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Polybius Bank Digital Pass

This post is a quick look at an ICO that will do a few interesting stuff – mainly Digital Pass – something taken from the Estonia E-Residency system, since the dev team are mainly from Estonia and Switzerland.

Besides offering up as an online banking to manage digital and fiat assets, this Digital Pass could be useful in the new Internet of Things spectrum. Such as a true Digital Identity that is blockchain-encased, so in true essense, not a Facebook account. With that, blockchain transfer of property, of legal matters, of will writing and execution, could finally brought into fruition and be functional.

Read their prospectus and white paper here: https://polybius.io/#documents

Estonian E-Residents – why many digital nomads are high-fiving it:

https://matadornetwork.com/life/many-digital-nomads-becoming-e-residents-estonia/

polydigita2digital

Fiction – Bill Gates Is Nakamoto

Satoshi Nakamoto was a stealthy person. He didn’t talk about football, didn’t talk about food, snacks, his favourite restaurant. Never complaint about the weather. Never mentioning if he is married or had family members. If he had any daily problems – house, car, bicycle, scooter, pet elephant.

He programed the whole Blockchain system in C++, within a Windows operating system. On an presumably old PC.

He took about 9 months to do it, at a clockwork schedule. About exactly 8-9 hours per 24 hours.

He mined over a million bitcoins, that is worth billions today.

Why? Why?

Firstly he lived in a timezone. Hence it’s not a few programmers behind the scene.

He is not some IOS user, nor Linux geek. He was using Windows. (an old version too) Most modern day coder, designer, wannabe, all are in the camps of IOS, or Linux geekland. It’s very un-often to someone proclaiming happily they are on Windows. It seemed uncool.

Using an old computer, is likely a cover. Bill Gates was rich. He has lots of time. He has lots of billions. He can take time to tinker in this project in his garage, without his wife knowing.

Researchers in Cointelegraph or Coindesk keep asking this question. Why doesn’t the original bitcoins mined by Satoshi still sitting there quietly? A sane person. A normal person. Would at least moved 2 bitcoins or 8 bits (yea, let’s go that way) to spend on a Thai tom yaam guung dinner, or buying the latest Honda Vario F1 with fuel injection. Or 16 bits to get into the home ownership or Tesla ranks? 32 bitcoins? What could it buy?

He don’t need to. That’s the proof. Proof of concept. When you have a google dollars, you don’t do those things people dream or thought they will do. You simply do not need to. Remember telling your cousin if you had a thousand dollars selling lemonade, you will buy 1000 Bigmacs?

Proof of work. He worked. He had proven that blockchain worked. Combining cryptography to create immutability, onto a value system, with a carrot reward to decentralise into a multitude of nodes to secure the ecosystem. It worked.

The total bitcoins he owns at today’s value, still can’t beat his total wealth which he is happy and freely giving away to his foundation. So he could just leave it there, implying destroying it, is safer than to move them. Moving the coins will make them trackable. Trackable will finally lead FBI to come knocking in the front door. See what happened to the fake Satoshi Nakamoto that had the actual same name.

bill-gates-young

The Flappening (not Flippening)

Flap flap flap. Splat.

8 bit wonder.

The so-called flippening might be a red herring.

  • Bitcoin has a maximum limit of 21 million coins – Ether does not have a limit (yet!)
  • Huge congestion in the size of the blockchain of Ethereum
  • Ethereum is hosting lots of new altcoins, ICO, almost weekly – this will result in their blockchain size growing at gargantuan rates
  • Vitalik himself declared that Ether is not currency nor money – he did warn everybody very clearly
  • The goal of Ethereum is to create a super massive decentralized virtual machine – compare this with those MMORPG that has other MMORPG living within it – such as a Simcity Game – and within a home of a Sim, that Sim family could be playing a MMORPG game of Warcraft within their home!
  • It’s akin to the movie “13th Floor” A world within a world. Or the movie “Existenz” – a game within a game within another game.
  • Several ICOs are launching within Ethereum then disappeared with the Ether – with no product/services. Such as some defunct crowdfunding stories you have heard in Kickstarter
  • Many small PR companies now are putting their hand into creating a quick ICO to simply raise money (ether! a misnomer!) then becomes ether – literally. This is like the dot com bust. Many companies (or so called companies) just have a dot com website, with a few fancy believable pages created by PR companies, then rush to do an IPO, raised millions, with no product selling, no services, no revenues, and of course no profit to investors except supernormal profit from raising the funds.
  • Imagine now many startups are desperately trying to seek funding – yet proving difficult – dealing with VCs, and these startups are bright, smart people. Sooner or later, a hundred, a thousand startups will turn into the ICO play to seek funding. This will jam up the Ethereum system and when a few holders from the ICO starts to cash out their Ether into fiat or Bitcoins, the system will see a complete takeover by greed and fear – a catastrophic collapse or a catastrophic black hole – meaning suddenly everybody in the Valley wants to get inside the Ethereum ecosystem, putting their system, services, inside Ethereum. This will drive up the price of Ether, drive up the size of the block, more congestions, and a big reduction in “mundane world” services.
  • At the same time, a dozen or two, would start moving out of Ether since they need raw currency to pay for staff, for food, electricity, and usually that starts with moving into Bitcoins, then selling into currencies.
  • Finally proof of stake. This implementation will literally stop the production of new Ether. Rewards will be lopsided that only someone with more Ether (stake) can mine and be rewarded! And the reward is gas not Ether. Gas is not tradeable (yet) in the open. Gas is used to power the smart contracts. Gas costs a tiny fraction of an Ether. When that happens, things could go sideways, left ways. Big miners would have huge stake to continue mining or perhaps not. They could just stop mining, since there is no more direct monetary incentives. Since there is not a maximum amount of Ether being declared, it is a dicy situation.

What does Flippening entails then? Nothing. When bitcoin started, it is virtually and by virtue, 100% market cap. Even if it was worth 0.0002 cents. It’s a $10 market cap. So if the market cap is now sadly down to 50%, yet worth 40 billion USD, it doesn’t mean or translate to mean a sad state of affair, does it? Bitcoin market cap could be 20% and yet worth 1 trillion USD. So on and so forth.

original_1-245346

Cutter Trouble

Americans cannot pronounce Beijing correctly. Try. Never. Ignorance? Arrogance? Lack of will? Power? Insanity.

Therefore the state of Cutter, now in the middle of that jigsaw puzzle of the Middle East – looks like a cute cut out cake. Ready to be eaten. Ready as pawn. Perhaps they got arrogant too. Learning from the master of the dark side.

They could buy a World Cup. They could buy avocados and strawberries and blueberries. When water costs more than oil. Their population is in a ratio of 1 citizen with ten backers. Ten helpers. Ten construction worker. Ten maids. Ten drivers. Ten gardener. Not that you have much of a garden to start with but alas, you can supplant a garden. Like a miracle. Because you can petroleum-based black gold. Or more specific and more unique to Qatar’s case is – gas. LNG. Lots of it.

Now in the centre of the chessboard. Who would strike first? What domino effects, or butterfly effects would result?

The King of terrorist state could swallow Cutter. And nobody needs to care a hoot. It’s dog eat dog. Iraq had a weapons ally called USA. Then the dog ate it.

Whatever happens next: first good is the chessboard is in Middle East, not Middle Kingdom. Second, bitcoin will flourish.

Imagine those ten men need to go home to Nepal, to India, to Egypt. Their rial are going to be useless. Imagine Cutters that want to leave. Imagine the exfat community, that fat largess of elitism, want to (sob) protect their family. Only doing a job. Have to sacrifice.

All of them need to move huge sums of money.

All of them will use Bitcoin.

conduit-cutter

Remember Standards Are Poor

This is simply the fact we all know yet forget. Therefore a reminder : rating agencies Fitch, Standard and Poor (the name itself is a giveaway!!!), and Moody (another tell tale name!!!) were the ones paid by a hedge funds, institutions, to gain good ratings to put their funny money into to enlarge a bubble. Equity bubble, housing debt bubble, collateralized debt (masking a debt with bets on itself,  multilayer numbers created by assumptions), sovereign debt as tool of manipulation. Simply rating after a fact. Simply rating a country with low rating because it doesn’t tally with their definition of markets free or not free. 

There was a reported case, whereby a prominent bank’s stock fell due to market conditions. Then only after that the ratings agencies gave a lower rating. If it is that easy then everyone of us can assume the role of rating agencies. 

The significance is shocking yet real that economic conditions and directions it is heading, does not relate to stock market sentiments and valuations. Real daily life expenses, earnings, wages too does not correspond. 

The conclusion : don’t be caught by ratings. Ratings agencies. Poll rating. Standards are poor. It’s bloody lousy moody manipulation. The greatest debt ridden country is rated among the top best? 

Do a bit more of our own research before believing and the word is trust, before trusting these Hooli. 

One more example: the largest trust agent, ie AIA, you trust your life, life insurance, it’s supposed to function as life insurance when your life is at stake for whatever reasons this thing is supposed to help you since you paid a giant premium betting on your health, your life. Then what happened? They played around with your money, invested and created phoney paper instruments that couldn’t even function as a paper airplane, then collapsed like paper domino, taking all your money. So they closed down. Vanished without a trace. That should have been the route. That is a clear sign insurance itself is quite the casino. As you know out of 1000 paid, the insurance model is to hope only 1 person requests compensation when they get injured, sick, or got some need for an operation. Well if that isn’t clear cut enough, it plays with your sentiment of fear. Fear you will die. Fear your dependents will live in a soup kitchen because you died. Such evil way to trap people’s mind and affections. 

Read or listen to:

Boom Bust

Creature of Jekyll Island

Bitcoin Port 443

This is a quick diagram response, to my post asking about the actual bitcoin internet traffic. Diagram made by Peter Banik.

bitcoinport443

Traffic:
From your smartphone app, (this diagram shows an example of Copay, it could be any app such as Mycelium, ArcBit, others), communicating first with the Copay backend via port 443, presumably on https. The Copay backend meaning their server(*?), will then communicate using TCP (transmission control protocol) or UDP (user datagram protocol) via port 8333 to the bitcoin node. A bitcoin node could be anywhere. Here the assumption is it will seek the nearest (*?) node be it from a computer, a miner’s computer. Once the nearest node acknowledges the transaction, it will send replications to get confirmations to other (nearby) nodes. It will queue up in some mempool (*?) and once it’s confirmed by a few nodes, meaning it is validated, and recorded onto the blockchain, then your bitcoin transaction is completed.

In BlockChain.info, whenever someone receives bitcoin, the transaction will display yet below it has a note stating “waiting for 3 confirmations”.

*? = assumption based on current knowledge, reality could differ

Community message: Send a message to Facebook.com/PentaPrison if you have better explanation, or some wordings need technical correction. Thanks in advance.