Despite this friction, Uniswap has proven massively successful. View Erik Voorhees' profile on LinkedIn, the world's largest professional community. Fortunately, market competition has brought forth a great many competent exchanges today. Toxic Bitcoin Maximalism is Bullshit, Erik Voorhees Says. ● THORChain allows anyone in the world to trade one digital asset on one chain with another digital asset on another chain in a frictionless, decentralized, trust-minimized way. The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. An SEC investigation found that Erik T. Voorhees published prospectuses on the Internet and actively solicited investors to buy shares in . Why should anyone trust them? If the liquidity pools have $25m of combined BTC, ETH, and USDT, for example, the THORnodes are incentivized to collectively post at least $50m of RUNE in their bond. This is where RUNE comes in. He caused a stir when he said “Did I hear someone on that prior panel say ‘If you’re against toxic maximalism, you’re against Bitcoin and you’re against freedom?’… Yeah, that’s some bullshit.”. During an intervention at the Bitcoin 2021 conference in Miami, Voorhees criticized an earlier panelist's comment praising toxic Bitcoin maximalism, saying that such thinking was, erm, wrong … This week on the "Bitcoin Magazine Podcast," host Christian Keroles sat down with early Bitcoin adopter and entrepreneur Erik Voorhees. Genesis "bitcoin — The Libertarian Introduction" — Erik Voorhees Block is the name of the first block of Bitcoin ever mined, which forms the foundation of the entire Bitcoin trading system. During an intervention at the Bitcoin 2021 conference in Miami, Voorhees criticized an earlier panelist's comment praising toxic Bitcoin maximalism, saying that such thinking was, erm, wrong […] Exchange has baggage. He has had an enormous impact on Bitcoin's history starting some of its earliest companies, participating in the scaling wars and embracing the Ethereum ecosystem. Without immutable exchange, Bitcoin’s promise will forever be handicapped. The SEC was also reportedly probing whether Voorhees’ role as a board member during the ICO violated his 2014 SEC settlement, under which he was prohibited from participating in “any issuance of any security in an unregistered transaction in exchange for any virtual currency including Bitcoin for a period of five years.”. The Securities and Exchange Commission today charged the co-owner of two Bitcoin-related websites for publicly offering shares in the two ventures without registering them. He was the number three employee of the company. On July 17, 2013, Voorhees announced on the Bitcoin Forum that SatoshiDICE was being sold and that in anticipation of the sale, SatoshiDICE would buy back all outstanding shares from investors. Despite the risks and relatively low yield, these custodians have built great businesses with many happy bitcoin customers. A Bitcoin OG who can see some merit in altcoins, Voorhees spoke on a panel during day two of the Miami conference in […] Voorhees founded Coinapult in 2013 - a company that allows users to send bitcoin via SMS among other products before selling the company and turning his attention to ShapeShift in 2015. 4 years ago. Erik Voorhees on Twitter. Erik Tristan Voorhees is an American startup founder. Videos 0. •. Erik Voorhees on Twitter. in a liquidity pool must be paired with RUNE in equal value. The largest of THORChain’s liquidity pools will be the Bitcoin pool. This compensation may impact how and where listings appear. This means no more wrapped tokens on Ethereum-based DEXs. And on other blockchains, multi-sig either doesn’t exist at the protocol level (such as in Ethereum) or is implemented in a bespoke way that doesn’t translate across chains. Found inside – Page iUnderstanding the mechanisms and risk behind Bitcoin can be a challenge, but this book breaks it down into easy-to-understand language to give you a solid grasp of just where your money is going. Around the time of its launch, ShapeShift was known for supporting cryptocurrencies other than bitcoin and for its focus on privacy. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. Instead of needing to own RUNE to deposit your DAI on Uniswap, for example, you’d need to own ETH, AAVE, or whatever other asset you’re pairing with. Erik Voorhees: Bitcoin's Point Is 'Financial System of the Planet.'. Erik Voorhees, founder and CEO of ShapeShift, revealed in a podcast that the behaviour of Bitcoin maximalists at the Bitcoin 2021 conference in Miami embarrassed and disgusted him. Required fields are marked *. In January 2012, Erik Voorhees joined the exchange of Bitcoin BitInstant as Marketing Director with the key responsibility of explaining to the world how cryptocurrencies could enable a new financial paradigm without banks. ShapeShift CEO Erik Voorhees. In both THORChain and Uniswap, two assets need to be deposited, even though an LP may only wish to hold one. Erik Voorhees' Age. ShapeShift CEO Erik Voorhees is no shy when it comes to expressing his opinion about politics, finance or Bitcoin maximalism —no matter popular or unpopular they might be. It is the asset to which LPs must pair every deposit. During an intervention at the Bitcoin . Erik Voorhees, the founder and CEO of ShapeShift, has revealed in a podcast that he felt embarrassed and disgusted by the behavior of Bitcoin maximalists at the 2021 Bitcoin conference in Miami. RUNE can thus arguably be valued at 3x the total value (TVL) of non-RUNE assets in THORChain’s liquidity pools. The sale marked the first major acquisition of a company in the blockchain space. This was the highest-profile case of securities violations for bitcoin ventures at the time. Erik has helped Charlie Shrem build BitInstant, and then he launched ShapeShift in 2014 in just months after the Mt. During an intervention at the Bitcoin 2021 conference in Miami, Voorhees criticized an earlier panelist's comment praising toxic Bitcoin maximalism, saying that such . Over time, it’s expected this number will increase to over 100. >>> Trade Bitcoin, Litecoin, and Ethereum with no KYC via THORChain on ShapeShift, ● THORChain MCCN Launch Announcement● Multicoin Capital’s THORChain Report● Delphi Digital’s THORChain Research Report● BlockPoint’s RUNE Valuation Analysis● Gauntlet’s Protocol Design Assessment● Messari RUNE Asset Details● 2-Hr Clubhouse Recording — THORChain In-Depth● Grassroots Crypto THORChain Videos● Various THORChain Audits● Pool and Network Dashboard● Official Twitter● Telegram Community● THORChain Medium (incl. This week on the "Bitcoin Magazine Podcast," host Christian Keroles sat down with early Bitcoin adopter and entrepreneur Erik Voorhees. The fundamental reason why THORChain uses its own asset (RUNE) instead of an external asset, (BTC, ETH, or USDT. Erik Voorhees: Bitcoin will keep growing sort of in this oscillating growth path until the next financial crisis and when that happens, it's going to be crazy. Fortunately, from a traders’ perspective, she can still swap between any two assets in the system. CoinDesk sits down for a video Q&A with ShapeShift CEO Erik Voorhees on the crypto asset market and where it's headed in 2018. . Erik Voorhees, the founder and CEO of ShapeShift, has revealed in a podcast that he felt embarrassed and disgusted by the behavior of Bitcoin … Read more on investing.com Digital Currency This means no institutional control or state interdiction. We felt like we were doing God's work, explains cryptocurrency payments pioneer Erik Voorhees as he recalls trying to convert the unbelievers in the early days of Bitcoin. CEO ShapeShift.com. Well, it’s more decentralized than all the traditional exchanges currently processing 99.99% of bitcoin trades. ShapeShift CEO Erik Voorhees is no shy when it comes to expressing his opinion about politics, finance or Bitcoin maximalism —no matter popular or unpopular they might be. The reformed Bitcoin Maxi who saw the light: Erik Voorhees. Erik Voorhees, the CEO and Founder of non-custodial exchange Shapeshift, plays down the severity of selling unregistered securities.. With Bitcoin, it's almost easier done than said — you could put $1,000,000 of Bitcoin on a USB drive, or even write the private key on a piece of paper, or just email the wallet file to . Can blockchain solve your biggest business problem? While the world is transfixed by bitcoin mania, your competitors are tuning out the noise and making strategic bets on blockchain. This results in less slippage for the traders, which means better rates, which means more traders, which means more fees, which means more LPs, which means more liquidity, and so on. He has had an enormous impact on Bitcoin's history starting some of its earliest companies, participating in the scaling wars and embracing the Ethereum ecosystem. In return for depositing their assets, they earn yield (from the trading fees of Group B). Dive into Bitcoin technology with this hands-on guide from one of the leading teachers on Bitcoin and Bitcoin programming. Author Jimmy Song shows Python programmers and developers how to program a Bitcoin library from scratch. The 35-year-old slammed Bitcoiners who believe that toxic behavior such as trashing proponents of other cryptocurrencies is a good thing for BTC: “They’ve spun themselves up into thinking that trashing these people is a virtue and it’s helping Bitcoin. But not just any yield…this is transparent, non-custodial, private, borderless, immutable yield. Except, says Voorhees, they didn't declare it up front in the whitepaper—and it shows no sign of ending. By market value, it has grown 10,000x in 10 years. In 2018, ShapeShift lost 95% of its business . ShapeShift CEO Erik Voorhees is no shy when it comes to expressing his opinion about politics, finance or Bitcoin maximalism —no matter popular or unpopular they might be. Price later declined to below 10% of the peak to USD 2. In this book, Peter Lynch shows you how you can become an expert in a company and how you can build a profitable investment portfolio, based on your own experience and insights and on straightforward do-it-yourself research. Voorhees settled with the SEC and agreed to pay $15,843.98 in disgorgement plus a $35,000 penalty. Jake Frankenfield is an experienced writer on a wide range of business news topics and his work has been featured on Investopedia and The Interview: What Bitcoin Started With Erik Voorhees New York Times among others. Every day, Erik Voorhees and thousands of other voices read, write, and share important stories on Medium. The Blockchains aren't ready to scale to handle that yet, but that's okay. In addition to being an Ethereum DEX aggregator, ShapeShift offers the functionality of trading assets across different blockchains using THORChain. Crypto Crime Cartel: Erik Voorhees, ShapeShift and the Anarchists. Voorhees shares that Shapeshift was created when he realized that, for the industry to grow, people needed an easy way to swap between digital assets. Remember, billions of dollars of bitcoin and other assets will be controlled by these node operators, and they’re anonymous. In a July interview with Cointelegraph, CEO Erik Voorhees described full decentralization as an "iterative process" that can take many years. A Bitcoin OG that can see some merit in altcoins, Voorhees spoke at a panel on day two of the Miami conference in June. A Bitcoin OG . Erik Voorhees Crunchbase Entry. To summarize, the need for an LP’ specifically to hold RUNE can be mitigated in several ways. Your email address will not be published. Erik T. Voorhees, Respondent. Back at the Bitcoin conference in Miami, Bitcoin proponents Max Keiser and Stacy Herbert took to the stage and made it a point to call out Elon Musk for his previous statement on Bitcoin. If they don’t, the THORChain system becomes “underbonded,” and the system starts channeling trading fees away from LPs and toward THORnodes. The borderless immutability of Bitcoin — aka its entire purpose — is thwarted by the walls of centralized custodians. Found inside – Page 107But the problem, as amply demonstrated by the BTC-e case, is that often these large ... figure in the blockchain world, thirty-four-year-old Erik Voorhees. In 2018, the Wall Street Journal reported that Voorhees was under investigation by the SEC in connection with his role as a board member of crypto loans startup Salt Lending. During an intervention at the Bitcoin 2021 conference in Miami, Voorhees criticized an earlier panelist's comment praising toxic Bitcoin maximalism, saying that such thinking was, erm, wrong. It will soon be my tenth anniversary in crypto, and in the span of this decade, Bitcoin has risen from obscurity to nearly mainstream. As they explore using different types of money, a strange boy moves to town and suggests a new idea... Bitcoin Money is a story for all ages which helps answer the question "Why Bitcoin?" Found inside – Page iUnderstanding the transformation that’s taken place before anyone else can yield enormous investment opportunity. In this book, you’ll learn how and why to invest in crypto assets. It is recommended that an LP depositing $100k in BTC. Minutes later Erik Voorhees called it 'bulshit' ShapeShift CEO Erik Voorhees is no shy when it comes to expressing his opinion about politics, finance or Bitcoin maximalism —no matter popular or unpopular they might be. Naturally, ShapeShift has been following THORChain with great interest. This means nobody, not even the validators themselves, know which transactions are signed by whom. A Bitcoin OG who can see some merit in altcoins, Voorhees spoke on a panel during day two of the conference in June. This is groundbreaking. Erik Voorhees is Bullish on THORChain. Found insideErik Voorhees “Will people be buying yachts with their Dogecoin riches some day? Probably not. But are we having a lot of fun, helping great causes and ... It is the asset in which fees are charged to traders and paid to validators and Liquidity Providers (LPs). Fully automated contractual systems are proposed to make business and the law work better; the contracts people actually write are unregulated penny stock offerings whose fine print literally states that you are buying nothing of any value. Because when deposited assets are fragmented across fewer pools, each pool is deeper. You can think of THORChain Nodes like “fragments” of the wallets of a centralized exchange. See the complete profile on LinkedIn and discover Erik's connections and jobs at similar companies. He was forced to settle the charges, paying a fine and disgorgement on the millions of dollars he had illegally made from the offering. He was fined by the U.S. Securities and Exchange Commission for an unregistered stock offering related to . For these risks, you’re compensated with yield. ● Node Operators (User Group C): These users run THORnodes, which comprise the THORChain Node (Tendermint/Cosmos SDK), and a node for each supported chain. THORChain’s security model relies on proof-of-bond. Why are fewer pools better in this case? ShapeShift recently announced an intent to decentralize — a move that would transition the one-time centralized exchange to a full-on DAO. Found insideIt was his arguments about the benefits of Bitcoin that motivated me to invest in a crypto. Erik Voorhees is a co-founder of Coinapult. A Bitcoin OG who can see some merit in altcoins, Voorhees spoke on a panel during day two of the Miami conference in June. ShapeShift CEO Erik Voorhees is no shy when it comes to expressing his opinion about politics, finance or Bitcoin maximalism —no matter popular or unpopular they might be. THORChain has shipped it. Reading Time: 2 mins read If you've not heard of Erik Voorhees, then, chances are, you must be new to the world of Bitcoin and cryptocurrency - because he's one of the most pre-eminent entrepreneurs in the industry. Nature has healed, and equilibrium is again achieved among anonymous, profit-seeking parties. This ascent was not random or unpredictable: the world was in desperate need of borderless, immutable money. Bitcoin. When a user trades ETH to BTC, the validating nodes will first detect and agree that ETH has been received in the ETH vault (remember, they’re running Ethereum nodes). Found inside – Page 1The book aims to give an insight into the multifacetedness of changes the Internet – referred to here as the digital world – triggers in both theory and practice of marketing and management. How to Buy & Sell Bitcoin with Cash App. In May 2013, SatoshiDICE closed its website to all U.S.-based IP addresses following advice from its legal team. ADS. Dozens of other exchanges have met similarly catastrophic fates. Because by pairing each deposited asset against RUNE (i.e., BTC+RUNE or ETH+RUNE), THORChain aggregates liquidity into N number of pools, where N = number of assets supported by THORChain. "We felt like we were doing God's work," explains cryptocurrency payments pioneer Erik Voorhees as he recalls trying to convert the unbelievers in the early days of Bitcoin. Found insideThe case against Erik Voorhees hinged on the sale of what the SEC described as illegal securities – thirteen million shares of SatoshiDice, a Bitcoin ... Hyraxbit.com start a trading giveaway for discord users. ● $1 of BTC in the pool● $1 of RUNE in the pool● This is enforced through arbitrage, ● $2 of RUNE in the bond from validators● This is enforced through competitive bidding and the Incentive Pendulum described above. over 80 weekly dev updates)● THORChain Code● THORChain Documentation, Toward peace, markets, and Bitcoin. Erik Voorhees: Governments Can't Stop Bitcoin 'Despite All Their Guns and Weapons' The ShapeShift founder and early pioneer in the space talks about why bitcoin poses an existential . Nobody has license or special privilege to be a validating THORNode. And thus, even in the worst case scenario where every node colludes, they lose $2 for every $1 they could steal. So it’s true that when you provide liquidity in THORChain (or Uniswap), you need to provide two assets (BTC + RUNE for THORChain or wBTC + X in Uniswap). Back when cryptocurrency was in its infancy and its conferences included lectures delivered to empty rooms, Voorhees was helping to popularize bitcoin's unique attributes with an unregulated . Eventually, liquidity recedes and the bidding war among nodes brings more RUNE into the total bond. During an intervention at the Bitcoin 2021 conference in Miami, Voorhees criticized an earlier panelist's comment praising toxic Bitcoin maximalism, saying that such . With so much change, The Mobile Wave is a guidebook for individuals, business leaders, and public figures who must navigate the new terrain as mobile intelligence changes everything. “The visionary picture he paints of the future is ... Immutable Yield on Bitcoin for the First Time Ever, Arguably the most exciting thing about THORChain doesn’t have to do with trading at all…, “Good Erik, because I only hodl my bitcoin and don’t give a damn about exchanging other assets!”. Once your THORnode becomes active, you earn revenue for up to a month before you’re kicked out of the set once again (THORnodes are churning in and out every couple days). During an intervention at the Bitcoin 2021 conference in Miami, Voorhees […] Considering how well Uniswap has done despite the fragmented pool model, the potential liquidity in THORChain’s aggregated pool model is profound. The real multi-chain, mainnet version of THORChain launched two days ago on April 13th, 2021. And with this liquidity, some significant portion of global bitcoin trading can (finally!) Rather than as a currency for criminals or a cheap mass consumer payment network, this book argues Bitcoin is emerging as a decentralized, politically neutral, free-market alternative to national central banks, with potentially enormous ... In addition to being an Ethereum DEX aggregator, ShapeShift offers the functionality of trading assets across different blockchains using THORChain. 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