Bitcoin Cash F**ked - CryptoNewsReview

A Detailed Summary of Every Single Reason Why I am Bullish on Ethereum

The following will be a list of the many reasons why I hold and am extremely bullish on ETH.

This is an extremely long post. If you just want the hopium without the detail, read the TL;DR at the bottom.

ETH 2.0

As we all know, ETH 2.0 phase 0 is right around the corner. This will lock up ETH and stakers will earn interest on their ETH in return for securing the network. Next comes phase 1 where the ETH 2 shards are introduced, shards are essentially parallel blockchains which are each responsible for a different part of Ethereum’s workload, think of it like a multi-core processor vs a single core processor. During phase 1, these shards will only act as data availability layers and won’t actually process transactions yet. However, their data can be utilised by the L2 scaling solution, rollups, increasing Ethereum’s throughput in transactions per second up to 100,000 TPS.
After phase 1 comes phase 1.5 which will move the ETH 1.0 chain into an ETH 2 shard and Ethereum will be fully secured by proof of stake. This means that ETH issuance will drop from around 5% per year to less than 1% and with EIP-1559, ETH might become a deflationary asset, but more on that later.
Finally, with ETH 2.0 phase two, each shard will be fully functional chains. With 64 of them, we can expect the base layer of Ethereum to scale around 64x, not including the massive scaling which comes from layer 2 scaling solutions like rollups as previously mentioned.
While the scaling benefits and ETH issuance reduction which comes with ETH 2.0 will be massive, they aren’t the only benefits. We also get benefits such as increased security from PoS compared to PoW, a huge energy efficiency improvement due to the removal of PoW and also the addition of eWASM which will allow contracts to be programmed in a wide range of programming languages, opening the floodgates for millions of web devs who want to be involved in Ethereum but don’t know Ethereum’s programming language, Solidity.

EIP-1559 and ETH scarcity

As I covered in a previous post of mine, ETH doesn’t have a supply cap like Bitcoin. Instead, it has a monetary policy of “minimum viable issuance”, not only is this is a good thing for network security, but with the addition of EIP-1559, it leaves the door open to the possibility of ETH issuance going negative. In short, EIP-1559 changes the fee market to make transaction prices more efficient (helping to alleviate high gas fees!) by burning a variable base fee which changes based on network usage demand rather than using a highest bidder market where miners simply include who pays them the most. This will result in most of the ETH being paid in transaction fees being burned. As of late, the amount which would be burned if EIP-1559 was in Ethereum right now would make ETH a deflationary asset!

Layer 2 Scaling

In the mean time while we are waiting for ETH 2.0, layer 2 scaling is here. Right now, projects such as Deversifi or Loopring utilise rollups to scale to thousands of tx/s on their decentralised exchange platforms or HoneySwap which uses xDai to offer a more scalable alternative to UniSwap. Speaking of which, big DeFi players like UniSwap and Synthetix are actively looking into using optimistic rollups to scale while maintaining composability between DeFi platforms. The most bullish thing about L2 scaling is all of the variety of options. Here’s a non exhaustive list of Ethereum L2 scaling solutions: - Aztec protocol (L2 scaling + privacy!) - ZKSync - Loopring - Raiden - Arbitrum Rollups - xDai - OMGNetwork - Matic - FuelLabs - Starkware - Optimism - Celer Network - + Many more

DeFi and Composability

If you’re reading this, I am sure you are aware of the phenomena which is Decentralised Finance (DeFi or more accurately, open finance). Ethereum is the first platform to offer permissionless and immutable financial services which when interacting with each other, lead to unprecedented composability and innovation in financial applications. A whole new world of possibilities are opening up thanks to this composability as it allows anyone to take existing pieces of open source code from other DeFi projects, put them together like lego pieces (hence the term money legos) and create something the world has never seen before. None of this was possible before Ethereum because typically financial services are heavily regulated and FinTech is usually proprietary software, so you don’t have any open source lego bricks to build off and you have to build everything you need from scratch. That is if what you want to do is even legal for a centralised institution!
Oh, and if you think that DeFi was just a fad and the bubble has popped, guess again! Total value locked in DeFi is currently at an all time high. Don’t believe me? Find out for yourself on the DeFi Pulse website.

NFTs and tokeniation

NFTs or “Non-Fungible Tokens” - despite the name which may confuse a layman - are a basic concept. They are unique tokens with their own unique attributes. This allows you to create digital art, human readable names for your ETH address (see ENS names and unstoppable domains), breedable virtual collectible creatures like crypto kitties, ownable in game assets like Gods Unchained cards or best of all in my opinion, tokenised ownership of real world assets which can even be split into pieces (this doesn’t necessarily require an NFT. Fungible tokens can be/are used for some of the following use cases). This could be tokenised ownership of real estate (see RealT), tokenised ownership of stocks, bonds and other financial assets (which by the way makes them tradable 24/7 and divisible unlike through the traditional system) or even tokenised ownership of the future income of a celebrity or athlete (see when NBA player Spencer Dinwiddie tokenized his own NBA contract.)

Institutional Adoption

Ethereum is by far the most widely adopted blockchain by enterprises. Ethereum’s Enterprise Ethereum Alliance (EEA) is the largest blockchain-enterprise partnership program and Ethereum is by far the most frequently leveraged blockchain for proof of concepts and innovation in the blockchain space by enterprises. Meanwhile, there are protocols like the Baseline protocol which is a shared framework which allows enterprises to use Ethereum as a common frame of reference and a base settlement layer without having to give up privacy when settling on the public Ethereum mainnet. This framework makes adopting Ethereum much easier for other enterprises.

Institutional Investment

One of Bitcoin’s biggest things it has going for it right now is the growing institutional investment. In case you were wondering, Ethereum has this too! Grayscale offers investment in the cryptocurrency space for financial institutions and their Ethereum fund has already locked up more than 2% of the total supply of ETH. Not only this, but as businesses transact on Ethereum and better understand it, not only will they buy up ETH to pay for their transactions, but they will also realise that much like Bitcoin, Ethereum is a scarce asset. Better yet, a scarce asset which offers yield. As a result, I expect to see companies having ETH holdings become the norm just like how Bitcoin is becoming more widespread on companies’ balance sheets.

The state of global markets

With asset prices in almost every asset class at or near all-time highs and interest rates lower than ever and even negative in some cases, there really aren’t many good opportunities in the traditional financial system right now. Enter crypto - clearly the next evolution of financial services (as I explained in the section on DeFi earlier in this post), with scarce assets built in at the protocol layer, buying BTC or ETH is a lot like buying shares in TCP/IP in 1990 (that is if the underlying protocols of the internet could be invested in which they couldn’t). Best of all, major cryptos are down from their all-time highs anywhere between 35% for BTC or 70% for ETH and much more for many altcoins. This means that they can significantly appreciate in value before entering uncharted, speculative bubble territory.
While of course we could fall dramatically at any moment in the current macro financial conditions, as a longer term play, crypto is very alluring. The existing financial system has shown that it is in dire need of replacing and the potential replacement has started rearing its head in the form of crypto and DeFi.

Improvements in user onboarding and abstracting away complexity

Ethereum has started making huge leaps forward in terms of usability for the end user. We now have ENS names and unstoppable domains which allow you to send ETH to yournamehere.ETH or TrickyTroll.crypto (I don’t actually have that domain, that’s just an example). No longer do you have to check every character of your ugly hexadecimal 0x43AB96D… ETH address to ensure you’re sending your ETH to the right person. We also have smart contract wallets like Argent wallet or the Gnosis safe. These allow for users to access their wallets and interact with DeFi self-custodially from an app on their phone without having to record a private key or recovery phrase. Instead, they offer social recovery and their UI is straight forward enough for anyone who uses a smart phone to understand. Finally, for the more experienced users, DApps like Uniswap have pretty, super easy to use graphical user interfaces and can be used by anyone who knows how to run and use a browser extension like Metamask.

The lack of an obvious #1 ETH killer

One of Ethereum’s biggest threats is for it to be overthrown by a so-called “Ethereum killer” blockchain which claims to do everything Ethereum can do and sometimes more. While there are competitors which are each formidable to a certain extent such as Polkadot, Cardano and EOS, each have their own weaknesses. For example, Polkadot and Cardano are not fully operational yet and EOS is much more centralised than Ethereum. As a result, none of these competitors have any significant network effects just yet relative to the behemoth which is Ethereum. This doesn’t mean that these projects aren’t a threat. In fact, I am sure that projects like Polkadot (which is more focused on complimenting Ethereum than killing it) will take a slice out of Ethereum’s pie. However, I am still very confident that Ethereum will remain on top due to the lack of a clear number 2 smart contract platform. Since none of these ETH killers stands out as the second place smart contract platform, it makes it much harder for one project to create a network effect which even begins to threaten Ethereum’s dominance. This leads me onto my next reason - network effects.

Network effects

This is another topic which I made a previous post on. The network effect is why Bitcoin is still the number one cryptocurrency and by such a long way. Bitcoin is not the most technologically advanced cryptocurrency. However, it has the most widespread name recognition and the most adoption in most metrics (ETH beats in in some metrics these days). The network effect is also why most people use Zoom and Facebook messengeWhatsApp despite the existence of free, private, end to end encrypted alternatives which have all the same features (Jitsi for the zoom alternative and Signal for the private messenger app. I highly recommend both. Let’s get their network effects going!). It is the same for Bitcoin. People don’t want to have to learn about or set up a wallet for alternative options. People like what is familiar and what other people use. Nobody wants to be “that guy” who makes you download yet another app and account you have to remember the password/private key for. In the same way, Enterprises don’t want to have to create a bridge between their existing systems and a dozen different blockchains. Developers don’t want to have to create DeFi money legos from scratch on a new chain if they can just plug in to existing services like Uniswap. Likewise, users don’t want to have to download another browser extension to use DApps on another chain if they already use Ethereum. I know personally I have refrained from investing in altcoins because I would have to install another app on my hardware wallet or remember another recovery phrase.
Overthrowing Ethereum’s network effect is one hell of a big task these days. Time is running out for the ETH killers.

Ethereum is the most decentralised and provably neutral smart contract platform

Ethereum is also arguably the most decentralised and provably neutral smart contract platform (except for maybe Ethereum Classic on the neutrality part). Unlike some smart contract platforms, you can’t round up everyone at the Ethereum Foundation or any select group of people and expect to be able to stop the network. Not only this, but the Ethereum foundation doesn’t have the ability to print more ETH or push through changes as they wish like some people would lead you on to believe. The community would reject detrimental EIPs and hard fork. Ever since the DAO hack, the Ethereum community has made it clear that it will not accept EIPs which attempt to roll back the chain even to recover hacked funds (see EIP-999).
Even if governments around the world wanted to censor the Ethereum blockchain, under ETH 2.0’s proof of stake, it would be incredibly costly and would require a double digit percentage of the total ETH supply, much of which would be slashed (meaning they would lose it) as punishment for running dishonest validator nodes. This means that unlike with proof of work where a 51% attacker can keep attacking the network, under proof of stake, an attacker can only perform the attack a couple of times before they lose all of their ETH. This makes attacks much less financially viable than it is on proof of work chains. Network security is much more than what I laid out above and I am far from an expert but the improved resistance to 51% attacks which PoS provides is significant.
Finally, with the US dollar looking like it will lose its reserve currency status and the existing wire transfer system being outdated, superpowers like China won’t want to use US systems and the US won’t want to use a Chinese system. Enter Ethereum, the provably neutral settlement layer where the USA and China don’t have to trust each other or each other’s banks because they can trust Ethereum. While it may sound like a long shot, it does make sense if Ethereum hits a multi-trillion dollar market cap that it is the most secure and neutral way to transfer value between these adversaries. Not to mention if much of the world’s commerce were to be settled in the same place - on Ethereum - then it would make sense for governments to settle on the same platform.

ETH distribution is decentralised

Thanks to over 5 years of proof of work - a system where miners have to sell newly minted ETH to pay for electricity costs - newly mined ETH has found its way into the hands of everyday people who buy ETH off miners selling on exchnages. As pointed out by u/AdamSC1 in his analysis of the top 10K ETH addresses (I highly recommend reading this if you haven’t already), the distribution of ETH is actually slightly more decentralised than Bitcoin with the top 10,000 ETH wallets holding 56.70% of ETH supply compared to the top 10,000 Bitcoin wallets which hold 57.44% of the Bitcoin supply. This decentralised distribution means that the introduction of staking won’t centralise ETH in the hands of a few wallets who could then control the network. This is an advantage for ETH which many proof of stake ETH killers will never have as they never used PoW to distribute funds widely throughout the community and these ETH killers often did funding rounds giving large numbers of tokens to VC investors.

The community

Finally, while I may be biased, I think that Ethereum has the friendliest community. Anecdotally, I find that the Ethereum developer community is full of forward thinking people who want to make the world a better place and build a better future, many of whom are altruistic and don’t always act in their best interests. Compare this to the much more conservative, “at least we’re safe while the world burns” attitude which many Bitcoiners have. I don’t want to generalise too much here as the Bitcoin community is great too and there are some wonderful people there. But the difference is clear if you compare the daily discussion of Bitcoin to the incredibly helpful and welcoming daily discussion of EthFinance who will happily answer your noob questions without calling you an idiot and telling you to do you own research (there are plenty more examples in any of the daily threads). Or the very helpful folks over at EthStaker who will go out of their way to help you set up an ETH 2.0 staking node on the testnets (Shoutout to u/superphiz who does a lot of work over in that sub!). Don’t believe me? Head over to those subs and see for yourself.
Please don’t hate on me if you disagree about which project has the best community, it is just my very biased personal opinion and I respect your opinion if you disagree! :)

TL;DR:

submitted by Tricky_Troll to CryptoCurrency [link] [comments]

A Detailed Summary of Every Single Reason Why I am Bullish on ETH.

The following will be a list of the many reasons why I hold and am extremely bullish on ETH.

This is an extremely long post. If you just want the hopium without the detail, read the TL;DR at the bottom.

ETH 2.0

As we all know, ETH 2.0 phase 0 is right around the corner. This will lock up ETH and stakers will earn interest on their ETH in return for securing the network. Next comes phase 1 where the ETH 2 shards are introduced, shards are essentially parallel blockchains which are each responsible for a different part of Ethereum’s workload, think of it like a multi-core processor vs a single core processor. During phase 1, these shards will only act as data availability layers and won’t actually process transactions yet. However, their data can be utilised by the L2 scaling solution, rollups, increasing Ethereum’s throughput in transactions per second up to 100,000 TPS.
After phase 1 comes phase 1.5 which will move the ETH 1.0 chain into an ETH 2 shard and Ethereum will be fully secured by proof of stake. This means that ETH issuance will drop from around 5% per year to less than 1% and with EIP-1559, ETH might become a deflationary asset, but more on that later.
Finally, with ETH 2.0 phase two, each shard will be fully functional chains. With 64 of them, we can expect the base layer of Ethereum to scale around 64x, not including the massive scaling which comes from layer 2 scaling solutions like rollups as previously mentioned.
While the scaling benefits and ETH issuance reduction which comes with ETH 2.0 will be massive, they aren’t the only benefits. We also get benefits such as increased security from PoS compared to PoW, a huge energy efficiency improvement due to the removal of PoW and also the addition of eWASM which will allow contracts to be programmed in a wide range of programming languages, opening the floodgates for millions of web devs who want to be involved in Ethereum but don’t know Ethereum’s programming language, Solidity.

EIP-1559 and ETH scarcity

As I covered in a previous post of mine, ETH doesn’t have a supply cap like Bitcoin. Instead, it has a monetary policy of “minimum viable issuance”, not only is this is a good thing for network security, but with the addition of EIP-1559, it leaves the door open to the possibility of ETH issuance going negative. In short, EIP-1559 changes the fee market to make transaction prices more efficient (helping to alleviate high gas fees!) by burning a variable base fee which changes based on network usage demand rather than using a highest bidder market where miners simply include who pays them the most. This will result in most of the ETH being paid in transaction fees being burned. As of late, the amount which would be burned if EIP-1559 was in Ethereum right now would make ETH a deflationary asset!

Layer 2 Scaling

In the mean time while we are waiting for ETH 2.0, layer 2 scaling is here. Right now, projects such as Deversifi or Loopring utilise rollups to scale to thousands of tx/s on their decentralised exchange platforms or HoneySwap which uses xDai to offer a more scalable alternative to UniSwap. Speaking of which, big DeFi players like UniSwap and Synthetix are actively looking into using optimistic rollups to scale while maintaining composability between DeFi platforms. The most bullish thing about L2 scaling is all of the variety of options. Here’s a non exhaustive list of Ethereum L2 scaling solutions: - Aztec protocol (L2 scaling + privacy!) - ZKSync - Loopring - Raiden - Arbitrum Rollups - xDai - OMGNetwork - Matic - FuelLabs - Starkware - Optimism - Celer Network - + Many more

DeFi and Composability

If you’re reading this, I am sure you are aware of the phenomena which is Decentralised Finance (DeFi or more accurately, open finance). Ethereum is the first platform to offer permissionless and immutable financial services which when interacting with each other, lead to unprecedented composability and innovation in financial applications. A whole new world of possibilities are opening up thanks to this composability as it allows anyone to take existing pieces of open source code from other DeFi projects, put them together like lego pieces (hence the term money legos) and create something the world has never seen before. None of this was possible before Ethereum because typically financial services are heavily regulated and FinTech is usually proprietary software, so you don’t have any open source lego bricks to build off and you have to build everything you need from scratch. That is if what you want to do is even legal for a centralised institution!
Oh, and if you think that DeFi was just a fad and the bubble has popped, guess again! Total value locked in DeFi is currently at an all time high. Don’t believe me? Find out for yourself at: https://defipulse.com

NFTs and tokeniation

NFTs or “Non-Fungible Tokens” - despite the name which may confuse a layman - are a basic concept. They are unique tokens with their own unique attributes. This allows you to create digital art, human readable names for your ETH address (see ENS names and unstoppable domains), breedable virtual collectible creatures like crypto kitties, ownable in game assets like Gods Unchained cards or best of all in my opinion, tokenised ownership of real world assets which can even be split into pieces (this doesn’t necessarily require an NFT. Fungible tokens can be/are used for some of the following use cases). This could be tokenised ownership of real estate (see RealT), tokenised ownership of stocks, bonds and other financial assets (which by the way makes them tradable 24/7 and divisible unlike through the traditional system) or even tokenised ownership of the future income of a celebrity or athlete (see when NBA Star Spencer Dinwiddie Tokenized His Own NBA Contract.

Institutional Adoption

Ethereum is by far the most widely adopted blockchain by enterprises. Ethereum’s Enterprise Ethereum Alliance (EEA) is the largest blockchain-enterprise partnership program and Ethereum is by far the most frequently leveraged blockchain for proof of concepts and innovation in the blockchain space by enterprises. Meanwhile, there are protocols like the Baseline protocol which is a shared framework which allows enterprises to use Ethereum as a common frame of reference and a base settlement layer without having to give up privacy when settling on the public Ethereum mainnet. This framework makes adopting Ethereum much easier for other enterprises.

Institutional Investment

One of Bitcoin’s biggest things it has going for it right now is the growing institutional investment. In case you were wondering, Ethereum has this too! Grayscale offers investment in the cryptocurrency space for financial institutions and their Ethereum fund has already locked up more than 2% of the total supply of ETH. Not only this, but as businesses transact on Ethereum and better understand it, not only will they buy up ETH to pay for their transactions, but they will also realise that much like Bitcoin, Ethereum is a scarce asset. Better yet, a scarce asset which offers yield. As a result, I expect to see companies having ETH holdings become the norm just like how Bitcoin is becoming more widespread on companies’ balance sheets.

The state of global markets

With asset prices in almost every asset class at or near all-time highs and interest rates lower than ever and even negative in some cases, there really aren’t many good opportunities in the traditional financial system right now. Enter crypto - clearly the next evolution of financial services (as I explained in the section on DeFi earlier in this post), with scarce assets built in at the protocol layer, buying BTC or ETH is a lot like buying shares in TCP/IP in 1990 (that is if the underlying protocols of the internet could be invested in which they couldn’t). Best of all, major cryptos are down from their all-time highs anywhere between 35% for BTC or 70% for ETH and much more for many altcoins. This means that they can significantly appreciate in value before entering uncharted, speculative bubble territory.
While of course we could fall dramatically at any moment in the current macro financial conditions, as a longer term play, crypto is very alluring. The existing financial system has shown that it is in dire need of replacing and the potential replacement has started rearing its head in the form of crypto and DeFi.

Improvements in user onboarding and abstracting away complexity

Ethereum has started making huge leaps forward in terms of usability for the end user. We now have ENS names and unstoppable domains which allow you to send ETH to yournamehere.ETH or TrickyTroll.crypto (I don’t actually have that domain, that’s just an example). No longer do you have to check every character of your ugly hexadecimal 0x43AB96D… ETH address to ensure you’re sending your ETH to the right person. We also have smart contract wallets like Argent wallet or the Gnosis safe. These allow for users to access their wallets and interact with DeFi self-custodially from an app on their phone without having to record a private key or recovery phrase. Instead, they offer social recovery and their UI is straight forward enough for anyone who uses a smart phone to understand. Finally, for the more experienced users, DApps like Uniswap have pretty, super easy to use graphical user interfaces and can be used by anyone who knows how to run and use a browser extension like Metamask.

The lack of an obvious #1 ETH killer

One of Ethereum’s biggest threats is for it to be overthrown by a so-called “Ethereum killer” blockchain which claims to do everything Ethereum can do and sometimes more. While there are competitors which are each formidable to a certain extent such as Polkadot, Cardano and EOS, each have their own weaknesses. For example, Polkadot and Cardano are not fully operational yet and EOS is much more centralised than Ethereum. As a result, none of these competitors have any significant network effects just yet relative to the behemoth which is Ethereum. This doesn’t mean that these projects aren’t a threat. In fact, I am sure that projects like Polkadot (which is more focused on complimenting Ethereum than killing it) will take a slice out of Ethereum’s pie. However, I am still very confident that Ethereum will remain on top due to the lack of a clear number 2 smart contract platform. Since none of these ETH killers stands out as the second place smart contract platform, it makes it much harder for one project to create a network effect which even begins to threaten Ethereum’s dominance. This leads me onto my next reason - network effects.

Network effects

This is another topic which I made a previous post on. The network effect is why Bitcoin is still the number one cryptocurrency and by such a long way. Bitcoin is not the most technologically advanced cryptocurrency. However, it has the most widespread name recognition and the most adoption in most metrics (ETH beats in in some metrics these days). The network effect is also why most people use Zoom and Facebook messengeWhatsApp despite the existence of free, private, end to end encrypted alternatives which have all the same features (https://meet.jit.si/ for zoom alternative and Signal for the private messenger app. I highly recommend both. Let’s get their network effects going!). It is the same for Bitcoin. People don’t want to have to learn about or set up a wallet for alternative options. People like what is familiar and what other people use. Nobody wants to be “that guy” who makes you download yet another app and account you have to remember the password/private key for. In the same way, Enterprises don’t want to have to create a bridge between their existing systems and a dozen different blockchains. Developers don’t want to have to create DeFi money legos from scratch on a new chain if they can just plug in to existing services like Uniswap. Likewise, users don’t want to have to download another browser extension to use DApps on another chain if they already use Ethereum. I know personally I have refrained from investing in altcoins because I would have to install another app on my hardware wallet or remember another recovery phrase.
Overthrowing Ethereum’s network effect is one hell of a big task these days. Time is running out for the ETH killers.

Ethereum is the most decentralised and provably neutral smart contract platform

Ethereum is also arguably the most decentralised and provably neutral smart contract platform (except for maybe Ethereum Classic on the neutrality part). Unlike some smart contract platforms, you can’t round up everyone at the Ethereum Foundation or any select group of people and expect to be able to stop the network. Not only this, but the Ethereum foundation doesn’t have the ability to print more ETH or push through changes as they wish like some people would lead you on to believe. The community would reject detrimental EIPs and hard fork. Ever since the DAO hack, the Ethereum community has made it clear that it will not accept EIPs which attempt to roll back the chain even to recover hacked funds (see EIP-999).
Even if governments around the world wanted to censor the Ethereum blockchain, under ETH 2.0’s proof of stake, it would be incredibly costly and would require a double digit percentage of the total ETH supply, much of which would be slashed (meaning they would lose it) as punishment for running dishonest validator nodes. This means that unlike with proof of work where a 51% attacker can keep attacking the network, under proof of stake, an attacker can only perform the attack a couple of times before they lose all of their ETH. This makes attacks much less financially viable than it is on proof of work chains. Network security is much more than what I laid out above and I am far from an expert but the improved resistance to 51% attacks which PoS provides is significant.
Finally, with the US dollar looking like it will lose its reserve currency status and the existing wire transfer system being outdated, superpowers like China won’t want to use US systems and the US won’t want to use a Chinese system. Enter Ethereum, the provably neutral settlement layer where the USA and China don’t have to trust each other or each other’s banks because they can trust Ethereum. While it may sound like a long shot, it does make sense if Ethereum hits a multi-trillion dollar market cap that it is the most secure and neutral way to transfer value between these adversaries. Not to mention if much of the world’s commerce were to be settled in the same place - on Ethereum - then it would make sense for governments to settle on the same platform.

ETH distribution is decentralised

Thanks to over 5 years of proof of work - a system where miners have to sell newly minted ETH to pay for electricity costs - newly mined ETH has found its way into the hands of everyday people who buy ETH off miners selling on exchnages. As pointed out by u/AdamSC1 in his analysis of the top 10K ETH addresses (I highly recommend reading this if you haven’t already), the distribution of ETH is actually slightly more decentralised than Bitcoin with the top 10,000 ETH wallets holding 56.70% of ETH supply compared to the top 10,000 Bitcoin wallets which hold 57.44% of the Bitcoin supply. This decentralised distribution means that the introduction of staking won’t centralise ETH in the hands of a few wallets who could then control the network. This is an advantage for ETH which many proof of stake ETH killers will never have as they never used PoW to distribute funds widely throughout the community and these ETH killers often did funding rounds giving large numbers of tokens to VC investors.

The community

Finally, while I may be biased, I think that Ethereum has the friendliest community. Anecdotally, I find that the Ethereum developer community is full of forward thinking people who want to make the world a better place and build a better future, many of whom are altruistic and don’t always act in their best interests. Compare this to the much more conservative, “at least we’re safe while the world burns” attitude which many Bitcoiners have. I don’t want to generalise too much here as the Bitcoin community is great too and there are some wonderful people there. But the difference is clear if you compare the daily discussion of Bitcoin to the incredibly helpful and welcoming daily discussion of EthFinance who will happily answer your noob questions without calling you an idiot and telling you to do you own research (there are plenty more examples in any of the daily threads). Or the very helpful folks over at EthStaker who will go out of their way to help you set up an ETH 2.0 staking node on the testnets (Shoutout to u/superphiz who does a lot of work over in that sub!). Don’t believe me? Head over to those subs and see for yourself.
Please don’t hate on me if you disagree about which project has the best community, it is just my very biased personal opinion and I respect your opinion if you disagree! :)

TL;DR:

submitted by Tricky_Troll to ethtrader [link] [comments]

A detailed summary of every reason why I am bullish on ETH.

The following will be a list of the many reasons why I hold and am extremely bullish on ETH.

This is an extremely long post. If you just want the hopium without the detail, read the TL;DR at the bottom.

ETH 2.0

As we all know, ETH 2.0 phase 0 is right around the corner. This will lock up ETH and stakers will earn interest on their ETH in return for securing the network. Next comes phase 1 where the ETH 2 shards are introduced, shards are essentially parallel blockchains which are each responsible for a different part of Ethereum’s workload, think of it like a multi-core processor vs a single core processor. During phase 1, these shards will only act as data availability layers and won’t actually process transactions yet. However, their data can be utilised by the L2 scaling solution, rollups, increasing Ethereum’s throughput in transactions per second up to 100,000 TPS.
After phase 1 comes phase 1.5 which will move the ETH 1.0 chain into an ETH 2 shard and Ethereum will be fully secured by proof of stake. This means that ETH issuance will drop from around 5% per year to less than 1% and with EIP-1559, ETH might become a deflationary asset, but more on that later.
Finally, with ETH 2.0 phase two, each shard will be fully functional chains. With 64 of them, we can expect the base layer of Ethereum to scale around 64x, not including the massive scaling which comes from layer 2 scaling solutions like rollups as previously mentioned.
While the scaling benefits and ETH issuance reduction which comes with ETH 2.0 will be massive, they aren’t the only benefits. We also get benefits such as increased security from PoS compared to PoW, a huge energy efficiency improvement due to the removal of PoW and also the addition of eWASM which will allow contracts to be programmed in a wide range of programming languages, opening the floodgates for millions of web devs who want to be involved in Ethereum but don’t know Ethereum’s programming language, Solidity.

EIP-1559 and ETH scarcity

As I covered in a previous post of mine, ETH doesn’t have a supply cap like Bitcoin. Instead, it has a monetary policy of “minimum viable issuance”, not only is this is a good thing for network security, but with the addition of EIP-1559, it leaves the door open to the possibility of ETH issuance going negative. In short, EIP-1559 changes the fee market to make transaction prices more efficient (helping to alleviate high gas fees!) by burning a variable base fee which changes based on network usage demand rather than using a highest bidder market where miners simply include who pays them the most. This will result in most of the ETH being paid in transaction fees being burned. As of late, the amount which would be burned if EIP-1559 was in Ethereum right now would make ETH a deflationary asset!

Layer 2 Scaling

In the mean time while we are waiting for ETH 2.0, layer 2 scaling is here. Right now, projects such as Deversifi or Loopring utilise rollups to scale to thousands of tx/s on their decentralised exchange platforms or HoneySwap which uses xDai to offer a more scalable alternative to UniSwap. Speaking of which, big DeFi players like UniSwap and Synthetix are actively looking into using optimistic rollups to scale while maintaining composability between DeFi platforms. The most bullish thing about L2 scaling is all of the variety of options. Here’s a non exhaustive list of Ethereum L2 scaling solutions: - Aztec protocol (L2 scaling + privacy!) - ZKSync - Loopring - Raiden - Arbitrum Rollups - xDai - OMGNetwork - Matic - FuelLabs - Starkware - Optimism - Celer Network - + Many more

DeFi and Composability

If you’re reading this, I am sure you are aware of the phenomena which is Decentralised Finance (DeFi or more accurately, open finance). Ethereum is the first platform to offer permissionless and immutable financial services which when interacting with each other, lead to unprecedented composability and innovation in financial applications. A whole new world of possibilities are opening up thanks to this composability as it allows anyone to take existing pieces of open source code from other DeFi projects, put them together like lego pieces (hence the term money legos) and create something the world has never seen before. None of this was possible before Ethereum because typically financial services are heavily regulated and FinTech is usually proprietary software, so you don’t have any open source lego bricks to build off and you have to build everything you need from scratch. That is if what you want to do is even legal for a centralised institution!
Oh, and if you think that DeFi was just a fad and the bubble has popped, guess again! Total value locked in DeFi is currently at an all time high. Don’t believe me? Find out for yourself at: https://defipulse.com

NFTs and tokeniation

NFTs or “Non-Fungible Tokens” - despite the name which may confuse a layman - are a basic concept. They are unique tokens with their own unique attributes. This allows you to create digital art, human readable names for your ETH address (see ENS names and unstoppable domains), breedable virtual collectible creatures like crypto kitties, ownable in game assets like Gods Unchained cards or best of all in my opinion, tokenised ownership of real world assets which can even be split into pieces (this doesn’t necessarily require an NFT. Fungible tokens can be/are used for some of the following use cases). This could be tokenised ownership of real estate (see RealT), tokenised ownership of stocks, bonds and other financial assets (which by the way makes them tradable 24/7 and divisible unlike through the traditional system) or even tokenised ownership of the future income of a celebrity or athlete (see when NBA Star Spencer Dinwiddie Tokenized His Own NBA Contract.

Institutional Adoption

Ethereum is by far the most widely adopted blockchain by enterprises. Ethereum’s Enterprise Ethereum Alliance (EEA) is the largest blockchain-enterprise partnership program and Ethereum is by far the most frequently leveraged blockchain for proof of concepts and innovation in the blockchain space by enterprises. Meanwhile, there are protocols like the Baseline protocol which is a shared framework which allows enterprises to use Ethereum as a common frame of reference and a base settlement layer without having to give up privacy when settling on the public Ethereum mainnet. This framework makes adopting Ethereum much easier for other enterprises.

Institutional Investment

One of Bitcoin’s biggest things it has going for it right now is the growing institutional investment. In case you were wondering, Ethereum has this too! Grayscale offers investment in the cryptocurrency space for financial institutions and their Ethereum fund has already locked up more than 2% of the total supply of ETH. Not only this, but as businesses transact on Ethereum and better understand it, not only will they buy up ETH to pay for their transactions, but they will also realise that much like Bitcoin, Ethereum is a scarce asset. Better yet, a scarce asset which offers yield. As a result, I expect to see companies having ETH holdings become the norm just like how Bitcoin is becoming more widespread on companies’ balance sheets.

The state of global markets

With asset prices in almost every asset class at or near all-time highs and interest rates lower than ever and even negative in some cases, there really aren’t many good opportunities in the traditional financial system right now. Enter crypto - clearly the next evolution of financial services (as I explained in the section on DeFi earlier in this post), with scarce assets built in at the protocol layer, buying BTC or ETH is a lot like buying shares in TCP/IP in 1990 (that is if the underlying protocols of the internet could be invested in which they couldn’t). Best of all, major cryptos are down from their all-time highs anywhere between 35% for BTC or 70% for ETH and much more for many altcoins. This means that they can significantly appreciate in value before entering uncharted, speculative bubble territory.
While of course we could fall dramatically at any moment in the current macro financial conditions, as a longer term play, crypto is very alluring. The existing financial system has shown that it is in dire need of replacing and the potential replacement has started rearing its head in the form of crypto and DeFi.

Improvements in user onboarding and abstracting away complexity

Ethereum has started making huge leaps forward in terms of usability for the end user. We now have ENS names and unstoppable domains which allow you to send ETH to yournamehere.ETH or TrickyTroll.crypto (I don’t actually have that domain, that’s just an example). No longer do you have to check every character of your ugly hexadecimal 0x43AB96D… ETH address to ensure you’re sending your ETH to the right person. We also have smart contract wallets like Argent wallet or the Gnosis safe. These allow for users to access their wallets and interact with DeFi self-custodially from an app on their phone without having to record a private key or recovery phrase. Instead, they offer social recovery and their UI is straight forward enough for anyone who uses a smart phone to understand. Finally, for the more experienced users, DApps like Uniswap have pretty, super easy to use graphical user interfaces and can be used by anyone who knows how to run and use a browser extension like Metamask.

The lack of an obvious #1 ETH killer

One of Ethereum’s biggest threats is for it to be overthrown by a so-called “Ethereum killer” blockchain which claims to do everything Ethereum can do and sometimes more. While there are competitors which are each formidable to a certain extent such as Polkadot, Cardano and EOS, each have their own weaknesses. For example, Polkadot and Cardano are not fully operational yet and EOS is much more centralised than Ethereum. As a result, none of these competitors have any significant network effects just yet relative to the behemoth which is Ethereum. This doesn’t mean that these projects aren’t a threat. In fact, I am sure that projects like Polkadot (which is more focused on complimenting Ethereum than killing it) will take a slice out of Ethereum’s pie. However, I am still very confident that Ethereum will remain on top due to the lack of a clear number 2 smart contract platform. Since none of these ETH killers stands out as the second place smart contract platform, it makes it much harder for one project to create a network effect which even begins to threaten Ethereum’s dominance. This leads me onto my next reason - network effects.

Network effects

This is another topic which I made a previous post on. The network effect is why Bitcoin is still the number one cryptocurrency and by such a long way. Bitcoin is not the most technologically advanced cryptocurrency. However, it has the most widespread name recognition and the most adoption in most metrics (ETH beats in in some metrics these days). The network effect is also why most people use Zoom and Facebook messengeWhatsApp despite the existence of free, private, end to end encrypted alternatives which have all the same features (https://meet.jit.si/ for zoom alternative and Signal for the private messenger app. I highly recommend both. Let’s get their network effects going!). It is the same for Bitcoin. People don’t want to have to learn about or set up a wallet for alternative options. People like what is familiar and what other people use. Nobody wants to be “that guy” who makes you download yet another app and account you have to remember the password/private key for. In the same way, Enterprises don’t want to have to create a bridge between their existing systems and a dozen different blockchains. Developers don’t want to have to create DeFi money legos from scratch on a new chain if they can just plug in to existing services like Uniswap. Likewise, users don’t want to have to download another browser extension to use DApps on another chain if they already use Ethereum. I know personally I have refrained from investing in altcoins because I would have to install another app on my hardware wallet or remember another recovery phrase.
Overthrowing Ethereum’s network effect is one hell of a big task these days. Time is running out for the ETH killers.

Ethereum is the most decentralised and provably neutral smart contract platform

Ethereum is also arguably the most decentralised and provably neutral smart contract platform (except for maybe Ethereum Classic on the neutrality part). Unlike some smart contract platforms, you can’t round up everyone at the Ethereum Foundation or any select group of people and expect to be able to stop the network. Not only this, but the Ethereum foundation doesn’t have the ability to print more ETH or push through changes as they wish like some people would lead you on to believe. The community would reject detrimental EIPs and hard fork. Ever since the DAO hack, the Ethereum community has made it clear that it will not accept EIPs which attempt to roll back the chain even to recover hacked funds (see EIP-999).
Even if governments around the world wanted to censor the Ethereum blockchain, under ETH 2.0’s proof of stake, it would be incredibly costly and would require a double digit percentage of the total ETH supply, much of which would be slashed (meaning they would lose it) as punishment for running dishonest validator nodes. This means that unlike with proof of work where a 51% attacker can keep attacking the network, under proof of stake, an attacker can only perform the attack a couple of times before they lose all of their ETH. This makes attacks much less financially viable than it is on proof of work chains. Network security is much more than what I laid out above and I am far from an expert but the improved resistance to 51% attacks which PoS provides is significant.
Finally, with the US dollar looking like it will lose its reserve currency status and the existing wire transfer system being outdated, superpowers like China won’t want to use US systems and the US won’t want to use a Chinese system. Enter Ethereum, the provably neutral settlement layer where the USA and China don’t have to trust each other or each other’s banks because they can trust Ethereum. While it may sound like a long shot, it does make sense if Ethereum hits a multi-trillion dollar market cap that it is the most secure and neutral way to transfer value between these adversaries. Not to mention if much of the world’s commerce were to be settled in the same place - on Ethereum - then it would make sense for governments to settle on the same platform.

ETH distribution is decentralised

Thanks to over 5 years of proof of work - a system where miners have to sell newly minted ETH to pay for electricity costs - newly mined ETH has found its way into the hands of everyday people who buy ETH off miners selling on exchnages. As pointed out by u/AdamSC1 in his analysis of the top 10K ETH addresses (I highly recommend reading this if you haven’t already), the distribution of ETH is actually slightly more decentralised than Bitcoin with the top 10,000 ETH wallets holding 56.70% of ETH supply compared to the top 10,000 Bitcoin wallets which hold 57.44% of the Bitcoin supply. This decentralised distribution means that the introduction of staking won’t centralise ETH in the hands of a few wallets who could then control the network. This is an advantage for ETH which many proof of stake ETH killers will never have as they never used PoW to distribute funds widely throughout the community and these ETH killers often did funding rounds giving large numbers of tokens to VC investors.

The community

Finally, while I may be biased, I think that Ethereum has the friendliest community. Anecdotally, I find that the Ethereum developer community is full of forward thinking people who want to make the world a better place and build a better future, many of whom are altruistic and don’t always act in their best interests. Compare this to the much more conservative, “at least we’re safe while the world burns” attitude which many Bitcoiners have. I don’t want to generalise too much here as the Bitcoin community is great too and there are some wonderful people there. But the difference is clear if you compare the daily discussion of Bitcoin to the incredibly helpful and welcoming daily discussion of EthFinance who will happily answer your noob questions without calling you an idiot and telling you to do you own research (there are plenty more examples in any of the daily threads). Or the very helpful folks over at EthStaker who will go out of their way to help you set up an ETH 2.0 staking node on the testnets (Shoutout to u/superphiz who does a lot of work over in that sub!). Don’t believe me? Head over to those subs and see for yourself.
Please don’t hate on me if you disagree about which project has the best community, it is just my very biased personal opinion and I respect your opinion if you disagree! :)

TL;DR:

submitted by Tricky_Troll to ethfinance [link] [comments]

Bitcoin Newcomers FAQ - Please read!

Welcome to the /Bitcoin Sticky FAQ

You've probably been hearing a lot about Bitcoin recently and are wondering what's the big deal? Most of your questions should be answered by the resources below but if you have additional questions feel free to ask them in the comments.
It all started with the release of the release of Satoshi Nakamoto's whitepaper however that will probably go over the head of most readers so we recommend the following videos for a good starting point for understanding how bitcoin works and a little about its long term potential:
Some other great resources include Lopp.net, the Princeton crypto series and James D'Angelo's Bitcoin 101 Blackboard series.
Some excellent writing on Bitcoin's value proposition and future can be found at the Satoshi Nakamoto Institute.
Some Bitcoin statistics can be found here and here. Developer resources can be found here. Peer-reviewed research papers can be found here.
Potential upcoming protocol improvements and scaling resources here and here.
The number of times Bitcoin was declared dead by the media can be found here (LOL!)

Key properties of Bitcoin

Where can I buy bitcoins?

Bitcoin.org and BuyBitcoinWorldwide.com are helpful sites for beginners. You can buy or sell any amount of bitcoin (even just a few dollars worth) and there are several easy methods to purchase bitcoin with cash, credit card or bank transfer. Some of the more popular resources are below, also check out the bitcoinity exchange resources for a larger list of options for purchases.
Here is a listing of local ATMs. If you would like your paycheck automatically converted to bitcoin use Bitwage.
Note: Bitcoins are valued at whatever market price people are willing to pay for them in balancing act of supply vs demand. Unlike traditional markets, bitcoin markets operate 24 hours per day, 365 days per year. Preev is a useful site that that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just Google "1 bitcoin in (your local currency)".

Securing your bitcoins

With bitcoin you can "Be your own bank" and personally secure your bitcoins OR you can use third party companies aka "Bitcoin banks" which will hold the bitcoins for you.
Note: For increased security, use Two Factor Authentication (2FA) everywhere it is offered, including email!
2FA requires a second confirmation code to access your account making it much harder for thieves to gain access. Google Authenticator and Authy are the two most popular 2FA services, download links are below. Make sure you create backups of your 2FA codes.
Google Auth Authy OTP Auth
Android Android N/A
iOS iOS iOS

Watch out for scams

As mentioned above, Bitcoin is decentralized, which by definition means there is no official website or Twitter handle or spokesperson or CEO. However, all money attracts thieves. This combination unfortunately results in scammers running official sounding names or pretending to be an authority on YouTube or social media. Many scammers throughout the years have claimed to be the inventor of Bitcoin. Websites like bitcoin(dot)com and the btc subreddit are active scams. Almost all altcoins (shitcoins) are marketed heavily with big promises but are really just designed to separate you from your bitcoin. So be careful: any resource, including all linked in this document, may in the future turn evil. Don't trust, verify. Also as they say in our community "Not your keys, not your coins".

Where can I spend bitcoins?

Check out spendabit or bitcoin directory for millions of merchant options. Also you can spend bitcoin anywhere visa is accepted with bitcoin debit cards such as the CashApp card. Some other useful site are listed below.
Store Product
Gyft Gift cards for hundreds of retailers including Amazon, Target, Walmart, Starbucks, Whole Foods, CVS, Lowes, Home Depot, iTunes, Best Buy, Sears, Kohls, eBay, GameStop, etc.
Spendabit, Overstock and The Bitcoin Directory Retail shopping with millions of results
ShakePay Generate one time use Visa cards in seconds
NewEgg and Dell For all your electronics needs
Bitwa.la, Coinbills, Piixpay, Bitbill.eu, Bylls, Coins.ph, Bitrefill, LivingRoomofSatoshi, Coinsfer, and more Bill payment
Menufy, Takeaway and Thuisbezorgd NL Takeout delivered to your door
Expedia, Cheapair, Destinia, Abitsky, SkyTours, the Travel category on Gyft and 9flats For when you need to get away
Cryptostorm, Mullvad, and PIA VPN services
Namecheap, Porkbun Domain name registration
Stampnik Discounted USPS Priority, Express, First-Class mail postage
Coinmap and AirBitz are helpful to find local businesses accepting bitcoins. A good resource for UK residents is at wheretospendbitcoins.co.uk.
There are also lots of charities which accept bitcoin donations.

Merchant Resources

There are several benefits to accepting bitcoin as a payment option if you are a merchant;
If you are interested in accepting bitcoin as a payment method, there are several options available;

Can I mine bitcoin?

Mining bitcoins can be a fun learning experience, but be aware that you will most likely operate at a loss. Newcomers are often advised to stay away from mining unless they are only interested in it as a hobby similar to folding at home. If you want to learn more about mining you can read more here. Still have mining questions? The crew at /BitcoinMining would be happy to help you out.
If you want to contribute to the bitcoin network by hosting the blockchain and propagating transactions you can run a full node using this setup guide. If you would prefer to keep it simple there are several good options. You can view the global node distribution here.

Earning bitcoins

Just like any other form of money, you can also earn bitcoins by being paid to do a job.
Site Description
WorkingForBitcoins, Bitwage, Cryptogrind, Coinality, Bitgigs, /Jobs4Bitcoins, BitforTip, Rein Project Freelancing
Lolli Earn bitcoin when you shop online!
OpenBazaar, Purse.io, Bitify, /Bitmarket, 21 Market Marketplaces
/GirlsGoneBitcoin NSFW Adult services
A-ads, Coinzilla.io Advertising
You can also earn bitcoins by participating as a market maker on JoinMarket by allowing users to perform CoinJoin transactions with your bitcoins for a small fee (requires you to already have some bitcoins.

Bitcoin-Related Projects

The following is a short list of ongoing projects that might be worth taking a look at if you are interested in current development in the bitcoin space.
Project Description
Lightning Network Second layer scaling
Blockstream, Rootstock and Drivechain Sidechains
Hivemind and Augur Prediction markets
Tierion and Factom Records & Titles on the blockchain
BitMarkets, DropZone, Beaver and Open Bazaar Decentralized markets
JoinMarket and Wasabi Wallet CoinJoin implementation
Coinffeine and Bisq Decentralized bitcoin exchanges
Keybase Identity & Reputation management
Abra Global P2P money transmitter network
Bitcore Open source Bitcoin javascript library

Bitcoin Units

One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:
Unit Symbol Value Info
bitcoin BTC 1 bitcoin one bitcoin is equal to 100 million satoshis
millibitcoin mBTC 1,000 per bitcoin used as default unit in recent Electrum wallet releases
bit bit 1,000,000 per bitcoin colloquial "slang" term for microbitcoin (μBTC)
satoshi sat 100,000,000 per bitcoin smallest unit in bitcoin, named after the inventor
For example, assuming an arbitrary exchange rate of $10000 for one Bitcoin, a $10 meal would equal:
For more information check out the Bitcoin units wiki.
Still have questions? Feel free to ask in the comments below or stick around for our weekly Mentor Monday thread. If you decide to post a question in /Bitcoin, please use the search bar to see if it has been answered before, and remember to follow the community rules outlined on the sidebar to receive a better response. The mods are busy helping manage our community so please do not message them unless you notice problems with the functionality of the subreddit.
Note: This is a community created FAQ. If you notice anything missing from the FAQ or that requires clarification you can edit it here and it will be included in the next revision pending approval.
Welcome to the Bitcoin community and the new decentralized economy!
submitted by BitcoinFan7 to Bitcoin [link] [comments]

A request...

I was talking on another reddit thread, and I made a few points, and some people asked for me to post the points here.
Part of the reason is that the left seems to fall apart whenever they try to implement their ideas, is that the left has never had a true egalitarian yet unifying database that they can use. For the record, mass murder of people simply based on their wealth prior to a revolution is morally wrong. The moment you start rounding people up and executing them after you have taken their wealth away is the moment you fall from socialism or even communism into something... horrifying. Something that is worse than capitalism and to be avoided at all costs.
Leftist systems tend to be wasteful, at least from a consumerist productivity point of view. They also tend to be top down hierarchies. And what irks me personally is that the one technology that could be used by the left to create a society spanning social system has been tainted by capitalism to the point that most leftists reject the idea of utilizing it, simply because of how it is used currently.
The thing that the left lacks... and I mean seriously lacks is organization. You have social revolutionaries, and they get ready to change the world, and do good, but then when you get down to brass tacks of how to implement the systems that would actually mirror their ideals, many of them have no knowledge of computer science, or economics, or even supply chains. Then the movement tends to collapse into power structures that work if there are good people in charge, but as we all know... power tends to corrupt.
What ends up happening is that you get a top down power system that is fundamentally unwieldy and slow. It has social justice, but its decision making is too slow for the real world, and it gets wasteful. On the other hand capitalism does not suffer from that because there are no rules, and nobody cares if they fuck other people over, so long as laws (written by the rich) are not broken.
The solution is not to embrace a top down model of values and laws, but a bottom up decision making process. That is something that has not really been done before. In traditional capitalism, you get bottom up laws + decision making, and top down enforcement. In communism (notably russia) you get top down laws+enforcement+decision making. This created the decision lag that the USSR was famous for.
We need the antithesis of capitalism, but communism running on standard ledgers with people able to cook their own books in their profit is not it. We need a system where goals for laws are written by a small group that are visionaries, and are not allowed to be corrupted. They are allowed to see society, and to craft statements for where they want society to go. Then, those goals need to be turned into simple laws, and then talented programmers need to write those laws into computer code, where the financial system of society also doubles as an information system. Then, those rules need to be able to be challenged, and brought to a high court to see if they disagree with the stated intention of the visionaries. But... within those rules, people need to be free to act, and to make decisions, and to organize themselves into hierarchies.
Unfortunately, until the entire world financial system is running on publicly verifiable smart contracts, and every single citizen has private/public keypair id, then you will never be able to implement this type of power structure. Ever.
You will forever be forced to implement the code at the level of banks, and enforce it using men with guns, but each bank will have its own implementation and loopholes. Its a complete patchwork that can be arbitraged. But, in order for THAT to happen, the entire world needs to accept and run on top of blockchain tech. Not bitcoin. bitcoin cannot do smart financial transactions, and bitcoin tends to aggregate wealth into the hands of the few.
Also, bitcoin has become the tool of anarchocapitalists, and there is nothing preventing a single person from having millions of wallet addresses.
The final platform that create the framework that is needed to create a unified financial framework that actual communism or socialism can successfully run on without incurring decision lag is something that needs the following features:
So, the identity of every single participant in a socialist system must be known. You also must not have people running around with 3-4 identities. By identity, I am talking about a digital account they can access.
Value. People must be able to send and receive money.But not just money. They need to be able to send and receive units of account. Capitalism is a disease of the few monopolizing the resources of the many, and resource use as well as resource generation does need to be tracked.
Information. Information on peoples transactions, the state of their account, and anything else they do should be available to all. Radical transparency should be a thing.
Law. The laws of this society need to be embedded in this platform. No illegal move should be possible. For example, if someone is blacklisted for committing a crime, then nobody in the society should be able to send them money. People's taxes should automatically be withdrawn from every transaction they make.
Anonymity. The identity of casual users on the network should be impossible to track. Now, radical transparency and anonymity sound like they are polar opposites. In a normal system... they are. However, if there were to be one way identifiable addresses... then the two concepts might not be antithetical. Consider, if a politician gave out his master id address, and all transactions that go to him flow to his address. But, if a normal person gave out a tertiary address for say... business, you would not be able to see their other tertiary addresses. This rectifies the two stances.
Voting. The democratic elections of the society need to be held on this network.
Out of all of the existing platforms, only ethereum, and perhaps polkadot or iota have the potential to become this system. Unfortunately, all of these systems are firmly in capitalist hands. There is one path I potentially see though. If a project were to be launched inside one of these platforms, a digital enclave could be created where the digital model of socialism could be built. Then, if that digital model were to be linked to a real world nation, or even a city... then the entire city or nation could be rolled onto the socialist platform, and once there... everything just comes together. The platform itself would order society. Thoughts?
submitted by Ghostcarapace3 to CapitalismVSocialism [link] [comments]

/r/Scams Common Scam Master Post

Hello visitors and subscribers of scams! Here you will find a master list of common (and uncommon) scams that you may encounter online or in real life. Thank you to the many contributors who helped create this thread!

If you know of a scam that is not covered here, write a comment and it will be added to the next edition.

Previous threads: https://old.reddit.com/Scams/search?q=common+scams+master+post&restrict_sr=on
Blackmail email scam thread: https://www.reddit.com/Scams/comments/jij7zf/the_blackmail_email_scam_part_6/
Some of these articles are from small, local publications and refer to the scam happening in a specific area. Do not think that this means that the scam won't happen in your area.

Spoofing

Caller ID spoofing
It is very easy for anyone to make a phone call while having any number show up on the caller ID of the person receiving the phone call. Receiving a phone call from a certain number does not mean that the person/company who owns that number has actually called you.
Email spoofing
The "from" field of an email can be set by the sender, meaning that you can receive scam emails that look like they are from legitimate addresses. It's important to never click links in emails unless absolutely necessary, for example a password reset link you requested or an account activation link for an account you created.
SMS spoofing
SMS messages can be spoofed, so be wary of messages that seem to be from your friends or other trusted people.

The most common scams

The fake check scam (Credit to nimble2 for this part)
The fake check scam arises from many different situations (for instance, you applied for a job, or you are selling something on a place like Craigslist, or someone wants to purchase goods or services from your business, or you were offered a job as a mystery shopper, you were asked to wrap your car with an advertisement, or you received a check in the mail for no reason), but the bottom line is always something like this:
General fraudulent funds scams If somebody is asking you to accept and send out money as a favour or as part of a job, it is a fraudulent funds scam. It does not matter how they pay you, any payment on any service can be fraudulent and will be reversed when it is discovered to be fraudulent.
Phone verification code scams Someone will ask you to receive a verification text and then tell you to give them the code. Usually the code will come from Google Voice, or from Craigslist. In the Google version of the scam, your phone number will be used to verify a Google Voice account that the scammer will use to scam people with. In the Craigslist version of the scam, your phone number will be used to verify a Craigslist posting that the scammer will use to scam people. There is also an account takeover version of this scam that will involve the scammer sending a password reset token to your phone number and asking you for it.
Bitcoin job scams
Bitcoin job scams involve some sort of fraudulent funds transfer, usually a fake check although a fraudulent bank transfer can be used as well. The scammer will send you the fraudulent money and ask you to purchase bitcoins. This is a scam, and you will have zero recourse after you send the scammer bitcoins.
Email flooding
If you suddenly receive hundreds or thousands of spam emails, usually subscription confirmations, it's very likely that one of your online accounts has been taken over and is being used fraudulently. You should check any of your accounts that has a credit card linked to it, preferably from a computer other than the one you normally use. You should change all of your passwords to unique passwords and you should start using two factor authentication everywhere.
Cartel scam
You will be threatened by scammers who claim to be affiliated with a cartel. They may send you gory pictures and threaten your life and the lives of your family. Usually the victim will have attempted to contact an escort prior to the scam, but sometimes the scammers target people randomly. If you are targeted by a cartel scam all you need to do is ignore the scammers as their threats are clearly empty.
Boss/CEO scam A scammer will impersonate your boss or someone who works at your company and will ask you to run an errand for them, which will usually be purchasing gift cards and sending them the code. Once the scammer has the code, you have no recourse.
Employment certification scams
You will receive a job offer that is dependent on you completing a course or receiving a certification from a company the scammer tells you about. The scammer operates both websites and the job does not exist.
Craigslist fake payment scams
Scammers will ask you about your item that you have listed for sale on a site like Craigslist, and will ask to pay you via Paypal. They are scamming you, and the payment in most cases does not actually exist, the email you received was sent by the scammers. In cases where you have received a payment, the scammer can dispute the payment or the payment may be entirely fraudulent. The scammer will then either try to get you to send money to them using the fake funds that they did not send to you, or will ask you to ship the item, usually to a re-shipping facility or a parcel mule.
Craigslist Carfax/vehicle history scam
You'll encounter a scammer on Craigslist who wants to buy the vehicle you have listed, but they will ask for a VIN report from a random site that they have created and they will expect you to pay for it.
Double dip/recovery scammers
This is a scam aimed at people who have already fallen for a scam previously. Scammers will reach out to the victim and claim to be able to help the victim recover funds they lost in the scam.
General fraudulent funds scams The fake check scam is not the only scam that involves accepting fraudulent/fake funds and purchasing items for scammers. If your job or opportunity involves accepting money and then using that money, it is almost certainly a frauduent funds scam. Even if the payment is through a bank transfer, Paypal, Venmo, Zelle, Interac e-Transfer, etc, it does not matter.
Credit card debt scam
Fraudsters will offer to pay off your bills, and will do so with fraudulent funds. Sometimes it will be your credit card bill, but it can be any bill that can be paid online. Once they pay it off, they will ask you to send them money or purchase items for them. The fraudulent transaction will be reversed in the future and you will never be able to keep the money. This scam happens on sites like Craigslist, Twitter, Instagram, and also some dating sites, including SeekingArrangement.
The parcel mule scam
A scammer will contact you with a job opportunity that involves accepting and reshipping packages. The packages are either stolen or fraudulently obtained items, and you will not be paid by the scammer. Here is a news article about a scam victim who fell for this scam and reshipped over 20 packages containing fraudulently acquired goods.
The Skype sex scam
You're on Facebook and you get a friend request from a cute girl you've never met. She wants to start sexting and trading nudes. She'll ask you to send pictures or videos or get on webcam where she can see you naked with your face in the picture. The scam: There's no girl. You've sent nudes to a guy pretending to be a girl. As soon as he has the pictures he'll demand money and threaten to send the pictures to your friends and family. Sometimes the scammer will upload the video to a porn site or Youtube to show that they are serious.
What to do if you are a victim of this scam: You cannot buy silence, you can only rent it. Paying the blackmailer will show them that the information they have is valuable and they will come after you for more money. Let your friends and family know that you were scammed and tell them to ignore friend requests or messages from people they don't know. Also, make sure your privacy settings are locked down and consider deactivating your account.
The underage girl scam
You're on a dating site or app and you get contacted by a cute girl. She wants to start sexting and trading nudes. Eventually she stops communicating and you get a call from a pissed off guy claiming to be the girl's father, or a police officer, or a private investigator, or something else along those lines. Turns out the girl you were sexting is underage, and her parents want some money for various reasons, such as to pay for a new phone, to pay for therapy, etc. There is, of course, no girl. You were communicating with a scammer.
What to do if you are a victim of this scam: Stop picking up the phone when the scammers call. Do not pay them, or they will be after you for more money.
Phishing
Phishing is when a scammer tries to trick you into giving information to them, such as your password or private financial information. Phishing messages will usually look very similar to official messages, and sometimes they are identical. If you are ever required to login to a different account in order to use a service, you should be incredibly cautious.
The blackmail email scam part 5: https://old.reddit.com/Scams/comments/g8jqnthe_blackmail_email_scam_part_5/
PSA: you did not win a giftcard: https://old.reddit.com/Scams/comments/fffmle/psa_you_did_not_win_a_gift_card/
Sugar scams
Sugar scammers operate all over the internet and usually come in two varieties: advance-fee scams where the scammer will ask for a payment from you before sending you lots of money, and fake check style scams where the scammer will either pull a classic fake check scam, or will do a "bill pay" style scam that involves them paying your bills, or them giving you banking information to pay your bills. If you encounter these scammers, report their accounts and move on.
Google Hangouts
Google Hangouts is a messaging platform used extensively by all kinds of scammers. If you are talking with someone online and they want you to switch to Hangouts, they are likely a scammer and you should proceed with caution.
Publishers Clearing House scams
PCH scams are often advance-fee scams, where you will be promised lots of money after you make an initial payment. You will never need to pay if you win money from the real PCH.
Pet scams
You are looking for a specific breed of puppy, bird, or other pet. You come across a nice-looking website that claims to be breeding them and has some available right now - they may even be on sale! The breeders are not local to your area (and may not even list a physical location) but they assure you they can safely ship the pet to you after a deposit or full payment. If you go through with the payment, you will likely be contacted by the "shipper" who will inform you about an unexpected shipping/customs/processing fee required to deliver your new pet. But there was never any pet, both the "breeder" and the "shipper" are scammers, typically operating out of Africa. These sites are rampant and account for a large percentage of online pet seller websites - they typically have a similar layout/template (screenshot - example)
If you are considering buying a pet online, some easy things to check are: (1) The registration date of the domain (if it was created recently it is likely a scam website) (2) Reverse image search the pictures of available pets - you will usually find other scam websites using the same photos. (3) Copy a sentence/section of the text from the "about us" page and put it into google (in quotes) - these scammers often copy large parts of their website's text from other places. (4) Search for the domain name and look for entries on petscams.com or other scam-tracking sites. (5) Strongly consider buying/adopting your pet from a local shelter or breeder where you can see the animal in person before putting any money down.
Thanks to djscsi for this entry.
Fake shipping company scams
These scams usually start when you try to buy something illegal online. You will be scammed for the initial payment, and then you will receive an email from the fake shipping company telling you that you need to pay them some sort of fee or bribe. If you pay this, they will keep trying to scam you with increasingly absurd stories until you stop paying, at which point they will blackmail you. If you are involved in this scam, all you can do is ignore the scammers and move on, and try to dispute your payments if possible.
Chinese Upwork scam
Someone will ask you to create an Upwork or other freelancer site account for them and will offer money in return. You will not be paid, and they want to use the accounts to scam people.
Quickbooks invoice scam
This is a fake check style scam that takes advantage of Quickbooks.
The blackmail email scam The exact wording of the emails varies, but there are generally four main parts. They claim to have placed software/malware on a porn/adult video site, they claim to have a video of you masturbating or watching porn, they threaten to release the video to your friends/family/loved ones/boss/dog, and they demand that you pay them in order for them to delete the video. Rest assured that this is a very common spam campaign and there is no truth behind the email or the threats. Here are some news articles about this scam.
The blackmail mail scam
This is very similar to the blackmail email scam, but you will receive a letter in the mail.
Rental scams Usually on local sites like Craigslist, scammers will steal photos from legitimate real estate listings and will list them for rent at or below market rate. They will generally be hesitant to tell you the address of the property for "safety reasons" and you will not be able to see the unit. They will then ask you to pay them a deposit and they claim they will ship you the keys. In reality, your money is gone and you will have no recourse.
Craigslist vehicle scams A scammer will list a vehicle on Craigslist and will offer to ship you the car. In many cases they will also falsely claim to sell you the car through eBay or Amazon. If you are looking for a car on Craigslist and the seller says anything about shipping the car, having an agent, gives you a long story about why they are selling the car, or the listing price is far too low, you are talking to a scammer and you should ignore and move on.
Advance-fee scam, also known as the 419 scam, or the Nigerian prince scam. You will receive a communication from someone who claims that you are entitled to a large sum of money, or you can help them obtain a large sum of money. However, they will need money from you before you receive the large sum.
Man in the middle scams
Man in the middle scams are very common and very hard to detect. The scammer will impersonate a company or person you are legitimately doing business with, and they will ask you to send the money to one of their own bank accounts or one controlled by a money mule. They have gained access to the legitimate persons email address, so there will be nothing suspicious about the email. To prevent this, make contact in a different way that lets you verify that the person you are talking to is the person you think you are talking to.
Digit wallet scam
A variation of the fake check scam, the scammer sends you money through a digital wallet (i.e. Venmo, Apple Pay, Zelle, Cash App) along with a message claiming they've sent the money to the wrong person and a request to send the money back. Customer service for these digital wallets may even suggest that you send the money back. However, the money sent is from a stolen credit card and will be removed from your account after a few days. Your transfer is not reversed since it came from your own funds.
Cam girl voting/viewer scam
You will encounter a "cam girl" on a dating/messaging/social media/whatever site/app, and the scammer will ask you to go to their site and sign up with your credit card. They may offer a free show, or ask you to vote for them, or any number of other fake stories.
Amateur porn recruitment scam
You will encounter a "pornstar" on a dating/messaging/social media/whatever site/app, and the scammer will ask you to create an adult film with hehim, but first you need to do something. The story here is usually something to do with verifying your age, or you needing to take an STD test that involves sending money to a site operated by the scammer.
Hot girl SMS spam
You receive a text from a random number with a message along the lines of "Hey babe I'm here in town again if you wanted to meet up this time, are you around?" accompanied by a NSFW picture of a hot girl. It's spam, and they'll direct you to their scam website that requires a credit card.
Identity verification scam
You will encounter someone on a dating/messaging/social media/whatever site/app, and the scammer will ask that you verify your identity as they are worried about catfishing. The scammer operates the site, and you are not talking to whoever you think you are talking to.
This type of scam teases you with something, then tries to make you sign up for something else that costs money. The company involved is often innocent, but they turn a blind eye to the practice as it helps their bottom line, even if they have to occasionally issue refunds. A common variation takes place on dating sites/dating apps, where you will match with someone who claims to be a camgirl who wants you to sign up for a site and vote for her. Another variation takes place on local sites like Craigslist, where the scammers setup fake rental scams and demand that you go through a specific service for a credit check. Once you go through with it, the scammer will stop talking to you. Another variation also takes place on local sites like Craigslist, where scammers will contact you while you are selling a car and will ask you to purchase a Carfax-like report from a specific website.
Multi Level Marketing or Affiliate Marketing
You apply for a vague job listing for 'sales' on craigslist. Or maybe an old friend from high school adds you on Facebook and says they have an amazing business opportunity for you. Or maybe the well dressed guy who's always interviewing people in the Starbucks that you work at asks if you really want to be slinging coffee the rest of your life. The scam: MLMs are little more than pyramid schemes. They involve buying some sort of product (usually snake oil health products like body wraps or supplements) and shilling them to your friends and family. They claim that the really money is recruiting people underneath you who give you a slice of whatever they sell. And if those people underneath you recruit more people, you get a piece of their sales. Ideally if you big enough pyramid underneath you the money will roll in without any work on your part. Failure to see any profit will be your fault for not "wanting it enough." The companies will claim that you need to buy their extra training modules or webinars to really start selling. But in reality, the vast majority of people who buy into a MLM won't see a cent. At the end of the day all you'll be doing is annoying your friends and family with your constant recruitment efforts. What to look out for: Recruiters love to be vague. They won't tell you the name of the company or what exactly the job will entail. They'll pump you up with promises of "self-generating income", "being your own boss", and "owning your own company." They might ask you to read books about success and entrepreneurs. They're hoping you buy into the dream first. If you get approached via social media, check their timelines. MLMs will often instruct their victims to pretend that they've already made it. They'll constantly post about how they're hustling and making the big bucks and linking to youtube videos about success. Again, all very vague about what their job actually entails. If you think you're being recruited: Ask them what exactly the job is. If they can't answer its probably a MLM. Just walk away.

Phone scams

You should generally avoid answering or engaging with random phone calls. Picking up and engaging with a scam call tells the scammers that your phone number is active, and will usually lead to more calls.
Tax Call
You get a call from somebody claiming to be from your countries tax agency. They say you have unpaid taxes that need to be paid immediately, and you may be arrested or have other legal action taken against you if it is not paid. This scam has caused the American IRS, Canadian CRA, British HMRC, and Australian Tax Office to issue warnings. This scam happens in a wide variety of countries all over the world.
Warrant Call
Very similar to the tax call. You'll get a phone call from an "agent", "officer", "sheriff", or other law enforcement officer claiming that there is a warrant out for your arrest and you will be arrested very soon. They will then offer to settle everything for a fee, usually paid in giftcards.
[Legal Documents/Process Server Calls]
Very similar to the warrant call. You'll get a phone call from a scammer claiming that they are going to serve you legal documents, and they will threaten you with legal consequences if you refuse to comply. They may call themselves "investigators", and will sometimes give you a fake case number.
Student Loan Forgiveness Scam
Scammers will call you and tell you about a student loan forgiveness program, but they are interested in obtaining private information about you or demanding money in order to join the fake program.
Tech Support Call You receive a call from someone with a heavy accent claiming to be a technician Microsoft or your ISP. They inform you that your PC has a virus and your online banking and other accounts may be compromised if the virus is not removed. They'll have you type in commands and view diagnostics on your PC which shows proof of the virus. Then they'll have you install remote support software so the technician can work on your PC, remove the virus, and install security software. The cost of the labor and software can be hundreds of dollars. The scam: There's no virus. The technician isn't a technician and does not work for Microsoft or your ISP. Scammers (primarily out of India) use autodialers to cold-call everyone in the US. Any file they point out to you or command they have you run is completely benign. The software they sell you is either freeware or ineffective. What to do you if you're involved with this scam: If the scammers are remotely on your computer as you read this, turn off your PC or laptop via the power button immediately, and then if possible unplug your internet connection. Some of the more vindictive tech scammers have been known to create boot passwords on your computer if they think you've become wise to them and aren't going to pay up. Hang up on the scammers, block the number, and ignore any threats about payment. Performing a system restore on your PC is usually all that is required to remove the scammer's common remote access software. Reports of identity theft from fake tech calls are uncommon, but it would still be a good idea to change your passwords for online banking and monitor your accounts for any possible fraud. How to avoid: Ignore any calls claiming that your PC has a virus. Microsoft will never contact you. If you're unsure if a call claiming to be from your ISP is legit, hang up, and then dial the customer support number listed on a recent bill. If you have elderly relatives or family that isn't tech savvy, take the time to fill them in on this scam.
Chinese government scam
This scam is aimed at Chinese people living in Europe and North America, and involves a voicemail from someone claiming to be associated with the Chinese government, usually through the Chinese consulate/embassy, who is threatening legal action or making general threats.
Chinese shipping scam
This scam is similar to the Chinese government scam, but involves a seized/suspicious package, and the scammers will connect the victim to other scammers posing as Chinese government investigators.
Social security suspension scam
You will receive a call from someone claiming to work for the government regarding suspicious activity, fraud, or serious crimes connected to your social security number. You'll be asked to speak to an operator and the operator will explain the steps you need to follow in order to fix the problems. It's all a scam, and will lead to you losing money and could lead to identity theft if you give them private financial information.
Utilities cutoff
You get a call from someone who claims that they are from your utility company, and they claim that your utilities will be shut off unless you immediately pay. The scammer will usually ask for payment via gift cards, although they may ask for payment in other ways, such as Western Union or bitcoin.
Relative in custody Scammer claims to be the police, and they have your son/daughtenephew/estranged twin in custody. You need to post bail (for some reason in iTunes gift cards or MoneyGram) immediately or the consequences will never be the same.
Mexican family scam
This scam comes in many different flavours, but always involves someone in your family and Mexico. Sometimes the scammer will claim that your family member has been detained, sometimes the scammer will claim that your family member has been kidnapped, and sometimes the scammer will claim that your family member is injured and needs help.
General family scams
Scammers will gather a large amount of information about you and target your family members using different stories with the goal of gettimg them to send money.
One ring scam
Scammers will call you from an international number with the goal of getting you to return their call, causing you to incur expensive calling fees.

Online shopping scams

THE GOLDEN RULE OF ONLINE SHOPPING: If it sounds too good to be true, it probably is.
Dropshipping
An ad on reddit or social media sites like Facebook and Instagram offers items at huge discounts or even free (sometimes requiring you to reblog or like their page). They just ask you to pay shipping. The scam: The item will turn out to be very low quality and will take weeks or even months to arrive. Sometimes the item never arrives, and the store disappears or stops responding. The seller drop-ships the item from China. The item may only cost a few dollars, and the Chinese government actually pays for the shipping. You end up paying $10-$15 dollars for a $4 item, with the scammer keeping the profit. If you find one of these scams but really have your heart set on the item, you can find it on AliExpress or another Chinese retailer.
Influencer scams
A user will reach out to you on a social media platform, usually Instagram, and offer you the chance to partner with them and receive a free/discounted product, as long as you pay shipping. This is a different version of the dropshipping scam, and is just a marketing technique to get you to buy their products.
Triangulation fraud
Triangulation fraud occurs when you make a purchase on a site like Amazon or eBay for an item at a lower than market price, and receive an item that was clearly purchased new at full price. The scammer uses a stolen credit card to order your item, while the money from the listing is almost all profit for the scammer.
Instagram influencer scams
Someone will message you on Instagram asking you to promote their products, and offering you a discount code. The items are Chinese junk, and the offer is made to many people at a time.
Cheap Items
Many websites pop up and offer expensive products, including electronics, clothes, watches, sunglasses, and shoes at very low prices. The scam: Some sites are selling cheap knock-offs. Some will just take your money and run. What to do if you think you're involved with this scam: Contact your bank or credit card and dispute the charge. How to avoid: The sites often have every brand-name shoe or fashion item (Air Jordan, Yeezy, Gucci, etc) in stock and often at a discounted price. The site will claim to be an outlet for a major brand or even a specific line or item. The site will have images at the bottom claiming to be Secured by Norton or various official payment processors but not actual links. The site will have poor grammar and a mish-mash of categories. Recently, established websites will get hacked or their domain name jacked and turned into scam stores, meaning the domain name of the store will be completely unrelated to the items they're selling. If the deal sounds too good to be true it probably is. Nobody is offering brand new iPhones or Beats or Nintendo Switches for 75% off.
Cheap Amazon 3rd Party Items
You're on Amazon or maybe just Googling for an item and you see it for an unbelievable price from a third-party seller. You know Amazon has your back so you order it. The scam: One of three things usually happen: 1) The seller marks the items as shipped and sends a fake tracking number. Amazon releases the funds to the seller, and the seller disappears. Amazon ultimately refunds your money. 2) The seller immediately cancels the order and instructs you to re-order the item directly from their website, usually with the guarantee that the order is still protected by Amazon. The seller takes your money and runs. Amazon informs you that they do not offer protection on items sold outside of Amazon and cannot help you. 2) The seller immediately cancels the order and instructs you to instead send payment via an unused Amazon gift card by sending the code on the back via email. Once the seller uses the code, the money on the card is gone and cannot be refunded. How to avoid: These scammers can be identified by looking at their Amazon storefronts. They'll be brand new sellers offering a wide range of items at unbelievable prices. Usually their Amazon names will be gibberish, or a variation on FIRSTNAME.LASTNAME. Occasionally however, established storefronts will be hacked. If the deal is too good to be true its most likely a scam.
Scams on eBay
There are scams on eBay targeting both buyers and sellers. As a seller, you should look out for people who privately message you regarding the order, especially if they ask you to ship to a different address or ask to negotiate via text/email/a messaging service. As a buyer you should look out for new accounts selling in-demand items, established accounts selling in-demand items that they have no previous connection to (you can check their feedback history for a general idea of what they bought/sold in the past), and lookout for people who ask you to go off eBay and use another service to complete the transaction. In many cases you will receive a fake tracking number and your money will be help up for up to a month.
Scams on Amazon
There are scams on Amazon targeting both buyers and sellers. As a seller, you should look out for people who message you about a listing. As a buyer you should look out for listings that have an email address for you to contact the person to complete the transaction, and you should look out for cheap listings of in-demand items.
Scams on Reddit
Reddit accounts are frequently purchased and sold by fraudsters who wish to use the high karma count + the age of the account to scam people on buy/sell subreddits. You need to take precautions and be safe whenever you are making a transaction online.
Computer scams
Virus scam
A popup or other ad will say that you have a virus and you need to follow their advice in order to remove it. They are lying, and either want you to install malware or pay for their software.

Assorted scams

Chinese Brushing / direct shipping
If you have ever received an unsolicited small package from China, your address was used to brush. Vendors place fake orders for their own products and send out the orders so that they can increase their ratings.
Money flipping
Scammer claims to be a banking insider who can double/triple/bazoople any amount of money you send them, with no consequences of any kind. Obviously, the money disappears into their wallet the moment you send it.

General resources

Site to report scams in the United Kingdom: http://www.actionfraud.police.uk/
Site to report scams in the United States: https://www.ic3.gov/default.aspx
Site to report scams in Canada: www.antifraudcentre-centreantifraude.ca/reportincident-signalerincident/index-eng.htm
Site to report scams in Europe: https://www.europol.europa.eu/report-a-crime/report-cybercrime-online
FTC scam alerts: https://www.consumer.ftc.gov/scam-alerts
Microsoft's anti-scam guide: https://www.microsoft.com/en-us/safety/online-privacy/avoid-phone-scams.aspx
https://www.usa.gov/common-scams-frauds
https://www.usa.gov/scams-and-frauds
https://www.consumer.ftc.gov/features/scam-alerts
https://www.fbi.gov/scams-and-safety/common-fraud-schemes
submitted by EugeneBYMCMB to Scams [link] [comments]

[Table] IAmA dark web expert, investigative journalist and true crime author. I’ve met dark web kingpins in far flung prisons and delved the murky depths of child predator forums. I’ve written six books and over a dozen Casefile podcast episodes. AMA (part 2/2)

Source | Guestbook
Previous thread
Questions Answers
Around here nobody talks about the argument that increased regulation of the internet would help stop child predators. Is that true, and if so where do you fall on the Net Neutrality vs law enforcement spectrum? No I don't think that's true at all. Child predators have been around much longer than the internet, and I would argue child abuse was more prevalent 50+ years ago when children were seen and not heard and it wasn't talked about. The dark web hasn't created more predators, it has just given them a new place to gather and hang out.
The one thing I found really interesting when I was lurking the forums of the child predators was their frustration about how children are now taught from a very young age that certain touching and acts are wrong and that they shouldn't keep certain secrets. It came up over and over again that they could not abuse certain children because they knew those children had someone they would tell. It was pretty clear that education was a child's best defence against getting abused.
the below is a reply to the above
That's so interesting, thanks for the AMA! Can you remember any other thing that a child could do in order to protect himself from being abused? What other characteristics do the abusers hate in potential victims? That seems to be the main one. Kids who speak up and who have close relationships with one or more people they are likely to confide in
What do folks talk about in the child predator forums? Do they like give each other advice on how to improve their craft? Yes, quite literally. The give each other tips on how not to get caught, how to edit out incriminating details in videos, how to drug children, techniques for convincing kids not to tell etc
the below is a reply to the above
Given your insight into how predators operate, do you have any advice for parents on protecting their kids? I'll cut'n'paste a response i gave to someone else about this, because it was something that really stuck out to me:
The one thing I found really interesting when I was lurking the forums of the child predators was their frustration about how children are now taught from a very young age that certain touching and acts are wrong and that they shouldn't keep certain secrets. It came up over and over again that they could not abuse certain children because they knew those children had someone they would tell. It was pretty clear that education was a child's best defence against getting abused. Kids who speak up and who have close relationships with one or more people they are likely to confide in
Has the exponential increase in Bitcoin value affected darknet dealers in any profound way? I can imagine that some drug dealers were sitting on quite a large sum of Bitcoin when the value shot up. Crypto purists hate to admit it, but bitcoin would not be where it is today without Silk Road. It was sitting at less than a dollar when Silk Road began and the markets showed a robust use case for cryptocurrency and as the markets grew, so did the demand for bitcoin. It also provided real-life use data for those who were not interested in drugs but who weren't sure if it had practical application. When SR went down, Bitcoin was at about $650 and it continued to grow as adoption became more mainstream. There are many many stories of drug dealers (and at least one faux-hitman!) who gained most of their wealth not by selling the drugs, but by the growth in value of their bitcoin holdings
Since you have a lot of experience with them online. Do you think pedophiles(not child abusers) should be treated as criminals, or as people suffering from a mental illness? Contact offenders should be treated as criminals, because they are criminals. They have abused or hurt someone. Same with those who support the creation and dissemination of child abuse materials.
Pedophiles who do not act on their urges should be given as much help as humanly possible.
Are there any mysterious or suspicious pages or communities that you haven’t been able to access? Anything that seems especially weird? there are a lot of Russian communities that I can't access, mostly because I don't speak Russian. Some of the more technical hacking communities have entry barriers that I'm not technical enough to score an invite to
How much these bad people really exist out there? Hundreds? Thousands? More? It depends what you mean by bad. If you mean people who use the dark web to buy drugs (who I do not consider bad) then there are many many thousands. There are also thousands of people who deal in stolen information to make money.
Unfortunately there are also thousands of child predators and the dark web has provided a "safe space" for them to come together to share materials and "tips". I hope this is where most of the resources of law enforcement are concentrated
Ehy mine is a rare question: what do you know about art on dark web? I'm talking about the black market made of stolen important pieces from museums, art used as value to money laundry and other criminal affairs I'm an artist and what I know is people don't think too much about the dark side of art and probably they need to open their eyes about I really haven't come across much in the way of that. Some of the markets have an "art" section, but that is mostly blotter art
How accurate are the legends? Any legends in particular? For a lowdown copied from a post I made in another forum:
1Red Rooms  The one that is most persistent is the myth of the "Red Room" - live streaming of torture/rape that ends in the murder of the victim and which people can pay to watch, or even bid to type in commands for the torturer to carry out (highest bid wins!). The most famous was the “ISIS Red Room” pictured above, where people could provide instructions to torture captured terrorists - you can read what happened here.
People have this idea of Hostel with webcams exist all over the dark web, but you just need an invite to get into them. It's ridiculous. They don't exist. They certainly wouldn't exist on Tor. But people are desperate to believe and they always come back with "You can't prove they don't exist, people are crazy, therefore they must exist." Picture my eyes rolling here.
2.Hitman sites
I don't think many people are taken in by the hitmen sites anymore, though the press loves playing up the fact that there are sites offering up hitman services. But every single one of them has turned out to be a scam, especially Besa Mafia, the one that did the most marketing. Again, you can read about it at the same link as above.
3.Exotic animals  People are always asking where they can find markets for exotic animals. Obviously the illegal trade in exotic animals exists, and some communications and transactions may well take place over Tor, but there are no markets like the drug markets where you can go and look at a picture and then put a tiger or ocelot or something into your basket and buy it with bitcoin.
SO WHAT DOES HAPPEN ON THE DARK WEB?
1.People buy and sell drugs.
The drug markets are more busy than ever. You have probably heard of Silk Road, the most famous online drug market that got busted a few years ago and the owner sent to prison for two consecutive life terms? A lot of people thought that was the end of drugs being sold on the dark web. In fact, dark web sales of drugs have tripled since the shutdown of Silk Road.
The reason people buy drugs this way is that for many they offer a safer alternative for people who are going to do drugs anyway. There is no possibility of any violence. The vast majority of the time a buyer knows exactly what they are getting, because of the feedback and rating system. That's not the case in a nightclub, or even friends-of-friends, where you just blindly accept that the pill, powder or tab is what the seller says it is.
2.People buy and sell other illegal things
Mostly they buy and sell stolen credit cards and financial information, fake IDs (though lots of these are scams), personal information, “dumps” of hacked data and fraud-related items. For a long time, a seller was making a fortune selling fake discount coupons that really worked.
3.People access and create childporn  Unlike the other markets, the CP market is generally not for money, but rather they are groups who swap vile images and videos for free. The worst of the worst is called “hurtcore’. Thankfully, most of the people behind the worst sites have been arrested and put in jail.
4.People talk about stuff
There are plenty of sites, forums and chatrooms where people talk about all sorts of things - conspiracies, aliens, weird stuff. They take advantage of the anonymity.
5.People anonymously release information
Whistleblowers use the dark web to release information and make sure their identities won't be compromised. You will find Wikileaks, for example, on the dark web.
6.People surf the web anonymously
The number 1 thing people use the dark web for is just to surf the web completely anonymously. Not everybody wants to be tracked by advertisers.
I have a question: what are the odds of the casual Darkweb drug buyer - not buying mega loads all the time - the occasional purchase - what are the risks of being busted? Kinda figuring pretty low. But you’re the expert. What do you think? Obviously there is always a risk, but the risk is very low. It is rare for personal amounts to be seized. Even if a package is seized, there's usually no resources to follow it up. Many people report simply receiving a letter from Customs saying they have seized what they believe is contraband and the person has a choice of going to claim it or it will be destroyed. Even if LE does knock on the door there is plausible deniability: "I don't know who sent that stuff to me".
So yeah, rare, but it does happen. You might be the unlucky one
How do you find things on the dark web without search engines? There are a lot of entry sites, set up with links to the most popular places. You can generally get a link to one of them by browsing places like reddit. From there it is a matter of checking out different places, people will put links in forums etc.
I also use a Pastebin where people paste sites they have made/found, and a Fresh Onion site, which crawls all the newly-populated .onion addresses
Hi. there!! Thank you for answering questions. Mine is very simple. How do sellers get the drugs to people? Regular mail? That's always puzzled me bc I'd assume USPS, UPS, fedEx or any other mail carrier would catch at least some goods. If people are ordering drugs, particularly in powder form, for personal use, they can be flattened, sealed in MBB (moisture barrier baggies) and sent in a regular business envelope, indistinguishable from billions of other envelopes going through the postal system every day. The chances of a particular package being intercepted is very low.
Some people take the extra precaution of having the person taking delivery of the drugs different to the person/household that is ordering them.
How did you move from being a corporate lawyer to researching and writing about dark web? I was in London, working for one of the most conservative law firms in the world when the Global Financial Crisis hit. I liked the job but it struck me when people were losing their livelihoods that I was working for the bad guys. I'd always wanted to be a writer so when I came back to Australia I quit law and enrolled in a writing course planning to be a novelist, but I discovered I was better at journalism. I first wrote for newspapers here about Silk Road and it grew from there
I've always wanted to check out the dark web, what is a normal day for you look like on there? Can you give me any tips on how to safely surf the dark web? A normal day looks like me sitting at my desk writing things on my computer. When I'm researching a book or a case I venture away from my computer to trials and to interview people (at least I did pre-COVID)
There is nothing inherently unsafe in surfing the dark web. All the usual precautions you take surfing the clearweb apply. Don't visit any child exploitation sites - it will be pretty obvious that's what they are by the names/descriptions before you log in.
It is only when you want to do more than surfing - e.g. buying drugs etc - that you need to do a LOT of homework or you will absolutely get scammed
Is there anything good about the dark web? It depends what you are into. A lot of academic research has concluded that the darknet markets provide a safer way for people to buy and use drugs, due to the ratings of vendors, services that independently test and report back on batches of drugs, doctor on staff ready to answer questions, no violence in transactions etc.
News sites provide a dark web option so that whistleblowers can safety provide information and upload documents that get stripped of any identifying metadata before being available.
It bypasses firewalls and allows for secure communications under hostile regimes
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How does this make you feel about the idea of the decriminalization of drugs? I've always been for full legalization of drugs, and studying the darknet markets just proved I was right.
I was invited to an experts roundtable in Portugal about drugs and cybercrime a few years ago and the Portugal model of decriminalisation has been a great success
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Hey, you are still answering. Been reading this thread for 1-2 hours now. Thank you so much for all the good work and info! Always been intrigued by this topic, downloaded tor once to explore a bit but couldn’t and deleted it right away, to be on the safer side. Great insights. Thanks! I've been writing it for about 14 hours. Going a bit loopy
How was working on Casefile? What's the production process like? Which episodes did u do?? I have listened to... all of them.... I absolutely LOVE working for Casefile. I am a freelancer, so I source and write my own cases and then sell the scripts to Casefile. I've done at least a dozen, but some of my most popular are Amy Allwine, Mark & John, Ella Tundra, Leigh Leigh, Rebecca Schaeffer...
As for the production process, once I have sold the script to them, a staff member edits them and then they are passed on to Casey to narrate. After that, they go to Mike for sound editing, music etc. They are the best team ever
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Oh, Leigh Leigh was so well written!! How do you choose which stories to write? Do you just pick true crime you're interested in? Thank you! I have a huge list of potential episodes. Any time I come across an interesting crime on reddit, or in the news or wherever I make a note of it. Then I just pick one when it comes time to write a new script.
Sometimes I've been personally involved (e.g. Amy Allwine), gone to trials etc. Those are always the best ones
Hi Eiley, your twitter just reminded me of this AMA :) What are your thoughts on bitcoin? And would you prefer to be paid in crypto or fiat? OOOOH, I know that name! Love & Light to you!
I like Bitcoin and I wish I had a whole lot of it and like many many people, I wish I had kept the first crypto I bought at something like $4 a coin :D I do not have a whole lot of it but I do have a little bit. I like the philosophy behind it and in theory it should change the world. However the reality is that the vast majority of it is concentrated in a very few hands which allows for market manipulation and stops it being useful as a post-fiat currency.
As long as I'm getting paid, I'm pretty happy!
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I too remember your name Pluto! Such a decent human ❤ he is!! True OG right there <3
Is the dark web subject to more racism than its counterpart, the world wide web? There are some white power sites and that sort of thing and the chans are even more uncensored than the clearweb ones (4chan, 8chan) but to be honest they are the same cesspools in different spots. Drug forums don't seem to be very racist. I've seen worse on Twitter
Have you seen any consequential political or social organizing being carried out on the dark web? Not directly, but the dark web helped facilitate the Arab Spring uprising in 2010 by allowing activists to remain anonymous and to access blocked websites and social media. Wikileaks, obviously. Some white supremacy organizations seem to use it to coordinate attacks, but they are not places I'm keen to hang out in.
What’s the most expensive thing for sale you’ve seen on the dark web? What was surprisingly inexpensive? I can't remember specific listings, but there were sometimes sales of things like coke by the kilo, so that sort of thing I guess.
LSD could easily be found for $1/tab and one huge dealer gave it away for free if it was for personal use
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1. I’m going to ask a couple in hopes that one will catch your interest! I know you’re anonymous on the dark web, but even so, have you ever felt worried about your safety? I actually made the decision to be upfront and honest about who I am on the dark web, so I use the name OzFreelancer (which is easily traceable to my real name) on all the dark web sites where i went looking for interviews. The people there had the option of talking to me or not, so they had no reason to want to harm me.
2. I’ve found your comments about your relationship with Yura fascinating. Did y’all develop a friendship? Did you build any other relationships that stand out in your mind? Since you were straightforward about being on the dark web for stories, did people seem reluctant to communicate, or were they excited for the opportunity to divulge a secret? We do have a friendship of sorts, it is really quite weird. I do hope to met him one day. I met all of the senior staff of Silk Road other than the Dread Pirate Roberts himself and keep in touch with some. Some people wanted nothing to do with me of course, but many more were happy to talk to me. i think sometimes it was a relief to them to be able to talk to one person who they knew was who they said they were.
3. On violent forums, did users ever express remorse, guilt, shame, or anything indicative of some recognition that what they were viewing/seeking was awful? Do you see doxxing teams on the dark web working together to uncover info, or is the info already there through previous hacks/breaches, and someone just accesses and releases it? Sorry if any of those don’t make sense! I’m not familiar with the dark web lingo but am so intrigued by your work. Not really. I think if they were contributing to the forums, they were comfortable with who they were and what they were doing. Many of the "regular" pedophiles expressed revulsion about Lux and hurtcore sites though
these have probably been asked before but has there ever been a time where you where genuinely been scared for your life and whats the most messed up thing you've witnessed did you have any help? Yeah both things have been answered in this thread, so I'll cut'n'paste
The only time I've felt even slightly in danger despite all this nosing around in there was when I helped uncover a hitman scam. The owner of Besa Mafia, the most profitable murder-for-hire site in history, came after me when I started writing about him. He made loads of threats ("you don't know who I am, but I know who you are and where you live") but that wasnt scary, as I had access to the backdoor of his site thanks to a friendly hacker and knew he didn't really want to hurt anybody.
It took a bit of a darker turn when he told the people who had signed up to work as hitmen on his site - and who he made video themselves burning cars with signs on them to advertise how legit his site was, then never sent them the promised money for doing so - that I was the owner of the site who had ripped them off. That could have become ugly, but luckily even the thugs weren't dumb enough to believe him.
The only other time I've been a bit nervous was when Homeland Security wanted to have a "friendly" meeting with me on one of my trips to the US to attend a trial. They were friendly, but scary too.
The most frightening experience I've ever had is coming face to face with Lux, the owner of Pedoempire and Hurt2theCore, the most evil and reviled person on the entire dark web. He was responsible for procuring and hosting Daisy's Destruction, the most repulsive video ever made, created by Peter Scully, whose crimes were so bad, the Philippines are considering reinstating the death penalty especially for him.
It wasn't frightening because Lux was frightening - he was anything but. It was frightening because he looked so inoffensive and normal.
It was frightening because he was living proof that monsters walk among us and we never know.
[deleted] It is absolute crap for browsing the clearweb, and a lot of sites detect that it is odd traffic and you have to solve their CAPTCHAs before doing the most basic things
I’m sure you’ve seen some really bad stuff, do you regularly talk to a therapist to help? I've never seen a therapist (they don't really seem to be a thing in Australia they way they are in the US), but I have been known to unload on my partner and my dog
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Yo, speaking as an Aussie, they absolutely are a thing, you can get them covered thru medicare, and I recommend it if you possibly can! Bro, therapy is awesome. I'm not against therapy as a thing, but I've honestly never been so traumatised that I feel I need it. Also I had a bad experience with a psychologist after I watched my partner die in an accident - they suggested I find God, and I noped out of there
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Therapist is an American term- we call them psychs. And the one who told you to find God was terrible and out of line. Yeah she didn't last long before I was over it. Also a doctor decided I needed Xanax, which was also a bad move, because what I really needed was to grieve and Xanax doesn't let you do that properly
Do you find any good things on the dark web? Happy stuff that gives people hope? Or just the trash? I like the psychonaut communities. They just want peace, love and mungbeans for everybody
Have you heard of "The Primarch System" rumor of the dark web? Sounds downright silly to me. But I'm curious if anyone who spends time on the deep web actually takes it seriously, or if as an idea it is connected to anything serious at all. Nah, up there with the Shadow Web and Mariana's Web. There's always people who want to find out where the "deeper" "more secret" "really dark" stuff is. To them I say what, hurtcore isn't dark enough for you?
Doesn't delving the murky depths of child predator forums categorize you with the child predators in the eyes of an investigating law enforcement agency? Do you have some sort of amnesty due to your journalism, or is that something you worry about having to explain away? Has your presence there ever caused some sort of a scare? No, I never went into any of the sites that had actual photos or videos (you can't un-see that shit), but did spend a lot of time in pedophile discussion forums. I also went to a hurtcore hearing and saw screenshots in the police files, as well as listening for two days to videos being described frame-by-frame and private communications between the site owner and the sadists.
Besides drugs and sex crimes, what else is going on in the dark web? Are there other interesting nooks and crannies? I often post screenshots of bizarre sites I find on my Twitter. However, the main uses for the dark web are drugs, digital/fraud goods and child exploitation
I have one, it might be rather boring though, but here goes. On these "child predator forums" are they actually forums devoted to stalking children and do they share social media profiles of children among themselves? That would be kik ids, snapchat and facebook ids, instagram, stuff like that, info that would allow online access and that may have been chosen for suitability? Creepy question I know, but anyway I would be interested to hear your answer. I came here from TrueCrime, you referred to these things in your post on that sub. I suspect I already know the answer yet would like to hear your take on it. Yes, they provide information and tips on how to approach children, how to ensure they won't tell, how to sedate them in some instances, where to find child exploitation material, how to remove metadata and any identifying characteristics in photos and videos before sharing and so on.
They don't tend to share socia media, as that is the sort of thing that can be traced easily. They do talk about how to approach kids on social media and on the worst forums how to blackmail children into stripping/meeting etc
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So you're saying they have a more general approach rather than identifying individual children on the internet? Again a creepy question because what I suggest is that a child's social media could be used and circulated on the dark web as potential information to gain access by anonymity, even if it was just online access only. I actually wonder as I have recently read of the anonymity of apps like ''kik messenger'' and how the police are often unable to get any information from the communications as they remain encrypted and off the server and require little if any valid ID to make an account. No doubt photos from social media are uploaded as part of the materials they have. I haven't seen anything where they get together and try to track down a specific child, but I'm sure some predators do this. Most are more likely to abuse children in their orbit - family, kids of friends, or they work where they have access to children
I heard there are forums to download books but it was really dangerous, Is it true? I'm just a poor guy who wants to finish the young Jack sparrow series Whenever you download anything from a pirate site you run the risk of infection
What do you think of QAnon? Wackjob conspiracy
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Who should the conspiracy theorists actually be worried about if they actually care about thwarting pedophilia? The vast, vast majority of child abuse takes place within the child's personal orbit - relatives, family friends, parents of their own friends, people involved in their activities (coaches, leaders, etc)
So, those people
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Also how to we get people to stop believing in QAnon? Outside my area of expertise, sorry
do you personally believe there was/is any truth to the "defense" (story) that DPR was a title handed down to different admins for the original silk road, or was it just a convenient defense? do you have any theories as to who satoshi nakamoto is? besides the original SR, are there any other darkweb markets that you think have a good enough story to turn into a book? eg sheep market? i've seen you talk a little about the child predator forums, and (as with h2tc) noted are mainly populated by males. i'm curious if you've ever encountered females on such forums/websites (eg. btfk) No. There was a time that I believed the person posting on the forums as DPR changed, but the ownership and administration of the market I believe never changed hands. Variety Jones is claiming a part ownership (which may or may not be true) but I believe that is so he can run a Fourth Amendment argument
So many theories have some credibility to them, but no one theory ticks all the boxes. Highly recommend the 3-part youtube deep dive by Barely Sociable
I'm not sure any one market has the story that Silk Road had, but I would like to write a definitive history that encompasses the most compelling features of all the markets. Backopy of BMR apparently got away clean. The admins of Atlantis got wind of a security issue and closed shop, trying to warn DPR. AlphaBay ended in Alexander Cazes death in a Bangkok prison cell. Then everyone flocked to Hansa, which by that time was being run by law enforcement. Evolution ended in the most brazen exit scam, followed by a bizarre cloak'n'dagger situation played out right here on reddit. The WSM/DDW follow-the-money case. And these are just some that come right off the top of my head. I just need a publisher to provide me an advance I can live off while I write it!
There were a very few people on the forums who identified as female (obvs anyone can be anyone on a dark web forum) and there have been one or two arrests of women in relation to dark web child pornography. Peter Scully's female assistant who carried out some of the torture was originally one of his victims, turned into a sadist.
What’s the one lingering unanswered question you have about SR? I am hanging out for Joel Ellingson to go to trial so that I can find out once and for all whether redandwhite, lucydrop and Tony76 are one and the same person.
There are several people who I got to "know" by their handles who I wonder about from time to time, but mostly I hope they are safe and well and i don't want to track them down or expose them
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Eileen, I am fangirling PRE-TTY hard right now. Talking SR and Tony76 with you is how I imagine it feels to talk to a royal correspondent about Prince Andrew 😅 Ellingson being all three would be a very neat end to an otherwise insane story. Part of me wants to pin Oracle in with that trio too but that’s mostly a desperate attempt from me to add another layer to the madness. I miss the twists and turns that came with the rise and fall of SR. From your own experience - would you agree with the idea that more than one person staffed the DPR account? Thanks for the reply! Ha! You have no idea what it is like when I find someone who really knows about this stuff and can have informed conversations about it. I latch onto them and don't let go. The very BEST was meeting up with DPR's three deputies (SSBD in Australia, Inigo in US and Libertas in Ireland) so I could actually have conversations with people who knew more than I did! Variety Jones was cool too, but the conversation couldn't flow too freely thanks to him being incarcerated in Bangkok prison at the time.
I think others sometimes posted from the forum account, but Ulbricht kept a vice-like grip on his market account
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I can imagine it’s so satisfying and exciting to get those tidbits of info that piece the jigsaw together. The bedlam that played out over the forum in the aftermath was a cloud of paranoia and adrenaline that kept me refreshing pages for days. Would love to hear accounts from SSBD, Inigo and Libertas from this time. One last question: what were your thoughts when the Chloe Ayling story first broke? I assumed it was a publicity stunt. I don't think that any more. I guess I can't blame her for milking her kidnapping for publicity in the aftermath, though I don't think she does herself any favors the way she goes about it sometimes
Sorry if this has been covered before but in your research, mainly related to child abuse, where are these children coming from? Children in their care/ family? Kidnapped? The vast majority of child abuse is carried out by someone within their social circle - family and acquaintances. However, the hurtcore stuff was often carried out in third world countries on orphans or where desperate families gave up their children to "benefactors" who they believed were going to provide food an education
What Casefile episodes have you written? I became obsessed with it and ripped through all the episodes and now nothing will fill that void. Thanks for your efforts! Casefile – the murder of Amy Allwine
Casefile – Blue Skies, Black Death
Casefile – Ella Tundra
Casefile – Dnepropetrovsk Maniacs
Casefile – Motown Murders
Casefile – Rebecca Schaeffer
Casefile – Sian Kingi
Casefile – John & Mark
Casefile – Shauna Howe
Casefile – Chloe Ayling
Casefile – Johnny Altinger
Casefile – Killer Petey
Casefile – The Santa Claus Bank Robbery
Casefile – Martha Puebla
Casefile – Leigh Leigh
Is there any way parents can keep their kids safe from this without being helicopter parents? I'll cut'n'paste a response i gave to someone else about this, because it was something that really stuck out to me:
The one thing I found really interesting when I was lurking the forums of the child predators was their frustration about how children are now taught from a very young age that certain touching and acts are wrong and that they shouldn't keep certain secrets. It came up over and over again that they could not abuse certain children because they knew those children had someone they would tell. It was pretty clear that education was a child's best defence against getting abused. Kids who speak up and who have close relationships with one or more people they are likely to confide in
What does it take in terms of degrees and experience to get into this business? Nothing official. I was a lawyer, but that had no bearing on what I do now (I did corporate law). I didn't have any official credentials when I began as a freelance journalist, though later I got a diploma of professional writing and editing. Anyone can be an author, provided they can write
If you could take a guess from your findings, what would be some speculative statistics on these abuse/torture sites? How many people (tens of thousands?) are involved? Do they generally come from the same places in the world or are they seemingly geographically random (based on victim ethnicity, or language spoken, perhaps)... what are some quantifying stats to wrap our heads around how prevalent this shit is? Most dark web users come from western countries, just because infrastructure supports it. The sites often have tens of thousands of registered users, but a lot of them would be people for whom curiosity got the better of them and who signed up then left. Active users more like in the thousands, hyper-active users the hundreds.
One of the things that makes life difficult for law enforcement is that most of these sites don't operate on a commercial basis - people aren't making money from them, so there is no cryptocurrency chain to follow. They operate on a sharing basis and to get access to the more private parts of the sites, a user has to upload "fresh" material and/or prove they are actively abusing a child. Hurt2theCore used to get users to have the children hold up signs or have the site name or a username written on their bodies with a marker. This stopped law enforcement from getting access to those parts (like the "producers lounge") of the sites unless they were able to take over an account of a user who already had access. Even then, the rules of the hurtcore sites would require constant new proof in order to maintain access.
Some sites allowed people to buy access, such as one called "Welcome to Video" and then were taken down by law enforcement carrying out blockchain analysis of the Bitcoin transaction that led to the owner when they cashed out to fiat without moneylaundering precautions
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Do you think LE uses deep fakes to simulate a picture to gain access? Is that possible? It is definitely possible, but I don't know whether they are doing it as they are understandably secretive about their methods. I know it is deeply problematic, as even fake child porn is still illegal (even cartoon stuff, including some Hentai in some countries). But they have used questionable methods before, most notably running the dark web's largest site, Playpen, for over a year in order to identify contact offenders
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Am I hearing you that many people are NOT doing this for financial gain? Just to do it and share it?? Child exploitation, yes, it is mostly a sharing community. Some people make some money out of it, but it is not like drugs where a lot of people are making a LOT of money
On the subject of abused kids... did you ever help the kids in any way? I never met any of the kids. I never saw any of the photos and videos. I don't know who any of the kids are.
Daisy has been taken into care and her identity changed. I hope she is doing okay
What exactly does the dark web look like? You hear about it often, but don’t know if it looks like Google Chrome, Safari, or just a page full of code. It looks like a normal browser and operates just like a normal browser. It's just that it can access sites that your normal browser can't.
e.g. http://thehub5himseelprs44xzgfrb4obgujkqwy5tzbsh5yttebqhaau23yd.onion/index.php is the URL of a dark web forum. If you plug it into your normal browser you will get an error. If you plug it into the Tor browser you will get the registration page for The Hub
How do you keep yourself from hating all humanity? I am happy to report that, even on the dark web, the good people outnumber the bad
Hi! First off I'd like to say that I find what you do quite fascinating and would love to do something like that in the future. My question is in regards to art and other forms of artistic expression on the dark web. Is it true that the dark web is a place where you can also find awesome things such as art and literature? Not really, because all that stuff is readily available on the clearweb. There are sites like the Imperial Library of Trantor, which is a pirate site for books, where you can read thousands of books for free, but that's really no different to The Pirate Bay. Some people share their LSD art, but again, nothing you won't find on the clearweb
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