2.5 years of Bitcoin madness: These 5 topics have moved me as a crypto editor.
Bitcoin (BTC) is a decentralized, peer-to-peer…. let’s leave that. In short, this is my last BTC-ECHO article. Thanks to the great team, our community, the many freelance editors who helped and help keep the store going. Before I devote myself to other things, here is a selection of 10 topics that have moved me in recent years. Let’s go.
Will the ripple price be around $ 100 soon?
This text was one of the first that I wrote as a permanent BTC ECHO editor. And it blew quite a lot around my ears. Relatively new to the subject, I took the countless ripple-to-the-moon forecasts as an opportunity to make a simple calculation: How much coal would have to flow into XRP that the ripple price would reach a value of $ 100 could?
The answer: far too much, almost impossible. Or better said: it is very improbable. What I hadn’t factored in was the XRP Army. She didn’t think that was cool. What comes to mind to make poor XRP so bad with this milkmaid bill. But the reaction was actually no wonder: it was published sometime in January 2018, when the mood on the crypto market already tipped. In one of the numerous backend moves, the item is in the depths of WordPress lost. Too bad. Or maybe better that way.
MtGox and the whole Bitcoin criminal gang
What sells much better than magic-the-gathering playing cards? Bitcoin. At least that’s what the founders of MtGox thought, the first of all Bitcoin exchanges, of which only a shard is left today. And the thing was booming: In August 2013, 60 percent of Bitcoin’s global trading volume was processed via MtGox. Almost half a year later, the locks were already closed. What was left? A gaping hole that is said to be between 650,000 and 850,000 BTC deep. There is probably no video snippet that describes the MtGox mess better than this Southpark clip:
(Incidentally, anyone who has not yet watched the associated episode “Margaritaville” should do so urgently. Thirteenth season, third episode. An absolute must, especially for people who deal with the trials and tribulations of the financial system!).
So the money was gone. Allegations against the operator Mark Karpelès (who is now behind bars) suggested that things weren’t quite right here. Then nothing came for a long time. In September 2018, everything seemed to look like the wallet had started moving again. And the Blockchain again showed its best side. But read for yourself.
BitFinex, Brock Pierce and other scoundrels
Oh, BiFi, what were we having fun with? There was hardly any Bitcoin exchangethat had done me more in recent years than BitFinex. Our love story started in October 2018, when rumors circulated that the stock exchange was heading for bankruptcy. I rummaged through the archives and found all kinds of curiosities – roughly details about the unholy alliance between Brock Pierce and the stock exchange. In the following April 2019 my heart should harden towards BiFi – together with the sister company Tether Limited it should Bitcoin exchange my mistrust 850 million US-Dollar have misappropriated. Allegations of bitcoin price manipulation put the whole the crown on.
(For the sake of completeness: none of the allegations against Bitfinex and Tether have so far been proven – until then the presumption of innocence applies.)
Binance and a shark named Helen
While we’re at it. If you dive just a millimeter below the surface of crypto consumption, you will sooner than later be named Binance bump. The Exchange is one of the largest Bitcoin exchanges in the world and does everything it can to to expand your reach: Decentralized exchange, Warrants, Futures, Binance-Launchpad – you name it. Was bei all den FinTech-Applications may occasionally fall under the radar: Binance Charity. The Bitcoin empire charity is fighting Covid19 and helping fight the bushfires in Australia. Everything fine from the outside. But if you look behind the scenes, uncomfortable details come to light. Helen Hai, the chairwoman of Binance Charity, is said to have operated a shoe factory in Ethiopia. The working conditions under which the workers made the shoes are said to have been anything but charitable.
Bitcoin: Authorities are picking up the largest DarkNet child porn ring so far
And we dive deeper. It goes downhill. Bitcoin had become attractive for illegal trading at the latest since Silk Road was the first online black market on DarkNet. Too tempting to put everything that could go wrong analog in the (dark) network. Ultimately, however, most criminals are subject to a fallacy that plays into the hands of the authorities. Because many think Bitcoin is anonymous. But it is not. It is thanks to this fact that investigators repeatedly succeed in putting criminals in the silver eight. This happened in October 2019. International investigators managed to to blow up the largest ring for child pornography to date. Thank you Bitcoin.
The John McAffee Story: How to become a millionaire through paranoia
John McAffee should have eaten his own link on public television by now. Because he had bet this, should the Bitcoin price not the 1 million US-Dollar– Crack the brand. We are currently quite a long way from that. This bet and his sometimes crude statements were reason enough to take a closer look at the top-level bitcoin shiller. And lo and behold: all kinds of curious, amusing, but also deeply disturbing information came to light there. They showed: How to become a millionaire through paranoia. (And then gambled the money again).
5 Bitcoin conspiracy theories that have washed up
Waiter? Brainwashing, please. I think pop last time, there was brain therei. And I also believe that the US intelligence agency invented Bitcoin to spy on the world. It is logical Donald Trump Satoshi Nakamoto. Sounds weird? It’s like that.
But I can reassure you, the CIA was not alone. The devil definitely had his horns involved and our society will collapse soon. And all because of Bitcoin. While we’re at it: Bill Gates wants to subdue the world with microchips. Before that, I take off the aluminum hat.
BitQT: fraud or faster Bitcoin wealth?
It could all be so easy. Simply transfer 250 euros, Arbitrage-Trading run over bots and cash in fat. The cool thing about it: you can also do it from the South Sea island while you are loitering in the hammock and the only annoying thing is the melting caipirinha ice cubes. But somehow sounds too good to be true. It is. Because most providers who advertise with exorbitant profits and the dream of big money are nothing but air stalls. Get rich with Bitcoin? Under certain circumstances, this is already possible. But not so fast. Especially not as fast as it is BitQT promises. But the operators (who have not yet responded to our inquiries) are at least transparent. Even the small print on the main page says that the trading software with which you advertise does not exist at all.
Shut up and take my money!!!!
DeFi: gaming at a really high level
And so the circle closes. When I started at BTC-ECHO, the ICO hype just like the Bitcoin price was just about to skyrocket. Then a short time later the peak came, and even shorter time later the collapse. There I was with my 450 MIOTA, which I bought for $ 3.50 each. And I looked pretty stupid out of the laundry – as if I wasn’t already stressed enough with the XRP Army.
If I had sold in time, I would not have been greedy, then … I would probably have skipped one of the most important lessons of crypto madness with gratitude: There is just a hell of a lot going on here.
Who needs over 5,000 (crypto) currencies? Really not a human. However, that doesn’t mean that you can’t make a lot of money with each one, you just have to know how. Very few who have understood the crypto market would still invest in ICOs today. But the crypto market wouldn’t be the crypto market if it didn’t have a new ace up its sleeve. It comes with the fancy name Decentralized Finance (DeFi) and promises returns of up to 200 percent annually, probably a lot more is possible. A bubble is currently blowing up on the horizon of the Bitcoin ecosystem, which will put a lot of coal in the pocket of some traders. I think that those who want to participate have good chances. But I’m out.
In this sense.