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Crypto’s Free Market Obeys Nobody, Not Even Roger Ver

Say what you like about Roger Ver, but he certainly doesn’t suffer from false modesty. The founder of Bitcoin.com recently took to YouTube with a series of short videos about his young life, early business forays, and eventual shift from evangelizing for Bitcoin to his now-favorite cryptocurrency, Bitcoin Cash. The video series is an enlightening testament to free trade and an illustration of market principles, and we recommend it to anyone who wants to understand the role of Bitcoin in the cryptocurrency market. Especially Roger Ver.   The Rockefeller Of Recess Beginning the video series, Ver shares about his childhood inspiration and recognition of free market principles. He saw the problems of inflation in a rigged economy at an early age when his fifth grade teacher, presumably named “Lindy,” issued “Lindy Land Dollars” to motivate students to carry out tasks around the classroom.  A young Ver saw opportunities to take advantage of the flawed currency system, explaining that many students did not understand that the actual exchange rate from a Lindy Land dollar to USD was “maybe 50 to 1.” Kids would bring in cookies or Rice Krispie treats and sell them for one Lindy Land dollar — a bargain when compared to their value in USD. Ver laughingly explains how he bought up all the treats and “cornered the market,” after which he jacked up prices.  It was “a fun learning experience,” Ver says, until Lindy Land began suffering from hyperinflation. Despite recognizing the economic problem, Ver overlooked the fact that he himself was instrumental in monopolizing the market, taking advantage of naive classmates to make a quick buck.  You have to give Ver credit, though — he certainly demonstrated an entrepreneurial spirit from an early age. In junior high, he made “20 or 30 dollars a week” selling candy bars to classmates for profit after picking them up at Costco at bulk prices. “For a junior high school kid, that was a lot of money” Ver says. The Prisoners’ Dilemma But business really took off when young Roger got into computer sales. Ver bought a mass order of hard drives on the cheap, knowing he could turn around and sell them at quadruple the price to other buyers. Selling the equipment on eBay, he made $4,000 in his first week. That’s  when he realized he was on to something, dropped out of college, and started his computer parts ordering business. Ver’s adage throughout his business career was to “…take a product from where they’re worth less and move them to where they’re worth more.” He shares numerous examples of moving products from one market where they are cheap to another market where they are more expensive, including the sales of Beanie Babies and other miscellaneous goods.  “I can buy them over here where they’re worth less and sell them over here where they’re worth more,” Ver explains. He applied this profit-making principle to a wide variety of goods. Business was booming, until he tried the same sales strategy with firecrackers. Discovering Bitcoin (Core)  Ver experienced a devastating setback when he was arrested and imprisoned for the illegal sale of fireworks. “It was a sad day…” letting go of his staff, Ver said. His mother helped keep the business running during his time in prison.  Not to be defeated, Ver got back to the grind, even managing to make a few business deals while in prison by making phone calls between buyers, sellers, and his mother. He learned of the many specialized jobs in the secret prison economy. It was against the rules to trade, but where prisoners found ways to make it happen anyway.“[I]f we weren’t able to trade with each other,” Ver says, “prison would have been much more difficult.”  The prison economy helped Ver to see the function of money and why Bitcoin could work. “When Bitcoin came along, I knew… I knew people were gonna start using it as money,” Ver says.  BTC vs BCH This is the part most viewers are waiting for. Ver digs into the flaws of Bitcoin (BTC) as opposed to Bitcoin Cash, saying that the notion of acting as a store of value without also being usable as cash is “nonsense.” He promotes Bitcoin Cash as being superior, as it genuinely meets the descriptor of “peer-to-peer electronic cash,”  and “is useful in commerce,” he says. Bitcoin Cash thus has greater utility and therefore more value as money, Ver says. “Bitcoin needs to be fast, cheap and reliable, if we want people to use this as money… and sadly my side of the argument lost out.” “Congratulations, guys,” Ver adds sarcastically, “You made Bitcoin slow, expensive and unreliable in commerce.” This is where Ver arrives at a contradiction. Throughout the videos, Ver promotes the ideals and principles of free trade, without interference or control from outside forces. Yet, he is not willing to accept that the free market is already at work, in the fall of Bitcoin Cash and the rise of Bitcoin dominance. The free market has plainly and unemotionally decided that it wants more Bitcoin and less Bitcoin Cash. No matter how much Ver insists that Bitcoin Cash is the superior solution, the free market has chosen otherwise.   source: CoinMarketCap   In the early stages of the Bitcoin Cash fork, markets struggled to decide on the superior technology, and prices indicated that many felt Bitcoin Cash might be the better option. At one point, BCH traded for thousands of dollars. Over the course of time, however, it has become more clear that the market prefers Bitcoin (BTC) — which is now trading steadily in the $10,000 USD. Bitcoin Cash has lost the free market battle. And the free market is the only force that gets to decide. Perhaps Ver is simply up to his old tricks, taking advantage of ignorant buyers with clever sales tactics. He brags repeatedly about past successes, in which he exploited irrational markets, and preyed on the ignorance of buyers to garner a profit. Is the Bitcoin Cash sales ploy any different?   The post Crypto’s Free Market Obeys Nobody, Not Even Roger Ver appeared first on Crypto Briefing.
CryptoBriefing

Roger Ver Wants To Pay You To Trade On His New Bitcoin.com Exchange

In a move resembling the plot from Brewster’s Millions, Roger Ver is promoting his new digital asset exchange with an intriguing pitch: trading fees of negative 0.3%, for the first three months, up to a cumulative giveaway of $1 million.  In short, Bitcoin Jesus wants to pay you to trade. The move is part of a host of promotional efforts designed to entice traders to move to exchange.Bitcoin.com, which sees Bitcoin.com further diversify from its core proposition as a BCH-focused news outlet, with a mobile bitcoin wallet, peer-to-peer trading and gaming already established.  The exchange will host trading pairs for popular cryptocurrencies including litecoin (LTC), ripple (XRP), tron (TRX), zcash (ZEC), stellar (XLM), DASH and ...Full story available on Benzinga.com
Benzinga

CEO of Bitcoin.com Roger Ver Announces Thousands Of Australian Restaurants To Soon Accept BCH

Thousands of Australian restaurants are said to be getting ready to accept Bitcoin Cash (BCH) as a crypto payment method, owing to its association with crypto-payments gateway and wallet, LivenPay. LivenPay’s native token, LVN, is also getting listed on exchange.bitcoin.com soon and ZB.com today. LivenPay Chooses BCH This announcement was made by Roger Ver, CEO of Bitcoin.com, who updated his Twitter handle with the development. According to Roger, LivenPay has chosen BCH as the preferred cryptocurrency for making payment at thousands of real-world restaurants across Australia. Source: Twitter LivenPay Platform is an app which was designed to cater to the needs of customers that wish to make crypto payments at lifestyle and dining industry merchants. Platform users can choose to pay in crypto at the merchants that have been listed by the LivenPay team on the current application or they can participate in the invitations and celebrations arrangements created through the application. Customers also receive between 10% to 30% of their transaction amount back in LVN, which they can use for making payments in the LVN network. Some of LivenPay’s existing customers include Ajisen Ramen, PappaRich Malaysian Delight, Nene Chicken,ChaTime, Lord of the Fries and Sumo Salad. Roger Joined LivenPay’s Advisory Board In February As per an official announcement by bitcoin.com in February, Roger Ver joined the advisory board of LivenPay. At the time of joining LivenPay, Roger made this statement; “I am excited at this opportunity to grow with them and demonstrate the power of cryptocurrencies to the wider world.” “The future of cryptocurrencies depends on practical applications for real people and Liven is a prime example of this,” Now, LivenPay will reap the benefit of this collaboration with Ver through the listing of LVN on Bitcoin.com’s exchange. The token is also getting listed on ZB.com today. BCH 24-Hour Performance Bitcoin Cash (BCH) has maintained a steady price movement within the last few days. Presently trading at $307.75, BCH gained about 2% within the last 24 hours. The coins remains one of the top 5 cryptocurrencies by market capitalization and has traded about $1.17 billion of volume within the last 24 hours according to stats on CoinMarketCap. The post CEO of Bitcoin.com Roger Ver Announces Thousands Of Australian Restaurants To Soon Accept BCH appeared first on Coingape.
CoinGape

Roger Ver and his team are reviving Bitcoin Cash with the launch of a competitive BCH Futures

If any cryptocurrency is making deliberate moves channeled towards a comeback, Bitcoin Cash is that cryptocurrency and its top proponents are increasingly creating a pathway for the possibility of this outcome. More precisely, the Bitcoin Cash team is gearing towards increased adaptation values that are intended to make Bitcoin Cash the second or third most valuable cryptocurrency by market capitalization. This new development was made known by the head of the Bitcoin.com Exchange David Shin, whose plans for Bitcoin Cash’s domination not only means that Ripple (XRP) and Ethereum (ETH) will have to give way for the BCH Coin, but that BCH’s market capitalization will more than double in order to achieve this milestone. At press time, Ripple (XRP) and Ethereum (ETH) are sitting at a market cap of $10.96 billion and $19.31 billion respectively, against BCH’s market cap of $5.36 billion. And in the words of Shin; “Within a year I want to make that the second or third largest market cap, To get from No. 4 to No. 3 or No. 2, we have to see more volume.” How will this be made possible? The execution of this idea mainly navigates around the birth of a Bitcoin Cash Futures, which according to Shin will be listed on one of the United States Commodity Futures Trading Commission’s Exchange and in the long run contribute largely to increased volumes amongst traders and institutional investors. “We’ll try to list a BCH future on one of these exchanges that’s CFTC regulated to therefore have a product that can be traded into the U.S. with institutional traders, In theory, we should see more penetration, more users, more trading and more volume.” – David Shin It would be interesting to note that this development precedes BCH’s recent North Queensland City conference where a $50 million worth tech park dedicated to BCH was announced to currently be in the works. In conclusion, whether or not BCH meets up with its market capitalization goals, a massive increase in adaptation is expected to surface over time. The post Roger Ver and his team are reviving Bitcoin Cash with the launch of a competitive BCH Futures appeared first on ZyCrypto.
ZyCrypto

Roger Ver Presses for Bitcoin Cash (BCH) Derivatives

Roger Ver is trying to fuel the interest of institutional investors in Bitcoin Cash. According to news published from Bloomberg, September 12, the crypto-mogul Ver is thinking of launching futures contracts. BCH for Institutions Former CEO and current Executive Chairman of Bitcoin.com, Roger Ver focuses his efforts on initially promoting the first Bitcoin hard fork,Read MoreRead More. The post by Edoardo Vecchio appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News\
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DIGEST

This week, the reddit community has (not) stopped waiting for BCH fork. Anyway, we're closely watching what is happening, and giving you the easiest opportunity to express your opinion in the selected hottest discussions

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DIGEST

This week, Redditors not only followed the jumps of the rates, but also discussed such sign events as: Roger Ver talks about US Government, BCH founder tries to convey the importance of Bitcoin Cash, more businesses are switching to accepting cryptocurrencies, Fidelity takes a step forward… All that hot threads you can read in our Reddit-digest

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OPINION

BCH, we need to talk: what can be the main problem

'Bitcoin Cash may be hard forked in November. Two groups of developers can't agree on its features, releasing their own clients, Bitcoin ABC and Bitcoin SV, incompatible with previous software.' Two coins, two original Satoshi visions. Which one is 'truest'? Will both of them qualify as the vision?

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Token Swap: Tether Announces Token Burn Of Over 400 Million USDT

Tether has shared a piece of information about a forthcoming token burn which according to announcement would take place shortly. According to a tweet from their official Twitter handle, Tether plans to shortly move 400 million Tether USDt as part of its Omni authorized but not issue pool to the issuance address in order to burn/revoke them. Tether will shortly move 400m Tether USDt as part of its Omni authorized but not issue pool to the issuance address in order to burn/revoke them. — Tether (@Tether_to) September 16, 2019 Tether Minted 300 million USDT Few Days Ago Few days ago, Tether took to Twitter to inform its users that it was coordinating with a third party to perform a chain swap. This was planned in order to convert some tokens from their original Omni to an Erc 20 protocol. At the time of the initial announcement, 300 million Tether USDt was announced to have been minted for the swap. However, these conversions took place few days ago as Tether promised the token swap wouldn’t disrupt the total supply. In few hours Tether will coordinate with a 3rd party to perform a chain swap (conversion from Omni to ERC20 protocol) for 300M USDt. Tether total supply will not change during this process. — Tether (@Tether_to) September 12, 2019 Whale Alert, a twitter account dedicated to alerting the community of big cryptocurrency transactions, noted the coinage described above in a tweet published on Sept. 12. As per a second tweet submitted as an answer to the first one, Whale Alert offered an explanation of the type of transaction: “This USDT mint is part of a swap. The corresponding burn on Omni has not taken place yet.” And finally, Tether is burning the Omni Tether that was already converted to ERC20. Until now, no token burn has taken place on Omni blockchain. In July, it was reported that Tether accidentally minted and burned 5 million USDT tokens. However, Tether long-standing controversy about issues relating to transparency and market manipulation. The post Token Swap: Tether Announces Token Burn Of Over 400 Million USDT appeared first on Coingape.
CoinGape

Zero-Knowledge Proof Solution from QEDIT Implemented Into Kaleido Blockchain For Transaction Privacy

Kaleido, a startup blockchain solution from ConsenSys Venture Studio has gone on record to become the first blockchain platform to implement the zero-knowledge proof solution from QEDIT—the crypto private company. A Non-compulsory Feature On September 13th, 2019 QEDIT shared a paress released with Cointelegraph where it stated that the partnership it had developed with Kaleido […]
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Cryptocurrency Exchange OKEx Korea Removes Privacy Altcoins

According to an official announcement made by the South Korean branch of OKEx, the popular exchange will delist five privacy coins as early as October 10, 2019. Complications for Privacy Coins Trading of Monero (XMR), Dash (DASH), ZCash (ZEC), Horizen (ZEN) and Super Bitcoin (SBTC) on OKEx Korea will be suspended on October 10, 2019,Read MoreRead More. The post by Edoardo Vecchio appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News\
BTC Manager
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