Bitcash https://bitcash.io Talking about Bitcoin, Bitcoin Cash and Everything Crypto Thu, 03 Dec 2020 13:17:49 +0000 en-US hourly 1 https://wordpress.org/?v=5.5.3 135117414 Qoin Review, Ponzi Scheme backed by Barter Card Australia? https://bitcash.io/review/qoin-review-ponzi-scheme-backed-by-barter-card-australia/ https://bitcash.io/review/qoin-review-ponzi-scheme-backed-by-barter-card-australia/#respond Fri, 27 Nov 2020 15:29:17 +0000 https://bitcash.io/?p=372 Qoin is the latest in a long list of “blockchain” startups promising the world but delivering nothing. I would classify them as a merchant scam and given they plan on listing on BTX exchange on November 30 (which they own btw) let’s look under the hood of this scam and break down all the red […]

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Qoin is the latest in a long list of “blockchain” startups promising the world but delivering nothing. I would classify them as a merchant scam and given they plan on listing on BTX exchange on November 30 (which they own btw) let’s look under the hood of this scam and break down all the red flags.

1. Blockchain is found 58 times in their whitepaper so why can’t I see it for myself?

Good question right? They claim in their whitepaper that they have a ticker… guess they are the only ones who can see it tick.

This is VERY suspicious as for any “ticker” you can go over to etherscan.io and look up how many transactions, what percentage is owned by the top holders, etc. But when you look up QOIN on etherscan you find nothing that has 200 million tokens in circulation and considering the popularity some transactions. Give it a try yourself https://etherscan.io/tokens?q=qoin

This is vital information and it should be easily found from their website but it is not.

2. Fake reviews on the app stores

A common tactic for scammers is to participate in fake review schemes but they are easily spotted because the most recent reviews are all terrible. This unlike their “blockchain” is easy to find:

https://apps.apple.com/au/app/qoin-wallet/id1483718254#see-all/reviews

Many are likely real too but if you know anything about the greater fool theory or MLM this will make sense as we found evidence they were offering $500 signup bonus and $300 referal bonus denominated in QOIN of course lol.

3. Heavy censorship on all channels

Do a youtube or facebook or twitter search and see if you can find ONE negative comment. Qoin have invested heavily in removing them all, why? because the scam only works if you have confidence in their scheme.

4. BTX exchange is owned by them

THEY ONLY EXCHANGE ONE THING (YOU CAN’T SEE PUBLICALLY) QOIN<-AUD lol

I am writing this on Nov 27th and they are supposed to list on BTX exchange on the 30th of Nov so let me make some predictions.

The price will pump (go up) so those who already have some QOIN fear missing out and buy more! Giving this ponzi scheme some cash to pay the smart guys who see the writing on the wall and are casually strolling off this sinking ship.

The opposite scenerio would be for it to dump causing all those who have been watching the price go up for almost a year freak out and sell causing a crash so that simply won’t happen. My advice is simple, get out as the price is pumping and screenshot all proof that your intention was to sell. There are too many famous example of “things going wrong” like MtGox or The DAO hack so get in the life boats the second you can.

5. Price Appreciation/Controlled Valuation

C’mon man, that is +20% this month and +2,486% Year To Date…

Conclusion

Bartercard Australia is failing, go look at the recent reviews vs the old ones (https://www.productreview.com.au/listings/bartercard-australia), does not take a rocket scientist to work that out so they are running what I can only describe as a ponzi scheme where they take cash money AUD in exchange for “QOIN” which has no publically verifiable blockchain, then it uses the cash money to buy advertising/marketing/sponsorships on rugby games, supercars, fortnight tournaments wherever they think they can find the next batch of suckers so they can keep pumping. This is not the first time someone has tried it, check out this documentary about one of the first and most successful merchant scams:

Maybe you got an access to your super bonus, saved a bunch by social distancing like a champion or unfortunately found your business in tatters and you are desperately looking for opportunity. Please I beg you, don’t fall victim to this crap. Invest in something worthwile like educating yourself, improving your relationships or buying assets like a home.

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Bitcoin Price Up or Down? https://bitcash.io/bitcoin/bitcoin-price-up-or-down/ https://bitcash.io/bitcoin/bitcoin-price-up-or-down/#respond Wed, 15 Jul 2020 18:29:31 +0000 http://www.bitcash.io/?p=334 Most of the time when someone hears about bitcoin it is because of its stella rise and not because it is a something something new money lol. In the most simple terms it is the world’s largest read write database running on the most secure network. Why is having the most secure network important and […]

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Most of the time when someone hears about bitcoin it is because of its stella rise and not because it is a something something new money lol.

In the most simple terms it is the world’s largest read write database running on the most secure network. Why is having the most secure network important and not the world’s largest? Because it is bit cash, get it. If your wallet could change it’s atomic structure because a small group of people decided cash takes up too many atoms and we need half of them to give to someone else that might be an issue.

But having a secure spreadsheet written in ink that only goes one way has value, especially when the math is done instantly and checked by thousands (unlike that an actual ink ledger).

The value of this digitized ink ledger really becomes apparent when the old currencies start increasing their supply. Not noticeable immediately because they tend to pass the new supply to those who have a long to-do list unlike the poor who think about spending money 24 hours a day 7 days a week 365 days a year with occasional breaks to vent their frustrations.

What I am trying to say is giving money to those who already have enough is predictable, giving it to those who always need more is less predictable. Therefore as a result of the money printer go brrr the effects take time to play out in the general economy, perhaps a lot of time.

So will the price of bitcoin go up or down? Up obviously. In the short term from some of that extra money buying space on the world most secure spreadsheet (small compared to the ancient ink ones) and even more once the extra money wiggles it’s way into the money supply just slower than us bit believers want.

In the meantime do what you do best, upskill, learn, share knowledge and tune your plan A-Z in the pursuit of peace of mind.

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Trump or Biden winning 2020 better for Bitcoin? https://bitcash.io/bitcoin/trump-or-biden-winning-2020-better-for-bitcoin/ https://bitcash.io/bitcoin/trump-or-biden-winning-2020-better-for-bitcoin/#respond Tue, 23 Jun 2020 18:20:50 +0000 http://www.bitcash.io/?p=328 In other words is a roaring stock market and businesses doing well or is someone who made so many promises to buy votes better for bitcoin? The answer might surprise you. If you think bitcoin is more like gold that it is to USD then that means inflation is the friend of bitcoin and if […]

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In other words is a roaring stock market and businesses doing well or is someone who made so many promises to buy votes better for bitcoin? The answer might surprise you.

If you think bitcoin is more like gold that it is to USD then that means inflation is the friend of bitcoin and if the team that bought votes and now has to pay for it, not by taxing but inflating the currency wins then bitcoin will boom.

As a non-US citizen and sick of hearing Trump this Trump that from waaaaay too many people I can understand why Trump fatigue is a real thing, and who wants another 4 years of that right? but at the same time the rational side of my brain says he really had done a better job than the opposite team who charges the countries credit card like its going out of fashion (which I truly believe that they think) like they have to be over prepared for any eventuality, have every color combination os shoes, clothes, make up just in case then justify it as a cost of doing business vs “drop the price by 30% then call me” which we have now.

The best thing for bitcoin is a Democrat victory for sure, they will throw so much on the countries maxed out credit card to galvanize the votes they were willing to pay for with promises but will it do the US any good? No. Will it create so much excess money supply and inflation that bitcoin will moon? Yes. But will it be good for the health and wellbeing of you and me? No. Maybe the mental health but if you can suck it up for another 4 years you will be fine and much better off.

It is counter-intuitive but the worst team is the best team for bitcoin because they will run the best country into the ground so hard the tidal wave with send bitcoin to the moon but what happens to everyone else?

If Trump wins, its game on. If Trump loses, its relax and appreciate. Bitcoin is going up either way but do you want to earn it or cash in on the Titanic sinking?

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Bitcoin just in case or Altcoins just in time? https://bitcash.io/bitcoin/bitcoin-just-in-case-or-altcoins-just-in-time/ https://bitcash.io/bitcoin/bitcoin-just-in-case-or-altcoins-just-in-time/#respond Tue, 09 Jun 2020 16:20:30 +0000 http://www.bitcash.io/?p=319 If an altcoin does magically invent a new solution to the biggest problem that faces massively distributed databases AKA a blockchain, that is not where there endeavor ends, they then have to defend themselves from competition from other altcoins and the big boy bitcoin. Bitcoin is a just in case (the world fiat money system […]

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If an altcoin does magically invent a new solution to the biggest problem that faces massively distributed databases AKA a blockchain, that is not where there endeavor ends, they then have to defend themselves from competition from other altcoins and the big boy bitcoin.

Bitcoin is a just in case (the world fiat money system fails) and you need to pay someone in gold but don’t want to wait weeks and the distinct possibility that someone in the chain will steal it.

Money printers all over the world go brrrrr to the tune of trillions with a T and what they have to show for it still doesn’t look so great so units of wealth that don’t require permission are looking pretty good right now.

Altcoins boom in good times as bitcoin booms in golds good times but just like land, this who bought large patches of land dirt cheap because nobody saw potential bitcoin is banking on those characteristics. Not many people saw the potential of a cloud database to read and write entries and nobody really knows of cares who is the admin but the ramifications of this now existing are far reaching and creatively destructive.

A key characteristic of altcoins is they always arrive just in time, like a populist politician who decides where to be based on where most people are looking normally amplified by the number of cameras in a place bitcoin is just as flexible as altcoins but has the history and narrative that can not be replicated in an instant.

Altcoins look great on paper and attract attention like a young hot girl, but give them a few crypto-years and they will age faster than Indiana Jones and the Last Crusade.

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Stablecoins are way more dangerous than people think https://bitcash.io/bitcash/stablecoins-are-way-more-dangerous-than-people-think/ https://bitcash.io/bitcash/stablecoins-are-way-more-dangerous-than-people-think/#respond Thu, 04 Jun 2020 17:04:36 +0000 http://www.bitcash.io/?p=305 TL:DR stablecoins have single point of failure that actual currency like USD doesn’t have. Demand for USD is very high, infact about 70% of world commerce relies upon it but stablecoins are not the answer because you are not getting paid for the risk of all stablecoins collapsing at the same time. This is a […]

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TL:DR stablecoins have single point of failure that actual currency like USD doesn’t have.

Demand for USD is very high, infact about 70% of world commerce relies upon it but stablecoins are not the answer because you are not getting paid for the risk of all stablecoins collapsing at the same time.

This is a fairly common occurrence in crypto when bitcoin goes down, altcoins go down more and likewise but with stablecoins it is so much worse. Defi companies take your bitcoins and turn them into stable USD coins then offer an interest rate but they are effectively shadow banking and are on the wrong side of regulation. BILLIONS of reserves are held in single point of failure USD accounts and the risk to reward ratio is way off given your 1 of now 20 stable coins could fall victim to a MTGox style crash…

Why would any rational person hold a stablecoin when if everything is above board they could just hold the real thing, in this case USD. Sure if you are new to the game or have a criminal record flying to the US to setup a bank account is not an option and I can understand but those are high risk options, running in front of the bus instead of sitting comfortably on the bus. As soon as you run out of energy the bus will run you over if you believe in crypto so much but any benefit you would be entitled to would have been just as easy with real USDs.

Dematerialization is one argument but what you are doing is VERY frownd upon by the powers that be and you are better sticking purely crypto if you are that camp.

/End rant

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Bitcoin and the Death of the Middleman https://bitcash.io/bitcoin/bitcoin-and-the-death-of-the-middleman/ https://bitcash.io/bitcoin/bitcoin-and-the-death-of-the-middleman/#respond Mon, 01 Jun 2020 15:44:09 +0000 http://www.bitcash.io/?p=303 Making a phone call used to be more like pressing 0 on a hotel phone, limited by the telephone companies ability to train people to literally connect people, then software made away the limitation and the middleman. Most auctions prior to eBay required a trained auctioneer before software came along and revolutionized bidding. Advertising also […]

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Making a phone call used to be more like pressing 0 on a hotel phone, limited by the telephone companies ability to train people to literally connect people, then software made away the limitation and the middleman.

Most auctions prior to eBay required a trained auctioneer before software came along and revolutionized bidding. Advertising also used to require deals to be made person-to-person now the biggest tech companies sit back and watch advertisers compete against themselves in real time.

In any major city you can be sure that some, often most of the biggest, most prestigious buildings have logos of banks on them. Some people think that those banks take money from people then lend it out at a higher rate of interest, but in reality deposits and loans are in two seperate databases.

Banks create 97% of the money supply with central banks creating the other 3%. The middleman job of a bank is not to take from Peter and loan to Paul, it is literally to create money.

Recently we have seen what happens when there is a limitless desire for cash, when people sell everything to pay for safety or margin calls regardless of value. Currently this ends up being US dollars, that way when things return to normal you can buy most things as they are priced in USD but at the same time banks trying to be responsible stop lending and this stop expanding the money supply. This is a bad but since 2008 we learned how to solve this on an industrial scale, that is what central banks are for.

A central bank steps in when an asset is worthless and buys it at face value. For example if a bank was making billions on loans that will never be paid back and people stop paying the interest a central bank will step in and buy those loans no matter how big at face value, making the commercial bank go from bankrupt to attractive, avoiding the crisis that was about to unfold had the market had their way with the bank due to bank runs, investor sentiment, etc. Nobody knows or even cares what the central bank does with the assets because they, just like a bank, created the money to buy the assets from thin air expanding the money supply.

Ok so what does this have to do with bitcoin? Well if there is no connection between deposits and loans then you may as well use your own database to handle your deposits and the bank for your loans. This way you cut out the middleman when you have a lot of value to store but don’t need or want all the bells and whistles that come with it.

Banks are not using their vault to keep your money safe, they are creating money and using the story as a facade to build trust with them, but your trust is based on a lie. Like all good lies this one will eventually collapse. Bitcoin on the other hand is built so you can see everything and do your own checks, like the worlds biggest excel spreadsheet, not a magic show like a bank.

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Bitcoin halving, what is it and why should I care? https://bitcash.io/bitcoin/bitcoin-halving-what-is-it-and-why-should-i-care/ https://bitcash.io/bitcoin/bitcoin-halving-what-is-it-and-why-should-i-care/#respond Fri, 08 May 2020 14:01:00 +0000 http://www.bitcash.io/?p=289 Once every 210k blocks or roughly every four years the supply of bitcoin gets cut in half until the maximum supply of 21 million is reached. This is known as a halving because the block reward is halved. That means if you are running a bitcoin mine and you are spending $10,000 in electricity, hardware, […]

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Once every 210k blocks or roughly every four years the supply of bitcoin gets cut in half until the maximum supply of 21 million is reached. This is known as a halving because the block reward is halved.

That means if you are running a bitcoin mine and you are spending $10,000 in electricity, hardware, salaries, etc to mine one bitcoin worth $10,000 you are about to only get half a bitcoin for the same effort making many mines no longer economically viable.

This is part of bitcoins programmed promise that the supply will only ever be 21,000,000 which it will reach approximately 2140.

Because miners need to sell bitcoins to fund their operations, just like gold mines have to sell gold or oil rigs have to sell oil this means that less bitcoin is available for sale and thus there is less supply and if demand stays the same the price will rise.

This is in stark contrast to the currency most compared to bitcoin, USD where the supply is always expected to increase supposedly as the economy increases but in reality to force the reallocation to whatever is politically in vogue at the time such as a banking crisis or whatever.

Commodities like gold and silver have been used in the past because of their value to weight ratio and divisibility to regulate this expansion of the money supply but bitcoin has the amazing ability to do this without the difficulty and risk that comes with physical metal. If you want to buy some diamonds on the other side of the world in a time like this bitcoin can do this but gold would have substantial additional costs. Cash via wire transfer would be capable of facilitating the transaction but would require the cooperation of multiple banks full of people carefully scrutinizing each transaction.

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Is State Backed Stable Cryptocurreny The Future? https://bitcash.io/bitcoin/are-stable-coins-state-backed-digital-currencies-the-future/ https://bitcash.io/bitcoin/are-stable-coins-state-backed-digital-currencies-the-future/#respond Tue, 05 May 2020 06:27:23 +0000 http://www.bitcash.io/?p=287 Stablecoins like Tether have proven themselves useful in the growing crypto ecosystem. It was not that many years ago that their “stability” was questioned as they have points of failure, the most obvious one being having their funds frozen instantly rendering the value down to 0. Yet they have not only survived but they have […]

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Stablecoins like Tether have proven themselves useful in the growing crypto ecosystem. It was not that many years ago that their “stability” was questioned as they have points of failure, the most obvious one being having their funds frozen instantly rendering the value down to 0.

Yet they have not only survived but they have thrived.

The difference between stablecoins vs bitcoin can be explained quite simply.

Bitcoins database is only CREATE and READ. Anyone can read and the only way to improve the database is to create new transactions secured by hash power.

Stablecoins database is a traditional CRUD where anyone can CREATE and READ but only the admins can UPDATE and DELETE.

And that’s the problem.

It is useful to compare these new stable coins to both online banking and cash.

First online banking, only you can read your own account and can create transactions. If you have a problem you can call or visit your bank (the admin) and if there is a worthy problem they as the admin can update.

What about physical cash? You can read the contents of your wallet or pile of cash and you can create transactions with no history so you are not really creating anything. If problems occur due to contract violations then there is a process but it requires courts which can then interface with banks for a resolution but this gives you confidence that after a transaction is done, its done.

What is interesting about stable coins is that (like bitcoin) it completely circumvents the need for banks in all this so the state and its courts can directly UPDATE rendering transaction beyond a certain point worthless.

They can also DELETE currency out of existence which they have to do already as cash gets old perhaps as a new monetary policy tool allowing them to get creative.

Used to think state backed stable coins were ridiculous but when you can see benefits of digitization (to the state) enhancing their power and to the users in their freedom to exchange, not to mention the massive cost saving of not printing and updating physical cash it stops looking silly and starts looking inevitable.

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Bitcoin at 10000 again https://bitcash.io/bitcoin/bitcoin-at-10000-again/ https://bitcash.io/bitcoin/bitcoin-at-10000-again/#respond Sun, 09 Feb 2020 20:24:18 +0000 http://www.bitcash.io/?p=267 Bitcoin is at 10000 again and of course the internet is freaking out. What is most interesting is that the oscillating “altcoins” seem to be in a frenzy to drum up buzz for their respective projects be they greener/better/smarter or just more ambitions in the Bernie Madoff/wolf of wall street style. Bitcoin 10k for many […]

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Bitcoin is at 10000 again and of course the internet is freaking out. What is most interesting is that the oscillating “altcoins” seem to be in a frenzy to drum up buzz for their respective projects be they greener/better/smarter or just more ambitions in the Bernie Madoff/wolf of wall street style.

Bitcoin 10k for many of us is a long awaited return but only half of what we had before in terms of USD value.

It still blows my mind that project that are based on building a better database for others to leverage marketing to sell their whitelabel database are still alive, let alone the second most popular application of the hyped “blockchain”.

Bitcoin may now go up or down because of macro economic forces getting out of control yet so many people think it is inferior. Why? because it uses too much power… If you use more power increasing your lifespan from 60 years old to 80 years old are you inferior? I would argue not. In a world where power almost entirely from a giant ball of burning gas far far away using less of that energy is lazy rather than evil as many would have you believe.

Bitcoin has a job to do and just like an unpopular president with many opponents trying to flip him off, bitcoin will grind, holding true to it;s hard coded values and not use the latest trendiest thing as a weapon to overthrow the champion because all that talk is noise.

Think of everything that is not bitcoin as a moon revolving around the earth and if you are a trader this is the best news ever but if you have a life outside of cryptocurrencies this is a much better way of thinking about the future of the space.

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BitCash in developing countries https://bitcash.io/bitcash/bitcash-in-developing-countries/ https://bitcash.io/bitcash/bitcash-in-developing-countries/#respond Fri, 24 Jan 2020 05:36:33 +0000 http://www.bitcash.io/?p=257 Some people’s first encounter with a foreign currency is when they go on holiday and some of the most affordable places have some quirky currencies. Take Thailand for example, their cash is so large that it barely fits in a wallet (probably more king portrait real estate) and their largest note is $32.77 while their […]

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Some people’s first encounter with a foreign currency is when they go on holiday and some of the most affordable places have some quirky currencies.

Take Thailand for example, their cash is so large that it barely fits in a wallet (probably more king portrait real estate) and their largest note is $32.77 while their smallest note is $0.66 before coins which go all the way down to $0.0082. They have 5 different denominations and they are colored.

Now compare this to Vietnam which who’s largest note is only $21.50 and smallest is $0.00086. Of the 11 different denominations they have 2 different types of notes, polymer (7) and paper (4). Their notes however are not as wide as Thai money but if you are a big spender you will end up with a thick wallet due to the volume of notes which require constant organization.

In Thailand cash is far more dominant than plastic simply because debit cards are not free and cash is easy enough to keep organised, calculate and store but in Vietnam payment technology like contactless (samsung pay) or debit cards are more often used because it takes far more time to fish out the right notes, count it for errors, then the cashier has to count it too then find change. Even putting change back in your wallet requires you to stop, find the right section and place all the notes in the right spot just to keep your cash efficiently organised and decrease the time it takes to pay without making errors.

This brings me to my interesting observation. The utility value of bitcash is greater in Vietnam for practical reasons therefore more places accept it, which leads to more companies being based there, more ATMs (or BTMs as they call them) with smaller commissions versus Thailand where if bitcash were outlawed barely anyone would notice.

I predict you can work out which countries in the world will adopt bitcash by just studying how cumbersome the local cash is along with how likely a citizen is to install an app on their phone.

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