Bitcoin Association Pitch Day recap

In the lead up to the CoinGeek Conference in Seoul, the Bitcoin Association put together a pitch day where Bitcoin innovators were offered 30 minutes to pitch their business idea to a room full of venture capitalists and equity fund partners.

The all-day event featured 14 presentations of ideas and businesses at various stage of development. 

The presentations followed a very structured format to ensure each there were equal opportunities with the investment groups. They would lead with a 15-minute pitch, and then they would have 15 minutes to answer questions ranging from company valuation, questions about their technology and future growth plans.

The presenters included social media apps, smart contracting solutions, payment gateways, and several consumer applications. 

Jerry Chan from the Bitcoin Association commented on the event, “It was very exciting to see all of the innovative ideas coming from these entrepreneurs working in the space and very encouraging to see real business use cases being explored in Bitcoin which focus on its non-financial properties. I expect a lot of new blockchain base developments to spring from this cohort of pioneers.”

The personal standouts were True Reviews and GearSV.

TrueReviews.io is a site that aims to solve the problem of fake business reviews. As consumers are relying less on advertising and more on reviews when making purchases, the influx of “fake” reviews, both negative or positive, are becoming pervasive on consumer rating sites. 

“We were very fortunate to have the opportunity to participate in this exciting event that allowed us to show our product to such a great group of investors and learn what they are looking for when choosing to invest in Bitcoin projects. It is so great to see such a diverse group of investors looking to bootstrap projects in the Bitcoin ecosystem.” Connor Murray CEO of True Reviews

GearSV, presented by Sean Pollock, showcased a smart contracting solution for Bitcoin SV. Pollock comes from the Ethereum world shared his reasons for building his solution on Bitcoin SV. 

What stood out was Pollock’s confidence and his matter of fact approach. He identified a problem and went creating a solution with GearSV built on Bitcoin SV, Unwriters Neon Planaria and Bitbus library. 

Pollock said of the event, “CoinGeek pitch day was a special event. Talented young companies pitching in front of some of the greatest minds and investors in crypto. It was honor to speak about GearSV and the future of blockchain computing. The fully scalable smart contract platform has arrived, and it is built on BitcoinSV.”

Two other very impressive presentations requested anonymity, but considering the strength of their projects, they will become well know when the time is right. 

Speaking on the success of the event, Managing Director of Private Equity for the Ayre Group Paul Rajchgod said, “I think we saw some exciting opportunities to invest in, and though all are at different stages of their development (some are still ‘just an idea’, while others already have revenue and robust growth underway), I think there was a common thread of solid ‘Bitcoin knowledge’ and focus on building their enterprises with BSV at their core.”

Please explore and support the Bitcoin Associations Pitch Day participants sCrypt, Agora.icu, ShowPay, CityOnChain, Calendar SV, Binde, Press Bit, LetsPlay, Wheedl, True Review, GearSV and Yen Point.

If you have an idea or business that is ready for outside investment and want to be considered for future Bitcoin Association Pitch Day event please submit your applications here. (note applications will be accepted again after the conference)

The Ayre Group is always looking for new opportunities. Please send your packages to [email protected]  

Tips for securing Bitcoin venture financing

On September 30, in cooperation with Seoul CoinGeek Conference, there will be a “Pitch Day.” Blockchain entrepreneurs will pitch venture capitalists for investments in their businesses. 

The blockchain space has no shortage of intelligent idea people who have the next great idea written down on a cocktail napkin. They know that with some investment capital, they can change the world. 

That may well be true, but to find the investment money their ideas need, blockchain innovators will need to package and prepare their concept. 

They’ll need to prepare to present their next blockchain application ideas in the most transparent possible light. This preparation will allow venture capitalists and equity funds to understand the idea, understand the importance of the concept, and see that there will be a return on their investment. 

I spoke to a few of the key people taking part in Pitch Day. Paul Rajchgod is the Managing director for Private Equity at the AyreGroup. Dave Mullen-Muhr and Jack Laskey are both Principals at Unbounded Capital and Zach Resnick, Unbounded Capital’s Managing Director. The trio shared their considerations when it comes to investing in new businesses. 

“A goal without a plan is just a wish.” – Antoine de Saint-Exupéry

The first thing expressed was that before approaching venture capital or equity funds, entrepreneurs must have a Business Plan. For clarity, it’s not just a Powerpoint presentation but a well thought out plan for your business. 

Paul Rajchgod talks about the importance of preparation and legwork done by the people looking for investment, “In addition to having different investment mandates, every venture capital and private equity fund has its approach to seeking and assessing opportunities, managing risk, weighing pros and cons, undertaking due diligence, and ultimately deciding whether or not to proceed with an investment.”

He continues, “Some investors prefer later-stage investments whose business plans have been somewhat ‘de-risked,’ and some are more comfortable with start-ups and their higher risk profile.

In general, it’s very beneficial for companies seeking funding to have already done a lot of their legwork. Start building your product, start testing your market interest, start seeking out partners to join your team. It’s ‘your opportunity,’ so you’ve got to do the hard work of starting the business.” 

“Show me the money!” – Rodney “Rod” Tidwell

Investors want to know that the money they invest in your business will come back to them someday, it’s essential that you’ve considered how your idea will make money. Companies seeking investment will need to have a Financial Model to show investors as they’ll want to know that you’ve seriously thought about how your idea will make money. 

In this regard, Rajchgod said, “Also, you need to be able to explain to potential investors in a succinct and cohesive manner. 

What is your business is trying to achieve?

What is the problem you’re addressing? How are you addressing it? 

This needs to be explained in a business plan and with a sensible forecast – after all, you probably aren’t building your business for free.

What is the revenue model, and when does it kick-in? 

It’s ok that your forecast for ‘x years from now’ won’t turn out to be accurate, no company’s forecast ever is, but it’s still important for investors to see how you’re thinking about revenue, where it’s generated, what homework you’ve done to validate your views that customers will pay xx (whether in Bitcoin or fiat) for your product or service.

“Who are you? Who, who, who, who? Who are you?” – Pete Townshend

Blockchain investors will want to know who they are getting into business with; it’s vital that you are open and honest about your personal history and how long you’ve been working on this business. 

Zach Resnick sums it up well: “Trust is of the utmost importance for every relationship in life. Having a foundation of shared trust from previous business ventures or friendship is one of the most desirable unfair advantages an early-stage team can have.”

“Brevity is the sister of talent.” – Anton Chekhov

To complement your business plan, financial model and personal history, they’ll need a One Pager. Like the cover letter to a resume or a book synopsis, the One Pager gives the highlights of your plan; it will entice investors to commit to reading the rest of the dense documents you’ve submitted as part of your pitch. 

Rajchgod has questions he’d want to see answered, “Does the company solve a problem or maybe two with bitcoin as core to the solution? 

Is the technology scalable? 

Is the business already being built? 

Are customers using it (even in beta)? 

Is there a management team with depth in place? 

Does management have a track record of creating or helping to build growth companies before this one?” 

Jack Laskey adds, “Businesses can be complicated subjects. It may take a short book to explain how your business works and its possible applications fully. So while a one-pager may leave out important details, it provides an excellent opportunity to develop a language for describing your business in a succinct but exciting way. A great one-pager will help you have a better initial conversation with potential investors and partners. It also makes your business much more sharable, both internally within VC firms and externally among investors. If your product is highly technical, having multiple one-pagers addressing different audiences may be useful.”

“Sorry to be a wet blanket. Writing a description for this thing for general audiences is bloody hard. There’s nothing to relate it to.” – Craig S. Wright 

Blockchain and Bitcoin start-ups are on the radar of many equity funds and VCs looking to invest in the technology, without risking investing in a coin. It’s important to explain “Why Bitcoin?” 

Zach Resnick explains the allure, “By and large, entrepreneurs and investors love the hype that comes from new fundamental technology like blockchain. As a result, despite massive value being created, there are exponentially more projects that don’t have a firm grasp on what blockchain is than do.

Of those that do, few that can succinctly explain why, for example, building on Bitcoin gives them a competitive advantage or opens up a new market not possible before.”

Dave Mullen-Muhr continues, “Investing in Bitcoin businesses allows for a variety of potential business models. Some look similar to what has proven successful with existing tech companies, while others are novel concepts, with the ability for unusually low overhead, or entirely new monetization paradigms such as micropayments. 

What’s so exciting is that the businesses exploring these uncharted waters can set new precedents on how the internet will generate revenue.”

If you have the next great bitcoin idea and you need investment to take it to the next level, consider reaching out to the gentleman at UnboundedCapital.com or sending your pitches to the Ayre Group by using our Ventures Capital form.

craig-wright-defamation-crypto-troll-hodlonaut

Dr. Craig S. Wright targets crypto troll Hodlonaut for defamatory internet posts

Computer scientist Dr. Craig S. Wright is reminding crypto trolls that their online comments, much like Bitcoin transactions, aren’t 100% anonymous.

On March 29, attorneys for Wright, the individual behind the Satoshi Nakamoto pseudonym, served legal papers on the individual behind the Twitter account @Hodlonaut. The papers warned that Wright had had enough of Hodlonaut’s “targeted campaign” to harass and libel Wright with “highly defamatory and abusive tweets.”

The @Hodlonaut account has since deleted the offending tweets, which included calling Wright “a very sad and pathetic scammer. Clearly mentally ill.” The account was also one of the originators of the hashtag #CraigWrightIsAFraud and accused Wright of attempting “to fraudulently ‘prove’ he is Satoshi.”

As Wright’s attorneys makes clear, Wright “has not fraudulently claimed to be Satoshi Nakamoto. He is Satoshi Nakamoto. He produced the report Bitcoin: A Peer-to-Peer Electronic Cash System in October 2008, sent the first Bitcoin to Hal Finney in January 2009 and played an integral part in the development of Bitcoin. He has explained his role in detail on previous occasions.”

Wright is demanding that the individual behind the @Hodlonaut account tweet an apology to him, make a statement in open court apologizing to Wright and acknowledge the falsity of the allegations made against Wright. Instead, Hodlonaut seems to have hidden under his mother’s skirt and is nowhere to be found.

The @Hodlonaut account claims to be based in Norway and the majority of its tweets were sent from the Oslo area, including a photo posted from a local bar named Kasbah. The account has also posted several photos in which the individual’s face is obscured but identifying tattoos on both arms are clearly visible (pictured above).

If anyone recognizes these tattoos, Wright is offering US$5,000 in Bitcoin Satoshi Vision (BSV) for information regarding @Hodlonaut’s true identity. (For the record, that’s a far better deal than Wright got when two technology magazines involuntarily outed him as Satoshi in 2015.)

Also, @Hodlonaut has indicated his intention to attend the Baltic Honeybadger 2019 conference in Riga, Latvia on September 14-15, so anyone looking to collect the reward should keep an eye out for individuals who seem unnaturally focused on keeping their sleeves rolled down.

Like the ‘Norwegian Blue’ in Monty Python’s infamous Dead Parrot sketch, @Hodlonaut may have ceased its anti-Wright squawking but there are plenty of other social media sock puppets who were only too happy to join in on the Wright-bashing from the (presumed) safety of their anonymous Twitter handles. But these internet tough guys will have their own day in court soon enough.

As for what may have motivated the attacks on Wright, @Hodlonaut’s very public support for the Lightning Network – the inelegant off-chain bolt-on to the discredited Segwit Coin – suggests that @Hodlonaut’ hoped to discredit Wright’s support for BSV and its capacity for massive on-chain scaling.

Similar attacks have been made against Calvin Ayre, another noted BSV supporter, who over the past few weeks has endured a shameful litany of smears and allegations regarding underage females. The @Hodlonaut account was part of this disinformation echo chamber, publicly referring to Ayre as ‘PedoCalvin’, so @Hodlonaut’s legal woes may only be beginning.

Rest assured, @Hodlonaut and the other trolls are about to discover why ‘he who laughs last, laughs best.’ They’re in for an even greater shock when they realize that the bastardized Bitcoin variants they’ve championed can’t scale to meet the needs of a truly global financial platform, and thus they’ve expended all this vitriol for nothing.

BSV is the only real Bitcoin because it follows Satoshi Vision and as such is the only one that can scale to meet whatever the future can throw at it. Evidence of this capacity will be amply available at the upcoming CoinGeek Conference in Toronto on May 29-30.

The antics of @Hodlonaut and its similarly-minded ilk are further evidence that it’s past time the Bitcoin industry grew up. CoinGeek invites all Bitcoin adults to come to Toronto and play a role in the future and leave the trolls to play in their social media sandboxes.

coin-rivet-calvin-ayre-defamation-cg

Calvin Ayre takes legal action against crypto trolls

Calvin Ayre has a warning for the cryptocurrency world’s social media trolls: your words can and will be used against you in a court of law.

On April 1, Ayre’s attorneys served legal papers on the publishers of the UK-based Coin Rivet crypto blog, warning them that their post titled ‘You’re heading down a dark alley, John McAfee warns Calvin Ayre’ was “highly defamatory” and resulted in “serious damage” to their client’s reputation.

The article in question focused on Ayre’s recent trip to Cuba and his subsequent social media posts featuring photos and videos of himself with a local all-girl dance troupe hired to perform at a party he’d hosted.

Coin Rivet’s article, one of a series of posts published following the release of Ayre’s photos and videos, described the girls as “pre-teen” i.e. below the legal age of consent, and quoted McAfee saying Ayre was “wandering down a dark alley” and “dragging down” the overall crypto world.

The letter sent by Ayre’s attorneys to Coin Rivet pointed out that four of the five women in Ayre’s photos and videos were 18 years or older at the time of the party, while the youngest was 17.5 years old. In other words, none of the women was “pre-teen” and all of the women were well above the legal age of consent.

Ayre’s attorneys noted that no one at Coin Rivet had approached Ayre for comment before the article was published. Furthermore, Coin Rivet’s social media channels amplified the article’s circulation by promoting it as “today’s most clicked article” and “our most clicked article over the weekend and currently occupying top spot in our Trending Now section.”

Following receipt of the attorneys’ letter, Coin Rivet has taken the offending articles offline, but Ayre’s attorneys aren’t stopping there. The site had also claimed that Ayre had been referred to the likes of Interpol, various police departments and child abuse charities.

But other articles reveal that it was Coin Rivet writer Helen Bennicke and one of her colleagues who had themselves “contacted the authorities after seeing what Calvin Ayre had posted,” claiming that “enough people are concerned that something needs doing about Calvin” and that “to do nothing would feel immoral.”

This article, titled ‘The seedy world of Calvin Ayre needs tackling,’ has also been removed from Coin Rivet but copies remain posted to sites like Yahoo News due to Coin Rivet’s deal to repurpose its material to sites with larger audiences. (Please note the Yahoo News article has now been removed but to read a copy of the Coin Rivet’s attack, click here).

Ayre’s attorneys have given Coin Rivet until April 8 to respond to their demands for redress, including publishing an apology to Ayre that acknowledges the falsity of the allegations. Failure to do so will result in proceedings against the site for libel.

Ayre’s attorneys are also currently monitoring a number of other groups and individuals who amplified Coin Rivet’s libel and made libelous statements of their own. Anyone who leaves these ill-advised public utterances online or continues to engage in libelous activity will soon find themselves called upon to justify their actions in court.

We reached out to Coin Rivet to allow them the opportunity to explain the true source of their antagonism towards Ayre but have received no response to date. Their silence speaks volumes regarding their newfound unwillingness to support these allegations when doing so might come at a personal cost.

There’s a growing consensus that the current plethora of crypto options will eventually narrow down to a single universally accepted coin. This winner-takes-all contest is increasingly being waged like an episode of Game of Thrones, with some proponents relying on the strength of their product while others resort to duplicity and backstabbing worthy of Cersei Lannister.

The unfounded allegations made by the likes of Coin Rivet against Ayre have been eagerly adopted by crypto backers opposed to the Bitcoin Satoshi Vision (BSV) protocol that Ayre publicly supports.

Ayre has also taken flak over his support for Craig Wright, nChain’s lead scientist and BSV’s chief architect. Ayre has publicly supported Wright’s claim to be Satoshi Nakamoto, the inventor of Bitcoin, based on Wright having privately demonstrated unequivocal evidence to support such a claim.

Ayre has also publicly voiced the view that the attacks against him are intended to damage BSV’s standing in the court of public opinion and thereby elevate BSV’s rivals to a position they don’t actually deserve on their technical merits.

Anyone wishing to learn the truth about BSV should attend the next CoinGeek Conference; in Toronto on May 29-30. There they’ll discover a troll-free environment in which they can learn more about BSV’s capacity for massive on-chain scaling, a feature that leaves House BSV well-positioned to vanquish the pretenders to crypto’s Iron Throne.

Warning: Scam Site mimicking SVPool.com

Warning: Scam site mimicking SVPool.com

We’re sending a warning to people in and out of the crypto industry. There is a website trying to cheat unsuspecting users looking to visit SVPool.com. 

The individual or group is utilizing a common tactic that’s a favourite of spammers and scammers across the internet, they’ve registered a common misspelling and created a duplicate site at SVPool.co. When visitors accidentally type SVPool.co rather than the full .com version of the site, they’re led to a virtually identical looking website encouraging people to sign-up to the fraudulent pool.

When clicking through the dupe site, many of the pages results in a 404 error, and in some cases, it takes you to their registrar’s error page. The site uses SVPool’s genuine social media handles to make things look as authentic as possible. 

We filled out the registration form to gain access to the client area, they are asking for BTC in exchange for SV hashing power, which we assume does not exist.

We’ve used the wallet explorer on Blockchair to determine that no transactions have gone to the listed wallet. We assume that people who are looking for SVPool.com are savvy enough to realize the .co scam.

SVPool proudly runs the Bitcoin SV full node implementation: BSV. If you believe in Bitcoin’s original vision, you believe in Bitcoin SV. Bitcoin SV is designed to restore the original Satoshi protocol, keep it stable, and enable it to massively scale. 

If you want to join the SVPool or you want to learn more about it, please direct your browser to SVPool.com, register an account and follow the easy instructions contained within.

More DDoS Attacks on Bitcoin (BCH-SV) Friendly Websites

More DDoS attacks on Bitcoin (BCH-SV) friendly websites

If the only defence of your policies is to silence your critics, the chances of your ideas being the wrong ones are pretty high.

Over the past week, CoinGeek.com has suffered through several distributed denial of service attacks (DDoS). The first one was a big one, and we had to upgrade our defences. Thank-you to the beautiful people at Cloud Flare, subsequent attacks have caused minimal disruptions.

On Thursday BitcoinSV.io was hit with a massive DDoS attack.

The attack comes soon after the website published a listing of wallets, block explorers and other business and services that have chosen to add their support for Bitcoin SV after the ABC decision to move away from Bitcoin BCH.

The timing of these attacks could be coincidental, but the timing of the attacks is somewhat suspect. We won’t cast aspersions towards any of the bastions of free speech in the bitcoin community, but it does highlight a problem with society in recent years.

I was always led to believe that you let your opponent talk and you listen. You present your well-reasoned arguments and allow the better ideas to succeed for the betterment of the society.

With their most recent changes, 5th since the upgrade, ABC’s critics continue to grow. People are critical on social media, and now the mainstream tech press is starting to join the chorus of critics admonishing the Bitmain and Bitcoin.com funded group of developers.

TNW, formerly known as The Next Web, has written a scathing article titled “Bitcoin Cash ABC update exposes potentially catastrophic vulnerability” where it highlights the vulnerabilities opened up by ABC’s slapdashed approach to blockchain development.

For many on Twitter, the checkpoints are a bridge too far as it removes the security provided by the proof of work principal as laid out in the original whitepaper, with many saying and we agree, that ABC is no longer Bitcoin.

The move removes the trustless decentralized system, and it allows a “trusted central authority” to publish these checkpoints. Ask yourself, whom do you trust? Roger Ver, Jihan Wu or Amaury Sechet, I’m sure they’re all nice people to share a meal with but do you trust them with all your money?

DDoS attacks, several updates untested updates and all manner of collusion with wallets and exchanges seem like the actions of desperate men.

There are rumours that the Chinese government is behind this or there is a secretive cabal trying to control the chain for nefarious reasons. I believe it’s much simpler than a crazy conspiracy; this is about plain old-fashioned greed.

The group is desperate to make Wormhole token a thing. Back in August, there was an offer, 1000 wormhole tokens for every BCH burned. This 1000-1 ratio isn’t for everyone, the general public would be and will be offered 10-1 rate when wormhole becomes a widely accepted token.

My sources tell me that Jihan, Roger and a few trusted allies either orchestrated or took advantage of this 1000-1 proposal.

Despite crowing from Ver, the hash war isn’t over and as the chorus of dissent against ABC’s move away from Bitcoin grows louder, and the support for SV swells, we expect more attempts to silence the critics but you can’t DDoS the planet.

bcomm-association-bitcoin-sv-big-blocks

After 64Mb, bComm Association scaling plan for Bitcoin (BCH SV) – 1 Gb Blocks in 12 months

After Bitcoin (BCH SV) successfully mined a record-setting 64mb block (an hour after a record-setting 38MB block) in the past couple of days, the bComm Association has released its scaling plan – 512gb blocks in six months, 1gb blocks in 12 months – raising block cap limits to 512 MB in six months, and 1 GB in 12 months –which will eventually lead to complete removal of default block size limits in the future.

The planned numbers would mean the capabilities of the network go far beyond what’s required today, amply preparing the network for future demands. A 512MB block limit would allow up to 2,000 transactions per second (TPS) – more than Ripple, Ethereum, BTC and all other blockchains, and even PayPal. It’s worth noting Ripple can settle 1,500 TPS in a lab but only 175 TPS in the wild.

When the network eventually scales to 2GB size block capacity, that’s 8,000 TPS, which will put it on par with the global Visa network.

Big blocks mean big business, as the ability to handle such a large volume of transactions combined, and means the network would be able to handle all global payment card traffic on the blockchain for a fraction of what it costs now with legacy technology.   Furthermore, big blocks are crucial to provide capacity for more complex transaction types – such as token and smart contract transactions –  that require more data size than a simple payment. With the new Tokenized solution  coming on the scene, bigger blocks will enable major enterprises across the world to do tokens at scale.

With the Bitcoin block reward scheduled to halve in the two years (from 12.5 to 6.25 coins), miners will need to earn more in transaction fees to remain profitable.  Complex transaction types that require more data will help miners earn more transactions, to make up for the reduced 6.25 block reward.

As Dr. Craig S. Wright explained in his talk at our November 2 miners’ summit in Hong Kong, companies are paying an average of $3.20 for an Electronic Data Interchange (EDI) transaction. Wal-Mart is currently doing $1.4 trillion in EDI transactions globally; when it and other global businesses realize they can do these for just half a cent, the Bitcoin SV implementation designed for massive on-chain scaling will be ready to handle them. (Watch the entirety of Dr. Wright’s presentation at the bottom of the page.)

Bitcoin mining rig manufacturers and miners would be wise to support Bitcoin SV’s scaling plan. Without higher transaction volumes and more transaction  fees, miners will risk unprofitability, forcing businesses to make tough decisions on whether to mine at a loss because of ideology or close up shop. Anyone who has run a business knows, it’s not about charity, it’s about revenue and profits.

CoinGeek founder Calvin Ayre said, “The current bComm Association scaling plan has my full support both ideologically and financially as it’s the best path forward to maximize miner revenue and create sound money with enterprise scaling for the world.”

The ABC development group has worked to make the current hash battle a fight about personalities against Craig Wright, taking an emotional stance of “I don’t like that guy, so I’m not backing that guy.” Such attacks are reminiscent of American politics: if one politician is wearing a red tie, everyone wearing a blue tie must disagree with their plans, even if they’re the most sensible solutions. It doesn’t work in politics, and it’s of absolutely no use in the business community.

People may not like Dr. Wright’s politically incorrect delivery but he’s singularly focused on one goal:  it’s to fulfill the exact vision of the Bitcoin whitepaper, and not radically change anything in Bitcoin’s original design. He wants massive on-chain scaling and transaction volume for Bitcoin, and as we’re seeing more and more each day, there are plenty of others – investors, miners, developers and consumers – who want the same thing.

For CoinGeek, nChain and everyone associated with the Bitcoin (BCH SV) project, it’s always been about making a sound technical choice, and we believe time will prove us correct. When that happens, we’ll welcome those who want the same thing – Sound money for the globe.

Please enjoy Dr. Wright’s talk from the Hong Kong Miner’s summit back on November 2, 2018.

BCH Professional Stress Test scheduled for November 17

BCH Professional Stress Test scheduled for November 17

After the success of the first Bitcoin BCH stress test on the first of September, the group behind that test have decided to ramp up their efforts to showcase the robustness and reliability of the of the BCH Network.

The group plans a more extensive, more professional stress test on November 17, two days after the scheduled protocol upgrade.

Rather than I tell you about the upcoming stress test, Brenden Lee of https://stresstestbitcoin.cash has put some words on the page to give some insight into their group, their processes and what everyone can expect come November 17.

The Professional Stress Test

“Our team came together to bring the first stress test to life, and while the test itself was something of a success, the 2.2 million transactions were a far cry from the target we had set for ourselves of 5 million transactions.

The reasons were wide-ranging and included a lack of automated systems for re-starting tests that failed, issues with the way some nodes were managing transaction buffers, and a lack of people to run the testing and manage the system.

After the test, a small group of us came together to look at forming a professional testing group, and the idea of the professional stress test was born.

Dale Dickins is an early Bitcoin activist and the maker of a documentary called “The Bitcoin Doco.” She works tirelessly to build networks of people who use Bitcoin, creating small social worlds to achieve great things. She has recently been part of the group who brought the Bitcoin Cash Jeepney to the streets of Manila and is working on forming long-term business relationships in Bitcoin.

Esthon Medeiros is the wizard behind the curtain, building and managing the test machinery, currently being referred to as the ‘Satoshi Shotgun,’ which has significantly evolved since the first test. We now can create many geographically dispersed nodes using multiple Bitcoin clients (we currently support Bitcoin Unlimited, Bitcoin SV and Bitcoin ABC) and can easily regather funds and send large numbers of transactions for a sustained period. The machine’s power will be on display during the upcoming pre-test which we hope will achieve at least one 32MB block.

Brendan Lee is the author of BUIP086 which extends the functionality of Bitcoin QR codes and developed and now sells the patented Safewords system through his company Coin storage Guru, while more recently has been fortunate enough to be part of the team at Tokenized, recently awarded the Coingeek Token prize. His role has been planning the strategy for ensuring money and resources are available on the day as well as acting as a technical interface for customers.

John Goldberg is the creator of the innovative Pixel Wallet (an Android BCH wallet that uses pictures to send cash) and was a significant contributor to the original stress test and one of the core members of the BCH Jeepney team, who were the first to implement Handcash’s POP Retail system in a real-world application.

We also have Spark who created some fantastic data visualizations for the first stress test and is working on ways to capture the essence of what happens during this stress test.

And finally, Yobits who was the originator of the Stress Test idea and as webpage master has done a great job putting together a beautiful website.

As for the stress test itself, we want it known that we are not here to break things. We, as a team, are aligned with Satoshi Vision, however, have decided to run the test in such a way that a network supporting current rules, or the ABC ruleset would face minimal disruption.

The test will challenge mempools, and users may have to pay slightly higher fees than usual (test transactions will carry a fee of just 1sat/byte, so transactions with two satoshis/byte should usually be mined in the next block regardless of the state of the mempool) for reliable transaction confirmations. However, we believe that if a network wants to call itself Bitcoin, it must be able to show the world that it is anti-fragile, and this includes withstanding attacks that I would consider relatively cheap (we will spend about 70BCH over the course of the day) for a well-funded state based actor to execute.

We are very strong proponents of scaling Bitcoin and believe that a successful demonstration of a public network processing over a million transactions per hour will send a huge signal to businesses and the broader public that Bitcoin Cash is serious about adoption, and serious about becoming a global cash network. We hope that we can generate enough hype through this test that companies looking at implementing cryptocurrency-based payments will put Bitcoin Cash first, as it forges a path towards being the best money possible.

Following the stress test, the team is working on a business plan to create value-added services around generating large volumes of transactions on the blockchain for things such as advertising, corporate testing, stress testing and more. The team is very much looking forward to announcing these efforts soon. – Brendan Lee

CoinGeek takes a pre-emptive stand against dishonest practices

CoinGeek takes a pre-emptive stand against dishonest practices

Miners are the heart of Bitcoin, and CoinGeek will work to protect the network from bad actors by taking a pre-emptive stance against dishonest practices like double-spending. To date, a double spend has not happened on the Bitcoin Cash network and we want to be sure it never will.

A message from CoinGeek founder Calvin Ayre:

“CoinGeek mining systems will reject blocks that are clearly generated by attacks. If a transaction is hidden from the network to create a double spend by other miners to steal funds, we will reject this.

We support honest mining and competition.  

Transactions from honest miners propagate. When a transaction is hidden, this is easily detected with clear evidence that is digitally signed. CoinGeek is taking a pre-emptive stand to let the Bitcoin Cash community know that we will not tolerate dishonest practices and we will work to combat criminal actions. 

Profit is best derived from long-term investment and we won’t stand for criminals attempting to game the system for short-term gain. 

We believe that all current miners would support us in an honest majority.”

The risk of double-spending is unique to cryptocurrencies. In the Bitcoin Cash network, there is a near-impossible chance of a double-spend happening but risk increases as transactions are chained.

Selfish mining could lead to the centralization of mining operations, with a so-called majority group calling the shots on who can mine, who can’t mine and even which transactions will be confirmed on the network.

Now, this scenario wouldn’t result from “evil” miners. But there is a real danger of this happening through the efforts of groups who want to take power away from miners by changing the proof of work system in place on the network or other nefarious ideas.

The nChain Group, a leading blockchain technology research and development company, will be releasing free merchant technology to monitor these types of illicit activities for Bitcoin Cash.

We believe that all current miners would support us in an honest majority.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

We’re looking for Writers

A few years ago, the Calvin Ayre Media Group set out to make CalvinAyre.com the premier global gambling news site on the web, it’s been a fun ride but now we have a new challenge.

The cryptocurrency industry is exploding in popularity, the technology is revolutionary and with our new site CoinGeek.com we want to do the same for the cryptocurrency industry that we did with the gambling industry. We’re working hard to bring you all the news and insights as they happen but we need help.

CoinGeek.com needs news writers, columnists and social media mavens to help us by sharing their knowledge and technical analysis of the day’s events.

We’re looking for people who know bitcoin, prefer BCH because of its clear superiority for super low cost micro-transactions and want to be part of its future success by sharing news and achievements of the coin.

Are you right for CoinGeek.com?

• You have an intimate knowledge of bitcoin and cryptocurrency technology.

• You can take complex ideas and simplify them for a mainstream audience.

• You can work quickly and efficiently to meet deadlines and expectations

• You have excellent written English grammar with attention to detail.

• You can recognize important stories before it bubbles to the surface.

• You love the concept of the super low cost micro-transactions that are possible with Bitcoin BCH.

Is writing for CoinGeek.com right for you?

• We give you a voice in the new cryptocurrency revolution.

• We give you the ability to work from home and set your own schedule.

• We’re an emerging platform showcase your knowledge and grow your personal brand. Several former Calvin Ayre Media Group writers have gone on to start their own publications, write for national newspapers and glossy magazines, and start their own consulting companies.

• We pay you in BCH.

As the media landscape is ever-changing, we’re open to other ideas such as videos, podcasts, social media content so feel free to make your pitch.

If this opportunity interests you, please send me an email [email protected] with the subject line “Contribute to CoinGeek.com” and tell me a little bit about yourself. Please include your resume and links to where your published work.

If you’re a company that is looking for some exposure or you have an idea or an opinion that needs to be shared. Please send me an email with the subject line “CoinGeek Op-ed” for a copy of our submission guidelines.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

We’re looking for Writers

A few years ago, the Calvin Ayre Media Group set out to make CalvinAyre.com the premier global gambling news site on the web, it’s been a fun ride but now we have a new challenge.

The cryptocurrency industry is exploding in popularity, the technology is revolutionary and with our new site CoinGeek.com we want to do the same for the cryptocurrency industry that we did with the gambling industry. We’re working hard to bring you all the news and insights as they happen but we need help.

CoinGeek.com needs news writers, columnists and social media mavens to help us by sharing their knowledge and technical analysis of the day’s events.

We’re looking for people who know bitcoin, prefer BCH because of its clear superiority for super low cost micro-transactions and want to be part of its future success by sharing news and achievements of the coin.

Are you right for CoinGeek.com?

• You have an intimate knowledge of bitcoin and cryptocurrency technology.

• You can take complex ideas and simplify them for a mainstream audience.

• You can work quickly and efficiently to meet deadlines and expectations

• You have excellent written English grammar with attention to detail.

• You can recognize important stories before it bubbles to the surface.

• You love the concept of the super low cost micro-transactions that are possible with Bitcoin BCH.

Is writing for CoinGeek.com right for you?

• We give you a voice in the new cryptocurrency revolution.

• We give you the ability to work from home and set your own schedule.

• We’re an emerging platform showcase your knowledge and grow your personal brand. Several former Calvin Ayre Media Group writers have gone on to start their own publications, write for national newspapers and glossy magazines, and start their own consulting companies.

• We pay you in BCH.

As the media landscape is ever-changing, we’re open to other ideas such as videos, podcasts, social media content so feel free to make your pitch.

If this opportunity interests you, please send me an email [email protected] with the subject line “Contribute to CoinGeek.com” and tell me a little bit about yourself. Please include your resume and links to where your published work.

If you’re a company that is looking for some exposure or you have an idea or an opinion that needs to be shared. Please send me an email with the subject line “CoinGeek Op-ed” for a copy of our submission guidelines.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

Calvin Ayre Foundation to match donations for Barbuda Relief

Calvin Ayre is calling on the online gambling industry to dig deep to help the people of the island of Barbuda, which was flattened by Hurricane Irma this week.

Barbuda was directly in Irma’s path, and its Category 5 mix of 300km/hour winds and heavy rain left a trail of devastation in its wake. Gaston Browne, Prime Minister of Antigua and Barbuda, said 90% of the island’s structures have been destroyed and at least one person has been killed, although that latter figure may rise.

Browne said he was stunned by the toll Irma inflicted on Barbuda, saying the island was “barely habitable” due to the damage inflicted on the housing stock. The island is home to just under 2,000 souls, of whom at least 60% are currently homeless.

It’s hard to imagine, but the worst may be yet to come. A new hurricane, Jose, is forming in the Atlantic and has already attained Category 5 status. Browne told the Washington Post that his government is considering evacuating Barbuda’s vulnerable population to Antigua if Jose appears headed for Barbuda.

Help is urgently needed and Calvin Ayre – a citizen and longtime resident of Antigua – is calling on the bitcoin community to offer its assistance. Before the US imposed its WTO-noncompliant trade restrictions, Antigua was home to the majority of the online gambling industry, and Calvin knows that many industry veterans have fond memories of their time in this beautiful country.

The Calvin Ayre Foundation is currently working with the local government to coordinate relief efforts, including bringing in desperately needed tents and other emergency supplies.

Similar to its campaign during the Typhoon Haiyan relief effort in the Philippines, the Calvin Ayre Foundation has pledged to match all donations by the global online gambling industry to Barbuda’s relief effort, up to $1m. This is separate from the personal contribution that Calvin will be making to aid his adopted home.

Relief is needed – now – if further hardships are to be avoided. All the other islands that have suffered direct hits have a major European power to bail them out; Barbuda has only us. Let’s make this happen. Irma was reportedly the most powerful storm ever seen in the Atlantic. Let’s make our relief effort similarly epic.

HOW TO DONATE 
Cash donations can be sent to the Barbuda Relief & Rebuilding Fund via government accounts set up at the following banks:

Antigua Commercial Bank: Barbuda Relief & Rebuilding Fund account #100004771
Caribbean Union Bank: Barbuda Relief & Rebuilding Fund account #10001372.

Donations can also be made to the Red Cross relief effort by downloading the TickeTingEvents #helpBarbuda app from either the iOS App Store or Google Play, or via the TickeTingEvents website.

Wherever you choose to donate, send [email protected] a copy of your receipt and the Calvin Ayre Foundation will add an equal amount to the money they’ve already committed. If you donate $100, it will in effect be equivalent to $200 directly helping the Island of Barbuda.