16 Things To Improve Your Life

For Business, for work, for life.

There are many books out there that you  can buy and read.  They go on for 200 pages of what you need to do to become successful. I’ve read a few, and watched a few life coaches speak and yes they are very motivating. But it’s much harder to actually put their advice into play. Motivational gems like keep hustling and work hard are repeated and blared over and over again.

I found that life offers sometimes the best motivational gems, lessons learned through failing, or falling. You have to go through hard times- that’s just a given. You can’t complain when things fall to shit, that’s just the reality of life. But how you deal with it? What steps you take to prevent or deal with it, is how you know if you will become successful.

For business, for home, for work or just life in general,  you really got to sit down and think of which of the the many books out there you are going to follow.  There are so many methods. But through my own personal experiences, I think it boils down to a few key factors- the things you can control.  But the most important part is that you can’t just do it for a week, no you have to commit for 3 months- yes it takes 3 months to set a proper habit.

I offer you my 16 points of how to become a more successful person. Whether it’s for business goals, to work life to family. These 15 things can really change your life.

So here it goes. It’s quick and simple without a lot of fuss. I will make individual posts for each point, giving more examples of experiences from successful people to my own later on. But I wanted to make this clean and simple so you can start today.

I make no promises other than these worked for me and it can too for you. If it doesn’t make you millions of dollars or turn you into Brad Pitt, well maybe you did something wrong LOL

Kidding, but seriously, at the very least, you’ll have changed your life a bit for the better, become a bit more grounded and able to reach for those stars.

1) Multi- Tasking While Multi-Project’ing.
This happened to me, a lot. Tons of ideas and projects that I think can be successful but not enough time. I was doing bits and pieces of different projects, all the while supporting my company, staff and my family life. It was a mess and my brain was constantly in anxiety and a constant mess. Scheduling and micro-managing myself, writing down day after day in my daily planner. I was doing an Elon Musk, 10 mins for each thing….but nothing was getting done.
So I stopped multi-tasking while doing mult-projects. One project per day. I scheduled my 10-12 hour day into 2 hour project times, with 10 mins every hour to check with emails and staff.

So my schedule looked like this:
Monday

Keep your schedule clean and simple so it doesn’t overwhelm you. Anyone in IT knows, you can’t just work on something like coding or programing for 10 or 20min intervals, you have to dedicate strict time to it. And that’s what I did.

2. Spend Your Time Like You Appreciate it.
One of the concepts I saw written in book after book, barked on from ‘life specialist to life specialist’  is ‘grind and hustle, and work the 100 hours a week, work till you don’t have to introduce yourself’. Well here’s the dangerous side of that. You spend all your time ‘grinding’ that you don’t actually appreciate the time you have.
My wife, who I cherish, has been my biggest supporter and pillar. When we got married, she took on the task of helping me to get my business to what it is today. But it came at a price: Her health.
It broke me down when I heard the doctor say, she needs to rest, she’s burning out. At that moment it hit me. If something were to happen to her, what will I do? If something happened to me, what will she do?
So, we had to change the way we looked at success. Success should never come at the price of your health or your loved ones health. Success is something you get from working smart, not killing yourself for. The hours I put in, the stress I caused I wonder now how many years I took off my life.
Spend your time properly, even if you have to schedule in 20 mins to spend with your loved ones, or call your family or sit and do something you love. This is time well spent. This is time you will not regret. So if you have loved ones, schedule them in everyday- make it habit.

3. You health Is Key To Your Success
Your mind is what it feed it. So if you feed it fast food and shit from the fridge, your mind will be shit. You’ll have trouble staying focused and won’t be able to process the information well enough to get things done.
Eating proper home cooked meals left me feeling better about myself and my health. It gave me a boost of confidence that I didn’t have when I was eating fast food. I was never overweight, but you would not believe how you feel when you eat crap all the time. The switch to good food with veggies and fruits really made a difference in how I worked. So if you want a clear focused mind, then eat properly. Don’t skip your meals. Can’t get to the gym, that’s okay, you need to get some weights, start walking and doing push ups.  If you think just getting some sweats on will motivate you, it won’t. So grab some real gear from www.GymOverEverything.com and start with the mindset of fit. The right exercise clothing can really get your motivation going.

4. Sleep!
I get it, I also wish there was 43 hours in a day, but there isn’t and guess what, your brain and body are going to be sluggish the next day and you can’t just run on coffee for the next 5 years trying to reach success.
No matter the business, or job or the goal you’re trying to achieve, you need to sleep. If you can’t commit to 7 full hours at night, then get 5hours at night and throw in a 20min nap at 2pm. I kid you not, this is going to make such a big difference. Imagine one of the most productive days you have ever had, where everything just went smoothly- that is going to be your everyday if you sleep. Your senses and thinking ability is so much better when you get that sleep.

5. Don’t Second Guess Yourself  But Think Properly
In 2009 my wife came to me and asked about this little thing called Bitcoin. Well I’ll be honest, I didn’t want any part of it. From an IT prespective, Bitcoin is a security nightmare. Bitcoin breaks each and every security protocol set to protect people online, and I could already see the wikileaks article going over the security issues, the open doors to fraud, money laundering etc etc. I wanted no part of it. My wife for whatever reason, thought it was a good idea. At the time, I thought ‘Is she nuts?’.
But then I sat down and thought about it properly, what if there is the off chance that this coin becomes the norm in money. Do I really want to miss out on something that literally will cost me nothing to mine? So I took out an old laptop and started to mine Bitcoin.
And then Dec of 2017 happened and the rest was history.
I don’t 2nd guess my assessment- it was correct, but I had to think from outside my prespective and properly assess my choices. Bitcoin mining took me no work to do. It didn’t cost me anything.
So think properly, it’s not second guessing yourself, it’s cutting outside of what you know to be correct, and seeing if there is potentional.

6. You Have Your Own Clock
From all the success stories you hear about people that made it, you forget that there was thousands more that didn’t. You put yourself under extreme pressure and anxiety about making it too without thinking of what it’s doing. You have your own time, and it’s not the same as everybody else. Maybe everybody is sailing the same direction, but maybe you’re meant to sail slow and steady and not risk those choppy waters and wind. Maybe you decide the risk is too big right now and you need a break on that Island to regroup and redefine your plans. You will achieve your success on your own time without wasting your time and life. This goes to my next point.

7. Keep Learning & Relearning
This happened to me. I was stuck in a rut in 2007. Thinking of how the hell was I ever going to compete with large names like freaking IBM. All my IT friends were in secured jobs steaming ahead away from me, while I was still trying to push my company forward. I decided to take a break from my company. So I got a job (that I hated but gave me data center access). It turned out to be the best decision I ever made. I learned a lot and garnered a ton of expereinece I didnt have. It helped me to create my first software for Microsoft Password Recovery, and the first year after making it, I made my first $100k. It was incredible. I took on other jobs related and unrelated to garner more experience and combined it with my ability to learn just about anything, I created compevo.com and several other software projects that allowed me to take my wife to several trips to China, Dubai and Japan. I’m not arrogant about what I have to do. If I have to even now take on a job to learn things about AI that I don’t know, I’ll do it. Even if my company already has some AI projects under it’s belt, it’s not all about just that, it’s also about learning and expanding my knowledge base. If you’re in sales, well learn some accounting. If you’re in marketing, learn some IT. If you’re in IT, learn marketing & accounting. Always

8. Don’t Be Arrogant.
Money can do 1 of 2 things. It can degrade you or upgrade you. It can degrade you in the way of arrogance or it can upgrade you in the way of being genuine.  Money changes people, and yes sometimes its frustrating when I see a person look at me like I have nothing and I feel like jumping to say “have a look at my bank account”, but then I relax. I realize they are working on a debt system only for the now and maybe their kids, but I’m working on a credit system where I want to build wealth for generations after. I also want my kids to understand the value of life with money and the value of life with just money.
You don’t need to be loud and proud, you don’t need to announce it to everyone, and you don’t need to dress in a $10,000 suit to show that you have money.
From a psychological point of view, it shows how low and unconfident you are in your genuine self, and need to pretty yourself with ‘things’ to make you sparkle. That isn’t right, and you need to put proper value on yourself, and not let things deteremine your value. My wife, my kids are what makes me valuable. And I don’t want to settle for a million dollar house in a shit market, I want that $2million house my wife liked back when we got married, and I intend to give it to her, paid in full cash not a mortgage that I leave her behind with.  I want to be able to pay in cash for my kids education should they persue it, or help them start a company without begging a bank. So don’t be arrogant, whether you have the money or not. In an age of social media, it’s hard not to place value on ‘the look’ of success, but don’t forget that even lottery winners can go down a shit hole if they don’t keep their arrogance in check.

9. Start With A Meeting End With A Meeting
Make mondays meeting days. The start of the week to revamp your plans for the week. What your main projects will be, and how will you schedule it all in. During this 30 minute with yourself or your team, write down your expectation for the week and what you intend to achieve. I usually failed at daily goals but always hit the mark with weekly goals simply because I felt like there was enough time to achieve the goal. Depending on what you’re doing, sometimes a daily goal is better or even a monthly goal. For a team project for work- a weekly goal for each member works best, so everyone can see if everyone’s on time, and if one isn’t, then the others can either help or extend the project frame. If it’s something like weight loss, then a monthly goal works better. You don’t need to stand on a scale every week battering yourself about the 1lbs you lost or didn’t lose. Check your measurements not your weight.  So really think about what you’re trying to achieve and then go from there. End your week with a meeting on friday. You should be able to go through your schedule, see all that you have done and be able to plan for the next week. You should make notes on what was achieved, what still needs work, and how you intend to solve issues. In IT there is a lot of detail work, I found writing down the different things I wanted to do, or have solved on my Tech Forum www.realtechtalk.com helped me a ton to keep myself on track and also helps others who run into similar issues.

10. Self Talk
This is bizaare but it works. If you’re hitting a wall, or getting frustrated, you need a 5 minute break. You need some cold water, and you need to talk to yourself. I cannot tell you how much I talked to myself when I hit wall after wall when coding- any coder out there will tell you how frustrating it is when shit doesn’t work and you don’t know why. But it helped me center my thoughts and get back on focus otherwise you’re just running in the same spot.
Things like “It’s fine, I will get this.” or “Don’t panic, you will find an answer” or “Nobody will be able to solve this but you so calm down and find the answer to save the damn world.” Well that last one is a bit much, but whatever it takes man.

11. Organize
Your home, your office space, your mind are all connected. If one of those are a mess, the others will follow. If your home is a mess- you’re gonna be a mess. If your office space is a mess, you’re gonna a be mess. Staying organized, keeping things neat and in their own space will greatly help you with not just productivity but also help your mind not be in constant chaos. It’s actually fact that having a messy working or living environment can cause depression and make you unable to focus. So clean up and declutter your mind.

12. Iron Your Clothes
For a long time, I just took something out of the clean basket and that was it. Then I got married 11 years ago, and suddenly things were being ironed and put away in their drawer (thanks Lazina) and I couldn’t believe how much more confident clean ironed clothes felt. You feel put together and good about not just your appearance but your overall mood feels more…well ironed out.

13. Play A Game
I have several games on my phone and at home. I play them especially during tough moments where I’m stuck on a project or can’t find a solution. I know when I’m losing it and that’s when I decide, time for a game. Not just any game, games that make your mind run. I like car racing games especially, but when I’m stuck on something, I actually play math or maze or puzzle games. This helps the proper side of my brain to relax but also refresh and be ready to solve the problem I’m having. This has literally saved me so many times. Try it.

14. Read A Proper Book
I get asked what books I’m reading and usually it’s just normal books, or kids books that my kids give to me, or the Harry Potter my wife made me read (yeah she bought the whole set and made me read it, and it explains a lot more than the movies so you should too). But you can’t just read self help, life coach, how to many money books all the time. It’s mind bogging, eventually it’s going to wear you out, especially because they are making money off you for buying their words. Read imaginative, creative things that will get your mind thinking creatively rather than in one track.

15. Be Awkward, its’ fine.
I’m an awkward type of person. Up until last year I didn’t have an Instagram account, and both my twitter and LinkedIn were bascially empty. I consider myself more of a lone wolf type, and don’t have a large circle of friends who I go to ‘night out parties’ with. No I have never been to Los Vegas, nor do I drink or smoke. I’m a practicing Muslim and listen to rap, I also tend to befriend genuine people not fake faces. When I speak, it’s geunine, I’m not trying to make you like me, and sometimes this might come off as akward because I’ll flat out say things like ‘it’s great to meet you, lets keep in touch because I like people like you’. It’s not the social norm, I’m sure there’s a better way of saying it, but I don’t have the mindset to change my honesty for social fluff. In 2018, we are too busy trying to be other people that we are losing our geuinine selves and you need to recover yourself from that.

16.  Promise Yourself, “You won’t give up”.
Never give up. I teach my kids that, but I mean it. You might not be happy with your progress, and you’ve made mistakes, and maybe you’re even failing or not acheiving what you wanted to achieve by now. That doesn’t mean give up. That just means you re-plan and get back to it. I have a lot of time on my hands, so I took on a 2 month teaching job at BCIT, this will give me great experience teaching others (which will help me to make a guide book to train staff) and gives me speaking experience. I find talking is one of my weakest points, so I found something that can stop me from being bored and help me improve myself. Back in 2007, if I had given up on the company just because I took on a job, I wouldn’t be where I am today. So don’t give up. Promise yourself that one thing. Even if your plans change, even if your goal changes, don’t give up. Push forward.

You got this. Now go and change your life.  Good luck friends!

Cheers,
A.Yasir

BITCOIN’S VALUE WAS FRAUD?

 The Coordinated Manipulation
According to research done by Professor John Griffin of Texas Finance, last years epic rise for Bitcoin was actually done by coordinated market manipulation.

Professor Griffin goes on to explain that he examined millions of transactions on cryptocurrency exchange Bitfinex, and says that “the US dollar pegged cryptocurrency Tether was used to buy Bitcoin at the times that the latter was falling- which helped ‘stabilize and manipulate’ the price”

First I’ll explain what Griffin’s said, and then I’ll explain why he’s wrong about Bitcoin but right about Tether. And it boils down to his understanding of how Exchanges work and how Bitcoin works.

Griffin said “Fraud and manipulation often leave footprints in the data and it’s nice to have the blockchain to track things,” Griffin told CNBC. Whenever bitcoin fell, Tether was used to buy it to prop up the price again.

“It was creating price support for bitcoin and, over the period that we examined, had huge price effects. Our research would indicate that there are sophisticated people harnessing investor interest for their benefit.”

Bitcoin started 2017 at below $1,000 and by Dec 2017 hit 20,000. But as if February to June 2018 it’s been jumping back and fourth from it’s lowest at $6k to the highest $10k (which didn’t even last)  Tether is the 11th largest cryptocurrency and is pegged to the US dollar. Some critics say Tether owners don’t have enough fiat currency to back its $2.5 billion market capitalization.

Bitfinex CEO J.L. van der Velde told CNBC that neither the exchange nor tether helped to boost bitcoin prices. “Bitfinex nor tether is, or has ever, engaged in any sort of market or price manipulation. Tether issuances cannot be used to prop up the price of bitcoin or any other coin/token on Bitfinex,”

Now here’s what I think:

I’ve personally used Tether but I do worry about it. A lot of people have accused Tether of fraud, and Tether certainly hasn’t proven the naysayers.  Do they have the 2.5 billion USD and how are they raising funds?  Essentially as far as I can see, Tether is a non-backed, way of essentially printing virtual USD.  I think Griffin is way off on this one.  USDT (Tether) is a convenient trading pair that can be used with some of the top cryptocurrencies to trade and exchange directly for other coins.

The issue is that a lot of people don’t realize most tokens and currencies are not directly convertible or tradeable for others on exchanges.  Generally you’ll have to sell your ABC alt-coin or tokens for Bitcoin, or USDT and then use the major currency you sold or exchanged to buy say another coin such as Ripple, Litecoin, Lisk etc..  So this is where USDT comes in, if Griffin thinks it propped up Bitcoin I think he is misunderstanding how the exchanges work.  Yes a lot of people are using USDT to buy other currencies but is USDT a market factor?  No, I don’t think so, it’s just simply convenient and I agree with Bitfinex that it doesn’t appear they are using it to prop up Bitcoin.

However, USDT could not be used in such a way if it wasn’t given prominence and primary trading pairs like Bitfinex and other major exchanges have used.  Could some of the exchanges be in cahoots with currencies like USDT and others?  Absolutely, and this is the more likely scenario of market manipulation in the sense that they essentially largely control which currencies fail and flourish.

Any coin that is used as a primary trading pair or in other words directly convertible has more value and will intrinsically be used more as a vehicle to buy coins like Bitcoin.

I think Griffin just raises the simple question about USDT being a fraud and this is the biggest concern but I highly doubt USDT’s existence or trading patterns are responsible for Bitcoin fluctuations directly.  He may derive this from trading patterns but I really just think USDT is a convenient and easy to understand intermediary trading pair vs how you wrap your mind around how many BTC another coin like Ripple, Ethereum or Litcoin is worth etc…

What do you think?

Cheers!
-A. Yasir

Psychopath CEO’s

The Jobs Psychopaths Are In the Most

A person with a Psychopathic personality is defined as having an inflated, narcissistic sense of themselves and are very good at manipulating people. And with the world naturally turning more and more narcissistic with social media and the images of ‘your best self’ (or rather your fake self), it’s getting to be a pretty psychopathic world.

We once considered Ted Bundy and psychopath murderers and honestly world leaders as general well known psychopathy. But as it turns out, the world is filled with psychopaths, and you might just be working next to one. And most surprisingly, is that CEO was ranked #1 for the most psychopaths…I’m a CEO and I’m both worried and fascinated…

So why are there so many psychopathic CEO’s? Well psychopaths tend to go for jobs or careers that put them in leadership positions because they have charisma, are good at making on the spot decisions and are fearless.  They have a goal and they can make it happen and will stop at nothing (including stomping out others) to get what they want.

Kevin Dutton, a British psychologist and writer, specialises in the study of psychopathy, made a list of the types of jobs that attract the MOST PSYCHOPATHS.  In his book “The Wisdom of Psychopaths: What Saints, Spies, and Serial Killers Can Teach Us About Success.”

“Functional psychopaths,” as Dutton calls them, “use their detached, unflinching, and charismatic personalities to succeed in mainstream society.”  Basically, psychopaths are normal people but have a few traits that make them ‘different’.

10. Civil Servant:
Fun fact, in 2014, UK Government officials considered recruiting psychopaths specifically “to keep order,” because they are “very good in crises” and have “no feelings for others, nor moral code, and tend to be very intelligent and logical.”  Ouch.

9. Chef:
Should they really be in charge of our food and knives? But apparently the 9th most popular job for psychopaths is being a chef. According to Dutton, they thrive in chaos. And the chaos of the kitchen is right up their alley.

8. Clergy Person:
This may come as a surprise because we don’t normally associate such a personality type with this job. But according to FBI veteran Joe Navarro, ‘religious organisations may provide a means for people to exploit others, while also giving legitimacy to their actions.’ It’s also very easy to make alliances.

7. Police Officer:
If you thought clergy person was insane, police officer isn’t too far off.  Keeping calm during a stressful situation comes with the job as police offer. And in this dangerous and high intensity job, being able to control your emotions and think before you act comes as a huge benefit.

6. Journalist – it all makes sense now.
If you thought Elon Musk was right to call out mainstream media who then got a lashing out from media personalities, and thought to yourself, wow these media people aren’t professional at all- then you were right. They’re not professional because they are literal psychopaths. Journalism is yet another popular job for a psychopath.

5. Surgeon:
If you’re in need of a surgery, well don’t worry you’re in good hands.  It’s not what you think, again psychopaths are people who do well in keeping calm during stressful situations and can make quick difficult situations, which they have to make everyday. In this respect, be glad you’re in the caring hands of a psychopath. :)

4. Salesperson
Are you a shameless self promoter, who has no qualms of stealing other peoples work or contracts, have a intense desire to earn the most money and can’t be over shot by anyone? Are you in sales? You should be.

3. Media Person in TV or Audio
Narcissism can be a trait of a psychopath, which you can say is an important part of being a public figure. Being a TV anchor or a radio personality is the 5th job with the most psychopaths.

2. Lawyer
Somehow this doesn’t come as a surprise. You’re going to have to be a very motivated person who can manipulate the ‘truth’ and ‘facts’ to fit the narrative you need. Self confidence and deceitful charm can help create a good lawyer.

And lastly,

1. CEO
Yes, that’s right, CEO’s are the #1 job for psychopaths. I never really viewed myself as a psychopath but here’s some of the traits:
Cool headed during stressful situations.
Able to make decisions quickly during intense situations.
Being able to overcome emotions.
Able to remove emotions during situations and focus on the issue at hand.
Able to maneuver using charm and manipulation.
You get gist. But on top of this, is resilience to chaos.
Resilience to chaos is something we CEO’s have.  This doesn’t necessarily mean that you’re cool headed under stress, it can mean that you cause a lot of crazy for others too because it makes you feel good when everybody around you is struggling…OUCH that hurts my heart.
But some CEO’s use this method to climb that ladder all the way to the very top.  Now this isn’t indicative of all CEO’s, since self confidence, resilience and determined for a end goal is also high drivers of a CEO, but these are eye openers of how others might view their leader.

What do you think? Did your job make the cut? Did you find out a little about yourself? Or do you disagree with the findings?

Cheers!
– A. Yasir

 

Bitcoin Energy Usage Less Than Fiat

Bitcoin and similar algorithms that rely on PoW or mining are notorious for being power hungry, wasteful and unsustainable. Many argue that in reality the fiat system as a whole still uses more energy or resources to keep the system running. First of all fiat takes time, energy and money to produce the currency. Then there is the energy to run the ATM and SWIFT network, transport and store the cash. The argument is that as a whole fiat takes more energy and resources to function compared to Bitcoin.

This may be true but Bitcoin will continue to consume more energy to produce less coins as difficulty spikes.

On top of that there are more efficient algorithms that use less power to mine. There are also newer PoS/Proof of Stake algorithms that use almost no power especially compared to mining.

It may well be true that Bitcoin as a whole uses less energy than fiat but it doesn’t mean we should accept the status quo of wasting energy.

Bitcoin Fails To Defend 10K Mark

Let’s let the chart do the talking for the past 3 months where it currently sits at $9327.65

Bitcoin-2018-02-05-PriceChart

Back in February BTC posted the maximum high for the past 3 months of just over 11K.  As you can see from March to April the lowest moves of the recent past were posted around the 7K mark.  To me this looks like a classic sideways trading that eventually breaks out.  You can see since April there has been a steady upward trend.

BTC hasn’t been able to defend the 10K mark but I do believe we have stability around the 9K mark.  Some indicators claim BTC is currently neither overbought or oversold.  But common sense has to tell you that if the price is going down it appears we have more sellers than buyers at the $10K mark.  It could be people cashing out for fear of wondering when does BTC return back to the 20K mark?

Many people have said this  spells disaster but I really do think we are just getting started with the BTC rally and I think much higher prices are around the corner in the near future.  There has been a lot of positive news from around the world that seems to be increasingly towards accepting that BTC is here to stay.

Perhaps some regulators thought twice and realized that “like it or not BTC is too big and risky to ban”.  Because people can move BTC at will and it cannot be frozen or truly banned.  I think regulators are finding just as the case is with exchanges, if you put undue pressure on owners of cryptocurrency they will simply just move away to a friendlier jurisdiction.  I would imagine they should favor BTC as it is not anonymous and is easily and fully trackable.  If people switched to more private based coins they’ll have little chance at regulation such as with Monero.

Bitcoin vs Bitcoin Cash

This has been one of the most controversial issues in cryptocurrency.  The Bitcoin Cash Hardfork emanates from this issue of what amounts to basically a setting in a config file.

The issue was real back then with Bitcoin only having a 1MB (megabyte) blocksize.  You would think 1MB could store a lot of transactions and this was fine until Bitcoin exploded and began to be used by millions worldwide (something not exactly expected or planned for by the original devs).  Bitcoin can only do 7 transactions per second which is way too slow and what was happening is that the entire block was already fully utilized as soon as it was mined.  It would be like your banks ATM or POS machine crashing before you could do a transaction.  In other words Bitcoin was overloaded and couldn’t keep up with the transactions that were being demanded causing slow processing that could take days to send some Bitcoin!

Some of the devs felt that this wasn’t an issue and wanted to keep things the same as Satoshi created them (with the 1MB blocksize). They felt Bitcoin was never meant to be used for payments such as a cup of coffee and that very slow transactions weren’t an issue.  They also voiced concerns that a larger blocksize would stop people from running full nodes and increase centralization since a larger blocksize requires more computing power.

The Bitcoin Cash team disagreed and did a hardfork which is essentially a copy and counterfeit of the original Bitcoin.   The only real change they made was the blocksize to 8MB which means faster and cheaper transactions than the original Bitcoin.

There were problems initially with potential reply attacks since to get this Bitcoin Cash you have to use your real Bitcoin wallet/private keys to receive it.  This meant that nefarious wallet creators could steal your coins from the real Bitcoin network if you didn’t move your original coins to another wallet first.  There is also the threat of a replay attack.  Replay attacks work on the fact that both chains are identical.  If you send a transaction on one chain, an attacker could see it and then broadcast the transaction on the other chain to their own address.

This is one big reason I don’t like hardforks aside from the confusion, scams and devaluation, it’s one more huge problem to have a reply attack.

These issues are why I believe hardforks shouldn’t be possible.  If it means the blockchain is not 100% open source and permissionless then this is acceptable.  Open Source is currently what makes most currencies vulnerable.  Let’s take it back to the secure, traditional IT methods of a secure server vs client model (where the secure server should be Bitcoin or whatever currency we are talking about).

My money is on the real Bitcoin.  Bitcoin Cash could have been interesting if they did more than just increase the blocksize and didn’t copy the blockchain.  I pick the original Bitcoin for the long run.

Nasdaq Plans To Become Cryptocurrency Exchange

This is huge news with the CEO of Nasdaq saying they would consider becoming a cryptocurrency exchange.   One caveat is that Adena Friedman said she is waiting for the market to mature.   I anticipate she sees the threat to cryptocurrency as the fact that we don’t know for sure which currencies will be around in the coming years.  She is waiting for the dot-com like bubble to burst which is an excellent strategy for managing the risk.

The fact that Nasdaq would even contemplate this plus the big money from Wall Street going into cryptocurrency is a very positive sign of where the industry is heading.  The coins that survive the bust will become incredibly valuable and I think Bitcoin is one of them dispute its many issues and drawbacks.  It is a tricky call, with one risk of course being hardforks.  After more Bitcoin scams and hardforks will people possibly lose interest in Bitcoin or will it increase interest in the real Bitcoin?

Either way it may be a bumpy and turbulent ride, but cryptocurrency is looking like its about to create its own economy.  Trading cryptocurrency is not the issue though, as we still wait the “messiah coin” which will hopefully resolve the many issues that we have today.  I’d like to see a coin that does everything right or most things right rather than focusing on just a single aspect.

The time will come and the market will follow.  Everyone hold on things are about to keep getting interesting in 2018!

BitPay Accepts Bitcoin Cash

Although we have used Bitpay I didn’t realize it was available for brick and mortar physical transactions since we’ve never done any.   On that end it puzzles me how on earth anyone would ever use them?

Bitcoin can take minutes and even hours to confirm!  Can you imagine waiting at the restaurant held hostage because “your transaction is unconfirmed?”.  This is the advantage fiat processing still has.

But, really I think Bitpay should rebrand to use currencies that are actually usable for instantaneous transactions at retail or restaurant.

They should be using a currency like Ripple or Lumens which is nearly instant.  There are a few currencies that have these properties but any Bitcoin or Ethereum derivative is simply not going to cut it in my opinion.

Personally I don’t know a single person who has or would use any of these coins for payments, we all reach for the cash, debit or credit.  These are people like me, who are crypto enthusiasts but we also value convenience and what works.  And I think a lot of the cryptoworld is stuck in a dream world that simply doesn’t exist.  Now, for us in IT we and the customer can often wait over night for the transaction to be confirmed, but at a grocery store or restaurant neither the seller or customer would be impressed.

 

Federal Reserve Says Bitcoin Cannot Replace the US Dollar

The new chief of the San Francisco branch, of the privately held, Federal Reserve Bank has stated that Bitcoin cannot, and will not ever replace the US Dollar.  First of all, they are doing a fantastic job and understand their market and duties.  They cannot step into this job and say anything else and expect to keep it.

I get it, Bitcoin is printed without supposed backing, although it is backed by a lot of physical hardware assets and electricity.  Fiat currency, especially the US Dollar is printed and floated without any controls or restrictions.  Well, actually, the only control and restriction is that there is none.  The Federal Reserve prints at will and on demand, without limitation or backing of any sort, and they have long abandoned the gold standard.

The fact that the Federal Reserve would comment at all on this matter and mention Bitcoin, to me, is very telling that it is very much a possibility.  When you have this much money put into something that is being traded worldwide, every second, and such an ecosystem I think it is an excellent contender to the US Dollar and fiat currency in general.  Remember, fiat is backed by nothing as well and printed without any limit.  Most cryptocurrencies actually are limited in how many coins can be mined or minted at any rate.

Cryptocurrency is currently at a $421 Billion USD market cap and I think it won’t be long before it is in the trillion dollar range.  This is ultimately the worst nightmare for any central banker with so many competitors, of course your number one priority should be outlawing them and shutting them down.

On that end the Fed is right to do it and is doing their job well.  However, for people who don’t essentially control the fiat financial system, we would do well to root for cryptocurrency as an alternative system.  I think both systems can survive and work together, but if fiat pushes it too much, I think there may be a digital currency revolution that far surpassed the digital rights movement of the late 90s and early 2000s that caught the RIAA and MPAA by surprise.

Why Hardforks In Cryptocurrency Are Bad

I’ve always felt this but hardforks are simply bad, even if in the rare case they intend to fix a problem with the original currency.  Most currencies which have issues like Bitcoin are simply not just a “single problem” but a collective bunch of inherent problems.   But most often it is so clear like is the case with Bitcoin Gold that the team just copies and counterfeits a coin to unjustly enrich themselves.

Risks and Issues with Hardforks

  1. Loss of value, normally the original coin is at least temporarily devalued when a hardfork is done.  People wonder which coin will survive or be more popular?
  2. Confusion leading to scams and fraud.  Which is the real Bitcoin or real Bitcoin Gold?
  3. Many forks don’t make a wallet (more evidence of bad intention) and more likely that fraudsters will make a wallet that steals your coins (eg. John Dass and the Bitcoin Gold team).
  4. Community frustration and division.

Instead of hardforking it is much better to do what Cloakcoin or Litecoin did and the many others did by just copying it, making changes and starting their own blockchain.  This ensures the process won’t allow fraud, confusion or devaluation of the original coin and no harm comes to the community that way.

All these coins have stolen value from the main coins like Bitcoin and then people ask why the value went down?  If Bitcoin was not hardforkable I think it should be several times the value we see now, almost certainly 2/3s or more of the crypto market cap.