Ultimate glossary of crypto currency terms, acronyms and abbreviations
Good morning once again! This listing is for items that did not sell during the October 11 Auction (most likely due to BP/fees, or maybe just because the "right" buyer didn't see the auction, who knows) - so you can buy anything you want right here and right now - no buyer's premiums, no additional fees - JUST DISCOUNTS ON EVERYTHING: *FREE shipping for any order over $100. *All the Graded/Slabbed Coins are available at 30% off the listed price guide (which should be accurate, was checked about a month ago.) *Any Sterling Silver non-coin item will be available at MELT (plus shipping.) *EVERYTHING ELSE is 10% off the listed start price. Each lot was individually imaged (front and back) for the auction - so the easiest way for you to see exactly what you're buying is to visit the auction link (the auction is over, so I'm not advertising anything different or advertising an upcoming auction) - so here that is: https://www.auctionzip.com/auction-catalog/HTF-Coins-Silver,-US,-Foreign-more_FYWN25UAV6?page=0&searchWithAll=&size=200&sort= Here is the required "prove you still have the stuff" photo with the username card and today's date: PHOTO Payment: PayPal. I do not have Venmo/Zello/Bitcoin or any other form of digital payment at this time. No notes if using PPFF, please. Thank you. Shipping: I will charge you what it costs me for the USPS label rounded up to the nearest dollar. For First Class that is usually $4, for USPS Priority Mail Flat Rate Small Box it will be $9. I will get you a tracking number right after payment is received and will get your package scanned into the USPS system within 24 hours of receipt of payment. I will offer "Risky Shipping" (via stamped greeting card)at my discretionfor $1 - for single, small coins ONLY.NOTE: These prices are for Continental US shipping only - if you live outside the continental US, shipping will be more expensive. I am still happy to do it under the same rules as above, but just keep in mind it's going to cost more. What do YOU need to do to buy coins from this group: send me a list of which lots you want (for example, I want to buy lots # 51, 52, 53, 54, 55) and I will send you a total. There are too many coins here (plus there are duplicates) so I cannot look up the coins you want by description - just give me lot numbers and it will be much simpler. I'd like to make a simple and polite request - if I have sent you my PayPal information (meaning we've agreed to a deal) please finish it up as soon as you can so I can check you off the list and move on to the next person. This helps make sure you get all the coins we discussed and no one else is in limbo. I will do my absolute best to update the ad as soon as lots sell.
11 1973 Proof Set $9.00 12 1973 Proof Set $9.00 13 1974 Proof Set $9.00 15 1975 Proof Set $9.00 17 1975 Proof Set $9.00 18 1975 Proof Set $9.00 19 1975 Proof Set $9.00 20 1975 Proof Set $9.00 21 1975 Proof Set $9.00 22 1975 Proof Set $9.00 23 1975 Proof Set $9.00 24 1975 Proof Set $9.00 25 1975 Proof Set $9.00 26 1975 Proof Set $9.00 27 1976 Proof Set $9.00 28 1976 Proof Set $9.00 29 1977 Proof Set $6.00 30 1977 Proof Set $6.00 31 1977 Proof Set $6.00 32 1977 Proof Set $6.00 33 1978 Proof Set $6.00 34 1978 Proof Set $6.00 35 1978 Proof Set $6.00 36 1978 Proof Set $6.00 37 1978 Proof Set $6.00 38 1975 Proof Set $9.00 51 Toner US Type Set 1 $55.00 52 Toner US Type Set 2 $30.00 53 Toner US Type Set 3 $30.00 54 1949 S Franklin Half UNC KEY DATE $40.00 55 1949 S Franklin Half UNC KEY DATE $40.00 59 1949 S Franklin Half UNC KEY DATE $40.00 60 1976 D Eisenhower Dollar UNC MINT CELLO $4.00 64 1977 D Eisenhower Dollar UNC MINT CELLO $4.00 65 Toner US Type Set 4 $25.00 66 Toner US Type Set 5 $30.00 67 1953 D Franklin Half UNC FULL BELL LINES $25.00 68 Toner US Type Set 6 $65.00 70 1936 Mercury Dime Doubled Die Obverse HIGH GRADE $30.00 73 1955 Roosevelt Dime UNC TONED $8.00 75 1955 S Roosevelt Dime UNC TONED $5.00 76 1955 S Roosevelt Dime UNC TONED $5.00 78 World Silver - Canada 1913 25 Cents $5.00 80 1956 Roosevelt Dime UNC TONED $8.00 81 1958 D Roosevelt Dime UNC TONED $5.00 83 1964 Roosevelt Dime UNC TONED $3.00 84 1964 Roosevelt Dime UNC TONED $3.00 85 World Silver - Canada 1906 10 Cents $3.00 89 1928 S/S Standing Liberty Quarter Rainbow Toned $20.00 90 1974 D Eisenhower Dollar UNC MINT CELLO $4.00 94 France - 1865 BB 5 Centimes $1.00 95 Illinois Governer Otto Kerner Inauguration Medal $4.00 96 1928 S "Inverted MM" Standing Liberty Quarter $35.00 113 Type Coin Lot $50.00 114 50 Indian Head Cents, Mixed Dates & Conditions $40.00 115 50 Indian Head Cents, Mixed Dates & Conditions $40.00 116 50 Indian Head Cents, Mixed Dates & Conditions $40.00 117 75 Indian Head Cents, Mixed Dates & Conditions $60.00 154 1958 Type B Washington Quarter UNC $12.00 156 1956 Washington Quarter UNC RAINBOW TONED $15.00 158 Denmark - 1921 5 Ore $2.00 159 1968 D Kennedy Half UNC TONED $10.00 160 1958 Type B Reverse Washington Quarter UNC $15.00 162 1959 Type B Reverse Washington Quarter UNC $12.00 163 1959 Type B Reverse Washington Quarter UNC TONED $15.00 166 1960 Type B Reverse Washington Quarter UNC $12.00 167 1960 Type B Reverse Washington Quarter UNC $12.00 170 1875 Indian Head Cent $3.00 171 1963 Type B Reverse Washington Quarter UNC TONED $15.00 172 1963 Type B Reverse Washington Quarter UNC TONED $15.00 173 1964 Kennedy Half Mint Clip Error $15.00 175 1964 D Washington Quarter UNC TONED $12.00 179 Stag Beer Wooden Nickel "Fair on the Square" $1.00 180 The TV Shop Slidell, LA One Wooden Buck $1.00 185 St Helena - 1981 25 Pence (Crown Sized) $3.00 190 1996 D Kennedy Half UNC MINT CELLO $2.00 191 State of Missouri Sesquicentennial Medal $2.00 193 State of Missouri Sesquicentennial Medal $2.00 194 State of Missouri Sesquicentennial Medal $2.00 199 1974 D Kennedy Half Dollar DDO UNC $35.00 200 Star Wars Episode III Limited Edition Token/Medal $3.00 253 1978 D Kennedy Half Dollar UNC from Mint Set GEM BU TONED $40.00 255 World Silver - Switzerland 1953 1/2 Franc $3.00 256 1979 Kennedy Half Dollar UNC from Mint Set GEM BU TONED $15.00 257 1986 D Kennedy Half Dollar UNC from Mint Set GEM BU TONED $30.00 258 1986 D Kennedy Half Dollar UNC from Mint Set GEM BU TONED $15.00 259 1954 S Washington Quarter UNC $15.00 260 1957 Washington Quarter UNC TONED $15.00 261 1963 Type B Reverse Washington Quarter UNC TONED $30.00 262 1999 D Kennedy Half Dollar UNC from Mint Set GEM BU PROOFLIKE $10.00 265 Panama - 1975 Proof 5 Centesimos in OGP cello $1.00 266 1971 D Eisenhower Dollar "Talon Head" Obverse Die Clash / "Moon Line" Reverse Die Clash UNC TONED $20.00 269 Maybrook NY Golden Jubilee Good For 10 Cent Wooden Nickel $1.00 270 Maybrook NY 1975 Golden Jubilee 25 Cent Wooden Nickel $1.00 271 World Silver - Australia 1939 Sixpence $4.00 272 1974 Eisenhower Dollar UNC RAINBOW TONED $20.00 274 1957 Type B Reverse Washington Silver Quarter (starts at melt) $5.00 275 1974 D Eisenhower Dollar UNC RAINBOW TONED $15.00 276 World Silver - Australia 1920 Shilling $8.00 277 1959 Type B Reverse Washington Silver Quarter (starts at melt) $5.00 278 2010 S Buchanan Presidential Golden Dollar from Proof Set with Doubled Edge Lettering $10.00 279 1960 Type B Reverse Washington Silver Quarter (starts at melt) $5.00 280 World Silver - Australia 1943 Shilling $8.00 281 1961 Type B Reverse Washington Silver Quarter (starts at melt) $5.00 282 2011 S Johnson Presidential Golden Dollar from Proof Set with Doubled Edge Lettering $10.00 286 1963 Type B Reverse Washington Silver Quarter (starts at melt) $5.00 287 1983 Lincoln Cent DDO FS-101 $40.00 288 1964 Type B Reverse Washington Silver Quarter (starts at melt) $5.00 289 1983 Lincoln Cent DDO UNC $40.00 290 1983 Lincoln Cent DDO UNC GEM BU $75.00 291 1964 D Washington Silver Quarter UNC TONED $10.00 292 2000 "Wide AM" Lincoln Cent UNC $20.00 293 1960's Terre Haute, IN Sesquicentennial Wooden Nickel $1.00 294 .999 Silver 1 oz MLB Mike Piazza Limited Edition Silver Proof Round $30.00 295 1964 "The American Indian - America's First Pioneer" 1 oz .999 Silver Round $30.00 296 "Winter Scenes" Sterling Silver Art Round $25.00 297 Illinois "Illiniwek" Mascot Sterling Silver Art Round TONED $25.00 298 1982 Buffalo NY Sesquicentennial Wooden Nickel $1.00 299 1958 Type B Reverse Washington Silver Quarter (starts at melt) $5.00 300 1959 Type B Reverse Washington Silver Quarter (starts at melt) $5.00 351 1960 Type B Reverse Washington Silver Quarter (starts at melt) $5.00 352 Denmark - 1950 5 Ore KEY DATE $25.00 353 1961 Type B Reverse Washington Silver Quarter (starts at melt) $5.00 357 1990 Rappahannock Area Coin Club Wooden Nickel $1.00 359 1962 Type B Reverse Washington Silver Quarter (starts at melt) $5.00 360 Old Time Wooden Nickel Co Support Our Troops Wooden Nickel $1.00 361 1963 Type B Reverse Washington Silver Quarter (starts at melt) $5.00 362 Switzerland - 1874 B 5 Rappen $40.00 363 1964 Type B Reverse Washington Silver Quarter (starts at melt) $5.00 366 1957 Type B Reverse Washington Silver Quarter (starts at melt) $5.00 368 1958 Type B Reverse Washington Silver Quarter (starts at melt) $5.00 370 1959 Type B Reverse Washington Silver Quarter (starts at melt) $5.00 371 Great Britain - 1920 1/2 Crown NICE $60.00 372 New Zealand - 1942 1/2 Crown $35.00 373 1960 Type B Reverse Washington Silver Quarter (starts at melt) $5.00 374 Sudan - 1972 50 Ghirsh UNC $4.00 375 1961 Type B Reverse Washington Silver Quarter (starts at melt) $5.00 377 Clear Lake, IA Perkins Wooden Nickel $1.00 378 Lake of the Woods 40th Anniversary Bimetallic Token $1.00 379 1962 Type B Reverse Washington Silver Quarter (starts at melt) $5.00 380 Great Britain - 1981 25 New Pence UNC $3.00 383 Guyana - 1970 1 Dollar UNC $3.00 384 New Zealand - 1953 1 Crown $5.00 385 Illawarrra Numismatic Association Membership Discount Wooden Nickel Token $1.00 386 San Juan Quality Royale Casino Token $1 Face Value $2.00 388 Artisan Silverworks Temecula, CA Wooden Nickel $1.00 390 1963 Type B Reverse Washington Silver Quarter (starts at melt) $5.00 393 Netherlands East Indies - 1945 S 1 Cent UNC $2.00 394 1964 Type B Reverse Washington Silver Quarter (starts at melt) $5.00 395 1957 Type B Reverse Washington Silver Quarter (starts at melt) $5.00 396 Netherlands Antilles - 1965 2.5 Cents UNC TONED $10.00 397 Virginia Numismatic Association Encased Cent $3.00 398 Netherlands - 1921 1/2 Cent BETTER DATE $3.00 399 Netherlands - 1922 1/2 Cent BETTER DATE $5.00 400 1958 Type B Reverse Washington Silver Quarter (starts at melt) $5.00 451 1959 Type B Reverse Washington Silver Quarter (starts at melt) $5.00 452 Belgium - 1902 1 Centime $1.00 453 Netherlands Antilles - 1959 1 Cent UNC $4.00 454 Belgium - 1901 1 Centime $2.00 455 Canada - 1930 5 Cents NICE $8.00 456 Canada - 1930 5 Cents NICER $10.00 458 Canada - 1948 5 Cents $1.00 461 Barbados - 1973 Proof 5 Cents in OGP $1.00 462 Barbados - 1973 Proof 1 Dollar in OGP $1.00 463 Barbados - 1973 Proof 25 Cents in OGP $1.00 464 Barbados - 1973 Proof 10 Cents in OGP $1.00 465 World Silver - Canada 1882 H Ten Cents $10.00 466 World Silver - Canada 1886 Ten Cents $15.00 467 2009 P Lincoln Cent "Formative Years" Doubled Die Reverse Book High UNC $2.00 469 Trinidad & Tobago - 1973 Proof 10 Cents in OGP $1.00 470 World Silver - Canada 1899 Ten Cents $8.00 471 Trinidad & Tobago - 1973 Proof 1 Cent in OGP $1.00 472 British Virgin Islands - 1974 Proof 10 Cents in OGP cello $1.00 473 Trinidad & Tobago - 1973 Proof 50 Cents in OGP $1.00 474 World Silver - Canada 1908 Ten Cents $4.00 476 British Virgin Islands - 1973 Proof 1 Cent in OGP $1.00 477 Netherlands - 1906 1 Cent NICE $1.00 478 British Virgin Islands - 1973 Proof 25 Cents in OGP $1.00 479 1961 Type B Reverse Washington Silver Quarter (starts at melt) $5.00 480 Barbados - 1980 Proof 25 Cents in OGP cello $1.00 481 1962 Type B Reverse Washington Silver Quarter (starts at melt) $5.00 482 Panama - 1976 Proof 5 Centesimos in OGP cello $1.00 483 Panama - 1976 Proof 10 Centesimos in OGP cello $1.00 484 Netherlands - 1912 1/2 Cent NICE $3.00 485 1963 Type B Reverse Washington Silver Quarter (starts at melt) $5.00 486 1964 Type B Reverse Washington Silver Quarter (starts at melt) $5.00 488 Netherlands East Indies - 1921 1/2 Cent NICE KEY DATE $12.00 490 British Virgin Islands - 1974 Proof 1 Cent in OGP $1.00 491 Denmark - 1920 10 Ore Doubled Die Obverse (date) $5.00 492 India - 2010 10 Rupees UNC $1.00 494 British Virgin Islands - 1974 Proof 5 Cents in OGP cello $1.00 495 France - 1946 C 5 Francs $3.00 497 World Silver - Canada 1874 H 25 Cents $8.00 498 British Virgin Islands - 1974 Proof 10 Cents in OGP $1.00 499 France - 1952 5 Francs KEY DATE $10.00 500 France - 1946 5 Francs $1.00 551 Switzerland - 1906 1 Rappen BETTER DATE $10.00 552 World Silver - Switzerland 1963 1 Franc NICE $5.00 553 Switzerland - 1902 2 Rappen KEY DATE FIRST YEAR $15.00 554 Panama - 1975 Proof 1 Centesimo in OGP $2.00 555 Panama - 1975 Proof 10 Centesimos in OGP $3.00 556 Panama - 1976 Proof 10 Centesimos in OGP $2.00 557 Switzerland - 1910 2 Rappen BETTER DATE $10.00 558 2009 P Lincoln Cent "Formative Years" Doubled Die Reverse Book Low UNC $2.00 559 Panama - 1975 Proof 25 Centesimos in OGP $2.00 561 Panama - 1975 Proof 5 Centesimos in OGP $2.00 562 Panama - 1976 Proof 5 Centesimos in OGP $4.00 568 Panama - 1974 Proof 5 Centesimos in OGP cello $1.00 570 France - 1889 A 5 Centimes $1.00 572 Panama - 1973 Proof 1/10 Balboa in OGP $1.00 573 France - 1854 D 5 Centimes $1.00 574 Barbados - 1973 Proof 1 Cent $1.00 575 Panama - 1973 Proof 1/4 Balboa in OGP $1.00 576 France - 1862 K 5 Centimes $1.00 577 1934 Washington Quarter Medium Motto NICE $15.00 579 Liberia 1941 2 Cents NICE $6.00 580 World Silver - Denmark 1874 25 Ore $6.00 581 Liberia - 1974 Proof 5 Cents in OGP $1.00 583 France - 1856 BB 5 Centimes $1.00 584 Liberia - 1974 Proof 10 Cents in OGP $1.00 585 Mexico Mint Set 1965 (includes silver) $5.00 587 Mexico Mint Set Mixed Dates (includes silver) $5.00 588 France - 1863 K 5 Centimes $2.00 590 France - 1855 D 5 Centimes $1.00 593 France - 1854 K 5 Centimes $1.00 594 Bahamas - 1970 Proof 1 Cent in OGP $1.00 595 France - 1853 D 10 Centimes $1.00 596 France - 1856 K 10 Centimes $1.00 599 France - 1854 W 10 Centimes $1.00 600 2009 P Lincoln Cent "Formative Years" Doubled Die Reverse Book Low UNC $2.00 651 2009 P Lincoln Cent "Formative Years" Doubled Die Reverse Book Low UNC $2.00 652 2009 P Lincoln Cent "Formative Years" Doubled Die Reverse Book Low UNC $2.00 653 2009 P Lincoln Cent "Formative Years" Doubled Die Reverse 012 UNC $2.00 654 2009 P Lincoln Cent "Formative Years" Doubled Die Reverse 012 UNC $2.00 655 2009 P Lincoln Cent "Formative Years" Doubled Die Reverse 012 UNC $2.00 658 World Silver - Austria - 1868 10 Kreuzer $2.00 660 World Silver - Canada 1916 25 Cents $6.00 661 Greece - 1959 10 Drachmai UNC $10.00 663 World Silver - Canada 1921 25 Cents $8.00 664 World Silver - Canada 1921 25 Cents $8.00 666 2009 P Lincoln Cent "Formative Years" Doubled Die Reverse 001 UNC $2.00 667 2009 P Lincoln Cent "Formative Years" Doubled Die Reverse 002 UNC $2.00 670 Barbados - 1973 Proof 1 Cent and 5 Cents in OGP (two coins) $1.00 671 Barbados - 1973 Proof 10 Cents and 25 Cents in OGP (two coins) $1.00 672 Cayman Islands - 1974 Proof 5 Cents and 10 Cents in OGP (two coins) $1.00 673 Bahamas - 1973 and 1974 Proof 1 Cents in OGP (two coins) $1.00 674 Bahamas - 1973 and 1974 Proof 5 Cents in OGP (two coins) $1.00 675 Switzerland - 1921 10 Rappen NICE $8.00 676 Switzerland - 1936 2 Rappen KEY DATE $5.00 677 World Silver - Switzerland 1955 1/2 Franc BETTER DATE $4.00 679 1982 Silver Proof George Washington Commemorative Half Dollar in OGP $11.00 680 1982 Silver Proof George Washington Commemorative Half Dollar in OGP $11.00 681 1982 Silver Proof George Washington Commemorative Half Dollar in OGP $11.00 682 1982 Silver Proof George Washington Commemorative Half Dollar in OGP $11.00 684 World Silver - Saint Thomas & Prince Island (Sao Tome et Principe) 1951 2 1/2 Escudos LOW MINTAGE $25.00 685 1986 Proof 2 CoinStatue of Liberty Set (Silver Dollar and Clad Half) in OGP $22.00 686 1986 Proof 2 CoinStatue of Liberty Set (Silver Dollar and Clad Half) in OGP $22.00 687 Bahamas - 1976 Proof 25 Cents in OGP $1.00 689 Two French Notgeld Tokens $2.00 690 1986 Proof 2 CoinStatue of Liberty Set (Silver Dollar and Clad Half) in OGP $22.00 691 Two French Notgeld Tokens $2.00 692 1986 Proof 2 CoinStatue of Liberty Set (Silver Dollar and Clad Half) in OGP $22.00 693 Mexico - 1954 5 Centavos UNC $3.00 694 World Silver - Japan 1932 50 Sen $6.00 695 Mexico - 1966 20 Centavos UNC $5.00 696 1986 Silver Proof Statue of Liberty Dollar in OGP $20.00 697 World Silver - Canada 1929 10 Cents $3.00 698 1986 Silver Proof Statue of Liberty Dollar in OGP $20.00 699 Mexico - 1973 20 Centavos UNC $6.00 700 World Silver - Canada 1948 10 Cents $3.00 751 1986 Silver Proof Statue of Liberty Dollar in OGP $20.00 752 Mexico - 1955 5 Centavos $1.00 753 Mexico - 1955 5 Centavos $1.00 755 Canada - "Heads and Tails" RCM Mint Booklet with 1968 Mint Set $5.00 756 Four Canada 1991 UNC Cents (4 coins) in OGP CELLO $1.00 757 Four Canada 1991 UNC 5 Cents (4 coins) in OGP CELLO $1.00 759 Four Canada 1991 UNC 10 Cents (4 coins) in OGP CELLO $2.00 760 Philippines - 1975 Proof 10 Cents in OGP $1.00 761 Nepal 1974 Proof Set LOW MINTAGE $3.00 762 Philippines - 1975 Proof 5 Cents in OGP $1.00 766 Four Canada 1991 UNC 50 Cents (4 coins) in OGP CELLO $4.00 767 Four Canada 1991 UNC 1 Dollar (4 coins) in OGP CELLO $7.00 768 Belize 1974 Uncirculated Specimen Set in OGP $25.00 771 Jamaica - 1976 Proof 1 Cent in OGP $1.00 773 1961 Silver Proof Washington Quarter DEEP CAMEO $10.00 774 1964 D Washington Quarter UNC TONED $8.00 775 1961 Silver Proof Washington Quarter DEEP CAMEO $10.00 776 1974 P Kennedy Half Dollar UNC MINT CELLO $2.00 777 Poland - 2014 2 Zlotych UNC $2.00 778 Two Mixed World Coins $1.00 779 1959 Silver Proof Washington Quarter DEEP CAMEO $10.00 780 1956 Silver Proof Washington Quarter $6.00 781 1956 Silver Proof Washington Quarter $6.00 782 Two Mixed Tokens $1.00 783 1976 P Kennedy Half Dollar UNC MINT CELLO $2.00 785 1956 Silver Proof Washington Quarter $6.00 787 1941 S "Large S" Lincoln Wheat Cent $1.00 789 1953 Silver Proof Washington Quarter NICE $20.00 794 2011 S Silver Proof Glacier Quarter $6.00 795 St Pierre & Miquelon - 1948 1 Franc UNC $8.00 796 2013 S Silver Proof Great Basin Quarter $6.00 800 1995 Lincoln Cent Doubled Die Obverse $20.00 851 1971 Lincoln Memorial Cent NGC MS67RD (Price Guide $195) 852 1971 Jefferson Nickel NGC MS66 6FS (Price Guide $125) 853 1946 S Roosevelt Dime NGC MS67FT (Price Guide $95) 854 World Silver - Egypt AH1293 (Year 10; 1884) 10 Qirsh $12.00 856 1965 Roosevelt Dime NGC MS67 FULL TORCH (Price Guide $750) 857 1965 Washington Quarter NGC MS66 (Price Guide $30) 858 1971 Washington Quarter NGC MS66 (Price Guide $50) 859 1971 D Washington Quarter NGC MS67 (Price Guide $65) 860 1963 D Franklin Half Dollar NGC MS65 FULL BELL LINES (Price Guide $190) 861 1971 D Kennedy Half Dollar NGC MS67 (Price Guide $120) 862 1971 P Eisenhower Dollar NGC MS65 (Price Guide $80) 863 1825 Half Cent NGC VG10BN (Price Guide $85) 864 1939 S Jefferson Nickel PCGS MS65 Rev 1940 (Price Guide $90) 865 1943 P Silver Jefferson Nickel DDO (Doubled Eye) NGC XF45 (Price Guide $75) 866 1941 D Jefferson Nickel NGC MS66 5 Full Steps (Price Guide $40) 867 1941 D Jefferson Nickel NGC MS67 5 Full Steps (Price Guide $175) 868 2011 S Silver Proof Chickasaw Quarter $6.00 869 2013 S Silver Proof White Mountain Quarter $6.00 870 1943 D Jefferson Nickel Old NGC MS67 (Price Guide $90) 871 1956 D Jefferson Nickel NGC MS65 TONED (Price Guide $20) 872 1956 D Jefferson Nickel NGC MS65 TONED (Price Guide $20) 873 1958 Proof Jefferson Nickel NGC PF69 (Price Guide $110) 874 1978 D Jefferson Nickel NGC MS66 5 Full Steps (Price Guide $60) 875 1945 S Micro S Mercury Dime NGC MS66 (Price Guide $140) 876 1946 S/S Washington Quarter RPM-002 NGC MS65 (Price Guide $75) 877 1946 S/S Washington Quarter RPM-002 NGC MS65 (Price Guide $75) 878 1947 S/S Washington Quarter RPM-001 NGC MS66 (Price Guide $285) 879 1950 Washington Quarter DDR NGC MS66 (Price Guide $150) 880 1957 Washington Quarter Type B Reverse PCGS MS66 (Price Guide $110) 881 1958 Washington Quarter Type B Reverse NGC MS65 (Price Guide $100) 882 2013 S Silver Proof Fort McHenry Quarter $6.00 883 1959 Washington Quarter Type B Reverse NGC MS64 (Price Guide $40) 884 1959 Washington Quarter Type B Reverse NGC MS64 (Price Guide $40) 885 1959 Washington Quarter Type B Reverse NGC MS64 (Price Guide $40) 886 Canada - 1962 "Hanging 2" 1 Cent UNC $8.00 887 1959 Washington Quarter Type B Reverse NGC MS65 (Price Guide $55) 888 1959 Washington Quarter Type B Reverse NGC MS65 (Price Guide $55) 889 1959 Washington Quarter Type B Reverse NGC MS65 (Price Guide $55) 890 1959 Washington Quarter Type B Reverse NGC MS65 (Price Guide $55) 891 1959 Washington Quarter Type B Reverse NGC MS65 (Price Guide $55) 892 1960 Washington Quarter Type B Reverse NGC MS65 (Price Guide $65) 893 1960 Washington Quarter Type B Reverse NGC MS64 (Price Guide $50) 894 1960 Washington Quarter Type B Reverse NGC MS64 (Price Guide $50) 896 1960 Washington Quarter Type B Reverse NGC MS65 (Price Guide $65) 897 1960 Washington Quarter Type B Reverse NGC MS65 (Price Guide $65) 898 1960 Washington Quarter Type B Reverse NGC MS65 (Price Guide $65) 899 1962 Washington Quarter Type B Reverse PCGS MS65 (Price Guide $110) 951 1963 Washington Quarter Type B Reverse PCGS MS65 (Price Guide $130) 952 1963 Washington Quarter Type B Reverse NGC MS65 (Price Guide $130) 953 Philippines - 1944 D/D 20 Centavos NGC AU58 RARE Variety (Priced at $55) 954 1942 Walking Liberty Half DDR NGC AU58 (Price Guide $100) 955 1942 Walking Liberty Half DDR PCGS MS67 GEM (Price Guide $6,000) 956 1953 D Franklin Half Bugs Bunny PCGS MS64FBL (Price Guide $170 957 1954 D Franklin Half Bugs Bunny PCGS MS64FBL (Price Guide $100) 958 1954 D Franklin Half Bugs Bunny PCGS MS64FBL (Price Guide $100) 960 1974 D Kennedy Half DDO PCGS AU58 (Price Guide $35) 961 1977 D Kennedy Half DDO NGC AU58 (Price Guide $175) 962 1977 D Kennedy Half DDO NGC AU58 (Price Guide $175) 963 1977 D Kennedy Half DDO NGC MS61 (Price Guide $250) 964 1977 D Kennedy Half DDO NGC MS62 (Price Guide $350) 965 1977 D Kennedy Half DDO ANACS MS63 (Price Guide $100) 966 1977 D Kennedy Half DDO NGC MS65 (Price Guide $250) 967 1977 D Kennedy Half DDO NGC MS65 (Price Guide $250) 968 1885 O Morgan Dollar NGC MS63 TONED (Priced at $100 due to toning) 969 Sterling Silver Cup Engraved "Johnny" 53.3 grams 971 Sterling Silver Cigarette Case Engraved "CML" 67.5 grams 972 2010 S Silver Proof Mount Hood Quarter $6.00 974 2011 S Silver Proof Olympic Quarter $6.00 976 2010 S Silver Proof Yosemite Quarter $6.00 977 1964 D Washington Quarter BU NICE $5.00 978 1959 D Washington Quarter BU NICE $5.00 979 Sterling Silver Tongs 19.1 grams 980 Sterling Silver Tongs 19.0 grams 981 1984 P Kennedy Half Dollar UNC MINT CELLO $2.00 982 1979 P Kennedy Half Dollar UNC MINT CELLO $2.00 983 1959 D Washington Quarter BU NICE $5.00 984 1959 D Washington Quarter BU NICE $5.00 985 France - 1919 10 Centimes NICE $2.00 986 1953 S Silver Washington Quarter NICE $8.00 987 France - 1945 C 5 Francs $2.00 988 France - 1945 C 5 Francs $2.00 989 Sterling Silver Spoon Engraved "Eugene 1892" 10.0 grams 990 France - 1946 C 5 Francs $3.00 991 France - 1946 C 5 Francs $3.00 992 France - 1946 C 5 Francs $3.00 993 France - 1946 C 5 Francs $3.00 994 1964 D Washington Quarter BU NICE $5.00 995 Sterling Silver Spoon Engraved "1893" 10.0 grams 998 1964 Washington Quarter BU NICE $5.00 999 1962 Washington Quarter BU NICE $5.00
Meet Brock Pierce, the Presidential Candidate With Ties to Pedophiles Who Wants to End Human Trafficking
thedailybeast.com | Sep. 20, 2020. The “Mighty Ducks” actor is running for president. He clears the air (sort of) to Tarpley Hitt about his ties to Jeffrey Epstein and more. In the trailer for First Kid, the forgettable 1996 comedy about a Secret Service agent assigned to protect the president’s son, the title character, played by a teenage Brock Pierce, describes himself as “definitely the most powerful kid in the universe.” Now, the former child star is running to be the most powerful man in the world, as an Independent candidate for President of the United States. Before First Kid, the Minnesota-born actor secured roles in a series of PG-rated comedies, playing a young Emilio Estevez in The Mighty Ducks, before graduating to smaller parts in movies like Problem Child 3: Junior in Love. When his screen time shrunk, Pierce retired from acting for a real executive role: co-founding the video production start-up Digital Entertainment Network (DEN) alongside businessman Marc Collins-Rector. At age 17, Pierce served as its vice president, taking in a base salary of $250,000. DEN became “the poster child for dot-com excesses,” raising more than $60 million in seed investments and plotting a $75 million IPO. But it turned into a shorthand for something else when, in October of 1999, the three co-founders suddenly resigned. That month, a New Jersey man filed a lawsuit alleging Collins-Rector had molested him for three years beginning when he was 13 years old. The following summer, three teens filed a sexual-abuse lawsuit against Pierce, Collins-Rector, and their third co-founder, Chad Shackley. The plaintiffs later dropped their case against Pierce (he made a payment of $21,600 to one of their lawyers) and Shackley. But after a federal grand jury indicted Collins-Rector on criminal charges in 2000, the DEN founders left the country. When Interpol arrested them in 2002, they said they had confiscated “guns, machetes, and child pornography” from the trio’s beach villa in Spain. While abroad, Pierce had pivoted to a new venture: Internet Gaming Entertainment, which sold virtual accessories in multiplayer online role-playing games to those desperate to pay, as one Wired reporter put it, “as much as $1,800 for an eight-piece suit of Skyshatter chain mail” rather than earn it in the games themselves. In 2005, a 25-year-old Pierce hired then-Goldman Sachs banker Steve Bannon—just before he would co-found Breitbart News. Two years later, after a World of Warcraft player sued the company for “diminishing” the fun of the game, Steve Bannon replaced Pierce as CEO. Collins-Rector eventually pleaded guilty to eight charges of child enticement and registered as a sex offender. In the years that followed, Pierce waded into the gonzo economy of cryptocurrencies, where he overlapped more than once with Jeffrey Epstein, and counseled him on crypto. In that world, he founded Tether, a cryptocurrency that bills itself as a “stablecoin,” because its value is allegedly tied to the U.S. dollar, and the blockchain software company Block.one. Like his earlier businesses, Pierce’s crypto projects see-sawed between massive investments and curious deals. When Block.one announced a smart contract software called EOS.IO, the company raised $4 billion almost overnight, setting an all-time record before the product even launched. The Securities and Exchange Commission later fined the company $24 million for violating federal securities law. After John Oliver mocked the ordeal, calling Pierce a “sleepy, creepy cowboy,” Block.one fired him. Tether, meanwhile, is currently under investigation by the New York Attorney General for possible fraud. On July 4, Pierce announced his candidacy for president. His campaign surrogates include a former Cambridge Analytica director and the singer Akon, who recently doubled down on developing an anonymously funded, $6 billion “Wakanda-like” metropolis in Senegal called Akon City. Pierce claims to be bipartisan, and from the 11 paragraphs on the “Policy” section of his website it can be hard to determine where he falls on the political spectrum. He supports legalizing marijuana and abolishing private prisons, but avoids the phrase “climate change.” He wants to end “human trafficking.” His proposal to end police brutality: body cams. His political contributions tell a more one-sided story. Pierce’s sole Democratic contribution went to the short-lived congressional run of crypto candidate Brian Forde. The rest went to Republican campaigns like Marco Rubio, Rick Perry, John McCain, and the National Right to Life Political Action Committee. Last year alone, Pierce gave over $44,000 to the Republican National Committee and more than $55,000 to Trump’s re-election fund. Pierce spoke to The Daily Beast from his tour bus and again over email. Those conversations have been combined and edited for clarity. You’re announcing your presidential candidacy somewhat late, and historically, third-party candidates haven’t had the best luck with the executive office. If you don’t have a strong path to the White House, what do you want out of the race? I announced on July 4, which I think is quite an auspicious date for an Independent candidate, hoping to bring independence to this country. There’s a lot of things that I can do. One is: I’m 39 years old. I turn 40 in November. So I’ve got time on my side. Whatever happens in this election cycle, I’m laying the groundwork for the future. The overall mission is to create a third major party—not another third party—a third major party in this country. I think that is what America needs most. George Washington in his closing address warned us about the threat of political parties. John Adams and the other founding fathers—their fear for our future was two political parties becoming dominant. And look at where we are. We were warned. I believe, having studied systems, any time you have a system of two, what happens is those two things come together, like magnets. They come into collision, or they become polarized and become completely divided. I think we need to rise above partisan politics and find a path forward together. As Albert Einstein is quoted—I’m not sure the line came from him, but he’s quoted in many places—he said that the definition of insanity is making the same mistake or doing the same thing over and over and over again, expecting a different result. [Ed. note: Einstein never said this.] It feels like that’s what our election cycle is like. Half the country feels like they won, half the country feels like they lost, at least if they voted or participated. Obviously, there’s another late-comer to the presidential race, and that’s Kanye West. He’s received a lot of flak for his candidacy, as he’s openly admitted to trying to siphon votes away from Joe Biden to ensure a Trump victory. Is that something you’re hoping to avoid or is that what you’re going for as well? Oh no. This is a very serious campaign. Our campaign is very serious. You’ll notice I don’t say anything negative about either of the two major political candidates, because I think that’s one of the problems with our political system, instead of people getting on stage, talking about their visionary ideas, inspiring people, informing and educating, talking about problems, mentioning problems, talking about solutions, constructive criticism. That’s why I refuse to run a negative campaign. I am definitely not a spoiler. I’m into data, right? I’m a technologist. I’ve got digital DNA. So does most of our campaign team. We’ve got our finger on the pulse. Most of my major Democratic contacts are really happy to see that we’re running in a red state like Wyoming. Kanye West’s home state is Wyoming. He’s not on the ballot in Wyoming I could say, in part, because he didn’t have Akon on his team. But I could also say that he probably didn’t want to be on the ballot in Wyoming because it’s a red state. He doesn’t want to take additional points in a state where he’s only running against Trump. But we’re on the ballot in Wyoming, and since we’re on the ballot in Wyoming I think it’s safe—more than safe, I think it’s evident—that we are not here to run as a spoiler for the benefit of Donald Trump. In running for president, you’ve opened yourself up to be scrutinized from every angle going back to the beginning of your career. I wanted to ask you about your time at the Digital Entertainment Network. Can you tell me a little bit about how you started there? You became a vice president as a teenager. What were your qualifications and what was your job exactly? Well, I was the co-founder. A lot of it was my idea. I had an idea that people would use the internet to watch videos, and we create content for the internet. The idea was basically YouTube and Hulu and Netflix. Anyone that was around in the ‘90s and has been around digital media since then, they all credit us as the creators of basically those ideas. I was just getting a message from the creator of The Vandals, the punk rock band, right before you called. He’s like, “Brock, looks like we’re going to get the Guinness Book of World Records for having created the first streaming television show.” We did a lot of that stuff. We had 30 television shows. We had the top most prestigious institutions in the world as investors. The biggest names. High-net-worth investors like Terry Semel, who’s chairman and CEO of Warner Brothers, and became the CEO of Yahoo. I did all sorts of things. I helped sell $150,000 worth of advertising contracts to the CEOs of Pepsi and everything else. I was the face of the company, meeting all the major banks and everything else, selling the vision of what the future was. You moved in with Marc Collins-Rector and Chad Shackley at a mansion in Encino. Was that the headquarters of the business? All start-ups, they normally start out in your home. Because it’s just you. The company was first started out of Marc’s house, and it was probably there for the first two or three months, before the company got an office. That’s, like, how it is for all start-ups. were later a co-defendant in the L.A. County case filed against Marc Collins-Rector for plying minors with alcohol and drugs, in order to facilitate sexual abuse. You were dropped from the case, but you settled with one of the men for $21,600. Can you explain that? Okay, well, first of all, that’s not accurate. Two of the plaintiffs in that case asked me if I would be a plaintiff. Because I refused to be a part of the lawsuit, they chose to include me to discredit me, to make their case stronger. They also went and offered 50 percent of what they got to the house management—they went around and offered money to anyone to participate in this. They needed people to corroborate their story. Eventually, because I refused to participate in the lawsuit, they named me. Subsequently, all three of the plaintiffs apologized to me, in front of audiences, in front of many people, saying Brock never did anything. They dismissed their cases. Remember, this is a civil thing. I’ve never been charged with a crime in my life. And the last plaintiff to have his case dismissed, he contacted his lawyer and said, “Dismiss this case against Brock. Brock never did anything. I just apologized. Dismiss his case.” And the lawyer said, “No. I won’t dismiss this case, I have all these out-of-pocket expenses, I refuse to file the paperwork unless you give me my out-of-pocket expenses.” And so the lawyer, I guess, had $21,000 in bills. So I paid his lawyer $21,000—not him, it was not a settlement. That was a payment to his lawyer for his out-of-pocket expenses. Out-of-pocket expenses so that he would file the paperwork to dismiss the case. You’ve said the cases were unfounded, and the plaintiffs eventually apologized. But your boss, Marc Collins-Rector later pleaded guilty to eight charges of child enticement and registered as a sex offender. Were you aware of his behavior? How do you square the fact that later allegations proved to be true, but these ones were not? Well, remember: I was 16 and 17 years old at the time? So, no. I don’t think Marc is the man they made him out to be. But Marc is not a person I would associate with today, and someone I haven’t associated with in a very long time. I was 16 and 17. I chose the wrong business partner. You live and you learn. You’ve pointed out that you were underage when most of these allegations were said to take place. Did you ever feel like you were coerced or in over your head while working at DEN? I mean, I was working 18 hours a day, doing things I’d never done before. It was business school. But I definitely learned a lot in building that company. We raised $88 million. We filed our [form] S-1 to go public. We were the hottest start-up in Los Angeles. In 2000, you left the country with Marc Collins-Rector. Why did you leave? How did you spend those two years abroad? I moved to Spain in 1999 for personal reasons. I spent those two years in Europe working on developing my businesses. Interpol found you in 2002. The house where you were staying reportedly contained guns, machetes, and child pornography. Whose guns and child porn were those? Were you aware they were in the house, and how did those get there? My lawyers have addressed this in 32 pages of documentation showing a complete absence of wrongdoing. Please refer to my webpage for more information. [Ed. Note: The webpage does not mention guns, machetes, or child pornography. It does state:“It is true that when the local police arrested Collins-Rector in Spain in 2002 on an international warrant, Mr. Pierce was also taken into custody, but so was everyone at Collins-Rector’s house in Spain; and it is equally clear that Brock was promptly released, and no charges of any kind were ever filed against Brock concerning this matter.”] What do you make of the allegations against Bryan Singer?[Ed. Note: Bryan Singer, a close friend of Collins-Rector, invested at least $50,000 in DEN. In an Atlantic article outlining Singer’s history of alleged sexual assault and statutory rape, one source claimed that at age 15, Collins-Rector abused him and introduced him to Singer, who then assaulted him in the DEN headquarters.] I am aware of them and I support of all victims of sexual assault. I will let America’s justice system decide on Singer’s outcome.
In 2011, you spoke at the Mindshift conference supported by Jeffrey Epstein. At that point, he had already been convicted of soliciting prostitution from a minor. Why did you agree to speak? I had never heard of Jeffrey Epstein. His name was not on the website. I was asked to speak at a conference alongside Nobel Prize winners. It was not a cryptocurrency conference, it was filled with Nobel Prize winners. I was asked to speak alongside Nobel Prize winners on the future of money. I speak at conferences historically, two to three times a week. I was like, “Nobel Prize winners? Sounds great. I’ll happily talk about the future of money with them.” I had no idea who Jeffrey Epstein was. His name was not listed anywhere on the website. Had I known what I know now? I clearly would have never spoken there. But I spoke at a conference that he cosponsored. What’s your connection to the Clinton Global Initiative? Did you hear about it through Jeffrey Epstein? I joined the Clinton Global Initiative as a philanthropist in 2006 and was a member for one year. My involvement with the Initiative had no connection to Jeffrey Epstein whatsoever.
You’ve launched your campaign in Minnesota, where George Floyd was killed by a police officer. How do you feel about the civil uprising against police brutality? I’m from Minnesota. Born and raised. We just had a press conference there, announcing that we’re on the ballot. Former U.S. Senator Dean Barkley was there. So that tells you, when former U.S. Senators are endorsing the candidate, right? [Ed. note: Barkley was never elected to the United States Senate. In November of 2002, he was appointed by then Minnesota Governor Jesse Venture to fill the seat after Sen. Paul Wellstone died in a plane crash. Barkley’s term ended on Jan. 3, 2003—two months later.] Yes, George Floyd was murdered in Minneapolis. My vice-presidential running mate Karla Ballard and I, on our last trip to Minnesota together, went to visit the George Floyd Memorial. I believe in law and order. I believe that law and order is foundational to any functioning society. But there is no doubt in my mind that we need reform. These types of events—this is not an isolated incident. This has happened many times before. It’s time for change. We have a lot of detail around policy on this issue that we will be publishing next week. Not just high-level what we think, not just a summary, but detailed policy. You said that you support “law and order.” What does that mean? “Law and order” means creating a fair and just legal system where our number one priority is protecting the inalienable rights of “Life, Liberty and the pursuit of Happiness” for all people. This means reforming how our police intervene in emergency situations, abolishing private prisons that incentivize mass incarceration, and creating new educational and economic opportunities for our most vulnerable communities. I am dedicated to preventing crime by eliminating the socioeconomic conditions that encourage it. I support accountability and transparency in government and law enforcement. Some of the key policies I support are requiring body-cams on all law enforcement officers who engage with the public, curtailing the 1033 program that provides local law enforcement agencies with access to military equipment, and abolishing private prisons. Rather than simply defund the police, my administration will take a holistic approach to heal and unite America by ending mass incarceration, police brutality, and racial injustice. Did you attend any Black Lives Matter protests? I support all movements aimed at ending racial injustice and inequality. I have not attended any Black Lives Matter protests. My running-mate, Karla Ballard, attended the March on Washington in support of racial justice and equality. Your platform doesn’t mention the words “climate change.” Is there a reason for that? I’m not sure what you mean. Our policy platform specifically references human-caused climate change and we have a plan to restabilize the climate, address environmental degradation, and ensure environmental sustainability. [Ed. Note: As of writing the Pierce campaign’s policy platform does not specifically reference human-caused climate change.] You’ve recently brought on Akon as a campaign surrogate. How did that happen? Tell me about that. Akon and I have been friends for quite some time. I was one of the guys that taught him about Bitcoin. I helped make some videogames for him, I think in 2012. We were talking about Bitcoin, teaching him the ropes, back in 2013. And in 2014, we were both speaking at the Milken Global Conference, and I encouraged him to talk about how Bitcoin, Africa, changed the world. He became the biggest celebrity in the world, talking about Bitcoin at the time. I’m an adviser to his Akoin project, very interested in the work that he’s doing to build a city in Africa. I think we need a government that’s of, for, and by the people. Akon has huge political aspirations. He obviously was a hugely successful artist. But he also discovered artists like Lady Gaga. So not only is he, himself, a great artist, but he’s also a great identifier and builder of other artists. And he’s been a great businessman, philanthropist. He’s pushing the limits of what can be done. We’re like-minded individuals in that regard. I think he’ll be running for political office one day, because he sees what I see: that we need real change, and we need a government that is of, for, and by the people. You mentioned that you’re an adviser on Akoin. Do you have any financial investments in Akoin or Akon City? I don’t believe so. I’d have to check. I have so much stuff. But I don’t believe that I have any economic interests in his stuff. I’d have to verify that. We’ll get back to you. I don’t believe that I have any economic interests. My interest is in helping him. He’s a visionary with big ideas that wants to help things in the world. If I can be of assistance in helping him make the world a better place, I’m all for it. I’m not motivated by money. I’m not running for office because I’m motivated by power. I’m running for office because I’m deeply, deeply concerned about our collective future. You’ve said you’re running on a pro-technology platform. One week into your campaign last month, a New York appeals court approved the state Attorney General’s attempt to investigate the stablecoin Tether for potentially fraudulent activity. Do you think this will impact your ability to sell people on your tech entrepreneurship? No, I think my role in Tether is as awesome as it gets. It was my idea. I put it together. But I’ve had no involvement in the company since 2015. I gave all of my equity to the other shareholders. I’ve had zero involvement in the company for almost six years. It was just my idea. I put the initial team together. But I think Tether is one of the most important innovations in the world, certainly. The idea is, I digitized the U.S. dollar. I used technology to digitize currency—existing currency. The U.S. dollar in particular. It’s doing $10 trillion a year. Ten trillion dollars a year of transactional volume. It’s probably the most important innovation in currency since the advent of fiat money. The people that took on the business and ran the business in years to come, they’ve done things I’m not proud of. I’m not sure they’ve done anything criminal. But they certainly did things differently than I would do. But it’s like, you have kids, they turn 18, they go out into the world, and sometimes you’re proud of the things they do, and sometimes you shake your head and go, “Ugh, why did you do that?” I have zero concerns as it relates to me personally. I wish they made better decisions. What do you think the investigation will find? I have no idea. The problem that was raised is that there was a $5 million loan between two entities and whether or not they had the right to do that, did they disclose it correctly. There’s been no accusations of, like, embezzlement or anything that bad. [Ed. Note: The Attorney General’s press release on the investigation reads: “Our investigation has determined that the operators of the ‘Bitfinex’ trading platform, who also control the ‘tether’ virtual currency, have engaged in a cover-up to hide the apparent loss of $850 million dollars of co-mingled client and corporate funds.”] But there’s been some disclosure things, that is the issue. No one is making any outrageous claims that these are people that have done a bunch of bad—well, on the internet, the media has said that the people behind the business may have been manipulating the price of Bitcoin, but I don’t think that has anything to do with the New York investigation. Again, I’m so not involved, and so not at risk, that I’m not even up to speed on the details. [Ed note: A representative of the New York State Attorney General told Forbes that he “cannot confirm or deny that the investigation” includes Pierce.] We’ve recently witnessed the rise of QAnon, the conspiracy theory that Hollywood is an evil cabal of Satanic pedophiles and Trump is the person waging war on them. You mentioned human trafficking, which has become a cause for them. What are your thoughts on that? I’ve watched some of the content. I think it’s an interesting phenomenon. I’m an internet person, so Anonymous is obviously an organization that has been doing interesting stuff. It’s interesting. I don’t have a big—conspiracy theory stuff is—I guess I have a question for you: What do you think of all of it, since you’re the expert? You know, I think it’s not true, but I’m not running for president. I do wonder what this politician [Georgia congressional candidate Marjorie Taylor Greene], who’s just won her primary, is going to do on day one, once she finds out there’s no satanic cabal room. Wait, someone was running for office and won on a QAnon platform, saying that Hollywood did—say what? You’re the expert here. She won a primary. But I want to push on if we only have a few minutes. In 2006, your gaming company IGE brought on Steve Bannon as an investor. Goldman later bought out most of your stock. Bannon eventually replaced you as CEO of Affinity. You’ve described him as your “right-hand man for, like, seven years.” How well did you know Bannon during that time? Yes, so this is in my mid-twenties. He wasn’t an investor. He worked for me. He was my banker. He worked for me for three years as my yield guide. And then he was my CEO running the company for another four years. So I haven’t worked with Steve for a decade or so. We worked in videogame stuff and banking. He was at Goldman Sachs. He was not in the political area at the time. But he was a pretty successful banker. He set up Goldman Sachs Los Angeles. So for me, I’d say he did a pretty good job. During your business relationship, Steve Bannon founded Breitbart News, which has pretty consistently published racist material. How do you feel about Breitbart? I had no involvement with Breitbart News. As for how I feel about such material, I’m not pleased by any form of hate-mongering. I strongly support the equality of all Americans. Did you have qualms about Bannon’s role in the 2016 election? Bannon’s role in the Trump campaign got me to pay closer attention to what he was doing but that’s about it. Whenever you find out that one of your former employees has taken on a role like that, you pay attention. Bannon served on the board of Cambridge Analytica. A staffer on your campaign, Brittany Kaiser, also served as a business director for them. What are your thoughts on their use of illicitly-obtained Facebook data for campaign promotional material? Yes, so this will be the last question I can answer because I’ve got to be off for this 5:00 pm. But Brittany Kaiser is a friend of mine. She was the whistleblower of Cambridge Analytica. She came to me and said, “What do I do?” And I said, “Tell the truth. The truth will set you free.” [Ed. Note: Investigations in Cambridge Analytica took place as early as Nov. 2017, when a U.K. reporter at Channel 4 News recorded their CEO boasting about using “beautiful Ukranian girls” and offers of bribes to discredit political officials. The first whistleblower was Christopher Wylie, who disclosed a cache of documents to The Guardian, published on Mar. 17, 2018. Kaiser’s confession ran five days later, after the scandal made national news. Her association with Cambridge Analytica is not mentioned anywhere on Pierce’s campaign website.] So I’m glad that people—I’m a supporter of whistleblowers, people that see injustice in the world and something not right happening, and who put themselves in harm’s way to stand up for what they believe in. So I stand up for Brittany Kaiser. Who do you think [anonymous inventor of Bitcoin] Satoshi Nakamoto is? We all are Satoshi Nakamoto. You got married at Burning Man. Have you been attending virtual Burning Man? I’m running a presidential campaign. So, while I was there in spirit, unfortunately my schedule did not permit me to attend. OP note: please refer to the original article for reference links within text (as I've not added them here!)
How EpiK Protocol “Saved the Miners” from Filecoin with the E2P Storage Model?
https://preview.redd.it/n5jzxozn27v51.png?width=2222&format=png&auto=webp&s=6cd6bd726582bbe2c595e1e467aeb3fc8aabe36f On October 20, Eric Yao, Head of EpiK China, and Leo, Co-Founder & CTO of EpiK, visited Deep Chain Online Salon, and discussed “How EpiK saved the miners eliminated by Filecoin by launching E2P storage model”. ‘?” The following is a transcript of the sharing. Sharing Session Eric: Hello, everyone, I’m Eric, graduated from School of Information Science, Tsinghua University. My Master’s research was on data storage and big data computing, and I published a number of industry top conference papers. Since 2013, I have invested in Bitcoin, Ethereum, Ripple, Dogcoin, EOS and other well-known blockchain projects, and have been settling in the chain circle as an early technology-based investor and industry observer with 2 years of blockchain experience. I am also a blockchain community initiator and technology evangelist Leo: Hi, I’m Leo, I’m the CTO of EpiK. Before I got involved in founding EpiK, I spent 3 to 4 years working on blockchain, public chain, wallets, browsers, decentralized exchanges, task distribution platforms, smart contracts, etc., and I’ve made some great products. EpiK is an answer to the question we’ve been asking for years about how blockchain should be landed, and we hope that EpiK is fortunate enough to be an answer for you as well. Q & A Deep Chain Finance: First of all, let me ask Eric, on October 15, Filecoin’s main website launched, which aroused everyone’s attention, but at the same time, the calls for fork within Filecoin never stopped. The EpiK protocol is one of them. What I want to know is, what kind of project is EpiK Protocol? For what reason did you choose to fork in the first place? What are the differences between the forked project and Filecoin itself? Eric: First of all, let me answer the first question, what kind of project is EpiK Protocol. With the Fourth Industrial Revolution already upon us, comprehensive intelligence is one of the core goals of this stage, and the key to comprehensive intelligence is how to make machines understand what humans know and learn new knowledge based on what they already know. And the knowledge graph scale is a key step towards full intelligence. In order to solve the many challenges of building large-scale knowledge graphs, the EpiK Protocol was born. EpiK Protocol is a decentralized, hyper-scale knowledge graph that organizes and incentivizes knowledge through decentralized storage technology, decentralized autonomous organizations, and generalized economic models. Members of the global community will expand the horizons of artificial intelligence into a smarter future by organizing all areas of human knowledge into a knowledge map that will be shared and continuously updated for the eternal knowledge vault of humanity And then, for what reason was the fork chosen in the first place? EpiK’s project founders are all senior blockchain industry practitioners and have been closely following the industry development and application scenarios, among which decentralized storage is a very fresh application scenario. However, in the development process of Filecoin, the team found that due to some design mechanisms and historical reasons, the team found that Filecoin had some deviations from the original intention of the project at that time, such as the overly harsh penalty mechanism triggered by the threat to weaken security, and the emergence of the computing power competition leading to the emergence of computing power monopoly by large miners, thus monopolizing the packaging rights, which can be brushed with computing power by uploading useless data themselves. The emergence of these problems will cause the data environment on Filecoin to get worse and worse, which will lead to the lack of real value of the data in the chain, high data redundancy, and the difficulty of commercializing the project to land. After paying attention to the above problems, the project owner proposes to introduce multi-party roles and a decentralized collaboration platform DAO to ensure the high value of the data on the chain through a reasonable economic model and incentive mechanism, and store the high-value data: knowledge graph on the blockchain through decentralized storage, so that the lack of value of the data on the chain and the monopoly of large miners’ computing power can be solved to a large extent. Finally, what differences exist between the forked project and Filecoin itself? On the basis of the above-mentioned issues, EpiK’s design is very different from Filecoin, first of all, EpiK is more focused in terms of business model, and it faces a different market and track from the cloud storage market where Filecoin is located because decentralized storage has no advantage over professional centralized cloud storage in terms of storage cost and user experience. EpiK focuses on building a decentralized knowledge graph, which reduces data redundancy and safeguards the value of data in the distributed storage chain while preventing the knowledge graph from being tampered with by a few people, thus making the commercialization of the entire project reasonable and feasible. From the perspective of ecological construction, EpiK treats miners more friendly and solves the pain point of Filecoin to a large extent, firstly, it changes the storage collateral and commitment collateral of Filecoin to one-time collateral. Miners participating in EpiK Protocol are only required to pledge 1000 EPK per miner, and only once before mining, not in each sector. What is the concept of 1000 EPKs, you only need to participate in pre-mining for about 50 days to get this portion of the tokens used for pledging. The EPK pre-mining campaign is currently underway, and it runs from early September to December, with a daily release of 50,000 ERC-20 standard EPKs, and the pre-mining nodes whose applications are approved will divide these tokens according to the mining ratio of the day, and these tokens can be exchanged 1:1 directly after they are launched on the main network. This move will continue to expand the number of miners eligible to participate in EPK mining. Secondly, EpiK has a more lenient penalty mechanism, which is different from Filecoin’s official consensus, storage and contract penalties, because the protocol can only be uploaded by field experts, which is the “Expert to Person” mode. Every miner needs to be backed up, which means that if one or more miners are offline in the network, it will not have much impact on the network, and the miner who fails to upload the proof of time and space in time due to being offline will only be forfeited by the authorities for the effective computing power of this sector, not forfeiting the pledged coins. If the miner can re-submit the proof of time and space within 28 days, he will regain the power. Unlike Filecoin’s 32GB sectors, EpiK’s encapsulated sectors are smaller, only 8M each, which will solve Filecoin’s sector space wastage problem to a great extent, and all miners have the opportunity to complete the fast encapsulation, which is very friendly to miners with small computing power. The data and quality constraints will also ensure that the effective computing power gap between large and small miners will not be closed. Finally, unlike Filecoin’s P2P data uploading model, EpiK changes the data uploading and maintenance to E2P uploading, that is, field experts upload and ensure the quality and value of the data on the chain, and at the same time introduce the game relationship between data storage roles and data generation roles through a rational economic model to ensure the stability of the whole system and the continuous high-quality output of the data on the chain. Deep Chain Finance: Eric, on the eve of Filecoin’s mainline launch, issues such as Filecoin’s pre-collateral have aroused a lot of controversy among the miners. In your opinion, what kind of impact will Filecoin bring to itself and the whole distributed storage ecosystem after it launches? Do you think that the current confusing FIL prices are reasonable and what should be the normal price of FIL? Eric: Filecoin mainnet has launched and many potential problems have been exposed, such as the aforementioned high pre-security problem, the storage resource waste and computing power monopoly caused by unreasonable sector encapsulation, and the harsh penalty mechanism, etc. These problems are quite serious, and will greatly affect the development of Filecoin ecology. These problems are relatively serious, and will greatly affect the development of Filecoin ecology, here are two examples to illustrate. For example, the problem of big miners computing power monopoly, now after the big miners have monopolized computing power, there will be a very delicate state — — the miners save a file data with ordinary users. There is no way to verify this matter in the chain, whether what he saved is uploaded by himself or someone else. And after the big miners have monopolized computing power, there will be a very delicate state — — the miners will save a file data with ordinary users, there is no way to verify this matter in the chain, whether what he saved is uploaded by himself or someone else. Because I can fake another identity to upload data for myself, but that leads to the fact that for any miner I go to choose which data to save. I have only one goal, and that is to brush my computing power and how fast I can brush my computing power. There is no difference between saving other people’s data and saving my own data in the matter of computing power. When I save someone else’s data, I don’t know that data. Somewhere in the world, the bandwidth quality between me and him may not be good enough. The best option is to store my own local data, which makes sense, and that results in no one being able to store data on the chain at all. They only store their own data, because it’s the most economical for them, and the network has essentially no storage utility, no one is providing storage for the masses of retail users. The harsh penalty mechanism will also severely deplete the miner’s profits, because DDOS attacks are actually a very common attack technique for the attacker, and for a big miner, he can get a very high profit in a short period of time if he attacks other customers, and this thing is a profitable thing for all big miners. Now as far as the status quo is concerned, the vast majority of miners are actually not very well maintained, so they are not very well protected against these low-DDOS attacks. So the penalty regime is grim for them. The contradiction between the unreasonable system and the demand will inevitably lead to the evolution of the system in a more reasonable direction, so there will be many forked projects that are more reasonable in terms of mechanism, thus attracting Filecoin miners and a diversion of storage power. Since each project is in the field of decentralized storage track, the demand for miners is similar or even compatible with each other, so miners will tend to fork the projects with better economic benefits and business scenarios, so as to filter out the projects with real value on the ground. For the chaotic FIL price, because FIL is also a project that has gone through several years, carrying too many expectations, so it can only be said that the current situation has its own reasons for existence. As for the reasonable price of FIL there is no way to make a prediction because in the long run, it is necessary to consider the commercialization of the project to land and the value of the actual chain of data. In other words, we need to keep observing whether Filecoin will become a game of computing power or a real value carrier. Deep Chain Finance: Leo, we just mentioned that the pre-collateral issue of Filecoin caused the dissatisfaction of miners, and after Filecoin launches on the main website, the second round of space race test coins were directly turned into real coins, and the official selling of FIL hit the market phenomenon, so many miners said they were betrayed. What I want to know is, EpiK’s main motto is “save the miners eliminated by Filecoin”, how to deal with the various problems of Filecoin, and how will EpiK achieve “save”? Leo: Originally Filecoin’s tacit approval of the computing power makeup behavior was to declare that the official directly chose to abandon the small miners. And this test coin turned real coin also hurt the interests of the loyal big miners in one cut, we do not know why these low-level problems, we can only regret. EpiK didn’t do it to fork Filecoin, but because EpiK to build a shared knowledge graph ecology, had to integrate decentralized storage in, so the most hardcore Filecoin’s PoRep and PoSt decentralized verification technology was chosen. In order to ensure the quality of knowledge graph data, EpiK only allows community-voted field experts to upload data, so EpiK naturally prevents miners from making up computing power, and there is no reason for the data that has no value to take up such an expensive decentralized storage resource. With the inability to make up computing power, the difference between big miners and small miners is minimal when the amount of knowledge graph data is small. We can’t say that we can save the big miners, but we are definitely the optimal choice for the small miners who are currently in the market to be eliminated by Filecoin. Deep Chain Finance: Let me ask Eric: According to EpiK protocol, EpiK adopts the E2P model, which allows only experts in the field who are voted to upload their data. This is very different from Filecoin’s P2P model, which allows individuals to upload data as they wish. In your opinion, what are the advantages of the E2P model? If only voted experts can upload data, does that mean that the EpiK protocol is not available to everyone? Eric: First, let me explain the advantages of the E2P model over the P2P model. There are five roles in the DAO ecosystem: miner, coin holder, field expert, bounty hunter and gateway. These five roles allocate the EPKs generated every day when the main network is launched. The miner owns 75% of the EPKs, the field expert owns 9% of the EPKs, and the voting user shares 1% of the EPKs. The other 15% of the EPK will fluctuate based on the daily traffic to the network, and the 15% is partly a game between the miner and the field expert. The first describes the relationship between the two roles. The first group of field experts are selected by the Foundation, who cover different areas of knowledge (a wide range of knowledge here, including not only serious subjects, but also home, food, travel, etc.) This group of field experts can recommend the next group of field experts, and the recommended experts only need to get 100,000 EPK votes to become field experts. The field expert’s role is to submit high-quality data to the miner, who is responsible for encapsulating this data into blocks. Network activity is judged by the amount of EPKs pledged by the entire network for daily traffic (1 EPK = 10 MB/day), with a higher percentage indicating higher data demand, which requires the miner to increase bandwidth quality. If the data demand decreases, this requires field experts to provide higher quality data. This is similar to a library with more visitors needing more seats, i.e., paying the miner to upgrade the bandwidth. When there are fewer visitors, more money is needed to buy better quality books to attract visitors, i.e., money for bounty hunters and field experts to generate more quality knowledge graph data. The game between miners and field experts is the most important game in the ecosystem, unlike the game between the authorities and big miners in the Filecoin ecosystem. The game relationship between data producers and data storers and a more rational economic model will inevitably lead to an E2P model that generates stored on-chain data of much higher quality than the P2P model, and the quality of bandwidth for data access will be better than the P2P model, resulting in greater business value and better landing scenarios. I will then answer the question of whether this means that the EpiK protocol will not be universally accessible to all. The E2P model only qualifies the quality of the data generated and stored, not the roles in the ecosystem; on the contrary, with the introduction of the DAO model, the variety of roles introduced in the EpiK ecosystem (which includes the roles of ordinary people) is not limited. (Bounty hunters who can be competent in their tasks) gives roles and possibilities for how everyone can participate in the system in a more logical way. For example, a miner with computing power can provide storage, a person with a certain domain knowledge can apply to become an expert (this includes history, technology, travel, comics, food, etc.), and a person willing to mark and correct data can become a bounty hunter. The presence of various efficient support tools from the project owner will lower the barriers to entry for various roles, thus allowing different people to do their part in the system and together contribute to the ongoing generation of a high-quality decentralized knowledge graph. Deep Chain Finance: Leo, some time ago, EpiK released a white paper and an economy whitepaper, explaining the EpiK concept from the perspective of technology and economy model respectively. What I would like to ask is, what are the shortcomings of the current distributed storage projects, and how will EpiK protocol be improved? Leo: Distributed storage can easily be misunderstood as those of Ali’s OceanDB, but in the field of blockchain, we should focus on decentralized storage first. There is a big problem with the decentralized storage on the market now, which is “why not eat meat porridge”. How to understand it? Decentralized storage is cheaper than centralized storage because of its technical principle, and if it is, the centralized storage is too rubbish for comparison. What incentive does the average user have to spend more money on decentralized storage to store data? Is it safer? Existence miners can shut down at any time on decentralized storage by no means save a share of security in Ariadne and Amazon each. More private? There’s no difference between encrypted presence on decentralized storage and encrypted presence on Amazon. Faster? The 10,000 gigabytes of bandwidth in decentralized storage simply doesn’t compare to the fiber in a centralized server room. This is the root problem of the business model, no one is using it, no one is buying it, so what’s the big vision. The goal of EpiK is to guide all community participants in the co-construction and sharing of field knowledge graph data, which is the best way for robots to understand human knowledge, and the more knowledge graph data there is, the more knowledge a robot has, the more intelligent it is exponentially, i.e., EpiK uses decentralized storage technology. The value of exponentially growing data is captured with linearly growing hardware costs, and that’s where the buy-in for EPK comes in. Organized data is worth a lot more than organized hard drives, and there is a demand for EPK when robots have the need for intelligence. Deep Chain Finance: Let me ask Leo, how many forked projects does Filecoin have so far, roughly? Do you think there will be more or less waves of fork after the mainnet launches? Have the requirements of the miners at large changed when it comes to participation? Leo: We don’t have specific statistics, now that the main network launches, we feel that forking projects will increase, there are so many restricted miners in the market that they need to be organized efficiently. However, we currently see that most forked projects are simply modifying the parameters of Filecoin’s economy model, which is undesirable, and this level of modification can’t change the status quo of miners making up computing power, and the change to the market is just to make some of the big miners feel more comfortable digging up, which won’t help to promote the decentralized storage ecology to land. We need more reasonable landing scenarios so that idle mining resources can be turned into effective productivity, pitching a 100x coin instead of committing to one Fomo sentiment after another. Deep Chain Finance: How far along is the EpiK Protocol project, Eric? What other big moves are coming in the near future? Eric: The development of the EpiK Protocol is divided into 5 major phases. (a) Phase I testing of the network “Obelisk”. Phase II Main Network 1.0 “Rosetta”. Phase III Main Network 2.0 “Hammurabi”. (a) The Phase IV Enrichment Knowledge Mapping Toolkit. The fifth stage is to enrich the knowledge graph application ecology. Currently in the first phase of testing network “Obelisk”, anyone can sign up to participate in the test network pre-mining test to obtain ERC20 EPK tokens, after the mainnet exchange on a one-to-one basis. We have recently launched ERC20 EPK on Uniswap, you can buy and sell it freely on Uniswap or download our EpiK mobile wallet. In addition, we will soon launch the EpiK Bounty platform, and welcome all community members to do tasks together to build the EpiK community. At the same time, we are also pushing forward the centralized exchange for token listing. Users’ Questions User 1: Some KOLs said, Filecoin consumed its value in the next few years, so it will plunge, what do you think? Eric: First of all, the judgment of the market is to correspond to the cycle, not optimistic about the FIL first judgment to do is not optimistic about the economic model of the project, or not optimistic about the distributed storage track. First of all, we are very confident in the distributed storage track and will certainly face a process of growth and decline, so as to make a choice for a better project. Since the existing group of miners and the computing power already produced is fixed, and since EpiK miners and FIL miners are compatible, anytime miners will also make a choice for more promising and economically viable projects. Filecoin consumes the value of the next few years this time, so it will plunge. Regarding the market issues, the plunge is not a prediction, in the industry or to keep learning iteration and value judgment. Because up and down market sentiment is one aspect, there will be more very important factors. For example, the big washout in March this year, so it can only be said that it will slow down the development of the FIL community. But prices are indeed unpredictable. User2: Actually, in the end, if there are no applications and no one really uploads data, the market value will drop, so what are the landing applications of EpiK? Leo: The best and most direct application of EpiK’s knowledge graph is the question and answer system, which can be an intelligent legal advisor, an intelligent medical advisor, an intelligent chef, an intelligent tour guide, an intelligent game strategy, and so on.
Flatten the Curve. #18. The current cold war between China and America explained. And how China was behind the 2008 Wall Street financial Crash. World War 3 is coming.
China, the USA, and the Afghanistan war are linked. And in order to get here, we will start there. 9-11 happened. Most of the planet mistakenly understood terrorists had struck a blow against Freedom and Capitalism and Democracy. It was time to invade Afghanistan. Yet all of the terrorists were linked to Saudi Arabia and not Afghanistan, that didn't make sense either. Yet they invaded to find Bin Laden, an ex CIA asset against the Soviet Union and it's subjugation of Afghanistan. The land in the middle of nowhere in relation to North America and the West. It was barren. A backwater without any strategic importance or natural resources. Or was there? The survey for rare earth elements was only made possible by the 2001 U.S. invasion, with work beginning in 2004. Mirzad says the Russians had already done significant surveying work during their military occupation of the country in the 1980s. Mirzad also toes the line for U.S. corporations, arguing, “The Afghan government should not touch the mining business. We have to give enough information to potential investors.” Rare Earth Elements. The elements that make the information age possible. People could understand the First Gulf War and the Geopolitical importance of oil. That was easy, but it still didn't sound morally just to have a war for oil. It was too imperialist and so they fell in line and supported a war for Kuwaiti freedom instead, despite the obvious and public manipulation at the UN by Nayirah. This is some of her testimony to the Human Rights Council. While I was there, I saw the Iraqi soldiers come into the hospital with guns. They took the babies out of the incubators, took the incubators and left the children to die on the cold floor. It was horrifying. I could not help but think of my nephew who was born premature and might have died that day as well. After I left the hospital, some of my friends and I distributed flyers condemning the Iraqi invasion until we were warned we might be killed if the Iraqis saw us. The Iraqis have destroyed everything in Kuwait. They stripped the supermarkets of food, the pharmacies of medicine, the factories of medical supplies, ransacked their houses and tortured neighbors and friends. There was only one problem. She was the daughter of Saud Al-Sabah, the Kuwaiti ambassador to the United States. Furthermore, it was revealed that her testimony was organized as part of the Citizens for a Free Kuwait public relations campaign, which was run by the American public relations firm Hill & Knowlton for the Kuwaiti government (fun fact, Hill & Knowlton also have extensive ties with Bill Gates). So the public was aghast at her testimony and supported the war against the mainly Soviet backed, but also American supported and Soviet backed Saddam Hussein, in his war against Iran, after the Iranians refused to Ally with American interests after the Islamic Revolution. But that was oil, this was Rare Earth Elements. There was a reason the war was called, Operation Enduring Freedom. This natural resource was far more important in the long run. You couldn't have a security surveillance apparatus without it. And what was supposed to be a war on terror was in actuality a territorial occupation for resources. Sleeping Dragon China is next, and where there's smoke, there's fire. Let's go point form for clarity. • China entered the rare earth market in the mid-1980s, at a time when the US was the major producer. But China soon caught up and became the production leader for rare earths. Its heavily state-supported strategy was aimed at dominating the global rare earth industry. • 1989 Beijing’s Tiananmen Square spring. The U.S. government suspends military sales to Beijing and freezes relations. • 1997. Clinton secures the release of Wei and Tiananmen Square protester Wang Dan. Beijing deports both dissidents to the United States. (If you don't understand these two were CIA assets working in China, you need to accept that not everything will be published. America wouldn't care about two political activists, but why would care about two intelligence operatives). • March 1996. Taiwan’s First Free Presidential Vote. • May 1999. America "accidently" bombs the Belgrade Chinese Embassy. • 2002 Price competitiveness was hard for the USA to achieve due to low to non-existent Chinese environmental standards; as a result, the US finally stopped its rare earth production. • October 2000. U.S. President Bill Clinton signs the U.S.-China Relations Act. China's take over of the market share in rare earth elements starts to increase. • October 2001. Afghanistan war Enduring Freedom started to secure rare earth elements (Haven't you ever wondered how they could mobilize and invade so quickly? The military was already prepared). • 2005. China establishes a monopoly on global production by keeping mineral prices low and then panics markets by introducing export quotas to raise prices by limiting supply. • Rare Earth Elements. Prices go into the stratosphere (for example, dysprosium prices do a bitcoin, rocketing from $118/kg to $2,262/kg between 2008 and 2011). • In a September 2005. Deputy Secretary of State Robert B. Zoellick initiates a strategic dialogue with China. This was presented as dialog to acknowledge China's emergence as a Superpower (which China probably insisted on), but it was about rare earth elements market price. • October 2006. China allows North Korea to conduct its first nuclear test, China serves as a mediator to bring Pyongyang back to the negotiating table with the USA. • September 2006. American housing prices start to fall. (At some point after this, secret negotiations must have become increasingly hostile). • March 2007. China Increases Military Spending. U.S. Vice President Dick Cheney says China’s military buildup is “not consistent” with the country’s stated goal of a “peaceful rise.” • Mid-2005 and mid-2006. China bought between $100b and $250 billion of US housing debt between mid-2005 and mid-2006. This debt was bought using the same financial instruments that caused the financial collapse. • 2006. Housing prices started to fall for the first time in decades. • Mid-2006 and mid-2007. China likely added another $390b to its reserves. "At the same time, if China stopped buying -- especially now, when the private market is clogged up -- US financial markets would really seize up." Council on Foreign Relations-2007 August • February 27, 2007. Stock markets in China and the U.S. fell by the most since 2003. Investors leave the money market and flock to Government backed Treasury Bills. I've never seen it like this before,'' said Jim Galluzzo, who began trading short-maturity Treasuries 20 years ago and now trades bills at RBS Greenwich Capital in Greenwich, Connecticut.Bills right now are trading like dot-coms.'' We had clients asking to be pulled out of money market funds and wanting to get into Treasuries,'' said Henley Smith, fixed-income manager in New York at Castleton Partners, which oversees about $150 million in bonds.People are buying T-bills because you know exactly what's in it.'' • February 13, 2008. The Economic Stimulus Act of 2008 was enacted, which included a tax rebate. The total cost of this bill was projected at $152 billion for 2008. A December 2009 study found that only about one-third of the tax rebate was spent, providing only a modest amount of stimulus. • September 2008. China Becomes Largest U.S. Foreign Creditor at 600 billion dollars. • 2010. China’s market power peaked in when it reached a market share of around 97% of all rare earth mineral production. Outside of China, there were almost no other producers left. Outside of China, the US is the second largest consumer of rare earths in the world behind Japan. About 60% of US rare earth imports are used as catalysts for petroleum refining, making it the country’s major consumer of rare earths. The US military also depends on rare earths. Many of the most advanced US weapon systems, including smart bombs, unmanned drones, cruise missiles, laser targeting, radar systems and the Joint Strike Fighter programme rely on rare earths. Against this background, the US Department of Defense (DoD) stated that “reliable access to the necessary material is a bedrock requirement for DOD” • 2010. A trade dispute arose when the Chinese government reduced its export quotas by 40% in 2010, sending the rare earths prices in the markets outside China soaring. The government argued that the quotas were necessary to protect the environment. • August 2010. China Becomes World’s Second-Largest Economy. • November 2011. U.S. Secretary of State Hillary Clinton outlines a U.S. “pivot” to Asia. Clinton’s call for “increased investment—diplomatic, economic, strategic, and otherwise—in the Asia-Pacific region” is seen as a move to counter China’s growing clout. • December 2011. U.S. President Barack Obama announces the United States and eight other nations have reached an agreement on the Trans-Pacific Partnership later announces plans to deploy 2,500 marines in Australia, prompting criticism from Beijing. • November 2012. China’s New Leadership. Xi Jinping replaces Hu Jintao as president, Communist Party general secretary, and chairman of the Central Military Commission. Xi delivers a series of speeches on the “rejuvenation” of China. • June 2013. U.S. President Barack Obama hosts Chinese President Xi Jinping for a “shirt-sleeves summit” • May 19, 2014. A U.S. court indicts five Chinese hackers, allegedly with ties to China’s People’s Liberation Army, on charges of stealing trade technology from U.S. companies. • November 12, 2014. Joint Climate Announcement. Barack Obama and Chinese President Xi Jinping issue a joint statement on climate change, pledging to reduce carbon emissions. (which very conveniently allows the quotas to fall and save pride for Xi). • 2015. China drops the export quotas because in 2014, the WTO ruled against China. • May 30, 2015 U.S. Warns China Over South China Sea. (China is trying to expand it's buffer zone to build a defense for the coming war). • January 2016. The government to abolish the one-child policy, now allowing all families to have two children. • February 9, 2017. Trump Affirms One China Policy After Raising Doubts. • April 6 – 7, 2017. Trump Hosts Xi at Mar-a-Lago. Beijing and Washington to expand trade of products and services like beef, poultry, and electronic payments, though the countries do not address more contentious trade issues including aluminum, car parts, and steel. • November 2017. President Xi meets with President Trump in another high profile summit. • March 22, 2018. Trump Tariffs Target China. The White House alleges Chinese theft of U.S. technology and intellectual property. Coming on the heels of tariffs on steel and aluminum imports, the measures target goods including clothing, shoes, and electronics and restrict some Chinese investment in the United States. • July 6, 2018 U.S.-China Trade War Escalates. • September 2018. Modifications led to the exclusion of rare earths from the final list of products and they consequently were not subject to import tariffs imposed by the US government in September 2018. • October 4, 2018. Pence Speech Signals Hard-Line Approach. He condemns what he calls growing Chinese military aggression, especially in the South China Sea, criticizes increased censorship and religious persecution by the Chinese government, and accuses China of stealing American intellectual property and interfering in U.S. elections. • December 1, 2018. Canada Arrests Huawei Executive. • March 6, 2019. Huawei Sues the United States. • March 27 2019. India and the US signed an agreement to "strengthen bilateral security and civil nuclear cooperation" including the construction of six American nuclear reactors in India • May 10, 2019. Trade War Intensifies. • August 5, 2019. U.S. Labels China a Currency Manipulator. • November 27, 2019. Trump Signs Bill Supporting Hong Kong Protesters. Chinese officials condemn the move, impose sanctions on several U.S.-based organizations, and suspend U.S. warship visits to Hong Kong. • January 15, 2020. ‘Phase One’ Trade Deal Signed. But the agreement maintains most tariffs and does not mention the Chinese government’s extensive subsidies. Days before the signing, the United States dropped its designation of China as a currency manipulator. • January 31, 2020. Tensions Soar Amid Coronavirus Pandemic. • March 18, 2020. China Expels American Journalists. The Chinese government announces it will expel at least thirteen journalists from three U.S. newspapers—the New York Times, Wall Street Journal, and Washington Post—whose press credentials are set to expire in 2020. Beijing also demands that those outlets, as well as TIME and Voice of America, share information with the government about their operations in China. The Chinese Foreign Ministry says the moves are in response to the U.S. government’s decision earlier in the year to limit the number of Chinese journalists from five state-run media outlets in the United States to 100, down from 160, and designate those outlets as foreign missions. And here we are. You may have noticed the Rare Earth Elements and the inclusion of Environmental Standards. Yes these are key to understanding the Geopolitical reality and importance of these events. There's a reason the one child policy stopped. Troop additions. I believe our current political reality started at Tiananmen square. The protests were an American sponsored attempt at regime change after the failure to convince them to leave totalitarian communism and join a greater political framework. Do I have proof? Yes. China, as far as I'm concerned, was responsible for the 2008 economic crisis. The Rare Earth Elements were an attempt to weaken the States and strengthen themselves simultaneously. This stranglehold either forced America to trade with China, or the trade was an American Trojan horse to eventually collapse their economy and cause a revolution after Tiananmen Square failed. Does my second proposal sound far fetched? Didn't the economy just shut down in response to the epidemic? Aren't both sides blaming the other? At this POINT, the epidemic seems to be overstated doesn’t it? Don't the casualties tend to the elder demographic and those already weakened by a primary disease? Exactly the kinds who wouldn't fight in a war. Does this change some of my views on the possibility of upcoming catastrophes and reasons for certain events? No. This is Chess, and there are obvious moves in chess, hidden moves in chess, but the best moves involve peices which can be utilized in different ways if the board calls for it. Is all what it seems? No. I definitely changed a few previously held beliefs prior to today, and I would caution you in advance that you will find some previously held convictions challenged. After uncovering what I did today, I would also strongly suggest reading information cautiously. This is all merely a culmination of ending the cold war, and once I have events laid out, you will see it as well. At this moment, the end analysis is a war will start in the near future. This will be mainly for a few reasons, preemptive resource control for water and crops, population reduction can be achieved since we have too many people, not enough jobs, and upcoming resource scarcity. Did you notice my omission of rare earth elements? This is because of Afghanistan. I would wager China or Russia is somehow supporting the continued resistance through Iran. But events are now accelerating with China because the western collation has already begun to build up their mines and start production. Do you remember when Trump made a "joke" about buying Greenland? Yeah. It turns out that Greenland has one of the largest rare earth mineral deposits on the planet. Take care. Be safe. Stay aware and be prepared. This message not brought to you by the Bill and Melinda Gates Foundation, Microsoft, Google, Facebook, Elon Musk, Blackrock, Vangaurd, the Rockefeller Foundation, Rand Corporation, DARPA, Rothschilds, Agenda 21, Agenda 30, and ID 2020.
Price fluctuations in the bitcoin spot rate on cryptocurrency exchanges are driven by many factors. Volatility is measured in traditional markets by the Volatility Index, also known as the CBOE Volatility Index (VIX). More recently, a volatility index for bitcoin has also become available. Known as the Bitcoin Volatility Index, it aims to track the volatility of the world's leading digital currency by market cap over various periods of time. Bitcoin's value has been historically quite volatile. In a three-month span from October of 2017 to January of 2018, for instance, the volatility of the price of bitcoin reached to nearly 8%. This is more than twice the volatility of bitcoin in the 30-day period ending January 15, 2020. But why is bitcoin so volatile? Here are just a few of the many factors behind bitcoin's volatility.
Bad News Hurts Adoption Rate
News events that scare bitcoin users include geopolitical events and statements by governments that bitcoin is likely to be regulated. Bitcoin's early adopters included several bad actors, producing headline news stories that produced fear in investors. Headline-making bitcoin news over the decade or so of the cryptocurrency's existence includes the bankruptcy of Mt. Gox in early 2014 and, more recently, that of the South Korean exchange Yapian Youbit. Other news stories which shocked investors include the high-profile use of bitcoin in drug transactions via Silk Road that ended with the FBI shutdown of the marketplace in October 2013. All these incidents and the public panic that ensued drove the value of bitcoins versus fiat currencies down rapidly. However, bitcoin-friendly investors viewed those events as evidence that the market was maturing, driving the value of bitcoins versus the dollar markedly back up in the short period immediately following the news events.
Bitcoin's Perceived Value Sways
One reason why bitcoin may fluctuate against fiat currencies is the perceived store of value versus the fiat currency. Bitcoin has properties that make it similar to gold. It is governed by a design decision by the developers of the core technology to limit its production to a fixed quantity of 21 million BTC. Since that differs markedly from fiat currency, which is dynamically managed by governments who want to maintain low inflation, high employment, and satisfactory growth through investment in capital resources, as economies built with fiat currencies show signs of strength or weakness, investors may allocate more or less of their assets into bitcoin.
Uncertainty of Future Bitcoin's Value
Bitcoin volatility is also driven in large part by varying perceptions of the intrinsic value of the cryptocurrency as a store of value and method of value transfer. A store of value is the function by which an asset can be useful in the future with some predictability. A store of value can be saved and exchanged for some good or service in the future. A method of value transfer is any object or concept used to transmit property in the form of assets from one party to another. Bitcoin’s volatility at the present makes it a somewhat unclear store of value, but it promises nearly frictionless value transfer. As a result, we see that bitcoin's value can swing based on news events much as we observe with fiat currencies.
Large Currency Holder Risks
Bitcoin volatility is also to an extent driven by holders of large proportions of the total outstanding float of the currency. For bitcoin investors with current holdings above around $10M, it is not clear how they would liquidate a position that large into a fiat position without severely moving the market. Indeed, it may not be clear how they would liquidate a position of that size in a short period of time at all, as most cryptocurrency exchanges impose 24-hour withdrawal limits far below that threshold. Bitcoin has not reached the mass market adoption rates that would be necessary to provide option value to large holders of the currency.
Security Breaches Cause Volatility
Bitcoin can also become volatile when the bitcoin community exposes security vulnerabilities in an effort to produce massive open source responses in the form of security fixes. This approach to security is paradoxically one that produces great outcomes, with many valuable open source software initiatives to its credit, including Linux. Bitcoin developers must reveal security concerns to the public in order to produce robust solutions. It was a hack that drove the Yapian Youbit to bankruptcy, while many other cryptocurrencies have also made headlines for being hacked or having stashes of cryptocurrencies stolen. As an early example, in April 2014, the OpenSSL vulnerabilities attacked by the Heartbleed bug and reported by Google security's, Neel Mehta, drove Bitcoin prices down by 10% in a month. Bitcoin and open source software development are built upon the same fundamental premise that a copy of the source code is available to users to examine. This concept makes it the responsibility of the community to voice concerns about the software design, just as it is the responsibility of the community to come to consensus about modifications to that underlying source code as well. Because of the open conversation and debate regarding the Bitcoin network, security breaches tend to be highly publicized.
High-Profile Losses Raise Fear
It is worth noting that the aforementioned thefts and the ensuing news about the losses had a double effect on volatility. They reduced the overall float of bitcoin, producing a potential lift on the value of the remaining bitcoin due to increased scarcity. However, overriding this lift was the negative effect of the news cycle that followed. Notably, other bitcoin gateways looked to the massive failure at Mt. Gox as a positive for the long term prospects of bitcoin, further complicating the already complex story behind the currency’s volatility. As early adopting firms were eliminated from the market due to poor management and dysfunctional processes, later entrants learn from their errors and build stronger processes into their own operations, strengthening the infrastructure of the cryptocurrency overall.
High-Inflation Nations and Bitcoins
Bitcoin’s use case as a currency for developing countries that are currently experiencing high inflation is valuable when considering the volatility of bitcoin in these economies versus the volatility of bitcoin in USD. Bitcoin is much more volatile versus USD than the high-inflation Argentine peso versus the USD. That being said, the near frictionless transfer of bitcoins across borders makes it a potentially highly attractive borrowing instrument for Argentineans, as the high inflation rate for peso-denominated loans potentially justifies taking on some intermediate currency volatility risk in a bitcoin-denominated loan funded outside Argentina. Similarly, funders outside Argentina can earn a higher return under this scheme than they can by using other debt instruments, denominated in their home currency, potentially offsetting some of the risks of exposure to the high inflation Argentine market.
Tax Treatment Lifts Volatility
According to the Internal Revenue Service (IRS), bitcoin is actually considered an asset for tax purposes. This has had a mixed impact on bitcoin's volatility. On the upside, any statement recognizing the currency has a positive effect on the market valuation of the currency. Conversely, the decision by the IRS to call it property had at least two negative effects. The first was the added complexity for users who want to use it as a form of payment. Under the new tax law, users would have to record the market value of the currency at the time of every transaction, no matter how small. This need for record keeping can understandably slow adoption as it seems to be too much trouble for what it is worth for many users. Secondly, the decision to call the currency a form of property for tax purposes may be a signal to some market participants that the IRS is preparing to enforce stronger regulations later. Very strong regulation of the currency could cause the adoption rate of the currency to slow to the point where it is not able to achieve the mass adoption that is critical for its overall utility in society. Recent moves by the IRS are not clear as to their signaling motives and therefore have mixed signals to the market for bitcoin.
What was Bitcoin's value over the last several years on October 1st? In 2012 it was super low at $11 USD, with the first halving only 2 months away. In 2013 it was at $127 and the Cyprus banking crisis hit the financial markets. Also, during 2013 was the first time Bitcoin passed the price of gold for a brief moment. In 2014 it was valued at $387. By the end of the year it was given the title by The Guardian as the worst investment of the year. Mt.Gox exchange had failed and Ethereum did its ICO (Initial Coin Offering) and the silk road website was taken down. Tim Draper bought a good chunk of Bitcoins at auction and was predicting it to go to $10,000. In 2015 it was lower at $238 but in 2016 the price was at $614 with the second halving having happened. During 2017 it reached a lofty $4404. 2017 also was when ICOs became popular with a few blockchain projects raising over $200 million. In 2018 Bitcoin was at $6601 and the ICO frenzy died. During 2019 it was $8334 and some exchanges continued to get hacked. Bakt opens futures trading and bitcoiners are talking about the third halving in 2020. And so today bitcoin is valued at about $10,600. Most of those years saw massive changes up and down in value. For example, in 2013, there was a massive rise of 10,250% from $12 to $961 but in 2014 it dropped 52%. If you look at Bitcoin valuations from the October 1st lens it seems like a great time to buy especially after a halving. We continue to see Bitcoin as the number one crypto for a portfolio even though almost every week we see another new cryptocurrency pop up. Some of them even hit the top 10 on Coinmarketcap very quickly. For example, UNI (Uniswap) is up over 2700% on Binance since it was listed on Sept.17, 2020. But history shows that most altcoins over the long term are not very successful. Be careful of FOMO but happy investing, From the Madbyte Team. -- In summary, Bitcoin, on October 1st was: 2020 - $10600 2019 - $8334 2018 - $6601 2017 - $4404 2016 - $614 2015 - $238 2014 - $387 2013 - $127 2012 - $11
The original intention of this article is to let readers understand the causes and consequences of Bitmain internal fighting, but after writing it, I found that it is not so much internal fighting as it is a long history of self-help. The story is very long. Let's adjust the timeline to the eve of December 17, 2018. That was one of Bitmain's most critical moments and the beginning of a series of subsequent stories. 1. Self-immolation In September 2018, Bitmain's financial department warned management that the company's cash flow has become very tight and operating costs must be reduced to allow the company to continue. The blockchain unicorn, which is valued at more than 15 billion U.S. dollars, is crippled in the run and struggling to break the corner. In 2017, Bitmain made a profit of 1 billion US dollars In the first half of 2018, Bitmain made a profit of 1 billion US dollars Three rounds of financing, a total of 800 million US dollars Net assets should exceed 3 billion U.S. dollars In September 2018, Bitmain had tight cash flow and was on the verge of bankruptcy A simple comparison, it is not difficult to see that Bitmain's ability to make money is incredible, and its ability to burn money is even more extreme. How does Bitmain burn money? Do you pour cash into gasoline and burn it, or hire a lot of employees to stuff the banknotes one by one into the shredder? The actual situation is closer to the latter. The following data can help readers quickly learn Bitmain's money burning skills. At the beginning of 2018, the entire cryptocurrency market has entered a bear market, but Bitmain's monthly operating costs have been rising wildly. Operating costs have risen from 10 million US dollars at the beginning of the year to 50 million US dollars at the end of the year. Large-scale expansion of the R&D team is one of the main reasons. The HR who once worked at Bitmain revealed that the company once hired more than 50 employees a day and nearly 500 employees a month. Even so, it was criticized for its slow recruitment speed. The cash consumption in this area is approximately $250 million. Operating costs are just the tip of the iceberg. Excessive chip trial production can become a classic case of project management courses. Readers who pay attention to Cryptocurrency mining can easily find that Bitmain is still working hard to clear the inventory of Antminer S9 in 2019. As the co-CEO, Ketuan Zhan did not listen to the advice or even warnings of the Finance Department, insisting on the implementation of Excessive chip trial production, resulting in a large accumulation of inventory and tight capital turnover. Another CEO, Jihan Wu, once revealed that the loss of Excessive chip trial production to the company was approximately US$1.5 billion. Large-scale expansion of the R&D team is one of the main reasons. The HR who once worked at Bitmain revealed that the company once hired more than 50 employees a day and nearly 500 employees a month. Even so, it was criticized for its slow recruitment speed. The cash consumption in this area is approximately $250 million. The BM1393 chip incident is even more incredible. Chip expert Ketuan Zhan invested a lot of money on a failed chip, and finally failed again. From 2017 to 2018, Bitmain has failed Trial production of mining machine chips at least 4 times, including 16nm, 12nm and 10nm chips, of which 16nm Trial production failed twice, thus losing at least US$1.2 billion. It is rumored that Bitmain still holds a billion U.S. dollars worth of cryptocurrency in a state of floating loss. In view of the rebound in the market in 2020, we will not comment temporarily, waiting for the correct answer from the cryptocurrency market. But the losses pointed out in the previous article are all irreversible. 2. Sole power In September 2018, Bitmain's management realized the seriousness of the problem. It turned out that the company's money could be squandered. As a result, the management began to discuss self-help plans, and the most reasonable and effective way was obviously to lay off employees. The probation period for newly hired employees at Bitmain is half a year, and the probationary salary is 100% of the official salary, there is no difference. Once layoffs are made, new employees who have not passed the probationary period will be the main layoff targets. The department managed by Ketuan Zhan will face large-scale layoffs. The layoff plan is strongly opposed by Ketuan Zhan. Bitmain can only temporarily abandon the layoffs and replace it with continuous reductions. For marketing and travel expenses, a budget committee was established to strictly approve every expenditure. At the same time, employee benefits, such as reimbursement of taxi expenses, breakfast supply, snacks and drinks, etc., have also been abolished, and even the tradition of giving employees 400 yuan worth of BTC/BCH every month has been stopped. In the face of huge cash flow pressure, trivial savings is obviously of no avail. Soon, the management again discussed the layoff plan, and it has reached the point where it has to be laid off. In December 2018, Jihan Wu began to organize all entrepreneurial veterans and business backbones to persuade Ketuan Zhan to agree to layoffs, but Ketuan Zhan still insisted not to layoffs. The persuasion process was very unsuccessful. After many meetings and intense debates, Bitmain executives were caught in a dilemma of wasting time with Ketuan Zhan. In this process, the shortcomings of the dual CEO system began to appear, and the relationship between the two CEOs gradually deteriorated. On the night of December 16th, Ketuan Zhan reconvened the management meeting, and more than 30 managements who were present were asked to hand over their mobile phones. At this time, Jihan Wu was on a business trip in Hong Kong and was busy with listing related work. In the meeting, Ketuan Zhan's core content was three items: (1) Bitmain cannot have two CEOs, only one CEO and must be Ketuan Zhan. Ketuan Zhan said that he met an old leader during a business trip. He hadn't seen each other for many years. The old leader suggested that the company can only have one CEO, and it must be him. Ketuan Zhan feels that this is a kind of fate, an opportunity given by God. (2) Ketuan Zhan believes that the company's cash flow problems, the biggest responsibility is the inability of the financial department. To prove his point, Ketuan Zhan announced Bitmain's financial data at the meeting. In the evening, employees in Taiwan began to post messages on social media, saying that the company's capital chain was broken and the top management was split. (3) If Ketuan Zhan is not supported, the option will be cancelled and the equity will be voided. Hearing about this, Jihan Wu, who lives in Hong Kong, sent a WeChat message to the management who are attending the meeting. https://preview.redd.it/zkj2d44tqid51.jpg?width=1080&format=pjpg&auto=webp&s=9251c1f7308e155d7911d5969e71091a5ad5e14a On the afternoon of December 17, 2018, Jihan Wu returned to Beijing to negotiate with Ketuan Zhan all night, and finally reached a consensus in the early morning. Bitmain co-founder Yuesheng Ge announced the results of the negotiations. Jihan Wu and Ketuan Zhan ceased to serve as CEOs, and Haichao Wang served as CEO. Jihan Wu voluntarily backed down and Ketuan Zhan served as chairman. The "12.17 Incident" had a very bad impact on Bitmain, especially the disclosure of Bitmain's financial status, which caused vendors to start dunning. The loan that had just been negotiated with the Bank of Beijing was cancelled the next day. Jihan Wu's resignation as CEO caused an uproar in the industry, and it became a hot topic among Cryptocurrency mining, blockchain practitioners, and investor communities. The media focused their interpretation on Bitmain's series of incidents, and generally looked down upon its ongoing Hong Kong IPO, believing that the high-level changes had already signaled the failure of the IPO in advance. On Christmas December 24, 2018, Bitmain finally began to implement the layoff plan. This long-delayed “correct decision” was achieved after a stalemate for nearly three months. The AI teams in Beijing, Singapore, Taiwan, and Shanghai have laid off more than 50% of their employees. The Israeli R&D center was closed and Shenzhen New Species Technology Co., Ltd., which had been acquired for only ten months, was dissolved, and all employees were laid off. Copernicus, Bitmain's top blockchain development team, was not spared and was wiped out in this layoff. Copernicus and some of the laid-off employees joined the new company Matrixport co-founded by Jihan Wu and Yuesheng Ge, headquartered in Singapore. 3. Past events when starting a business After the "12.17 Incident", Jihan Wu gradually faded out of Bitmain's management affairs and turned his attention to the IPO and new company. And this is one of Jihan Wu's major mistakes, he began to let Ketuan Zhan manage Bitmain alone. In fact, as early as 2013, Jihan Wu planted hidden dangers. Jihan Wu, an investment banker, was the earliest translator of the Bitcoin white paper. He began to get involved in the cryptocurrency mining industry in 2012. The disappearance of Kaomao and Nangua Zhang's ticket skipping led Jihan Wu to decide to develop his own chip. In 2013, Jihan Wu established his own mining machine company. Together with Yuesheng Ge, who was only 20 years old, he found Ketuan Zhan, an integrated circuit designer of the Chinese Academy of Sciences, to create the protagonist of this article, and later the digital Cryptocurrency mining giant, Bitmain. Jihan Wu promised Ketuan Zhan that every time a mining machine chip was successfully developed, he would give some shares to the Ketuan Zhan team. At that time, the company founded by Ketuan Zhan was on the eve of falling apart. In order to regroup the team, Ketuan Zhan promised to share half of his shares with the team members. Unfortunately, this is just a bad check. With the rapid development of Bitmain and higher and higher valuations, the expanding Ketuan Zhan almost monopolized all the shares. Like many startups, Bitmain encountered many difficulties in its early days, and many jobs had to be done by the boss. For example, in the chip design and production process in the second half of 2013, Bitmain was caught in a dilemma of insufficient funds. Jihan Wu personally raised funds and met with TSMC’s sales to persuade TSMC to accept the production needs of a start-up company. Jihan Wu also participated in the selection of the thermodynamic parameters of the heat sink in the Antminer S1. In 2014, Jihan Wu discovered that this company was independently operated by Ketuan Zhan, which had huge problems. Forcing Jihan Wu to continue to participate in company management. At that time, Bitmain's mining machine chips had just achieved a certain lead in the standard design process. Jihan Wu believes that the next step must be to develop full customization technology, but Ketuan Zhan plans to invest resources in the research of mobile payment chips. Ketuan Zhan met a mysterious person from the Party Central Security Bureau who claimed to be able to manipulate the Party Central Committee’s decision-making process for the next generation of mobile payment cryptography standards, but this direction is likely to lead to the fact that Bitmain has just gained the lead in the mining machine market. Regained. Jihan Wu said that as a graduate of the School of Economics, with a little memory of his high school stage and the knowledge reserve of a computer technology amateur, he retrieves various materials and papers every day, learns theories related to full customization, and goes to Ketuan Zhan conducts persuasion work there. Fortunately, in the direction of full customization technology, Ketuan Zhan finally listened to Jihan Wu's opinion. Bitmain quickly integrated the technical experts from the United States and Russia introduced by Jihan Wu, which greatly improved the design level of chips and complete machines. In 2015, Jihan Wu suggested that Ketuan Zhan consider the direction of artificial intelligence. But Ketuan Zhan is not here, he prefers the CPU direction. After staying asleep at night, coupled with in-depth analysis by the Bitmain investment team, Ketuan Zhan finally agreed with this direction. It is a pity that after the Tianshi Chen brothers made major breakthroughs in theory and practice, Bitmain officially invested in the relevant direction, and it was still a step behind. In the two years from 2016 to 2017, Bitmain's business performance has achieved rapid development, becoming a unique super unicorn in the blockchain industry. According to Froth & Sullivan, in 2017, Bitmain Technology Holdings was the second largest fabless chip design company in China and the tenth largest fabless chip design company in the world, and the fourth largest fabless ASIC chip design company in the world, accounting for 74.5% of global cryptocurrency market share. However, the huge crisis has long been buried in the early days of entrepreneurship. Ketuan Zhan's decision on major directions revealed his weakness of extremely lack of business understanding. But every mistake he made was blocked by the company's core employees. His overconfidence in his management ability led to the gradual intensification of conflicts, and the management differences between the two founders became more serious. 4.The giant gets lost The contradiction between the two broke out on December 17, 2018. Ketuan Zhan used extreme means to force the management to compromise with him by canceling the option, so as to achieve the goal of sole control of the company. Jihan Wu returned to Beijing from Hong Kong overnight and negotiated with Ketuan Zhan all night. In the end, the two resigned as CEO. Jihan Wu retired. Ketuan Zhan has the exclusive rights of chairman in exchange for the implementation of the layoff plan. Jihan Wu's voluntary retreat has intensified Ketuan Zhan's management to do whatever he wants. A Bitmain employee commented on Ketuan Zhan's management skills, summed up in two letters-SM. After becoming the sole helm of the company, Ketuan Zhan quickly "rectified" the department in charge of Jihan Wu as the chairman of the board. He guided the sales of mining machines at the dinner, and pointed out that the sales performance is not due to the sales staff. Ability is strong, but the company provides opportunities. Take two sales leaders as examples, saying that if the company hadn't given the opportunity, they would still be losers. In addition, Ketuan Zhan also instructed the sales staff on how to toast and imparted the wine table culture and experience. After the meal, Ketuan Zhan came to the conclusion that the quality of Bitmain sales staff was too poor, and Huawei’s blood needs to be injected to drive the company’s progress. Soon, the marketing and sales director from Huawei officially took over Bitmain, opening the era of brand premium for Antminer. In order to further understand and guide the sales work, Ketuan Zhan asked to meet the customers with the sales staff. During the negotiation process, Ketuan Zhan had a heated discussion with customers on the issue of Chinese and Western medicine, and had also forced the sales staff to be able to ship 10,000 machines due to insufficient production capacity. Although the requirements for sales personnel are strict, Ketuan Zhan has provided a lot of convenience for "Mainland Ark". In addition to selling mining machines at a more favorable price, Bitmain's mining machines are also hosted in Ming Wang at a higher price than the market price. Mine. It is reported that both Ketuan Zhan and Ming Wang are shareholders of Ark. The new sales strategy of Huawei's executives has also brought very obvious changes to Bitmain. The self-righteous brand premium reduces the price-performance ratio of Antminer, causing competing products to eat away at Bitmain's market share. Later, Bitmain found that the strategy was wrong and started to cut prices, and found that the mining machine market was saturated and the purchase demand of miners had decreased. More dangerous than the sales strategy is that the technical advantages of Antminer are being chased by competing products, and even overtaken. At the same time, the two mining pools under Bitmain also lost their first and second positions. The AI business, which Jihan Wu placed high hopes and Ketuan Zhan personally supervised, became a laughing stock in the industry. Not only did it fail to make a profit, it almost brought down Bitmain. Blindly introducing senior executives from Huawei to occupy important positions completely destroys the company's internal cultural foundation. The bureaucracy within Bitmain began to corrode from high-level employees to ordinary employees. Ketuan Zhan is not aware of this. He is still keen on recruiting Huawei employees, imitating Huawei's organizational structure and strategy, letting HR do sales and R&D personnel to do HR. The organizational structure adjustment in October 2019 was the fuse for Ketuan Zhan to completely anger Bitmain management. This time, Ketuan Zhan completely marginalized Bitmain’s veteran employees, and suddenly promoted some of the “airborne soldiers” who had just joined the company to the position of person in charge, which caused the former person in charge to report to the new employees. The two managers who were originally equal The hierarchy becomes the subordinate relationship, the operation and development of different business lines are merged into a large department, the upward reporting process becomes more cumbersome, and the relationship between employees becomes delicate. 5. Headwind On October 29, 2019, Jihan Wu urgently held a staff meeting. Prior to this, the legal representative of Beijing Bitmain has been changed to Jihan Wu, including the parent companies Hong Kong Bitmain and Cayman Bitmain. Jihan Wu stood in the lobby of Building 25, B1, announcing that Ketuan Zhan has been relieved of all duties. Any employee in the Bitmain Group shall no longer execute Ketuan Zhan’s instructions and participate in any meetings convened by Ketuan Zhan. If there is any violation, the company will demotion and expel the company based on the severity of the circumstances. If losses are caused to the company, the company will be held accountable. Jihan Wu's speech is very long, which can be summarized as follows: (1) Ketuan Zhan has been relieved of all duties. Also expelled from the original Huawei company HR Zhi Wang introduced by Ketuan Zhan at the end of 2018. Zhi Wang’s reputation on Bitmain was extremely poor and was ridiculed by employees as "nine thousand years" (In ancient China, the emperor was called "ten thousand years old", and the prince was "eight thousand years old." However, in the Ming Dynasty, there was an eunuch who caused harm to the country and the people. He called himself "nine thousand years old", meaning that he was only A little lower than the emperor's level). (2) Ketuan Zhan's ability to control the company's option incentive plan has disappeared, and it is no longer possible to cancel employees' options at will. (3) The organizational structure adjustment plan led by Ketuan Zhan was suspended. (4) We are optimistic about the future of AI business, but the premise is that the main business can continue to make profits in order to support the company's continued investment in AI business. In the speech, Jihan Wu also told employees the whole story of the "12.17 Incident" and bluntly said that the company is not in good condition. If no measures are taken, Bitmain is likely to go bankrupt in three quarters and he must come back to save the company. At this time, Ketuan Zhan, who was on a business trip in Shenzhen, finally experienced the situation of Jihan Wu in the "12.17 Incident". After the official return, Jihan Wu began to clearly point out the company's various problems in operation and management, and went deep into each business line to understand the situation. In the mining machine sales department meeting, employees spoke enthusiastically, reflecting on the difficulties and opinions encountered in the work, the marketing and sales director from Huawei asked with a surprised look, "Why didn't these issues be reported to me before?", and soon , The director was interviewed and "voluntarily resigned." On November 2, 2019, Jihan Wu announced a salary increase for all employees. Bitmain’s last salary increase dates back to 2018. In principle, Bitmain has two salary increases every year. On November 7, 2019, Ketuan Zhan spoke on social media for the first time, describing his hardship in starting a business, and condemning Jihan Wu for “stabbing a knife in the back”. At the end of the article, he also set himself a KPI for 2020, that is, the mining machine market share will reach 90%, and the AI business will earn 1 billion. But Ketuan Zhan's majestic plan did not make Bitmain employees feel emotional, but ridiculed him instead. Employees exposed that he insulted employees, advocated Chinese medicine, believed in Buddhism, drank in meetings, practiced Qigong... However, there is less than half a year before the halving of Bitcoin production, and the cryptocurrency market shows no signs of recovery, which makes Bitmain management very anxious. On January 6, 2020, Bitmain ushered in another round of layoffs, with a layoff ratio of about 1/3. This time the layoffs have caused many employees who have just increased their salaries to feel very grieved. On the one hand, they were looking forward to Jihan Wu's return. On the other hand, the compensation for this layoff was less than 18 years. Ketuan Zhan, who has been unable to enter the Bitmain office area, once again spoke on social media and firmly opposed to layoffs. We do not need to lay off staff and we cannot commit suicide. During the Spring Festival, Covid-19 broke out. Mainland China has begun to extend the Spring Festival holiday and advocate working from home. Under the chain reaction caused by Covid-19, most companies have chosen to cut salaries or even lay off employees. In the first two months of 2020, China's exports fell by 17%, U.S. stocks were broken four times in a row, Bitcoin plunged 40% in 24 hours on March 12, 2020, and crude oil futures fell by 300% on April 20, 2020... Obviously, Jihan Wu can't predict, but this layoff seems to be the right decision again. In addition, from January to April 2020, Bitmain's revenue exceeded US$400 million amid the spread of Covid-19 and the collapse of the financial market. 6. Fight to the death When Jihan Wu tried to get the company back on track, Ketuan Zhan was not helpless. On April 28, 2020, Ketuan Zhan finally rolled back the legal representative of Beijing Bitmain to before October 28, 2019 by repeatedly submitting administrative reconsiderations, and restored his status as a legal representative. On the morning of May 8, 2020, a piece of news about Bitmain quickly appeared on the real-time hot search rankings, and even dominated the headlines of the day. At window 52 on the second floor of the Haidian District Government Affairs Center, when Ketuan Zhan, the legal person of Beijing Bitmain Company, was receiving the business license, a group of unidentified people snatched the business license from the industrial and commercial administrative staff. A source at the scene said that the number of unidentified people in the group was about 60 people, of which Luyao Liu was directing at the scene. This is a skillful piece of news. It first leads readers to think that Ketuan Zhan is a victim, using 60 people to grab business licenses as the focus. The masses accused Jihan Wu of lawlessness, but ignored whether the government affairs center could have 60 personnel. As for Hong Kong Bitmain to have the right to appoint a representative to obtain a business license, this is a deeper level of thinking. The follow-up report restored the real situation at the scene. Only more than ten people were present, and both sides were equipped with security personnel. Bitmain employees also broke the news in the circle of friends, claiming that Ketuan Zhan's bodyguard had injured Bitmain's authorized person, and said in a threatening tone, "Be careful!" However, the subsequent plot reversal did not have much effect. Jihan Wu's reputation has been greatly affected. From a bloody soldier who rescued the company in trouble to a lawless criminal, it can be said to be a world of war. do not. Ketuan Zhan, who succeeded in the first battle, began to counterattack Bitmain continuously. On the afternoon of June 3, 2020, Ketuan Zhan led a team to pry open the back door of the Beijing Bitmain office and formally occupied the deserted Beijing headquarters. On June 4, 2020, Ketuan Zhan called on Bitmain employees to resume work and promised to expand the company's market value to more than US$50 billion within three to five years. After that, Ketuan Zhan began to contact employees by phone, trying to acquire the options in the hands of employees at a valuation of 4 billion US dollars. Subsequently, Ketuan Zhan recalled Huawei's executives and issued a series of personnel appointments and removals. As of June 9, 2020, Ketuan Zhan has successively eliminated CFO Luyao Liu, and Wenguang Wang, the head of the mining center. Luyao Liu is responsible for controlling Bitmain's IPO plan. He also appointed Yanwu Ma as the HR director, Gang Ren as the head of the mining center, Yonggang Sun as the head of the supply chain, Ling Gu as the financial director, and Bin Zhu as the head of the mining machine business department. Bin Zhu is the senior executive of Huawei who was interviewed and left as mentioned in the previous article. During his tenure, he reduced Antminer’s 90% market share to 50%, and received a large number of complaints from miners. Internal employees once speculated that he might be Compete against the spies sent by the company. In addition to recalling senior executives of Huawei, Ketuan Zhan also urged employees to return to work. They can receive a bonus of 10,000 yuan when they return to work on the same day, which is only half the next day. Ketuan Zhan showed a very kind side. Every time the elevator door is opened, Ketuan Zhan's hot gaze can be met, shaking hands, taking photos, and receiving money. As there is no personnel information, Ketuan Zhan does not know whether the person receiving the money is a Bitmain employee, and these people did not resume work the next day. The effect of gentleness was not good, Ketuan Zhan began to force employees to return to work. Seeing that there are still very few respondents, Ketuan Zhan threatened employees through SMS, phone calls, EMS, emails and other harassment, issued multiple threats such as termination of contract, suspension of payment of social insurance, suspension of wages, and even used personal information saved by employees to form a group of employees. Domicile threats, requiring employees to perform "work handover", trying to force employees to return work computers, etc. On June 10, 2020, the media revealed that Ketuan Zhan had controlled Bitmain's Shenzhen factory and prohibited employees from delivering normal shipments to paid customers, which caused difficulties in the operation of the Bitmain mining machine department. On June 13, 2020, Hong Kong Bitmain, the parent company of Beijing Bitmain, issued a statement accusing Ketuan Zhan of signing a "Sales Agency Agreement" with the Ark Data Technology Co., Ltd. in which it holds shares, in an attempt to embezzle Beijing Bit's assets. On June 17, 2020, the media revealed that Ketuan Zhan started selling 14,000 T17+ series mining machines at low prices. On June 20, 2020, Hong Kong Bitmain officially suspended the supply of chips to the Shenzhen factory. On July 13, 2020, in the "A Letter to All My colleagues in the Shenzhen Factory" released by Bitmain in Hong Kong, more details were added on the series of Ketuan Zhan's actions in June. The legal person Feng Zhou of the Shenzhen plant is related to Ketuan Zhan. After being relieved of Ketuan Zhan's post, Jihan Wu flew to Shenzhen to have a long talk with Feng Zhou. Jihan Wu believes that Feng Zhou is the right person to manage the factory and help the company overcome difficulties, and decides to leave Feng Zhou to continue to manage the factory. This wrong decision staged a story of a farmer and a snake. When Ketuan Zhan began to counterattack Bitmain, Feng Zhou was also quickly instigated and began to assist Ketuan Zhan in seizing customer machines and transferring 17,000 T17 mining machines in the warehouse. Hainan Continental Ark Data Technology Co., Ltd., which is held by Ketuan Zhan, sold them at a low price. In order to protect the interests of customers, Jihan Wu had to make a compromise and paid the payment for some goods to a bank account controlled by Ketuan Zhan in exchange for delivery. However, after the other party received a payment of 109 million, the delivery stopped. On July 8, 2020, 5600 mining machines have been overdue. At the same time, the factory defaulted on suppliers’ accounts payable as much as 200 million yuan. Bank acceptance bills issued by the factory, exceeding 36 million yuan, will expire on July 17, and more than 34 million yuan will expire on July 23. It is understood that Ketuan Zhan, after receiving the bank's dunning call, made it clear that he would not repay the loan, which would destroy the company and the entire group's credit in financial institutions. 7、 This is not the end So far, the power struggle between the founders of Bitmain has been more than half a year. The office building already occupied by Ketuan Zhan is still empty, and most employees choose to work from home. Some chip developers returned to the office with the acquiescence of Jihan Wu and continued to maintain research and development to reduce the impact of infighting on technological iteration and competitiveness. This giant ship that once stood on top of the supercomputer chip is crashing into the iceberg due to the madness of the former helm. Ketuan Zhan's madness and Jihan Wu's compromise made mistakes again and again. Bitmain tried to save himself many times, but was unable to get out of the black hole. If the time goes back to that day in 2013, would Jihan Wu and Yuesheng Ge still choose to dial Ketuan Zhan?
April 2013 Crash. In early April 2013, Bitcoin was trading for as much as $237. Overnight, it fell to just $67. This seventy-plus percent drop hit the market with a lasting effect, as it would take over six months for the price to recover to previous levels. Bitcoin Price FAQ (Frequently Asked Questions) How is the price of Bitcoin determined? The price of Bitcoin is determined by how little ... The above chart shows CoinDesk's Bitcoin Price Index for Dec. 1, 2013 to Dec. 31, 2013. As of Thursday, bitcoin's value was just above $16,500, according to CoinDesk.Based on that value, one ... Bitcoin Price in 2013. The price of Bitcoin in USD is reported by Coindesk. All prices on this page are nominal (i.e., they are not indexed to inflation). For price history since Bitcoin was first traded on exchanges in 2010, click here. Bitcoin Price Chart, 2013 This graph shows the conversion rate of 1 Bitcoin to 1 USD at the first of each month. Bitcoin Price in 2013 ($) Bitcoin Price Table ... Oskar ist der einfache und intelligente ETF-Sparplan. Er übernimmt die ETF-Auswahl, ist steuersmart, transparent und kostengünstig ... In early April 2013, the price per bitcoin dropped from $266 to around $50 and then rose to around $100. Over two weeks starting late June 2013 the price dropped steadily to $70. The price began to recover, peaking once again on 1 October at $140. On 2 October, The Silk Road was seized by the FBI. This Ross Ulbricht caused a flash crash to $110. The price quickly rebounded, returning to $200 ...
Bitcoin Price Prediction For October 2020 - YouTube
Kiel gives a price action analysis of bitcoin, ethereum, chainlink and litecoin for October. Disclaimer: WilsonBros is neither an investment advisory service... Skip navigation What does bitcoin mean? Where will bitcoin go? Today (28 Nov 2013) we are in the most recent mania phase for bitcoin as the currency becomes an asset class among financial types. In the future ... Enjoy the videos and music you love, upload original content, and share it all with friends, family, and the world on YouTube. Bulls are breaking out while bitcoin is pumping higher! in the video we will take a look what bitcoin may look like by the end of the October of 2020, then w...