢̡͈̪̲̱ṱ̨͎̘̼͙͔̲̗̤̮͕̠̭͎͔̞͕͈́͝͞͞y̧̡̯͖̖̳̦̭̫͔̰̲̜͘̕ͅn̷͎͇͚̜̹̬̠̯ơ̶̟̙̟̰̪̪̟̪̙̜̻̝̣͖͞p̸̡͘͜҉̠̩̗͕̘̖̪è͈̗̯̘̰̖̥̟̩͉̭̕͟ś͏̘̯̳͇̭̠ ̗̜̲̩̭̖̬͇̼͕͉́͡w̸͚̻̻͎̪̤͉̺͙̰̘͕̭̲͍͕̬͘͡ͅh̶̷̢̢̯̭̩̯͈͖͉̤͖͖̩̱̝͔̬͜o͏̷̲̤̗͕̦̼̰̥̫͜ ̸̧͕͉͔̰͎͍͙̙̬̪͇́͠͞ͅͅć̘̜͍̬̖̝͖̰̦̣̞̼̠̝̗̀͜͜͟ͅͅͅa̴҉̪̦̪͙͎̣̜n҉͟҉҉͓͓̟̼̻̦̻'̨̣̰͍̩̻̰̤͎̹͍͞t̩̻̞̖͇̩̻͎̳̳̝̥̦͍̠̻̪̟͝͝ͅ ̷͟͞͏͈̺͍̝͝m̶̨̦̜̬̟̼̝̟̭̹͖̼̰͇͚̬̻̘i̡̟͎̙̳͉͈̦͡͡n̢̩̬̺͉̪͢ę̩͔͇̯̻̻̙͎͉̱̗͖ ̭̱̥͍̮̖͕̮͍͍̙̤͔̣̠͝͠͡t̶̵̨̜̦̭̺̙͙͙̣̲̘̀͢h́҉̮͕͕̣͈̗̗̝͚̯̗̭̺̱͚̜͢é̸̦̝̳͕͕̤͚͙̗̙̜̝̘ͅ ̨̪̤̬̘͇̀̕͞͞j̵̡͍͙̮̭̱̺̟̕͜a͡͠҉̤̦͉͎͖ǹ҉̸̢̗̣̜͉̩̱͇̝͖̝̠̱͝i̳̺̥̠͓̲͚͙͘͢͠ć̵̶̵̻̱̘̗̞͇͠e̷͟͟͞͏̤͙͚̰͇̬͚̠͈̙̮̥̙̠͕̝̭p̵͡҉̻͓̖̪̯͍̜̻͚͍͍̮ͅs̵̢҉̝͕̯̮͇̲̟̥̀ͅ'̛͇̥̥̫̤̻̹̰͜.̛̻̺̤̥͍̹̘̜͇͔͈̣̬̙͜ͅ ̶̴̢͈̟̭͖̳͟͞H̛҉͕͔̤̥̹̖͎̥̝̹̗́e҉̼̘͙̰̜͖̞͕̠̣̜̮̟̫̺̖͖͞ ̺͈̞̫̤̩̕b҉̶̸̮̟̘̖͚̠̻͎̹̳̜̕ͅi̸͕̫̪̬̲͓̙̖̬̠̦͟͞b̧҉̵̴͇͔̬̟̰̙͙̻͕͓́l̡̨̢̟̝͈̯̲̫̪i̸̫̻͙̭̤͚̮̳͇͉̲͈͉̖̣̝̱c̬͍̹̟̥̼̤̀͟͠ͅͅa̗̣̯̩͙̤͍̯̩͍̬̝̟̼̰̥͚͘͡l̢̫͇̜͢ͅl̢͝҉̝̲̟̣̰̠̥̝͉͉͎̯̹y̴̡̛̟̠͍͚̙ ͎̘̬̪͟͞t̷̤̖̟̠̮̺̜͔̝̙̝̀ͅǫ̵̵̟̩͚̮ͅo̴̧͉̘̫̞̘̲̦͓̠̠̲͔͓͕̹̜͙̟̭͟ḱ͇͖̗̼̼̤͙͢͡ ҉̷͕͇̯̦͎̠͇̖͕̺̭͘͟͟R͏̀͝͡҉̘͖͎̭͇̪̤̜o̷̳̗͎̫͟s͏̧̲̗̟͖̫̦͕͙͈̱͎͝ḛ̶͓͕͓̯̻͖͎̼̺̫̖͢͟n̵̶̞͓̬̘̬̣͇̥̱͕̖̪̲͕͇̜̹z̨̟͍̤̗̤͈̘̺̥̯͉͈̙̩̖͞͝w͕̰̘͔͞͞͠͝e̕҉̢̢͇͙̮̱̪̪͓̤͈̳̮̟ì̷̶̛̛̥͓̤̯̺̱͈̫̬̲̱̻͓̙ͅͅg̘̜̱̝͉̳͓̮͖̱̘͍͔̯̣̤̱̜͕͝ ̴̲̘͙̣͓̗̟͎̖̹̟̙͍͓̲͈͘͝͡a͜҉̴̜̰͇̰̱n̢͟͜͏̘̞͓̭͍͚̳͖̖̗̤d̷̶̳̰͍̞̤̭̳̹̫͝ ̡̨̗̣̙̗̤̭̖̙̖̗͇̝̩̝͠͠ȩ̙͇̯̖͉̰͕̀n̸̶̢͍͖̱̞͍̙͚̼̼̘̹͎d̮̺̱̣̰̬͕̭̰̟͟͟͢e̢͉͓̮̦̳̥͕̝̕͜͝͝d̢̛̀҉̫̝̫͚̪̲͔͝ ͏̷̢̼̫̲͇͝t̢̬̙͚̳͓̭̦͎͇̣͕̟͈̬̺̥̫̕͟͢͠h͏͖͚̩̹̮͓̜̭͚̝̬̜̻̪̜̰̗͢i̵̶҉҉̨͓̝̥̬͕͓̱̖͚͕̟͖ͅś̸̸̛̲͕̱̠͇̦̳̮ ̵̷̧̥̯̝͈̦̰̞̘̖̝́ǵ͉̭̺̬͚͚͎͎̫̰̯̮͇̲͈͉͖̥͓͘͟͞ą̨͕͈̘͈̩̯̺̙̹͢͡͡ͅͅͅͅm̸̵̛̘̝̲̤͔͈̜̝͈̲̼͜ę̢̠̪̦̀͞.̸̪̳̲͙̻̦̰̲̥͎̖̘̪̞̥̤͘À̧̗̠̱̲̣̜̤̗̱n̢̹̟̙̹͚̬̩̘̖͎̲̙̟͟͡ͅd̴̵̤̗̮͉̳͖̺͔̠̤̟͔̮͓̦͚̪́͘ ̸̫͇̺̖̥̼̲̼̯̟̖͕͖͢͟͞͝t͏̵̶̼͓̬̣͟h̶͍̭̰̯̦̟̦̘͎̘̪̺͍̯͟͝é̡̧̪͚͈͔̺̭͍̀n̛̖͇̟͉̯͈̻̗̖̩̗͔̟͙̦̕ ̧̲͉̜̻̺̹͇̬̠̞͎͘w̕͠҉̠̙͎͇a̸̷̢͓͎͕̳̺̰̪̣̬̠̝̯͢ǹ͠҉̯̥̮̣͈͍̮̰̦̠̘̬̠͠k̷̸̨͎̰͙̗͚͔̳̻̟̳͙̼͓̕͜ę̢̟̮̥̝d͎̺̪̗͉̣͕̭̪̞͘͟͞ ̷̷̷͍͉͚͇̳̬̜̼͕̫̘̰͕͇̀͟r̶͈̹̩͖͎̯̤̙̠̼̼͉̀e̦̭̝̻͙͈͍͠d̵̨̪̱̬̭͘͜d̘̥͉͙̱̬͈̞͝i̧̬̠̜̗t̯̬̯̹̖̟̠̰͙̪̭̬͕̀͟͞ͅ.̸̖̜͈̙͈͕̩̺̟͎̰̠͙͚̥̦̖̬͡
submitted by cossackssontaras to NoRules [link] [comments]

Online Identity/Reputation Proposal

I've been thinking a lot about Decentralized systems and how Bitcoin enables us to conduct business globally and online. We have systems in place such as the WoT and the trust rating on this forum, which are both good rating systems but they have their downfalls. The problem with rating systems is that they can be manipulated rather easily for anyone that is wanting to put in the work, time, and effort. Also the trust system is built "freely", so no one really needs to invest or spend any amount of money in order to gain trust of other users. The people who have absconded with the most amount of money in the land of Bitcoin are unfortunately the people that we have trusted the most. The trust system works until it doesn't work, which is usually when the good guy turns into an evil villain and begins to scam, steal, and loot. We've seen this numerous times throughout Bitcoin history: Mt. Gox, Pirateat40, Inputs.io, WeExchange, BFL, on and on and on. The thing that most of these large heists have in common is that at one point they were very trusted and reviewed individuals / establishments. They received good trust ratings and reviews which snowballed then led to everyone blindly trusting these entities with large amounts of funds, which is never good and is not needed in the world of Bitcoin.
The beautiful thing about Bitcoin is the ability to create trustless transactions by using multi-sig escrow (2-of-3). There is no excuse why any service should be fully trusted in this day and age of Bitcoin, especially with large amounts of funds because it's no longer necessary. Multi-sig solves many problems, but unfortunately it doesn't solve the problem of reputation or identity.
It has became way too easy and profitable for scammers, shills, and trolls to be able to create new aliases out of thin air. After a couple of weeks they have padded their feedback, created fake history, and voila! They have a new "trusted" identity.
I recently was testing out Open Bazaar and I was very surprised by the feature of "Proof-of-Burn" for merchants. It allows a merchant to "burn" or "destroy" Bitcoin in order to prove their intent and legitimacy of doing business. This is also what Counterparty did when it created the XCP and distributed it. I believe we should start having users or online identities start "burning" coins in order to solidify their intentions and/or good will.
For example, Let's say that I "burned in" my identity for 1 Bitcoin (roughly $370 USD). It doesn't make sense for me to rip someone off or destroy my reputation for less than that. This definitely will set a barrier for evil-doers. Anyone with good intentions has no problem on establishing their identity and "burning" their funds in order to show their good will and commitment. You can also gauge the level of someone's commitment by looking at the amount of BTC they have "burned" into their identity. Someone who has burned 10 BTC into their identity is going to want to protect it, rather than just throw it away over a small squabble.
I don't believe that this should be the complete gauge or rating to determine if a user is legitimate or not, but I do believe that this is a very good tool to add to the collection. The system that is in place now is very flawed and it's easily gamed. You also have many users who are in fact legitimate, yet they are new and are unable to start forming relationships and transactions due to them not having high feedback or reviewed ratings. These users would be able to get a jump start by "burning" in their identity and proving to the community that they are here for legitimate and good reasons.
By using this "Proof-of-Burn" technique along with escrow and the WoT or other trust rating systems, I believe we will have fairly good metrics to go by in order to judge an identities character and intents. The great thing about these methods and concepts is that a user can also stay as private as they want with these systems, there is no need to disclose personal information. I would much rather trust in a user who has "burned" in his username (screen name) for 10 BTC rather than a user who has not but has published his real life identity.
Please let me hear the thoughts of the community on this concept! I'm not by any means claiming that I came up with this idea, this idea is actually a very old one within the Bitcoin ecosystem. I'm just hoping that we can implement this into our community for our users. I've been seeing many similar services pop up such as: Keybase, Onename.io, etc. I believe all these directories could also benefit by adding a feature for users to "burn" in their usernames / screen names.
submitted by Alloxxio to Bitcoin [link] [comments]

Bitcoin achievements

All achievements listed below are permanent upon accomplishment and stack. Achievements earned years ago are still valid today.
Mining achievements
Solo miner
Mined a valid block all by yourself.
CPU miner
Earned at least 1 BTC using just your CPU to mine.
Creative miner
Built your own custom mining rig composed of graphics cards.
Lazy miner
Earned at least 1 BTC in dividend from investment in mining stocks.
Virtuous miner
Earned at least 1 BTC by mining in a pool that processes transactions with below standard transaction fees, thus helping out people whose transactions would otherwise get stuck.
Price stabilizer achievements
Silk road stabilizer
Bought when the price dropped during the Silk road crash.
Fork fighter
Bought during the 11/12 march 2013 blockchain fork.
Ponzi plunge protector
Bought during the August 2012 pirateat40 Ponzi scheme collapse associated price crash.
Helped preserve the value of Bitcoin by not selling any Bitcoin in the six month period following the 266 dollar peak. Only valid for people who actually had any Bitcoin before the peak.
Helped preserve the value of Bitcoin by not selling any Bitcoin in the six month period following the 2011 peak. Only valid for people who actually had any Bitcoin before the peak.
Popularizer achievements
Mother Theresa
Gave away at least 1 BTC in donations and tips, expecting nothing in return.
Spend at least 1 BTC on items not directly Bitcoin related.
Sold at least 1 BTC worth of items not directly Bitcoin related using Bitcoin.
Spreading the seed
Sold at least 1 BTC through local Bitcoins.
Bitcoin hoarder achievements
Bitcoin hoarder achievements are permanent upon achievement, even if you later let go of your Bitcoin.
Club Bitcoin
Own at least 1 BTC.
Fabulous Five
Own at least 5 BTC.
Interested investor
Own at least 100 dollar worth of Bitcoin.
Serious speculator
Own at least 1000 dollar worth of Bitcoin.
I did it for the children
Invest at least 10.000 dollar in Bitcoin, on behalf of other people.
Number of achievements unlocked
0 - You are literally Ben Bernanke.
1 - You may be new.
2 - You have a serious interest in Bitcoin.
3 - You have a serious interest in Bitcoin, and probably a serious stake in its success as well.
4 - You have a serious interest and stake in Bitcoin, and are likely partly responsible for its success.
5 - You have helped make Bitcoin the success it is today.
6-9 - You are likely a developer, early adapter or institutional investor.
10+ - You are literally Satoshi Nakamoto.
submitted by rational to Bitcoin [link] [comments]

Who will buy mtgox?

From the standardcrypto blog:
I worry about MtGox. This week I worry less than last week, because the chatter about insufficient liquidity is dimmed, and the Gox/Bitstamp difference has recently been as low as $4, and is now under $10. Maybe everything will be fine. I speculated a couple of weeks ago that even with a serious bitcoin net short position MtGox could engineer its own bailout by supporting litecoin.
Still, like my scoutmaster used to say before a backpacking trip: "Hope for the best, prepare for the worst."
A meltdown at MtGox would panic the bitcoin markets, antagonize US regulators, and slow down adoption. The bitcoin community should seriously think about how to avert, or at least cushion, worst case scenarios.
So, I worry.
I think, too, about just not hitting the publish button. After all, who wants to start a bank run on what is morally the bitcoin central bank? But I think there are enough people talking about potential problems at MtGox, and the situation has dragged on long enough, that I won't be adding too much fuel to the fire with my speculative maunderings. To my serious readers, especially those with money at Gox: please don't take this in the spirit of shouting fire in a crowded theater. Instead, understand a plea to treat a dangerous situation with the gravity it deserves, and ideally to stock up on fire extinguishers while there is still time.
To summarize the current situation, there is a problem withdrawing USD from MtGox, and here and there we see evidence of problems withdrawing EUR and even BTC.
BTC therefore trades at a 8-15% premium on MtGox compared to the other major exchanges, and traders talk of "MtGox price" for bitcoin versus the price elsewhere.
Big traders keep patronizing MtGox for several reasons. Habit/Inertia. The higher prices are great, if you believe MtGox will eventually solve it's problems, or that failing that you can beat the stampede to get out in time. MtGox has high volume, good for buying a large amount of bitcoin without moving the price too much. MtGox is bot friedly, and bot trading is profitable, so the bot traders stay. But every day, they're a little more antsy. The last Gox trader I talked said he watches Gox ask volume, and as long as it's over 30k he feels secure. It's well over 30k now. But change happens fast.
To understand the USD withdrawal problems, try to think like an AML/KYC (anti money-laundering/know-your customers rules) enforcer. A regulator's job, day to day, consists of attempting to open accounts under fake names or using fake documents, and then freezing accounts where that money resides, levying fines, and generally raining down bureaucratic hell on the offender.
MtGox doesn't hold customer fiat funds. Banks do.
MtGox doesn't have one bank account from customer. They pool funds from hundreds or thousands of accounts.
It's unknown how may total US bank accounts are held but MtGox, but my guess is not that many. Maybe tens. So every account freeze really hurts.
Unfreezing isn't easy, because it requires justifying all the cash inflows since the beginning of time, including when MtGox was being run with High School level IT as a trading card site for Magic nerds.
It doesn't take much to screw up accounting, and lose track of what funds came from where. When business is booming and you are on a roll, screw ups can be papered up by just sacrificing some profits. But that doesn't wash with hostile regulators, whose primary concern isn't how much funds are present but how and for whom the funds are accounted for. As little inconsistencies leak up, unfrozen accounts may be refrozen if the banking cops aren't satisfied.
My read on the situation is that USD withdrawal may never be a smooth and easy on MtGox, due to MtGox having fumbled the AML/KYC identity verification conditions in the early days. MtGox just don't have good relationship with any US bank, and while investigations proceed, they are unlikely to achieve one. And the investigations could continue forever for all intents and purposes, due to accounting irregularities early on.
So, the key question is does MtGox have enough bitcoin to support an orderly wind down with customers taking funds out in BTC, going forward.
Slow as molasses USD withdrawal isn't really a problem, as long as users can withdraw promptly via bitcoin, even if it is expensive bitcoin.
But how secure is the MtGox bitcoin position?
Absent audits from a creditable accounting company, there's no way to know for sure. There's a good write-up at
that covers the basics of what is known. The good news is that MtGox made huge bitcoin profits over its lifetime, which are more than enough to cover the holes in operating capital due to seized accounts and the lawsuit filed by Coinlab. The bad news is that no one knows if MtGox kept the bitcoin, or traded it for fiat. A worst case scenario has the MtGox operations team panicking when the bitcoin price was low (like 60-80) and cashing out to USD to cover the lawsuit+seizure shortfalls. Now the price is high again, but how much bitcoin do they actually have? As long as miners keep sending bitcoin to MtGox, and the bot traders are waving their magic wands, bitcoin withdrawals are probably safe for the time being, even if the bitcoin position is net short. But bank runs can come out of nowhere, or even be engineered by hostile players who want to drive the bitcoin price up and then down, by provoking a panic. We saw it in April, and we could see it again.
Who will buy MtGox?
Someone, I hope.
I think, for the right price, a deal could be made, and this would be very positive news for the bitcoin economy, .
Whoever buys MtGox would be buying a headache. They would have to deal with the mess of unknown and unverified account holders from back in the day. They might never get some USD accounts unfrozen, or at least have to wait a long time. There would be fines. And of course there is the matter of the Coinlab lawsuit.
But, it's a potentially very profitable headache. MtGox has enormous brand recognition and revenues to go with it, both bitcoin and fiat. And I think the right kind of buyer would inherit enormous goodwill for fixing what a lot of players known in their gut to be a serious problem. I think the ideal buyer would be an American credit union with a strong balance sheet, good IT, good relationship with regulators, and obviously bullish on bitcoin. I could also see a russian or chinese buyer. For the right kind of money, regulators can be made to see reason, and lawsuits go away.
If no one buys MtGox, the next best thing would be to bring back credit default swaps, like we had for PirateAt40 debt in 2012. A CDS mediated bankruptcy would still be painful for bitcoin, but it would be a lot more orderly.
As a parting thought, I'd like to take a second to recall everything good MtGox has done for bitcoin. MtGox took a lot of risks, and tGox put bitcoin on the map.
Maybe the MtGox operations team is just out of their depth, though well intentioned. Maybe they just want a nice payout, and for the stress to be over.
I know I would.
submitted by standardcrypto to BitcoinMarkets [link] [comments]

SEC Charges Texas Man With Running Bitcoin-Denominated Ponzi Scheme Bitcoin Savings and Trust Scammer Found Mtgox Today in Bitcoin (2018-02-15) - Bitcoin is noxious poison - Fake Nice & Subterfuge - $10K+?

pirateat40 screwed, Bitcoin is real money as a result. killhamster bitcoin, bitcoin savings and trust, buttcoin, fraud, money, pirateat40, scam 1 Comment August 8, 2013. In case you’re not following closely, pirateat40 (AKA Trendon Shavers) has been formally charged by the SEC, and a judge has given the case a green light. The filed a “show cause” that seized Shavers’ assets before ... Im November 2011 ein Benutzer, nannte sich Pirateat40, die eine “Bitcoin Einsparungen und Vertrauen”, die behauptet, dass Benutzer ihre Bitcoins zu einem Zinssatz von sieben Prozent eine Woche-mehr als 3.000 Prozent pro Jahr investieren können ins Leben gerufen. Viel wie die gleichnamigen Charles Ponzi, Begründer der Ponzi-System behauptet Piraten bieten solche hohen Renditen durch ... After a week with a lot of news about Bitcoin-related conferences and new places that now accept cryptocurrency as a form of payment, Bitcoin Examiner does another weekly round up to sum the happenings of this past week. Besides our lists – like “20 Strange things you can buy on Silk Road” or “13 BusinessesRead More You are at: Home » News » Legal » ‘Pirateat40’ sentenced to pay $40.7 million over Bitcoin Ponzi scheme ‘Pirateat40’ sentenced to pay $40.7 million over Bitcoin Ponzi scheme . By Maria Santos Last updated on January 2, 2018 at 00:00 10 Comments. One of the most famous cases in the short history of Bitcoin has finally been decided in court. An American judge sentenced Trendon Shavers ... Tags: bitcoin Bitcoin ponzi scheme News pirateat40 ponzi Scheme taiwan thailand Trendon Shavers. Tweet Share. BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots. Guest Author . Related Posts. Amid the Crisis, a New Generation Is Ready for the Crypto Revolution. 1 week ago. Venture Capitalist: Crypto Gains Won’t Come As ...

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SEC Charges Texas Man With Running Bitcoin-Denominated Ponzi Scheme

The SEC alleges that Trendon T. Shavers, who is the founder and operator of Bitcoin Savings and Trust (BTCST), offered and sold Bitcoin-denominated investments through the Internet using the ... There's a FUD every year for why Bitcoin is dead: 2011 MtGox hacked 2012 Pirateat40 ponzi implodes 2013 China bans Bitcoin 2014 MtGox insolvent 2015 Silkroad shuts down 2016 Bitfinex hacked 2017 ... http://bitcoinsmining.org/buybtc - Buy Bitcoins IDG News Service - The largest bitcoin trade said Thursday it is fighting a powerful distributed denial-of-se... In this video I discuss new information about the bitcoin savings and trust. I talk about how Trendon T. Shavers created a pyramid scheme offering investors 7% yield a week. This man went by ...