Bitcoin Bears: From Jamie Dimon to Warren Buffett | Money
Bitcoin Bears: From Jamie Dimon to Warren Buffett | Money
Jamie Dimon says he regrets calling bitcoin a fraud - CNBC
After the Boss Calls Bitcoin a 'Fraud' — JP Morgan Buys
Jamie Scoins - Powerful Energetic Medicines
Jamie Dimon 2.0 - Bitcoin for BITSTAMP:BTCUSD by oh92
Dash Competitive Basket Index for Monday, 28 October, 2019. Better. And let's take a step back and look at real world use.
Better than yesterday (again), but still nothing to write home about. We’re still in the top 20, so that’s something. Since Thursday, Dash gained 17.9% in dollar value. That certainly helps the buying power of the monthly Treasury. Everybody gained dollar value except the stable coins. All three of the moving average numbers went up again. But let’s look for just a moment at real world use. Let’s be totally honest here, sooner or later, real world use of the actual crypto products HAS TO MATTER. Otherwise, crypto really is just another tulip mania like Jamie Dimon says it is. Jamie Dimon is wrong. Fundamentally, foundationally, bedrock level wrong. Somebody is going to become wildly successful at offering the unbanked and underbanked access to honest, simple, person to person digital cash. Duh….that’s Dash. So let’s look at real world use numbers. When Dash got started in early 2014, LiteCoin had 8-10x the number of transactions that Dash had. Ever since then, Dash has been gaining on LiteCoin. Look at the transaction numbers on the chart below. We regularly beat LiteCoin. Why are we not crushing LiteCoin? In terms of features, governance, innovation, community support and number of transactions, we ARE crushing LiteCoin. For the previous 7 day time frame:
Dash outperformed 7 of the 18 coins ranked above us (39%). The 30 day SMA* is 31.2%.
Dash outperformed 5 of the 10 coins ranked below us (50%). The 30 day SMA* is 33.3%.
In total, Dash outperformed 12 of the top 28 coins (43%). The 30 day SMA* is 32.0%.
Bitcoin dominance dropped 6/10’s after yesterday’s enormous gain. (67.1%).
5 of the top 28 coins beat Bitcoin (17.9%).
25 of the top 28 cryptos were in the green (92.6%).
The Great Bitcoin Bull Market Of 2017 by Trace Mayer
By: Trace Mayer, host of The Bitcoin Knowledge Podcast. Originally posted here with images and Youtube videos. I just got back from a two week vacation without Internet as I was scouring some archeological ruins. I hardly thought about Bitcoin at all because there were so many other interesting things and it would be there when I got back. Jimmy Song suggested I do an article on the current state of Bitcoin. A great suggestion but he is really smart (he worked on Armory after all!) so I better be thorough and accurate! Therefore, this article will be pretty lengthy and meticulous. BACKGROUND As I completely expected, the 2X movement from the New York Agreement that was supposed to happen during the middle of my vacation flopped on its face because Jeff Garzik was driving the clown car with passengers willfully inside like Coinbase, Blockchain.info, Bitgo and Xapo and there were here massive bugS and in the code and miners like Bitmain did not want to allocate $150-350m to get it over the difficulty adjustments. I am very disappointed in their lack of integrity with putting their money where their mouths are; myself and many others wanted to sell a lot of B2X for BTC! On 7 December 2015, with Bitcoin trading at US$388.40, I wrote The Rise of the Fourth Great Bitcoin Bubble. On 4 December 2016, with Bitcoin trading at US$762.97, I did this interview:
As of 26 November 2017, Bitcoin is trading around US$9,250.00. That is an increase of about 2,400% since I wrote the article prognosticating this fourth great Bitcoin bull market. I sure like being right, like usual (19 Dec 2011, 1 Jul 2013), especially when there are financial and economic consequences. With such massive gains in such a short period of time the speculative question becomes: Buy, Hold or Sell? FUNDAMENTALS Bitcoin is the decentralized censorship-resistant Internet Protocol for transferring value over a communications channel. The Bitcoin network can use traditional Internet infrastructure. However, it is even more resilient because it has custom infrastructure including, thanks to Bitcoin Core developer Matt Corrallo, the FIBRE network and, thanks to Blockstream, satellites which reduce the cost of running a full-node anywhere in the world to essentially nothing in terms of money or privacy. Transactions can be cheaply broadcast via SMS messages. SECURITY The Bitcoin network has a difficulty of 1,347,001,430,559 which suggests about 9,642,211 TH/s of custom ASIC hardware deployed. At a retail price of approximately US$105/THs that implies about $650m of custom ASIC hardware deployed (35% discount applied). This custom hardware consumes approximately 30 TWh per year. That could power about 2.8m US households or the entire country of Morocco which has a population of 33.85m. This Bitcoin mining generates approximately 12.5 bitcoins every 10 minutes or approximately 1,800 per day worth approximately US$16,650,000. Bitcoin currently has a market capitalization greater than $150B which puts it solidly in the top-30 of M1 money stock countries and a 200 day moving average of about $65B which is increasing about $500m per day. Average daily volumes for Bitcoin is around US$5B. That means multi-million dollar positions can be moved into and out of very easily with minimal slippage. When my friend Andreas Antonopolous was unable to give his talk at a CRYPSA event I was invited to fill in and delivered this presentation, impromptu, on the Seven Network Effects of Bitcoin. These seven network effects of Bitcoin are (1) Speculation, (2) Merchants, (3) Consumers, (4) Security [miners], (5) Developers, (6) Financialization and (7) Settlement Currency are all taking root at the same time and in an incredibly intertwined way. With only the first network effect starting to take significant root; Bitcoin is no longer a little experiment of magic Internet money anymore. Bitcoin is monster growing at a tremendous rate!!
SPECULATION For the Bitcoin price to remain at $9,250 it requires approximately US$16,650,000 per day of capital inflow from new hodlers. Bitcoin is both a Giffen good and a Veblen good. A Giffen good is a product that people consume more of as the price rises and vice versa — seemingly in violation of basic laws of demand in microeconomics such as with substitute goods and the income effect. Veblen goods are types of luxury goods for which the quantity demanded increases as the price increases in an apparent contradiction of the law of demand. There are approximately 16.5m bitcoins of which ~4m are lost, ~4-6m are in deep cold storage, ~4m are in cold storage and ~2-4m are salable. (http://www.runtogold.com/images/lost-bitcoins-1.jpg) (http://www.runtogold.com/images/lost-bitcoins-2.jpg) And forks like BCash (BCH) should not be scary but instead be looked upon as an opportunity to take more territory on the Bitcoin blockchain by trading the forks for real bitcoins which dries up more salable supply by moving it, likely, into deep cold storage. According to Wikipedia, there are approximately 15.4m millionaires in the United States and about 12m HNWIs ($30m+ net worth) in the world. In other words, if every HNWI in the world wanted to own an entire bitcoin as a 'risk-free asset' that cannot be confiscated, seized or have the balance other wise altered then they could not. For wise portfolio management, these HNWIs should have at least about 2-5% in gold and 0.5-1% in bitcoin. Why? Perhaps some of the 60+ Saudis with 1,700 frozen bank accounts and about $800B of assets being targetted might be able to explain it to you. In other words, everyone loves to chase the rabbit and once they catch it then know that it will not get away. RETAIL There are approximately 150+ significant Bitcoin exchanges worldwide. Kraken, according to the CEO, was adding about 6,000 new funded accounts per day in July 2017. Supposedly, Coinbase is currently adding about 75,000 new accounts per day. Based on some trade secret analytics I have access to; I would estimate Coinbase is adding approximately 17,500 new accounts per day that purchase at least US$100 of Bitcoin. If we assume Coinbase accounts for 8% of new global Bitcoin users who purchase at least $100 of bitcoins (just pulled out of thin error and likely very conservative as the actual number is perhaps around 2%) then that is approximately $21,875,000 of new capital coming into Bitcoin every single day just from retail demand from 218,750 total new accounts. What I have found is that most new users start off buying US$100-500 and then after 3-4 months months they ramp up their capital allocation to $5,000+ if they have the funds available. After all, it takes some time and practical experience to learn how to safely secure one's private keys. To do so, I highly recommendBitcoin Core (network consensus and full validation of the blockchain), Armory (private key management), Glacier Protocol (operational procedures) and a Puri.sm laptop (secure non-specialized hardware). WALL STREET There has been no solution for large financial fiduciaries to invest in Bitcoin. This changed November 2017. LedgerX, whose CEO I interviewed 23 March 2013, began trading as a CFTC regulated Swap Execution Facility and Derivatives Clearing Organization. The CME Group announced they will begin trading in Q4 2017 Bitcoin futures. The CBOE announced they will begin trading Bitcoin futures soon. By analogy, these institutional products are like connecting a major metropolis's water system (US$90.4T and US$2 quadrillion) via a nanoscopic shunt to a tiny blueberry ($150B) that is infinitely expandable. This price discovery could be the most wild thing anyone has ever experienced in financial markets. THE GREAT CREDIT CONTRACTION The same week Bitcoin was released I published my book The Great Credit Contraction and asserted it had now begun and capital would burrow down the liquidity pyramid into safer and more liquid assets. (http://www.runtogold.com/images/Great-Credit-Contraction-Liquidity-Pyramid.jpg) Thus, the critical question becomes: Is Bitcoin a possible solution to the Great Credit Contraction by becoming the safest and most liquid asset? BITCOIN'S RISK PROFILE At all times and in all circumstances gold remains money but, of course, there is always exchange rate risk due to price ratios constantly fluctuating. If the metal is held with a third-party in allocated-allocated storage (safest possible) then there is performance risk (Morgan Stanley gold storage lawsuit). But, if properly held then, there should be no counter-party risk which requires the financial ability of a third-party to perform like with a bank account deposit. And, since gold exists at a single point in space and time therefore it is subject to confiscation or seizure risk. Bitcoin is a completely new asset type. As such, the storage container is nearly empty with only $150B. And every Bitcoin transaction effectively melts down every BTC and recasts it; thus ensuring with 100% accuracy the quantity and quality of the bitcoins. If the transaction is not on the blockchain then it did not happen. This is the strictest regulation possible; by math and cryptography! This new immutable asset, if properly secured, is subject only to exchange rate risk. There does exist the possibility that a software bug may exist that could shut down the network, like what has happened with Ethereum, but the probability is almost nil and getting lower everyday it does not happen. Thus, Bitcoin arguably has a lower risk profile than even gold and is the only blockchain to achieve security, scalability and liquidity. To remain decentralized, censorship-resistant and immutable requires scalability so as many users as possible can run full-nodes. (http://www.runtogold.com/images/ethereum-bitcoin-scability-nov-2017.png) TRANSACTIONS Some people, probably mostly those shilling alt-coins, think Bitcoin has a scalability problem that is so serious it requires a crude hard fork to solve. On the other side of the debate, the Internet protocol and blockchain geniuses assert the scalability issues can, like other Internet Protocols have done, be solved in different layers which are now possible because of Segregated Witness which was activated in August 2017. Whose code do you want to run: the JV benchwarmers or the championship Chicago Bulls? As transaction fees rise, certain use cases of the Bitcoin blockchain are priced out of the market. And as the fees fall then they are economical again. Additionally, as transaction fees rise, certain UTXOs are no longer economically usable thus destroying part of the money supply until fees decline and UTXOs become economical to move. There are approximately 275,000-350,000 transactions per day with transaction fees currently about $2m/day and the 200 DMA is around $1.08m/day. (http://www.runtogold.com/images/bitcoin-transaction-fees-nov-2017.png) What I like about transaction fees is that they somewhat reveal the financial health of the network. The security of the Bitcoin network results from the miners creating solutions to proof of work problems in the Bitcoin protocol and being rewarded from the (1) coinbase reward which is a form of inflation and (2) transaction fees which is a form of usage fee. The higher the transaction fees then the greater implied value the Bitcoin network provides because users are willing to pay more for it. I am highly skeptical of blockchains which have very low transaction fees. By Internet bubble analogy, Pets.com may have millions of page views but I am more interested in EBITDA. DEVELOPERS Bitcoin and blockchain programming is not an easy skill to acquire and master. Most developers who have the skill are also financially independent now and can work on whatever they want. The best of the best work through the Bitcoin Core process. After all, if you are a world class mountain climber then you do not hang out in the MacDonalds play pen but instead climb Mount Everest because that is where the challenge is. However, there are many talented developers who work in other areas besides the protocol. Wallet maintainers, exchange operators, payment processors, etc. all need competent developers to help build their businesses. Consequently, there is a huge shortage of competent developers. This is probably the largest single scalability constraint for the ecosystem. Nevertheless, the Bitcoin ecosystem is healthier than ever before. (http://www.runtogold.com/images/bitcoin-ecosystem.jpg)(/images/bitcoin-ecosystem-small.jpg) SETTLEMENT CURRENCY There are no significant global reserve settlement currency use cases for Bitcoin yet. Perhaps the closest is Blockstream's Strong Federations via Liquid. PRICE There is a tremendous amount of disagreement in the marketplace about the value proposition of Bitcoin. Price discovery for this asset will be intense and likely take many cycles of which this is the fourth. Since the supply is known the exchange rate of Bitcoins is composed of (1) transactional demand and (2) speculative demand. Interestingly, the price elasticity of demand for the transactional demand component is irrelevant to the price. This makes for very interesting dynamics! (http://www.runtogold.com/images/bitcoin-speculation.jpg) On 4 May 2017, Lightspeed Venture Partners partner Jeremy Liew who was among the early Facebook investors and the first Snapchat investor laid out their case for bitcoin exploding to $500,000 by 2030. On 2 November 2017, Goldman Sachs CEO Lloyd Blankfein (https://www.bloomberg.com/news/articles/2017-11-02/blankfein-says-don-t-dismiss-bitcoin-while-still-pondering-value)said, "Now we have paper that is just backed by fiat...Maybe in the new world, something gets backed by consensus." On 12 Sep 2017, JP Morgan CEO called Bitcoin a 'fraud' but conceded that "(http://fortune.com/2017/09/12/jamie-dimon-bitcoin-cryptocurrency-fraud-buy/)Bitcoin could reach $100,000". Thus, it is no surprise that the Bitcoin chart looks like a ferret on meth when there are such widely varying opinions on its value proposition. I have been around this space for a long time. In my opinion, those who scoffed at the thought of $1 BTC, $10 BTC (Professor Bitcorn!), $100 BTC, $1,000 BTC are scoffing at $10,000 BTC and will scoff at $100,000 BTC, $1,000,000 BTC and even $10,000,000 BTC. Interestingly, the people who understand it the best seem to think its financial dominance is destiny. Meanwhile, those who understand it the least make emotionally charged, intellectually incoherent bearish arguments. A tremendous example of worldwide cognitive dissonance with regards to sound money, technology and the role or power of the State. Consequently, I like looking at the 200 day moving average to filter out the daily noise and see the long-term trend. (http://www.runtogold.com/images/bitcoin-price-200dma-nov-2017.png) Well, that chart of the long-term trend is pretty obvious and hard to dispute. Bitcoin is in a massive secular bull market. The 200 day moving average is around $4,001 and rising about $30 per day. So, what do some proforma situations look like where Bitcoin may be undervalued, average valued and overvalued? No, these are not prognostications. (http://www.runtogold.com/images/bitcoin-price-pro-forma.png) Maybe Jamie Dimon is not so off his rocker after all with a $100,000 price prediction. We are in a very unique period of human history where the collective globe is rethinking what money is and Bitcoin is in the ring battling for complete domination. Is or will it be fit for purpose? As I have said many times before, if Bitcoin is fit for this purpose then this is the largest wealth transfer in the history of the world. CONCLUSION Well, this has been a brief analysis of where I think Bitcoin is at the end of November 2017. The seven network effects are taking root extremely fast and exponentially reinforcing each other. The technological dominance of Bitcoin is unrivaled. The world is rethinking what money is. Even CEOs of the largest banks and partners of the largest VC funds are honing in on Bitcoin's beacon. While no one has a crystal ball; when I look in mine I see Bitcoin's future being very bright. Currently, almost everyone who has bought Bitcoin and hodled is sitting on unrealized gains as measured in fiat currency. That is, after all, what uncharted territory with daily all-time highs do! But perhaps there is a larger lesson to be learned here. Riches are getting increasingly slippery because no one has a reliable defined tool to measure them with. Times like these require incredible amounts of humility and intelligence guided by macro instincts. Perhaps everyone should start keeping books in three numéraires: USD, gold and Bitcoin. Both gold and Bitcoin have never been worth nothing. But USD is a fiat currency and there are thousands of those in the fiat currency graveyard. How low can the world reserve currency go? After all, what is the risk-free asset? And, whatever it is, in The Great Credit Contraction you want it! What do you think? Disagree with some of my arguments or assertions? Please, eviscerate them on Twitter or in the comments!
Stablecoins: Captain Marvel That Saves Floundering Economies
[Source] ‘The Holy Grail of Cryptocurrency’, ‘The New and Improved Bitcoin’. This superhero is known by many names and has created hype so unsurmountable, even Captain Marvel find it a struggle to compete with. Yes, I am talking about stablecoins and the heroic powers it possesses. The release of JPM Coin by banking behemoth JP Morgan on Feb. 14 sent a clear message to every player in the traditional finance industry: cryptocurrency is here to stay and it’s time to get in the game. The announcement came as a surprise to crypto enthusiasts mostly because its CEO, Jamie Dimon, has long been notorious for his anti-Bitcoin stance. What was it that made Jamie Dimon change his tune? Well, the answer is simple: cryptocurrencies are the gateway to an economy immune to hyperinflation, and here is the reason why: Its Supply Is Transparent, Limited And Very Much Predictable Processing img 3tir5pszv0k21... Broadly speaking, inflation can be classified into two categories: (a) monetary inflation: increased money circulation (b) price inflation: increased price levels When the economy hits rock bottom, the conventional response from the government almost always come along the lines of increasing money supply. Venezuela and Zimbabwe are two of such examples. As time culminates, the notes printed become virtually worthless and prices spike, leading to extreme inflation. In the case of cryptocurrencies, supply control is far from the grubby hands of political elites. Not only is supply fully decentralised and limited by codes in the coins’ protocols, the total in circulation is well within grasp which makes for accurate projection of its demand and supply. Additionally, any rule or regulation made is transparent to the public at any point in time. If the success of fiat-based economies depends on central banks and their opaque policies, then the crypto economy mitigates this risk by removing the need to trust them altogether. However, cryptocurrencies have their drawback - they are extremely volatile. Hence, the need for a superhero to swoop in and save the day: stablecoins. Not just any other stablecoin but the stablecoin 1SG. Why 1SG? https://preview.redd.it/oj06fgh9w0k21.jpg?width=677&format=pjpg&auto=webp&s=0be1ded368c1c60bf078da9f59654509c89d9949 Stablecoins as we all know are digital tokens pegged with a stable asset to ensure its low volatility. These assets can range from material goods like gold to fiat currencies like the USD. Currently, most stablecoins saturating the market such as USDT, TrueUSD, USDC, Dai and Tether are pegged to the USD. This presents a disadvantage as the sheer volume of stablecoins pegged to the USD may adversely affect the price of the US dollar, especially with a looming dollar inflation ahead due to an increase in deficit spending and printing of treasuries. 1SG, on the contrary, is a stablecoin pegged to the national currency of Singapore, SGD. Singapore has long been dubbed the “Asian Tiger” for its aggressive economic growth throughout the years. With GDP records climbing off the charts and an annual increase in GDP with little financial debt, SGD is proving to last through the greater economic crises and has even emerged on equal footing with the Australian Dollar (AUD) earlier this year. With the security of the SGD, and its high liquidity and frictionless spendability, 1SG is definitely a stablecoin too good to be missed. What are you waiting for? It’s time to start your journey with 1SG today! About 1SG:1SG is a stable coin, issued by the Mars Blockchain Group which overcomes the problems of today’s cryptocurrencies, while providing open, transparent, efficient KYC/AML process. With the key features of stable value and high liquidity, Mars Blockchain is a start-up committed to becoming a leading stable coin in global cryptocurrency market. 1SG circumvents the volatility of other major cryptocurrencies by maintaining a fixed peg to $1 SGD through financial markets.For more details, check outwww.1.sgFor more information on 1SG, keep up with its following social media:Telegram: https://t.me/SGoneReddit: https://www.reddit.com/use1-SG/Twitter: https://twitter.com/1SG_2018Instagram: https://www.instagram.com/1sg_sg/YouTube: https://www.youtube.com/channel/UC_p_8y1geOe0lmB4F3i6FpgTo trade 1SG now, head over to these exchange platforms:P2PB2B: https://p2pb2b.io/BitMart: https://www.bitmart.com/TOP.ONE: https://top.one/indexKryptono: https://kryptono.exchange/k/homeOEX: https://www.oex.com/index
My friend made these arguments againt bitcoin...thoughts or rebuttals?
One of my roommates who is an EE student and avid programmer was arguing about Bitcoin and how it was useless and a complete bubble, more critical of it than Jamie Dimon or economists ever have been. He started questioning why I even put a little money into it, and said to mark his words within a year it'll be near worthless. I wanted to keep an open mind, but I almost kind of regret letting him rant to me. He basically went on a long tirade and said stated a few attacks that went like: -"You can't use it for anything, it's just a bubble. If you look at the chart here's how it goes: it reaches a new high, dips back down and reaches a lower high, dips back down and goes to a lower high, and you can draw a line through this and see it's going to 0." (I tried to get him to actually look at an arithmetic and logarithmic graph and assumed he was looking at the recent dip but he insisted this is what it's doing and will be worthless in a few months). -"Blockchain isn't even that great. It's just a buzzword. It's basically I give you five dollars. I write down on a piece of paper I gave you five dollars, your friend copies that down on a piece of paper that I gave you five dollars and so forth. And that's literally all it is! I could've invented this system. Satoshi really isn't that great or a genius. Cryptography itself isn't that complicated." -"Blockchain is going to be obsolete, and because Bitcoin keeps growing this much it's definitely a bubble that will go to 0. If I were you I'd put money in the alternative like Litecoin instead for the long run. Blockchain is just a buzzword like the cloud was, and it's going to fade away." Any rebuttals? Thoughts?
Predictions for the lowest we'll see Bitcoin this week?
The media keeps on replaying Jamie Dimon's comments throughout TV/articles, combine that with the China situation, fear mongering is at an all time high. I still don't see Bitcoin going under 3,000 at this moment. My guess is lowest is 3.5K based on the charts I studied but who knows. Thoughts?
[uncensored-r/Bitcoin] This sub is train wreck this week
The following post by CONTROLurKEYS is being replicated because some comments within the post(but not the post itself) have been silently removed. The original post can be found(in censored form) at this link: reddit.com/ Bitcoin/comments/70365o The original post's content was as follows:
completely trite posts about price
complete shit memes, hodl, buy the dip
complete shit "this is why I...." -- we don't care...like at all
complete shit Jamie Dimon this, Jpmorgan that,
complete shit china this china that
complete shit n00b posts - why dip, why china, why why why - STFU and lurk more noobs
complete shit TA posts, fuck off with your chart gambling
Declaring this sub a train wreck. yes this is a shit post too and yes inbox replies are off and yes I don't give a fuck about your lame sarcastic/facetious reply to this.
JP Morgan hires 29-year old Oliver Harris as its new head of crypto-asset strategy.
Ripple prices are making a triangle pattern in the short term charts, that should excite bulls but before the bulls get excited they would do good to themselves to read the fine print of this triangle formation - base of the triangle has a start that can't be trusted. XRP/USD is currently down more than 4 percent on day at $0.676, almost near the low point of the day, which is at $0.6752. On the 240-minute chart, there's a triangle formation in the making which is a bullish sign, but here's a hitch. Starting point of the base of the triangle is formed by a candle when XRP saw sudden steep decline and then a sudden bounce, usually such candles are formed either by a fat finger or an algo gone wrong. Since institutional investors still not big time into the cryptos, chances of this being an algo trade seems slim and hence chances of this triangle resulting into a false triangle are on a higher side. Immediate strong resistance for now is at $0.71, around the upper line of the triangle, while support is placed at $0.665. JP Morgan, whose exec Jamie DImon has been one of the earliest opponent and the most critique of Bitcoin and cryptocurrencies, has hired a 29-year old Oliver Harris as its new head of crypto-asset strategy. Harris has been running the bank's In Residence fintech program for the past two years.
Tom the commentator: Joing now, liiiive, on channel 0100100001100101011011000110110001101111. The Golden Raspberry Token Awards 2017, presented to you by Seth Macfarlane and Jamie Dimon, sponsored by Bcash and Ripple. (LIGHTS, MUSIC) (BEEP BEEP: APPLAUSE, BEEP BEEP: APPLAUSE) Jamie Dimon: Hello and good evening ladies and gentlemen. Seth Macfarlane: Welcome everyone, it is our big pleasure to present to you for the very first time in history, the Golden Raspberry Token Awards! (BEEP BEEP: APPLAUSE, BEEP BEEP: APPLAUSE) Jamie Dimon: In 2017 the cryptoworld increased to an incredible high volume of money and many people start trying to get their own little piece of the cake, Seth?! Seth Macfarlane: Thaaats right Jamie! on the other hand there a lot of companies and cryptocurrencies out there that screw up with you like a ratchet and you think to yourself, hey why not just give that money to my local banker, he burns it even quicker?! (BEEP BEEP: LAUGH, BEEP BEEP: APPLAUSE) Jamie Dimon: Don´t look at me Seth! (BEEP BEEP: LAUGH, BEEP BEEP: APPLAUSE) Jamie Dimon: Seth, there were a lot of cryptocurrencies or companies out there this year who were pretty scammers, banana heads, or just really stupid. (BEEP BEEP: AAWWWWWW) Seth Macfarlane: Ha ha, don´t be to rude Jamie, otherwise we won´t have any winners tonight! (BEEP BEEP: LAUGH, BEEP BEEP: APPLAUSE) Jamie Dimon: Your right about that. Seth Macfarlane: At least i am right about something Jamie, can´t say that from my blockfolio this year. (BEEP BEEP: LAUGH, BEEP BEEP: APPLAUSE) Jamie Dimon: A lot of cryptocurrencies made it to this years nominees so we are going to split them in different catagories. Seth Macfarlane: Correct, Jamie. The nominated coins and token are separated in five groups. These groups are, „the worst goldcoin“, „the less trustworthy coin“, „worst longterm coin“, „the worst ICO“ and last but not least, but maybe the most tricky one „the worst major coin“. Seth Macfarlane: Here are the nominees for the 2017´s Golden Raspberry Token. (BEEP BEEP: APPLAUSE, BEEP BEEP: APPLAUSE) gold: Bitcoin Gold, Ethereum Gold, Neo Gold, Zcash Gold trust: Ethereum Dark, Chaincoin, Swiss Coin, Confido longterm: SNT, Ethereum Classic, Melon, Omni ico: PLBT, HKN, WAX, NAGA major: Doge, Steem, Siacoin, GNT Seth Macfarlane: And the winner in the catagory GOLD, ladies and gentlemen, is...... ..... NEO GOLD (BEEP BEEP: APPLAUSE, BEEP BEEP: APPLAUSE) Tom the commentator: So the first victory in 2017 goes to NEO GOLD, a coin based on the ETH platform with no white paper. Jamie Dimon: And the winner in the catagory TRUST is...... ..... CONFIDO (BEEP BEEP: APPLAUSE, BEEP BEEP: APPLAUSE) Tom the commentator: Confido, a platform that raised over K300$ in its ICO with the model of t