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Bit-Talk Newsletter Edition 43
We're All About Bitcoin
Please encourage everyone you know who is interested in Bitcoin and cryptocurrencies to subscribe to this newsletter - I will do all I can to keep you all "informed".
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I have been producing a lot of "here's what Bitclub have said" news type bulletins lately as I awaited something meaty to talk about and I am aware that this, whilst important, doesn't give you much to digest. So this newsletter will attempt to go much further into the realms of where, I believe, we are going with BCN in the future.
In addition to my opinions and suppositions on that subject and the general subject of what we have as an offering before us, I also want to advise you about a couple of very interesting developments in the cryptocurrency world generally. There's a lot in this issue so, get yourself a cup of coffee or whatever you fancy and enjoy.
First off, it is clear that BCN have run into some snags with the eagerly awaited trading software and I have to wonder, as many of you will be wondering, whether or not this is a major problem. Should we be worried about it? No I don't think so because if it is only half as good as we'd hoped in the end, it is still going to be good for the membership as a whole.
That's because part of the motivation for Bitclub to get into trading in the first place is to use part of the proceeds to boost the mining pool income. I'd rather have a trimmed down version of trading available to me than no trading at all, even if this is, by its nature, a speculative thing. Speculative is fine providing you know that to be the case.
But first let me tell you that this delay in launch comes as no surprise to me. The day Bitfinex got hacked, I spoke to Russ and asked him if the trading software had money in Bitfinex. I knew, because of the size of Bitfinex that it would almost certainly have to have had funds there. He confirmed that there were and that around a 30% hit was taken as a result. If now and then the software took a 30% downside hit but still managed 10% per month in average growth the rest of the time, I could live with that.
Just to elaborate, early last month there was an issue at one of the largest Bitcoin and Cryptocurrency exchanges, Bitfinex. They were basically hacked and it is clear now that those testing the software for Bitclub had funds in Bitfinex. And the hack opened up a can of worms in terms of what would happen IF this situation were to be repeated in the future once the software was live and operating with member's funds. It wasn't a massive problem whilst the software was still in the trial and final testing stage but would have been had they been live.
It is not unusual for exchanges to have issues. Aside from Bitfinex, there was also Cryptsy that went down and, of course, the infamous Mt Gox a few years back. It has happened before and you can bet your boots IT WILL happen again. The nature of crypto trading and arbitrage is that you need to have "funds" spread around various exchanges in readiness for trades and so the issue of hacking on an exchange and exchange security is a big one.
So I think that the resolution of these "what if" problems are not going to be easy. Who is responsible if an exchange goes down? How do you protect the members? Is insurance of some description a possibility? Will there be territories around the world where there is likely to be stiffer regulation coming soon in a currently unregulated market? With all of these issues, we should not be surprised that the launch got delayed as a result. And, it should be noted that delaying is a rather sensible and caring response in my book. If they didn't give a damn they'd already be asking us to dig out our wallets.
I believe (and this really is just me thinking aloud) that it will be delayed for a good while and maybe what we will see in the end is a staggered, piecemeal launch to some people and some areas over time. They have intimated as much in the latest BCN news feed. I still think the trading software will be great and I will definitely be partaking once it is available but I will be partaking knowing that the money I put into it is speculative risk money with no guarantee of profit. If you take that view, any profit then is a nice bonus.
Now, to wrap this piece up let me tell you that I am not concerned at all really if it is launched or not. SHOCK, HORROR! Really John!
Great news if it is but I will not cry if it isn't. And that is because the trading software was never the big one for me. The thing that gets my Bitclub juices flowing is Coinpay and after Coinpay, I have always loved the mining. So let's move on and take a good look at these.
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| It excites me to hear from Bitclub that Coinpay could be 2 to 3 weeks away from the first Beta Testing stage. That means that the second Beta testing (and larger Beta testing) stage could be a mere month or two off.
That is when I will personally be able to get involved and when I will be able to report in detail about how it works. I think it is OK to speculate some about the likely functionality of Coinpay but it is always better to deal in hard facts.
The biggest hard fact of all for me is the issuing of shares to Bitclub members. We will receive shares in Coinpay (how good is that?) just because we are members. This will be a free giveaway just as Clubcoin was.
We have an opportunity to grow wealth as a result of Coinpay expanding across the world. The detail, of course, as to how many shares we will receive and on what terms remains to be seen but it is a mouth-watering opportunity whatever happens.
The implications of Coinpay cannot be over-stated. One of the biggest issues surrounding Bitcoin globally and most definitely locally in the UK is the issue of acceptance. There simply aren't enough core, mainstream businesses accepting Bitcoin.
Handled correctly and Coinpay could grow to be another Paypal and if it even looks like heading that way there will be a queue of buyers lining up to purchase Coinpay from us. So who knows how much those freely given shares could be worth. But that is only part of the story.
There is an almost symbiotic relationship between what we can achieve with Coinpay and what happens to Bitcoin in general. And of course a definite relationship between Coinpay and the value of Clubcoin. That sounds way out there I know but think about it for a moment.
The more we influence the number of businesses accepting Bitcoin the more Bitcoin grows in acceptance and the more people use Bitcoin which, in turn, has a positive impact on Bitcoin's value.
To be in a position to directly influence that is staggering. What could be better for you than being able to start with the businesses that you use and like and the products and services that they offer and you enjoy. And to be able to help those businesses to accept Bitcoin payments for their products and services.
I'm guessing that if every Bitclub member in the UK just introduced 2 businesses to the Coinpay service, there would be 2,000 plus businesses using Coinpay in the UK almost overnight.
You will be paid handsomely for bringing these businesses to Coinpay and you will not only receive that financial reward you will also be making it easier for us all to introduce new users to Bitcoin and new members to Bitclub.
The two most common questions I get from people about Bitcoin are "where can I buy it?" And "where can I spend it?". So the more places we introduce to using Bitcoin the easier the answer to the second question becomes.
As to the first question, well I will remind you about that now.
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Where Can I Get My Bitcoin?
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| | The simplest thing to do for people who you might want to bring into the Bitclub opportunity is to first familiarise them with Bitcoin and where to get it.
Once they are comfortable with that, the transition into Bitclub becomes a little easier. Once you have 1 Bitcoin, you might easily start to wonder if investing in something that can grow your 1 Bitcoin to 2 and then 3 Bitcoin might be a good idea.
So, where to start?
There are any number of places where you can spend £100 or so and acquire some Bitcoin. Circle.com is a good place to start. And then there is Xapo.com.
Both of these places and more will allow you to buy in small amounts and then increase those amounts once you have fully verified your account and identity. So make sure your prospect has passport and utility bill to hand for this purpose.
With Xapo, of course, your prospect can instantly order a debit card so that "how to spend Bitcoin" question is easily answered. I use my Xapo card pretty much everywhere including in ant ATM machine.
If someone is keen to buy Bitcoin in larger amounts, then I recommend you send them to Peter Woods and co at Bit-Broker. If you make certain to mention my name, they will make the purchasing of Bitcoin as simple as they can for your prospect but, again, as they use localbitcoins as the purchasing gateway, verification is a requirement.
A good point to bear in mind about verification is you generally only need do it once per organisation. |
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| It Isn't All Bad News At Bitfinex.
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| | This article at Coindesk shows how determined Bitfinex are to restore their reputation with their customers.
It just goes to show that positive action can be taken to restore trust. BITFINEX |
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| Everyone that has joined Bitclub so far joined because of the availability of mining pool shares,
We were all a little disappointed for sure when, on 1st January this year, the mining pool shares were reduced from 1,000 days to 600. Now that it has returned to 1,000 days again we should all be celebrating.
Anyone that came in over the last 8 months will have seen their share days increase on 1st September. More importantly, anyone that was about to join in December last year or earlier that didn't because of the reduction in days, should be a high priority to re-contact.
But there are now two other very big and important aspects to the mining pools that should be uppermost in your minds. If you haven't done so since the 1st September, go take a look at the jump up in mining pool earnings you received on 1st and 2nd September when they are paid later today.
On my mining pool 1 share, 31st August 2015, I received 0.0006234 Bitcoin (27 pence) and on that same share 1st September I received 0.0013009 Bitcoin (56 pence). That is double and reflects the change made where older shares up to 30th June 2015 were terminated.
This cleared a lot of clutter out of the system and made the payments for the remaining shares and partial shares higher. All good news for us. Then there is the hash rate.
When I joined on 27th July 2015, the hash rate at Bitclub was less than 20 petahash (from memory) and it is now up at 60 petahash with an expectancy of it hitting as much as 100 petahash by year end.
Even accounting for the block reward halving that took place in July that is still a massive increase in mining power and this is leading to an increase in mining reward.
Add those two big things together and the mining pool shares have most definitely taken on a new shine!
It is now not unusual to see Bitclub mining 6, 7 or even 8 new blocks of Bitcoin daily and we are now earning more of that than we ever were before.
By the way, you may scoff at a mere 56 pence per day in rewards but my mining pool 1 share still has 605 days remaining on its original term and I have a whole bunch of partial shares with between 607 and 1009 days to go. Oh, and did I mention the 599 Clubcoins that came with that?
Today on Bittrex, those coins are worth 30 cents each (that's £136). I also have a mining pool 2 share and a mining pool 3 share.
On my original account now, all told, I have had over 8 Bitcoins of mining proceeds. That's £3,456 worth. And, in addition, I have 5 other mining pool 1 shares over different accounts and more than 13,000 Clubcoins.
Bottom line - Mining Pool shares are still great and the rewards may just be starting to get bigger and bigger.
You will need a mining pool share to have any chance of being gifted Coinpay shares. New members coming in have a lot to look forward to. |
| | Within your Bitclub account, if you have mentioned Bitclub Network to anyone, you will have free members listed that you introduced.
You will find these listed under MY TEAM, ENROLMENT TREE. Now, for various reasons they decided not to join and perhaps it was because they didn't like the drop off from 1,000 day shares to 600 day shares. Or maybe it was just not the right time for them.
Whatever the reason you should assume that they are not frequently (if at all) logging into their Bitclub member's area to keep in touch with what is going on.
So why don't you subscribe them to this newsletter? Then, at least, they will get some information. This should also apply to anyone that did join up, buy an MP share or shares but you aren't in regular contact with.
I have 1,525 people listed in my enrollment tree. I only have email addresses for those I sponsored directly and that is around 40 people. I have 166 people actively subscribed to this newsletter.
That means that there are some 1,359 people enrolled in some way to Bitclub in our team that are not getting this newsletter.
Don't you think it would be good if they could all get some information?
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My Latest Blog About Shopawl.
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| Yep, that's right, I have a blog...
On Bit-Talk, (where you can take people to subscribe to this newsletter) apart from there being a PDF version of every Newsletter I've written (that'll be bang up to date again by the end of this weekend) there is a blog.
On that blog I write or source articles about Bitcoin and Cryptocurrency. The latest one can be found HERE and concerns an outfit called SHOPAWL and the availability now for you to buy eBay product using Bitcoin.
I don't propose to write the detail here but you should check out the blog. This, along with PURSE makes it possible to buy on eBay and Amazon using Bitcoin directly. My how the world is changing. PURSE not only allows you to buy Amazon stuff but it also allows you to do it at a discounted price! |
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| You can sign up to Bitclub as a free member if you want more information. Just click the button above. |
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| Or check out my Bit-Talk site for a lot more information. Just use the button below if you want to do that. |
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