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Crypto Webinar, Round 2 - Jan 14, 2018 @ Noon EST

You've asked for more Mark Rees. He accepts.
Monday, January 8, 2018, 10:45 PM

Well, our first-ever Bitcoin/Cryptocurrency webinar last weekend featuring Mark Rees went quite well.

And it proved that we've only just scratched the tip of the iceberg in addressing all of the great questions you folks have regarding the astoundingly complex and fast-changing world of cryptocurrencies.

At the end of the webinar, the participants made two clear asks of us:

1) Can you do another similar webinar with Mark, fully dedicated to answering more audience Q&A?

and:

2) Can you do it immediately?

So we've asked Mark to strap back into the saddle and he has kindly agreed. We'll be holding the Round 2 Q&A webinar with him on this coming Sunday, January 14, 2018 at noon EST/9am PST.

This follow-on event will cost the same as the previous one: $50 (still just 0.003 Bitcoin) to attend. It will last about an hour and a half (though don't be surprised if we stretch it out again in response to the high volume of questions).

To register for the event, click the blue button below:

Prioritizing The Questions For Mark

Many of you have asked us to allow voting on which questions Mark should address in this next webinar.

To that end, we've created a simple survey. Please take it to let us know which questions you care most about. We'll compile them, and then put the list up for voting later in the week.

We'll make sure the top 10 questions with the highest number of votes get posed to Mark.

To take this short survey, click here.

Post-Webinar Playback

As before, a video recording of the webinar will be made available to registrants after the webinar is over. That means there's no reason to worry if you can't make the live event, or need to skip out on parts of it due to meetings, family demands, or other obligations. You'll be able to re-watch the webinar as much as you like.

Now, don't forget to register for the Round 2 webinar now by clicking the big blue button below:

We look forward to seeing you again on Jan 14th!

cheers,
Adam, Chris and Mark

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27 Comments

New_Life's picture
New_Life
Status: Silver Member (Offline)
Joined: Apr 18 2011
Posts: 143
Future?

Great that you'd doing a follow up and keeping this constructive, I also encourage DaveF to join in and engage to help try and pick apart beliefs/ideas/forecasts..

I'd like a challenging view on the sustainability of BlockChain vast energy usage, particularly relevant to PP readers.  How will this affect energy prices to the rest of society?

The impact on PM prices, short, mid & long term. (People selling a % of PM holdings to fund Crypto speculation now, but also BitCoin millionaires are also locking in profits and buying physical PMs with Crypto directly)   Max Keiser has also tipped Cryptos will reawaken interest in PMs and push them to ATHs.

When to sell, now that buying and holding crypto is easily available on a smartphone (some exchanges are processing 250k new applications a DAY) so this will become a mania over the next couple of years, need to know when and how to convert gains to Primary wealth, land, resources, etc.

New_Life's picture
New_Life
Status: Silver Member (Offline)
Joined: Apr 18 2011
Posts: 143
Public Awareness, how Crypto helps PP message

Also Crypto should help the message from PP get further out, friends will ask why I am investing/speculating in Digital Assets.

From conversations on this subject I have already pointed a few of them to here and Chris & Adam's message.  Are Cryptos the gateway drug equivalent of the Red Pill in the Matrix to the "Real World" rather than one fashioned by 1% Bankers and deluded Politicians..?

You might like this;

http://thehill.com/opinion/technology/367768-bitcoin-isnt-the-bubble-the...

 

 

And if you need reminding of the Matrix and the analogy to the debt ridden nature of our world economy...

New_Life's picture
New_Life
Status: Silver Member (Offline)
Joined: Apr 18 2011
Posts: 143
Etheruem worth more than Gold?

Here's a thought, by the time Sunday's webinar is broadcast will an ounce of Gold be less than 1 unit of ETH?

Afridev's picture
Afridev
Status: Silver Member (Offline)
Joined: Oct 11 2013
Posts: 119
Some thoughts on webinar 2

Would like to have an idea what the questions will be before registering (hope the key questions can be shared beforehand).

From my viewpoint; attending the first Webinar, I found the first half (introductory part) not very useful as it was more setting the scene and a general introduction to cryptocurrencies, this part was too long for me. There is a lot of useful and accessible information on cryptocurrencies available on the internet, so for me this part could largely have been skipped. A suggestion for future webinars when covering wide subjects with attendants with different level and expectations: send out a limited reading list that attendants need to go through to get the necessary basic knowledge and understanding (2-4 web-pages?). That means that, after a quick recap of 5 min, the webinar can build from there.

I did find the Q&A much more useful with a couple of interesting issues that came out. My main interest (expressed in comments on PP) in attending the webinar though was getting a better understanding of the dynamics around cryptocurrencies and the blockchain (e.g. stakeholders - interests, attitudes, clout; processes - interdependencies; technology - possibilities and limitations), and the way this technology may evolve/ affect (and benefit) society. This was not really covered. If this will receive more attention in the second webinar then I'm in directly... 

No criticism, I know firsthand that it is not easy to cover a wide domain in a short time with attendants with a diverse background, level and different expectations.

For the Q&A of the second webinar, to avoid it becoming too fragmented and getting bogged down in details, maybe good for Mark to group questions, do a three-minute review of the high-level issues/ (potential) solutions and where we are at, before going into more detailed questions.

I also like New-life's suggestion to get DaveF (or other knowledgeable analytical thinker) in - besides the moderator. I'd like us to push the borders with regard to the political and social implications (and a bit the key high-level technological issues), Mark clearly knows what he is talking about, so let's take advantage of that knowledge being available, and push him a bit on some on the more challenging issues (gently of course devil).

Afridev's picture
Afridev
Status: Silver Member (Offline)
Joined: Oct 11 2013
Posts: 119
The 'Orwell' coin...

Would be nice to have Mark's view on 'The Orwell' coin page 10-12

https://www.macrovoices.com/macrovoices-content/list-research-roundup/14...

 

New_Life's picture
New_Life
Status: Silver Member (Offline)
Joined: Apr 18 2011
Posts: 143
JD @ JPM admits he was wrong on BTC...

Can just imagine Max Keiser's rant when he sees this... :)
https://www.cnbc.com/2018/01/09/jamie-dimon-says-he-regrets-calling-bitc...

New_Life's picture
New_Life
Status: Silver Member (Offline)
Joined: Apr 18 2011
Posts: 143
Bubble fever in stocks too...

Remember when stocks just added .com to their names to get a big % hike...
https://www.zerohedge.com/news/2018-01-09/kodak-announces-launch-kodakco...

skipr's picture
skipr
Status: Bronze Member (Offline)
Joined: Jan 9 2016
Posts: 95
unconfirmed transaction

Here's a question for Mark.  I initiated a sizable BTC transaction a week ago and it's still unconfirmed.  The company at the other end suggested using a transaction accelerator.  Are there any other options?  If none of them work am I simply screwed?

Michael_Rudmin's picture
Michael_Rudmin
Status: Platinum Member (Offline)
Joined: Jun 25 2014
Posts: 772
I suspect for BTC

That the miner machines look at the amount of the transaction in addition to the price they'll be paid, and possibly pick an algorithm to optimize long term gains.

It's even possible that you could be targeted by your own agent for delays. It's not like stockbrokers don't have a long tradition of stealing from their customers.

If that's the case, then if you want to carry out a bunch of timely transactions, you may have to buy a miner yourself, and let it devote its time to your own transactions first, and market transactions second.

Or you may simply pay the premium.

sand_puppy's picture
sand_puppy
Status: Diamond Member (Offline)
Joined: Apr 13 2011
Posts: 1725
Simple Article on How A Blockchain Works

I thought that this was one of the better explanations of How Blockchains Work.

Adam Taggart's picture
Adam Taggart
Status: Peak Prosperity Co-founder (Offline)
Joined: May 26 2009
Posts: 2890
Be Sure to take the survey to priortize the Q&A

Afridev -

Thanks for the feedback. As you know, the Round 2 webinar this coming Sunday will be fully devoted to audience Q&A.

As mentioned above, we've created a survey to help identify the questions the audience is most interested in hearing Mark address.

Everyone planning on participating on Sunday should take that survey. If you haven't yet, please click here to do so. It will only take you a minute.

Once the results are in, I'll compile them and create a second survey later this week asking folks to vote on how important each question is to them. Chris and I will use the results to create a prioritized hit list for Mark.

See you all on Sunday.

cheers,

A

mrees999's picture
mrees999
Status: Gold Member (Offline)
Joined: Aug 16 2013
Posts: 364
transaction accellerator

I haven't used one myself. But I found this page that compared a few different services. It looks like the price is reasonable.

 

https://steemit.com/bitcoin/@coinour/comparing-three-bitcoin-transaction...

mrees999's picture
mrees999
Status: Gold Member (Offline)
Joined: Aug 16 2013
Posts: 364
tl,dr

I don't have enough time to read that, but if the opening argument is an indication of the thought process for the rest of the work, his point was that the airplane as first build was a rough estimate only for the new paradigm and it would be improved on so much that the first version (Wright Brothers) wouldn't be the be-all-end-all.

Then comparisons to Bitcoin would be made as an association to the airplane.

There are a few big problems with the comparison.  Bitcoin is a network. It uses network effect or Metcalf's law. It's not a single thing and its power and usefulness are created in a self-reinforcing confirmation. With each new person that uses the bitcoin network -- it's not a linear improvement. It improves the usefulness for everybody else as well.

There are already scores of blockchains that are better. One day - maybe even this year one will supplant bitcoin as the biggest and most widely used. Protocols can come and go in history. We see languages disappear from Earth - a few each year as they combine into the most widely used. Bitcoin performs one function very well.  It acts as money and is backed up by the most powerful network.

Ethereum, is a platform for smart contracts. It may be the best and most widely used for the thing it does best. They don't compete, they do different things. Does one "Win"?  Shark, king of the ocean. Lion: king of the Jungle. Which is better? Who's asking the question?

davefairtex's picture
davefairtex
Status: Diamond Member (Offline)
Joined: Sep 3 2008
Posts: 4942
unconfirmed tx

skipr-

You need to have a wallet (or whatever it is that executes your transactions) where you can set the TX fee.  See the following chart which describes the mempool - the collection of transactions waiting to be processed, ordered by fees they are offering.

https://dedi.jochen-hoenicke.de/queue/more/#1w

Miners select TX in order of fee size.  If your fee is too low, for practical purposes, your TX will never be processed.

If you want to guarantee your TX within the next block, you can spend 1000-2000 satoshis/byte.  If you want it mostly-guaranteed when things aren't too exciting, maybe 200 s/b.  If you want it never to happen, then try 70 s/b.

Look at the chart, you'll see what I mean.

If you only get a slider bar that says "less expensive" and "more expensive" - it might not be good enough.  I had to actually find a new bitcoin client that let me set the fee before I could send Mark's gift from 2014.  Otherwise it too would have been stuck in the mempool...never to be processed...

Its a software beta worth 250 billion dollars, with plenty of little gotchas just like this.  Oh, and don't miss a character on that address you are sending to.  Another gotcha.  VISA has had check digits since forever so the software can catch it if you enter a malformed credit card number.  Does Bitcoin?  Of course not.

"Not user-interface geniuses."

I mean, really, not at all.

Afridev's picture
Afridev
Status: Silver Member (Offline)
Joined: Oct 11 2013
Posts: 119
Mark

Hi Mark,

Thank you for your answer. A pity you didn't go through the text, it has a number of interesting points and the best way to see if something is solid is throw a lot of stuff against it and see if something sticks/ goes through :).

I'll make an attempt to distill out the key points of the text and add some thoughts:

  • There is a recognition that the Distributed Ledger Protocol (blockchain) is a 'technological breakthrough of historic proportions', and that Bitcoin was good as a proof-of-concept, but that it is not good enough to be able to address the needs as presented in the 'real world'. Agreed that it derives part of its strength from it being a network, but components of the networks will converge around where highest efficiency (output minus input) can be reached. The network that exists now (its stakeholders) may think that another coin is actually more interesting and the Bitcoin network will retract/ come apart. That's why I would like you to talk about dynamics around DLPs. Nothing is ever static, everything is in a flux, it's evolve (quick enough) or die/ disappear. I cannot think of any technology that was invented, that was not improved/ modified (significantly) along the way and that still looks the way it does the way it was taken in first use. Evolution is a 'natural law'. It takes its time, and it may be messy, but nature wins, every time... To me this isn't really the question though, the evolution around DLPs has already started, and several trends seem to be crystallizing (even for my poorly informed view).
  • What interests me most is the part described from page 10 onward: Bitcoin has a number of characteristics that make it a threat to the interests of governments. Being a threat to government has historically not been very conducive to a long, healthy and happy life. In the Netherlands people forging coins were boiled alive. I assume they chose a pretty cruel death to serve as example of what happened to those undermining government. Being slowly turned into soup (though the boiling apparently was in oil) is a pretty strong argument to largely stay aligned to government interests. Bitcoin types of DLPs absolutely undermine government and its interests. I assume that BTC was largely left alone in the beginning as scale was limited and it went under the radar, we now seem to be in the phase where it is seriously being studied, and gvt is learning. The article says (and this seems to be logical) that the liberty around cryptocurrencies will disappear, and that gvt will introduce its own version (as DLP-type technology is also perfect for controlling and monitoring all financial activity). Other DLPs that don't follow gvt will be cracked down. While the BTC technology seems to be solid, the entry and exit points and dependencies of the system are probably its weaknesses, anonymity around BTC is already compromised. Pressure will align people to the gvt-backed versions (soup anyone?). This is one of the things that I'm interested in, what are the developments and how can we avoid the loss of freedom and relative anonymity we have had up to now. When all financial transactions go through gvt-backed/ monitored systems, everything is known, and you can be locked out with a click of a button.

The text has its shortcomings (e.g. PoS is not considered, evolution of technologies will probably address issues raised to some extent (and add a couple of their own), the text is at times repetitive), but it raises interesting points that I think should not be ignored.

The real king of all organisms? Bacteria... Hands down...

New_Life's picture
New_Life
Status: Silver Member (Offline)
Joined: Apr 18 2011
Posts: 143
China to ban Crypto Mining?

Been an eventful week and its only wednesday..

https://techcrunch.com/2018/01/08/china-is-reportedly-moving-to-clampdow...

Adam Taggart's picture
Adam Taggart
Status: Peak Prosperity Co-founder (Offline)
Joined: May 26 2009
Posts: 2890
Comparative Transaction Speeds

HowMuch.net just came out with this infographic comparison Transactions Per Second rates for the major cryptos vs the leading established payment platforms:

The complete write up can be read here.

New_Life's picture
New_Life
Status: Silver Member (Offline)
Joined: Apr 18 2011
Posts: 143
South Korean considering banning exchanges !

Another curve ball from TPTB

Been a crazy week... Even for crypto
https://www.cnbc.com/2018/01/10/south-korea-official-reportedly-readying...

mrees999's picture
mrees999
Status: Gold Member (Offline)
Joined: Aug 16 2013
Posts: 364
Not true.

There's been no decision on banning exchanges.  But there is a lot of fraud happening in South Korea as people continue to rush in without research.  They become 'marks' for the scammers.  DO YOUR OWN RESEARCH.  My number one advise.

https://techcrunch.com/2018/01/11/south-korea-bitcoin-regulation-story-lives-on/

 

 

Afridev's picture
Afridev
Status: Silver Member (Offline)
Joined: Oct 11 2013
Posts: 119
Access to some informative

Access to some informative articles: http://www.teddycleps.com/cryptocurrency-tips

reflector's picture
reflector
Status: Gold Member (Offline)
Joined: Aug 20 2011
Posts: 266
no korea crypto trading ban
New_Life wrote:

Another curve ball from TPTB Been a crazy week... Even for crypto https://www.cnbc.com/2018/01/10/south-korea-official-reportedly-readying...

it was being discussed, but it sounds like it won't happen, at least not any time soon.

"Additionally Yonhap notes that even if pursued, shutdown of exchanges would take some time as it needs discussion at parliament (it would take months or even years for a bill to become a law)."

Cryptos Surge As South Korea Backs Away From Trading Ban

https://www.zerohedge.com/news/2018-01-11/cryptos-rally-south-korea-backs-away-ban

Adam Taggart's picture
Adam Taggart
Status: Peak Prosperity Co-founder (Offline)
Joined: May 26 2009
Posts: 2890
Survey #2

OK -- we received a number of good questions from you all in response to our first survey.

They broke down into the following categories:

  • Macro trends driving the crypto space
  • Understanding crypto technologies
  • Evaluating coins
  • Potential risks to the crypto space
  • Security
  • Education
  • Tax treatment
  • Wallets

We've compiled the questions into a second survey. Please take 1 minute to go through it and indicate which ones you're most interested in.

The answers will be used to prioritize tomorrow's Q&A with Mark.

Click here to take the survey.

cheers,

A

sand_puppy's picture
sand_puppy
Status: Diamond Member (Offline)
Joined: Apr 13 2011
Posts: 1725
Setting up first Ledger Nano S Wallet

Newbie progress report.

So I set up an account at coinbase.com, downloaded an app for my iPhone called "Authenticator" (which gives a 6 digit code required to log into my coinbase account) and linked my coinbase account to my regular bank checking account.

Money has flowed from my banking account to coinbase after I placed my first order to purchase some Ether at coinbase.com.  1 week passed and now the Eth are sitting in the section of my coinbase account called "ETH Wallet."

I would like to get them off the exchange (off the internet), and into my private hands on a hardware wallet.

So I purchase a Ledger Nano S on Amazon which arrives and I'm ready to set it up.

As I read about pitfalls in setting up the wallet, it looks like the main one is a scam where another party has first purchased the wallet, initiated it with their own PIN and passwords, then resold the same wallet on amazon.  The Ledger company website advises that you must be sure to create YOUR OWN PIN and Passwords as you set up your wallet for the first time.

And like Mark said, you have to remember your PIN and your 24 Passwords (and store multiple copies in several separate places) or the coins will be trapped in the wallet and cannot ever be recovered!

So I'm now watching this video on how to set it up.....

Here is the website that has the setup instructions and procedures.  

https://www.ledgerwallet.com/start/ledger-nano-s

thatchmo's picture
thatchmo
Status: Gold Member (Offline)
Joined: Dec 14 2008
Posts: 430
localbitcoin?

Localized problem here, but, given that exchanges are not able to do business in Hawaii, do the elevated transaction times, geographic logistics, and costs render localbitcoin transactions non-viable?  Aloha, Steve.

Rector's picture
Rector
Status: Gold Member (Offline)
Joined: Feb 7 2010
Posts: 487
Did mine just after Christmas

I went through that process after Christmas with a ledger nano s.  Nerveracking to have that much $ in Ethereum on a thumbdrive!  Kind of like PM storage.  PM me if you need some help.

Rector

New_Life's picture
New_Life
Status: Silver Member (Offline)
Joined: Apr 18 2011
Posts: 143
Indo FUD

Anyone else live the amusing irony of a Central Bank warning about over inflated asset bubbles?

https://www.bloomberg.com/news/articles/2018-01-13/indonesia-warns-again...

AustinAuctioneer's picture
AustinAuctioneer
Status: Member (Offline)
Joined: Jan 6 2018
Posts: 5
Attended Mark's In-Person Seminar

Hi All,

I haven't read the above posts and didn't watch the second webinar, but I wanted to chime in with my experience.  

I was on the first webinar and was so impressed that I flew to Salt Lake City a few days later (last weekend) to be a part of Mark's in-person seminar.  I'm so glad I did!

My total cost for the seminar plus travel was over $1200, but was well worth it.  Mark and his team are fantastic.  They are down-to-earth, everyday people who have a genuine desire to empower "the little guy."  As Mark says, cryptos are "the little guy's bazooka."  

I've tried to come up with an analogy to convey to family what an opportunity I've stumbled on.  It's like it's 30 years ago and I've met a Silicon Valley guy who is an industry expert and knows all the players in the budding field of computer technology.  And he's best friends with Bill Gates and Steve Jobs while they're still gluing computer parts together in their garages.  And he's willing to tell a a few people who are astute enough to listen, to buy Microsoft and Apple.  But, the analogy doesn't even go far enough because even the best stocks don't move anywhere near as fast and far as cryptos do!  

After all these years of saving money in cash, gold and silver, I'm at a point whetre I want to diversify further, and not in the "everything bubble."  For me, now is the time to get into crypto in a significant way.  I saw the value of it in 2014 and bought a bitcoin's worth ($600 then) of other cryptos.  Today, I could sell that $600 worth of cryptos for around $15,000 IF I had known the proper techniques for investing in this Wild West environment.  Alas, I made all the mistakes that Mark warns against and can only dream wistfully of that $15k.  After the seminar, I can confidently say that I won't make those same mistakes again!

If anyone has questions about my experience at the seminar, feel free to PM me.  

 

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