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Thomas S. Regnet

@tomsr

Network16
Thanks21

Process optimization expert, blockchain and crypto enthusiast.

Dubai

Lean & LSS consultant

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Answers by Thomas

How will BTG (Bitcoin Gold) hard fork affect the bitcoin price and what affect it will have on an cyptocurrency investor's portfolio?
There will be two forks in the next weeks, with BTG (Bitcoin Gold) being the first one on 25th of October. BTG is more a clone of the current Bitcoin blockchain with the major difference that it allows mining with GPUs instead of specialized Asics miners. Thus, BTG can be seen as an airdrop, where holders of BTC get the same number they are holding in BTC on 25th of October also in BTG, meaning 0.5 BTC = 0.5 BTG. As it is still unclear which exchanges will support this fork/ airdrop your safest bet is to have your BTC in a wallet where you have control over the private keys.
From an investment and price perspective: The price of BTG will be determined by the exchanges it will be traded on, but rumors are between $30 and $300. As most investors will not take the risk buying at new BTC highs just for a gain of $30 to $300, the recent run-up of BTC is rather fueled by new BTC adoption and institutional investors, than by the free BTG. Thus, BTC might have a small correction, but will most likely not drop because of BTG.
The 2x hard fork in November will have a larger effect on future trust in BTC and BTC price.
What's the right time to buy Bitcoin. I want to be like "Buy and Forget" i.e. I want to keep it for a long term investment.
Based on the Chinese proverb: “The best time to plant a tree was 20 years ago. The second best time is now.” I would recommend looking for pullbacks happening now. What I mean by that: If you believe that Bitcoin will be a store of value for the years to come, and strong signs are pointing in this direction, you need to start your investment without feeling sorry for buying at highs that pull back weeks later. You could either wait for a pullback of a recent all-time high for a higher one-time investment, or use the cost average effect. As you can buy Bitcoin and other crypto in fractions it would be a good idea to set a monthly investment amount, e.g. $200, and buy at a certain date every month. By doing that you buy sometimes at higher and sometimes at lower USD/BTC rates and get a good average price. Both ways make sure that you get a good rate and get a good return for your investment without the regret of buying to high.
I'm working on a piece for top Bitcoin publications on the upcoming hard fork. Just eager to hear what you support: bitcoin core or bitcoin unlimited and why? Would love to quote :)
The rift in the Bitcoin community whether Bitcoin Cash, Bitcoin with our without SegWit2x is the real Bitcoin has the potential to create serious trust issues for Bitcoin. Where technical advances of the Bitcoin protocol are in general seen as a good thing, the community shouldn't commit the fallacy of believing that more sophisticated technology means wider adoption. Many people who discovered cryptocurrencies might not be technical enough to really understand the discussion but might be scared off by the outlook of dealing with three currencies claiming to be the 'real' Bitcoin.
Can the blockchain technology can be used to create organizations which can directly or indirectly impact the environment or climate change in a positive way?
Yes of course blockchain can impact the environment and climate change - it already does, actually.
Firstly, all mining with Proof of Work (PoW) impacts the environment. A 2014 study by Karl J. O’Dwyer and David Malone showed that the energy consumption of BTC was equivalent to the electricity consumption of a country like Ireland, around 3 GW. Just imagine how many new coins appeared since then and what must have been added to the energy bill. So, I seriously hope that smart Proof of Stake (PoS) algorithms, that are equally safe for the network, are developed to reduce the energy consumption by PoW mining. On a side-note: Around 60% of the hashrate is located in China due to low energy cost, mainly coming from coal, but increasingly coming from solar. So, mining with renewable energy will at least reduce the problems. Apart from mining with solar there are already projects like that, e.g, in Iceland with geothermal power or in Austria with hydro power.
Secondly, every financial transaction has a carbon footprint and I'm pretty sure that there's a significant percentage of people that would opt for low emission financial transactions. So if a cryptocurrency could proof it would have a significantly lower carbon footprint than existing solutions it might help its adoption.
Thirdly, projects like SunContract or PowerLedger that facilitate tracking, distribution, and remuneration of decentralized (solar) energy production could change how our energy grids and energy consumption is working. Combine this with smart meters, optimized consumption, and refueling of batteries when energy is abundant, and it will make production and consumption of renewable energy way more efficient.
I'm pretty sure blockchain will change our world. Some things are precarious, but many innovations can change our lives for the better.
I have a friend the just purchase his first Bitcoin and he doesn't have a Ledger wallet yet. What wallets support Bitcoin gold so he doesn't miss out of the free bitcoin gold?
Any wallet where you control the private key should allow you to claim Bitcoin Gold (BTG). Additionally some exchanges announced to support BTG. However leaving BTC on an exchange would not be a good choice, particularly if you remember the Bitcoin Cash (BTC) drama with Coinbase.
But there are some caveats:
1. Based on the BTG roadmap published on their Trello board there is still no replay protection: "[WIP] Anti-replay (fork-id like Bcash)". Without replay protection, new transactions will be equally valid on both chains, which could lead to a situation where a transaction of BTG could also affect the same amount in BTC. Thus, the advice of @angiealphabet is highly encouraged.
2. YoBit exchange today announced on its Twitter account that it will hand out BTG already on Monday 23rd of October (sic!), although the BTG blockchain is scheduled to be synched with the BTC blockchain on 25th October at block 491407. This makes it even more important to be concerned about replay protection and not to hand out a private key or perform a BTG transaction on any wallet where you also hold your BTCs.
What protocol enhancements needs to be made to public blockchain to allow for enough privacy to allow for information about more privacy-sensitive transactions, like healthcare visits ( associated metadata)
This is an issue where several projects for Digital or Electronic Health Records (EHR) failed. Imo the most advanced EHR now in use is the Personally Controlled Electronic Health Record (PCEHR) by the Australian Government.
From a privacy perspective, it should be ensured that any push, pull, and view requests are authorized by the patient and authorization may be revoked. For that to work, the patient needs to own his/her EHR and generate authorization via biometrics, e.g. fingerprint, and maybe 2FA. To protect the identity of the patient one could think about mixing personal data, that make a patient identifiable, before the record is stored on the blockchain. Think of it as address mixing as done by privacy coins like Monero/ XMR, or with an on/off feature like to be implemented with the Wraith protocol of Verge/ XVG. Another interesting project to look at could be Civic/ CVC with its identity authenication and protection features.
Has anyone noticed the rise in lending platforms this month? Thoughts, ideas, opinions?
I'm extremely cautious when it comes to crypto or blockchain lending platforms. Not only is this the area where you find the highest number of scammy ICOs but many also promise completely unrealistic ROIs like 1% per day. Compare this to ROIs of traditional P2P lending platforms with between 4% to 12% p.a. on USD or with margin lending e.g. on Bitfinex with around 25% p.a. on USD and 8% p.a. on BTC and you see that it is pretty unrealistic or maybe a Ponzi scheme. Also check the interest rate calculator on BFXdata.com to get a better idea about market rates.
What will happen to Bitcoin price after the next hard fork?
Hey Jordan, the closer theSegWit2x fork comes, the messier the situation.
From a BTC price perspective, we see a rally like we've seen before with the Bitcoin Gold (BTG) fork. The common narrative back then was that people are buying BTC because they were speculating on free coins. From a technical perspective BTG was never meant to take over BTC or claiming to be the 'real Bitcoin'.
With Segwit2x it is different: Both chains, neither the chain of the actual BTC (let's say BTC1), nor Bitcoin with SegWit2x (BTC2x) will have replay protection. Why should we care? SegWit2x was drafted as a technical update of the BTC1 blockchain to incorporate SegWit (which we have since 01. August) AND enlarging block size from 1 MB to 2 MB. If this would be simply an upgrade of the Bitcoin blockchain, it would be implemented and the future Bitcoin would be BTC2x. Thus, no replay protection as both would be versions of Bitcoin - legacy BTC or BTC1 before block 494784 and BTC2x after block 494784. But as this get's highly political and all parties involved claim to represent the 'real Bitcoin' it get's messy.
At the moment nobody can say what will happen with Bitcoin after the fork and if there will be a BTC1 after the fork. The contenders about the 'real Bitcoin' are BTC1 with SegWit but with 1 MB blocks, BTC2x with SegWit and 2 MB block size, and Bitcoin Cash without SegWit and 8 MB block size. Sadly there's a real chance that this political battle might harm Bitcoin and send its price way down, although holders of BTC1 would get an equal amount of BTC2x for their Bitcoin holdings. If 80-85% of the miners mine BTC2x or switch between BCH and BTC2x it would dramatically increase transaction cost and time of BTC1 and making it practically unusable unless difficulty is adjusted.
BCH could come up as a winner in this game of chicken and claim the throne of being the 'real Bitcoin'. To prepare yourself it might be a good idea to not only hold BTC during the fork, but also BCH as a hedge. To weigh the chances of BTC2x looking at its price and volume on the futures market might give some idea (e.g. Bitfinex with BT1 and BT2). Some people believe that Ethereum (and maybe other alt coins) could be the save haven and winner, in terms of price increase, in this game.
Whatever you decide - be prepared for several possible scenarios and don't put all your eggs in one basket.
How can we link IPFS and ethereum blockchain together ?
Hey Sayag, you can store data required for your app, images, video, etc. on IPFS and store its hash in the the Ethereum DApp. By that Ethereum holds only the current state variable/ hash in the contract. There are a good examples with code on reddit.com/r/ethdev e.g. "A practical guide to cheap IPFS hash storage in an Ethereum smart contract"
For an ICO, can we first get private investors for a 5% token ownership at a particular price, then hold a pre-ico at a slight higher rate and then an ICO for the public with an increased price?
Hey Umar, if you're transparent with your funding and token distribution - why not? Brickblock.io did something like you're suggesting. Statement from their team regarding funding and token distribution:
"• We received $1 million USD during a five-day public pre-sale in August.
• We have secured another $2.975 million USD in private investments.
• As of writing, we have raised around $300,000 USD from our current ICO, which runs until November 21, 2017."

Caveat: Some ICO participants don't like it when there was an initial private investment/ VC round as these investors might dump their discounted tokens once they are at an exchange. However, same could happen when a big discount is given the higher the contribution is, then you create "whales" that have an unfair advantage towards smaller investors that only contributed some ETH or so.
Possible solution: ICOs that have a KYC and an investment cap per day and discounts for early adoption but not for amount of contribution.
How does the bonus work in an ICO?Is the bonus given from the total supply or new tokens are created to compensate for the bonuses such as ICO's give bonuses anywhere from 40-5%. How does it all addup
Bonuses in ICOs are usually given for:
A) Early adopters, meaning you get a discount/ bonus of let's say 20% on day 1; or 20% more tokens on day 1; and so on.
B) Based on the amount of the contribution, the higher the investment, the larger the discount/ bonus, meaning "Get a 10% bonus if you invest 10 ETH or more"
The first one I would consider more fair for people in the community that might be interested in the project at an very early stage but may not have 10 ETH to invest.
Here you could see bonuses of recent ICOs like Stratis, Waves, etc: https://www.cryptocompare.com/coins/guides/how-does-an-ico-work
What if an ICO reaches its soft cap lets say at $500,000 and collects a total of $750,000 while the hard cap is 1 mil. So will the ICO get $750,000 or $500,000 while the rest is refunded?
A hard cap is usually set based on market research (i.e. what amounts did similar ICOs raise), calculating potential funds and rates for contribution coins (e.g. what would be raised if ETH is at $300, what would be the token price), and assessing development scenarios (e.g. what might be needed not only for steps 1 to 3 on our roadmap, but for our max. scenario). The soft cap is the minimal amount required for your project (e.g. only with steps 1 to 3 on our roadmap we can deliver a marketable product).
Thus, the hard cap is calculated based on the total number of distributed tokens, e.g. 2.5 M tokens total supply, of which 50%, thus 1.25 M should be distributed within the ICO, the other 1.25 M are for the team and further development. You plan to distribute the 1.25 M tokens via 1) an early investment round, 2) a public pre-sale, and 3) the ICO - all three phases account for a total discount/ bonus of 25%. The 1.25 M token incl. 25% bonus give you an average token price of $1 per token, thus a $1 M hard cap. If you sell all tokens you reached your hard cap of 1.25 M tokens valued at $1 M incl. discounts/ bonus. If your soft cap is $0.5 M and you could not even start your project, you would refund your contributors - as you have already cost with the ICO you might want to make your your soft cap reachable. If you raise e.g. $0.6 M and your bonus is evenly distributed over the three phases you would have around 0.75 M tokens sold and the remaining 0.5 M tokens usually would be burned.
Hope this makes sense. :)
Do companies, ICO on ERC20 and later when they have their own blockchain developed transfer the issued token to new blockchain?
One example for what you're asking is the ICO of Agrello. They did their ICO with ERC20 tokens on the native Ethereum blockchain but want to integrate other blockchains like Metaverse, Lisk, NEO. For their token to work they on other blockchains they need to integrate a swap feature. It's basically what Ethereum integrated with the Raiden network that allows interchangeability of ERC20 tokens. Or the Atomic Swap feature that will be integrated with the Lightning network in Bitcoin-derived blockchains, where Litecoin was swapped for Vertcoin. You also may want to read the whitepaper of the TenX Comit network.
where to promote my ico , is there any site list, sorry I am totally new in this field so need help
Reddit, either in one of the many subreddits talking about ICOs or in your own subreddit. Bitcointalk forum. Twitter, Facebook, via paid ads and informational posts. Important: Don't spam!.
Since bitcoin mining is the reason for it working well. (I am not very knowledgable about the whole thing) Is it possible to implement an iphone game that when played acts as a mining for bitcoin?
Theoretically, this would be possible. However not for Bitcoin. Early Bitcoin client versions allowed users to use their CPUs to mine. But GPU mining made CPU mining practically impossible as the hashrate of the network grew such a degree that the amount and value of BTC produced became lower than the cost of power to operate CPU mining.
Other coins can be mined with CPUs, the best known is Monero, which was/ is mined by the malicious Coinhive script without the users consent. If you inform users upfront about the mining operation while playing the game they might be ok with it. Still, the CPU mining would most likely consume so much energy that mobile batteries are easily drained, and users are still upset. Here's an overview on CPU mining coins and reviews: http://cryptomining-blog.com/tag/cpu-mining/
Ask Thomas for help