When Oyster boomed in December I wanted to go on a huge hiring spree. I was always very product focused but people only wanted to hear about marketing. Chris Bamber approached me along with Bill. Bill turned out to be an honest and hardworking guy (as CFO), but Chris did next to nothing. I paid each member of c-suite 1 million PRL each which was evaluated at half a million dollars each.
Chris bailed on us for the exponential hiring. Why was I so pushy about hiring? Because I knew Bitcoin and all of crypto was in a bubble. I sold a lot of my own PRL and PRL for the treasury but Bill preached hesitation instead.
Then ETH went from $1200 to $200. It became difficult to keep hiring people, my plan for a large robust team of developers was blocked. I spent downtime to start healing from trauma I was going through.
Then Bill told the group that we got accepted on Binance. That’s when the problems started. The price immediately started pumping from 4c to 26c. I warned Bill against insider trading, he didn’t care. So instead of him and his VC friends dumping on you, I dumped on him.
I advise all of you to get out of crypto. Go educate yourselves about what is happening with Tether. The entire crypto sphere is a giant Ponzi scheme. I warned all of you, multiple times, in private and public, and nobody listens. Ethereum is going back to $5, if you want to sell back to a greater fool then you will only find yourself to be that fool. https://twitter.com/Bitfinexed/ https://reddit.com/buttcoin
What will now happen:
- Bill, you’re fired.
- I am going to program the protocol on my own, gradually. If someone wants to help me they can do so free of charge. No marketing, no nonsense.
- PRL will still be the valid token used by the protocol (no contract swap).
- I reject the Binance listing and I don’t want Kucoin to re-activate our listings.
- Focus on the storage peg, that is what brings value to the token, not your Ponzi-Shenanigans.
If you want to buy only to sell to a greater fool, then you are that greater fool. PRL and SHL are not to be listed on an exchange until they are actual functioning products. I will also consider revealing my identity over the next few days. I will be posting updates on development after I straighten out this situation.
I am now going to dump as many chat logs as I can to show what happened with Oyster.
If you want to play greater-fool games with Bill and co, and there is an overwhelming vote in support for Oyster becoming a permaponzi, then I will leave you all to have fun with it.
If you want PRL to operate as I've described in the whitepaper, everyone is fired and I will slowly but surely work on the protocol and post progress publicly. The last time I hired a bunch of people and threw money at them they turned it into a circus.
However, I don't believe there will be electricity running through the power grid soon. I sent this video and others like it a long time ago to this chat: https://www.youtube.com/watch?v=VOMWzjrRiBg
Go learn about peak oil and the fractional reserve banking system. The stock shale bubble is an obfuscated means to subsidize the price of oil. In Brazil, Indonesia, and other developing nations, the price of oil is subsidized with debt directly by the government. When the debt bubble pops, the price of oil will skyrocket, trucks won't be bringing produce into your city let alone computers won't be spending energy to secure the blockchain.
I believe in Oyster as a product, but I don't believe there will be a future to host it. I will program it since the program is a promise from me, but don't complain that Oyster isn't running when a banana costs $5,000.
Anyone here who has swiped a credit card or taken an interest-bearing loan has the blood of the incoming collapse on their hands. Billions of people will die, there are massive droughts and food shortages as we speak. I've made a lot of dollars by selling PRL, I immediatelly ditched the dollars to buy real things so that I can protect myself and my family from the collapse. That's all I ever wanted, and now that I have that secured, I will deliver the protocol which I promised myself. Give me some time to get my head straight after these dramatic few days, I will gradually post progress on github.
You can also buy popcorn futures on /buttcoin
Bitcoin vs Ethereum. Guide to Understanding Ethereum.
I’m writing this predominantly for crypto-newbies. Newbies need to know the difference between Bitcoin and Ethereum. Sometimes we forget how confusing this space can be to new individuals.
What is Ethereum?
Ethereum is one of the largest cryptocurrencies to date. Created by Vitalik Buterin
, it has a lot of distinct features that differentiate it from Bitcoin. Bitcoin was created to be a peer-to-peer digital currency and Ethereum was created to serve as a decentralized computer featuring smart contracts. Both are similar in that they utilize blockchain technology to facilitate transactions within the network. Ethereum though, allows for much more utility through the use of smart contracts.
What is a smart contract?
A smart contract is a digital contract which conditions are carried out automatically through self-enforcing logic. A basic example of a smart contract could be one that automatically pays your best friend X
amount of money on his/her birthday. The functionality of if/then logic on a blockchain allows for decentralized applications (dapps) to be created and executed on the Ethereum network. This is why Ethereum is referred to as a decentralized computer. You can create your own dapp by learning the Ethereum program language Solidity
, or you could use one of the thousands of already created dapps
What is a decentralized application?
A decentralized application is a application (program) that that is not controlled by a single entity, but rather, by the peers within the network. This means no central authority has control over the program itself.
Imagine if YouTube was not owned and controlled by Google, but rather, by everyone who is participating within the network. This means YouTube wouldn’t be able to arbitrarily decide which videos and users are suitable for the platform. This power would instead fall into the hands of the people. Side Note:
There’s already decentralized version of YouTube called DTube
which is built on the STEEM blockchain.
Technical Differences Between Bitcoin & Ethereum
|Bitcoin vs Ethereum ||Bitcoin ||Ethereum |
|Total Supply: ||21 Million ||None |
|Block Size: ||1-2 MB ||Depends |
|Block Time: ||~10 Min ||~15s |
|Consensus Algorithm: ||Proof of Work ||Proof of Stake (Soon) |
The total supply of bitcoin is predetermined; there can never be more than 21 million bitcoins created. Ethereum on the other hand does not have a max supply.
You can read Vitalik’s thoughts on this here
Block Size vs Gas Limit
Ethereum doesn’t have a block size but rather a gas limit
. Gas is a measure of the amount of computational work needed to execute a command on the network. The amount of gas needed will depend on the program you are trying to run -- similar to how much gas needed for your vehicle will depend on how far you wish to travel.
Gas limit is how much you’re willing to pay for a transaction to be carried out. Gas price is the price at which you’re willing to pay per gas. Together those determine your transaction fee. TX Fee = Gas Limit * Gas Price
Websites like EthGasStation
take an average of previous transactions to show what the average gas price is. Use it for your own benefit
Ethereum’s block time is much faster than bitcoin’s. ~15s vs ~10min. This means transactions on the ethereum blockchain on average will be much faster than on bitcoin’s. This is also why it’s typically recommended to use ethereum instead of bitcoin when making cryptocurrency deposits into exchanges like Binance
Bitcoin uses a consensus algorithm known as proof of work (PoW). Ethereum currently uses PoW, but near the end of 2018 ethereum will move to a proof of stake (PoS) algorithm known as Casper. This will initially be rolled out as a PoW and PoS hybrid where every 100th block is validated by PoS.
Understanding ERC-20 Tokens
ERC-20 is a set standard for tokens that are created on the Ethereum network. It was created to allow for interoperability between ethereum based tokens. There are tens of thousands of different ERC-20 tokens due to the free nature of anyone being able to create their own.
You may have heard of some of the more popular ones including:
- VeChain (VEN)
These are all essentially tokenized smart contracts.
Understanding Initial Coin Offerings (ICOs)
One of the most common uses cases for an ERC-20 token is to be used as a means to raise capital. These events are called ICOs or Initial Coin Offerings. ICOs are analogous to IPOs (Initial Public Offerings) in that, when an entrepreneur needs to raise capital to fund the business -- he/she asks venture capitalists for money. The venture capitalists in return ask for a stake in the company which is expected to increase in value over time.
The difference is an ICO does this through crowdfunding by utilizing blockchain technology. Instead of purchasing stock in the company, you’re purchasing a cryptocurrency (which is often just a ERC-20 token). Then, if the project gains real world utility, the price of the token should increases in value.
As you could imagine, because of the nature of how easy it is for anyone to create their own ERC-20 token, bad actors within the space have abused this power to launch fraudulent businesses which is funded through the sale of their token.
The most notable example of this is probably BitConnect which promised 1% daily compounding interest with your investment. This of course was a scam
, and BitConnect no longer exists.
This is not to say there’s no such thing as a legitimate ICO (Ethereum was funded through an ICO after all), however, know that an overwhelming majority of ICOs are fraudulent with 80% being scams
. As a newcomer to the cryptocurrency space, understand that there is a lot of fraudulent cryptocurrencies out there. The importance of DYOR (do your own research) can never be understated.
This post is starting to get pretty lengthy so I’m going to cut it here. By now you should have a good understanding of what ethereum is, why it’s important, and how it works. I’ve listed the most important takeaways below:
- Ethereum was created by Vitalik Buterin
- Ethereum is a decentralized computer featuring smart contracts
- The Ethereum platform allows you to build decentralized applications (dapps)
- Ethereum will transition to a proof of stake (pos) consensus algorithm
Thanks for reading!
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