Quotulatiousness

December 12, 2017

“Well sir, there’s nothing on Earth like a genuine, bona-fide, electrified, six-car blockchain!”

Filed under: Technology — Tags: , , , — Nicholas @ 03:00

The way blockchain technology is being hyped these days, you’d think it was being pushed by the monorail salesman on The Simpsons. At Catallaxy Files, this guest post by Peter Van Valkenburgh is another of their informative series on what blockchain tech can do:

“Blockchain” has become a buzzword in the technology and financial industries. It is often cited as a panacea for all manner business and governance problems. “Blockchain’s” popularity may be an encouraging sign for innovation, but it has also resulted in the word coming to mean too many things to too many people, and — ultimately — almost nothing at all.

The word “blockchain” is like the word “vehicle” in that they both describe a broad class of technology. But unlike the word “blockchain” no one ever asks you, “Hey, how do you feel about vehicle?” or excitedly exclaims, “I’ve got it! We can solve this problem with vehicle.” And while you and I might talk about “vehicle technology,” even that would be a strangely abstract conversation. We should probably talk about cars, trains, boats, or rocket ships, depending on what it is about vehicles that we are interested in. And “blockchain” is the same. There is no “The Blockchain” any more than there is “The Vehicle,” and the category “blockchain technology” is almost hopelessly broad.

There’s one thing that we definitely know is blockchain technology, and that’s Bitcoin. We know this for sure because the word was originally invented to name and describe the distributed ledger of bitcoin transactions that is created by the Bitcoin network. But since the invention of Bitcoin in 2008, there have been several individuals, companies, consortia, and nonprofits who have created new networks or software tools that borrow something from Bitcoin—maybe directly borrowing code from Bitcoin’s reference client or maybe just building on technological or game-theoretical ideas that Bitcoin’s emergence uncovered. You’ve probably heard about some of these technologies and companies or seen their logos.

Aside from being in some way inspired by Bitcoin what do all of these technologies have in common? Is there anything we can say is always true about a blockchain technology? Yes.

All Blockchains Have…

All blockchain technologies should have three constituent parts: peer-to-peer networking, consensus mechanisms, and (yes) blockchains, A.K.A. hash-linked data structures. You might be wondering why we call them blockchain technologies if the blockchain is just one of three essential parts. It probably just comes down to good branding. Ever since Napster and BitTorrent, the general public has unfortunately come to associate peer-to-peer networks with piracy and copyright infringement. “Consensus mechanism” sounds very academic and a little too hard to explain a little too much of a mouthful to be a good brand. But “blockchain,” well that sounds interesting and new. It almost rolls off the tongue; at least compared to, say, “cryptography” which sounds like it happens in the basement of a church.

But understanding each of those three constituent parts makes blockchain technology suddenly easier to understand. And that’s because we can write a simple one sentence explanation about how the three parts achieve a useful result:

Connected computers reach agreement over shared data.

That’s what a blockchain technology should do; it should allow connected computers to reach agreement over shared data. And each part of that sentence corresponds to our three constituent technologies.

Connected Computers. The computers are connected in a peer-to-peer network. If your computer is a part of a blockchain network it is talking directly to other computers on that network, not through a central server owned by a corporation or other central party.

Reach Agreement. Agreement between all of the connected computers is facilitated by using a consensus mechanism. That means that there are rules written in software that the connected computers run, and those rules help ensure that all the computers on the network stay in sync and agree with each other.

Shared Data. And the thing they all agree on is this shared data called a blockchain. “Blockchain” just means the data is in a specific format (just like you can imagine data in the form of a word document or data in the form of an image file). The blockchain format simply makes data easy for machines to verify the consistency of a long and growing log of data. Later data entries must always reference earlier entries, creating a linked chain of data. Any attempt to alter an early entry will necessitate altering every subsequent entry; otherwise, digital signatures embedded in the data will reveal a mismatch. Specifically how that all works is beyond the scope of this backgrounder, but it mostly has to do with the science of cryptography and digital signatures. Some people might tell you that this makes blockchains “immutable;” that’s not really accurate. The blockchain data structure will make alterations evident, but if the people running the connected computers choose to accept or ignore the alterations then they will remain.

November 30, 2017

Bitcoin

Filed under: Economics, Technology — Tags: , , , , — Nicholas @ 03:00

Charles Stross explains why he’s not a fan of Bitcoin (and I do agree with him that the hard limit to the total number of Bitcoins sounded like a bad idea to me the first time I ever heard of them):

So: me and bitcoin, you already knew I disliked it, right?

(Let’s discriminate between Blockchain and Bitcoin for a moment. Blockchain: a cryptographically secured distributed database, useful for numerous purposes. Bitcoin: a particularly pernicious cryptocurrency implemented using blockchain.) What makes Bitcoin (hereafter BTC) pernicious in the first instance is the mining process, in combination with the hard upper limit on the number of BTC: it becomes increasingly computationally expensive over time. Per this article, Bitcoin mining is now consuming 30.23 TWh of electricity per year, or rather more electricity than Ireland; it’s outrageously more energy-intensive than the Visa or Mastercard networks, all in the name of delivering a decentralized currency rather than one with individual choke-points. (Here’s a semi-log plot of relative mining difficulty over time.)

Bitcoin relative mining difficulty chart with logarithmic vertical scale. Relative difficulty defined as 1 at 9 January 2009. Higher number means higher difficulty. Horizontal range is from 9 January 2009 to 8 November 2014.
Source: Wikipedia.

Credit card and banking settlement is vulnerable to government pressure, so it’s no surprise that BTC is a libertarian shibboleth. (Per a demographic survey of BTC users compiled by a UCL researcher and no longer on the web, the typical BTC user in 2013 was a 32 year old male libertarian.)

Times change, and so, I think, do the people behind the ongoing BTC commodity bubble. (Which is still inflating because around 30% of BTC remain to be mined, so conditions of artificial scarcity and a commodity bubble coincide). Last night I tweeted an intemperate opinion—that’s about all twitter is good for, plus the odd bon mot and cat jpeg—that we need to ban Bitcoin because it’s fucking our carbon emissions. It’s up to 0.12% of global energy consumption and rising rapidly: the implication is that it has the potential to outstrip more useful and productive computational uses of energy (like, oh, kitten jpegs) and to rival other major power-hogging industries without providing anything we actually need. And boy did I get some interesting random replies!

April 17, 2014

Online illegal drug sales persist because they’re safer than other channels

Filed under: Britain, Law, Liberty — Tags: , , , , — Nicholas @ 07:34

At the Adam Smith Institute blog, Daniel Pryor discusses the reasons for “Silk Road” continuing despite police crackdowns:

Growing up in Essex has made me appreciate why purchasing illegal drugs online is a far more attractive option. I have experienced the catastrophic effects of drug prohibition first-hand, and it is part of the reason that the issue means a great deal to me. Friends and acquaintances have had terrible experiences due to contamination from unscrupulous dealers with little incentive to raise their drugs’ quality, and every reason to lace their products with harmful additives. The violence associated with buying and selling drugs in person has affected the lives of people close to me.

As a current university student, I now live in an environment populated by many people who use Silk Road regularly, and for a variety of purchases. From prescription-only ‘study drugs’ like modafinil to recreational marijuana and cocaine, fellow students’ experiences with drugs ordered from Silk Road have reinforced my beliefs in the benefits of legalisation. They have no need to worry about aggressive dealers and are more likely to receive safer drugs: meaning chances of an overdose and other health risks are substantially reduced.

Their motivations for using Silk Road rather than street dealers correlate with the Global Drug Survey’s findings. Over 60% of participants cited the quality of Silk Road’s drugs as being a reason for ordering, whilst a significant proportion also used the site as a way to avoid the potential violence of purchasing from the street. Given that payments are made in the highly volatile Bitcoin, it was also surprising to learn that lower prices were a motivation for more than a third of respondents.

April 1, 2014

Libertarian Police Department

Filed under: Humour, Liberty — Tags: , , , — Nicholas @ 08:32

In The New Yorker, Tom O’Donnell goes on the road with the hardworking cops of the LPD:

I was shooting heroin and reading The Fountainhead in the front seat of my privately owned police cruiser when a call came in. I put a quarter in the radio to activate it. It was the chief.

“Bad news, detective. We got a situation.”

“What? Is the mayor trying to ban trans fats again?”

“Worse. Somebody just stole 474 million dollars’ worth of bitcoins.”

The heroin needle practically fell out of my arm. “What kind of monster would do something like that? Bitcoins are the ultimate currency: virtual, anonymous, stateless. They represent true economic freedom, not subject to arbitrary manipulation by any government. Do we have any leads?”

“Not yet. But mark my words: we’re going to figure out who did this and we’re going to take them down… provided someone pays us a fair market rate to do so.”

“Easy, chief,” I said, “Any rate the market offers is, by definition, fair.”

He laughed. “That’s why you’re the best I got, Lisowski. Now you get out there and find those bitcoins.”

“Don’t worry,” I said. “I’m on it.”

H/T to Walter Olson:

March 7, 2014

Breaking news – Satoshi Nakamoto isn’t really “Satoshi Nakamoto”

Filed under: Economics, Media — Tags: , , , — Nicholas @ 08:00

Self-described Bitcoin detractor Colby Cosh explains how “Newsweek” got conned by “Satoshi Nakamoto” (yes, both sets of scare quotes are ‘splained):

Newsweek’s Satoshi is a 64-year-old Japanese-American living in Temple City, California. “Satoshi Nakamoto” is the name on his birth certificate, although he goes by Dorian. Mr. Nakamoto has a physics degree and has done computer engineering for a number of military-industrial firms, as well as one online stock-price provider. Much of his work history is shrouded in official secrecy, or perhaps just the habitual truculence of defence-tech professionals. He is known to have a libertarian streak, has had some run-ins with the financial system, and is thought by friends and relatives to capable of cooking up something like Bitcoin.

But it is now looking as though he had the square root of bugger-all to do with it. Newsweek concluded its investigation of Dorian S. Nakamoto with a police-supervised doorstep interview in which the gentleman is supposed to have said “I am no longer involved in that and I cannot discuss it. It’s been turned over to other people.” Dorian has now told the Associated Press that when he said “no longer,” two words on which Newsweek hung an entire feature, he was referring to the engineering profession generally. He denied being involved in any way with what he repeatedly called “Bitcom,” explained the work he had briefly done for a financial-information company, and read the Newsweek piece to himself, displaying increasing confusion and annoyance as he did so.

I have to say, having read New Newsweek’s article, that it does appear to rest on a fairly slender foundation. Aside from that “no longer,” the evidence that Dorian Satoshi Nakamoto equals “Satoshi Nakamoto” amounts to the obvious coincidence of names and a bunch of quotes from the man’s semi-estranged family. Unfortunately, neither “Satoshi” nor “Nakamoto” are uncommon names for individuals of Japanese ancestry; the article acknowledges that there are several more just in the United States. The Bitcoin-inventing “Satoshi” clearly does not much want to be found; the name is obviously a pseudonym, has always been taken to be one until now, and was probably chosen precisely for its red-herring flavour.

Okay, so Satoshi Nakamoto is probably not “Satoshi Nakamoto”, but why is Newsweek actually “Newsweek” in scare quotes?

A lot of people are asking how something like this could happen to Newsweek, not realizing that the Newsweek nameplate has basically been asset-stripped and repurposed in order that the remaining credibility and familiarity might be squeezed out of it. (This will happen to Maclean’s someday — two years from now, or 200. I’m hoping it’s 200.) No one expected this cred-squeezing process to happen quite so quickly and powerfully, but IBT Media, buyer of Newsweek, seems to have blundered into a singular piece of ill luck: the wrong reporter matched at the wrong time with the wrong story, one in which an informed intuition about any number of subjects might have saved the day.

March 5, 2014

MazaCoin is now the official currency of the Lakota nation

Filed under: Economics, USA — Tags: , , — Nicholas @ 16:07

Adrianne Jeffries talks about a Bitcoin-like currency that the Lakota have adopted as their official currency:

The programmer and Native American activist Payu Harris raised a gavel Monday night and vigorously banged the bell to open trading at The Bitcoin Center, a meeting space for virtual currency geeks that looks like an empty art gallery in the middle of New York’s Financial District.

Harris was there to promote MazaCoin, a cousin of Bitcoin that is now the official currency of the seven bands that make up the Lakota nation. After an hour of questions, Harris thanked the small crowd and was promptly accosted by a tall man and a woman in red who wanted to buy some MazaCoin, which Harris was selling for 10 cents apiece. The two trailed him around the room as he hunted for a printer so he could issue the digital currency on paper. MazaCoin is a month-old cryptocurrency based on the same proof-of-work algorithm as Bitcoin, the virtual currency that approximates cash on the internet — but no one in the room was equipped to make a digital trade.

There have been a slew of copycats since the rise of Bitcoin in 2009. The first wave attempted to improve on the basic Bitcoin protocol. The second wave, which includes the meme-based Dogecoin and the Icelandic Auroracoin, are catering to specific groups.

February 26, 2014

MtGox Bitcoin “owners” didn’t actually own their Bitcoins

Filed under: Business, Economics — Tags: , , — Nicholas @ 09:09

I haven’t been following the Bitcoin situation too closely — although if I’d had extra money lying around over the last year or two, I might have dabbled — but it’s hard to figure out what really happened from the media reports. At Samizdata, Bruce Hoult explains the details:

What has happened is that people who bought Bitcoins on MtGox thought they owned them. They did not, according to the Bitcoin system. MtGox did. MtGox kept their own records of who ‘owned’ what. And MtGox were incompetent.

Which should have been apparent from the start: MtGox learns Bitcoin

The proper way to use Bitcoin is to keep your wallet of Bitcoins on your own computer. And back it up. Several times. Print it on paper if you want — it will likely fit on one side of A4 in not very small print. Keep it secret. Keep it safe. It is a bearer certificates. If you lose your wallet or forget the password then those Bitcoins are gone out of circulation forever.

That is not what happened with MtGox. They gave Bitcoins that people thought they owned (but did not) to other unauthorised people. It is theft. Just like a bank robbery. Those Bitcoins still exist, just in other hands.

This has absolutely no effect on people who keep their Bitcoins on their own computer (or phone). There are the same number in circulation as before. Bitcoins still can’t be counterfeited or inflated.

If you want/need to use a place similar to MtGox to turn normal money into Bitcoins then DO NOT LEAVE THEM IN YOUR ONLINE WALLET THERE. Make yourself an identity and wallet on your own computer and make a payment from your account on the Bitcoin exchange to your own identity. Then you are perfectly safe.

Well, you are if you do your backups diligently.

Or, if you want to turn normal cash into Bitcoins, find someone who has Bitcoins and wants cash, agree a price, have them do a transfer of Bitcoins from their wallet to yours (using the actual Bitcoin system, not an exchange), and hand them the cash.

April 18, 2013

Reason.tv: Why Bitcoin is Here to Stay

Filed under: Economics, Technology — Tags: , , , — Nicholas @ 10:29

Don’t bet on the decentralized currency Bitcoin as a retirement investment, says Mercatus Center policy analyst Jerry Brito, but go long on it as the payment system of the future. Reason‘s Nick Gillespie talks with Brito, the editor of the new anthology Copyright Unbalanced, about Bitcoin bubbles and why governments are so afraid of this virtual payment system.

April 15, 2013

Tabatha Southey and the “Grapes of Math”

Filed under: Economics, Humour, Liberty, Technology — Tags: , , , , — Nicholas @ 10:14

In the Globe and Mail Tabatha Southey hears the laments of readers “We need a new John Steinbeck for the Great Bitcoin Depression”, and she delivers:

Pa was a simple man, a techno-anarchist by trade, and long after the Bitcoin bust, he stayed on with the mining. “Don’t know nothin’ else,” Ma said, although she once suggested migrant IT work, at least until her own contract was renewed at the hospital where she worked most of her grown days for a pediatric endocrinologist’s wage.

Pa sat on the sofa, the whir of the computer fans all but drowning out the Cato Institute podcast he’d downloaded the night before. He’s there, frozen in my childhood, Pa, mining, mining, mining, with nothing but his iPhone, his laptop and, for a while, my sister’s old Tamagotchi, which he found in the couch cushions while looking for the remote, to amuse him.

Dodging viruses like crop-dusters, Pa is experiencing hard times. He never did come to trust that ol’ anti-virus software. Said it was reporting on him to the Federal Reserve. And always the dust, the dust, the dust, which may have been because Pa never did get round to changing the furnace filters. His time, he said, best spent elsewhere.

Pa, oh, Pa. He never did stop spreading the word of Ron Paul on completely unrelated news items.

April 12, 2013

The Economist explains how Bitcoins work

Filed under: Economics, Technology — Tags: , , , , — Nicholas @ 09:28

A brief overview of the much-talked-about digital currency:

BITCOIN, the world’s “first decentralised digital currency”, was launched in 2009 by a mysterious person (or persons) known only by the pseudonym Satoshi Nakamoto. It has been in the news this week as the value of an individual Bitcoin, which was just $20 at the beginning of February, hit record highs above $250, before falling abruptly to below $150 on April 11th. What exactly is Bitcoin, and how does it work?

Unlike traditional currencies, which are issued by central banks, Bitcoin has no central monetary authority. Instead it is underpinned by a peer-to-peer computer network made up of its users’ machines, akin to the networks that underpin BitTorrent, a file-sharing system, and Skype, an audio, video and chat service. Bitcoins are mathematically generated as the computers in this network execute difficult number-crunching tasks, a procedure known as Bitcoin “mining”. The mathematics of the Bitcoin system were set up so that it becomes progressively more difficult to “mine” Bitcoins over time, and the total number that can ever be mined is limited to around 21m. There is therefore no way for a central bank to issue a flood of new Bitcoins and devalue those already in circulation.

And a bit more technical detail:

All transactions are secured using public-key encryption, a technique which underpins many online dealings. It works by generating two mathematically related keys in such a way that the encrypting key cannot be used to decrypt a message and vice versa. One of these, the private key, is retained by a single individual. The other key is made public. In the case of Bitcoin transactions, the intended recipient’s public key is used to encode payments, which can then only be retrieved with the help of the associated private key. The payer, meanwhile, uses his own private key to approve any transfers to a recipient’s account.

This provides a degree of security against theft. But it does not prevent an owner of Bitcoins from spending his Bitcoins twice—the virtual analogue of counterfeiting. In a centralised system, this is done by clearing all transactions through a single database. A transaction in which the same user tries to spend the same money a second time (without having first got it back through another transaction) can then be rejected as invalid.

The whole premise of Bitcoin is to do away with a centralised system. But tracking transactions in a sprawling, dispersed network is tricky. Indeed, many software developers long thought it was impossible. It is the problem that plagued earlier attempts to establish virtual currencies; the only way to prevent double spending was to create a central authority. And if that is needed, people might as well stick with the government devil they know.

To get around this problem, Bitcoins do not resemble banknotes with unique serial numbers. There are no virtual banknote files with an immutable digital identity flitting around the system. Instead, there is a list of all transactions approved to date. These transactions come in two varieties. In some, currency is created; in others, nominal amounts of currency are transferred between parties.

April 10, 2013

If there’s a “Bitcoin bubble”, it doesn’t predict long term success or failure for the currency

Filed under: Economics, History, Technology — Tags: , , , , , — Nicholas @ 12:55

In Forbes, Tim Worstall explains that calling the current rise in Bitcoin value a bubble does not actually pass a judgement on whether Bitcoin will be a long term success:

And yes, I’m still of the opinion that Bitcoin is in a bubble. You know the walks like a duck, quacks like a duck idea? If it does those then it’s a duck. And the price changes that we’re seeing in Bitcoin make me and many other observers think that Bitcoin really is in a bubble. Indeed, there’s some nice work here showing that many of the Bitcoins in existence are being hoarded and that in itself is bubble behaviour.

However, do let me make one more thing clear: whether or not Bitcoin is in a bubble or not doesn’t mean that Bitcoin will succeed or not. They are entirely different questions, as different as is your wife Welsh or is your dog female? They really have no connection with each other at all.

Let us take the standard bubble example always used, the Dutch tulipmania. We could use others, the South Sea Bubble, the dot com boom, or we could even use an entirely different set of examples, say the introduction of the automobile. That last being when a new technology arrived without a speculative bubble around it.

The point of the first three, and let’s stick with tulips, is that there really was a quite obvious bubble in the prices of them. Most of the participants in the bubble (as with the other two) knew quite well that it was a bubble too. Prices were way out of line with any sort of “true value”. However, do note this very well: the tulip did indeed go on to become an important part of the Dutch economy. Indeed, it’s still there right now. Vast fields of tulips are grown there every year to supply cut flowers and bulbs for replanting that are shipped all over Europe. It’s actually become so important that other flowers, grown outside Europe, are still marketed through Holland as that’s where all the skill and infrastructure is.

April 9, 2013

Bitcoins as Tulips or viable virtual gold?

Filed under: Economics, Law, Liberty — Tags: , , , , — Nicholas @ 10:27

In the New Yorker, Maria Bustillos reviews the history of bitcoins:

In many ways, bitcoins function essentially like any other currency, and are accepted as payment by a growing number of merchants, both online and in the real world. But they are generated at a predetermined rate by an open-source computer program, which was set in motion in January of 2009. This program produced each one of the nearly eleven million bitcoins in circulation (with a total value just over a billion dollars at the current rate of exchange), and it runs on a massive peer-to-peer network of some twenty thousand independent nodes, which are generally very powerful (and expensive) G.P.U. or ASIC computer systems optimized to compete for new bitcoins. (Standards vary, but there seems to be a consensus forming around Bitcoin, capitalized, for the system, the software, and the network it runs on, and bitcoin, lowercase, for the currency itself.)

[. . .]

There is an upper limit of twenty-one million new coins built into the software; the last one is projected to be mined in 2140. After that, it is presumed that there will be enough traffic to keep rewards flowing in the form of transaction fees rather than mining new coins. For now, the bitcoins are initially issued to the miners, but are distributed when miners buy things with them or sell them to non-miners (such as jumpy Spanish bank depositors) who desire an alternative currency. The chain of ownership of every bitcoin in circulation is verified and registered with a timestamp on all twenty thousand network nodes. This prevents double spending, since no coin can be exchanged without the authentication of some twenty thousand independent cyber-witnesses. In order to hack the network, you would have to deceive over half of these computers at the same time, a progressively more difficult task and, even today, a very formidable one.

[. . .]

A casual review of Nakamoto’s various blog posts and bulletin-board comments also confirms that, from the first, Bitcoin was devised as a system for removing the possibility of corruption from the issuance and exchange of currency. Or, to put it another way: rather than trusting in governments, central banks, or other third-party institutions to secure the value of the currency and guarantee transactions, Bitcoin would place its trust in mathematics. At the P2P Foundation, Nakamoto wrote a blog post describing the difference between bitcoin and fiat currency:

    [Bitcoin is] completely decentralized, with no central server or trusted parties, because everything is based on crypto proof instead of trust. The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts… With e-currency based on cryptographic proof, without the need to trust a third party middleman, money can be secure and transactions effortless.

* * *

Much of what has been written so far about bitcoins has centered on the perceived dangers of their relative anonymity, the irreversibility of transactions, and on the fact that they can be used for money laundering and for criminal dealings, such as buying drugs on the encrypted Web site Silk Road. This fearmongering is a red herring, and has so far prevented the rational evaluation of the potential benefits and shortcomings of crypto-currency.

Cash is also anonymous; it is also used in money laundering and illegal transactions. Like bitcoins, stolen cash is difficult to recover, and a cash transaction can’t readily be traced back to the source. Nor is there immediate recourse for the reversal of transactions, as with credit-card chargebacks or bank refunds when one’s identity has been stolen. However, I find it difficult to believe that anyone who has written critically of the dangers of bitcoin would prefer an economy where private cash transactions are illegal.

Update: Meet the $2 Million Bitcoin Pizza.

Floridian Laszlo Hanyecz thought it would be “interesting” to be able to say he paid for a pizza in bitcoins. He worked out a deal where he transferred 10,000 of his bitcoins to a guy in England, who ordered him two pizzas from Papa Johns.

Today, one Redditor notes, those 10,000 bitcoins would be worth about $2.3 million, thanks (in part) to folks fleeing unstable and politically risky state currencies in Cyprus and elsewhere.

Some news outlets are covering this as a “doh!” story. But these pizzas were a huge publicity boon for Bitcoin, contributing to the success of the currency today. If Lazslo had been a hoarder, perhaps his bitcoins would be worth very little now. Cashing in bitcoins for pizza when they were worth a fraction of a cent each is not obviously smarter or stupider than selling now would be, with bitcoins trading at $234. It’s a bet on which way the market is headed, that’s all.

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