I am putting together my investment portfolio for 2018 and made a complete summary of the current Top 100. Interestingly, I noticed that all coins can be categorized into 12 markets. Which markets do you think will play the biggest role in the coming year?
Here is a complete overview of all coins in an excel sheet including name, a full description, market, TPS, risk profile, time since launch (negative numbers mean that they are launching that many months in the future) and market cap. You can also sort by all of these fields of course. Coins written in bold are the strongest contenders within their market either due to having the best technology or having a small market cap and still excellent technology and potential. https://docs.google.com/spreadsheets/d/1s8PHcNvvjuy848q18py_CGcu8elRGQAUIf86EYh4QZo/edit#gid=0
The 12 markets are
- Currency 13 coins
- Platform 25 coins
- Ecosystem 9 coins
- Privacy 9 coins
- Currency Exchange Tool 8 coins
- Gaming & Gambling 4 coins
- Misc 15 coins
- Social Network 4 coins
- Fee Token 3 coins
- Decentralized Data Storage 4 coins
- Cloud Computing 2 coins
- Stable Coin 3 coins
Before we look at the individual markets, we need to take a look of the overall market and its biggest issue, scalability, first:
Cryptocurrencies aim to be a decentralized currency that can be used worldwide. Their goal is to replace dollar, Euro, Yen, all FIAT currencies globally. The coin that will achieve that will be worth several trillion dollars.
Bitcoin can only process 7 transactions per second (TPS) currently. In order to replace all FIAT, it would need to perform at least at VISA levels, which usually processes around 3,000 TPS, up to 25,000 TPS during peak times and a maximum of 64,000 TPS. That means that this cryptocurrency would need to be able to perform at least several thousand TPS. However, a ground breaking technology should not look at current technology to set a goal for its use, i.e. estimating the number of emails sent in 1990 based on the number of faxes sent wasn’t a good estimate.
For that reason, 10,000 TPS is the absolute baseline for a cryptocurrency that wants to replace FIAT. This brings me to IOTA, which wants to connect all 80 billion IoT devices that are expected to exist by 2025, which constantly communicate with each other, possibly creating 80 billion or more transactions per second. This is the benchmark that cryptocurrencies should be aiming for. Currently, 8 billion devices are connected to the Internet.
With its Lightning network recently launched, Bitcoin is realistically looking at 50,000 possible TPS soon. Other notable cryptocurrencies besides IOTA and Bitcoin are Nano with 7,000 TPS already tested, Dash with several billion TPS possible with Masternodes, Neo, LISK and RHOC with 100,000 TPS by 2020, Ripple with 50,000 TPS, Ethereum with 10,000 TPS with Sharding.
However, it needs to be said that scalability usually goes at the cost of decentralization and security. So, it needs to be seen, which of these technologies can prove themselves decentralized while maintaining high TPS.
Without further ado, here are the coins of the first market. Each market is sorted by market cap.
Market 1 - Currency:
- Bitcoin: 1st generation blockchain with currently bad scalability, though the implementation of the Lightning Network looks promising and could alleviate most scalability and high energy use concerns.
- Ripple: Centralized currency that might become very successful due to tight involvement with banks and cross-border payments for financial institutions; banks and companies like Western Union and Moneygram (who they are currently working with) as customers customers. However, it seems they are aiming for more decentralization now.https://ripple.com/dev-blog/decentralization-strategy-update/. Has high TPS due to Proof of Correctness algorithm.
- Bitcoin Cash: Bitcoin fork with the difference of having an 8 times bigger block size, making it 8 times more scalable than Bitcoin currently. Further block size increases are planned. Only significant difference is bigger block size while big blocks lead to further problems that don't seem to do well beyond a few thousand TPS. Opponents to a block size argue that increasing the block size limit is unimaginative, offers only temporary relief, and damages decentralization by increasing costs of participation. In order to preserve decentralization, system requirements to participate should be kept low. To understand this, consider an extreme example: very big blocks (1GB+) would require data center level resources to validate the blockchain. This would preclude all but the wealthiest individuals from participating.Community seems more open than Bitcoin's though.
- Litecoin : Little brother of Bitcoin. Bitcoin fork with different mining algorithm but not much else.Copies everything that Bitcoin does pretty much. Lack of real innovation.
- Dash: Dash (Digital Cash) is a fork of Bitcoin and focuses on user ease. It has very fast transactions within seconds, low fees and uses Proof of Service from Masternodes for consensus. They are currently building a system called Evolution which will allow users to send money using usernames and merchants will find it easy to integrate Dash using the API. You could say Dash is trying to be a PayPal of cryptocurrencies. Currently, cryptocurrencies must choose between decentralization, speed, scalability and can pick only 2. With Masternodes, Dash picked speed and scalability at some cost of decentralization, since with Masternodes the voting power is shifted towards Masternodes, which are run by Dash users who own the most Dash.
- IOTA: 3rd generation blockchain called Tangle, which has a high scalability, no fees and instant transactions. IOTA aims to be the connective layer between all 80 billion IOT devices that are expected to be connected to the Internet in 2025, possibly creating 80 billion transactions per second or 800 billion TPS, who knows. However, it needs to be seen if the Tangle can keep up with this scalability and iron out its security issues that have not yet been completely resolved.
- Nano: 3rd generation blockchain called Block Lattice with high scalability, no fees and instant transactions. Unlike IOTA, Nano only wants to be a payment processor and nothing else, for now at least. With Nano, every user has their own blockchain and has to perform a small amount of computing for each transaction, which makes Nano perform at 300 TPS with no problems and 7,000 TPS have also been tested successfully. Very promising 3rd gen technology and strong focus on only being the fastest currency without trying to be everything.
- Decred: As mining operations have grown, Bitcoin’s decision-making process has become more centralized, with the largest mining companies holding large amounts of power over the Bitcoin improvement process. Decred focuses heavily on decentralization with their PoW Pos hybrid governance system to become what Bitcoin was set out to be. They will soon implement the Lightning Network to scale up. While there do not seem to be more differences to Bitcoin besides the novel hybrid consensus algorithm, which Ethereum, Aeternity and Bitcoin Atom are also implementing, the welcoming and positive Decred community and professoinal team add another level of potential to the coin.
- Bitcoin Atom: Atomic Swaps and hybrid consenus. This looks like the only Bitcoin clone that actually is looking to innovate next to Bitcoin Cash.
- Dogecoin: Litecoin fork, fantastic community, though lagging behind a bit in technology.
- Bitcoin Gold: A bit better security than bitcoin through ASIC resistant algorithm, but that's it. Not that interesting.
- Digibyte: Digibyte's PoS blockchain is spread over a 100,000+ servers, phones, computers, and nodes across the globe, aiming for the ultimate level of decentralization. DigiByte’s adoption over the past four years has been slow. The DigiByte website offers a lot of great marketing copy and buzzwords. However, there’s not much technical information about what they have planned for the future. You could say Digibyte is like Bitcoin, but with shorter blocktimes and a multi-algorithm. However, that's not really a difference big enough to truly set themselves apart from Bitcoin, since these technologies could be implemented by any blockchain without much difficulty. Their decentralization is probably their strongest asset, however, this also change quickly if the currency takes off and big miners decide to go into Digibyte.
- Bitcoin Diamond Asic resistant Bitcoin and Copycat
Market 2 - Platform
Most of the cryptos here have smart contracts and allow dapps (Decentralized apps) to be build on their platform and to use their token as an exchange of value between dapp services.
- Ethereum: 2nd generation blockchain that allows the use of smart contracts. Bad scalability currently, though this concern could be alleviated by the soon to be implemented Lightning Network aka the Raiden Network, Plasma and its Sharding concept.
- EOS: Promising technology that wants to be able do everything, from smart contracts like Ethereum, scalability similar to Nano with 1000 tx/second + near instant transactions and zero fees, to also wanting to be a platform for dapps. However, EOS doesn't have a product yet and everything is just promises still. There are lots of red flags, e.g. having dumped $500 million Ether over the last 2 months and possibly bought back EOS to increase the size of their ICO, which has been going on for over a year and has raised several billion dollars. All in all, their market cap is way too high for that and not even having a product. However, Mainnet release is in 1 month, which could change everything.
- Cardano: Similar to Ethereum/EOS, however, only promises made with no delivery yet, highly overrated right now. Interesting concept though. Market cap way too high for not even having a product. Somewhat promising technology.
- VeChain: Singapore-based project that’s building a business enterprise platform and inventory tracking system. Examples are verifying genuine luxury goods and food supply chains. Has one of the strongest communities in the crypto world. Most hyped token of all, with merit though.
- Neo: Neo is a platform, similar to Eth, but more extensive, allowing dapps and smart contracts, but with a different smart contract gas system, consensus mechanism (PoS vs. dBfT), governance model, fixed vs unfixed supply, expensive contracts vs nearly free contracts, different ideologies for real world adoption. There are currently only 9 nodes, each of which are being run by a company/entity hand selected by the NEO council (most of which are located in china) and are under contract. This means that although the locations of the nodes may differ, ultimately the neo council can bring them down due to their legal contracts. In fact this has been done in the past when the neo council was moving 50 million neo that had been locked up. Also dbft (or neo's implmentation of it) has failed underload causing network outages during major icos. The first step in decentralization is that the NEO Counsel will select trusted nodes (Universities, business partners, etc.) and slowly become less centralized that way. The final step in decentralization will be allowing NEO holders to vote for new nodes, similar to a DPoS system (ARK/EOS/LISK). NEO has a regulation/government friendly ideology. Finally they are trying to work undewith the Chinese government in regards to regulations. If for some reason they wanted it shut down, they could just shut it down.
- Stellar:PoS system, similar goals as Ripple, but more of a platform than only a currency. 80% of Stellar are owned by Stellar.org still, making the currency centralized.
- Ethereum classic: Original Ethereum that decided not to fork after a hack. The Ethereum that we know is its fork. Uninteresing, because it has a lot of less resources than Ethereum now and a lot less community support.
- Ziliqa: Zilliqa is building a new way of sharding. 2400 tpx already tested, 10,000 tps soon possible by being linearly scalable with the number of nodes. That means, the more nodes, the faster the network gets. They are looking at implementing privacy as well.
- QTUM: Enables Smart contracts on the Bitcoin blockchain. Useful.
- Icon: Korean ethereum. Decentralized application platform that's building communities in partnership with banks, insurance providers, hospitals, and universities. Focused on ID verification and payments.
- LISK: Lisk's difference to other BaaS is that side chains are independent to the main chain and have to have their own nodes. Similar to neo whole allows dapps to deploy their blockchain to. Like most cryptocurrencies, Lisk is currently somewhat centralized with a small group of members owning more than 50% of the delegated positions. Lisk plans to change the consensus algorithm for that reason in the near future.
- Rchain: Similar to Ethereum with smart contract, though much more scalable at an expected 40,000 TPS and possible 100,000 TPS. Not launched yet. No product launched yet, though promising technology. Not overvalued, probably at the right price right now.
- ARDR: Similar to Lisk. Ardor is a public blockchain platform that will allow people to utilize the blockchain technology of Nxt through the use of child chains. A child chain, which is a ‘light’ blockchain that can be customized to a certain extent, is designed to allow easy self-deploy for your own blockchain. Nxt claims that users will "not need to worry" about security, as that part is now handled by the main chain (Ardor). This is the chief innovation of Ardor. Ardor was evolved from NXT by the same company. NEM started as a NXT clone.
- Ontology: Similar to Neo. Interesting coin
- Bytom: Bytom is an interactive protocol of multiple byte assets. Heterogeneous byte-assets (indigenous digital currency, digital assets) that operate in different forms on the Bytom Blockchain and atomic assets (warrants, securities, dividends, bonds, intelligence information, forecasting information and other information that exist in the physical world) can be registered, exchanged, gambled and engaged in other more complicated and contract-based interoperations via Bytom.
- Nxt: Similar to Lisk
- Aeternity: We’ve seen recently, that it’s difficult to scale the execution of smart contracts on the blockchain. Crypto Kitties is a great example. Something as simple as creating and trading unique assets on Ethereum bogged the network down when transaction volume soared. Ethereum and Zilliqa address this problem with Sharding. Aeternity focuses on increasing the scalability of smart contracts and dapps by moving smart contracts off-chain. Instead of running on the blockchain, smart contracts on Aeternity run in private state channels between the parties involved in the contracts. State channels are lines of communication between parties in a smart contract. They don’t touch the blockchain unless they need to for adjudication or transfer of value. Because they’re off-chain, state channel contracts can operate much more efficiently. An important aspect of smart contract and dapp development is access to outside data sources. This could mean checking the weather in London, score of a football game, or price of gold. Oracles provide access to data hosted outside the blockchain. In many blockchain projects, oracles represent a security risk and potential point of failure, since they tend to be singular, centralized data streams. Aeternity proposes decentralizing oracles with their oracle machine. Doing so would make outside data immutable and unchangeable once it reaches Aeternity’s blockchain. Aeternity’s network runs on on a hybrid of proof of work and proof of stake. Founded by a long-time crypto-enthusiast and early colleague of Vitalik Buterin, Yanislav Malahov. Promising concept though not product yet
- Stratis: Different to LISK, Stratis will allow businesses and organizations to create their own blockchain according to their own needs, but secured on the parent Stratis chain. Stratis’s simple interface will allow organizations to quickly and easily deploy and/or test blockchain functionality of the Ethereum, BitShares, BitCoin, Lisk and Stratis environements.
- Status: Status provides access to all of Ethereum’s decentralized applications (dapps) through an app on your smartphone. It opens the door to mass adoption of Ethereum dapps by targeting the fastest growing computer segment in the world – smartphone users.
- Ark: Fork of Lisk that focuses on a smaller feature set. Ark wallets can only vote for one delegate at a time which forces delegates to compete against each other and makes cartel formations incredibly hard, if not impossible.
- Neblio: Similar to Neo, but at a 30x smaller market cap.
- NEM: Is similar to Neo. However, it has no marketing team, very high market cap for little clarilty what they do.
- Bancor: Bancor is a Decentralized Liquidity Network that allows you to hold any Ethereum token and convert it to any other token in the network, with no counter party, at an automatically calculated price, using a simple web wallet.
- Dragonchain: The Purpose of DragonChain is to help companies quickly and easily incorporate blockchain into their business applications. Many companies might be interested in making this transition because of the benefits associated with serving clients over a blockchain – increased efficiency and security for transactions, a reduction of costs from eliminating potential fraud and scams, etc.
- Skycoin: Transactions with zero fees that take apparently two seconds, unlimited transaction rate, no need for miners and block rewards, low power usage, all of the usual cryptocurrency technical vulnerabilities fixed, a consensus mechanism superior to anything that exists, resistant to all conceivable threats (government censorship, community infighting, cybenucleaconventional warfare, etc). Skycoin has their own consensus algorithm known as Obelisk written and published academically by an early developer of Ethereum. Obelisk is a non-energy intensive consensus algorithm based on a concept called ‘web of trust dynamics’ which is completely different to PoW, PoS, and their derivatives. Skywire, the flagship application of Skycoin, has the ambitious goal of decentralizing the internet at the hardware level and is about to begin the testnet in April. However, this is just one of the many facets of the Skycoin ecosystem. Skywire will not only provide decentralized bandwidth but also storage and computation, completing the holy trinity of commodities essential for the new internet. Skycion a smear campaign launched against it, though they seem legit and reliable. Thus, they are probably undervalued.
Market 3 - Ecosystem
The 3rd market with 11 coins is comprised of ecosystem coins, which aim to strengthen the ease of use within the crypto space through decentralized exchanges, open standards for apps and more
- Nebulas: Similar to how Google indexes webpages Nebulas will index blockchain projects, smart contracts & data using the Nebulas rank algorithm that sifts & sorts the data. Developers rewarded NAS to develop & deploy on NAS chain. Nebulas calls this developer incentive protocol – basically rewards are issued based on how often dapp/contract etc. is used, the more the better the rewards and Proof of devotion. Works like DPoS except the best, most economically incentivised developers (Bookkeeppers) get the forging spots. Ensuring brains stay with the project (Cross between PoI & PoS). 2,400 TPS+, DAG used to solve the inter-transaction dependencies in the PEE (Parallel Execution Environment) feature, first crypto Wallet that supports the Lightening Network.
- Waves: Decentralized exchange and crowdfunding platform. Let’s companies and projects to issue and manage their own digital coin tokens to raise money.
- Salt: Leveraging blockchain assets to secure cash loands. Plans to offer cash loans in traditional currencies, backed by your cryptocurrency assets. Allows lenders worldwide to skip credit checks for easier access to affordable loans.
- CHAINLINK: ChainLink is a decentralized oracle service, the first of its kind. Oracles are defined as an ‘agent’ that finds and verifies real-world occurrences and submits this information to a blockchain to be used in smart contracts.With ChainLink, smart contract users can use the network’s oracles to retrieve data from off-chain application program interfaces (APIs), data pools, and other resources and integrate them into the blockchain and smart contracts. Basically, ChainLink takes information that is external to blockchain applications and puts it on-chain. The difference to Aeternity is that Chainlink deploys the smart contracts on the Ethereum blockchain while Aeternity has its own chain.
- WTC: Combines blockchain with IoT to create a management system for supply chains Interesting
- Ethos unifyies all cryptos. Ethos is building a multi-cryptocurrency phone wallet. The team is also building an investment diversification tool and a social network
- Komodo: The Komodo blockchain platform uses Komodo’s open-source cryptocurrency for doing transparent, anonymous, private, and fungible transactions. They are then made ultra-secure using Bitcoin’s blockchain via a Delayed Proof of Work (dPoW) protocol and decentralized crowdfunding (ICO) platform to remove middlemen from project funding. Offers services for startups to create and manage their own Blockchains.
- Aion: Today, there are hundreds of blockchains. In the coming years, with widespread adoption by mainstream business and government, these will be thousands or millions. Blockchains don’t talk to each other at all right now, they are like the PCs of the 1980s. The Aion network is able to support custom blockchain architectures while still allowing for cross-chain interoperability by enabling users to exchange data between any Aion-compliant blockchains by making use of an interchain framework that allows for messages to be relayed between blockchains in a completely trust-free manner.
- Tenx: Raised 80 million, offers cryptocurrency-linked credit cards that let you spend virtual money in real life. Developing a series of payment platforms to make spending cryptocurrency easier.
Market 4 - Privacy
The 4th market are privacy coins. As you might know, Bitcoin is not anonymous. If the IRS or any other party asks an exchange who is the identity behind a specific Bitcoin address, they know who you are and can track back almost all of the Bitcoin transactions you have ever made and all your account balances. Privacy coins aim to prevent exactly that through address fungability, which changes addresses constantly, IP obfuscation and more. There are 2 types of privacy coins, one with completely privacy and one with optional privacy. Optional Privacy coins like Dash and Nav have the advantage of more user friendliness over completely privacy coins such as Monero and Enigma.
- Monero: Currently most popular privacy coin, though with a very high market cap. Since their privacy is all on chain, all prior transactions would be deanonymized if their protocol is ever cracked. This requires a quantum computing attack though. PIVX is better in that regard.
- Zcash: A decentralized and open-source cryptocurrency that hide the sender, recipient, and value of transactions. Offers users the option to make transactions public later for auditing. Decent privacy coin, though no default privacy
- Verge: Calls itself privacy coin without providing private transactions, multiple problems over the last weeks has a toxic community, and way too much hype for what they have.
- Bytecoin: First privacy-focused cryptocurrency with anonymous transactions. Bytecoin’s code was later adapted to create Monero, the more well-known anonymous cryptocurrency. Has several scam accusations, 80% pre-mine, bad devs, bad tech
- Bitcoin Private: A merge fork of Bitcoin and Zclassic with Zclassic being a fork of Zcash with the difference of a lack of a founders fee required to mine a valid block. This promotes a fair distribution, preventing centralized coin ownership and control. Bitcoin private offers the optional ability to keep the sender, receiver, and amount private in a given transaction. However, this is already offered by several good privacy coins (Monero, PIVX) and Bitcoin private doesn't offer much more beyond this.
- PIVX: As a fork of Dash, PIVX uses an advanced implementation of the Zerocoin protocol to provide it’s privacy. This is a form of zeroknowledge proofs, which allow users to spend ‘Zerocoins’ that have no link back to them. Unlike Zcash u have denominations in PIVX, so they can’t track users by their payment amount being equal to the amount of ‘minted’ coins, because everyone uses the same denominations. PIVX is also implementing Bulletproofs, just like Monero, and this will take care of arguably the biggest weakness of zeroknowledge protocols: the trusted setup.
- Zcoin: PoW cryptocurrency. Private financial transactions, enabled by the Zerocoin Protocol. Zcoin is the first full implementation of the Zerocoin Protocol, which allows users to have complete privacy via Zero-Knowledge cryptographic proofs.
- Enigma: Monero is to Bitcoin what enigma is to Ethereum. Enigma is for making the data used in smart contracts private. More of a platform for dapps than a currency like Monero. Very promising.
- Navcoin: Like bitcoin but with added privacy and pos and 1,170 tps, but only because of very short 30 second block times. Though, privacy is optional, but aims to be more user friendly than Monero. However, doesn't really decide if it wants to be a privacy coin or not. Same as Zcash.Strong technology, non-shady team.
Market 5 - Currency Exchange Tool
Due to the sheer number of different cryptocurrencies, exchanging one currency for the other it still cumbersome. Further, merchants don’t want to deal with overcluttered options of accepting cryptocurrencies. This is where exchange tool like Req come in, which allow easy and simple exchange of currencies.
- Cryptonex: Fiat and currency exchange between various blockchain services, similar to REQ.
- QASH: Qash is used to fuel its liquid platform which will be an exchange that will distribute their liquidity pool. Its product, the Worldbook is a multi-exchange order book that matches crypto to crypto, and crypto to fiat and the reverse across all currencies. E.g., someone is selling Bitcoin is USD on exchange1 not owned by Quoine and someone is buying Bitcoin in EURO on exchange 2 not owned by Quoine. They turned it on to test it a few months ago for an hour or so and their exchange was the top exchange in the world by 4x volume for the day because all Worldbook trades ran through it. Binance wants BNB to be used on their one exchange. Qash wants their QASH token embedded in all of their partners.
- Kyber: network Exchange between cryptocurrencies, similar to REQ. Features automatic coin conversions for payments. Also offers payment tools for developers and a cryptocurrency wallet.
- Achain: Building a boundless blockchain world like Req .
- Centrality: Centrality is a decentralized market place for dapps that are all connected together on a blockchain-powered system. Centrality aims to allow businesses to work together using blockchain technology. With Centrality, startups can collaborate through shared acquisition of customers, data, merchants, and content. That shared acquisition occurs across the Centrality blockchain, which hosts a number of decentralized apps called Scenes. Companies can use CENTRA tokens to purchase Scenes for their app, then leverage the power of the Centrality ecosystem to quickly scale. Some of Centrality's top dapps are, Skoot, a travel experience marketplace that consists of a virtual companion designed for free independent travelers and inbound visitors, Belong, a marketplace and an employee engagement platform that seems at helping business provide rewards for employees, Merge, a smart travel app that acts as a time management system, Ushare, a transports application that works across rental cars, public transport, taxi services, electric bikes and more. All of these dapps are able to communicate with each other and exchange data through Centrality.
- Bitshares: Exchange between cryptocurrencies. Noteworthy are the 1.5 second average block times and throughput potential of 100,000 transactions per second with currently 2,400 TPS having been proven. However, Bitshares had several Scam accusations in the past.
- Loopring: A protocol that will enable higher liquidity between exchanges and personal wallets by pooling all orders sent to its network and fill these orders through the order books of multiple exchanges. When using Loopring, traders never have to deposit funds into an exchange to begin trading. Even with decentralized exchanges like Ether Delta, IDex, or Bitshares, you’d have to deposit your funds onto the platform, usually via an Ethereum smart contract. But with Loopring, funds always remain in user wallets and are never locked by orders. This gives you complete autonomy over your funds while trading, allowing you to cancel, trim, or increase an order before it is executed.
- ZRX: Open standard for dapps. Open, permissionless protocol allowing for ERC20 tokens to be traded on the Ethereum blockchain. In 0x protocol, orders are transported off-chain, massively reducing gas costs and eliminating blockchain bloat. Relayers help broadcast orders and collect a fee each time they facilitate a trade. Anyone can build a relayer.
Market 6 - Gaming
With an industry size of $108B worldwide, Gaming is one of the largest markets in the world. For sure, cryptocurrencies will want to have a share of that pie.
- Storm: Mobile game currency on a platform with 9 million players.
- Fun: A platform for casino operators to host trustless, provably-fair gambling through the use of smart contracts, as well as creating their own implementation of state channels for scalability.
- Electroneum: Mobile game currency They have lots of technical problems, such as several 51% attacks
- Wax: Marketplace to trade in-game items
Market 7 - Misc
There are various markets being tapped right now. They are all summed up under misc.
- OMG: Omise is designed to enable financial services for people without bank accounts. It works worldwide and with both traditional money and cryptocurrencies.
- Power ledger: Australian blockchain-based cryptocurrency and energy trading platform that allows for decentralized selling and buying of renewable energy. Unique market and rather untapped market in the crypto space.
- Populous: Populous is a platform that connects business owners and invoice buyers without middlemen. Furthermore, it is a peer-to-peer (P2P) platform that uses blockchain to provide small and medium-sized enterprises (SMEs) a more efficient way to participate in invoice financing. Businesses can sell their outstanding invoices at a discount to quickly free up some cash. Invoice sellers get cash flow to fund their business and invoice buyers earn interest.
- Monacoin: The first Japanese cryptocurrency. Focused on micro-transactions and based on a popular internet meme of a type-written cat. This makes it similar to Dogecoin. Very niche, tiny market.
- Revain: Legitimizing reviews via the blockchain. Interesting concept, though market not as big.
- Augur: Platform to forecast and make wagers on the outcome of real-world events (AKA decentralized predictions). Uses predictions for a “wisdom of the crowd” search engine. Not launched yet.
- Substratum: Revolutionzing hosting industry via per request billing as a decentralized internet hosting system. Uses a global network of private computers to create the free and open internet of the future. Participants earn cryptocurrency. Interesting concept.
- Veritaseum: Is supposed to be a peer to peer gateway, though it looks like very much like a scam.
- TRON: Tronix is looking to capitalize on ownership of internet data to content creators. However, they plagiarized their white paper, which is a no go. They apologized, so it needs to be seen how they will conduct themselves in the future. Extremely high market cap for not having a product, nor proof of concept.
- Syscoin: A cryptocurrency with a decentralized marketplace that lets people buy and sell products directly without third parties. Trying to remove middlemen like eBay and Amazon.
- Hshare: Most likely scam because of no code changes, most likely pump and dump scheme, dead community.
- BAT: An Ethereum-based token that can be exchanged between content creators, users, and advertisers. Decentralized ad-network that pays based on engagement and attention.
- Dent: Decentralizeed exchange of mobile data, enabling mobile data to be marketed, purchased or distributed, so that users can quickly buy or sell data from any user to another one.
- Ncash: End to end encrypted Identification system for retailers to better serve their customers .
- Factom Secure record-keeping system that allows companies to store their data directly on the Blockchain. The goal is to make records more transparent and trustworthy .
Market 8 - Social network
Web 2.0 is still going strong and Web 3.0 is not going to ignore it. There are several gaming tokens already out there and a few with decent traction already, such as Steem, which is Reddit with voting through money is a very interesting one.
- Mithril: As users create content via social media, they will be rewarded for their contribution, the better the contribution, the more they will earn
- Steem: Like Reddit, but voting with money. Already launched product and Alexa rank 1,000 Thumbs up.
- Rdd: Reddcoin makes the process of sending and receiving money fun and rewarding for everyone. Reddcoin is dedicated to one thing – tipping on social networks as a way to bring cryptocurrency awareness and experience to the general public.
- Kin: Token for the platform Kik. Kik has a massive user base of 400 million people. Replacing paying with FIAT with paying with KIN might get this token to mass adoption very quickly.
Market 9 - Fee token
Popular exchanges realized that they can make a few billion dollars more by launching their own token. Owning these tokens gives you a reduction of trading fees. Very handy and BNB (Binance Coin) has been one of the most resilient tokens, which have withstood most market drops over the last weeks and was among the very few coins that could show growth.
- BNB: Fee token for Binance
- Gas: Not a Fee token for an exchange, but it is a dividend paid out on Neo and a currency that can be used to purchase services for dapps.
- Kucoin: Fee token for Kucoin
Market 10 - Decentralized Data Storage
Currently, data storage happens with large companies or data centers that are prone to failure or losing data. Decentralized data storage makes loss of data almost impossible by distributing your files to numerous clients that hold tiny pieces of your data. Remember Torrents? Torrents use a peer-to-peer network. It is similar to that. Many users maintain copies of the same file, when someone wants a copy of that file, they send a request to the peer-to-peer network., users who have the file, known as seeds, send fragments of the file to the requester. The requester receives many fragments from many different seeds, and the torrent software recompiles these fragments to form the original file.
- Gbyte: Byteball data is stored and ordered using directed acyclic graph (DAG) rather than blockchain. This allows all users to secure each other's data by referencing earlier data units created by other users, and also removes scalability limits common for blockchains, such as blocksize issue.
- Siacoin: Siacoin is decentralized storage platform. Distributes encrypted files to thousands of private users who get paid for renting out their disk space. Anybody with siacoins can rent storage from hosts on Sia. This is accomplish via "smart" storage contracts stored on the Sia blockchain. The smart contract provides a payment to the host only after the host has kept the file for a given amount of time. If the host loses the file, the host does not get paid.
- Maidsafecoin: MaidSafe stands for Massive Array of Internet Disks, Secure Access for Everyone.Instead of working with data centers and servers that are common today and are vulnerable to data theft and monitoring, You can think of SAFE as a crowd-sourced internet. It’s an autonomous network that automatically sets prices and distributes data and rents out hard drive disk space with a Blockchain-based storage solutions.When you upload a file to the network, such as a photo, it will be broken into pieces, hashed, and encrypted. Then, redundant copies of the data are created as well so that if someone storing your file turns off their computer, you will still have access to your data. And don’t worry, even with pieces of your data on other people’s computers, they won’t be able to read them. You can earn MadeSafeCoins by participating in storing data pieces from the network on your computer and thus earning a Proof of Resource.
- Storj: Storj aims to become a cloud storage platform that can’t be censored or monitored, or have downtime. Your files are encrypted, shredded into little pieces called 'shards', and stored in a decentralized network of computers around the globe. No one but you has a complete copy of your file, not even in an encrypted form.
Market 11 - Cloud computing
Obviously, renting computing power, one of the biggest emerging markets as of recent years, e.g. AWS and Digital Ocean, is also a service, which can be bought and managed via the blockchain.
- Golem: Allows easy use of Supercomputer in exchange for tokens. People worldwide can rent out their computers to the network and get paid for that service with Golem tokens.
- Elf: Allows easy use of Cloud computing in exchange for tokens.
Market 12 - Stablecoin
Last but not least, there are 2 stablecoins that have established themselves within the market. A stable coin is a coin that wants to be independent of the volatility of the crypto markets. This has worked out pretty well for Maker and DGD, accomplished through a carefully diversified currency fund and backing each token by 1g or real gold respectively. DO NOT CONFUSE DGD AND MAKER with their STABLE COINS DGX and DAI. DGD and MAKER are volatile, because they are the companies of DGX and DAI. DGX and DAI are the stable coins.
EDIT: Added a risk factor from 0 to 10. Significant scandals, mishaps, shady practices, questionable technology, increase the risk factor. Not having a product yet automatically means a risk factor of 6. Strong adoption and thus strong scrutiny or positive community lower the risk factor.
- DGD: Platform of the Stablecoin DGX. Every DGX coin is backed by 1g of gold and make use proof of asset consensus.
- Maker: Platform of the Stablecoin DAI that doesn't vary much in price through widespread and smart diversification of assets.
- USDT: is no cryptocurrency really, but a replacement for dollar for trading After months of asking for proof of dollar backing, still no response from Tether.
EDIT2: Added a subjective potential factor from 0 to 10, where its overall potential and a small or big market cap is factored in. Bitcoin with lots of potential only gets a 9, because of its massive market cap, because if Bitcoin goes 10x, smaller coins go 100x.
I've spent the last couple months figuring out a good strategy to generate some passive cryptocurrency without investing money before a big bull-run starts. As Bitcoin is still fairly low, but cryptos have been risen again in the last weeks, it's best to get in now. I don't have very much time, so I examinated the best-working websites with the littlest time investment and the highest result possible.
Disclaimer: This will be a long post and I'll tell you all the sites I use and how my strategy works. Use it as an inspiration and develop your own working strategy. Skip stuff that doesn't seem to be worth your time or websites you don't like. If you don't like to use a referral-link, just remove the last part of the link. Most websites will give you a bonus when signing up with a ref-link, though and I would appreciate it for the effort I put in this guide.
I assume you have some basic knowledge on cryptocurrencies, a wallet and accounts on Faucethub
So, let's get started.
Step 1: Claim once a day from stacking up faucets
If you're familiar with faucets, you probably know the moon-faucets that pay directly to Coinpot. They keep stacking up until your next claim, so they are the best and highest-paying faucets if you want to keep your time claiming as little as possible. I suggest you use them at least once a day to accumulate the daily bonus that will really change your game. I do a quick claiming round once in the morning and once in the evening. If you have more time, they are also really worth being claimed more often. For the sake of completion I will include them here:
for Bitcoin Moonlitecoin
for Litecoin Moonbitcoincash
for Bitcoin Cash Moondash
for Dash Moondogecoin
for Dogecoin Bitfun
stacking up Bitcoin-faucet that pays instantly to Coinpot
Two new exact clones of the Moonfaucets that pay instantly to Faucethub with no minimum. They also have daily bonus:
for Bitcoin Getcoin Litecoin
And the last stacking up faucet for BTC: Yannik.biz
So yeah, try to claim them at least once a day to maintain your daily bonus. The bonus can really be a game changer on these ones. Claiming them all will take no more than 5-10 minutes every day.
Step 2: Receive daily interest on your faucet claims!
Send your Bitcoin to Freebitcoin
and receive daily interest on your balance once you have more than 30000 Satoshis (shouldn't take too long if you put in some effort in the beginning). You can also use the website as a faucet once a hour. It is actually paying well. If you use my link to sign up a new account you will receive life-long +12,5% on your daily interest and +25% on all your claims. If you already have an account, just create a new one with this link and delete your old one as this ref-back-bonus will give you a decent boost on your earnings. Freebitcoin is one of the oldest and most trusted website in the crypto scene!
Step 3: Claim even more cryptos once you have some spare time
Highest-paying sites I found where you can claim every hour along with Freebitcoin
: very high paying and they also give you daily interest, but are tied to USD-rates, so you're better off withdrawing your satoshis to Freebitcoin once you reached minimum withdrawal as you would lose satoshis if BTC price continues to rise.
: Same as Freebitcoin, but with less functions.
: New website with cool design where you can claim once a hour and withdraw to Faucethub at a fairly low amount. Pays pretty well.
: Same script as Bitsfree, but pays a bit less and you have to solve three shortlinks once in a while to be able to claim. It's still worth participating in.
Remember: On every claim on these websites you have the chance to win a big amount of cash. So try to use them as often as possible. Unlike the stacking up faucets, with the exception of Cointiply, they don't have a daily bonus, so it's no problem if you ignore them for a while.
: Claim a good amount of satoshis every 15 minutes. Instant payments to Coinpot again.
Click high-paying ads on AdBtc
. Another good website for high-paying BTC-ads is Bits-Pays
Use websites where you can do surveys and all kinds of stuff to earn money that also pay in cryptocurrency. The best website I found that is similar to Swagbucks
and has the option to pay cryptos is probably Grindabuck
Claim your daily bonus at Firefaucet
, collect some Autoclaims during the week and run it during the happy hours on the weekend to get most of it. Instant payments to Faucethub.
Step 4: Use semi-passive methods with crypto farming games
There are some crypto games out there that have the ability to build you a decent chunk of passive income after a while. The sites require small tasks you do to earn crypto or credits which you can re-invest in stuff that will generate passive income for you. It takes some effort upfront, but once set up they will passively pay you with no additional effort.Here are my favorites:
: Claim from a faucet every 5 minutes, do surveys and shortlinks and re-invest your earnings in buildings that will generate satoshis for you every hour.
: Play a simulated mining game and do missions to level up. As you level up, your earnings increase. This site has a high stacking up daily bonus and can be very profitable once you get to a high level.
: Has several options to earn passive income. You can play their mining game or buy company shares that will give you dividends. It has a lot of attractive offers for advertisers and very high paying ads and daily bonus, too!
: This is a new website that works the exact same as satoshilabs. Once you're into satoshilabs you will also get Bitcoinfun. I see a lot of potential for this website.
Step 5: Fully passive methods
So yeah, let's come to the best part. There are options that require no effort at all! Let's go.
I've already written about sending my satoshis to Freebitcoin
for daily interest, but what you can also do is sending some cryptos to Eobot
. They are probably the only legit Cloudmining platform out there that has been paying since 2013. You can also claim some GHS there every 24 hours if you set Mining to GHS 5.0. first, which is cool. I like to send some of my altcoins like Doge and Bitcoin Cash to them and convert them in GHS to earn passive Satoshis.
You have probably heart it a thousand times on this sub, but you can also earn Bitcoin by using the two legit autosurfers that pay in Bitcoin by now. This is a fully passive method, just run them whenever you're online.
Another fully passive website planning to add crypto-payments soon is Radioearn
Use browser extensions that will automatically generate money for you just for using them:
: This is probably the best search engine I've ever seen. After installing it will be opened every time you open a new tab. You can customize it, so you can choose from searching via Google, Amazon, Reddit, Wikipedia and much more without accessing the websites first. This is very comfortably and the best part about it: You earn Pre-Tokens for every search, which you can later exchange for BTC.
: A browser extension that shows you some Banners while surfing the web and pays you some money for it. You can disable it at any time and it isn't over-present at all when surfing (I barely notice the banners).
Claim every 24 hours from Mellowads
and use it to advertise your ref-links. You can also promote your ref-links on AdBTC
. Having referrals is another good way to generate some passive income.
Sign up for Mannabase
. This is a cool project that aims to create some sort of crypto Universal Basic Income for everyone. After signing up you will need to verify your identity and once they accept you, you'll receive free Manna every week. You can then exchange Manna for BTC or USD. As they have a lot of pending approvals, expect it to take 1-2 months before they accept you.
So yeah, that's basically my main sources and my strategy and I treat it as some sort of site-business. If I am lazy, I spend no more than 10-15 minutes a day to claim the stacking up faucets and daily bonuses on websites and receive my daily interest, payments from Eobot, crypto games and browser extensions anyway. It's really cool to watch your balances, bonus and interest grow over time and who knows? 1$ in Crypto could be 30$ of Crypto in the future. Use this guide as an inspiration to develop your own strategy of acquiring as many Cryptos for free as you can. For me these websites work the best. And I tested a lot of websites.
Additional tips: Use different passwords on the websites and write them all down. It can be a hassle memorizing several passwords. Also create a separate e-mail-address for all the crypto websites. To make it easier handling all the websites, group them in a document e.q. all 1 hour faucets, all stacking up faucets and add links, so you can quickly access them when you want to use this particular group of websites. Be patient at first, your earnings will increase over time.
Feel free to ask me anything, have fun and happy claiming! :)
Thought I would share this chat I had with James Lovejoy last night. Super generous of him to provide this much access and time answering questions. I was already a HODL'er, but this solidified it.
beerfinger [1:28 AM] Just read through the entire rebranding thread in the Vertcoin subreddit. Earlier today I also watched some of Crypto Hedge's interview of James Lovejoy from last August on YouTube. I understand both sides of the rebranding argument and have tried to play devil's advocate. Right now I do believe that the argument against rebranding is stronger. Full disclosure: I've worked in marketing/advertising my whole career and just recently got into cryptos. With that said, there are two questions that keeps nagging on me:
[1:28] 1. this coin has been around since 2014, so nearly 4 years. James seems like an incredibly smart and capable chap, but I'm just going to go ahead and assume the he hasn't always been the Lead Dev while he was in high school. Presumably there was someone before him and, after he graduates and moves on to whatever it is he's going to do with his life, there will be someone after him. Yes? So, with all due respect to James, as an investor in VTC, what assurances are there that this isn't merely an interesting side-project for a brilliant MIT student with little interest/incentive in its value as an investment portfolio? If the value of this coin to James is that of a college project, that is something I as an investor would like to know.
jamesl22 [1:32 AM] Hey!
[1:33] I've been the lead dev since Nov 2014
[1:33] (while I was in high school)
[1:33] And I've kept at it through college, I certainly don't intend to go anywhere
[1:33] Plus, there are more who work on this project that just me
beerfinger [1:33 AM] 2. I've read complaints about Vertcoin from people who poopoo its usefulness. Decrying it as "just another coin trying to be Bitcoin with not much differentiating it." People don't seem to view the ASIC thing as a big enough differentiator to make VTC stand out. There seems to be a kernel of truth to that as part of the argument against rebranding seems to be a tacit acknowledgement that it should not occur until a major change in the development is launched. So my question again stems back to James' motivations and incentives here. Is this a convenient use case for some college thesis? Or is the team really working on coming up with a major change in development?
[1:34] hey James! wow, thanks so much for your quick response
[1:34] great to actually communicate with you. and I stand corrected. very impressive that you started on this so young. I can see why MIT accepted you :slightly_smiling_face:
[1:36] my questions still stand though: I'm not trying to insult you so I hope you don't take it that way, but as someone who considers VTC part of my investment portfolio, I am very curious to hear about your incentives. You clearly have noble intentions. But what is your ultimate goal? What's the end game? Is it the same as Satoshi's was? (assuming he was really one person who existed)
[1:37] Or is there something else?
jamesl22 [1:37 AM] I think it's the same as Satoshi's
[1:37] To recreate the financial system in a fairer, more distributed way
[1:37] My research at MIT is totally separate to my work on VTC, though the two are complimentary (both are in cryptocurrency)
[1:38] In my ideal world everyone runs a VTC miner and full node in their home, banks become narrow banks and clearing houses/stock exchanges are a thing of the past
[1:39] The rewards of the financial system (in the form of transaction fees) will be distributed to the people, rather than siphoned off by banks or ASIC manufacturers as happens now (edited)
goodminer [1:40 AM] :thumbsup:
beerfinger [1:40 AM] I see. That is compelling. So, being that's the case, that sounds to me like something worthy of a brand, no?
[1:41] Unless you think there are other coins on the market with the same goals. In which case, what will differentiate VTC?
jamesl22 [1:42 AM] I don't think there are any on the market with as strong of an ideology as us
[1:42] Or any that can demonstrate that it follows through on its commitments
[1:42] The way I see it, VTC went from being worth $0.01 last year to 100x that now
[1:43] I don't see how a rebrand can possible accelerate already parabolic growth
[1:43] Bear in mind, that until a few months ago we had 0 marketing, that is where our focus should be now
beerfinger [1:44 AM] Fair. I'm curious, what do you think it SHOULD be worth?
[1:44] I mean right now, at this moment.
jamesl22 [1:44 AM] I don't think I should say, the SEC might be watching us
beerfinger [1:44 AM] Not in the future.
[1:44] Can you say if you feel it is undervalued?
[1:44] or overvalued
jamesl22 [1:45 AM] I will say with confidence that 95% of the top 100 is severely overvalued
beerfinger [1:45 AM] coins you mean
jamesl22 [1:45 AM] Yes
[1:45] On coinmarketcap
[1:45] If you visit most of their websites, there is no code at all
[1:45] Yet it's worth many times what VTC is worth
[1:46] Where VTC has been established for nearly 4 years, bug free and features well demonstrated
[1:46] VTC also had LN and SegWit on main net before LTC or BTC (edited)
beerfinger [1:46 AM] Yes I mean your statement doesn't surprise me. It's a nacent market. Lots of snake oil, clearly.
[1:47] I guess to steer this back towards the branding/marketing of your coin though, you clearly feel strongly about it and have a clear vision. Do you feel that as it stands the branding conveys that sentiment?
jamesl22 [1:47 AM] When you say branding, I assume you mean "vertcoin" and the logo?
beerfinger [1:48 AM] yes. logo, color scheme, etc...
[1:48] name even
[1:49] also to clarify one point, when I say that you clearly feel strongly about it, the "it" refers to your coin (not the marketing of it)
jamesl22 [1:49 AM] I think it's largely arbitrary
beerfinger [1:49 AM] why is that
jamesl22 [1:49 AM] Most coin names have no meaning whatsoever
[1:49] Google, the largest tech company in the world has a silly name
[1:50] Litecoin (whose name ought to imply it has fewer features) is #4
beerfinger [1:51 AM] I wouldn't underestimate the amount of strategy that went into branding Google (and continues to this day)
jamesl22 [1:51 AM] What's most important is the pitch, how can you convince someone who knows nothing about the technicals behind cryptocurrency, that ASIC resistance and decentralisation is important?
[1:51] Yes, but the original branding was arbitrary and haphazard
[1:52] Yet the technology spoke for itself
[1:52] Now it's in the dictionary
[1:53] Spending lots of time and money on a new name/logo, trying to get community consensus on that and then redesigning the website/subreddit/wallets/other services to reflect the changes is not where I think we should focus our small resources
[1:54] My goal over the next year or two is to take VTC from speculative value to real-world value
[1:54] So point of sale, ease of use, that's the focus now
[1:55] I aim to over time provide complete solutions for merchants to implement VTC at point of sale, for laymen to set up nodes and miners in their homes
[1:55] As well as potentially enterprise support if we get big enough
beerfinger [1:55 AM] It sounds like this is your intended career path then, yes?
jamesl22 [1:55 AM] In some shape or form, yes
beerfinger [1:55 AM] Wonderful
[1:55] When do you graduate, James?
[1:55] If you don't mind me asking
slackbot Custom Response [1:55 AM] I AM talking to you aren't I !
jamesl22 [1:56 AM] Charlie Lee worked at Coinbase for several years before returning to LTC a month or two ago
beerfinger [1:56 AM] So you're a Sophomore? Or are you in graduate school?
jamesl22 [1:57 AM] Junior
chuymgzz [1:58 AM] @beerfinger can you imagine when people first heard the word "dollar" like WTF is a dollar where did it actually came from. It actually comes from Czech joachimsthaler, which became shortened in common usage to thaler or taler. Don't pay much attention to the name Vertcoin, just take a look at the tech. If you buy into this coin's ideology, you will actually start to like the name.
jin [1:58 AM] Hey guys :slightly_smiling_face:
[1:59] @chuymgzz but not everyone looks purely at the tech, if we look at the top 100 coins, you would know whats going on :stuck_out_tongue:
beerfinger [1:59 AM] Cool well thanks for indulging me, James. I really appreciate it. Hopefully this conversation continues in the future. While your probably right that right now is probably not the right time, that doesn't mean at some point in the future it won't be. In the meantime, I'll take comfort in the knowledge that I've invested in a worthy cause.
chuymgzz [1:59 AM] Longer term only the functional ones and the ones that deliver will survive and a whole ecosystem will be built around it
jin [1:59 AM] buzz and hype is unfortunately a large part of it
beerfinger [2:00 AM] *you're
jin [2:00 AM] that is true, but without marketing to draw in attention (which leads to usage and so on etc) it will be difficult for a functional one to survive even
beerfinger [2:07 AM] @james122 One more thing: how do you feel about regulation? Pro or con? Do you feel that the idea of nation states like the US and China (ergo the ICO ban) taking it upon themselves to place restrictions on the market to try and make them safer is anathema to the idea of decentralization? Are you a full on libertarian in that respect? Or do you welcome regulation because it'll separate the wheat from the chaff?
jamesl22 [2:07 AM] I think we need a sane amount of regulation
[2:08] ICOs are clearly illegal imo
[2:08] Unless they are performed under the same rules as an IPO
[2:09] Plus I don't want to create a safe harbour for child pornographers, people traffickers and terrorists to store their money
[2:09] However I do think the state has no right to spy on you without a warrant (edited)
beerfinger [2:09 AM] You mean you don't want to be Monero? :slightly_smiling_face:
jamesl22 [2:09 AM] No
[2:10] I will pursue privacy features that make the pseudoanonymity provided by the blockchain easier for people to use effectively
[2:11] That way, it is not obvious to anyone your holdings or transactions publicly (edited)
[2:11] But things like sting operations would still be theoretically possible
beerfinger [2:13 AM] Love it. I still feel the branding thing will need to be revisited at some point. I don't know what that means, exactly. Whether its as small as a font change to something bigger like a new color scheme, logo or even name, I'm not sure of. The ideology is strong, but as it stands Vertcoin doesn't have a clear differentiator in the market. I'm not sure that matters so much yet at this time, but it will.
[2:15] You clearly have a strong vision, I'm just not sure it's being communicated effectively yet. Hence, haters who say Vertcoin is just trying to be another Bitcoin.
workstation [2:15 AM] beerfinger might be a huge whale sniffing out Vertcoin before a huge loadup. Not that, that's a bad thing :stuck_out_tongue:
beerfinger [2:15 AM] haha... I wish
jamesl22 [2:16 AM] Vertcoin is
trying to be another Bitcoin lol
[2:16] It's picking up where Bitcoin left off
[2:16] If people want a decentralised cryptocurrency, they should use Vertcoin
[2:17] Bitcoin just isn't one anymore
[2:17] Neither is Litecoin (edited)
beerfinger [2:20 AM] Semantics really, but if that's the case then that means Vertcoin isn't trying to be another Bitcoin. Bitcoin is already Bitcoin, which is a coin that did not fulfill it's promises. Vertcoin, on the other hand, like you said picks up where Bitcoin left off. I'm not sure that's being communicated by the brand (yet). Doing so may have nothing to do with rebranding (unless rebranding generates a bigger social following who then helps you communicate that).
workstation [2:20 AM] You've continued on a great coin James and no doubt Vertcoin has great features vs other coins, however without widespread use and adoption, Vertcoin might just become another coin without much use. The marketing side is sometimes even more important than the development side. Just need to look at history for that. E.g. Early version of Windows was buggy, bluescreen of death plagued it. But with heaps of $$ and marketing, Windows is pretty rock solid these days.
atetnowski [2:21 AM] joined #marketing.
jamesl22 [2:22 AM] Yes, agreed to both statements
[2:22] We're working on it, but it takes time and money
[2:23] But really, adoption is pointless until point of sale works properly
[2:23] When you can get it into people's physical wallets, or phone and they can spend it in a store, that's when it takes off (edited)
[2:23] Walmart, Target, all the big retailers hate
Visa and Mastercard
workstation [2:24 AM] Thats a long way off... Even Apple and Samsung are struggling in that area
jamesl22 [2:24 AM] They would love a solution that opted them out of having to pay their fees
beerfinger [2:25 AM] @workstation To play devil's advocate for one sec, most successful people in the world don't achieve success because they tried to achieve success. Success is merely a byproduct of their passion. I do believe that James' commitment to the ideology can be sufficient. But it is true that the branding should communicate his vision. That is a constant conversation, too.
workstation [2:25 AM] yes, true
jamesl22 [2:26 AM] What we really need is talented content creators to make compelling media that explains the vision in a layman friendly way
[2:26] Thus far the message has been far too technical
[2:26] But in the past, the space was mostly populated by technical people so that is understandable
[2:26] It is only in the last 6 months that the general public has started to get involved
[2:27] Sadly "ASIC resistance" doesn't speak to them
beerfinger [2:27 AM] @james122 While it's true that universal adoption is key, you can say that about ANY coin. Even dogecoin would suddenly become a real coin if everyone up and decided to start using it one day. What's your strategy for making VTC that
jamesl22 [2:27 AM] Whereas I think taking power from banks, chinese miners and giving it back to the people can be far more compelling
workstation [2:27 AM] We take Visa and Mastercard at our stores. We only do it because it boosts sales. People these days are all borrowing on credit because they don't have enough.... Paying on their CC# lets them buy things now (instant gratification) and slowly pay later. They managed to get banks on board because they make so much money on the interest. There is a clear reason why those cards satisfy a demand. We get charged about 1.5% by VISA/MC. To be honest, it's not a real deal breaker.
beerfinger [2:27 AM] haha, well, james you're talking to the right guy :slightly_smiling_face:
[2:28] My career is content creation
[2:28] I have nearly 20 years producing commercials and (lately) social content for global brands
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beerfinger [2:29 AM] I would be happy to consult and provide any assistance I can
[2:29] "taking power from banks, chinese miners and giving it back to the people can be far more compelling" - that's your modus operandi
[2:29] you can definitely tell that story in a compelling way
[2:30] Question: have any crypto's ever created any sort of ad before? Even just for social content? (sorry, I'm new to this space)
jamesl22 [2:30 AM] Well we'd obviously be grateful for your assistance
[2:31] I'd imagine so, though I don't follow many other coins' social media very much
goodminer [2:31 AM] @beerfinger lets chat :smile: We've been working on a lot of initiatives over the last few weeks
jamesl22 [2:31 AM] @workstation 1.5% to a huge retailer is a large sum of money though
workstation [2:35 AM] I don't see any coin being widely used to be honest. They fluctuate way too much. Say a typical consumer whose after tax salary is $1000/week.. He buys groceries at the store for $1/Liter. This is simple maths for him, he knows it's going to cost $1 each week, inflation may make it rise to $1.10 next year, but he understands that. With coins, the price of his milk is too hard to calculate.
[2:37] Why would Bob switch to using coins, when Visa/MC give him so much more? He doesnt pay the processing fee (1.5%), he gets free credit (these days, banks will easily approve 10k credits). Why would he switch to Vertcoin?
jamesl22 [2:37 AM] @workstation, volatility is high because market volume is low
[2:38] I think it will take another financial crisis or two though before people start to abandon fractional reserve banking (edited)
workstation [2:42 AM] As long as bob gets his paycheck, he's not going to care what happens at the fed
jamesl22 [2:43 AM] Bob ain't gunna get his paycheck one day though
[2:44] Because the credit ponzi scheme economy will have collapsed
workstation [2:48 AM] yes, the fed can print whatever it wants out of thin air... But its backed by US tax payers to the tune of 2+ trillion/year with most banks adhering to loan capital requirements. E.g. they need a certain amount of money deposited before they can loan more money out. What is Bitcoin/alt coins backed by? Seems like its somewhat of a ponzi scheme now, with everyone piling in thinking it will go up forever. I get that BTC is backed by real energy usage/capital requirements to mine it (asic equipment, datacenters, etc), so its more "real" than $1 USD, but they both service a purpose.
axelfoley75 [2:49 AM] joined #marketing.
workstation [2:51 AM] but whats the end goal because it seems they all become ponzi schemes. The only true coin will be one that will not allow any fiats be converted to to coin.
[2:51] the only way to earn a coin, would be to mine it, wouldn't you think that that would be the truest coin?
[2:52] right now people are just moving wads of fiat money into coins/alt coins, thereby skewing everything.
beerfinger [2:54 AM] just jumping in here with one last comment before I go to sleep: money, whether we're talking salt, precious metals, fiat currency, or cryptos, is just something that we all agree to prescribe a value to. That being the case, how are you going to stop someone from trading that value for something they want? If someone wants to trade their cryptos for chickens, a latte, USD or anything else, they're going to do it. No point in trying to regulate what people spend their money on or how they do it. Seems the antithesis of the whole decentralization thing anyway
workstation [2:57 AM] true
aegisker [3:02 AM] I belive when crypto matures, has fast and easy payments solutions, volume will rise and price will be more stable. Current price is speculation due to news and new development. I dont belive that after 10 years we will be seeing such swings.
beerfinger [3:04 AM] sorry keep thinking of new stuff... @jamesl22 your point about POS is salient. What's your perspective on coins like TenX that try to address that with payment platforms and cards?
[3:05] is that what you mean? nuts & bolts, how would Vertcoin become a POS option?
aegisker [3:06 AM] How is usdt keeping its price around usd?
beerfinger [3:07 AM] don't they just keep up with USD inflation by making sure there's an equal amount of tokens to USD in the market at any given point?
jamesl22 [3:07 AM] Integration of LN and AS is key
[3:07] Then providing some hardware or software solution to integrate with payment processors
[3:07] I haven't looked at tenx
beerfinger [3:07 AM] so Vertcoin IS actively pursuing this then
[3:09] perhaps there's some way to leverage things like ApplePay
jamesl22 [3:09 AM] I doubt it
[3:09] ApplePay's design is fundamentally different
beerfinger [3:09 AM] I mean it doesn't have to be ApplePay itself. Can be a separate app
lucky [3:09 AM] Having bitcoin or altcoins tied to your debit card isn't unbelievable
jamesl22 [3:10 AM] Of course not
[3:10] But it is suboptimal
beerfinger [3:10 AM] yeah sort of kills the whole decentralization thing
lucky [3:10 AM] in fact if we are going the whole hog and saying fiat collapsed. You'd be silly to think the banks would standby and let crypto take over without them
beerfinger [3:10 AM] now we're relying on banks again
lucky [3:11 AM] At the first sign of crypto succeeding fiat. Banks will take over
[3:11] Because they can trade their fiat to coin
[3:11] Government too
aegisker [3:12 AM] Well, banks issues debt, whole market is built around debt. Crypto would take that away
[3:12] This will be hardest transition
jamesl22 [3:12 AM] If the crypto market ever gets to say $1tril, the banks will use their lobbyist army to squash it as best they can
lucky [3:13 AM] Is it not possible crypto gets immediately regulated into the banking system as soon as it passed fiat in some way
jamesl22 [3:13 AM] They don't care right now because the space is tiny compared to their own equity
lucky [3:13 AM] Yes exactly James
beerfinger [3:13 AM] i like the idea of leveraging NFC tech as a way to introduce crypto to POS purchases... everyone already has a smart phone so no need to reinvent the wheel... it's basically just an app
lucky [3:13 AM] If finance is going to change politics needs to too
[3:14] Nfc seems like the way. Yeag
[3:14] Lots of the android wallets leverage it
aegisker [3:14 AM] No need for nfc, nfc was kinda overhyped. Qr codes can work equally good
jamesl22 [3:14 AM] @beerfinger I think LN will allow us to achieve that
lucky [3:14 AM] Lol qr
[3:14] Who has ever scanned a qr....
jamesl22 [3:14 AM] We just need a hardware implementation for the reader
beerfinger [3:14 AM] sorry james, what's LN?
lucky [3:14 AM] Apple made sure qr never worked
jamesl22 [3:14 AM] Lightning Network
beerfinger [3:14 AM] ah
aegisker [3:15 AM] If u use your phone, why complicate with nfc, is there a security benefit?
beerfinger [3:15 AM] the infrastructure is there... most readers i come across these days are already NFC compliant
jamesl22 [3:15 AM] QR can work, but requires a high res display in the POS device
[3:15] Which would increase costs
[3:15] NFC is cheap af
lucky [3:16 AM] Yep. Qr is extremely requirement heavy
aegisker [3:16 AM] For example, pub: you get check with qr. U pay with your phone. Waiter sees on his computer that its payed.
lucky [3:16 AM] Look at Asia and south America
[3:16] Nobody can read qr
aegisker [3:17 AM] I europe all checks already have qrs for tax checking
lucky [3:17 AM] I work in global marketing. Qr is completely unadopted in the real world
[3:17] Yes in no public scenario qr is used
aegisker [3:17 AM] Where you from?
lucky [3:17 AM] Uk
[3:19] A decade in marketing I can tell you for sure Joe public doesn't scan qr codes
[3:19] James is right. We need an alternative hardware solution
[3:19] And I think I unique piece of tech in public would drive massive interest
aegisker [3:20 AM] In slovenia, croatia, austria(i tjink) there is law that all transactions in coffeeshops or shops(everything with fiat transaction) is sent to tax authority as soon as check is printed. U get qr code on your check, so you can check if tax s paid for your service. This is to prevent black markets and unauthorized sellers. Works pretty well. If you frequently scan qrs you can get some bonuses..
[3:21] Public got used to this pretty fast.
lucky [3:21 AM] So there's an incentive
aegisker [3:21 AM] So also you could print qr shop wallet addr.
lucky [3:21 AM] Kind of skews the ease of adoption stat we are looking for
aegisker [3:22 AM] Costz nothing
lucky [3:22 AM] Costs a smartphone with a quick camera
[3:22] How about in a dark club
beerfinger [3:23 AM] I came tonight with many questions about Vertcoin. Namely the incentives of the Devs and how it differentiated itself in the marketplace. All of those questions have been answered as best as I could have hoped. The only
thing left is figuring out a way to tell that story. @jamesl22, all of the things you've said tonight are reassuring and exciting. They provide great promise for the future of this coin and even more - your goals, if realized, are truly category shifting. This is such
a compelling story. TELL IT!
lucky [3:23 AM] Asking every transaction to require an in focus photo capability is insane, imo
aegisker [3:23 AM] uploaded and commented on this image: IMG_20170908_092307.jpg 1 Comment Thats how it looks
lucky [3:23 AM] We need something similar to a contactless debit card
[3:24] Good luck scanning that in the dark with a £100 smartphone. Though.
aegisker [3:24 AM] For starters this is easiest solution for early adoption (edited)
workstation [3:25 AM] why not something short like vCoin. Then u could make it go off V=Vendetta, sort of has a nice mystery, anti establishment
aegisker [3:25 AM] You just need plugin for your pos software that checks your crypto wallet for received funds
[3:26] Imo this is easiest way to implement first public purchases of beer or coffee
beerfinger [3:26 AM] by the way, less is more when it comes to branding
[3:26] look at apple
[3:26] i love this example: https://www.youtube.com/watch?v=EUXnJraKM3k
YouTube Brant Walsh Microsoft Re-Designs the iPod Packaging
[3:31] and there's always something to be said for ad wars... apple's david vs goliath attack ads vs microsoft is what put them back on the map
[3:31] that could be a great angle for Vertcoin... go after Bitcoin
[3:31] make fun of it the way Jobs poked at Gates
[3:32] that's just my 2 Vertcoins
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