Tag: crypto

Quadriga Cryptocurrency Loses Password to $190 Million

Ralph Tiberius Augustus | Brazil

The value of our digital belongings is starting to overlap with the value of our physical goods. An example is the ever-growing popularity of cryptocurrencies such as Bitcoin, Litecoin, Ethereum, etc.

Continue reading “Quadriga Cryptocurrency Loses Password to $190 Million”

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Libertarians Need to Embrace Bitcoin to Succeed

By Mason Mohon | @mohonofficial

Libertarianism is clearly a pipe dream. The state co-opts libertarianism with seeming ease. The bastions of libertarianism in American politics now are seemingly willingly ignorant of some of the most important issues facing society: an economy that is clearly a facade and wars that will not end any time soon. And the only way out is Bitcoin – but more on that later.

Hopeless Libertarians

Instead of focusing on these precarious features of our present reality, libertarians have decided to take Gary Johnson’s approach. They focus on real issues, like gay marriage (which has been legal since 2015, mind you) and marijuana legalization. Not to downplay the fact that these issues are somewhat important and both should be legal everywhere, it makes no sense to be prioritizing such issues over far more pressing and oppressive institutionalizations that the United States government has decided to implement. Libertarians pair social liberalism with fiscal conservatism. Johnson cleverly called his tax plan the fair tax, so as to virtue signal to everyone that he believed in “fair” taxation, while the numbers chosen for the plan were completely arbitrary and fair is ultimately a completely subjective term.

So things seem pretty hopeless for libertarianism, and this hopelessness is intensified by the nature of democratic governance. The masses, the NPC’s, or the herd, as Nietzsche aptly termed the horde of zombies that consume the latest Kylie Jenner post with feverish enjoyment and meaningful desire, choose who rule us. And what do they choose on the basis of? Whoever makes them the most promises. Trump promised that he was going to impose trade restrictions for the blue collar worker, and they took the bait even though protectionism will ultimately hurt them in a roundabout manner. Candidates like Ocasio-Cortez willingly ignore facts (and defend themselves doing so) while promising truckloads of free stuff to those who have wasted their time and money on useless pursuits and degrees.

Libertarians don’t promise anyone anything. The proper libertarian preaches personal responsibility and strength in your ability to organize your life without the help of a coercive body parading as a mother. But this idea would not appeal at all to the masses. People want to be coddled and escape the harsh reality of owning your own life. And this is why the masses will never elect a libertarian.

It is clear that we should appeal to their self-interest – and on a very basic level. The self-interest of the masses is a simple one. People don’t care about abstract self-interested ideals. Concepts like the importance of time preference and the roundabout benefits of helping entrepreneurs ring hollow. People prefer easy short term gains.

And that is where libertarianism can leverage Bitcoin as a get rich quick scheme to fight back against globalism and liberate the individual.

The Crypto Solution

Bitcoin could be very good for the world. It has a chance to solve both of the very serious issues mentioned beforehand. The ability for Congress to utilize the Federal Reserve in pursuit of endless war means that Bitcoin could sweep the rug out from right under them. No central bank controls Bitcoin. This means that the banks cannot use it as a method for monetary stimulus. This solves the fatal boom-bust cycle. And the only way that this can happen is through mass adoption.

And for mass adoption, there needs to be demand. Some believe that Bitcoin and crypto can be utilized as a form of peaceful resistance. This resistance has already manifested in France. Amidst ATM withdrawal limits and bank runs, the Yellow Vests have become unlikely allies in the fight against the global monetary elites.

Promotion of Bitcoin and other cryptocurrencies as the newest way to get rich quick, paired with its use as an anti-status quo tool, would provide Bitcoin a serious opportunity to begin making real change. Crypto isn’t dead. It’s asleep. And it’s only a matter of time before it becomes a serious threat to the status quo. This means that the libertarian movement needs to give up on the dream of getting a 5% vote. Real political change doesn’t happen inside the boundaries of politics. The only way that we can truly make a change is through transcending the political boundaries that have been marked down for us.

All political Libertarians should hear the words of Slavoj Zizek:

Authentic politics is … the art of the impossible—it changes the very parameters of what is considered ‘possible’ in the existing constellation.


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The Yellow Vests Are The New Face Of Bitcoin

By Spencer Kellogg | Spencer_Kellogg

Paris is still burning. While the American public (by way of the American media) has largely been kept in the dark about the intense protests that have engulfed France and other parts of continental Europe, the severity of the situation continues to escalate.

This week, the Yellow Vests called for French citizens to withdraw money from their banks. This action would essentially create a run on the financial system of France and potentially starve the Euro. Officials are calling this their ‘worst nightmare’. In anticipation of the event, some French banks have resorted to limiting bank withdrawals to €150 while others are not allowing customers to access their accounts at all.

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Though a ‘nightmare’ for government officials and the banking elite, a run on the banks would be a rising flare for those that believe firmly in the transformational economic and liberty prospects of cryptocurrencies like Bitcoin. After all, Bitcoin was birthed from the smoldering ashes of the 2008 Financial Crisis and saw its first massive bull run during similar protests across Europe in 2012.

Gilet Jaunes protestor Tahz San has been credited with first introducing the idea of neutering the state’s power by attacking the coffers of multinational banking centers. San posted the following on social media:

“For Act 9, we will scare the state legally and without violence. (…) We all know that the powers of the country are not in the hands of the government but in those of the banks. If the banks weaken, the state weakens immediately. (…) Saturday we will all vote by withdrawing our money to impose the RIC (Referendum citizen initiative) urgently. The operation is scheduled for Saturday, January 12 at 8 am It will be reproduced the following month in case of failure.”

Protestors have called for the bank run to occur on Saturday, January 12st.

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Across France, more than half of all speed enforcement cameras have been destroyed. Leaders in the movement have cited the cameras as a money grabbing measure that adversely affected the poor in France. This comes days after fashion icon Dior moved their Paris show after protestors caused millions of dollars of damage to the Champs-Elysees storefront in November.

The proposed run on banks comes after Prime Minister Edouard Philippe suggested a crackdown on public protests earlier this week. In essence, pulling money from the banking system of France is the last form of legitimate political protest without the introduction of physical violence.

Bitcoin was created for days and weeks and months like the ones we have witnessed in France. It is the greatest destabilizing tool against the weaponized and centralized modern states of power and luxury. Though the protestors began with the simple hopes of overturning an unreasonable fuel tax, they have arrived at the point where real action against purveyors of the empire must be taken.

For now, the Yellow Vests are the face of Bitcoin.



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Bush May Be Dead, But Crypto Isn’t

By Mason Mohon | @mohonofficial

The news is in, and crypto is apparently dead. Again. After reaching a peak of nearly $20k in December of 2017, Bitcoin has been on a steady decline, ready to end 2018 at a far lower point than it began it with. With Bitcoin has gone every other major cryptocurrency. They are all on a steady decline, and those that invested at the all-time-high are most definitely on some kind of suicide watch.

Some drank crypto kool-aid. The storm of ICO’s that were probably scams caused a lot of people to lose a lot of money. Never forget BitConnect.

On a Reddit forum dedicated to the discussion of Bitconnect, one person published the number of a suicide charity whilst others made the astonishing (and probably untrue) claim that crime syndicates were now looking to exact revenge on the people who launched the cryptocurrency.

The broader public sees BitConnect’s scam/death as the inevitable fate of crypto. The mainstream hasn’t hesitated to bury it six feet under with our former president and move on. Bitcoin and cryptocurrency make little to no waves on the mainstream media anymore. I have even wondered to myself if it is truly dead.

But then I remind myself that Bitcoin (and the crypto market) has finished a year lower than it started before. 2014 was a year much like 2018.

Dead Before

I wondered if the same doomsday tales were told back then before I was into crypto. A quick Google search that limited the search parameters to late 2014 and early 2015 revealed a treasure trove of news articles. History truly does repeat itself.

My favorite of these is a Washington Post article titled “Bitcoin revealed: a Ponzi scheme for redistributing wealth from one libertarian to another“.

Bitcoin hasn’t just fallen 76 percent the past year. It’s fallen 36 percent the past two days, as you can see below, with a 24 percent decline the past 24 hours. It’s too bad Bitcoin doesn’t have a central bank to help stabilize its value.

What in the name of Satoshi Nakamoto is going on? Well, two things. First, Bitcoin’s big bubble has been slowly deflating for over a year now. It has no inherent value, after all, because, despite companies trying to get free PR by saying they’ll accept it, almost nobody uses it to buy anything other than drugs. Second, though, is a problem that’s all too familiar to anyone who tried flipping condos in Miami ten years ago. Bitcoin miners, you see, borrowed money—and real money, as in dollars—that they could only pay back if Bitcoin prices kept rising, or at least didn’t fall this much.

Those silly drug dealers and miners have multiplied their investment by around 20 times since that article was written, even despite Bitcoin’s seemingly low price. The crypto doomsday has yet to come. CNN Business had a similar thing to say:

If they handed out awards to financial assets like they did to movies, then Bitcoin would definitely be the winner of the Razzie for worst currency.

The problem is that some fans of Bitcoin seem to think that it is also something that could be a good investment.

CNN published this in 2015. I audibly laughed when I read that line. These same doomsday sayers are back, and once again they are ready to tell us the grim news that it is doomsday. A finance professor explained on MarketWatch:

I explained what it would take for bitcoin to become worthless. Bitcoin is getting close to that point. As I argued, once Bitcoin’s price falls below its cost of mining, the incentive to mine will deteriorate, thrusting bitcoin into a death spiral. That is, without the mining activities supporting the ledger that maintains the records of who owns what — bitcoin is, after all, a set of encrypted numbers that cannot establish the ownership of anything — bitcoin will become worthless.

This is the exact same argument that the 2015 CNN business article made. And look how accurate their prediction was.

The best way to destroy your credibility when it comes to new markets like that of cryptocurrency is to say its over when the party has barely begun. And although we’ve handed out a few appetizers, the party has still barely started.

Broken Money

The United States, as well as the entire global economy, has based itself on debt. We surround ourselves with negative value. We prop up one house’s foundation on another shaky house. The monetary elites are doing something very wrong.

The entire system of Keynesian economics is based around piling up short-run problems in the long run, because after all, we’re all dead in the long run. An economic downturn is a market correction because malinvestment happened. But instead of letting the market correct itself, the state decides to inject a new stimulus package and allow for more malinvestment to occur. This covers for the immediate issue, but it only pushes the inevitable collapse further into the future. They stack up, the soon-to-come collapse only gets worse.

The problem with the system is quite obvious. But the scientific gloss of Keynesian mainstream economics makes it more appealing for academia. Thus, all of our generations economists don’t know better. And this is why crypto is necessary.

The man behind the curtain will soon be revealed. And when that happens, there will be a demand for something else. It might be gold. It might also be cryptocurrency. But there is going to be an alternative.

The Comeback

Binance CEO Changpeng Zhao is optimistic about the future of cryptocurrency. Even though the crypto market value shrank from $800 billion to $200 billion this year, Binance reported record revenue. The cryptocurrency exchange reported making over $3 billion in the first half of 2018.

CZ (Zhao’s nickname) thinks that the community needs to put things in perspective. Although things are grim compared to January, the market is booming when compared to two years ago. CZ stated:

Even if I don’t know what will catalyze a bitcoin bull run, I am certain it will happen. Sooner or later, something will trigger it.

Furthermore, Fred Wilson, a notable venture capitalist, made clear that the cryptocurrency community should look to Amazon to realize that all is not lost. During the 1999 tech bubble, Amazon was trading at $90/share. When the bubble burst, though, it plummeted down to $6/share. It took about 8 years for the stock price to recover.

Now, Amazon is the second largest tech conglomerate, sitting right behind Apple. Wilson explained that cryptocurrency could be in a similar position:

So while crypto asset prices are down 80-95% in USD terms over the last year, they could and probably will go lower. Amazon was down 80% a year into the post-bubble bear market and it got cut in half again before it made a bottom almost two years after it peaked. What we have yet to see in crypto land is when they kick you when you are down. And that is certainly coming.

I think some crypto asset (and possibly a number of crypto assets) will have a price chart like Amazon’s current one in 18 years. But we will have to do what Amazon did, hunker down and build value and survive, for quite a while to get there. And I think things will get worse before they get better.

But those who stayed were rewarded, although it took a long time for that to happen. We didn’t see meaningful paydays in the Internet sector until the 2007-2008 period and the big paydays didn’t start coming until 2010 and beyond.

You can’t just jump ship when the going gets tough. That looks like selling at lows and buying Bitcoin at $19k. It’s a really bad idea, and FOMO should never guide investment if the asset is already at the moon.

Bitcoin, blockchain, and the other crypto assets have promise. Their applications range from libertarian revolution to crypto anarchism to business decentralization to gambling away your college savings. The future is on its way. Are you going to buy a ticket?


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TronBet App Is Exploding on Tron’s Mainnet

Spencer Kellogg | @Spencer_Kellogg

On June 1st, 2018, Tron cryptocurrency launched their mainnet platform.  Capitalizing on a meteoric rise in interest and technological advancements surrounding the Chinese-based crypto, founder Justin Sun and his team of developers have created a decentralized infrastructure that is growing in size and scope every day. Enter: TronBet.

TronBet Dice
Tronbet’s “Dice”

TronBet is a gambling DApp (decentralized application) that launched in early Q3 of 2018. In its short lifespan, it has seen incredible gains in users and total bets. On its release day, the site netted over 10,000 plays and had seen over 1 billion TRX wagered within the first two weeks of service. Users connect their Tron wallet to the platform and wager bets on two simple games that payout TRX immediately on winning combinations. Interested gamers can try the casino-like site out here entirely at their own risk.

Originally a simple over/under dice game, TronBet has recently launched their second game, Moon, based off the widely successful Bustabit crash game. In Moon, players wager a set amount of TRX and anticipate when an increasing curve will crash. Players must collect on their wagered amount before the line crashes or they lose their entire bet. The game is addicting, thrilling, maddening and can lead to incredible gains. The simulation can payout players up to 5000x their wagered bet, meaning gamers could hypothetically turn a few dollars into thousands in the course of one single game.

TronBet's Moon
TronBet’s “Moon”

In their simple and eloquent whitepaper, TronBet developers lay out their vision of an online gambling site built on the cheap and flexible ecosystem that Tron has built. They point to a list of other e-gaming sites utilizing Bitcoin and Ethereum that have seen successful lifespans, including SatoshiDice, which has recorded over $500 million in bets since 2016. Another example, EOSbet, rakes in an average of $10 million a day and the market for growth seems primed as United States lawmakers lose their regulatory control over e-gaming.

Although Tron founder Justin Sun has promoted TronBet, the team behind the gaming platform are not affiliated with the Tron development group itself. TronBet developers chose to use the Tron platform due to its impressive scalability and cheap transaction costs. Compared to the Ethereum blockchain, which can only process 25 TPS (transactions per second), Tron boasts almost 100x that speed and recently clocked in at over 2000 TPS. What this means for users is that TronBet runs on a platform that is incredibly quick, cheap and efficient. This ultimately provides a greater gaming experience.

According to Tronscan.org, the number of wallets and transactions on the Tron network has been exploding over the past few months. A decentralized exchange for Tron-based tokens and currencies has also launched and already features more than 10 TRX trading pairs. All of this bodes well for TronBet as the success of Tron’s mainnet should funnel new users and interest into the projects and applications being released through the ecosystem.

In late October, Justin Sun tweeted out his support for Tronbet, which had then surpassed its first 1 Billion TRX won inside the system. Today, barely a month later, Tronbet is showing over 7.7 billion Tron won and over 15 million bets placed. This unprecedented growth is due, in part, to an interesting in-game currency called Ante which players can mine with every spin.

Users can think of Ante like receiving a small bit of the casino’s own coin that can be stored in the casino’s vault and used to collect a payout of dividends from the total amount of losses within the system every day. In essence, mining and staking Ante allows users to ‘be the house’. Users will trade Ante on Tron’s decentralized exchange in the coming months. This presents an innovative way for early adopters and believers in TronBet to benefit from their support.

TronBet roadmap
TronBet roadmap

In the cryptocurrency industry, gaming has proven to be one of the strongest sources of actual adoption. CryptoKitties, TronDogs, and Etheroll have all created major buzz and concrete interest in using the blockchain as an engine for gaming and transactions. Developers at TronBet have promised a third unreleased game before New Year’s that will be PVP (player vs player), which should increase interest in the platform significantly.


71 Republic is the Third Voice in media. We pride ourselves on distinctively independent journalism and editorials. Every dollar you give helps us grow our mission of providing reliable coverage. Please consider donating to our Patreon, which you can find here. Thank you very much for your support!