Why Z Cash better than Bitcoin?

Is Zcash’s encrypted blockchain Satoshi’s vision? an interview with Zooko

The following is an interview with Zooko Wilcox discusses the Zcash project and talks about the Crypto world in general, a very interesting talk with one of the leaders of the Crypto eco-system.

Zooko Wilcox, Co-founder of Zcash

eCash (1983) – anonymous electronic cryptographic money

“I had wanted something like bitcoin to exist for many years, before I heard about it. In fact, I’m 43 now, more than half of my life ago, I discovered these science papers by a scientist named David Chaum who invented the notion of encrypted crypto currency, internet money that was protected by cryptography.”, according to Zooko, “It didn’t have a decentralized monetary base. There was a central third party but it couldn’t spy on the transactions of the users because of cryptography. It wasn’t a complete solution.”

David Chaum invented eCash, as anonymous cryptographic electronic money in 1983. In 1990, he founded the DigiCash company for the implementation of eCash by third party corporations (mainly banks). The eCash solution ensures the privacy of its users. eCash was implemented by one bank in the US and a few banks in Europe.



It’s all about Berlin’s wall, internet and crypto

“A couple of years before I came across David Chaum’s invention, I discovered the internet. The internet was pretty new then. I thought it was really exciting that distance and national borders were no longer complete barriers to communication. Before the internet, people didn’t really talk to, or learn the thoughts, of people from other countries. The only way was if you read a book or could take from whatever the newspapers or the TV stations chose to tell you about people’s thoughts from other countries.

Another formative event in my life was the fall of the Berlin Wall. It meant that national borders would stop being jail cells to people. In 1993, I discovered Cryptocurrency through DigiCash, and I thought this was the third part of the revolution; so distance and borders would no longer be barriers to resource sharing and going into business together – that one unfortunately didn’t work out.”

In Zooko’s vision, there are the three parts of the revolution – The fall of the Berlin wall, the invention of the internet and the invention of cryptocurrencies which represent a world with open borders, global open communication and an open economy without a distance or origin barrier.

INTERNET – Are we moving in the wrong direction?

“Years later, the internet revolution started to roll back, it became more of the case that national borders are barriers to communication between people. It is profoundly the case in China. In the West we are used to using the internet, and it is like an extension of our brains. When I went to China it felt like having a lobotomy, I couldn’t Google anything. No Facebook, no New-York Times, no Wikipedia… It is moving in the wrong direction.“

Internet Censorship map (Source: www.isoc.org)

Bitcoin vs. Zcash

“Bitcoin and Zcash represent to me the third part that will help sustain the other two – open borders and global open communication – and will keep the internet open and global”.

Our data is owned by private companies

“The potential for protecting and expanding human freedom is exciting. We are currently on a very dangerous pattern. The level of surveillance available for government is unprecedented in human history. Since humans were born until 15 years ago, there was never anything like that. There were cases throughout history when governments were more proactive in collecting data.

Though, the modern large companies and the governments have way more data on us than the German secret police ever had. East German secret police had about one half of their citizens secretly reporting on the other half and they had buildings full of folders and files with the data of all the citizens in the country. But this is nothing compared to the data about us that Google owns today. There is a big difference if you have one data point from everyday compared to a data point of every micro-second.”


How is all of the above background related to Zcash

“Well, that’s really why I started Zcash 3 years ago, because I was concerned about these issues and thought Zcash could make a big difference”

Zcash explained to the normal human being

“It is a kind of money that doesn’t come from any government or company and it protects the information about your transaction so that information is not disclosed to hackers or anyone. That’s basically Zcash.”

Tahoe LAFS

“I made a company that made a cryptographically protected distributed storage system called, Tahoe LAFS. That’s a distributed encrypted storage system like IPFS. Tahoe LAFS, which is still going on, is a very interesting project. One difference between it and IPFS is that the files are encrypted so you have control over who gets to see the content of them.

Another thing that the startup does is security audits for cryptographic software. For example, we were hired by the Ethereum development team before the launch of Ethereum to do security auditing of Ethereum. We were hired by many other good projects to do security audits.”

I wanted to work on Zcash day and night for the rest of my life

“One day, a team of scientists from the USA and Israel, who developed the idea behind Zcash approached me and asked me to commercialize the new project. They knew of my previous work at Tahoe LAFS. At first I said no. Even though I thought privacy is really important to me and is important for society, Bitcoin had a head start. So this new thing (Zcash) would just be a niche product for special purposes and wouldn’t be a mainstream product.”

However, after some deeper thinking, I realized that privacy is necessary for the mainstream users too and eventually I said Yes. And from that point, I wanted to work on Zcash day and night for the rest of my life. In addition to privacy’s importance for humanity, civil rights and the safety of society is also necessary for business.  Every mainstream business that wants to use cryptocurrency will need it.”

“If you want to use a cryptocurrency to buy and sell goods and services for your business you need privacy so that you are not leaking information about your transactions to competitors, criminals and unauthorized parties. In the US, it is absolutely illegal for any business that manages customer’s money, to leak information about it to an unauthorized party.”


“For a thing to serve as money, it needs to be transferable, easy to count, and fungible.

If you are selling your used bike for 100 USD, and someone offers you two 100 USD bills, you probably don’t care which one of them you take. Two 100 USD bills means the same to you. However, if you are selling your used bike and someone offers you one of two used laptops, you really care about which used laptop to take. No used laptop is worth exactly the same as another to you. That’s why dollars have fungibility and used laptops don’t have fungibility.”

“Some people don’t trust JP Morgan”

What value does Bitcoin bring to the world?The question was asked a few days after Jamie Dimon, J.P. Morgan’s CEO, called Bitcoin a fraud

“I think the core value proposition is that some people don’t trust JP Morgan. There isn’t any government or a person that everyone on the planet trusts. One can say, let’s make a world bank that everyone trusts. Fact is, that’s not the world we live in. That is the unique value proposition of Bitcoin and Zcash, not the technology. But a thing that you and someone else can rely on, even though you and the other person don’t trust the same bank or the same government. I love Bitcoin, it is a revolution. I’m the author of the first ever blog post about Bitcoin (Jan 26, 2009). In fact, Satoshi Nakamoto’s home page linked to my home page at one point”

Satoshi Nakamoto’s Bitcoin alpha release blog post (March 3rd, 2009) linked to the following blog post written by Zooko: Decentralized Money, 26 January 2009 (created 26 January 2009)

“I’ve been spending a little bit of time thinking about how gaming services like World of Warcraft and (don’t-call-it-a-gaming-service) Second Life have succeeded where we at DigiCash failed — convenient, widely-used, programmable digital cash. A problem is that each of these new currencies are centrally controlled by one entity. This limits the scope of who will rely on that currency and how much value they will risk on that currency. There are ideas floating around about how to facilitate transactions between currencies, but this would not solve the problem. A plethora of competing centralized services is not the same as a decentralized service. Even if it were cheap and convenient to trade some LindenBucks for some WoW Gold, this would only lead us back to the equivalent of the modern nation-state currencies: mostly centralized (because of the Network Externality), heavily taxed/regulated/manipulated, and prone to disastrous failure. What I want is a currency which everyone can cheaply and conveniently use but which no-one has the power to manipulate. No-one has the power to inflate or deflate the currency supply, no-one has the power to monitor, tax, or prevent transactions. Truly the digital equivalent of gold, during the times and places when gold was the universal currency. See the BitGold idea by Nick Szabo and b-money idea by Wei Dai, and recent effort to actually implement something along these lines: BitCoin by Satoshi Nakamoto.”

What value does Zcash bring to the world that Bitcoin does not?

“There is a huge flaw in Bitcoin. Satoshi knew this, he also valued privacy. He talked about how he hoped Bitcoin’s privacy would be sufficient and of the possible ways to improve its privacy using encryption. Bitcoin’s privacy is a total failure. The only reason Satoshi didn’t put better privacy into Bitcoin originally is that we didn’t have sophisticated enough cryptography back then. It was after Satoshi was doing his work that we discovered the new mathematics of efficient Zero Knowledge Proofs that allow us to do it correctly in Zcash.”

Zero Knowledge Proofs

 “Zero Knowledge Proof is not what gives you privacy, it is just the necessary glue to allow us to use encryption. The way privacy is provided in Zcash is the same way privacy is provided with every high security computer and network (Secured databases of banks in the world for example). The reason transactions are public in Bitcoin is so the miners can detect invalid transactions and exclude them in order for Bitcoin to work. That’s why Satoshi couldn’t encrypt the transactions; otherwise he would have done it. The innovation of Zero Knowledge Proof allows us to prove that a transaction is valid even though the transaction is encrypted.

It is an interesting discovery that was made about 30 years ago. Shafi Goldwasser is one of the scientists behind this proof. She later won the Turing award for this discovery, which is one of the most prestigious awards for a computer scientist. They identified the concept of proving the solution without revealing the solution, and proved that it was possible to do it. But, the way that they showed that it was possible to do it, was totally impractical, that’s why Satoshi couldn’t use it in 2008.

The following is a great example, we came by, for the Zero Knowledge proof:

Imagine your friend is color-blind. You have two billiard balls; one is red, one is green, but they are otherwise identical. To your friend they seem completely identical, and he is skeptical that they are actually distinguishable. You want to prove to him that they are in fact differently-colored. On the other hand, you do not want him to learn which is red and which is green.

Here is the proof system: You give the two balls to your friend so that he is holding one in each hand. You can see the balls at this point, but you don’t tell him which is which. Your friend then puts both hands behind his back. Next, he either switches the balls between his hands, or leaves them be, with probability 1/2 each. Finally, he brings them out from behind his back. You now have to “guess” whether or not he switched the balls. By looking at their colors, you can, of course, say with certainty whether or not he switched them. On the other hand, if they were the same color and hence indistinguishable, there is no way you could guess correctly with probability higher than 1/2.

If you and your friend repeat this “proof”   times (for large t), your friend should become convinced that the balls are indeed differently colored; otherwise, the probability that you would have succeeded at identifying all the switch/non-switches is at most . Furthermore, the proof is “zero-knowledge” because your friend never learns which ball is green and which is red; indeed, he gains no knowledge about how to distinguish the balls.

The same idea works for Zcash. The miner can verify an encrypted transaction without seeing the transaction itself. He repeats some mathematical proof where each time he gains some more certainty that the transaction is indeed valid. After a large number of proofs the probability that the miner will approve an un-valid transaction becomes negligible.

Government recognition of Zcash

Japan as an example: “If you are the financial services authority of Japan, you don’t want Japanese people using a payment system which discloses all of their transaction to North Korea (as in Bitcoin). Bitcoin is more dangerous for Japanese people in that way than Zcash is.”

Just logon to Blockchain.info to see the latest Bitcoin transactions, as seen here for example: everyone can see the sender and receiver addresses, the amount of money transferred and when.


“There are tradeoffs. If the Japanese people use Zcash, you do lose traceability, but it is ok because you don’t have that traceability for cash or even for credit cards” (a third party discloses the transaction information if needed, but it is not open to anyone – selective transparency). That’s the same thing you can do with Zcash, it also has selective transparency. “

Selective transparency is a feature in the Zcash protocol that gives a user the ability to disclose his transaction history to a certain party. For other parties, all the user’s transaction history is encrypted.

“Most of the bitcoin payment transactions rely on a third party intermediary (like CoinBase, BitStamp, Bitflyer etc.). As long as people rely on a third party intermediary, Zcash acts more like the conventional banking system does from the perspective of regulation. In that model, the encryption in Zcash is not hiding the information from the provider and it’s not hiding the information from the Japanese government. It’s hiding the information from the North Korean government. People that don’t use a third party cannot use the banking system, but they can use Bitcoin or Zcash. If you use Bitcoin, your information is disclosed to anyone on the internet. With Zcash the information is protected.”

Adding private information to a transaction on the Zcash blockchain

 “Another virtue of Zcash, is that it allows you to put more information into the transaction.

Because the transaction is only visible to authorized parties, you don’t mind adding to the transaction. For example – ‘this is for the shaving brush’, whereas in Bitcoin, you might not want to add further information to it as it is transparent to the world.

That information will be visible to the government either if you use a third party intermediary or you choose to disclose that information to the government.

In conclusion, Zcash might be better for the government in some cases because once the user is compliant or uses a third party for his payments, the information is richer. There is a law which Bitcoin companies cannot satisfy and Zcash can. The KYC (know your customer) of the customer has to travel with the payment if you transfer money on behalf of the customer from one financial institution to another.”

Nowadays, Bitcoin and Zcash serve mainly as a store of value. Will it ever serve as a currency?

“That is my goal; for Zcash and for Bitcoin to serve as a currency. A good strategy for that, is to look for opportunities where the competition is weak. Wherever the competition is worst, that’s where Zcash and Bitcoin can shine. I really want Zcash to take over the USD, but it is going to take a long time, that is a bigger challenge. Currently, I’m really excited about Zcash against the Venezuelan Bolivar, Zcash is obviously way better than it.”

A cup of coffee in eastern Caracas, Venezuela, today costs 460% more bolivar than it cost a year ago (450 to 2,800 Bolivar). As published on the Venezuelan cafe con leche index.

“There are around 250 fiat currencies in the world, the average currency lasts just 100 years. You can basically expect one fiat currency to completely fail every few years. Currently it is the Venezuelan Bolivar.

The great competitor for a failed currency is the USD, one way Zcash and Bitcoin could benefit from that, is to serve as the gateway to USD for these countries. In Venezuela, you cannot have USD in your bank account. I would be happy if Zcash and Bitcoin could serve as a gateway from an unstable currency (Venezuelan Bolivar) to a stable currency (EURO/USD)”

Credit to : https://cryptopotato.com/zcashs-encrypted-blockchain-satoshis-vision-interview-zooko/?source=techstories.org

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**Serious buyers only**


I am based in Malaysia, Asia so make sure that you check the time zone. ( Western Union opens from 9:00 am – 4:00pm GMT +8)

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(1) Please follow this video guide at URL :https://youtube.com/watch?v=8OmDm9rfbEg

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Bitcoin Experts Interviewed electronic money into promoting Vietnam No.1 Bitcoin Entrepreneur

Experts interviewed electronic money into promoting Vietnam No.1 disasters:

more people live together after all is in the mind.
Well greet you today bankofmunity’ll give you one little conversation with experts at leading Bitcoin Vietnam.

In the name of promoting Vietnam disaster was probably in the world if nobody btc strangers, most popular is the first case to go against mmo4me.com and most successful in history. Or is his charity of scandal always around him. Some like people hate but I personally have known him a long time today obtained permission to interview him in malaysia.
Well hello there, looks like I found these days are the days he had left No. 1
electronic money Vietnam to return to normal life in his homeland:
– Well hello sir, there should have been me not never get that position I just farmers all year round trade for profit. Understanding of my electronic money are limited. Tinkering passion then come out and say the
experts somewhat exaggerated indeed.

Yes sir, we are aware of electronic money is only one of the factors that he was good, he can play forex, financial players to get in Vietnam, which has never played export binarty lost … All he are good, he is no secret to doing these things:

– Actually, I did not have any secret for you all the time just was sleeping. I taught and exercise,  while you are brushing him. I was on the road and to the place to learn. if anything I just than others because of the diligence of its smart cover. Anyone can as I know efforts outlinedhis humbling Well sir, as I know he is your assessment about tradecoin are days or more for the young career. It is whether the methods of making money for the future? and according to reliable sources first, he was the trade at the highest level if the floor in the world btc-f and bitrams, or in the pages p2p … he always had exchange transactions reached $ 100,000 the fastest
we learn and see that this is not simply an attempt, in my opinion
he is the first leader of the trade in Asia:
– it does not dare, he said the joke already. In Vietnam the presumed self-identify themselves as professionals and
indeed no less. They do their job, I do my job. I just share what I know
and never get their first contract. By simply looking at them kindly when I feel happy simply share one passion.

Well known for his Vietnam traded frequently traded and exchanged no
more but his name has always been one of people mentioned because he always undercut Bitcoin discretion nghiaa
they say is so, so he selling so cheap, you’re not afford to live:
– Oh hihi selling low and selling high or not, myself clear and say so clearly.
I do not want to argue about this issue
Yes sir, I know that he has always been one of those listed as never catch up with his class, but he always said bad in front of the public, why do you think the :
– more people live together in the mind after all so I do not want to in the heart of the resentment to them. I live and believe in the law of cause and effect will come only for the same it’s just late. And many people think
that it does not come. Well he intends to come back to the future, he had to stay hidden in the Bitcoin world really no one can rub shoulders with world powers in Europe anymore. Vietnam remains whether there are implications? :
– Oh no Vietnam Ho Chi Minh. Vietnam Ho Chi Minh, we are peoples Vietnam
one individual like me is just one tiny person. I believe Vietnam will progress further
in the field of electronic money is
Well, thank you for sharing this valuable.
Bank of Community wish him happy life with my family happy, greeting him.

For more info, pls visitt his website at http://www.thanhbathien.com

Phỏng vấn chuyên gia tiền điện tử số 1 việt nam thành bá thiên : con người sống hơn nhau suy cho cùng  là ở cái tâm.
Vâng chào các bạn hôm nay bankofmunity sẽ đưa cho các bạn 1 cuộc trò chuyện nhỏ với chuyên gia hàng đầu về bitcoin tại việt nam.
Tại việt nam cái tên thành bá thiên chắc hẳn nếu là người trong giới btc không ai còn xa lạ gì, nổi nhất là những vụ người đầu tiên đi ngược lại mmo4me.com và thành công nhất trong lịch sử .
Hoặc là những việc từ thiện của anh những xì căng đan luôn xoay quanh anh. Có người thích
người ghét nhưng cá nhân tôi đã biết anh từ lâu hôm nay xin được phép phỏng vấn anh tại malaysia.
Vâng chào anh , hình như tôi nhận thấy những ngày qua là những ngày anh đã rời bỏ vị trí số  1
tiền điện tử việt nam để trở về cuộc sống bình thường nơi quê nhà :
– Vâng chào ông, đáng lẽ ra là tôi chưa hề có được vị trí đó tôi chỉ là nông dân quanh năm buôn bán
kiếm lời. Sự hiểu biết về tiền điện tử của tôi cũng có hạn. Đam mê mày mò thì ra thôi, nói là
chuyên gia quả thật hơi quá lời.
Vâng thừa ông thì chúng tôi được biết tiền điện tử chỉ là 1 trong những yếu tố mà ông giỏi, ông có thể
chơi forex, chơi tài chính cho nhận ở việt nam , chơi export binarty mà chưa hề thua …
Tất cả ông đều giỏi, ông có bí quyết gì để làm được những điều đó :
– Thật sự thì tôi chả có bí quyết gì cả chỉ là lúc các bạn ấy đang ngủ. tôi đã dạy và tập thể dục,
lúc các bạn ấy đang đánh răng. Tôi đã lên đường và đến những nơi đáng để học hỏi. nếu có chăng
tôi chỉ hơn người khác vì sự cần cù bù thông minh của mình. Ai cũng có thể như tôi nêu biết lỗ lực
Vâng ông thật khiêm tốn thưa ông, theo tôi được biết ông đánh giá thế nào về việc tradecoin
đang ngày trở lên là nghề đối với các bạn trẻ. Đó liệu có phải là phương pháp kiếm tiền cho tương lai?
và theo 1 nguồn tin đáng tin cậy thì ông là người trade ở đẳng cấp cao nhất nếu tính ở sàn thế giới
btc-e, bitrams,p2p… hoặc trong những trang trao đổi ông luôn là người đạt giao dịch thứ 100.000$ nhanh nhất
chúng tôi đã tìm hiểu và thấy được rằng đây không phải đơn giản là sự cố gắng, theo tôi
ông là 1 người đi đầu về trade ở châu á :
– Thật không dám, anh nói quá đùa rồi. Ở việt nam những người tự mạo muội và nhận mình là chuyên gia
quả thật có không ít. Việc họ họ làm, việc tôi tôi làm. Tôi chỉ chia sẻ những điều tôi biết
và không bao giờ lấy của họ 1 đồng. Bởi đơn giản khi nhìn họ vui lòng tôi cũng cảm thấy vui
Chỉ đơn giản là chung 1 đam mê.
Vâng được biết trong giao dịch ở việt nam ông lại thường xuyên không giao dịch và trao đổi
nhiều nhưng cái tên của ông luôn được 1 số người nhắc tới vì ông luôn bán rẻ bitcoin theo ý nghĩaa
mà họ nói là như vậy, vậy ông bán rẻ như vậy thì lấy đâu tiền mà sống:
– Ồ hihi việc bán rẻ bán đắt hay không thì bản thân tôi rõ và người nói như vậy rõ.
Tôi không muốn tranh luận về vấn đề này
Vâng thưa ông tôi biết rằng ông luôn được 1 số kẻ liệt vào danh sách không bao giờ đuổi kịp đẳng cấp ông,
nhưng lại luôn luôn nói xấu ông trước mặt công chúng vây theo ong thì sao:
– Con người sống hơn nhau suy cho cùng ở cái tâm vì vậy tôi không muốn để trong lòng những
ân oán với họ. Tôi sống và tin vào luật nhân quả sẽ đến duy cho cùng nó chỉ đến muộn. Và nhiều người nghĩ
rằng nó không đến
Vâng sắp tới ông có dự định về cho tương lai, ông đã về ở ẩn trong giới bitcoin quả thật không còn
ai có thể sánh vai với các cường quốc năm châu nữa. Việt nam liệu có lụy tàn ? :
– Ồ không việt nam hồ chí mình. Việt nam hồ chí minh, chúng tôi là dân tộc việt nam
1 cá thể như tôi chỉ là 1 con người nhỏ bé. Tôi tin việt nam sẽ còn tiến xa hơn nữa
trong lĩnh vực tiền điện tử này
Vâng, cảm ơn ông vì những chia sẻ quý báu này.
Bankoffmunity kính chúc ông có cuộc sống vui vẻ hạnh phúc bên gia đình, chào ông.

Bitcoin Prediction – $650 Bitcoin in 2016

Richelle Ross is an independent cryptocurrency consultant and a computer science major at the University of Florida, whose interests include programming and cryptology.


On 23rd July, I predicted on Quora that the price of bitcoin at the end of the year would rest around $420.

It appears at press time that I was not far off. As of 30th December, the bitcoin price is around $425. It seems I identified what many in the cryptocurrency community were predicting – 2015 was the year the bitcoin price would experience the slow and steadier growth it needed.

In previous years there were a lot of unknowns in the cryptocurrency world. It was often believed that a better currency may come along or that bitcoin was just another form of the fabled ‘Tulip Mania’, a period in the Dutch Golden Age used as an example for when the price of an asset outpaces its intrinsic value.

And these concerns were real possibilities because bitcoin was new, and there were growing pains it had to overcome.

Institutional acceptance

This year we learned that bitcoin is probably not going away anytime soon, as evidenced by the continued rise in transaction volumes and legitimization from mainstream leaders and institutions.

Larry Summers, Blythe Masters and UK Chancellor George Osborne have all given approving statements on bitcoin or the blockchain.

Not only are the statements positive, though, they’re increasingly bullish. For example, Summers, the head of US Department of the Treasury under the Clinton Administration, said he is behind the technology as he wanted to side with the “history of change”.

Elsewhere, everyone from politicians to musicians was seeking to find new and novel ways to use and support the technology.

US presidential candidate Rand Paul began accepting bitcoin donations, becoming the first presidential candidate to do so, and indie songstress Imogen Heap released a song on the blockchain.

The list goes on: Patrick Byrne’s blockchain-backed stock platform was recently approved by the SEC; Cameron and Tyler Winklevoss launched their long-awaited exchange Gemini; more bitcoin investment vehicles have been started; the Coinbase service reached 3 million users; and bitcoin startup funding surged to total almost $1bn all-time.

Maturing conversation

Analyzing the bitcoin economy for the last couple years, I have been fascinated by the evolution of conversations between bitcoin skeptics and evangelists. But it’s easy to forget how it used to be nearly impossible to read a bitcoin article without it featuring sources labelling it a Ponzi scheme or scam and an evangelist who claimed bitcoin’s price was going “to the moon” next week.

But, we’ve moved beyond these simplistic sides this year.

Now, the debate centers more on whether bitcoin can maintain its values and whether there will be a role for private or independent blockchains in a decentralized financial technology stack.

In essence, bitcoin is being discussed with more complexity and the pessimistic voices trying to write obituaries are dying out.

Whenever I’ve spoken to colleagues about bitcoin, what usually intrigues them is the global payment rail system.

It parallels the trends we see in communication and cloud networking – nation states are becoming less relevant to younger generations with global systems like the Internet, and that conversation came into the spotlight this year.

Reasons for optimism

Assuming that bitcoin remains the most popular token to run the blockchain and transaction volumes continue to rise, the next few years should be spectacular for the price of bitcoin.

While 2015 was a relatively calm year for the price, it seems likely that 2016 will be much more action-packed with the block halving next summer, where the amount of bitcoins awarded to miners roughly every 10 minutes will be cut in half.

We’ve laid down the tracks so to speak, allowing for there to be more confidence than ever before that bitcoin is, and can continue to be, a credible store of value.

With this in mind, I’ve decided to offer another price prediction for next year since I had some luck for this year. I believe bitcoin will surpass $500 by the middle of the year and average out to a $650 price range in the second half of the year.

Of course, there are too many unknown factors when predicting price to know with any certainty, but the maturing infrastructure has lead me to believe that next year will be an exciting one for investors.

Still, many of bitcoin’s best days come in reaction to world crises in places like Greece, China, and Argentina, meaning at the end of the day, there’s no predicting where the price could go.

As we continue to patch up leaks in the global economy’s sinking ship, I have to wonder will 2016 also be the year we are reminded of why Satoshi created bitcoin in the first place.

Want to share your opinion on bitcoin or blockchain in 2015, or a prediction for the year ahead? Send ideas to BankOfCommunity to learn how you can join the conversation.

Disclaimer: The views expressed in this article are those of the author and do not necessarily represent the views of, and should not be attributed to, CoinDesk.

Source : The Verge

Central Bank of China warns about Mavrodi’s bitcoin pyramid MMMGlobal.org

Mavordi ‘MMM Global’ Scam Declared Illegal By Chinese Government


Investors have been warned by the Chinese Government about MMM Global and MMM China. The Chinese government believe that those schemes — and sites like them — are illegal. This news comes to us from Chinese media site Caixin [via Coinfox].

MMM Global is run by convicted Russian fraudster Sergey Mavrodi who served over four years in Russian prison for a pyramid scheme he ran in the 1990s. Mavrodi recently claimed that his more recent scheme was responsible for the price increase back in December 2015 and early January 2016. He provided no evidence to back up that claim (and neither did the writers who gave him more press by parroting his claims). It seems unlikely that is true, with bitcoin’s marketcap currently sitting at over $6 billion, it would take a lot of investment to move the price as significantly as it did.


Since at least December 25th, withdraws from MMM Global have halted. As of today, users still cannot access their funds.

Nevertheless, MMM Global was successful for a while, as far as pyramid schemes go. The global version of the site, is currently listed as the #27,875 ranked website in the world,according to alexa.com.

MMM Global claims to be a mutual beneficiary network and ultimately, has very little to do with cryptocurrencies themselves. The connection only exists because MMM Global accepts bitcoin as a payment option and Mavrodi’s price claim. Nevertheless, Bitcoin does make these type of scams more effective because Bitcoin transactions are irreversible. As such, the Bitcoin community and especially Bitcoin media, should feel a responsibility to expose these types of scams as much and as quickly as possible.

A Mutual Beneficiary Network (MBN) is a new name for an old scam. Essentially a classic Ponzi scheme, MBNs attempt to piggyback off of the viral giving movements that grew in popularity a few years ago. Activities like paying the bill for the person behind you in line at Starbucks gained some press attention and it made anonymous giving sound like a real trend.

MMM claims that they are just connecting people. The idea is that you give to the network and then other people in the network will eventually give it back to you, and more. Unfortunately, with the promised returns of 20 – 100% a month, an exponential amount of new investors would have to join every month, in order for the scheme to continue. Paying out current investors with new investor money is the textbook definition of a Ponzi scheme.

The Bank of China’s warning likely comes too little, too late for investors, with the scheme rapidly falling apart. That said, it does seem that Mavrodi is quickly running out of countries to operate MMM Global in. He has recently begun targeting South Africa.

MMM Global appears larger than any other Ponzi schemes that have been linked to cryptocurrencies, but cryptocurrencies are no stranger to their own brand of Ponzi schemes. Paycoin / GAW Miners, as well as Banx Capital, show that alleged Ponzi schemes are common in new technologies like Cryptocurrencies.

News source :http://coinjournal.net/mavordi-mmm-scam-declared-illegal-by-bank-of-china/

Latest News-Panic Stirs Worldwide Around Bitcoin’s Collapse! ( Down 12% in 3 days! ) Is It Bitcoin Revolution?


Bitcoin price drop from US$470 to US$414/coin on 2016-01-15. What do you think? Do you still holding Bitcoin BTC? Or have you sell your BTC?
Is it SAFE to invest in bitcoin NOW? Can anyone guarantee me to put in my money in Bitcoin? Why?

You can check the latest Bitcoin vs US exchane rate here : http://www.xe.com/currencycharts/?from=XBT&to=USD&view=1M

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