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The thread you've been waiting for: BitPredictionLollopalooza 2015. We're still working on the name.

It all started on March the 3rd, 2014. AmericanBitcoin (and before I go much further I'd like to remind him to get his fedora ready) posted this thread question...
What will the price of Bitcoin be on January 1st, 2015?
He gave his prediction in US Dollars, putting it as $2,150 USD = 1 BTC, and others followed suit.
First of all, our very own tulipfutures made the following bet...
$250, and I'll make a $50 USD bet that I'm closer than OP which AmericanBitcoin said...
If the price of 1 coin on 1/1/2015 is lower than $600 I'll eat my hat. You will hear more and more about it in 2014.
Right now, it's still New Year's Eve in the Americas and very-Western Europe (the UK and Portugal), almost midnight in central Europe, and firmly 2015 in the rest of the world... and it has been at between $310 and $320 for one butt for half a week.
We want video proof of the hat eating.
Make sure the hat wasn't made in China. They probably still use mercury.
"This is all a bit dry and academic", I hear you say, "so how does it look in graph form?" Well, I'm glad you asked.
Graph 1.
This covers the predictions as listed in this thread. Most of the predictions are from that March thread, but a few are from later in the year. Read through that thread for details of who said what and when they said things would happen through the year.
You'll notice two of the predictions, from benjaminsdad and diecakehrower , hit the top of the graph. Did they predict $10,000 per butt each?
Nope. Let's increase the graph's maximum and see where we stand.
Graph 2.
Diecakethrower stops short at the top, simply predicting $32,500 per butt. If you're wondering if he's joking: nope. In this thread from a month ago in the Bitcoin subreddit, he still believes that
Bitcoin will find a way.
It should be noted that rainwater also finds a way to the sea.
You're wondering if benjaminsdad topped out at enough dollars per butt to buy a top of the range 2015 Porsche Boxter and still have money for cake.
Graph 3.
Eight million dollars per butt. All the other predictions look like thin slips of paper. Did he predict that one butt could buy this 4-bed, 5-bath pad that's perfect for any fan of Audrey Hepburn?
Graph 4.
Eighty million dollars for a butt? That would get you record-breaking residential property in NYC. Surely he stopped at eighty million bucks!
Let's cut to the chase. How much DID benjaminsdad say one butt would be worth right now?
Graph 5.
The exact prediction, in full, was...
0.0001 China GDP
A ten-thousandth of China's GDP. China's gross domestic product for the last year was $9.24 trillion dollars and, as you see, they have seen an increase in GDP since the previous year since 1988.
A thousandth of that would be $9.24 billion, but the prediction was for a ten-thousandth. $924 million per butt.
Space Adventures is offering trips to the Moon, including a stay at the ISS, and the whole trip there and back would take around 17 days. All for $150 million, so benjaminsdad would be able to go TO THE MOON six times now and still have $24 million in loose change to show how much a Cap'n Of Industry he is.
Where do we go from here?
Well, not the Moon (obviously). But we do have predictions for the future. Rism (in this thread) told us that...
In two years time this community will be forgotten about, the success of bitcoin will be undeniable and the only people who will remain here will be those with too much pride to realize the error of their ways. This community will be marginalized into a nascent meme used to identify people who aren't intelligent enough to understand the technology of bitcoin. Some of you will become depressed by the fact that you decided to ridicule a emerging technology rather than support it. Over the next two years many of you will peel away and reluctantly join the bitcoin community as the wave of innovation continues.
...and he asks to be reminded in two years.
I have a calendar reminder on my iPhone, and seeing as everything from my 3GS synced up nicely on my 5S, I dare say it'll be there in two years time on whatever version of the iPhone I have. The reminder to make this thread was on there, after all.
One other prediction in this thread had coolcityboy claiming to be sending a message from the year 2025, so his wasn't claiming it to be a prediction. It's claimed to be reporting on historical fact where...
the value increased by a factor ten every two years, to 1,000 dollar in 2015, to 10,000 in 2017, 100,000 in 2019, and 1,000,000 in 2021. From here onwards, there's no good way of expressing its value in dollars, as the dollar is no longer used, nor is any central bank issued currency for that matter."
We have gold to mine for YEARS.
Happy new year!!
EDIT - this is where the predictions for the next year roll in. Stand by for action.
1/14/2015 - HurrDurrButtcoin, an account started to post this thread, tells us he / she is going to be laughing his / her butt off (who am I kidding? It's a sausage fest in Bitcoinland, it's a man baby!) when Bitcoin bounces back and is worth at least 3k by the end of the summer. September 23rd, 0821 hours UTC (9.21am British Summer Time, 4.21am Eastern Daylight Time) it is. Thank you for your prediction.
submitted by Jackpot777 to Buttcoin [link] [comments]

How Factom impacts a governments capability to perform meaningful KYC.

Very long interview I had recently about how Factom's blockchain technology will potentially change how governments perform KYC in the future. You might be interested.
Q1: What are the current challenges you see in the KYC arena?
A1. Using social media to establish online identities is something we currently do not use in a robust way. As more of what defines our persona becomes based on our social graph and what we publish on platforms such as facebook, twitter, github and LinkedIn social media should be an important factor of identity.
Q2: Is putting identity on the Blockchain the best response to these challenges?
A2. It depends on the robustness of the solution. Identity linked to facial recognition fingerprinting may be valuable if the solution was easy to use. The bitcoin and Ethereum blockchains are limited use case publishing platforms. To be able to publish a photo of oneself, a fingerprint and the last four digits of important numbers such as SSN, bank accounts, credit cards, maybe a partial email and physical address could be important.
Blockchains are just publishing platforms with the same types of use cases as publishing to reputable third party platforms. If governments would allow you to upload these items to their website this would also work. Blockchains are only a superior publishing strategy for countries where governments are weak or where corruption is high. 1st world countries don't need blockchain publishing for KYC because the current methods work fine (although inefficient and expensive).
Q3: How is your company creating solutions with regards to KYC via the Blockchain?
A3. We use keybase and social media platforms linked to keybase to establish identity.
Q4: Which do you think is better and why - Having a centralized registry of identity (by a certified body), or having pieces of identity (held by different certified bodies) that are connected together?
A4. Decentralized vs centralized publishing for identity only? They both have advantages. Decentralized publishing may not require permissions to publish and it may create solutions which have lower total costs. KYC is about mitigating flows of funds to terrorist entities or criminal activities. What is the optimal publishing platform to do this? I think a more transparent and more auditable platform for identity is nice but if the lending institutions who use them are not equally transparent and auditable then this doesn't solve the problem KYC is attempting to solve.
Making banks transparent and auditable is a lengthy process. Also there are superior ways of making digital assets untraceable. This whole question of "should we use the blockchain for KYC" misses the point. Criminals will not stop being criminals because you use a new publishing technology. Blockchains are not "criminal proof" on the contrary they make it more efficient for everyone, non-criminals and criminals alike to transact. Creating less friction in our financial system actually makes it easier for criminals to transact because it makes it easier for everyone to transact. It might however make flows of funds more traceable using public ledgers and financial institutions may be less inclined to work with customers when the majority of a customers asset flows are untracable, unless privacy protections with technology like zero-cash become the defacto future standard.
Q5: What role can the state play in advancing KYC via the Blockchain?
Q5. Get out of the way, remove and lower regulations otherwise blockchain companies will find other jurisdictions to operate than inside your borders.
Q6: Is the issue a technical one or a regulatory one? What can be done to advance the finding of apt solutions?
Q6. Regulatory. When is your country, interpol and your police agencies going to start publishing to the blockchain? If you want blockchain insurance to be successful but your police agencies refuse to publish theft reports to a database that the blockchain can access in an automated way then blockchain insurance will simply find a more expensive solution which works around the need for police reports. Governments can quickly make themselves obsolete if they don't publish in a way that blockchain financial services can easily utilize. Governments are good, they collect taxes and provide public services but if they refuse to integrate with new financial services then publishing solutions will be found which circumvent the need for governments to publish to the blockchain.
Once insurance is created which doesn't require the use of police reports to award claims because another solution was found that integrates better with the blockchain when the government systems do not then what does that mean? Does that police report have more or less value? At a certain point governments will obsolete themselves if they fail to publish in a way that stops integrating with real currency flows (insurance, prediction markets, lending). This is already happening which means that third world governments may be unable to recover from a future period of obsolescence. Governments may find that their authority is nearly canceled by things like decentralized insurance and prediction markets because it is the flow of digital currency having real value in terms of goods and services which bypasses them.
People didn't expect decentralized publishing to be such a crucial lynchpin anchoring power to assets and then its too late. But first world economies will always recover due to strong social norms and general belief that government has a useful role to play in society. Corrupt third world governments most likely will not recover. In 15 years there is no more Zimbabwe or Somalia in any real sense so long as smart phone connectivity becomes accessible to 51% of the population.
Potentially this means that companies like Vodafone or Safaricom which offer services like m-pesa are the defacto authorities because they control data flows on their network and can attempt to censor certain protocols. Each protocol is a service, a blockchain, a publishing technology with its own financial flows and assets. Governments will attempt to put pressure on these entities but they will fail because those entities will perceive that they actually have more power. 42% of Kenya's GDP is transacted on mPesa In three more years this will exceed 55%. If mpesa shuts their network down because governments attempt to apply military pressure there will be riots in the streets and violent uprisings.
Q7: Is the tokenisation of identity the future of KYC?
A7: People don't know what tokenization means so we need to define that word first. The problem we are attempting ot solve is "how can I prove who I am without giving away my private information such that you can impersonate me?"
Tokenization in the payment processing world happens when a merchant collects sensitive credit card information but does not wish to hold that information on their servers. Instead they relay that information to a third party payment processor who sends them back a token. The token (relayed to the card issuer) allows the payment with the merchant to be processed without the merchant needing to store sensitive card information on their servers. If someone hacks the merchant servers the token does not allow them to impersonate the card holder and make subsequent transactions as them.
So tokenization is to use non sensitive data (token) for a single transaction which authorizes access to resources (funds, information, identity authentication) that sensitive data (credit card information, identity information) would normally grant access to. The token represents the sensitive data but it can only be used for a single transaction.
Digital signatures seem to be a simpler solution as they do not require the use of a trusted third party to issue tokens which represent sensitive data. Using allows you to tie your social media identity to a unique signing key similar to how people use certificate authorities (CAs) today. Using keybase you can look up a persons public key and verify its ownership. If someone can sign with that key this establishes their identity. does not rely on trusted third parties so I believe it is a superior solution for establishing identity.
Q8: As this is a topic that you are addressing on a daily basis, what advice/supplementary information could you provide that has not been covered?
A8: The US government does not perform any meaningful KYC for purchasing of large million dollar physical property assets:
At best the US governments real KYC policy is contradictory or ineffective which I think sums up the futility of a government event to discuss how blockchains might help or hurt their current KYC operations.
submitted by joshuad31 to factom [link] [comments]

The Bitcoin Gospel  VPRO documentary (2015) - YouTube Best Bitcoin Client Is Bitcoin Money? How The Economic Machine Works by Ray Dalio - YouTube Bitcoin: Beyond The Bubble - Full Documentary - YouTube

Bitcoin - British Pound Sterling Chart (BTC/GBP) Conversion rate for Bitcoin to GBP for today is £9,960.88. It has a current circulating supply of 18.5 Million coins and a total volume exchanged of £15,113,757,649 Bitcoin USD price, real-time (live) charts, bitcoin news and videos. Learn about BTC value, bitcoin cryptocurrency, crypto trading, and more. Digital money that’s instant, private, and free from bank fees. Download our official wallet app and start using Bitcoin today. Read news, start mining, and buy BTC or BCH. Discover historical prices for BTC-USD stock on Yahoo Finance. View daily, weekly or monthly format back to when Bitcoin USD stock was issued. For comparison purposes the S&P 500 to GDP ratio is shown here as well. The S&P 500 consists of 500 large US companies. Just like the Wilshire 5000, it is a capitalization-weighted Index. It captures approximately 80% of the available total market capitalization.

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The Bitcoin Gospel VPRO documentary (2015) - YouTube

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