this is an info blog

image credit: click on image

hello folks

i began this blog for myself as a documentation of my learning process.
may you find it useful.
i really like the home page because there are lots of cryptocurrency chats to listen to, and they are constantly being updated as new broadcasts are published.
i will possibly add the occasional post, as i learn more  of the spooky cryptoworld!


OpenBazaar: Ebay meets bittorrent: an ebay killer?

OpenBazaar is the only decentralised peer-to-peer network, which means there are no listing fees and the marketplace is censorship-resistant.


1. What is OpenBazaar?

OpenBazaar is a new way to buy and sell goods and services online. By running a program on your computer, you can connect directly to other users in the OpenBazaar network and trade with them. The network isn’t controlled by a company or organisation. OpenBazaar is a decentralised peer-to-peer network, which means there are no listing fees and the marketplace is censorship-resistant.

Goods and services are bought and sold on OpenBazaar using Bitcoin, a digital cryptocurrency that is decentralised and censorship-resistant. Transaction fees on the Bitcoin network are very cheap.

Bitcoin and OpenBazaar together make online commerce cheaper and more free than ever before.

Right now, online commerce means using centralized services. eBay, Amazon, Alibaba and others have restrictive policies and charge fees for listing and selling goods. They only accept forms of payment that cost both buyers and sellers money, such as credit cards or PayPal/Alipay. They require personal information, which can lead to it being stolen or even sold to others for advertising or worse. Buyers and sellers aren’t always free to exchange goods and services with each other, as companies and governments censor entire categories of trade.

OpenBazaar is a different approach to online commerce. It puts the power back in the users’ hands. Instead of buyers and sellers going through a centralized service, OpenBazaar connects them directly. Because there is no one in the middle of the transactions, there are no fees, no one can censor transactions, and you only reveal the personal information that you choose.

This project is open source, which means the code is publicly available for people to review or audit, as well as contribute code to make it better.

1.1 What does it do?

  • Creates an online store for users to sell goods for Bitcoin
  • Connects these stores directly to each other on a global network
  • Users can browse individual stores and search for products across the whole network
  • A buyer directly connects and purchases the good from the merchant using Bitcoin
  • Bitcoin payments can be made via escrow to protect merchants and buyers during trade

1.2 What does it enable?

  • An online marketplace that is:
    1. Scalable to millions of stores
    2. Free of intermediaries and their fees
    3. Without a central point of control or failure
    4. Frictionless trade

1.3 What problems does it solve?

  • Hosting an online store
    • Easy to deploy
    • Install and run
  • Fees
    • Eliminates fees related to listing on a platform
    • Significantly reduces payment fees via Bitcoin (i.e. fractions of a cent)
  • Dispute resolution + Creates a market for dispute resolution

1.4 What is the philosophy of the project?

  • Our vision is to make trade free.
  • Our mission is to shift global trade onto a decentralised platformOpenBazaar.
  • Our values are:
    1. Privacy
      • Users should full control their data
      • Users should have freedom to reveal as much personal identifiable information as they want, when they want
    2. Security
      • Crytographic tamper-proof agreements to: 1) minimise potential disputes, and 2) fast-track dispute resolution
      • Encryption
    3. Markets
      • Free and open markets
      • Creating open and competitive markets for services in OpenBazaar that cannot be perfectly solved with technology
    4. Bitcoin
      • Bitcoin is the only transactional currency of OpenBazaar



The mission of OpenBazaar is to give everyone in the world “the ability to directly engage in trade with anyone in the world for free,” says Brian Hoffman, the project’s 33-year-old project leader. A peer-to-peer network for selling goods online, OpenBazaar runs on open source software that users download and install on their computers, which is similar to a BitTorrent client. The client connects them to the OpenBazaar network, where they can trade with other users. It’s like eBay without eBay. All items are paid for using bitcoin.

“OpenBazaar doesn’t have a central point of failure,” explains OB-1 co-founder Sam Patterson. “Everyone using it is a node in a completely distributed network. If you take one user off the network, it has no impact on any of the other users.” Last year, OB1, the company that’s developing the OpenBazaar network, got a million dollars in venture capital from Union Square Ventures, Andreessen Horowitz, and investor William Mougayar.

Since OpenBazaar has no intermediaries and no built in mechanisms for stopping a transaction from taking place, critics say it could become an ideal marketplace for stolen goods and illegal drugs—sort of a decentralized version of Silk Road. Hoffman isn’t concerned. “If we work hard to allow users to self-police, to do things legally, properly, easily, cheaply,” he says, “they will rush in and overwhelm whatever could possibly come in from the dark side of the internet.”

Cryptocurrencies for Dummies: Bitcoin and Beyond

from the editor: this is a most excellent article from Demir Selmanovic. You can hire Demir.

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by Demir Selmanovic – Lead Technical Editor, Developer

this excellent article is an extract. go here  for source.

Hire Demir, developer

Bitcoin created a lot of buzz on the Internet. It was ridiculed, it was attacked, and eventually it was accepted and became a part of our lives. However, Bitcoin is not alone. At this moment, there are over 700 AltCoin implementations, which use similar principles of CryptoCurrency.

So, what do you need to create something like Bitcoin?

Without trying to understand your personal motivation for creating a decentralized, anonymous system for exchanging money/information (but still hoping that it is in scope of moral and legal activities), let’s first break down the basic requirements for our new payment system:

  1. All transactions should be made over the Internet
  2. We do not want to have a central authority that will process transactions
  3. Users should be anonymous and identified only by their virtual identity
  4. A single user can have as many virtual identities as he or she likes
  5. Value supply (new virtual bills) must be added in a controlled way

Decentralized Information Sharing Over Internet

Fulfilling the first two requirements from our list, removing a central authority for information exchange over the Internet, is already possible. What you need is a peer-to-peer (P2P) network.

Information sharing in P2P networks is similar to information sharing among friends and family. If you share information with at least one member of the network, eventually this information will reach every other member of the network. The only difference is that in digital networks this information will not be altered in any way.

Cryptocurrency and Toptal

You have probably heard of BitTorrent, one of the most popular P2P file sharing (content delivery) systems. Another popular application for P2P sharing is Skype, as well as other chat systems.

Bottom line is that you can implement or use one of the existing open-source P2P protocols to support your new cryptocurrency, which we’ll call Topcoin.


To understand digital identities, we need to understand how cryptographic hashing works. Hashing is the process of mapping digital data of any arbitrary size to data of a fixed size. In simpler words, hashing is a process of taking some information that is readable and making something that makes no sense at all.

You can compare hashing to getting answers from politicians. Information you provide to them is clear and understandable, while the output they provide looks like random stream of words.

P2P Protocols

There are a few requirements that a good hashing algorithm needs:

  1. Output length of hashing algorithm must be fixed (a good value is 256 bytes)
  2. Even the smallest change in input data must produce significant difference in output
  3. Same input will always produce same output
  4. There must be no way to reverse the output value to calculate the input
  5. Calculating the HASH value should not be compute intensive and should be fast

If you take a look at the simple statistics, we will have a limited (but huge) number of possible HASH values, simply because our HASH length is limited. However, our hashing algorithm (let’s name it Politician256) should be reliable enough that it only produces duplicate hash values for different inputs about as frequently as a monkey in a zoo manages to correctly type Hamlet on a typewriter!

If you think Hamlet is just a name or a word, please stop reading now, or read about the Infinite Monkey Theorem.

Digital Signature

When signing a paper, all you need to do is append your signature to the text of a document. A digital signature is similar: you just need to append your personal data to the document you are signing.

If you understand that the hashing algorithm adheres to the rule where even the smallest change in input data must produce significant difference in output, then it is obvious that the HASH value created for the original document will be different from the HASH value created for the document with the appended signature.

A combination of the original document and the HASH value produced for the document with your personal data appended is a digitally signed document.

And this is how we get to your virtual identity, which is defined as the data you appended to the document before you created that HASH value.

Next, you need to make sure that your signature cannot be copied, and no one can execute any transaction on your behalf. The best way to make sure that your signature is secured, is to keep it yourself, and provide a different method for someone else to validate the signed document. Again, we can fall back on technology and algorithms that are readily available. What we need to use is public-key cryptography also known as asymmetric cryptography.

To make this work, you need to create a private key and a public key. These two keys will be in some kind of mathematical correlation and will depend on each other. The algorithm that you will use to make these keys will assure that each private key will have a different public key. As their names suggest, a private key is information that you will keep just for yourself, while a public key is information that you will share.

If you use your private key (your identity) and original document as input values for the signing algorithm to create a HASH value, assuming you kept your key secret, you can be sure that no one else can produce the same HASH value for that document.

How Bitcoin and Cryptocurrency works

If anyone needs to validate your signature, he or she will use the original document, the HASH value you produced, and your public key as inputs for the signature verifying algorithm to verify that these values match.

How to send Bitcoin/Money

Assuming that you have implemented P2P communication, mechanisms for creating digital identities (private and public keys), and provided ways for users to sign documents using their private keys, you are ready to start sending information to your peers.

Since we do not have a central authority that will validate how much money you have, the system will have to ask you about it every time, and then check if you lied or not. So, your transaction record might contain the following information:

  1. I have 100 Topcoins
  2. I want to send 10 coins to my pharmacist for the medication (you would include your pharmacists public key here)
  3. I want to give one coin as transaction fee to the system (we will come back to this later)
  4. I want to keep the remaining 89 coins

The only thing left to do is digitally sign the transaction record with your private key and transmit the transaction record to your peers in the network. At that point, everyone will receive the information that someone (your virtual identity) is sending money to someone else (your pharmacist’s virtual identity).

Your job is done. However, your medication will not be paid for until the whole network agrees that you really did have 100 coins, and therefore could execute this transaction. Only after your transaction is validated will your pharmacist get the funds and send you the medication.

Miners – New Breed of Agents

Miners are known to be very hard working people who are, in my opinion, heavily underpaid. In the digital world of cryptocurrency, miners play a very similar role, except in this case, they do the computationally-intensive work instead of digging piles of dirt. Unlike real miners, some cryptocurrency miners earned a small fortune over the past five years, but many others lost a fortune on this risky endeavour.

Miners are the core component of the system and their main purpose is to confirm the validity of each and every transaction requested by users.

In order to confirm the validity of your transaction (or a combination of several transactions requested by a few other users), miners will do two things.

First, they will rely on the fact that “everyone knows everything,” meaning that every transaction executed in the system is copied and available to any peer in the network. They will look into the history of your transactions to verify that you actually had 100 coins to begin with. Once your account balance is confirmed, they will generate a specific HASH value. This hash value must have a specific format; it must start with certain number of zeros.

There are two inputs for calculating this HASH value:

  1. Transaction record data
  2. Miner’s proof-of-work

Considering that even the smallest change in input data must produce a significant difference in output HASH value, miners have a very difficult task. They need to find a specific value for a proof-of-work variable that will produce a HASH beginning with zeros. If your system requires a minimum of 40 zeros in each validated transaction, the miner will need to calculate approximately 2^40 different HASH values in order to find the right proof-of-work.

Once a miner finds the proper value for proof-of-work, he or she is entitled to a transaction fee (the single coin you were willing to pay), which can be added as part of the validated transaction. Every validated transaction is transmitted to peers in the network and stored in a specific database format known as the Blockchain.

But what happens if the number of miners goes up, and their hardware becomes much more efficient? Bitcoin used to be mined on CPUs, then GPUs and FPGAs, but ultimately miners started designing their own ASIC chips, which were vastly more powerful than these early solutions. As the hash rate goes up, so does the mining difficulty, thus ensuring equilibrium. When more hashing power is introduced into the network, the difficulty goes up and vice versa; if many miners decide to pull the plug because their operation is no longer profitable, difficulty is readjusted to match the new hash rate.

Blockchain – The Global Cryptocurrency Ledger

The blockchain contains the history of all transactions performed in the system. Every validated transaction, or batch of transactions, becomes another ring in the chain.

So, the Bitcoin blockchain is, essentially, a public ledger where transactions are listed in a chronological order.

The first ring in the Bitcoin blockchain is called the Genesis Block

To read more about how the blockchain works, I suggest reading Blockchain Technology Explained: Powering Bitcoin, by Nermin Hajdarbegovic.

There is no limit to how many miners may be active in your system. This means that it is possible for two or more miners to validate the same transaction. If this happens, the system will check the total effort each miner invested in validating the transaction by simply counting zeros. The miner that invested more effort (found more leading zeros) will prevail and his or her block will be accepted.

Controlling The Money Supply

The first rule of the Bitcoin system is that there can be a maximum of 21,000,000 Bitcoins generated. This number has still not been achieved, and according to current trends, it is thought that this number will be reached by the year 2140.

This may cause you to question the usefulness of such a system, because 21 million units doesn’t sound like much. However, Bitcoin system supports fractional values down to the eight decimal (0.00000001). This smallest unit of a bitcoin is called a Satoshi, in honor of Satoshi Nakamoto, the anonymous developer behind the Bitcoin protocol.

New coins are created as a reward to miners for validating transactions. This reward is not the transaction fee that you specified when you created a transaction record, but it is defined by the system. The reward amount decreases over time and eventually will be set to zero once the total number of coins issued (21m) has been reached. When this happens, transaction fees will play a much more important role since miners might choose to prioritize more valuable transactions for validation.

Apart from setting the upper limit in maximum number of coins, the Bitcoin system also uses an interesting way to limit daily production of new coins. By calibrating the minimum number of leading zeros required for a proof-of-work calculation, the time required to validate the transaction, and get a reward of new coins, is always set to approximately 10 minutes. If the time between adding new blocks to the blockchain decreases, the system might require that proof-of-work generates 45 or 50 leading zeros.

So, by limiting how fast and how many new coins can be generated, the Bitcoin system is effectively controlling the money supply.

Start “Printing” Your Own Currency

As you can see, making your own version of Bitcoin is not that difficult. By utilizing existing technology, implemented in an innovative way, you have everything you need for a cryptocurrency.

  1. All transaction are made over the Internet using P2P communication, thus removing the need for a central authority
  2. Users can perform anonymous transactions by utilizing asynchronous cryptography and they are identified only by their private key/public key combination
  3. You have implemented a validated global ledger of all transactions that has been safely copied to every peer in the network
  4. You have a secured, automated, and controlled money supply, which assures the stability of your currency without the need of central authority

One last thing worth mentioning is that, in its essence, cryptocurrency is a way to transfer anonymous value/information from one user to another in a distributed peer-to-peer network.

Consider replacing coins in your transaction record with random data that might even be encrypted using asynchronous cryptography so only the sender and receiver can decipher it. Now think about applying that to something like the Internet Of Things!

A cryptocurrency system might be an interesting way to enable communication between our stove and toaster.

A number of tech heavyweights are already exploring the use of blockchain technology in IoT platforms, but that’s not the only potential application of this relatively new technology.

If you see no reason to create an alternative currency of your own (other than a practical joke), you could try to use the same or similar approach for something else, such as distributed authentication, creation of virtual currencies used in games, social networks, and other applications, or you could proceed to create a new loyalty program for your e-commerce business, which would reward regular customers with virtual tokens that could be redeemed later on.

The Beginnings of Dash

This is the story of how Darkcoin (Dash) came about.

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by eduffield on Dash Forum,     Pub. Mar 30, 2014

this article is an extract. go here  for source.

This is the story of how Darkcoin came about. Recently the community has grown a lot and many people here aren’t aware at all of the early history of the coin. I’m sure you’ll see from the full story that I would have done things much differently, but hindsight is always 20/20.

So who am I and what do I offer?
My name is Evan Duffield and I’ve been developing software since I was 15. I also have a history in finance and an interest in economics and machine learning. I’ve worked all over the space for PR firms, creating search engines and machine learning algorithms for financial modeling.

I’ve have a rewarding career and consider myself lucky to have been a part of many great projects. Also, it’s worth noting when I worked at Hawk Financial Group I got my series 65 (a financial advisor license) and I’ve used that knowledge extensively for Darkcoin.

The birth of Darkcoin

I discovered Bitcoin in mid 2010 and was obsessed ever since. After a couple of years in 2012 I started really thinking about how to add anonymity to Bitcoin. I came up with maybe 10 ways of doing this, but I soon realized that Bitcoin would never add my code. The developers really want the core protocol to stay the same for the most part and everything else to be implemented on the top of it.

This was the birth of the concept of Darkcoin. I implemented X11 in a weekend and found it worked pretty well and it would give a completely fair start to the currency. What I really was aiming for with X11 is a similar development curve where miners would fight to create small advantages much like the early start of Bitcoin. I think this a requirement to create a healthy ecosystem.

Next I was thinking about changing the reward system. I thought it would be an interesting experiment to add more incentives to join mining early on, driving up the hashrate and protecting the network, that’s when I came up with 1111.0 / ((x+1.0)^2.0), which was the first formula for controlling rewards.


It was January 18, 2014 and I had everything ready or so I thought. I announced the launch of Darkcoin (XCoin at the time) on BitcoinTalk. We launched later and immediately got stuck on block 42, I was new to the Bitcoin codebase and wasn’t sure what I missed so I announced we’d relaunch later.

When we relaunched we had a rush of miners join causing a huge spike of coin production without it being able to adjust the difficulty quick enough, we just ended up spilling out coins. Retargeting happened every 576 blocks and could only increase the difficulty by four times, so it took about six retargets to get to a difficulty that was near 2.5 minutes per block.

Later on, after the difficulty evened out we realized that there was a serious problem with the block reward calculation. You can see people discussing the problems here:

I soon fixed this issue at block 4500, but none of us realized the amount of coins that had been issued at the time. At that point we didn’t even have a block explorer yet.

Right after block 4500 is when I started working on DarkSend. I was trying to create a proof-of-concept and eventually I succeeded, I posted about it and our coin started to become more popular by the day. This is when the coin became a serious project of mine.

Later on we switched to 11111.0 / ((Difficulty+51.0)/6.0)^2), these formulas proved to be much more powerful incentives to drive up the difficulty than I thought they would. Soon after we switched to (2222222.0 / ((Difficulty+2600.0)/9.0)^2.0), targeting a difficulty of about 3400.

In the end?
Darkcoin started from a few months of me thinking about ways to create a better coin and a couple weekends of coding. It wasn’t till later that we got established and I really started taking this seriously. Anyone can compare our recent efforts to the sorted past and see things are going much smoother. No one really knew how much this would blow up (in a good way) and how popular it would be, otherwise I would have took my time in the beginning.

Goals and the future of Darkcoin
I don’t believe the origins of Darkcoin are too much to overcome, but investors and users are going to have to decide for themselves if they want to support the project. Recently I’ve shifted away from other projects to going full time on Darkcoin. I think with a full time developer and our solid community we’ll be able to make something great.

It’s only been a couple months and we have a lot to show for it (X11, DGW and DarkSend Beta) and there is more in the works. This obviously didn’t go perfect but I think we have a really fantastic community and I see a really bright future for Darkcoin.

#1 eduffield, Mar 30, 2014
Speaking about Bitcoin: it’s the culmination of 5,000 years’ worth of financial innovation. Humanity has finally come up with something that is, at least on paper, better than good old gold.

Is Dash a better alternative to Bitcoin?

DASH contends to have real world application because of it’s cash-like qualities and user-base.

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by qwizzie on bitcointalk    Pub. July 21, 2015 10:05:37 PM

this article is an extract. go here  for source.

the original story , authored and by Scott Sidders July 21, 2015, was posted on cryptoworld, now defunct.

DASH contends to have real world application because of it’s cash-like qualities and user-base – in other words, the technology and community behind DASH make it worth noting as not merely a tradable crypto commodity, but as a potential cryptocurrency for future widespread adoption.

What is DASH?
DASH is an alternative to bitcoin that features better anonymity via Darksend, a protocol that mixes and mashes transactions together before dispersing them to the proper addresses. This stops people from tracking DASH users’ spending of the coins. DASH is intended to emulate cash (only digital), in that DASH is untraceable, instant, and bypasses the need for third-parties for transfer of funds. DASH is a fork from Bitcoin, meaning it can easily adopt new applications made for Bitcoin.

There’s thousands of crypto coins, so why should you care about DASH? First, DASH offers fast transactions across the internet. You could send DASH from Canada to Zimbabwe, to Brazil, to Scotland, to Australia, and back to Canada in mere seconds. Peer-to-peer this is nothing new, but peer-to-merchant, transactions can be finalized in seconds as opposed to bitcoins’ minutes to an hour for satisfactory confirmations. For example, if you want to send BTC to a merchant this can take up to an hour before confirmations are processed enough for the merchant to release their product. For DASH, using the new InstantX protocol, you could send DASH to the merchant and in seconds the transfer can be locked in to ensure double spending cannot occur, thus allowing the merchant to release their product instantly. This is true for all merchants that adopt InstantX. An entire white paper has been written dedicated to explaining this further if you want to read more:  White Paper

DASH offers better anonymity than bitcoin via Darksend. Some bitcoin merchants have declined buyers due to “dirty money” since they can gain an idea of where bitcoins have come from. Darksend essentially scrambles transactions so that you can’t trace which payments were sent by whom. Anonymity may not be important to all crypto users, but think about countries run by totalitarian regimes where you don’t want the authorities to know what you do with your money. Maybe you don’t want people knowing how much money you have or maybe you don’t want your friends and family know what you do with your money. Regardless of why you would want your transactions private, it’s about giving crypto users the option and the right to financial privacy. Think of how much information credit card companies gather and sometimes sell to companies for better targeted advertising. You now have the option to deny being subjected to sharing your financial information thanks to DASH.

Best of all, no third party carries out these tasks, masternodes do. A masternode can be hosted by anyone and in order to host one you need to have 1000 (approx $3600 USD) DASH as collateral which deters bad actors from acquiring 51% of the masternodes. The masternodes perform tasks for the DASH network such as the mixing up and distributing of payments via Darksend. Since this costs to perform, masternode hosts receive a percentage of the block reward. That’s right, by owning a masternode, you can earn dividends on every block mined – and best of all, you don’t have to do anything. The return on investment for masternodes has been around 14% annually which has gained a lot of appropriate attention. The 1000 DASH that must be secured as collateral doesn’t leave your possession either, it only has to be untouched to keep your masternode running.

Furthermore, masternodes create a decentralized system of governance. By owning a masternode you can participate in voting on future projects — similar to how voting stock works for a company and its shareholders.  Masternodes have some real potential for other developers too. If interested I recommend checking out Fernando Gutierrez’ candid article regarding masternodes here:…uly-trustless-and-opens-endless-possibilities

Why does DASH matter?
The technological aspect of DASH is great, but greatness is in the eye of the beholder and without people using DASH, it’s worth nothing. However, this is not the case. The DASH development team has shown to be a real asset to the crypto world. For instance, the DASH team recently went from pseudonymity to being open and known. This is a big step in crypto because most coins currently have developers that hide behind their user names without anyone knowing who they really are. This becomes problematic when a coin is worth something because now whether the original developers intended to be ethical, or not, they now have incentive to cash out and abandon the coin without being personally held accountable. Incidentally, this happens all too often. Thus, having upfront and honest developers is a huge step in the alt-coins and will hopefully continue to be the standard. Here’s an example of one member from the DASH team, Fernando Gutierrez, doing a talk at a BTC group meeting in Barcelona.

DASH does have an active, and quite large, community behind the coin relative to others. It cannot be stressed enough how important community is. Think about how Bitcoin became so large a phenomenon now. People that believe in the technology put themselves out there to communicate the value of using cryptos to the public. DASH’s community, though small in comparison to bitcoin, has some really passionate and intelligent people that believe in it. This can’t be said about most crypto coins.

Predicting how crypto coins will be in the long term future is difficult because of how fast this industry moves, but it is reasonable to believe that DASH will be around and I wouldn’t doubt it if DASH became worth much more than it is now. Due to the strong community, the adaptability to integrate new technology from the bitcoin protocol, the security, and anonymity aspect of this crypto coin, DASH contends to be a better alternative to bitcoin, though this is dependent on the people’s attitude towards DASH. I can’t predict the future, so obviously you shouldn’t base financial decisions on my words alone. However, I’m going to humour you and make a prediction for DASH’s future prospects. Based on what I’ve learned about DASH thus far, DASH will gain a lot of attention in the next year, and in one year from today, I think DASH will have steadily climbed to over $30 USD and will remain above this price.

Suggested further readings:
The DASH white paper     InstantX white paper       Masternode article

The information provided herein is the author’s opinion and provided for entertainment purposes only. While the author strives to make the information on this website as timely and accurate as possible, the author makes no claims, promises, or guarantees about the accuracy, completeness, or adequacy of the contents of this site, and expressly disclaims liability for errors and omissions in the contents of this site. The information contained in or provided from or through this website is not intended to be and does not constitute financial advice, investment advice, trading advice or any other licensed advice. The authors on this website are in no way liable for any decisions you make based on information provided herein. and its staff do not necessarily endorse nor oppose any claims or views expressed by authors on the website. All content is subject to copyright and may not be reproduced in any form without express written consent of the publisher.

Editors Note: I really enjoy Scott’s writing. Below is an extract from an article by Scott published on BitcoinTalkRadio on the fallacious argument for banning crypto because it can be used to fund terrorism: 

A common criticism Bitcoin and Bitcoin-users face is, Bitcoin can be used for funding terrorist activities. This is true. What’s also true, is that all technological advancements can and most have been used by terrorists. Let me list a few: guns, cars, phones, the internet, social media, and the list goes on. I’m tired of hearing this fallacious argument against Bitcoin. Every good that mankind has created, could be used by terrorists, why focus so much attention on Bitcoin? Are criticizers suggesting Bitcoin should be banned because it can help out terrorists? Because if you want to go down that rabbit hole, we better start banning the use of clothing, housing, driving, and every invention we’ve ever come up with.  Not to mention, the number one currency funding terrorism is USD, should we ban USD?