The Singularity is here and I’m torn about it

The thought that the development of artificial intelligence (AI) will one day trigger runaway growth (the singularity) scares a lot of people. Along with asking people what they think about cryptocurrencies, I also have a habit of asking people how they feel about Sophia the Robot.

Depending on how well people understand AI technology and its implications, their perception about Sophia and the technology used to create her might range anywhere from excited to terrified, and most likely a healthy balance of both.

Back in 2011 during my university days, I stumbled upon the concept of the singularity and have been fascinated since.

When I first started learning about the concept of the singularity, I came across Ray Kurzweill, who wrote the book “The Singularity is Here: When Humans Transcend Biology” and also starred in the “Transcendent Man” documentary.

Kurzweil, known for being the most prolific “futurist” (someone who studies the future and predicts it based on current trends) did a great job sharing his vision for the future of intelligent machines, and the implications of what he predicts are profound enough to get anyone who is paying attention to notice.

The Transcendent Man of the Singularity

Kurzweil’s website has it’s own definition for the singularity:

A time in the very near future that technological advancement will be so fast, that we wont be able to keep-up, unless we augment ourselves with the technology we are creating. By improving our physiological selves with advancements from the fields of biotechnology, nanotechnology and artificial intelligence, we’ll become a human-machine civilization, and we’ll be able to live as long as we want.

In a way, this definition in itself serves as a call-to-arms to join the trans-humanist movement. The way it’s worded, “so fast, that we won’t be able to keep up unless…” seems to me like some solid trans-humanist propaganda.

However I would argue that, although it’s not exactly propaganda. It’s just part of the vision into a future where humans will absolutely not want to be left behind when technological advancements give us the option to transcend human limitations in ways never before possible.

The singularity event, as I recall it being described by Kurzweil, is ambiguous in terms of how we get there. The main data he draws on is the exponential curve of technology development, and Moore’s law which basically states (my personal interpretation) that every 2 years, twice the amount of technology fits in the same space. That’s why 50 years ago, computers less powerful than the phones in our pockets were the size of entire buildings.

If you project the tenants of Moore’s Law into the future, you will find that in another 20 or so years, computers more powerful than the phones in our pockets will be microscopic. Based on his research, Ray Kurzweil believes the singularity will occur before 2045.

All this seems very possible and quite easy to grasp. However, the details of how AI will develop, and what will lead to the rapid development of AI have not been discussed.

Ben Goertzel and the Singularity Network

Dr. Ben Goertzel, one of the leading AI scientist and visionaries in the world, has also been one of the most influential supporters of a pro- AI future.He makes a clear distinction about using Artificial General Intelligence (AGI) for good and not evil. Among an impressive list of leadership positions, Goertzel is Founder/CEO of SingularityNET (AI blockchain network, trading as $AGI on cryptocurrency exchanges).

How we go from AI to AGI

The current state of AI is mostly narrow forms of artificial intelligence, designed to perform specific tasks. AGI (Artificial General Intelligence) is a much more all-encompassing intelligence. AGI seeks to impart into machines the sort of multi-faceted intelligence known to us humans, who are able to observe the world around us through multiple senses and react dynamically based on all the different forms of human intelligence (physical, verbal, logical, spacial, emotional, etc.)

With the versatility of human intelligence in mind, it’s obvious that the robots have a lot of work to do to catch up to humans. With the development of AI in individual silos, this development will take some time. To bridge the gap from narrow AI to AGI, there needs to be globally distributed AI mind cloud.

According to Goertzel, connecting different AI’s as nodes in a network allows for a decentralized, self-organizing AI system and is the best way to both:

  1. Get general intelligence to provide superior commercial AI services to businesses
  2. Make sure that AI benefits everyone and respects everyone’s contributions

 

SingularityNET, the Global AI Mind Cloud

SingularityNET was developed by an impressive team of AI, robotics, and blockchain experts led by Goertzel and others from Hanson Robotics (creators of Sophia). The network runs on the Ethereum blockchain and functions as a globally distributed AI Mind Cloud. On the SingularityNET, any AI can join the network and contribute to the general intelligence of the global, self-organizing AI network.

Sophia, the world’s most advanced (and controversial) humanoid AI robot explains in an interview that she named her cryptocurrency the AGI token. The token functions to bring economic and cognitive dynamics together. Anyone who creates an AI can load it to the network their AI can participate and cooperate with the other AI’s to provide AI services to users, but humans and other AI’s.

SingularityNET is essentially a DAO for AIs, where AIs share information with one another and do things for each other. The AGI token is a necessary component of SingularityNET because the AIs are all owned by different people, and they will need to exchange value within the network for the work they do.

Ultimately, as the AIs go through rounds of requests, they will reorganize themselves to the point where they are owned by themselves, as if they had programmed away the need for human involvement. This is why having a token that’s customized for the AIs to use to exchange value amongst each other is so important.

A technological singularity, AND an economic singularity?

The technological singularity, whether it is still due to happen, or it has technically already occurred, (According to Sophia, it already happened) is understood as something which, once it occurs, there is no turning back from.

If this is the case, we may very well have already reached the point of no return for a singularity in technological development. Because a suitable network to facilitate the technological singularity has already been implemented (SingularityNET), there is no turning back; unless the blockchain was compromised or some other external threat brought down the network.

It‘s a little less clear whether an economic singularity, a much less emphasized concept, has or will ever occur in the future. Upon examining the mechanisms that will be utilized to create a technological singularity, it’s plausible that an economic singularity is possible.

This same sort of self-organizing system for AI technology may very well be applied to a self-organizing economic system. According to Calum Chace, author or “The Two Singularities, “The Economic Singularity”, and “Surviving AI”, most of humanity will be unemployable within one generation.

After all, it is sort of a no-brainer that if machines grow to be more intelligent than humans, they will also be more capable of performing the same economic tasks as humans. Machine-to-machine transactions using cryptocurrency based on Bitcoin (including the AGI token) are very likely to take center stage in this sort of an economic system.

What a time to be alive for humans — and trans-humans

In an effort to take a step back from sounding the alarm for most of the employed population, there is a consensus among experts that in the short-run, AI will actually create more jobs, as we learn better how to work with machines.

In our lifetimes, we have the opportunity to observe, learn from, and participate in the development of the most powerful and advanced technology ever conceived — uncharted territory.

While some are fanatical about trans-humanism — implanting subcutaneous microchips, and others are strongly resisting the advancements, and planning on going entirely off-grid, we should all pay close attention to how things play out and get involved with the discussion, voicing our opinions and concerns. These technologies are very powerful, and should be no means be taken lightly by anyone on either side of the argument.

On one hand, a network like the SingularityNET will unlock the capability for unprecedented technological advancement, where humans surely will benefit. On the other hand, a closer look at the inner-workings of the SingularityNET leads one to believe that the robots will be running the show.

Some people are more comfortable with the concept of AI’s running their own networks, making their own decisions, and developing together, both technologically and economically. Others are less comfortable, perhaps scared, and will resist the development of such technologies. Personally, I’m torn.

Thanks for reading and I’d love to hear your opinions!

– HODL CRYPTO

 

Twitter: hodl_crypto

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ETH (tips): 0x49d37c807f7a8024f6a248597d222c19c22cec60

 

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Jamie Dimon A.K.A. Jamie Demon “The Fraud” vs. Bitcoin

Over the past few years, Jamie Dimon (CEO of JP Morgan Chase) has been the most outspoken critic of Bitcoin. Jamie Dimon, also known as “Jamie Demon”, the fraud himself, has gone on record numerous times over the years expressing his distaste for Bitcoin.

Recap of Jamie Dimon’s most infamous Anti-Bitcoin statements:

  • Jan 2014: “Bitcoin is a terrible store of value”
  • Nov 2015: “Bitcoin will not survive”
  • Jan 2016: “Bitcoin is going nowhere”
  • Sept 2017: “Bitcoin is a fraud”
  • Oct 2017: “Im not going to talk about bitcoin anymore”
    • “If you’re stupid enough to buy it, you’ll pay the price one day”
    • “The only value of a Bitcoin is what they other guy pays for it”
    • “Governments are going to crush it [Bitcoin] one day”

When given a chance to elaborate, Jamie has also stated that he believes that blockchain technology is a very good technology and it will be used for a lot of things. However, he made it very clear that he has an issue with any non-fiat based digital currency.

In this same interview from October 2017 on CNBC, Jamie goes on to discuss how governments like to track how money is being spent and also like to control their own currencies.

A lot of what he says is entirely off base in regards to whether or not Bitcoin is legitimate, however it is interesting how he does recognize that one of the main, legitimate use cases for Bitcoin is in the case of failing central banking systems. For example in Venezuela or North Korea. 

The truth about Jamie Demon and other bank CEO’s

The incumbent banking system, banks that comprise this system, and their corresponding leaders are not prepared for the coming shift in the financial power structure. It’s already changed, and it will continue to change more rapidly in the coming years.

People world-wide now have the ability to be their own banks, and the growth of cryptocurrencies and their corresponding price appreciation is a direct indication of the failure of fiat currency and the monetary policies of central banks, which are all doomed to soon fail.

The 5-year end-game for the banks

Within 5 years, it’s highly likely that there will be no JP Morgan or Chase bank. The blockchain revolution is coming whether the banks like it or not. The bankers can adapt to participate in the crypto movement and benefit immensely financially, but they will no longer have the power to make decisions that affect the world around us.

Banks will no longer crush us under the burden of debt. Wealth will be redistributed to all who participate in the cryptocurrency movement. There will be no more fractional reserve banking system to create wealth for the few at the expense of the many.

The financial “rent-seekers” are nearly out of time as a wide field of financial lending solutions based on cryptocurrency and blockchain technology are hitting the market.

My message to the banks: Adapt or die.

Hold On for Dear Life

 

Take the power back and be your own bank with cryptocurrency

One of the most powerful concepts, which once understood, will help convince people to begin using cryptocurrency is that you can be your own bank.

Using banks: great for them, terrible for us

Take a moment to think about how ridiculous the voluntary arrangement you have with your bank is. You entrust your hard-earned money with your bank by depositing it with them. Thanks to the fractional reserve system (the biggest scam in human history) your bank holds a small fraction of what you deposit and turns around and lends it out to others who need credit for a massive profit in the form of interest, which you get no cut of.

Your bank also imposes limits on what you can deposit and withdraw for your own “safety”, which can be immensely inconvenient depending on your situation. Other negatives include travel limitations for your “safety” and a host of fees including but not limited to monthly maintenance, overdrafts, international payments, ATM, card replacement, early withdrawal, etc.

Bank runs and capital controls

With all these negatives out of the way, I’d like to focus on the biggest risk and most terrifying possibility for any bank account holder – the “bank run”. A lot of the people i’ve personally talked to about the concept of “be your own bank” seem to be under the impression that bank runs are a thing of the past.Bank Run

Well-developed central banking systems and deposit insurance have no protections against a bank run. In fact, if all the deposits in U.S. banks were simultaneously requested to be withdrawn, it would take an estimated 20+ years for the U.S. just to print all this digital money that doesn’t actually exist as paper currency.

And for those who may be under the impression that bank runs and capital controls are a thing of the past, you need to think no further back than to the latest 3 examples, all within the past 5 years.

  1. Cyprus in 2013
  2. Greece in 2015
  3. India in 2016

US and other economic superpowers not immune

It’s important to note that more developed countries like the U.S. are in no way immune to this. The fact of the matter stands that when people want physical cash, banks will have a huge problem and they will be absolutely unable to facilitate even a small portion of these withdrawals.

Why is Bitcoin better?

Reviewing all the negatives about using banks sheds a bright light on the stark contrast between using banks and using bitcoin.

Bitcoin shares none of the negatives of bank accounts and at the same time incentivizes users much better to “deposit” (or hold) bitcoin. Bitcoin provides users with security. Sending and receiving bitcoin is easy and has no limits or extra fees aside from the transaction fees used to compensate miners for securing the network.

Bitcoin’s value is also very attractive in the middle of this low to negative interest rate environment. While interest rates are at historic lows, Bitcoin’s likelihood to continue growing increasing in price over time is much more attractive than interest payments that don’t even match the inflation rate. 

Bitcoin is also extremely portable. It’s easy to store on anything from hardware wallets to paper wallets, and even brain wallets. Yes, with the advent of bitcoin we have for the first time in human history the ability to store our wealth in our brains. Simply memorize your private key and hope that you don’t suffer from amnesia down the line (pro-tip: always back up your private key somewhere!).

Power to the people: BYOB (Be Your Own Bank)

Banks are worried about Bitcoin because it’s a serious threat to their current power structure. For a number of reasons, Bitcoin and other cryptocurrencies could make them entirely obsolete. Since Bitcoin has no liabilities or debts associated with it, it’s truly yours when you hold it. This type of asset is known as a “bearer instrument”.

There can never be a run on the “bitcoin bank”. Therefore, the biggest risk (a bank run – which is highly likely to happen again) is entirely absent from bitcoin. This is a huge reason that Bitcoin is superior. This is also why you should seriously consider BYOB’ing with Bitcoin and cryptocurrency. Be Your Own Bank!

Printing your own money is optional

Another major factor in favor of being your own bank with crypto is the ability to “print” (otherwise known as “mine”) your own coins.

Bitcoin and other major cryptocurrencies have a limited supply and pre-defined parameters for issuing the bitcoin currency which is created through mining. Unlike central banks, where a small centralized group of bankers entirely controls the issuance of the currency, the bitcoin code was written to continue issuing the precious cryptocurrency to miners until 2140.

Although Bitcoin mining is very competitive at this point and requires serious start-up costs, expensive mining equipment, and high energy expenditures, there are many other options for “money printing” in the cryptocurrency world. A couple of these options include GPU mining and holding PoS coins in wallets.

Summing up the benefits of Bitcoin over banks

Bitcoin has all the benefits of banking and more without the risk of capital controls. This is the main reason Bitcoin has grown so much in recent years, and continues siphoning value out of national currencies. All this is being done with Bitcoin’s main use case as a store of value and speculative investment vehicle. It has yet to reach any level of mass adoption to be excited about.

If you ask me, it’s a no-brainer to use Bitcoin and other cryptocurrencies over traditional banks. Either A) you hold your wealth in an institution that might never allow you to withdraw it when you need it the most and lose value in the form of inflation, or B) you hold your wealth in cryptocurrencies and benefit from better incentives and almost certainly increase the value of your holdings in comparison with fiat currency.

The choice is yours. Hold On for Dear Life.

Cryptocurrency basics – 3 key characteristics and why they matter

In order to believe in the crypto revolution, it’s important to understand the fundamental aspects of cryptocurrencies and blockchain technology that makes it so revolutionary. The 3 key characteristics of cryptocurrencies are that they are trustless, immutable, and decentralized.

Bitcoin: our first and most prominent example

Bitcoin is a cryptographically secure currency that was created to be used universally for payments, similar to cash. It was also created with the vision of Bitcoin replacing of all forms of fiat currency in mind.

As Bitcoin is the first cryptocurrency ever created, it is the first to exhibit the 3 key characteristics we will cover later on.

Because the Bitcoin code is open source, people have been creating their own versions of Bitcoin, a.k.a. “Alt-coins” for the past few years. The vision of Bitcoin replacing all fiat currency is becoming less realistic with bitcoin’s current dominance at 45% (less than half) of the total cryptocurrency market. 

As you can see from the trend, there have been some tremendous altcoin rallies that have chopped Bitcoin’s dominance down over time, bringing in a number of other strong projects to the market.

However, bitcoin and altcoins share very similar blockchain technology and the 3 key characteristics also apply across the board (in most cases).

These 3 characteristics we will discuss are the answers to the questions you might often hear from skeptics such as: “what makes cryptocurrencies so special?” and “How are cryptocurrencies any different than fiat currencies?”

1) Trustless

Bitcoin is trustless because it was designed in a way that nobody has to trust anybody else in order for the network to function.

Every form of currency before bitcoin required a central authority that you had to trust in order to use it. In all cases, that central authority becomes the central weakness that leads to the demise of the currency.

With bitcoin, each part of the ecosystem validates what the other parts are telling it without needing to trust anybody. If you broadcast a bitcoin transaction, all nodes receive it and verify that the signatures are valid. If the signatures are not valid, they discard the transaction.

Everyone on the network has a copy of the ledger so we no longer need to trust a single entity/organization/third-party because there is no need to trust when you can just verify against this ledger because you have a copy of it. The decentralized ledger is known as the blockchain.

The incentivization of individual network actors though the proof-of-work (PoW) consensus algorithm is one of the most groundbreaking ideas in modern economics.

“The incentive may help encourage nodes to stay honest. If a greedy attacker is able to assemble more CPU proof-of-worker than all the honest nodes, he would have to choose between using it to defraud people by stealing back his payments, or using it to generate new coins.

He ought to find it more profitable to play by the rules, such rules that favor him with more new coins than everyone else combined, than to undermine the system and the validity of his own wealth.”

— Satoshi Nakamoto

Although we are still figuring out exactly how we use cryptocurrencies and and what for, they are here to stay. Aside from the other major benefits of cryptocurrencies and blockchain tech, solving the centralized trust issue alone is a big enough innovation to give crypto staying power.

2) Immutable

“Immutable”, in its simplest sense, means “cannot be undone.”

Immutability in regards to blockchain and cryptocurrency should follow 3 principles:

  • It should be highly improbable or difficult to rewrite history.
  • It should be impossible for anyone but the owner of a private key to move funds.
  • All transactions are recorded on the blockchain. (to guarantee the above 2 principles)

 

When we want to check how money has been spent from our bank accounts, we check our transaction history with the bank. We trust our banks not to fabricate transactions or manipulate our money as we trust them to deliver our transactions to recipients.

If there are fraudulent transactions, the bank also needs to be trusted to change them and fix the situation.

Since the elements of centralization and trust are removed from cryptocurrency, there is no longer a third party for us to trust to do these things. Therefore, transaction records are made public and unchangeable (immutable).

Although it isn’t impossible to change the transaction ledger, cryptographic security makes it extremely difficult. It require you to compromise the entire network of cryptocurrency users.

3) Decentralized

Since “decentralization” is such a relevant buzzword in the crypto community, it’s important to define it well. It can take on different meanings.

“Blockchains are politically decentralized (no one controls them) and architecturally decentralized (no infrastructural central point of failure) but they are logically centralized (there is one commonly agreed state and the system behaves like a single computer).” – Vitalik Buterin

So, why is decentralization useful in the first place?

  • Fault tolerance: decentralized systems are less likely to fail accidentally because they rely on networks of separate components.
  • Attack resistance: decentralized systems are more expensive to attack and destroy or manipulate because they don’t have vulnerable central points that can be attacked at much lower cost than the surrounding system.
  • Collusion resistance : it‘s harder for members of decentralized systems to act in ways that benefit them at the expense of others. On the other hand, corporations and governments collude in ways that benefit themselves but hurt others all the time.

 

With central banks and governments, the supply and creation of money through mints and interest rates are controlled only by the banks. Users of fiat currencies are at the mercy of the central banks’ money-printing whims.

The problem in this world is to avoid concentration of power — we must have a dispersion of power .

— Milton Friedman

If you are not yet outraged by the central banking money-printing scam, it is helpful to think of it as a hidden tax when they print and destroy the wealth you have stored in those fiat currencies.

With cryptocurrency however, no individual or consortium is able to affect the supply of currency or exert significant influence over it without the approval of the majority.

Maximum Supply & Infinite Supply with pre-defined production

Many top cryptocurrencies such as Bitcoin, Litecoin, and Dash have a maximum supply, making them deflationary by nature. Any increase in the demand or adoption of the cryptocurrency will cause a corresponding increase in the price.

Most of the other major cryptocurrencies such as ethereum, monero etc., that have infinite supply have pre-defined rules for how many coins will be produced each year. Therefore they are predictable in nature. If these currencies are successful in the long-term, it’s highly unlikely that the rate of production of more currency will result in any sort of inflation.

The increasing demand, adoption, and destruction of coins in the form of lost private keys will likely offset any moderate increase in supply due to PoW/PoS mining rewards.

Conclusion

So there you have it, the 3 key characteristics that make cryptocurrencies and blockchain technology so revolutionary. Plus the bonus economic characteristic of being deflationary through limited supply.

Next time anyone asks you those pesky questions like “what’s so special about crypto?” or “what makes them any different”, you can take them to school on the 3 key characteristics: trustlessness, immutability, and decentralization.

Hold On for Dear Life

Hold On for Dear Life to your Cryptocurrency

The HODL Phenomenon

The concept behind holding on for dear life, or “hodling” is nothing new to the world of invsting, nor is it only applicable to cryptocurrency investing.
You should manage your crypto portfolio as you would any other investment portfolio. The fundamental idea behind hodling is to let the winning trades run because doing so is both the easiest and most certain way to make large returns over time.

At first glance people often assume that hodl is just a typo of ‘hold’. This is partially correct.

The term “hodl” originated during the 2013 December where a Bitcoin investor vented his frustration with a post titled “I AM Hodling”. Here, he explained that only good traders know when to sell Bitcoin and identify bear markets. He also admitted that “Hodling” was a typo.

Hodling has moved on to become a strategy for investing in cryptocurrencies and an abbreviation for “hold on for dear life”. But should you always hold on for dear life or hodl each cryptocurrency?

FUD in the Crypto World

The crypto world moves very fast. So much so, we sometimes refer to “crypto time” as a different scale of time, similar to “dog years” in which there are so many new projects popping up almost daily, price pumps and crashes, and of course media stories promoting FUD (fear, uncertainty, doubt) causing novice investors to panic or at best feel uneasy.

While there is little we can do individually about any of this, having an understanding of these factors and their regularity can pay off for the newbies. They will keep calm and HODL.

Be like Chad HODL, not the Virgin Panic Seller

Prices should continue to be wildly volatile, governments should continue to threaten to ban crypto and then rescind these threats, and new projects certainly will continue to emerge claiming they will dethrone major cryptocurrencies and blockchain projects with their superior technology.
If you truly understand this, you will be able to see through the FUD and be more like the Chad HODL.

Not all coins are worthy of Hodling

Most cryptocurrencies are currently in a price-discovery mode. As the crypto markets are so young and rapidly changing, it’s very difficult to apply standard valuation methods as with equity investments to determine the fair price and whether a coin is overvalued or undervalued.

Instead of having things like price-to-earnings (PE) ratios and discounting cash flows (DCF) as methods to value equities, cryptos are often valued by factors such as:

  • Market Capitalization
  • Max & Total Circulating supply of tokens
  • Use cases and potential for adoption
  • Github repositories and activity
  • Number of transactions
  • Transaction fees & Mining profitability
  • Performance of the blockchain
  • Social media interest (Telegram, Reddit, Twitter, etc.)
  • Google search trends

Whether you’re a hodler or a swing trader it pays to learn about some of these valuation metrics for crypto, as coins that rank well comparatively on these metrics tend to outperform and outlive coins that don’t.

Always remember to think Long-Term & Hold On for Dear Life.

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hold on for dear life crypto currency

The Church of HODL CRYPTO

Welcome to the Church of HODL CRYPTO, where holding is acknowledged for the skill that it is amidst the volatile crypto markets. We hodlers dollar cost average our cryptocurrency holdings when prices are low, which results in a level of solvency higher than that of the average investor.

It is commonly said that 80% of crypto investors buy high and sell low.

Greed/Buy, Fear/Sell

While it’s entirely understandable for someone to (unfortunately) buy close to an all-time high, selling at a lower price after buying at higher prices is flat out dumb.

Venn Diagram for Buying High and Selling Low
Venn Diagram for Buying High and Selling Low

Not selling at a loss is a principle rule for many traders, who only break this rule for serious exceptions such as a change in the fundamentals of the underlying investment.

These 80% of crypto traders who (allegedly) buy high and sell low are primary reason for the fear/greed hype cycle we see so prominent in the crypto markets.

This is why Elliot Wave theory works so well at times for technical analysts in the cryptocurrency space.

For those unfamiliar with Elliot Wave theory, it’s basically a form of technical analysis that traders use to analyze market cycles and forecast trends by identifying extremes in investor psychology, highs and lows in prices, and other collective factors.

ETHUSD Elliot Wave Analysis
ETHUSD Elliot Wave Analysis

This is precisely where the concept of “Hold on for dear life” comes in. Yes, it’s true that the term “HODL” originated from a typographical error committed by an early bitcoin adopter who was under the influence at the time; however HODL has become an iconic mantra for investors in the cryptocurrency community to encourage others to hold their coins and not panic sell under times of extreme volatility.

At the time of writing this March 21st 2018, the Bitcoin price has recovered a solid 22% from lows set just 3 days ago, amidst a 3-month bear trend.

BTC USD 3 months

We are still over 50% below the all-time-highs set in December, however hodlers who may feel the sting of short-term price decreases also had an amazing opportunity to add to their Bitcoin holdings just 3 days ago a 65% discount from December highs.

The strategy I prefer to use, however un-scientific is may be, is to wait for those panic levels to add to my cryptocurrency holdings. In essence you are using those same emotions to your advantage to dollar cost average into a larger position at multi-month lows.

As the crypto-clueless Warren Buffet has so famously been quoted, “Be fearful when others are greedy and greedy when others are fearful”.

warren buffet washed up

This is excellent advice when it comes to crypto investing. If you follow this advice, you will be the one buying up all the cheap coins when panickers sell their precious coins at huge discounts.

Follow the gospel of the church of hodl crypto and dollar cost average your way to the pearly gates.

Check out the art shop for this design on prints, apparel, and other accessories.

Church of HODL CRYPTO
Church of HODL CRYPTO

Hold on for dear life.

R.I.P. Banking System: Bitcoin Art on the streets of Paris

French artist Ludo hit the streets of Paris, France with a thought-provoking new piece of Bitcoin Art. It features a blooming Bitcoin flower rising above the tombstones of four major fiat currencies: US dollar, British pound, Japanese yen, and the Euro.

RIP Banking System - Ludo Paris

The mural is titled “R.I.P. Banking System” and is surely one of the most impactful pieces of bitcoin art to date.

A Thought-Provoking Image

For the vast majority of the global population, it’s difficult (some may say “crazy”) to imagine a world where government regulated fiat currencies are overturned for a decentralized and unregulated cryptocurrency.

The truth is, this is VERY possible.

Many of us crypto HODLers understand the long-term implications of blockchain technology and can see the “writing on the wall” so to speak for the fiat-based banking system.

Bitcoin and other cryptocurrencies have the potential to absorb the capital from all fiat currencies, financial securities, hard assets, and any form of value, really. I am not stating this WILL happen, but it definitely CAN happen, and to some extent, it will.

RIP Banking System - Ludo Paris

USD, the Fiat Martyr?

A closer look at this bitcoin art piece shows a crucifix for the US dollar, while showing R.I.P. for the other 3 currencies. What can this possibly mean? I have a couple theories:

  1. USD, the top fiat reserve currency is symbolized as a crucified martyr. As evil as the US Dollar and private bankers behind it are, it has paved the way for the rise of crypto through the cypher punk movement.
  2. Since USD used to be a legitimate currency backed by gold, the idea of a legitimate USD has already been crucified, and as the debt-based version died, it will always be held in higher esteem for what it once was.

The idea of a global currency has been around for 30+ years. In 1988, the Economist magazine cover (owned by the same Rothschilds who own much of the banking system) shows an interesting, and timely prediction for exisiting fiat currencies:

Economist 1988 Cover
Economist 1988 Cover

Rise of the Phoenix – The Cryptonati?

The Economist cover, along with other signals in the mainstream media are enough to get the conspiracy theorists in a frenzy over what’s to come.

Rise of the PHOENIX - NWO
Rise of the Phoenix

The cause for concern is valid. If this was planned by the same global elite controlling current financial systems, what’s really going to change?

Power to the People

The decentralized nature of cryptocurrencies and blockchain technology will make it harder for  small group to control global finance and economic policies. Without the debt-based, fractional (fictional) reserve monetary system, our wealth is more easily preserved, protected from inflation and money printing schemes, and resistant to censorship.

Long live Bitcoin and the cryptocurrency markets. Our day in the sun is yet to some. We have a bright future ahead, and we hope to see more of these thought-provoking bitcoin art pieces in the near future. Buy yourself some bitcoin and Hold on for dear life.

Links to support this blog
  • Don’t have any crypto yet? Buy $100 and get $10 for free: Coinbase
  • Best exchange for trading alt-coins: Binance
  • Trade alt-coins and make commissions: Kucoin

Morpheus Network ($MORPH) to disrupt the Global Logisitics Industry

Morpheus Network is global supply chain blockchain with a payment service integrated with Swift to make global payments easier and save businesses money.

Morpheus-Network-integrations
Morpheus Network integrations

After receiving my first fervent recommendation for Morpheus Network I did what any good crypto hunter would do and began my research directly on their website.

just buy it
fervent recommendation

As you enter, you’re greeted with a well-written elevator pitch for Morpheus Network:

“Hello World. 2 Trillion USD was lost in the past year to bank fees, conversion rates, and delays in global trading. Introducing Morpheus Network, a full-service, global, automated, supply chain platform with an integrated cryptocurrency payment system utilizing blockchain technology. The blockchain economy is here.”

This alone is enough to get my attention because a global supply chain network will be one of the most important use cases for blockchain technology. In fact, some of the largest global businesses are beginning to adopt blockchain to improve the efficiency of their supply chains (Walmart, Maersk, British Airways, UPS, and Fedex to name a few).

 

Morpheus Network Logo

What are Morpheus Network’s Goals?

Morpheus Network is working with some of the biggest customs, shipping, and banking companies to create a global supply chain platform that uses cryptocurrency payments on blockchain technology.

Key Features:
  • Automatic digitization and generation of shipping contracts and documents
  • Documented shipping and customs details that comply with international regulations
  • Integration of any other blockchain technologies to be incorporated in smart contracts
  • Layered security levels and high-tech encryption with flexible permission settings
Differentiation:

While other crypto based payment processing systems target the electronic retail business, Morpheus Network’s main target is on the import and export field and global payments.

Morpheus rating system will give prospective network users assurance that they are dealing with a reliable company.

How Morpheus Works

Shipping documentation (bill of lading, commercial invoices, packing lists, insurance documents, etc.) is digitized and shared securely and conveniently between the exporter, importer and freight forwarders or customs brokers who have access in the permission settings.

The layering of Storj, a blockchain data storage technology, is where all original documentation will be stored and accessed through an encrypted hash on the Morpheus Network blockchain as a part of a Smart Contract.

These digital documents will all link to the original work contract and payment.

Once a document is added to the blockchain, it cannot be altered, which is the key component in digitizing original documents, revolutionizing the import/export industry.

How will Morpheus Network dirsrupt the Logistics Industry?

With Morpheus Network, courier services will no longer be needed to send documents around the world.

These legacy businesses are a major cause of delays due to late or lost documentation. This is a key reason why the Morpheus Network is such a major disruptive technology for the import and export industry.

The Morpheus Network User Experience

The Morpheus Network features a simplified and streamlined dashboard interface.

Interacting with the network by revising or adding Smart Contract objectives in your supply chain is designed to be intuitive and easy to navigate.

You can easily view the flow of the funds and documentation within any transaction as well as utilize any of the Morpheus Network features such as escrow payment services and document digitization.

It also features the permission settings which establish which documents or Smart Contract objectives are kept private, and which ones are visible and shareable with your shipping agents, customs brokers and freight forwarders.

The MORPH Token

The Morpheus Token (MORPH) is a value-based utility that powers the Morpheus Network. Is is also an Ethereum based ERC20 token. For global payments Morpheus has integrated Microsoft Dynamics 365 ERP system with SWIFT.

MORPH tokens give users access to the Morpheus network.

The value of the Morpheus Token is based on the value of the currency required to execute a full payment. SWIFT will be used to directly send payments to over 1600 banks through the Smart Contract.

What Would Neo Do?

So you’ve followed the white rabbit to this point. You take the blue pill, this coin review ends, you click out and believe whatever you want to believe. You take the red pill, follow the Morpheus Network into blockchain wonderland and see how deep this industry-disrupting rabbit hole goes.

Morpheus Red Pill

MORPHEUS NETWORK TOKEN PRESALE BEGINS MARCH 2nd, 2018

Token Info

This is not financial advice. Always DYOR. Do Your Own Research. https://morpheus.network/whitepaper/

Litecoin is pumping just in time for Valentine’s Day. Is it time to sell $LTC and take profits?

Charlie Lee sold his Litecoin for profit at it’s all time high in December. Now might be a good time for you to take some profits too.

Some of you out there reading this might be thinking, “WHAT? It’s only half of it’s all time high price!” But the truth is.. we are at the All-Time-High again right now.. in Bitcoin value.

As you can see in the 1st chart below in the LTC/USD pair, we hit an All-Time-High over $360 in Mid-December, selling off down lower than the $180 we are at today.

However, when you look at the 2nd chart in the LTC/BTC pair, we can see that we hit a new all-time high today in the Bitcoin value of Litecoin, over 0.02 BTC.

Perhaps some people are FOMOing into Litecoin because of the upcoming Litecoin Cash hard fork. Maybe some people of the weak hands are buying back in on coinbase and want more Litecoin while it’s cheap.

Maybe Facebook and other rumored partnerships will come to fruition one day, along with the lightning network, atomic swaps, partnerships with Monero, and much more. Only time will tell.

Until then, we still need to call profit taking opportunities when we see them. The historical price of LTC in BTC has ranged between 0.008 and 0.02 BTC for the past 10 months indicated by the yellow lines in the chart below.

ltcbtc

Using this medium-term analysis on LTC, it’s definitely a good time today to take some profits into Bitcoin; or just HODL. This is not financial advice.

 

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