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I've been sharing conspiracies on reddit longer than this sub has been around. I have a story to tell.

This story is mostly crafted from my own experiences, my conversations with some of the people involved, and the rest is my own guesswork as I try to fill in the gaps...so bear with me!
That's why I wanted to share with this community, which I've watched grow over the years. I remember posting about the death of Barry Jennings (who witnessed explosions in the WTC on 9/11) the day after it happened. This was before /conspiracy (or right around when it was formed), and I remember thinking "we really need a sub for conspiracies on reddit!"
And here we are, 12 years later and over 1.3 million subscribers...incredible!
So...
My story starts with a young man. We'll call him Andrew.
Andrew grew up in the 90's in a coastal US town and quickly blossomed into a tech whiz at a young age.
He began building his own computers, and after a brief stint using Windows, he decided that Bill Gates was everything wrong with technology (and the world), and he made it his mission to make sure folks like Gates were NOT the future of computers.
He really believed that the use of technology was a fundamental human right, and that charging people for "proprietary" OS's that hid their source code was a violation of these rights.
He saw a possible Deus Ex-like future, with a technocracy literally around the corner if we didn't act now.
Andrew soon joined the Free Software Foundation and began rubbing elbows with the likes of Richard Stallman. He begun exclusively using GNU/Linux and was the type to correct you if you called it just "Linux". He also began visiting tech-savvy forums like slashdot and started networking in earnest.
By 2006 (his senior year of high school) Andrew was completely over his "education" and decided to just drop out completely.
Shockingly, a college accepted him anyway. A small East Coast school had been actively courting Andrew, and when they learned he had failed to get his HS diploma, they accepted him anyway!
Now sometime during this period Andrew went to Iceland and stayed in Reykjavik for several months.
This trip may have happened during the summer, fall, or early winter of 2006. The reason for his trip had something to do with his efforts in the FSF or similar group. The possible significance of this trip will become clear as we go on.
What is clear is that Andrew started college in the fall of 2006, and that the circumstances were unusual. Andrew soon met several like-minded individuals and began building a social and technological network at his school.
Two individuals in particular would become key players in his life (one more prominently in this story, but the other was significant as well), and eventually the 3 would live together in town for several years.
But for now let's stick with Andrew.
Andrew had an idea to build a social network for his college. Except, it wasn't just a network, it was a wiki for information about the school...and beyond. Soon, it began to morph into something much bigger in Andrew's mind.
He saw his project as being one of many data "hubs" for leaks of important documents and otherwise sensitive information.
So yeah, he saw the opportunity for a wiki for leaks (see where this is going yet...?).
As his ambitions grew, his behavior started to become increasingly erratic. He was caught with drugs and arrested. Strangely, the charges were pretty much dropped and he was given a slap on the wrist. Eventually he decided to leave the school, but still lived in town and had access to the servers on campus.
By 2010 Andrew was still living in the small town with his two "hacker" buddies, who were still enrolled at the school.
This house was in some ways legendary. It appears that many "interesting" people spent time at or visited the residence. Indeed, some of the early movers and shakers of /conspiracy itself passed through.
There was usually a full NO2 tank for anyone who was into that kinda thing, and they were stocked with every hallucinogen and research chemical known to man.
It was also likely under surveillance by multiple intelligence agencies (NSA/Mossad/etc).
Over time, the mental state of Andrew was slowly starting to deteriorate, which wasn't helped by his abuse of drugs.
Still, Andrew decided to move his base of operations to Europe, spending time in Belgium, the Czech Republic and elsewhere.
One of his housemates was soon to join him on his adventures in Europe and elsewhere abroad. We'll call him "Aaron."
Aaron had a very similar story and upbringing as Andrew. Aaron was also from a coastal US town and was born into privilege. He was also, supposedly, born into a family with some serious connections to intelligence agencies, including an uncle with ties to the NSA, and both parents connected to military brass.
By 2015, Andrew and Aaron were living together in the Czech Republic. During this time they were working directly and/or indirectly for the NSA (via Cisco and other companies).
You see, the "college" they met at was actually a front for the recruitment of kids into the IC. Apparently, many "schools" in the US function that way. Go figure.
Their intelligence and valuable skill set (hacking etc) made them valuable assets. They were also possibly involved with the distribution of certain "research chemicals" (of the 2C* variety) to dignitaries and their entourages (in one example, they provided 2CB to a group with David Cameron).
In addition, Andrew was allegedly involved with, or stumbled upon, an NSA-linked surveillance project directed at the entire country of Malaysia, while Aaron was involved with Cisco.
Aaron himself had gotten into hot water for releasing damaging information about the NSA, and even claimed to be an NSA whistleblower, and was also possibly the individual who leaked the 2014 (or 2015) Bilderberg meeting list.
And then things went bad. Andrew quit the Malaysia project and Aaron left Cisco. It seems Andrew and Aaron were "set up" during a fiery false flag event in the Czech Republic in 2015. It may have happened at an embassy, but it's unclear which. There is no information on the web about anything like this (afaik).
Aaron was immediately targeted and spent several years on the run. Allegedly, he was added to the list of victims in the so-called "Great Game".
The Great Game is the term used for an international assassination program where intelligence agencies share a list of targets to be neutralized. The German BND and Mossad are heavily involved, as other networks. Individuals targeted by the Great Game may be offed by actual assassins, or by NPC-like humans whose minds will be influenced by mind control tech (a la Matrix...say influencing someone to ram your car unwittingly ie).
As Aaron went on the lam, Andrew soon returned to the US, shell-shocked by his experience.
Both Andrew and Aaron continue to suffer from some sort of PTSD from these series of events, rendering Andrew largely incapacitated and Aaron scattered and discombobulated.
The Meat of the Matter
OK...where does that leave us? Why am I sharing all of this? I think there's much more to this story.
So let's start speculating! Everything I'm about to say is stuff that was told to me personally. I can't vouch for any of this information, though obviously I thought it was compelling enough to share.
Here's the gist: The so-called whistleblowers you see in the media are almost all fake.
This includes: Edward Snowden, Julian Assange, Thomas Drake and William Binney (hey look, his AMA is pinned on this sub right now...no comment!). These individuals, and others, are controlled opposition. The real whistleblowers are severely punished.
For example, Bradley Manning was punished with chemical castration in jail. His "transformation" was chemically induced torture.
Andrew was not alone in his passion. There were lots of other young visionaries like him who dreamed of a freer and more transparent world.
In this story, Julian Assange was an intelligence asset...a psyop meant to steal the thunder from real activists like Andrew.
In this story, a small college-based "wiki" for government leaks was used as the model for an intelligence operation known as "wikileaks".
In this story, Andrew traveled to Iceland at some point in 2006.
When was Wikileaks founded? Wikileaks was founded by Julian Assange in December 2006, in Iceland.
Aaron discovered (legally, like Manning who had clearance to access all the data he leaked) damning information about surveillance happening by the NSA, specifically against recruits entering the US army and elsewhere.
In this story, the "Andrew" identity was co-opted and turned into "Julian Assange", and "Aaron" became "Edward Snowden".
Granted, there were probably other people that these whistleblower imposters were modeled after, but Andrew and Aaron seem like very strong contenders for some of this inspiration.
Now, much of the following may be gobbledygook (lol I spelled that right first try!) for all I know, but since I'm having a really hard time making sense of it all, I'll just include everything I can and let you guys run with it.
Here are some phrases, ideas, terms and people of note that may be involved with this story...MODS: None of this is doxing! All of the links of people are wikipedia pages or published interviews/articles. So yeah. Not dox!
IN CONCLUSION
I don't know how these terms, theories and individuals fit into this story, but that they may be somehow related.
Hopefully there are enough bread crumbs in here to keep some of you busy!
Any help/insight would be appreciated. I confess I'm not so tech-minded so I can't offer any more explanation about some of the more techy terms.
Anyway, thanks for reading, and thanks for continuing to stimulate after all these years! It's really nice to see this place continuing to thrive after all of this time!
submitted by oomiak to conspiracy [link] [comments]

Brief History Of Bitcoin

Brief History Of Bitcoin
Bitcoins have been classed as the world's originally decentralized cash, and for as far back as ten years, they have become all the more notable and keep on developing in notoriety.

The following is a concise history of how the Bitcoin began and what has occurred since.

2007 - It was in 2007 that the idea of the Bitcoin started. It is accepted that it was begun by Satoshi Nakamoto, in spite of the fact that very little is thought about him, other than the reality he is on record as living in Japan. Truth be told, many conjecture this may very well be a pen name more than one individual. Albeit soon, this character totally evaporated from the world.

August 2008 An application for an encryption patent application was recorded by three people who denied having any association with the supposed originator of the Bitcoin idea. They were Neal Kin, Vladimir Oksman and Charles Bry.

Around the same time, they namelessly purchased and enlisted the space bitcoin.org.

October 2008 In October of 2008, only two months after the space was enlisted, a paper titled, 'Bitcoin: A Peer-to-Peer Electronic Cash System', was distributed on a cryptography mailing list, apparently composed by Satoshi Nakamoto.

The paper laid out the establishment of how the Bitcoin would really work, and takes care of the issue of cash being duplicated, which permitted Bitcoin to develop genuinely.

November 2008 A month after the white paper was distributed, the Bitcoin venture is enlisted on a network joint effort site, SourceForge, which centers around the improvement and circulation of open source programming.

January 2009 In mid 2009, the principal square, which was nicknamed 'Beginning' is propelled, which permitted the primary adaptation of Bitcoin to be discharged.

There was further hypothesis that Bitcoins were created by more than one individual, as it had been accumulated with Microsoft Visual Studio for Windows, yet needed order line interface. It was anticipated as of now that a Bitcoin age framework would make a sum of 21 million Bitcoins during that time 2040.

Later on, right now, first exchange occurred among Satoshi and Hal Finney, a designer and cryptographic lobbyist.

October 2009 In October, New Liberty Standard distributes a Bitcoin swapping scale. The worth was built up and they distributed a pace of a Bitcoin at 1USD = 1,309.03 BTC. This was chosen utilizing a condition that incorporated the expense of the power to run the PC that produced Bitcoins.

Later on this month, the #bitcoin-dev channel is enrolled on freenode IRC, which was a conversation arrange intended for nothing and open source advancement networks.

December 2009 In late 2009, the second form of the Bitcoin was created and discharged; anyway later on in the month, they acquired their first trouble increment.

February 2010 In mid 2010, the Bitcoin money trade was conceived, and the Market was built up by the now ancient organization dollar. Later on in the month, and 18 months after the application was documented, the encryption patent was distributed and endorsed.

May 2010 This month would end up being an achievement for Bitcoins, because of the way that the primary genuine exchange occurred. A software engineer named Laszlo Hanyecz, who lived in Florida pays 10,000 Bitcoins on a pizza, that was initially purchased from Papa Johns by a volunteer in England. The conversion scale at the time put the price tag for the pizza at 25USD.

https://preview.redd.it/93tj7l1248g41.jpg?width=750&format=pjpg&auto=webp&s=ddd04f2fc86eaf33bc9894dd98f30781511c4f42
Given the present swapping scale, today the pizza is esteemed at 1,961,034GBP.

July 2010 The third form of Bitcoin is created and discharged. Later on that month, there were an enormous number of new Bitcoin clients, on account of a notice of the new form on Slashdot.

During a multi day time of this current month, the trade estimation of Bitcoin expanded multiple times, from 0.0008USD/BTC to 0.080USD/BTC which the prompted Jed McCaleb building up a Bitcoin money trade showcase named MtGox.

August 2010 August 2010 end up being a sad month for the Bitcoin, and the framework was hacked. A defenselessness in the framework caused Bitcoins to be inappropriately checked, and accordingly abused, which brought about the age of 184 million Bitcoins. The made the worth drop radically.

September 2010 This was a bustling month for Bitcoins, as they attempted to recoup from the hacking the earlier month. An offer was made by jgarzik as 10,000BTC, which was proportionate to 650USD at that point, to open source their Windows-based CUDA customer. Later on that month, they took this offer and discharged the source, under the MIT permit.

October 2010 Bitcoins confronted a ton of investigation this month, when a between administrative gathering named The Financial Action Task Force gave a report on tax evasion, notice about the utilization of computerized monetary standards to fund fear based oppressor gatherings.

In spite of this report, the Bitcoin swapping scale, which had slowed down, started to climb once more. This came after the principal open adaptation of an OpenCL digger is discharged.
submitted by Bitcoin12investment to u/Bitcoin12investment [link] [comments]

Subreddit Stats: btc top posts from 2019-01-06 to 2020-01-05 11:19 PDT

Period: 363.85 days
Submissions Comments
Total 1000 86748
Rate (per day) 2.75 237.19
Unique Redditors 317 7747
Combined Score 194633 356658

Top Submitters' Top Submissions

  1. 31014 points, 162 submissions: Egon_1
    1. Vitalik Buterin to Core Maxi: “ok bitcoiner” .... (515 points, 206 comments)
    2. These men are serving life without parole in max security prison for nonviolent drug offenses. They helped me through a difficult time in a very dark place. I hope 2019 was their last year locked away from their loved ones. FreeRoss.org/lifers/ Happy New Year. (502 points, 237 comments)
    3. "It’s official Burger King just accepted Bitcoin Cash and GoC token as a payment option in Slovenia." (423 points, 112 comments)
    4. "HOLY SATOSHI! 😱😱 I did it! A smart card that produces valid BitcoinCash signatures. Who would love to pay with a card—to a phone?? Tap took less than a second!👟..." (368 points, 105 comments)
    5. Chrome 'Has Become Surveillance Software. It's Time to Switch' -> Brave to support BCH! (330 points, 97 comments)
    6. Gavin Andresen (2017): "Running a network near 100% capacity is irresponsible engineering... " (316 points, 117 comments)
    7. "Evidently @github has banned all the Iranian users without an ability for them to download their repositories. A service like Github must be a public good and must not be controlled by a centralized entity. Another great example of why we as a society need to make web3 a reality" (314 points, 117 comments)
    8. Roger Ver: "Bitcoin Cash acceptance is coming to thousands of physical shops in Korea" (313 points, 120 comments)
    9. Paul Sztorc: “Will people really spend $70-$700 to open/modify a lightning channel when there's an Altcoin down the street which will process a (USD-denominated) payment for $0.05 ? Many people seem to think yes but honestly I just don't get it” (306 points, 225 comments)
    10. Food For Thought (303 points, 105 comments)
  2. 29021 points, 157 submissions: MemoryDealers
    1. Bitcoin Cash is Lightning Fast! (No editing needed) (436 points, 616 comments)
    2. Brains..... (423 points, 94 comments)
    3. Meanwhile in Hong Kong (409 points, 77 comments)
    4. Ross Ulbricht has served 6 years in federal prison. (382 points, 156 comments)
    5. Just another day at the Bitcoin Cash accepting super market in Slovenia. (369 points, 183 comments)
    6. Why I'm not a fan of the SV community: My recent bill for defending their frivolous lawsuit against open source software developers. (369 points, 207 comments)
    7. History Reminder: (354 points, 245 comments)
    8. It's more decentralized this way. (341 points, 177 comments)
    9. The new Bitcoin Cash wallet is so fast!!!!! (327 points, 197 comments)
    10. The IRS wants to subpoena Apple and Google to see if you have downloaded crypto currency apps. (324 points, 178 comments)
  3. 6909 points, 37 submissions: BitcoinXio
    1. Tim Pool on Twitter: “How the fuck are people justifying creating a world like the one's depicted in Fahrenheit 451 and 1984? You realize that censorship and banning information was a key aspect of the dystopian nightmare right?” (435 points, 75 comments)
    2. The creator of the now famous HODL meme says that the HODL term has been corrupted and doesn’t mean what he intended; also mentions that the purpose of Bitcoin is to spend it and that BTC has lost its value proposition. (394 points, 172 comments)
    3. Erik Voorhees on Twitter: “I wonder if you realize that if Bitcoin didn’t work well as a payment system in the early days it likely would not have taken off. Many (most?) people found the concept of instant borderless payments captivating and inspiring. “Just hold this stuff” not sufficient.” (302 points, 66 comments)
    4. Bitfinex caught paying a company to astroturf on social media including Reddit, Twitter, Medium and other platforms (285 points, 86 comments)
    5. WARNING: If you try to use the Lightning Network you are at extremely HIGH RISK of losing funds and is not recommended or safe to do at this time or for the foreseeable future (274 points, 168 comments)
    6. Craig Wright seems to have rage quit Twitter (252 points, 172 comments)
    7. No surprise here: Samson Mow among other BTC maxi trolls harassed people to the point of breakdown (with rape threats, etc) (249 points, 85 comments)
    8. On Twitter: “PSA: The Lightning Network is being heavily data mined right now. Opening channels allows anyone to cluster your wallet and associate your keys with your IP address.” (228 points, 102 comments)
    9. btc is being targeted and attacked, yet again (220 points, 172 comments)
    10. Brian Armstrong CEO of Coinbase using Bitcoin Cash (BCH) to pay for food, video in tweet (219 points, 66 comments)
  4. 6023 points, 34 submissions: money78
    1. BSV in a nutshell... (274 points, 60 comments)
    2. There is something going on with @Bitcoin twitter account: 1/ The URL of the white paper has been changed from bitcoin.com into bitcoin.org! 2/ @Bitcoin has unfollowed all other BCH related accounts. 3/ Most of the posts that refer to "bitcoin cash" have been deleted?!! Is it hacked again?! (269 points, 312 comments)
    3. "Not a huge @rogerkver fan and never really used $BCH. But he wiped up the floor with @ToneVays in Malta, and even if you happen to despise BCH, it’s foolish and shortsighted not to take these criticisms seriously. $BTC is very expensive and very slow." (262 points, 130 comments)
    4. Jonathan Toomim: "At 32 MB, we can handle something like 30% of Venezuela's population using BCH 2x per day. Even if that's all BCH ever achieved, I'd call that a resounding success; that's 9 million people raised out of poverty. Not a bad accomplishment for a hundred thousand internet geeks." (253 points, 170 comments)
    5. Jonathan Toomim: "BCH will not allow block sizes that are large enough to wreak havoc. We do our capacity engineering before lifting the capacity limits. BCH's limit is 32 MB, which the network can handle. BSV does not share this approach, and raises limits before improving actual capacity." (253 points, 255 comments)
    6. What Bitcoin Cash has accomplished so far 💪 (247 points, 55 comments)
    7. Which one is false advertising and misleading people?! Bitcoin.com or Bitcoin.org (232 points, 90 comments)
    8. A message from Lightning Labs: "Don't put more money on lightning than you're willing to lose!" (216 points, 118 comments)
    9. Silk Road’s Ross Ulbricht thanks Bitcoin Cash’s [BCH] Roger Ver for campaigning for his release (211 points, 29 comments)
    10. This account just donated more than $6600 worth of BCH via @tipprbot to multiple organizations! (205 points, 62 comments)
  5. 4514 points, 22 submissions: unstoppable-cash
    1. Reminder: bitcoin mods removed top post: "The rich don't need Bitcoin. The poor do" (436 points, 89 comments)
    2. Peter R. Rizun: "LN User walks into a bank, says "I need a loan..." (371 points, 152 comments)
    3. It was SO simple... Satoshi had the answer to prevent full-blocks back in 2010! (307 points, 150 comments)
    4. REMINDER: "Bitcoin isn't for people that live on less than $2/day" -Samson Mow, CSO of BlockStream (267 points, 98 comments)
    5. "F'g insane... waited 5 hrs and still not 1 confirmation. How does anyone use BTC over BCH BitcoinCash?" (258 points, 222 comments)
    6. Irony:"Ave person won't be running LN routing node" But CORE/BTC said big-blocks bad since everyone can't run their own node (256 points, 161 comments)
    7. BitPay: "The Wikimedia Foundation had been accepting Bitcoin for several years but recently switched pmt processors to BitPay so they can now accept Bitcoin Cash" (249 points, 61 comments)
    8. FreeTrader: "Decentralization is dependent on widespread usage..." (195 points, 57 comments)
    9. The FLIPPENING: Fiat->OPEN Peer-to-Peer Electronic Cash! Naomi Brockwell earning more via BitBacker than Patreon! (193 points, 12 comments)
    10. LN Commentary from a guy that knows a thing or 2 about Bitcoin (Gavin Andresen-LEAD developer after Satoshi left in 2010) (182 points, 80 comments)
  6. 3075 points, 13 submissions: BeijingBitcoins
    1. Last night's BCH & BTC meetups in Tokyo were both at the same restaurant (Two Dogs). We joined forces for this group photo! (410 points, 166 comments)
    2. Chess.com used to accept Bitcoin payments but, like many other businesses, disabled the option. After some DMs with an admin there, I'm pleased to announce that they now accept Bitcoin Cash! (354 points, 62 comments)
    3. WSJ: Bitfinex Used Tether Reserves to Mask Missing $850 Million, Probe Finds (348 points, 191 comments)
    4. Bitcoiners: Then and Now [MEME CONTEST - details in comments] (323 points, 72 comments)
    5. I'd post this to /Bitcoin but they would just remove it right away (also I'm banned) (320 points, 124 comments)
    6. So this is happening at the big protest in Hong Kong right now (270 points, 45 comments)
    7. /Bitcoin mods are censoring posts that explain why BitPay has to charge an additional fee when accepting BTC payments (219 points, 110 comments)
    8. The guy who won this week's MillionaireMakers drawing has received ~$55 in BCH and ~$30 in BTC. It will cost him less than $0.01 to move the BCH, but $6.16 (20%) in fees to move the BTC. (164 points, 100 comments)
    9. The Bitcoin whitepaper was published 11 years ago today. Check out this comic version of the whitepaper, one of the best "ELI5" explanations out there. (153 points, 12 comments)
    10. Two Years™ is the new 18 Months™ (142 points, 113 comments)
  7. 2899 points, 18 submissions: jessquit
    1. Oh, the horror! (271 points, 99 comments)
    2. A few days ago I caught flak for reposting a set of graphs that didn't have their x-axes correctly labeled or scaled. tvand13 made an updated graph with correct labeling and scaling. I am reposting it as I promised. I invite the viewer to draw their own conclusions. (214 points, 195 comments)
    3. Do you think Bitcoin needs to increase the block size? You're in luck! It already did: Bitcoin BCH. Avoid the upcoming controversial BTC block size debate by trading your broken Bitcoin BTC for upgraded Bitcoin BCH now. (209 points, 194 comments)
    4. Master list of evidence regarding Bitcoin's hijacking and takeover by Blockstream (185 points, 113 comments)
    5. PSA: BTC not working so great? Bitcoin upgraded in 2017. The upgraded Bitcoin is called BCH. There's still time to upgrade! (185 points, 192 comments)
    6. Nobody uses Bitcoin Cash (182 points, 88 comments)
    7. Double-spend proofs, SPV fraud proofs, and Cashfusion improvements all on the same day! 🏅 BCH PLS! 🏅 (165 points, 36 comments)
    8. [repost] a reminder on how btc and Bitcoin Cash came to be (150 points, 102 comments)
    9. Holy shit the entire "negative with gold" sub has become a shrine devoted to the guilded astroturfing going on in rbtc (144 points, 194 comments)
    10. This sub is the only sub in all of Reddit that allows truly uncensored discussion of BTC. If it turns out that most of that uncensored discussion is negative, DON'T BLAME US. (143 points, 205 comments)
  8. 2839 points, 13 submissions: SwedishSalsa
    1. With Bitcoin, for the first time in modern history, we have a way to opt out. (356 points, 100 comments)
    2. In this age of rampant censorship and control, this is why I love Bitcoin. (347 points, 126 comments)
    3. The crypto expert (303 points, 29 comments)
    4. Satoshi reply to Mike Hearn, April 2009. Everybody, especially newcomers and r-bitcoin-readers should take a step back and read this. (284 points, 219 comments)
    5. Bitcoin Cash looking good lately. (235 points, 33 comments)
    6. Roger Ver bad (230 points, 61 comments)
    7. History of the BTC scaling debate (186 points, 54 comments)
    8. MFW i read Luke Jr wants to limit BTC blocks to 300k. (183 points, 116 comments)
    9. Meanwhile over at bitcoinsv... (163 points, 139 comments)
    10. Listen people... (155 points, 16 comments)
  9. 2204 points, 10 submissions: increaseblocks
    1. China bans Bitcoin again, and again, and again (426 points, 56 comments)
    2. China bans Bitcoin (again) (292 points, 35 comments)
    3. Bitcoin Cash Network has now been upgraded! (238 points, 67 comments)
    4. So you want small blocks with high fees to validate your own on chain transactions that happen OFF CHAIN? (212 points, 112 comments)
    5. It’s happening - BTC dev Luke jr writing code to Bitcoin BTC codebase to fork to lower the block size to 300kb! (204 points, 127 comments)
    6. Former BTC maximalist admits that maxi's lied cheated and stealed to get SegWit and Lightning (201 points, 135 comments)
    7. Just 18 more months to go! (172 points, 86 comments)
    8. Bitcoin Cash ring - F*CK BANKS (167 points, 51 comments)
    9. LTC Foundation chat leaked: no evidence of development, lack of transparency (155 points, 83 comments)
    10. A single person controls nearly half of all the Lightning Network’s capacity (137 points, 109 comments)
  10. 2138 points, 12 submissions: JonyRotten
    1. 'Craig Is a Liar' – Early Adopter Proves Ownership of Bitcoin Address Claimed by Craig Wright (309 points, 165 comments)
    2. 200,000 People Have Signed Ross Ulbricht's Clemency Petition (236 points, 102 comments)
    3. Street Artist Hides $1,000 in BTC Inside a Mural Depicting Paris Protests (236 points, 56 comments)
    4. Craig Wright Ordered to Produce a List of Early Bitcoin Addresses in Kleiman Lawsuit (189 points, 66 comments)
    5. Ross Ulbricht Clemency Petition Gathers 250,000 Signatures (163 points, 24 comments)
    6. Ross Ulbricht Letter Questions the Wisdom of Imprisoning Non-Violent Offenders (160 points, 50 comments)
    7. Expert Witness in Satoshi Case Claims Dr Wright's Documents Were Doctored (155 points, 44 comments)
    8. California City Official Uses Bitcoin Cash to Purchase Cannabis (151 points, 36 comments)
    9. Money Transmitter License Not Required for Crypto Businesses in Pennsylvania (141 points, 9 comments)
    10. McAfee to Launch Decentralized Token Exchange With No Restrictions (137 points, 35 comments)

Top Commenters

  1. jessquit (16708 points, 2083 comments)
  2. Ant-n (7878 points, 1517 comments)
  3. MemoryDealers (7366 points, 360 comments)
  4. Egon_1 (6205 points, 1001 comments)
  5. 500239 (5745 points, 735 comments)
  6. BitcoinXio (4640 points, 311 comments)
  7. LovelyDay (4353 points, 457 comments)
  8. chainxor (4293 points, 505 comments)
  9. MobTwo (3420 points, 174 comments)
  10. ShadowOfHarbringer (3388 points, 478 comments)

Top Submissions

  1. The perfect crypto t-shirt by Korben (742 points, 68 comments)
  2. The future of Libra Coin by themadscientistt (722 points, 87 comments)
  3. when you become a crypto trader... by forberniesnow (675 points, 54 comments)
  4. A Reminder Why You Shouldn’t Use Google. by InMyDayTVwasBooks (637 points, 209 comments)
  5. Imagine if in 2000 Apple just sat around all day shit-talking Microsoft. Apple would have never gone anywhere. Apple succeeded because they learned from their mistakes, improved, and got better. BCH should do the same. by guyfawkesfp (552 points, 255 comments)
  6. Bitcoin made The Simpsons intro! Sorry for the potato quality by Johans_wilgat (521 points, 44 comments)
  7. Vitalik Buterin to Core Maxi: “ok bitcoiner” .... by Egon_1 (515 points, 206 comments)
  8. Can't stop won't stop by Greentoboggan (514 points, 78 comments)
  9. These men are serving life without parole in max security prison for nonviolent drug offenses. They helped me through a difficult time in a very dark place. I hope 2019 was their last year locked away from their loved ones. FreeRoss.org/lifers/ Happy New Year. by Egon_1 (502 points, 237 comments)
  10. Blockchain? by unesgt (479 points, 103 comments)

Top Comments

  1. 211 points: fireduck's comment in John Mcafee on the run from IRS Tax Evasion charges, running 2020 Presidential Campaign from Venezuela in Exile
  2. 203 points: WalterRothbard's comment in I am a Bitcoin supporter and developer, and I'm starting to think that Bitcoin Cash could be better, but I have some concerns, is anyone willing to discuss them?
  3. 179 points: Chris_Pacia's comment in The BSV chain has just experienced a 6-block reorg
  4. 163 points: YourBodyIsBCHn's comment in I made this account specifically to tip in nsfw/gonewild subreddits
  5. 161 points: BeijingBitcoins's comment in Last night's BCH & BTC meetups in Tokyo were both at the same restaurant (Two Dogs). We joined forces for this group photo!
  6. 156 points: hawks5999's comment in You can’t make this stuff up. This is how BTC supporters actually think. From bitcoin: “What you can do to make BTC better: check twice if you really need to use it!” 🤦🏻‍♂️
  7. 155 points: lowstrife's comment in Steve Wozniak Sold His Bitcoin at Its Peak $20,000 Valuation
  8. 151 points: kdawgud's comment in The government is taking away basic freedoms we each deserve
  9. 147 points: m4ktub1st's comment in BCH suffered a 51% attack by colluding miners to re-org the chain in order to reverse transactions - why is nobody talking about this? Dangerous precident
  10. 147 points: todu's comment in Why I'm not a fan of the SV community: My recent bill for defending their frivolous lawsuit against open source software developers.
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An extensive guide for cashing out bitcoin and cryptocurrencies into private banks

Hey guys.
Merry Xmas !
I am coming back to you with a follow up post, as I have helped many people cash out this year and I have streamlined the process. After my original post, I received many requests to be more specific and provide more details. I thought that after the amazing rally we have been attending over the last few months, and the volatility of the last few days, it would be interesting to revisit more extensively.
The attitude of banks around crypto is changing slowly, but it is still a tough stance. For the first partial cash out I operated around a year ago for a client, it took me months to find a bank. They wouldn’t want to even consider the case and we had to knock at each and every door. Despite all my contacts it was very difficult back in the days. This has changed now, and banks have started to open their doors, but there is a process, a set of best practices and codes one has to follow.
I often get requests from crypto guys who are very privacy-oriented, and it takes me months to have them understand that I am bound by Swiss law on banking secrecy, and I am their ally in this onboarding process. It’s funny how I have to convince people that banks are legit, while on the other side, banks ask me to show that crypto millionaires are legit. I have a solid background in both banking and in crypto so I manage to make the bridge, but yeah sometimes it is tough to reconcile the two worlds. I am a crypto enthusiast myself and I can say that after years of work in the banking industry I have grown disillusioned towards banks as well, like many of you. Still an account in a Private bank is convenient and powerful. So let’s get started.
There are two different aspects to your onboarding in a Swiss Private bank, compliance-wise.
*The origin of your crypto wealth
*Your background (residence, citizenship and probity)
These two aspects must be documented in-depth.
How to document your crypto wealth. Each new crypto millionaire has a different story. I may detail a few fun stories later in this post, but at the end of the day, most of crypto rich I have met can be categorized within the following profiles: the miner, the early adopter, the trader, the corporate entity, the black market, the libertarian/OTC buyer. The real question is how you prove your wealth is legit.
1. Context around the original amount/investment Generally speaking, your first crypto purchase may not be documented. But the context around this acquisition can be. I have had many cases where the original amount was bought through Mtgox, and no proof of purchase could be provided, nor could be documented any Mtgox claim. That’s perfectly fine. At some point Mtgox amounted 70% of the bitcoin transactions globally, and people who bought there and managed to withdraw and keep hold of their bitcoins do not have any Mtgox claim. This is absolutely fine. However, if you can show me the record of a wire from your bank to Tisbane (Mtgox's parent company) it's a great way to start.
Otherwise, what I am trying to document here is the following: I need context. If you made your first purchase by saving from summer jobs, show me a payroll. Even if it was USD 2k. If you acquired your first bitcoins from mining, show me the bills of your mining equipment from 2012 or if it was through a pool mine, give me your slushpool account ref for instance. If you were given bitcoin against a service you charged, show me an invoice.
2. Tracking your wealth until today and making sense of it. What I have been doing over the last few months was basically educating compliance officers. Thanks God, the blockchain is a global digital ledger! I have been telling my auditors and compliance officers they have the best tool at their disposal to lead a proper investigation. Whether you like it or not, your wealth can be tracked, from address to address. You may have thought all along this was a bad feature, but I am telling you, if you want to cash out, in the context of Private Banking onboarding, tracking your wealth through the block explorer is a boon. We can see the inflows, outflows. We can see the age behind an address. An early adopter who bought 1000 BTC in 2010, and let his bitcoin behind one address and held thus far is legit, whether or not he has a proof of purchase to show. That’s just common sense. My job is to explain that to the banks in a language they understand.
Let’s have a look at a few examples and how to document the few profiles I mentioned earlier.
The trader. I love traders. These are easy cases. I have a ton of respect for them. Being a trader myself in investment banks for a decade earlier in my career has taught me that controlling one’s emotions and having the discipline to impose oneself some proper risk management system is really really hard. Further, being able to avoid the exchange bankruptcy and hacks throughout crypto history is outstanding. It shows real survival instinct, or just plain blissed ignorance. In any cases traders at exchange are easy cases to corroborate since their whole track record is potentially available. Some traders I have met have automated their trading and have shown me more than 500k trades done over the span of 4 years. Obviously in this kind of scenario I don’t show everything to the bank to avoid information overload, and prefer to do some snacking here and there. My strategy is to show the early trades, the most profitable ones, explain the trading strategy and (partially expose) the situation as of now with id pages of the exchanges and current balance. Many traders have become insensitive to the risk of parking their crypto at exchange as they want to be able to trade or to grasp an occasion any minute, so they generally do not secure a substantial portion on the blockchain which tends to make me very nervous.
The early adopter. Provided that he has not mixed his coin, the early adopter or “hodler” is not a difficult case either. Who cares how you bought your first 10k btc if you bought them below 3$ ? Even if you do not have a purchase proof, I would generally manage to find ways. We just have to corroborate the original 30’000 USD investment in this case. I mainly focus on three things here:
*proof of early adoption I have managed to educate some banks on a few evidences specifically related to crypto markets. For instance with me, an old bitcointalk account can serve as a proof of early adoption. Even an old reddit post from a few years ago where you say how much you despise this Ripple premined scam can prove to be a treasure readily available to show you were early.
*story telling Compliance officers like to know when, why and how. They are human being looking for simple answers to simple questions and they don’t want like to be played fool. Telling the truth, even without a proof can do wonders, and even though bluffing might still work because banks don’t fully understand bitcoin yet, it is a risky strategy that is less and less likely to pay off as they are getting more sophisticated by the day.
*micro transaction from an old address you control This is the killer feature. Send a $20 worth transaction from an old address to my company wallet and to one of my partner bank’s wallet and you are all set ! This is gold and considered a very solid piece of evidence. You can also do a microtransaction to your own wallet, but banks generally prefer transfer to their own wallet. Patience with them please. they are still learning.
*signature message Why do a micro transaction when you can sign a message and avoid potentially tainting your coins ?
*ICO millionaire Some clients made their wealth participating in ETH crowdsale or IOTA ICO. They were very easy to deal with obviously and the account opening was very smooth since we could evidence the GENESIS TxHash flow.
The miner Not so easy to proof the wealth is legit in that case. Most early miners never took screenshot of the blocks on bitcoin core, nor did they note down the block number of each block they mined. Until the the Slashdot article from August 2010 anyone could mine on his laptop, let his computer run overnight and wake up to a freshly minted block containing 50 bitcoins back in the days. Not many people were structured enough to store and secure these coins, avoid malwares while syncing the blockchain continuously, let alone document the mined blocks in the process. What was 50 BTC worth really for the early miners ? dust of dollars, games and magic cards… Even miners post 2010 are generally difficult to deal with in terms of compliance onboarding. Many pool mining are long dead. Deepbit is down for instance and the founders are MIA. So my strategy to proof mining activity is as follow:
*Focusing on IT background whenever possible. An IT background does help a lot to bring some substance to the fact you had the technical ability to operate a mining rig.
*Showing mining equipment receipts. If you mined on your own you must have bought the hardware to do so. For instance mining equipment receipts from butterfly lab from 2012-2013 could help document your case. Similarly, high electricity bill from your household on a consistent basis back in the day could help. I have already unlocked a tricky case in the past with such documents when the bank was doubtful.
*Wallet.dat files with block mining transactions from 2011 thereafter This obviously is a fantastic piece of evidence for both you and me if you have an old wallet and if you control an address that received original mined blocks, (even if the wallet is now empty). I will make sure compliance officers understand what it means, and as for the early adopter, you can prove your control over these wallet through a microtransaction. With these kind of addresses, I can show on the block explorer the mined block rewards hitting at regular time interval, and I can even spot when difficulty level increased or when halvening process happened.
*Poolmining account. Here again I have educated my partner bank to understand that a slush account opened in 2013 or an OnionTip presence was enough to corroborate mining activity. The block explorer then helps me to do the bridge with your current wallet.
*Describing your set up and putting it in context In the history of mining we had CPU, GPU, FPG and ASICs mining. I will describe your technical set up and explain why and how your set up was competitive at that time.
The corporate entity Remember 2012 when we were all convinced bitcoin would take over the world, and soon everyone would pay his coffee in bitcoin? How naïve we were to think transaction fees would remain low forever. I don’t blame bitcoin cash supporters; I once shared this dream as well. Remember when we thought global adoption was right around the corner and some brick and mortar would soon accept bitcoin transaction as a common mean of payment? Well, some shop actually did accept payment and held. I had a few cases as such of shops holders, who made it to the multi million mark holding and had invoices or receipts to proof the transactions. If you are organized enough to keep a record for these trades and are willing to cooperate for the documentation, you are making your life easy. The digital advertising business is also a big market for the bitcoin industry, and affiliates partner compensated in btc are common. It is good to show an invoice, it is better to show a contract. If you do not have a contract (which is common since all advertising deals are about ticking a check box on the website to accept terms and conditions), there are ways around that. If you are in that case, pm me.
The black market Sorry guys, I can’t do much for you officially. Not that I am judging you. I am a libertarian myself. It’s just already very difficult to onboard legit btc adopters, so the black market is a market I cannot afford to consider. My company is regulated so KYC and compliance are key for me if I want to stay in business. Behind each case I push forward I am risking the credibility and reputation I have built over the years. So I am sorry guys I am not risking it to make an extra buck. Your best hope is that crypto will eventually take over the world and you won’t need to cash out anyway. Or go find a Lithuanian bank that is light on compliance and cooperative.
The OTC buyer and the libertarian. Generally a very difficult case. If you bought your stack during your journey in Japan 5 years ago to a guy you never met again; or if you accumulated on https://localbitcoins.com/ and kept no record or lost your account, it is going to be difficult. Not impossible but difficult. We will try to build a case with everything else we have, and I may be able to onboard you. However I am risking a lot here so I need to be 100% confident you are legit, before I defend you. Come & see me in Geneva, and we will talk. I will run forensic services like elliptic, chainalysis, or scorechain on an extract of your wallet. If this scan does not raise too many red flags, then maybe we can work together ! If you mixed your coins all along your crypto history, and shredded your seeds because you were paranoid, or if you made your wealth mining professionally monero over the last 3 years but never opened an account at an exchange. ¯_(ツ)_/¯ I am not a magician and don’t get me wrong, I love monero, it’s not the point.
Cashing out ICOs Private companies or foundations who have ran an ICO generally have a very hard time opening a bank account. The few banks that accept such projects would generally look at 4 criteria:
*Seriousness of the project Extensive study of the whitepaper to limit the reputation risk
*AML of the onboarding process ICOs 1.0 have no chance basically if a background check of the investors has not been conducted
*Structure of the moral entity List of signatories, certificate of incumbency, work contract, premises...
*Fiscal conformity Did the company informed the authorities and seek a fiscal ruling.
For the record, I am not into the tax avoidance business, so people come to me with a set up and I see if I can make it work within the legal framework imposed to me.
First, stop thinking Switzerland is a “offshore heaven” Swiss banks have made deals with many governments for the exchange of fiscal information. If you are a French citizen, resident in France and want to open an account in a Private Bank in Switzerland to cash out your bitcoins, you will get slaughtered (>60%). There are ways around that, and I could refer you to good tax specialists for fiscal optimization, but I cannot organize it myself. It would be illegal for me. Swiss private banks makes it easy for you to keep a good your relation with your retail bank and continue paying your bills without headaches. They are integrated to SEPA, provide ebanking and credit cards.
For information, these are the kind of set up some of my clients came up with. It’s all legal; obviously I do not onboard clients that are not tax compliant. Further disclaimer: I did not contribute myself to these set up. Do not ask me to organize it for you. I won’t.
EU tricks
Swiss lump sum taxation Foreign nationals resident in Switzerland can be taxed on a lump-sum basis if they are not gainfully employed in our country. Under the lump-sum tax regime, foreign nationals taking residence in Switzerland may choose to pay an expense-based tax instead of ordinary income and wealth tax. Attractive cantons for the lump sum taxation are Zug, Vaud, Valais, Grisons, Lucerne and Berne. To make it short, you will be paying somewhere between 200 and 400k a year and all expenses will be deductible.
Switzerland has adopted a very friendly attitude towards crypto currency in general. There is a whole crypto valley in Zug now. 30% of ICOs are operated in Switzerland. The reason is that Switzerland has thrived for centuries on banking secrecy, and today with FATCA and exchange of fiscal info with EU, banking secrecy is dead. Regulators in Switzerland have understood that digital ledger technologies were a way to roll over this competitive advantage for the generations to come. Switzerland does not tax capital gains on crypto profits. The Finma has a very pragmatic approach. They have issued guidance- updated guidelines here. They let the business get organized and operate their analysis on a case per case basis. Only after getting a deep understanding of the market will they issue a global fintech license in 2019. This approach is much more realistic than legislations which try to regulate everything beforehand.
Italy new tax exemption. It’s a brand new fiscal exemption. Go to Aoste, get residency and you could be taxed a 100k/year for 10years. Yes, really.
Portugal What’s crazy in Europe is the lack of fiscal harmonization. Even if no one in Brussels dares admit it, every other country is doing fiscal dumping. Portugal is such a country and has proved very friendly fiscally speaking. I personally have a hard time trusting Europe. I have witnessed what happened in Greece over the last few years. Some of our ultra high net worth clients got stuck with capital controls. I mean no way you got out of crypto to have your funds confiscated at the next financial crisis! Anyway. FYI
Malta Generally speaking, if you get a residence somewhere you have to live there for a certain period of time. Being stuck in Italy is no big deal with Schengen Agreement, but in Malta it is a different story. In Malta, the ordinary residence scheme is more attractive than the HNWI residence scheme. Being an individual, you can hold a residence permit under this scheme and pay zero income tax in Malta in a completely legal way.
Monaco Not suitable for French citizens, but for other Ultra High Net worth individual, Monaco is worth considering. You need an account at a local bank as a proof of fortune, and this account generally has to be seeded with at least EUR500k. You also need a proof of residence. I do mean UHNI because if you don’t cash out minimum 30m it’s not interesting. Everything is expensive in Monaco. Real Estate is EUR 50k per square meter. A breakfast at Monte Carlo Bay hotel is 70 EUR. Monaco is sunny but sometimes it feels like a golden jail. Do you really want that for your kids?
Dubaï
  1. Set up a company in Dubaï, get your resident card.
  2. Spend one day every 6 month there
  3. ???
  4. Be tax free
US tricks Some Private banks in Geneva do have the license to manage the assets of US persons and U.S citizens. However, do not think it is a way to avoid paying taxes in the US. Opening an account at an authorized Swiss Private banks is literally the same tax-wise as opening an account at Fidelity or at Bank of America in the US. The only difference is that you will avoid all the horror stories. Horror stories are all real by the way. In Switzerland, if you build a decent case and answer all the questions and corroborate your case in depth, you will manage to convince compliance officers beforehand. When the money eventually hits your account, it is actually available and not frozen.
The IRS and FATCA require to file FBAR if an offshore account is open. However FBAR is a reporting requirement and does not have taxes related to holding an account outside the US. The taxes would be the same if the account was in the US. However penalties for non compliance with FBAR are very large. The tax liability management is actually performed through the management of the assets ( for exemple by maximizing long term capital gains and minimizing short term gains).
The case for Porto Rico. Full disclaimer here. I am not encouraging this. Have not collaborated on such tax avoidance schemes. if you are interested I strongly encourage you to seek a tax advisor and get a legal opinion. I am not responsible for anything written below. I am not going to say much because I am so afraid of uncle Sam that I prefer to humbly pass the hot potato to pwc From here all it takes is a good advisor and some creativity to be tax free on your crypto wealth if you are a US person apparently. Please, please please don’t ask me more. And read the disclaimer again.
Trust tricks Generally speaking I do not accept fringe fiscal situation because it puts me in a difficult situation to the banks I work with, and it is already difficult enough to defend a legit crypto case. Trust might be a way to optimize your fiscal situation. Belize. Bahamas. Seychelles. Panama, You name it. At the end of the day, what matters for Swiss Banks are the beneficial owner and the settlor. Get a legal opinion, get it done, and when you eventually knock at a private bank’s door, don’t say it was for fiscal avoidance you stupid ! You will get the door smashed upon you. Be smarter. It will work. My advice is just to have it done by a great tax specialist lawyer, even if it costs you some money, as the entity itself needs to be structured in a professional way. Remember that with trust you are dispossessing yourself off your wealth. Not something to be taken lightly.
“Anonymous” cash out. Right. I think I am not going into this topic, neither expose the ways to get it done. Pm me for details. I already feel a bit uncomfortable with all the info I have provided. I am just going to mention many people fear that crypto exchange might become reporting entities soon, and rightly so. This might happen anyday. You have been warned. FYI, this only works for non-US and large cash out.
The difference between traders an investors. Danmark, Holland and Germany all make a huge difference if you are a passive investor or if you are a trader. ICO is considered investing for instance and is not taxed, while trading might be considered as income and charged aggressively. I would try my best to protect you and put a focus on your investor profile whenever possible, so you don't have to pay 52% tax if you do not have to :D
Full cash out or partial cash out? People who have been sitting on crypto for long have grown an emotional and irrational link with their coins. They come to me and say, look, I have 50m in crypto but I would like to cash out 500k only. So first let me tell you that as a wealth manager my advice to you is to take some off the table. Doing a partial cash out is absolutely fine. The market is bullish. We are witnessing a redistribution of wealth at a global scale. Bitcoin is the real #occupywallstreet, and every one will discuss crypto at Xmas eve which will make the market even more supportive beginning 2018, especially with all hedge funds entering the scene. If you want to stay exposed to bitcoin and altcoins, and believe these techs will change the world, it’s just natural you want to keep some coins. In the meantime, if you have lived off pizzas over the last years, and have the means to now buy yourself an nice house and have an account at a private bank, then f***ing do it mate ! Buy physical gold with this account, buy real estate, have some cash at hands. Even though US dollar is worthless to your eyes, it’s good and convenient to have some. Also remember your wife deserves it ! And if you have no wife yet and you are socially awkward like the rest of us, then maybe cashing out partially will help your situation ;)
What the Private Banks expect. Joke aside, it is important you understand something. If you come around in Zurich to open a bank account and partially cash out, just don’t expect Private Banks will make an exception for you if you are small. You can’t ask them to facilitate your cash out, buy a 1m apartment with the proceeds of the sale, and not leave anything on your current account. It won’t work. Sadly, under 5m you are considered small in private banking. The bank is ok to let you open an account, provided that your kyc and compliance file are validated, but they will also want you to become a client and leave some money there to invest. This might me despicable, but I am just explaining you their rules. If you want to cash out, you should sell enough to be comfortable and have some left. Also expect the account opening to last at least 3-4 week if everything goes well. You can't just open an account overnight.
The cash out logistics. Cashing out 1m USD a day in bitcoin or more is not so hard.
Let me just tell you this: Even if you get a Tier 4 account with Kraken and ask Alejandro there to raise your limit over $100k per day, Even if you have a bitfinex account and you are willing to expose your wealth there, Even if you have managed to pass all the crazy due diligence at Bitstamp,
The amount should be fractioned to avoid risking your full wealth on exchange and getting slaughtered on the price by trading big quantities. Cashing out involves significant risks at all time. There is a security risk of compromising your keys, a counterparty risk, a fat finger risk. Let it be done by professionals. It is worth every single penny.
Most importantly, there is a major difference between trading on an exchange and trading OTC. Even though it’s not publicly disclosed some exchange like Kraken do have OTC desks. Trading on an exchange for a large amount will weight on the prices. Bitcoin is a thin market. In my opinion over 30% of the coins are lost in translation forever. Selling $10m on an exchange in a day can weight on the prices more than you’d think. And if you trade on a exchange, everything is shown on record, and you might wipe out the prices because on exchanges like bitstamp or kraken ultimately your counterparties are retail investors and the market depth is not huge. It is a bit better on Bitfinex. It is way better to trade OTC. Accessing the institutional OTC market is not easy, and that is also the reason why you should ask a regulated financial intermediary if we are talking about huge amounts.
Last point, always chose EUR as opposed to USD. EU correspondent banks won’t generally block institutional amounts. However we had the cases of USD funds frozen or delayed by weeks.
Most well-known OTC desks are Cumberlandmining (ask for Lucas), Genesis (ask for Martin), Bitcoin Suisse AG (ask for Niklas), circletrade, B2C2, or Altcoinomy (ask for Olivier)
Very very large whales can also set up escrow accounts for massive block trades. This world, where blocks over 30k BTC are exchanged between 2 parties would deserve a reddit thread of its own. Crazyness all around.
Your options: DIY or going through a regulated financial intermediary.
Execution trading is a job in itself. You have to be patient, be careful not to wipe out the order book and place limit orders, monitor the market intraday for spikes or opportunities. At big levels, for a large cash out that may take weeks, these kind of details will save you hundred thousands of dollars. I understand crypto holders are suspicious and may prefer to do it by themselves, but there are regulated entities who now offer the services. Besides, being a crypto millionaire is not a guarantee you will get institutional daily withdrawal limits at exchange. You might, but it will take you another round of KYC with them, and surprisingly this round might be even more aggressive that the ones at Private banks since exchange have gone under intense scrutiny by regulators lately.
The fees for cashing out through a regulated financial intermediary to help you with your cash out should be around 1-2% flat on the nominal, not more. And for this price you should get the full package: execution/monitoring of the trades AND onboarding in a private bank. If you are asked more, you are being abused.
Of course, you also have the option to do it yourself. It is a way more tedious and risky process. Compliance with the exchange, compliance with the private bank, trading BTC/fiat, monitoring the transfers…You will save some money but it will take you some time and stress. Further, if you approach a private bank directly, it will trigger a series of red flag to the banks. As I said in my previous post, they call a direct approach a “walk-in”. They will be more suspicious than if you were introduced by someone and won’t hesitate to show you high fees and load your portfolio with in-house products that earn more money to the banks than to you. Remember also most banks still do not understand crypto so you will have a lot of explanations to provide and you will have to start form scratch with them!
The paradox of crypto millionaires Most of my clients who made their wealth through crypto all took massive amount of risks to end up where they are. However, most of them want their bank account to be managed with a low volatility fixed income capital preservation risk profile. This is a paradox I have a hard time to explain and I think it is mainly due to the fact that most are distrustful towards banks and financial markets in general. Many clients who have sold their crypto also have a cash-out blues in the first few months. This is a classic situation. The emotions involved in hodling for so long, the relief that everything has eventually gone well, the life-changing dynamics, the difficulties to find a new motivation in life…All these elements may trigger a post cash-out depression. It is another paradox of the crypto rich who has every card in his hand to be happy, but often feel a bit sad and lonely. Sometimes, even though it’s not my job, I had to do some psychological support. A lot of clients have also become my friends, because we have the same age and went through the same “ordeal”. First world problem I know… Remember, cashing out is not the end. It’s actually the beginning. Don’t look back, don’t regret. Cash out partially, because it does not make sense to cash out in full, regret it and want back in. relax.
The race to cash out crypto billionaire and the concept of late exiter. The Winklevoss brothers are obviously the first of a series. There will be crypto billionaires. Many of them. At a certain level you can have a whole family office working for you to manage your assets and take care of your needs . However, let me tell you it’s is not because you made it so big that you should think you are a genius and know everything better than anyone. You should hire professionals to help you. Managing assets require some education around the investment vehicles and risk management strategies. Sorry guys but with all the respect I have for wallstreebet, AMD and YOLO stock picking, some discipline is necessary. The investors who have made money through crypto are generally early adopters. However I have started to see another profile popping up. They are not early adopters. They are late exiters. It is another way but just as efficient. Last week I met the first crypto millionaire I know who first bough bitcoin over 1000$. 55k invested at the beginning of this year. Late adopter & late exiter is a route that can lead to the million.
Last remarks. I know banks, bankers, and FIAT currencies are so last century. I know some of you despise them and would like to have them burn to the ground. With compliance officers taking over the business, I would like to start the fire myself sometimes. I hope this extensive guide has helped some of you. I am around if you need more details. I love my job despite all my frustration towards the banking industry because it makes me meet interesting people on a daily basis. I am a crypto enthusiast myself, and I do think this tech is here to stay and will change the world. Banks will have to adapt big time. Things have started to change already; they understand the threat is real. I can feel the generational gap in Geneva, with all these old bankers who don’t get what’s going on. They glaze at the bitcoin chart on CNBC in disbelief and they start to get it. This bitcoin thing is not a joke. Deep inside, as an early adopter who also intends to be a late exiter, as a libertarian myself, it makes me smile with satisfaction.
Cheers. @swisspb on telegram
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21 months ago, Gavin Andresen published "A Scalability Roadmap", including sections called: "Increasing transaction volume", "Bigger Block Road Map", and "The Future Looks Bright". *This* was the Bitcoin we signed up for. It's time for us to take Bitcoin back from the strangle-hold of Blockstream.

A Scalability Roadmap
06 October 2014
by Gavin Andresen
https://web.archive.org/web/20150129023502/http://blog.bitcoinfoundation.org/a-scalability-roadmap
Increasing transaction volume
I expect the initial block download problem to be mostly solved in the next relase or three of Bitcoin Core. The next scaling problem that needs to be tackled is the hardcoded 1-megabyte block size limit that means the network can suppor[t] only approximately 7-transactions-per-second.
Any change to the core consensus code means risk, so why risk it? Why not just keep Bitcoin Core the way it is, and live with seven transactions per second? “If it ain’t broke, don’t fix it.”
Back in 2010, after Bitcoin was mentioned on Slashdot for the first time and bitcoin prices started rising, Satoshi rolled out several quick-fix solutions to various denial-of-service attacks. One of those fixes was to drop the maximum block size from infinite to one megabyte (the practical limit before the change was 32 megabytes– the maximum size of a message in the p2p protocol). The intent has always been to raise that limit when transaction volume justified larger blocks.
“Argument from Authority” is a logical fallacy, so “Because Satoshi Said So” isn’t a valid reason. However, staying true to the original vision of Bitcoin is very important. That vision is what inspires people to invest their time, energy, and wealth in this new, risky technology.
I think the maximum block size must be increased for the same reason the limit of 21 million coins must NEVER be increased: because people were told that the system would scale up to handle lots of transactions, just as they were told that there will only ever be 21 million bitcoins.
We aren’t at a crisis point yet; the number of transactions per day has been flat for the last year (except for a spike during the price bubble around the beginning of the year). It is possible there are an increasing number of “off-blockchain” transactions happening, but I don’t think that is what is going on, because USD to BTC exchange volume shows the same pattern of transaction volume over the last year. The general pattern for both price and transaction volume has been periods of relative stability, followed by bubbles of interest that drive both price and transaction volume rapidly up. Then a crash down to a new level, lower than the peak but higher than the previous stable level.
My best guess is that we’ll run into the 1 megabyte block size limit during the next price bubble, and that is one of the reasons I’ve been spending time working on implementing floating transaction fees for Bitcoin Core. Most users would rather pay a few cents more in transaction fees rather than waiting hours or days (or never!) for their transactions to confirm because the network is running into the hard-coded blocksize limit.
Bigger Block Road Map
Matt Corallo has already implemented the first step to supporting larger blocks – faster relaying, to minimize the risk that a bigger block takes longer to propagate across the network than a smaller block. See the blog post I wrote in August for details.
There is already consensus that something needs to change to support more than seven transactions per second. Agreeing on exactly how to accomplish that goal is where people start to disagree – there are lots of possible solutions. Here is my current favorite:
Roll out a hard fork that increases the maximum block size, and implements a rule to increase that size over time, very similar to the rule that decreases the block reward over time.
Choose the initial maximum size so that a “Bitcoin hobbyist” can easily participate as a full node on the network. By “Bitcoin hobbyist” I mean somebody with a current, reasonably fast computer and Internet connection, running an up-to-date version of Bitcoin Core and willing to dedicate half their CPU power and bandwidth to Bitcoin.
And choose the increase to match the rate of growth of bandwidth over time: 50% per year for the last twenty years. Note that this is less than the approximately 60% per year growth in CPU power; bandwidth will be the limiting factor for transaction volume for the foreseeable future.
I believe this is the “simplest thing that could possibly work.” It is simple to implement correctly and is very close to the rules operating on the network today. Imposing a maximum size that is in the reach of any ordinary person with a pretty good computer and an average broadband internet connection eliminates barriers to entry that might result in centralization of the network.
Once the network allows larger-than-1-megabyte blocks, further network optimizations will be necessary. This is where Invertible Bloom Lookup Tables or (perhaps) other data synchronization algorithms will shine.
The Future Looks Bright
So some future Bitcoin enthusiast or professional sysadmin would download and run software that did the following to get up and running quickly:
  1. Connect to peers, just as is done today.
  2. Download headers for the best chain from its peers (tens of megabytes; will take at most a few minutes)
  3. Download enough full blocks to handle and reasonable blockchain re-organization (a few hundred should be plenty, which will take perhaps an hour).
  4. Ask a peer for the UTXO set, and check it against the commitment made in the blockchain.
From this point on, it is a fully-validating node. If disk space is scarce, it can delete old blocks from disk.
How far does this lead?
There is a clear path to scaling up the network to handle several thousand transactions per second (“Visa scale”). Getting there won’t be trivial, because writing solid, secure code takes time and because getting consensus is hard. Fortunately technological progress marches on, and Nielsen’s Law of Internet Bandwidth and Moore’s Law make scaling up easier as time passes.
The map gets fuzzy if we start thinking about how to scale faster than the 50%-per-increase-in-bandwidth-per-year of Nielsen’s Law. Some complicated scheme to avoid broadcasting every transaction to every node is probably possible to implement and make secure enough.
But 50% per year growth is really good. According to my rough back-of-the-envelope calculations, my above-average home Internet connection and above-average home computer could easily support 5,000 transactions per second today.
That works out to 400 million transactions per day. Pretty good; every person in the US could make one Bitcoin transaction per day and I’d still be able to keep up.
After 12 years of bandwidth growth that becomes 56 billion transactions per day on my home network connection — enough for every single person in the world to make five or six bitcoin transactions every single day. It is hard to imagine that not being enough; according the the Boston Federal Reserve, the average US consumer makes just over two payments per day.
So even if everybody in the world switched entirely from cash to Bitcoin in twenty years, broadcasting every transaction to every fully-validating node won’t be a problem.
submitted by ydtm to btc [link] [comments]

A history of Bitcoin – told through the five different groups who bought it

A history of Bitcoin – told through the five different groups who bought it
www.fmz.com
The recent fluctuations in Bitcoin’s value are just the latest in a series of spectacular peaks and troughs since it was created in 2009. (Though its price has been falling recently, it remains five times higher than last April, before the latest major peak began.)
Commentators are often dismissive of Bitcoin buyers, writing them off as naive victims of a fraudulent bubble. But if we look more carefully, we can trace the history of Bitcoin through five key narratives. Each has drawn in a different group of buyers and in doing so contributed to its long-term growth in value.
The idealists
Bitcoin arose from a tiny group of cryptographers who were trying to solve the “double spend” problem facing digital money: “cash” held as a digital file could easily be copied and then used multiple times. The problem is easily solved by financial institutions, who use a secure central ledger to record how much everyone has in their accounts, but the cryptographers wanted a solution that was more akin to physical cash: private, untraceable, and independent of third parties like the banks.
Satoshi Nakamoto’s solution was the Bitcoin blockchain, a cryptographically secured public ledger that records transactions anonymously and is kept as multiple copies on many different users’ computers. The first narrative of Bitcoin’s value was built into Nakamoto’s original “white paper”. This claimed that Bitcoin would be superior to existing forms of electronic money such as credit cards, providing benefits like eliminating chargebacks to merchants and reducing transaction fees.
The libertarians
www.fmz.com
FMZ
But from an early stage, Nakamoto also marketed Bitcoin to a libertarian audience. He did so by stressing the absence of any central authority and particularly Bitcoin’s independence from both states and existing financial institutions.
Nakamoto criticised central banks for debasing money by issuing increasing amounts of it and designed Bitcoin to have a hard limit on the amount that could be issued. And he stressed the anonymity of Bitcoin transactions: safe, more or less, from the prying eyes of the state. Libertarians became enthusiastic advocates and buyers of Bitcoin, more as an act of rebellion than for financial reasons. They have remained highly influential in the Bitcoin community.
The savvy young
These, however, were small constituencies, and Bitcoin really started to take off in July 2010 when a short article on Slashdot: News for nerds, stuff that matters(“news for nerds”) spread the word to many young and technically savvy buyers. This community was influenced by the “Californian ideology” – belief in the capacity of technology and entrepreneurs to transform the world.
Many bought small quantities at a low price and were somewhat bemused to find themselves sitting on significant investments when the price multiplied. They became used to huge fluctuations in the price and frequently advocated “hodling” Bitcoin (a mis-spelling of “hold”, first used in a now iconic message posted by an inebriated user determined to resist constant “sell” messages from day traders). The hodlers insisted, half seriously, that Bitcoin was going “to the moon!” (used 178,000 times on the bitcointalk forums), and talked of buying “lambos” (lamborghinis) with their gains. This countercultural levity generated a sense of community and a commitment to holding Bitcoin that helps to sustain its value.
The investors
FMZ
The last two groups that have contributed to Bitcoin’s history are more conventional. What I consider the fourth group of investors consists of speculators who have been attracted by the volatility and peaks in Bitcoin prices.
On the one hand, we have the day traders, who hope to exploit the volatility of Bitcoin’s price by buying and selling quickly to take advantage of short-term price movements. Like speculators in any other asset, they have no real interest in the larger picture or of questions of inherent value, but only in the price today. Their only narratives are “buy” and “sell”, often employed in an attempt to influence the market.
On the other hand, we have those who are drawn in by news of price bubbles. Ironically, bubble narratives in the press, often designed to deter investors, can have the opposite effect. These investors join what Keynes called a “beauty contest” – they only care what other people might be prepared to pay for a Bitcoin in the short to medium term future.
www.fmz.com
The portfolio balancers
The final and newest group of Bitcoin buyers are the portfolio balancers: more sophisticated investors who buy Bitcoin to hedge against wider risks in the financial system. According to modern portfolio theory, investors can reduce the riskiness of their portfolios overall by buying some Bitcoin because its peaks and troughs don’t line up with those of other assets, providing some insurance against stock market crashes. This is an emerging group, but one that could significantly raise Bitcoin’s acceptability among mainstream investors.
Bitcoin’s value, then, has been built on an evolving series of narratives which have drawn in successive waves of buyers. While mainstream commentators are often dismissive of Bitcoin as lacking inherent value, all asset market values depend on narrative processes like these.
Bitcoin may well collapse again, but so may any other financial asset. Investing in Bitcoin is neither more nor less risky than investing in the latest technology company launched on the stock market without ever having made a profit.
FMZ
submitted by Ruby-Yao to Bitcoin [link] [comments]

A history of Bitcoin – told through the five different groups who bought it

A history of Bitcoin – told through the five different groups who bought it
www.fmz.com
The recent fluctuations in Bitcoin’s value are just the latest in a series of spectacular peaks and troughs since it was created in 2009. (Though its price has been falling recently, it remains five times higher than last April, before the latest major peak began.)
Commentators are often dismissive of Bitcoin buyers, writing them off as naive victims of a fraudulent bubble. But if we look more carefully, we can trace the history of Bitcoin through five key narratives. Each has drawn in a different group of buyers and in doing so contributed to its long-term growth in value.
The idealists
Bitcoin arose from a tiny group of cryptographers who were trying to solve the “double spend” problem facing digital money: “cash” held as a digital file could easily be copied and then used multiple times. The problem is easily solved by financial institutions, who use a secure central ledger to record how much everyone has in their accounts, but the cryptographers wanted a solution that was more akin to physical cash: private, untraceable, and independent of third parties like the banks.
Satoshi Nakamoto’s solution was the Bitcoin blockchain, a cryptographically secured public ledger that records transactions anonymously and is kept as multiple copies on many different users’ computers. The first narrative of Bitcoin’s value was built into Nakamoto’s original “white paper”. This claimed that Bitcoin would be superior to existing forms of electronic money such as credit cards, providing benefits like eliminating chargebacks to merchants and reducing transaction fees.
The libertarians
https://preview.redd.it/hj1wccewwdk11.jpg?width=960&format=pjpg&auto=webp&s=13fb0db227ad6cf5f497d5e28e19d55934fa4b70
FMZ
But from an early stage, Nakamoto also marketed Bitcoin to a libertarian audience. He did so by stressing the absence of any central authority and particularly Bitcoin’s independence from both states and existing financial institutions.
Nakamoto criticised central banks for debasing money by issuing increasing amounts of it and designed Bitcoin to have a hard limit on the amount that could be issued. And he stressed the anonymity of Bitcoin transactions: safe, more or less, from the prying eyes of the state. Libertarians became enthusiastic advocates and buyers of Bitcoin, more as an act of rebellion than for financial reasons. They have remained highly influential in the Bitcoin community.
The savvy young
These, however, were small constituencies, and Bitcoin really started to take off in July 2010 when a short article on Slashdot: News for nerds, stuff that matters(“news for nerds”) spread the word to many young and technically savvy buyers. This community was influenced by the “Californian ideology” – belief in the capacity of technology and entrepreneurs to transform the world.
Many bought small quantities at a low price and were somewhat bemused to find themselves sitting on significant investments when the price multiplied. They became used to huge fluctuations in the price and frequently advocated “hodling” Bitcoin (a mis-spelling of “hold”, first used in a now iconic message posted by an inebriated user determined to resist constant “sell” messages from day traders). The hodlers insisted, half seriously, that Bitcoin was going “to the moon!” (used 178,000 times on the bitcointalk forums), and talked of buying “lambos” (lamborghinis) with their gains. This countercultural levity generated a sense of community and a commitment to holding Bitcoin that helps to sustain its value.
The investors
FMZ
The last two groups that have contributed to Bitcoin’s history are more conventional. What I consider the fourth group of investors consists of speculators who have been attracted by the volatility and peaks in Bitcoin prices.
On the one hand, we have the day traders, who hope to exploit the volatility of Bitcoin’s price by buying and selling quickly to take advantage of short-term price movements. Like speculators in any other asset, they have no real interest in the larger picture or of questions of inherent value, but only in the price today. Their only narratives are “buy” and “sell”, often employed in an attempt to influence the market.
On the other hand, we have those who are drawn in by news of price bubbles. Ironically, bubble narratives in the press, often designed to deter investors, can have the opposite effect. These investors join what Keynes called a “beauty contest” – they only care what other people might be prepared to pay for a Bitcoin in the short to medium term future.
www.fmz.com
The portfolio balancers
The final and newest group of Bitcoin buyers are the portfolio balancers: more sophisticated investors who buy Bitcoin to hedge against wider risks in the financial system. According to modern portfolio theory, investors can reduce the riskiness of their portfolios overall by buying some Bitcoin because its peaks and troughs don’t line up with those of other assets, providing some insurance against stock market crashes. This is an emerging group, but one that could significantly raise Bitcoin’s acceptability among mainstream investors.
Bitcoin’s value, then, has been built on an evolving series of narratives which have drawn in successive waves of buyers. While mainstream commentators are often dismissive of Bitcoin as lacking inherent value, all asset market values depend on narrative processes like these.
Bitcoin may well collapse again, but so may any other financial asset. Investing in Bitcoin is neither more nor less risky than investing in the latest technology company launched on the stock market without ever having made a profit.
FMZ
submitted by FmzQuant to u/FmzQuant [link] [comments]

Large self-posts hang when opening

Hey everyone. This is the second time I've ran into this bug and decided to share. On extremely large self-posts the app hangs for a second before it opens to the post -- whether you tap or 3D Touch it.
On 2.8 beta, iOS 10.1.1, iPhone 6s+
Also, as I'm making this post another bug popped up. When a post (and maybe a comment too?) contains an extremely large amount of text, the input window eventually slows to a crawl making it impossible to continue writing.
Copy pasted the Reddit Wikipedia page to make this post a living example.
In June 2005,[72] Reddit was founded in Medford, Massachusetts by Steve Huffman and Alexis Ohanian, both 22-year-old graduates of the University of Virginia.[73] The team expanded to include Christopher Slowe in November 2005. Between November 2005 and January 2006 Reddit merged with Aaron Swartz's company Infogami, and Swartz became an equal owner of the resulting parent company, Not A Bug.[74][75] Condé Nast Publications, owner of Wired, acquired Reddit on October 31, 2006, and the team moved to San Francisco.[76] In January 2007, Swartz was fired.[77]
By the end of 2008, the team had grown to include Erik Martin, Jeremy Edberg,[78] David King,[79] and Mike Schiraldi.[80] In 2009, Huffman and Ohanian moved on to form Hipmunk, recruiting Slowe[81] and King[82] shortly thereafter. In May 2010, Reddit was named in Lead411's "2010 Hottest San Francisco Companies" list.[83] In July 2010, after explosive traffic growth, Reddit introduced Reddit Gold, offering new features for a price of $3.99/month or $29.99/year.[84] Reddit Gold adds a number of features to the interface, including the ability to display more comments on a page, access to the private "lounge" subreddit, and notifications whenever one's username is mentioned in a comment. It's also possible to endow comments or submissions of other users and thereby give a gold membership to them as an anonymous present.[85]
On September 6, 2011, Reddit became operationally independent of Condé Nast, now operating as a separate subsidiary of its parent company, Advance Publications.[86] On January 11, 2012, Reddit announced that it would be participating in a 12-hour sitewide blackout in protest of the Stop Online Piracy Act.[87] The blackout occurred on January 18 and coincided with the blackouts of Wikipedia and several other websites. In May 2012, Reddit joined the Internet Defense League, a group formed to organize future protests.[88] On February 14, 2013, Reddit began accepting the digital currency bitcoin for its Reddit Gold subscription service through a partnership with bitcoin payment processor Coinbase.[89]
In October 2014, Reddit announced Redditmade, a service which allowed moderators to create merchandise for their subreddits. Redditmade closed in February 2015.[90] In November 2014, Chief Executive Yishan Wong resigned and co-founder Ohanian returned as the full-time executive chairman. Ellen Pao, Reddit's business and partnerships strategist became the interim chief executive.[91] On July 10, 2015, Pao resigned and was replaced by Steve Huffman as CEO.[92][93]
In October 2015, Reddit announced a news portal called Upvoted, designed to broaden the reach of Reddit as a standalone site featuring editorial content from Reddit users.[94] In April 2016, Reddit launched a new blocking tool in an attempt to curb online harassment. The tool allows a user to hide posts and comments from selected redditors in addition to blocking private messages from those redditors.[95] The option to block a redditor is done by clicking a button in the inbox.
Technology
Reddit was originally written in Common Lisp but was rewritten in Python in December 2005.[4] The reasons given for the switch were wider access to code libraries and greater development flexibility. The Python web framework that former Reddit employee Swartz developed to run the site, web.py, is now available as an open-source project.[96] On June 18, 2008, Reddit became an open source project.[97] With the exception of the anti-spam/cheating portions, all of the code and libraries written for Reddit became freely available on GitHub.[98] As of November 10, 2009, Reddit uses Pylons as its web framework.[99]
As of November 10, 2009, Reddit has decommissioned their physical servers and migrated to Amazon Web Services.[100] Reddit uses PostgreSQL as their primary datastore and is slowly moving to Apache Cassandra, a column-oriented datastore. It uses RabbitMQ for offline processing, HAProxy for load balancing and memcached for caching. In early 2009, Reddit started using jQuery.[101] On June 7, 2010, Reddit staff launched a revamped mobile interface featuring rewritten CSS, a new color scheme, and a multitude of improvements.[102]
On July 21, 2010, Reddit outsourced the Reddit search engine to Flaptor, who used its search product IndexTank.[103] As of July 12, 2012, Reddit uses Amazon CloudSearch.[104] There are several unofficial applications that use the Reddit API in the Google Play store, and F-Droid repository. Examples include: Reddit is Fun,[105] Andreddit,[106] F5, BaconReader,[107] Reddit Sync[108] and an Android tablet specific application called Reddita.[109] There are also several Windows apps used to access Reddit, including unofficial Reddit apps such as ReddHub[110] and Reddit To Go!.[111] An unofficial desktop application Reditr[112] exists that is compatible with Windows, OS X, Linux and ChromeOS.
There are several Reddit applications for iOS. These include Karma, Upvote, iReddit, iPad-specific applications such as Reddzine and Biscuit, and, until April 2016, Alien Blue.[113] In September 2014, an official mobile application for browsing AMA (Ask Me Anything) threads was released for the iOS and Android platforms under the name Ask me Anything.[114] In October 2014, Alien Blue was acquired by Reddit and became the official iOS Reddit app.[115] In April 2016, Reddit released an official application called Reddit: The Official App, which is available on Google Play and the iOS App Store, and Alien Blue was removed from the App Store in favor of the new app.[116]
The website is known for its open nature and diverse user community that generate its content.[119] Its demographics allows for wide-ranging subject areas, or main subreddits, that receive much attention, as well as the ability for smaller subreddits to serve more niche purposes. For example, the University of Reddit, a subreddit that exists to communally teach, emerged from the ability to enter and leave the online forum, the "classroom", at will, and classes ranging from computer science to music, to fine art theory exist.[120] The unique possibilities that subreddits provide create new opportunities for raising attention and fostering discussion across many areas. In gaining popularity in terms of unique users per day, Reddit has been a platform for many to raise publicity for a number of causes. And with that increased ability to garner attention and a large audience, users can use one of the largest communities on the Internet for new, revolutionary, and influential purposes.[121]
Its popularity has enabled users to take unprecedented advantage of such a large community. Its innovative socially ranked rating and sorting system drives a method that is useful for fulfilling certain goals of viewership or simply finding answers to interesting questions. User sentiments about the website's function and structure include feelings about the breadth and depth of the discussions on Reddit and how the site makes it easy to discover new and interesting items. Almost all of the user reviews on Alexa.com, which rates Reddit's monthly unique traffic rating 125th in the United States, mention Reddit's "good content" as a likable quality. However, others raise the negative aspects of the potential for Reddit's communities to possess a "hive mind" of sorts,[122] embodying some negative aspects of group interaction theories like crowd psychology and collective consciousness.
Philanthropic efforts Reddit has been known as the instigator of several charity projects, some short and others long-term, in order to benefit others. A selection of major events are outlined below:
In early October 2010, a story was posted on Reddit about a seven-year-old girl, Kathleen Edward, who was in the advanced stages of Huntington's disease. The girl's neighbors were taunting her and her family. Redditors banded together and gave the girl a shopping spree[123][124] at Tree Town Toys, a toy store local to the story owned by a Reddit user. In early December 2010, members of the Christianity subreddit decided to hold a fundraiser[125] and later members of the atheism subreddit decided to give some friendly competition,[126] cross-promoting[127] fundraising drives for Doctors Without Borders and World Vision's Clean Water Fund, respectively. Later, the Islam subreddit joined in, raising money for Islamic Relief. In less than a week, the three communities (as well as the Reddit community at large) raised over $50,000.[128] Most of this was raised by the atheism subreddit, though the smaller Christianity subreddit had a higher average donation amount per subscriber.[129] A similar donation drive in 2011 saw the atheism subreddit raise over $200,000 for charity.[130] Reddit started the largest Secret Santa program in the world, which is still in operation to date. For the 2010 Holiday season, 92 countries were involved in the Secret Santa program. There were 17,543 participants, and $662,907.60 was collectively spent on gift purchases and shipping costs.[131][132][133] In 2014, about 200,000 users from 188 countries participated.[134] Several Celebrities have participated in the program, including Bill Gates[135] and Snoop Dogg.[136] Eventually, the Secret Santa program expanded to various other occasions through Redditgifts. Members from Reddit donated over $600,000 to DonorsChoose in support of Stephen Colbert's March to Keep Fear Alive. The donation spree broke previous records for the most money donated to a single cause by the Reddit community and resulted in an interview with Colbert on Reddit.[137] Reddit users donated $185,356 to Direct Relief for Haiti after an earthquake devastated the nation in January 2010.[138] Reddit users donated over $70,000 to the Faraja Orphanage in the first 24 hours to help secure the orphanage after intruders robbed and attacked one of the volunteers, who survived a strike to the head from a machete.[139] In October 2012, "Shitty Watercolour", a popular Redditor known for posting watercolor paintings on the website,[140][141][142] streamed live a 12-hour painting session on YouTube to raise money for charity: water, a non-profit organization which aims to provide potable drinking water in developing countries. Redditors donated a minimum of $10 to have a photo of their choice painted in a 5 by 5 centimetres (2.0 by 2.0 in) square section of large sheets of paper.[143][144] The paint-a-thon raised $2,700.[145] In February 2014, Reddit announced it would be donating 10% of its annual ad revenue to non-profits voted upon by its users.[146] Reddit continued this policy for 2015, donating $82,765 each to Electronic Frontier Foundation, Planned Parenthood Federation of America, Doctors Without Borders, Erowid Center, Wikimedia Foundation, Multidisciplinary Association for Psychedelic Studies, NPR, Free Software Foundation, Freedom From Religion Foundation, and Tor Project.[147] In response to the 2015 Nepal Earthquake, redditors raised more than $145,000 for Direct Relief and more than $110,000 for MAP International.[148] Commercial activity In February 2013, Betabeat published a post that recognized the influx of multi-national corporations like Costco, Taco Bell, Subaru, and McDonald's posting branded content on Reddit that was made to appear as if it was original content from legitimate Reddit users.[149] Reddit's former Director of Communications noted that while a large number of Chief Marketing Officers want to "infiltrate the reddit community on behalf of their brand," she emphasized that "self-promotion is frowned upon" and the site is "100 percent organic."[150][151][152][153] She recommended that advertisers design promotions that "spark conversations and feedback."[154] She recommended that businesses use AMAs to get attention for public figures but cautioned "It is important to approach AMAs carefully and be aware that this may not be a fit for every project or client."[155] Nissan ran a successful Branded content promotion offering users free gifts to publicize a new car,[156][157] though the company was later ridiculed for suspected astroturfing when the CEO only answered puff piece questions on the site.[158][159] Taylor described these situations as "high risk" noting "We try hard to educate people that they have to treat questions that may seem irreverent or out of left field the same as they would questions about the specific project they are promoting."[160]
Reddit's users are more privacy-conscious than on other websites, using tools like AdBlock and proxies,[161] and they hate "feeling manipulated by brands" but respond well to "content that begs for intelligent viewers and participants."[162] Lauren Orsini writes in ReadWrite that "Reddit's huge community is the perfect hype machine for promoting a new movie, a product release, or a lagging political campaign" but "very specific set of etiquette. Redditors don't want to advertise for you, they want to talk to you."[163] Journalists have used the site as a basis for stories, though they are advised by the site's policies to respect that "reddit's communities belong to their members" and to seek proper attribution for people's contributions.[164]
Reddit announced that they would begin using VigLink to redirect affiliate links in June 2016[165]
Reddit effect Main article: Slashdot effect Also known as the "Slashdot effect", the Reddit effect occurs when a smaller website has a high influx of traffic after being linked to on Reddit.[166] It is also called the "Reddit Hug of Death" among the website's users. Because Reddit is such a large site, the traffic is immense and can easily crash smaller sites. In order for users to see crashed websites, several Reddit bots have been created that take a snapshot of the website before large amounts of traffic flood the affected website.
"Restoring Truthiness" campaign As a response to Glenn Beck's August 28, 2010, Restoring Honor rally (heavily promoted by him in his Fox News broadcasts during the summer), in September 2010 Reddit users started a movement to persuade Stephen Colbert to have a counter-rally in Washington, D.C.[167] The movement, which came to be called "Restoring Truthiness", was started by user mrsammercer, in a post where he described waking up from a dream in which Stephen Colbert was holding a satirical rally in D.C.[168] He writes, "This would be the high water mark of American satire. Half a million people pretending to suspend all rational thought in unison. Perfect harmony. It'll feel like San Francisco in the late 60s, only we won't be able to get any acid."
The idea resonated with the Reddit community, which launched a campaign to bring the event to life. Over $600,000[169] was raised for charity to gain the attention of Colbert. The campaign was mentioned on-air several times, and when the Rally to Restore Sanity and/or Fear was held in Washington, D.C. on October 30, 2010, thousands of redditors made the journey.[170]
During a post-rally press conference, Reddit co-founder Ohanian asked, "What role did the Internet campaign play in convincing you to hold this rally?" Jon Stewart responded by saying that, though it was a very nice gesture, the two had already thought of the idea prior and the deposit on using the National Mall was already paid during the summer, so it acted mostly as a "validation of what we were thinking about attempting".[171] In a message to the Reddit community, Colbert later added, "I have no doubt that your efforts to organize and the joy you clearly brought to your part of the story contributed greatly to the turnout and success."[172]
The website generally lets moderators on individual subreddits make editorial decisions about what content to allow, and has a history of permitting some subreddits dedicated to controversial content.[173] Many of the default pages are highly moderated, with the "science" subreddit banning climate change denialism,[174] and the "news" subreddit banning opinion pieces and columns.[175] Reddit has changed its site-wide editorial policies several times, sometimes in reaction to controversies.[176][177][178][179] Reddit has had a history of giving a platform to objectionable but legal content, and in 2011, news media covered the way that jailbait was being shared on the site before the site changed their policies to explicitly ban "suggestive or sexual content featuring minors".[180] Following some controversial incidents of Internet vigilantism, Reddit introduced a strict rule against the publication of non-public personally-identifying information via the site (colloquially known as doxxing). Those who break the rule are subject to a site-wide ban, and their posts and even entire communities may be removed for breaking the rule.
2010 On December 16, 2010, a redditor named Matt posted a link describing how he has donated a kidney, and included a JustGive link to encourage users to give donations to the American Cancer Society.[181] After an initially positive reaction, Reddit users began to become suspicious of Matt's intentions, and suggested that he was keeping the donations for himself. Users telephoned his home and he received death threats. Matt eventually proved that he was genuine by uploading his doctor's records.[182]
2011 On October 18, 2011, an IT manager submitted a post to the subreddit "gameswap" offering Redditors to trade one of 312 codes he had been given for the game Deus Ex: Human Revolution.[183] A group of users obtained his personal details, and began to blackmail him for the codes.[184] The Monday after uploading the post, he received 138 threatening phone calls both at home and at his job, and by the end of the day he had been fired.[185]
2013 Following the 2013 Boston Marathon bombings, Reddit faced criticism after users wrongly identified a number of people as suspects.[186] Notable among misidentified bombing suspects was Sunil Tripathi, a student reported missing before the bombings took place. A body reported to be Sunil's was found in Providence River in Rhode Island on April 25, 2013, according to Rhode Island Health Department. The cause of death was not immediately known, but authorities said they did not suspect foul play.[187] The family later confirmed Tripathi's death was a result of suicide.[188] Reddit general manager Martin later issued an apology for this behavior, criticizing the "online witch hunts and dangerous speculation" that took place on the website.[189] The incident was later referenced in the season 5 episode of the CBS TV series The Good Wife titled "Whack-a-Mole,"[190] as well as The Newsroom.[191][192]
In late October 2013, the moderators of the "politics" subreddit banned a large group of websites. Many were left wing opinion websites, such as Mother Jones, The Huffington Post, Salon, Alternet, Rawstory, The Daily Kos, Truthout, Media Matters, and ThinkProgress as well as some popular progressive blog sites, such as Democratic Underground and Crooks and Liars. They also banned a number of right wing sites—Drudge Report, Breitbart, The Daily Caller, Dailypaul, Power Line, and Reason. Salon reported that "the section's moderators explained in a post on Tuesday, the goal is 'to reduce the number of blogspam submissions and sensationalist titles.' The purge, the moderators explained, is also aimed at sites that provide lots of "bad journalism."[193] The December 2013 list of banned websites has been modified since late October, and sites with original content, such as Mother Jones and The Huffington Post, are allowed.[194] Moderators also banned RT, which moderators stated was due to vote manipulation and spam, though one moderator stated that he wanted RT banned because it is Kremlin backed.[195][196]
2014 In August 2014, photos from the 2014 celebrity photo hack were widely disseminated across the site.[197][198] A dedicated subreddit, "TheFappening," was created for this purpose,[199] and contained links to most if not all of the criminally obtained explicit images.[200][201][202][203][204] Some images of Liz Lee and McKayla Maroney from the leak were identified by redditors and outside commentators as child pornography because the photos were taken when the women were underage.[205] The subreddit was banned on September 6.[206] The scandal led to wider criticisms concerning the website's administration from The Verge and The Daily Dot.[207][208]
Also in August 2014, moderators and administrators censored a sizeable amount of content related to the GamerGate controversy; one thread in the "gaming" subreddit had almost 24,000 comments removed.[209] Multiple subreddits were deleted by administrators for voicing opinions on Zoe Quinn, Anita Sarkeesian, Brianna Wu and similarly important GamerGate controversy figures.[210] The subreddit "ZoeQuinnDiscussion" was banned for violating the Reddit rules.[211] Administrators defended this response when questioned, blaming 4chan for raiding threads and causing harm. This was debated by some redditors.[212] An anonymous subreddit moderator claims he was removed for leaking correspondence between himself and Zoe Quinn.[213] On December 18, 2014, Reddit took the unusual step of banning a subreddit, "SonyGOP," that was being used to distribute hacked Sony files.[214]
2015 After Ellen Pao became CEO, she was initially a target of criticism by users who objected to her lawsuit.[215] Later on June 10, 2015, Reddit shut down the 150,000-subscriber "fatpeoplehate" subreddit and four others citing issues related to harassment.[216] This move was seen as very controversial; some commenters said that the bans went too far, while others said that the bans did not go far enough.[217] One of the latter complaints concerned a subreddit that was "expressing support" for the perpetrator of the Charleston church shooting.[218] Responding to the accusations of "skewed enforcement", Reddit reaffirmed their commitment to free expression and stated that "There are some subreddits with very little viewership that get highlighted repeatedly for their content, but those are a tiny fraction of the content on the site."
On July 2, 2015, Reddit began experiencing a series of blackouts as moderators set popular subreddit communities to private, in an event dubbed "AMAgeddon," a portmanteau of AMA ("ask me anything") and Armageddon. This was done in protest of the recent firing of Victoria Taylor, an administrator who helped organize citizen-led interviews with famous people on the popular "Ask me Anything" subreddit. Organizers of the blackout also expressed resentment about the recent severance of the communication between Reddit and the moderators of subreddits.[219] The blackout intensified on July 3 when former community manager David Croach gave an AMA about being fired. Before deleting his posts, he stated that Ellen Pao dismissed him with one year of health coverage when he had cancer and did not recover quickly enough.[220][221] Following this, a Change.org petition to remove Pao as CEO of Reddit Inc. reached over 200,000 signatures.[222][223][224] Pao posted a response on July 3 as well as an extended version of it on July 6 in which she apologized for bad communication and not delivering on promises. She also apologized on behalf of the other administrators and noted that problems already existed over the past several years.[225][226][227][228] On July 10, Pao resigned as CEO and was replaced by former CEO and co-founder Steve Huffman.[92][229]
submitted by izmar to getnarwhal [link] [comments]

Second.

Reddit (stylized as reddit, /ˈrɛdɪt/)[5] is an American social news aggregation, web content rating, and discussion website. Reddit's registered community members can submit content, such as text posts or direct links. Registered users can then vote submissions up or down to organize the posts and determine their position on the site's pages. The submissions with the most positive votes appear on the front page or the top of a category. Content entries are organized by areas of interest called "subreddits". The subreddit topics include news, science, gaming, movies, music, books, fitness, food, and image-sharing, among many others. The site's terms of use prohibit behaviors such as harassment, and moderating and limiting harassment has taken substantial resources.[6]
As of 2017, Reddit had 542 million monthly visitors (234 million unique users), ranking #7 most visited web-site in US and #22 in the world.[7] Across 2015, Reddit saw 82.54 billion pageviews, 73.15 million submissions, 725.85 million comments, and 6.89 billion upvotes from its users.[8]
Reddit was founded by University of Virginia roommates Steve Huffman and Alexis Ohanian in 2005. Condé Nast Publications acquired the site in October 2006. Reddit became a direct subsidiary of Condé Nast's parent company, Advance Publications, in September 2011. As of August 2012, Reddit operates as an independent entity, although Advance is still its largest shareholder.[9] Reddit is based in San Francisco, California. In October 2014, Reddit raised $50 million in a funding round led by Sam Altman and including investors Marc Andreessen, Peter Thiel, Ron Conway, Snoop Dogg, and Jared Leto.[10] Their investment saw the company valued at $500 million.[11][12]
Contents
1 Description 1.1 Site 1.2 Users 1.3 Subreddits 1.3.1 IAmA and AMA 1.3.2 /science 1.3.3 April Fools subreddits 1.3.3.1 The Button 1.3.3.2 Robin 2 History 3 Technology 4 Demographics 5 Community and culture 5.1 Philanthropic efforts 5.2 Commercial activity 5.3 Reddit effect 5.4 "Restoring Truthiness" campaign 5.5 Controversies 5.5.1 2010 5.5.2 2011 5.5.3 2013 5.5.4 2014 5.5.5 2015 5.5.6 2016 5.5.7 2017 6 Other 7 See also 8 References 9 External links 
Description Site
The site is a collection of entries submitted by its registered users, essentially a bulletin board system. The name "Reddit" is a play-on-words with the phrase "read it", i.e., "I read it on Reddit."[13] The site's content is divided into numerous categories, and 49 such categories, or "default subreddits", are visible on the front page to new users and those who browse the site without logging in to an account. As of May 2016, these include:[14] Category Subreddits Educational News, Science, Space, DataIsBeautiful, TodayILearned, WorldNews Entertainment Creepy, Documentaries, Gaming, ListenToThis, Movies, Music, NoSleep, Sports, Television, Videos Discussion-based AskReddit, AskScience, Books, ExplainLikeImFive, History, IAmA, TwoXChromosomes Humolight-hearted Funny, InternetIsBeautiful, Jokes, NotTheOnion, ShowerThoughts, TIFU, UpliftingNews Image sharing Art, Aww, EarthPorn, Gifs, MildlyInteresting, OldSchoolCool, PhotoshopBattles, Pics Self-improvement DIY, Food, GetMotivated, LifeProTips, PersonalFinance, Philosophy, WritingPrompts Technology Futurology, Gadgets Meta Announcements, Blog
Note: There are over 11,400 active subreddits[15][16][17] with a default set of 50 subreddits as of February 2016. 
When items (links or text posts) are submitted to a subreddit, the users, called "redditors",[18] can vote for or against them (upvote/downvote). Each subreddit has a front page that shows newer submissions that have been rated highly. Redditors can also post comments about the submission, and respond back and forth in a conversation-tree of comments; the comments themselves can also be upvoted and downvoted. The front page of the site itself shows a combination of the highest-rated posts out of all the subreddits a user is subscribed to.
Front-page rank – for both the general front page and for individual subreddits – is determined by the age of the submission, positive ("upvoted") to negative ("downvoted") feedback ratio and the total vote-count.[19] Dozens of submissions cycle through these front pages daily.
The site's logo and its mascot is a line drawing of an alien nicknamed "Snoo". Subreddits often use themed variants of Snoo relevant to the subject.[20]
Although most of the site functions like a bulletin board or message board, each subreddit has the option of having an associated wiki that can provide supplementary material like instructions, recommended reading, or collaboration for real-life events. Users
Registering an account with Reddit is free and does not require an email address to complete. As of June 2015, there were 36 million user accounts.[21] When logged in, Reddit users (known as redditors) have the ability to vote on submissions and comments to increase or decrease their visibility and submit links and comments. Users can also create their own subreddit on a topic of their choosing, and interested users can add it to their frontpage by subscribing to it. For example, as of May 2015, the Wikipedia subreddit – subtitled "the most interesting pages on Wikipedia" – has over 151,000 subscribers.[22] Reddit comments and submissions are occasionally abbreviated and peppered with terms that are understood within (and in many cases also outside) the Reddit community, ranging from OP (for "original poster" – the user who posted the submission being commented upon) to NSFW (for "not safe for work" – indicating the post has graphic or sexually explicit content).[23] Users earn "post karma" and "comment karma" for submitting text posts, link posts, and comments, which accumulate as point values on their user profile. "Post karma" refers to karma points received from text and link posts, while "comment karma" refers to karma points received from comments. Users may also be gifted "Reddit gold" if another user has well received the comment or post, generally due to humorous or high-quality content; this process is known as "gilding." Reddit has also created a system of points called "creddits". Reddit gold "creddits" are like gift certificates: each creddit you have allows you to give one month of Reddit gold to someone else. The points do not lead to a prize as they are meant to stand in as a badge of honor for the user among their peers, although redditors have attempted to redeem their points before.[24]
Reddit also allows submissions that do not link externally. These are called "self posts" or "text submissions". Many discussion-based subreddits allow only text-only submissions such as "AskReddit" – where users are only allowed to pose broad, discussion based questions to the community at large. Self posts previously did not accumulate karma points for the submitter, but as of July, 2016, these text-only posts generate karma.[25] Mister Splashy Pants logo used on November 27, 2007
Reddit communities occasionally coordinate Reddit-external projects such as skewing polls on other websites, such as in 2007 when Greenpeace allowed web users to decide the name of a humpback whale it was tracking. Reddit users voted en masse to name the whale "Mr. Splashy Pants", and Reddit administrators further encouraged this by changing the site logo to a whale during the voting. In December of that year, Mister Splashy Pants was announced as the winner of the competition.[26]
Within the site, redditors commemorate their "cake day" once a year, which is the anniversary of the day the user's account was first created. The "cake day" offers no special benefit, except that a small icon representing a slice of cake appears next to that user's name for 24 hours.[27] Redditors can "friend" one another, which gives a redditor quick access to posting and comments of their friend list. The commenting system and friend system, along with a certain "Reddit ethos" (called reddiquette on Reddit), lend Reddit aspects of a social networking service, though not to the extent of Facebook, Google+, and other websites aimed at providing social networking services. The Reddit community also socializes at meetups held at local parks and bars around the world,[28] and many localized subreddits for local in-person meetings exist. Subreddits
Reddit entries are organized into areas of interest called "subreddits". Originally, the front page was the "main-reddit", and other areas were "subreddits". There is now no longer a single main-reddit. Instead, there are now 50 "default subreddits" dealing with topics such as books, television, and music, and thousands of additional non-default subreddits. The default subreddits are the 50 subreddits which are first recommended to new users to select from to appear on, or via their customizable top menu bars. All new users are initially automatically "subscribed to" the 50 default subreddits, but can then customize their "subscriptions."
Any registered user who has maintained an account for 31 days or more may create a non-default subreddit.[29] There are over 11,400 active total subreddits to peruse,[15][16][17] including the default set of 50 subreddits as of February 2016. The site has a default "Front Page" which contains staff selected popular articles, and also an "All Page" which contains only the very top ranked article/ subreddits as ranked by readers themselves, and which page is accessible via an "All" link at the top of the "Front Page."
In an interview with Memeburn, Reddit GM, Martin noted that the platform's "approach is to give the community moderators or curators as much control as possible so that they can shape and cultivate the type of communities they want".[30] IAmA and AMA
One of the most popular subreddits is IAmA ("I Am A") where a user may post "AMAs" (for "Ask Me Anything"), or similarly "AMAAs" (for "Ask Me Almost/Absolutely Anything") – prompts for others to ask questions about any topic. AMAs are open to all Reddit users, and use the site's comment system for both questions and answers; it is similar to a press conference but online. This subreddit was founded in May 2009.[31] From 2013 to 2015, Victoria Taylor assisted reddit's volunteer community in presenting interviews.[32][33][34]
A number of notable individuals have participated in the IAmA subreddit, including United States President Barack Obama[35][36] (while campaigning for the 2012 election), Dave Grohl,[37] Madonna,[38] Chris Hadfield[39] (who answered questions from the International Space Station), Bill Gates,[40] Ron Paul,[41] Stephen Colbert,[42] Psy, Enya, Arnold Schwarzenegger, Rachel Maddow, Robin Williams,[43] Renée Fleming, M. Shadows, Louis C.K., Roger Federer, Larry King, Philip Zimbardo, Bill Nye,[44] Stan Lee, John Mather, David Copperfield, Michael Moore, Spike Lee, Paul Krugman, Danny Boyle, rapper J. Cole,[45] Al Gore, Roger Ebert, Michael Bolton, Gary Johnson, Lawrence Krauss, Jill Stein, Kevin Rudd, Julie Benz,[46] Amanda Palmer,[47] Tim Ferriss,[48] Gordon Ramsay,[49] Peter Dinklage,[50] Chandra Wickramasinghe,[51] Neil deGrasse Tyson,[52] and Bernie Sanders.[53] Donald Trump (during his 2016 Presidential Campaign) had an AMA on /The Donald subreddit.[54] As of April 2015, Barack Obama's AMA is the highest rated on the site;[55] the increased traffic brought down many parts of the website when the AMA occurred on August 29, 2012.[56]
Celebrities participating in IAmAs have seen both positive and negative responses. Woody Harrelson's[57] AMA was criticized after Harrelson declined to answer questions that were unrelated to the movie Rampart he was promoting.[58] In contrast, rapper Snoop Dogg attracted 1.6 million page views[59] after conducting an AMA that provided several candid responses to the community's questions.[60]
Other than Harrelson's, Bollywood actress Priyanka Chopra's[61] AMA was criticized for evasiveness when she focused on promoting her upcoming album to the detriment of other questions. A particularly well received AMA of 2014 was that of Peter Dinklage,[62] best known for his role as Tyrion Lannister in the HBO drama series Game of Thrones. Redditors attribute the thread's success to the thoroughness of his responses and the fact that he stayed online much longer than he was expected to so he could spend more time with his fans. The actor departed by commenting:
This feels like being interviewed by a hundred thousand news anchors at once! But much friendlier anchors...who seem to know their material...I really appreciate everyone's enthusiasm and questions. I tried to move another engagement to make more time but it's really hard during shoots. I am going to try to answer a few more short ones now. And remember: If you see me on the street and want a photo, ask! It's just weird when your kid asks for directions.[63] 
On July 2, 2015, hundreds of subreddits, including several with over a million subscribers, were set to private by their respective moderators after Reddit's director of talent, Victoria Taylor, was dismissed.[64][65][66][67] Sources close to Reddit cited an increased focus on commercializing AMAs as the most likely reason.[68][69] /science File:American Chemical Society - What Chemists Do - Nathan Allen.webmPlay media Nathan Allen speaks about /science to the American Chemical Society Main article: /science
/science is an Internet forum on Reddit where the community of participants discuss science topics.[70] A popular feature of the forum is "Ask me Anything" (AMA) public discussions.[70] As of 2014, /science attracted 30,000–100,000 visitors per day, making it the largest community-managed science forum and an attractive place to host discussions.[70] April Fools subreddits The Button Main article: The Button (Reddit)
On April Fools' Day 2015, a social experiment was launched in the form of a subreddit called "thebutton". It featured a button and a 60-second countdown timer. User accounts created before that day were eligible to participate. A user could only ever click the button once, or opt not to click it. If a user clicked the button the timer was globally reset to 60 seconds,[71] and the user's "flair" (an icon next to the user's name) changed color. Colors were assigned based on a gradient from purple to red with purple signifying up to 60 seconds and red as low as 0 seconds. The countdown prematurely reached zero several times due to technical problems but eventually expired without further problems on June 5, 2015, after which the subreddit was archived.[72] Robin
On April Fools' Day 2016, a social experiment was launched in the form of a chat widget named Robin. After clicking the "Robin" button, an IRC-like chat window was initially opened with one other redditor and giving a certain time to pick between three options, "Grow," "Stay" and "Abandon".[73] "Grow" would join the chat with another group, "Stay" would close the group chat and create a subreddit with that group as moderators and "Abandon" would close the group chat and everyone goes back to a group of two. History Further information: Timeline of Reddit Co-founder Alexis Ohanian speaking in 2009
In June 2005,[74] Reddit was founded in Medford, Massachusetts by Steve Huffman and Alexis Ohanian, both 22-year-old graduates of the University of Virginia.[75] The team expanded to include Christopher Slowe in November 2005. Between November 2005 and January 2006 Reddit merged with Aaron Swartz's company Infogami, and Swartz became an equal owner of the resulting parent company, Not A Bug.[76][77] Condé Nast Publications, owner of Wired, acquired Reddit on October 31, 2006, and the team moved to San Francisco.[78] In January 2007, Swartz was fired.[79]
By the end of 2008, the team had grown to include Erik Martin, Jeremy Edberg,[80] David King,[81] and Mike Schiraldi.[82] In 2009, Huffman and Ohanian moved on to form Hipmunk, recruiting Slowe[83] and King[84] shortly thereafter. In May 2010, Reddit was named in Lead411's "2010 Hottest San Francisco Companies" list.[85] In July 2010, after explosive traffic growth, Reddit introduced Reddit Gold, offering new features for a price of $3.99/month or $29.99/year.[86] Reddit Gold adds a number of features to the interface, including the ability to display more comments on a page, access to the private "lounge" subreddit, and notifications whenever one's username is mentioned in a comment. It's also possible to endow comments or submissions of other users and thereby give a gold membership to them as an anonymous present.[87]
On September 6, 2011, Reddit became operationally independent of Condé Nast, now operating as a separate subsidiary of its parent company, Advance Publications.[88] On January 11, 2012, Reddit announced that it would be participating in a 12-hour sitewide blackout in protest of the Stop Online Piracy Act.[89] The blackout occurred on January 18 and coincided with the blackouts of Wikipedia and several other websites. In May 2012, Reddit joined the Internet Defense League, a group formed to organize future protests.[90] On February 14, 2013, Reddit began accepting the digital currency bitcoin for its Reddit Gold subscription service through a partnership with bitcoin payment processor Coinbase.[91]
In October 2014, Reddit announced Redditmade, a service which allowed moderators to create merchandise for their subreddits. Redditmade closed in February 2015.[92] In November 2014, Chief Executive Yishan Wong resigned and co-founder Ohanian returned as the full-time executive chairman. Ellen Pao, Reddit's business and partnerships strategist became the interim chief executive.[93] On July 10, 2015, Pao resigned and was replaced by Steve Huffman as CEO.[94][95]
In October 2015, Reddit announced a news portal called Upvoted, designed to broaden the reach of Reddit as a standalone site featuring editorial content from Reddit users.[96] In April 2016, Reddit launched a new blocking tool in an attempt to curb online harassment. The tool allows a user to hide posts and comments from selected redditors in addition to blocking private messages from those redditors.[97] The option to block a redditor is done by clicking a button in the inbox. Technology
Reddit was originally written in Common Lisp but was rewritten in Python in December 2005.[4] The reasons given for the switch were wider access to code libraries and greater development flexibility. The Python web framework that former Reddit employee Swartz developed to run the site, web.py, is now available as an open-source project.[98] On June 18, 2008, Reddit became an open source project.[99] With the exception of the anti-spam/cheating portions, all of the code and libraries written for Reddit became freely available on GitHub.[100] As of November 10, 2009, Reddit uses Pylons as its web framework.[101]
As of November 10, 2009, Reddit has decommissioned their physical servers and migrated to Amazon Web Services.[102] Reddit uses PostgreSQL as their primary datastore and is slowly moving to Apache Cassandra, a column-oriented datastore. It uses RabbitMQ for offline processing, HAProxy for load balancing and memcached for caching. In early 2009, Reddit started using jQuery.[103] On June 7, 2010, Reddit staff launched a revamped mobile interface featuring rewritten CSS, a new color scheme, and a multitude of improvements.[104]
On July 21, 2010, Reddit outsourced the Reddit search engine to Flaptor, who used its search product IndexTank.[105] As of July 12, 2012, Reddit uses Amazon CloudSearch.[106] There are several unofficial applications that use the Reddit API in the Google Play store, and F-Droid repository. Examples include: Reddit is Fun,[107] Andreddit,[108] F5, BaconReader,[109] Reddit Sync[110] and an Android tablet specific application called Reddita.[111] There are also several Windows apps used to access Reddit, including unofficial Reddit apps such as ReddHub[112] and Reddit To Go!.[113] An unofficial desktop application Reditr[114] exists that is compatible with Windows, OS X, Linux and ChromeOS.
There are several Reddit applications for iOS. These include Karma, Upvote, iReddit, iPad-specific applications such as Reddzine and Biscuit, and, until April 2016, Alien Blue.[115] In September 2014, an official mobile application for browsing AMA (Ask Me Anything) threads was released for the iOS and Android platforms under the name Ask me Anything.[116] In October 2014, Alien Blue was acquired by Reddit and became the official iOS Reddit app.[117] In April 2016, Reddit released an official application called Reddit: The Official App, which is available on Google Play and the iOS App Store, and Alien Blue was removed from the App Store in favor of the new app.[118] Demographics
According to Reddit's Audience and Demographics page, as of December 2015, 53% of redditors are male and 54% are from the United States.[119] In 2013, Pewinternet stated that 6% of all American adult Internet users have used Reddit; that males were twice as likely to be redditors as females were; and that Reddit's largest age bracket was between the ages of 18 and 29.[120] As of the end of 2016, Reddit is the only major social media platform that does not have a female majority user base.[121] Community and culture
The website is known for its open nature and diverse user community that generate its content.[122] Its demographics allows for wide-ranging subject areas, or main subreddits, that receive much attention, as well as the ability for smaller subreddits to serve more niche purposes. For example, the University of Reddit, a subreddit that exists to communally teach, emerged from the ability to enter and leave the online forum, the "classroom", at will, and classes ranging from computer science to music, to fine art theory exist.[123] The unique possibilities that subreddits provide create new opportunities for raising attention and fostering discussion across many areas. In gaining popularity in terms of unique users per day, Reddit has been a platform for many to raise publicity for a number of causes. And with that increased ability to garner attention and a large audience, users can use one of the largest communities on the Internet for new, revolutionary, and influential purposes.[124]
Its popularity has enabled users to take unprecedented advantage of such a large community. Its innovative socially ranked rating and sorting system drives a method that is useful for fulfilling certain goals of viewership or simply finding answers to interesting questions. User sentiments about the website's function and structure include feelings about the breadth and depth of the discussions on Reddit and how the site makes it easy to discover new and interesting items. Almost all of the user reviews on Alexa.com, which rates Reddit's monthly unique traffic rating 125th in the United States, mention Reddit's "good content" as a likable quality. However, others raise the negative aspects of the potential for Reddit's communities to possess a "hive mind" of sorts,[125] embodying some negative aspects of group interaction theories like crowd psychology and collective consciousness. Philanthropic efforts
Reddit has been known as the instigator of several charity projects, some short and others long-term, in order to benefit others. A selection of major events are outlined below:
In early October 2010, a story was posted on Reddit about a seven-year-old girl, Kathleen Edward, who was in the advanced stages of Huntington's disease. The girl's neighbors were taunting her and her family. Redditors banded together and gave the girl a shopping spree[126][127] at Tree Town Toys, a toy store local to the story owned by a Reddit user. In early December 2010, members of the Christianity subreddit decided to hold a fundraiser[128] and later members of the atheism subreddit decided to give some friendly competition,[129] cross-promoting[130] fundraising drives for Doctors Without Borders and World Vision's Clean Water Fund, respectively. Later, the Islam subreddit joined in, raising money for Islamic Relief. In less than a week, the three communities (as well as the Reddit community at large) raised over $50,000.[131] Most of this was raised by the atheism subreddit, though the smaller Christianity subreddit had a higher average donation amount per subscriber.[132] A similar donation drive in 2011 saw the atheism subreddit raise over $200,000 for charity.[133] Reddit started the largest Secret Santa program in the world, which is still in operation to date. For the 2010 Holiday season, 92 countries were involved in the Secret Santa program. There were 17,543 participants, and $662,907.60 was collectively spent on gift purchases and shipping costs.[134][135][136] In 2014, about 200,000 users from 188 countries participated.[137] Several celebrities have participated in the program, including Bill Gates[138] and Snoop Dogg.[139] Eventually, the Secret Santa program expanded to various other occasions through Redditgifts. Members from Reddit donated over $600,000 to DonorsChoose in support of Stephen Colbert's March to Keep Fear Alive. The donation spree broke previous records for the most money donated to a single cause by the Reddit community and resulted in an interview with Colbert on Reddit.[140] Reddit users donated $185,356 to Direct Relief for Haiti after an earthquake devastated the nation in January 2010.[141] Reddit users donated over $70,000 to the Faraja Orphanage in the first 24 hours to help secure the orphanage after intruders robbed and attacked one of the volunteers, who survived a strike to the head from a machete.[142] In October 2012, "Shitty Watercolour", a popular Redditor known for posting watercolor paintings on the website,[143][144][145] streamed live a 12-hour painting session on YouTube to raise money for charity: water, a non-profit organization which aims to provide potable drinking water in developing countries. Redditors donated a minimum of $10 to have a photo of their choice painted in a 5 by 5 centimetres (2.0 by 2.0 in) square section of large sheets of paper.[146][147] The paint-a-thon raised $2,700.[148] In February 2014, Reddit announced it would be donating 10% of its annual ad revenue to non-profits voted upon by its users.[149] Reddit continued this policy for 2015, donating $82,765 each to Electronic Frontier Foundation, Planned Parenthood Federation of America, Doctors Without Borders, Erowid Center, Wikimedia Foundation, Multidisciplinary Association for Psychedelic Studies, NPR, Free Software Foundation, Freedom From Religion Foundation, and Tor Project.[150] In response to the 2015 Nepal earthquake, redditors raised more than $145,000 for Direct Relief and more than $110,000 for MAP International.[151] 
Commercial activity
In February 2013, Betabeat published a post that recognized the influx of multi-national corporations like Costco, Taco Bell, Subaru, and McDonald's posting branded content on Reddit that was made to appear as if it was original content from legitimate Reddit users.[152] Reddit's former Director of Communications noted that while a large number of Chief Marketing Officers want to "infiltrate the reddit community on behalf of their brand," she emphasized that "self-promotion is frowned upon" and the site is "100 percent organic."[153][154][155][156] She recommended that advertisers design promotions that "spark conversations and feedback."[157] She recommended that businesses use AMAs to get attention for public figures but cautioned "It is important to approach AMAs carefully and be aware that this may not be a fit for every project or client."[158] Nissan ran a successful Branded content promotion offering users free gifts to publicize a new car,[159][160] though the company was later ridiculed for suspected astroturfing when the CEO only answered puff piece questions on the site.[161][162] Taylor described these situations as "high risk" noting "We try hard to educate people that they have to treat questions that may seem irreverent or out of left field the same as they would questions about the specific project they are promoting."[163]
Reddit's users are more privacy-conscious than on other websites, using tools like AdBlock and proxies,[164] and they hate "feeling manipulated by brands" but respond well to "content that begs for intelligent viewers and participants."[165] Lauren Orsini writes in ReadWrite that "Reddit's huge community is the perfect hype machine for promoting a new movie, a product release, or a lagging political campaign" but "very specific set of etiquette. Redditors don't want to advertise for you, they want to talk to you."[166] Journalists have used the site as a basis for stories, though they are advised by the site's policies to respect that "reddit's communities belong to their members" and to seek proper attribution for people's contributions.[167]
Reddit announced that they would begin using VigLink to redirect affiliate links in June 2016.[168] Reddit effect Main article: Slashdot effect
Also known as the "Slashdot effect", the Reddit effect occurs when a smaller website has a high influx of traffic after being linked to on Reddit.[169] It is also called the "Reddit Hug of Death" among the website's users. Because Reddit is such a large site, the traffic is immense and can easily crash smaller sites. In order for users to see crashed websites, several Reddit bots have been created that take a snapshot of the website before large amounts of traffic flood the affected website. "Restoring Truthiness" campaign
As a response to Glenn Beck's August 28, 2010, Restoring Honor rally (heavily promoted by him in his Fox News broadcasts during the summer), in September 2010 Reddit users started a movement to persuade satirist Stephen Colbert to have a counter-rally in Washington, D.C.[170] The movement, which came to be called "Restoring Truthiness", was started by user mrsammercer, in a post where he described waking up from a dream in which Stephen Colbert was holding a satirical rally in D.C.[171] He writes, "This would be the high water mark of American satire. Half a million people pretending to suspend all rational thought in unison. Perfect harmony. It'll feel like San Francisco in the late 60s, only we won't be able to get any acid."
The idea resonated with the Reddit community, which launched a campaign to bring the event to life. Over $600,000[172] was raised for charity to gain the attention of Colbert. The campaign was mentioned on-air several times, and when the Rally to Restore Sanity and/or Fear was held in Washington, D.C. on October 30, 2010, thousands of redditors made the journey.[173]
During a post-rally press conference, Reddit co-founder Ohanian asked, "What role did the Internet campaign play in convincing you to hold this rally?" Jon Stewart responded by saying that, though it was a very nice gesture, the two had already thought of the idea prior and the deposit on using the National Mall was already paid during the summer, so it acted mostly as a "validation of what we were thinking about attempting".[174] In a message to the Reddit community, Colbert later added, "I have no doubt that your efforts to organize and the joy you clearly brought to your part of the story contributed greatly to the turnout and success."[175] Controversies See also: Controversial Reddit communities and Michael Brutsch
The website generally lets moderators on individual subreddits make editorial decisions about what content to allow, and has a history of permitting some subreddits dedicated to controversial content.[176] Many of the default pages are highly moderated, with the "science" subreddit banning climate change denialism,[177] and the "news" subreddit banning opinion pieces and columns.[178] Reddit has changed its site-wide editorial policies several times, sometimes in reaction to controversies.[179][180][181][182] Reddit has had a history of giving a platform to objectionable but legal content, and in 2011, news media covered the way that jailbait was being shared on the site before the site changed their policies to explicitly ban "suggestive or sexual content featuring minors".[183] Following some controversial incidents of Internet vigilantism, Reddit introduced a strict rule against the publication of non-public personally-identifying information via the site (colloquially known as doxxing). Those who break the rule are subject to a site-wide ban, and their posts and even entire communities may be removed for breaking the rule. 2010
On December 16, 2010, a redditor named Matt posted a link describing how he has donated a kidney, and included a JustGive link to encourage users to give donations to the American Cancer Society.[184] After an initially positive reaction, Reddit users began to become suspicious of Matt's intentions, and suggested that he was keeping the donations for himself. Users telephoned his home and he received death threats. Matt eventually proved that he was genuine by uploading his doctor's records.[185] 2011
On October 18, 2011, an IT manager submitted a post to the subreddit "gameswap" offering Redditors to trade one of 312 codes he had been given for the game Deus Ex: Human Revolution.[186] A group of users obtained his personal details, and began to blackmail him for the codes.[187] The Monday after uploading the post, he received 138 threatening phone calls both at home and at his job, and by the end of the day he had been fired.[188] 2013
Following the 2013 Boston Marathon bombings, Reddit faced criticism after users wrongly identified a number of people as suspects.[189] Notable among misidentified bombing suspects was Sunil Tripathi, a student reported missing before the bombings took place. A body reported to be Sunil's was found in Providence River in Rhode Island on April 25, 2013, according to Rhode Island Health Department. The cause of death was not immediately known, but authorities said they did not suspect foul play.[190] The family later confirmed Tripathi's death was a result of suicide.[191] Reddit general manager Martin later issued an apology for this behavior, criticizing the "online witch hunts and dangerous speculation" that took place on the website.[192] The incident was later referenced in the season 5 episode of the CBS TV series The Good Wife titled "Whack-a-Mole,"[193] as well as The Newsroom.[194][195]
In late October 2013, the moderators of the "politics" subreddit banned a large group of websites. Many were left wing opinion websites, such as Mother Jones, The Huffington Post, Salon, Alternet, Rawstory, The Daily Kos, Truthout, Media Matters, and ThinkProgress as well as some popular progressive blog sites, such as Democratic Underground and Crooks and Liars. They also banned a number of right wing sites—Drudge Report, Breitbart, The Daily Caller, Dailypaul, Power Line, and Reason. Salon reported that "the section's moderators explained in a post on Tuesday, the goal is 'to reduce the number of blogspam submissions and sensationalist titles.' The purge, the moderators explained, is also aimed at sites that provide lots of "bad journalism."[196] The December 2013 list of banned websites has been modified since late October, and sites with original content, such as Mother Jones and The Huffington Post, are allowed.[197] Moderators also banned RT, which moderators stated was due to vote manipulation and spam, though one moderator stated that he wanted RT banned because it is Kremlin backed.[198][199] 2014
In August 2014, photos from the 2014 celebrity photo hack were widely disseminated across the site.[200][201] A dedicated subreddit, "TheFappening," was created for this purpose,[202] and contained links to most if not all of the criminally obtained explicit images.[203][204][205][206][207] Some images of Liz Lee and McKayla Maroney from the leak were identified by redditors and outside commentators as child pornography because the photos were taken when the women were underage.[208] The subreddit was banned on September 6.[209] The scandal led to wider criticisms concerning the website's administration from The Verge and The Daily Dot.[210][211]
Also in August 2014, moderators and administrators censored a sizeable amount of content related to the GamerGate controversy; one thread in the "gaming" subreddit had almost 24,000 comments removed.[212] Multiple subreddits were deleted by administrators for voicing opinions on Zoe Quinn, Anita Sarkeesian, Brianna Wu and similarly important GamerGate controversy figures.[213] The subreddit "ZoeQuinnDiscussion" was banned for violating the Reddit rules.[214] Administrators defended this response when questioned, blaming 4chan for raiding threads and causing harm. This was debated by some redditors.[215] An anonymous subreddit moderator claims he was removed for leaking correspondence between himself and Zoe Quinn.[216] On December 18, 2014, Reddit took the unusual step of banning a subreddit, "SonyGOP," that was being used to distribute hacked Sony files.[217] 2015
After Ellen Pao became CEO, she was initially a target of criticism by users who objected to her lawsuit.[218] Later on June 10, 2015, Reddit shut down the 150,000-subscriber "fatpeoplehate" subreddit and four others citing issues related to harassment.[219] This move was seen as very controversial; some commenters said that the bans went too far, while others said that the bans did not go far enough.[220] One of the latter complaints concerned a subreddit that was "expressing support" for the perpetrator of the Charleston church shooting.[221] Responding to the accusations of "skewed enforcement", Reddit reaffirmed their commitment to free expression and stated that "There are some subreddits with very little viewership that get highlighted repeatedly for their content, but those are a tiny fraction of the content on the site."
On July 2, 2015, Reddit began experiencing a series of blackouts as moderators set popular subreddit communities to private, in an event dubbed "AMAgeddon," a portmanteau of AMA ("ask me anything") and Armageddon. This was done in protest of the recent firing of Victoria Taylor, an administrator who helped organize citizen-led interviews with famous people on the popular "Ask me Anything" subreddit. Organizers of the blackout also expressed resentment about the recent severance of the communication between Reddit and the moderators of subreddits.[222] The blackout intensified on July 3 when former community manager David Croach gave an AMA about being fired. Before deleting his posts, he stated that Ellen Pao dismissed him with one year of health coverage when he had cancer and did not recover quickly enough.[223][224] Following this, a Change.org petition to remove Pao as CEO of Reddit Inc. reached over 200,000 signatures.[225][226][227] Pao posted a response on July 3 as well as an extended version of it on July 6 in which she apologized for bad communication and not delivering on promises. She also apologized on behalf of the other administrators and noted that problems already existed over the past several years.[228][229][230][231] On July 10, Pao resigned as CEO and was replaced by former CEO and co-founder Steve Huffman.[94][232]
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Inside a Bitcoin mine that earns $70K a day - YouTube No Crypto: 2010 Mining Stacks - YouTube LQX - O BITCOIN DE 2010 'Fake Bitcoin' - How this Woman Scammed the World, then ...

I’m reviewing the 2010s in Bitcoin. This is the story about 2011 in Bitcoin. Read about 2010 here.. In 2011, Bitcoin reached parity with the US Dollar on February 9 — the same month Silk Road ... As Bitcoin's supply is limited to 21 million coins, Bitcoin halving events should continue to take place until the year 2140, or until the 21-millionth BTC. By that time, the block reward should reach 1 satoshi, or the smallest unit of Bitcoin at 0.00000001 BTC. At the time of publication, the number of Bitcoin in circulation amounts to 18.37 million, according to Blockchain.com. An anonymous reader writes with this bit from The Next Web "Bitcoin hit a new milestone today, passing the $1,000 mark for the first time. The virtual currency is currently trading above the four-digit figure, with its highest at $1,030 on Mt. Gox, one of the largest exchanges. Last week, Bitcoin's ... And the answer given, bitcoin, was the best investment made in 2010 and held for the decade. Whether it was a good investment during the decade depends on when you invested. Moreover, I suspect even the answer to the best investment made in 2010 may not be true if you consider things like art purchases or penny stocks or even people's investments in their own business. Which tells you how ... The whole idea that Bitcoin has value is madness. I owned one coin in 2010 - it was worth about $4.50, a miner gave it to me as payment for software in lieu of $5 cash, also because there was precious little he could do with his coins in 2010 and he just wanted to practice using them. I held it about 3.5 years, during which time it inflated ...

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Inside a Bitcoin mine that earns $70K a day - YouTube

🔴 Jack Dorsey live interview: Bitcoin Events BTC & Twitter updates (April 28, 2020) ... APA Format (6th) - Microsoft Word 2010 - Duration: 11:52. David Taylor Recommended for you. 11:52. How To ... How to Insert Symbols in Word/Insert a check/cross mark by using the Symbol command. To insert spacial character, go to the Insert tab, in the Symbols group,... Onecoin promised the world, but only proved to be a trail of destruction. --- About ColdFusion --- ColdFusion is an Australian based online media company ind... Mining Market visuals for Bitcoin and other top proof of work coins. Experience data as it changes through time and helps bring transparency and understandin... Published on Jul 9, 2010 Meet Dr. Dagmar Vitek, Medical Director with the Salt Lake Valley Health Department, as she gives you a behind the scenes look of how SLVHD is spreading the word about ...

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