Sunday, 29 November 2020

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So, I'm off to the races to raise money for UltraCoin, my uber-disruptive startup, and I come across the resistance of certain parties to take common stock. Now, the standard in the professional VC community is to take preferred stock with a stack of anti-dilutive measures, control premiums and liquidation preferences. VCs and their lawyers say this is the only way to do it because it protects them on the downside and allows them to maintain control of their investment and manage dilution on the upside. Basically, they say, it's a hedge. I have some very prominent, very successful and experienced investors coming in andg doing the right thing. The reason is because they "get it". My task is to educate the rest. 

Marc Andreesen characterized VC start-up stock as an out-of-the-money call option on the success of the company. Well, I agree with this in part. The founders common stock is more like an OTC ATM call, or warrant, on the success of the company. The preferred stock, which is what most VCs go for, is more akin to a straddle consisting of an ATM long-dated OTC call paired with a long dated ATM put. This put is not free. It's not even cheap, and it is not as necessary if the deal is properly sourced and underwritten.

Now, I'm not the typical Fintech entrepenuer. I'm a little older than most, I'm probably better at forensic valuation than the vast majority (see Who is Reggie Middleton?), and I'm more than willing to point out when and where I think the establishment is doing something wrong. "Because everyone else is doing it" or "Because that's the way we've always done it" are not acceptible reasons.

Case in point, the preferred stock myth. Let's address the reasons given for demanding preferred stock.

  1. It protects them on the downside - This is true, but venture capital is a very high risk, high return asset class. Its much more additive to the risk/reward proposition to manage downside risk primarily through the investment selection and underwriting process, ex. spend your resources selecting and vetting the best managment team and investment prospect rather than trying to manage downside before you even get a stab at the upside. Think about the groom that puts more time into the pre-nup than he does into finding out what his bride to be is actually about.  
  2. They say, it's a hedge. Well, in the investment world hedges aren't free. They have a real cost and the determination of the effectiveness of any hedge has to take into consideration the cost of said hedge. If it's too expensive then the risks of the hedge may well outweigh the rewards. This is particularly true for investments that go well from a capital appreciation perspective.
  3. It allows them to maintain control of their investment and manage dilution on the upside and downside. The energies, time and resources dedicated to and consumed by the competition to gain and maintain control and proportionate share in a company materially detracts management from running the company as well as pitting multiple factions (equity holding management, common shareholders and founders, Series A, B, C [& X, Y and Z] shareholders and executives) against each other. If there was one uniform, common share class, these factions could be fighting for the betterment of the company as a whole versus the betterment of their own individual positions (often to the detriment of fellow security holders and management and/or the company as a whole).  

These costs and detriments are real. Let's take the case of the very successful example of Facebook's VC funding and eventual IPO. Who do you think made more money in this deal, the founders/original common shareholders or the VCs who chose the preferred/hedged/put-call straddle route?

The True Cost of the VC Control Premium  Here is the spreadsheet that generated the chart. Feel free to play with it yourself. Hopefully, more people will realize the value of going after a strong management team with a strong product amongst a disruptive opportunity. Focus more on the attainment of reward. Proper reward underwriting is its own risk management.


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For those who didn't get the memo, I've been toiling away in my lab creating the world's first "investment bank, securities brokerage, asset manager, money transfer agent" in-a-box that allows users to perform all of theses functions themselves on a ZeroTrust (meaning you don't need to trust or even know the other side of the transaction), peer to peer basis.

Well, it appears as quite a few of the big boys and heavy weights have a similar idea and are in the market to make acquisitions. Wouldn't it be ironic if UltraCoin (my iconic venture) was acquired before it gets its seed round???!!!  


The Financial Times reports:

[Facebook] The social network is only weeks away from obtaining regulatory approval in Ireland for a service that would allow its users to store money on Facebook and use it to pay and exchange money with others, according to several people involved in the process. 

The authorisation from Ireland’s central bank to become an “e-money” institution would allow Facebook to issue units of stored monetary value that represent a claim against the company. This e-money would be valid throughout Europe via a process known as “passporting”.

Facebook has also discussed potential partnerships with at least three London start-ups that offer international money transfer services online and via smartphones: TransferWise, Moni Technologies and Azimo, according to three people involved in the discussions.

In the case of Azimo, Facebook offered to pay the company $10m to recruit one of its co-founders as a director of business development, according to people familiar with the situation.

 Yes, this space is heating up. It makes me feel good! You see, the Visas, Mastercards, Western Unions and Paypals of the world make a lot of money selling a relatively cheap services for a relatively large amount. BUT!!!! The Goldmans and JP Morgans of the world make much more money by selling very deep margined products and services for a lot more while paying a lot less to create them. It is here where UltraCoin has staked its ground. As the competition amongst the big boys starts to heat up, they will want to crawl up the food chain and I already have the ladder built! 

Ultracoin dektop

Facebook wants to become a utility in the developing world, and remittances are a gateway drug to financial inclusion,” said a person familiar with the company’s strategy. Facebook recently passed 100m users in India, which is its largest national market outside the United States.


My last post on this topic illustrated how UltraCoin will operate in developing markets by allowing currency, stock and financial asset exposure trades of anywhere from $5 to $5 million, as well as sending money to others for just a little more than nothing, as excerpted from "Hardware IS Dead" Thesis Has Now Torn Through All Handset Providers & Now Everyone Can Act On It:

I've created an infrastructure that significantly expands these investment markets by allowing anyone, anywhere with an Internet connection (of almost any speed) to participate in almost any of the world's public financial markets. Taking the subject matter of this article into consideration, we can short Samsung on its own home exchange of Korea for nearly any amount, from $10 million US down to $8 ...

The Family 2095-2097 - Copy

These same young investors can even hedge thier currency translation risk with a Korean Won US dollar forex pair, for 55 basis points!

manage currency risk in Ultracoin while using it to short Samsung

Armed with the information from simply reading my blog posts, your brothers from Haiti or Botstwana can now take short positions in these (margin)doomed hardware manufacturers - taking the other side of the trade from these big name financial institutions that don't seem to read my writings.

These are young brothers from Haiti who sat through an UltraCoin lesson...


 Back to the FT article:


It also comes as other internet groups – in particular, China’s Tencent and Alibaba – race to turn their sites into mobile payment platforms.

Google has reiterated its commitment to expanding its mobile payments and wallet products, which have yet to be widely adopted by consumers. It is registered in the UK to issue electronic money, in a process similar to the authorisation which Facebook is seeking in Ireland.


In 2013, the company  [Facebook] facilitated $2.1bn worth of transactions, almost exclusively from games, according to documents filed with the Securities and Exchange Commission.

Vodafone has acquired an e-money licence for the phone company to operate financial services in Europe.

“It’s great news that non-banks are challenging the traditional banking monopoly,” said Simon Deane-Johns, a UK-based lawyer and European payments expert at law firm Keystone Law.

 It will be interesting to see how the potential bidding contest will form as these companies compete to build the next generation financial infrastructure. I believe that I am very well positioned, as excerpted from yesterday's missive:

These are interesting times indeed. For those who are not aware of how far I've come in transforming the way value is traded across geo-political and socio-economic lines, I urge you to view the following video and/or peruse the embedded presentation below it.



Related BoomBustBlog research

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called the Apple short before it became vogue! I called the Blackberry short beforethey became the industry whipping boy! I warned about Nokia and made clear that Samsung Will Be Ready To Do That Fruit Thing! How'd I know all of this? It's quite simple, I explained it all in 2012 - Smartphone Hardware Manufacturers Are Dead. Well, now the chickens continue to come home to roost, aper CNBC:

In order to deal with such pressures, Samsung appears to be pricing the Galaxy S5 lower than its predecessor S4, according to Kang, who has collected pre-order prices for the device from around the world.

"It reflects the trend of smart phone commoditization – Samsung will have to learn to create profits at a lower price point," Kang said.

Earlier this week, Samsung said it's on track to post its second straight quarter of profit decline, as slowing smartphone sales growth continued to weigh on earnings.

Samsung Electronics 1Q profit view just shy of estimates

The South Korean tech giant estimated that its January-March operating profit fell by 4.3 percent to 8.4 trillion won, slightly below an average forecast of 8.5 trillion won, according to Reuters.

I've created an infrastructure that significantly expands these investment markets by allowing anyone, anywhere with an Internet connection (of almost any speed) to participate in almost any of the world's public financial markets. Taking the subject matter of this article into consideration, we can short Samsung on its own home exchange of Korea for nearly any amount, from $10 million US down to $8 ...

The Family 2095-2097 - Copy

These same young investors can even hedge thier currency translation risk with a Korean Won US dollar forex pair, for 55 basis points!

manage currency risk in Ultracoin while using it to short Samsung

Armed with the information from simply reading my blog posts, your brothers from Haiti or Botstwana can now take short positions in these (margin)doomed hardware manufacturers - taking the other side of the trade from these big name financial institutions that don't seem to read my writings.


These are kids that I taught UltraCoin to during my trip to Haiti a couple of weeks ago. Before you assume, the kids are actually quite bright and adept at math, and yes - kdis can easily trade with UltraCoin. My kids have been doing it for months!
thumb Slide16

My UltraCoin project will nearly double the available potential investors able to profit from these markets. By making the ability to participate in multi-asset class prices moves bi-directionally (that's right,  long and short) I will be increase the liquidity of said markets by almost 2 billion people, as per McKinsey:

  • !important; background-position: 0px 12px !important; background-repeat: no-repeat no-repeat !important;">2.5 billion adults, just over half of the world’s adult population, do not use formal financial services to save or borrow.
  • !important; background-position: 0px 12px !important; background-repeat: no-repeat no-repeat !important;">2.2 billion of the unserved adults live in Africa, Asia, Latin America, and the Middle East.
  • !important; background-position: 0px 12px !important; background-repeat: no-repeat no-repeat !important;">Of the 1.2 billion adults who use formal financial services in Africa, Asia, and the Middle East, at least two-thirds, a little more than 800 million, live on less than $5 per day (purchasing power parity adjusted).
  • !important; background-position: 0px 12px !important; background-repeat: no-repeat no-repeat !important;">Regulatory and policy environments, as well as the actions of individual financial services providers, affect usage levels in a way that is, to a large extent, independent of countries’ socioeconomic and demographic characteristics.

I just had the pleasure of meeting this young lady from Botswana who's trying to spearhead Bitcoin adoption in her country. I've made friends and I'm going to supply her with the means to have the whole country trading a whole variety (UltraCoin can trade more than 10,000 tickers - stocks, bonds, options, futures, indices) of financial assets very soon. 

PS Paying BoomBustBlog subscribers can download the latest beta as of Tuesday evening EST.

I'll leave it up to you to determine who'll win those trades. These are interesting times indeed. For those who are not aware of how far I've come in transforming the way value is traded across geo-political and socio-economic lines, I urge you to view the following video and/or peruse the embedded presentation below it.


Samsung Follows Footsteps Of Apple, HTC, Nokia - Wasn't ...

Sep 6, 2013 - Smartphone Hardware Manufacturers Are DeadNov 29, 2012 - Two and a ... BoomBustBlog Mar 7, 2013 - applecutsabreandriod3d Two and a ...

Sep 27, 2013 - Here I go again – Hardware is Dead & Samsung Agrees Featured ... raw fundamentals and margins, let's look at the newest crop of hardware.

Jan 25, 2013 - A Glimpse of the BoomBustBlog Internal Discussion Concerning the Fate of Apple - This ... So, you ask, "How is it that hardware is dead?" Well.

Nov 29, 2012 - Two and a half years ago I declared in my mobile computing wars series that Google would commoditized the mobile computing space, thereby ...

Dec 10, 2012 - Last week I told the world that hardwarevendors are DEAD! At least the fat margin business modelhardware vendors (like those whose name rhymes with Snapple). ... Related BoomBustBlog Subscription-only Research:.

Monday, 31 March 2014 00:00

What Is UltraCoin? Featured

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The Elevator Pitch - straight to the point!

UltraCoin is programmable money that allows counterparty risk free transactions. Create loans without banks, trades without brokers and contracts without lawyers - all available through your own personal digital wallet.

The Long Walk version...

Bitcoin, the media frenzied digital currency that has gathered so much mindshare and pop culture attention, holds untold promises in the decentralization of money and the power that controls said money. Yet, for all of its untold promise, it's current form is riddled with problems that prevent it from being the practical replacement for the dollar or the euro,,, That is, until now!

Reggie Middleton's UltraCoin is a derivative layer that rides on top of Bitcoin, allowing Bitcoin users to perform heretofore undreamt of tasks such as:

  • Making your money intelligent, thereby causing it to act on your behalf even when your are not present! UltraCoin programs bitcoin to allow you to pay someone yet prevent that person/company from spending that money until the purpose of that payment has been fully consummated and satisfied.
  • Creating digital (as differentiated from legal) contracts. With UltraCoin, you can program your money to create escrow contracts, swaps, options, loans, letters of credit, futures, bonds, equity-like investments, etc. built directly into the money itself!
  • Zero trust arrangements - UltraCoin allows you to do business with total strangers with confidence, and more importantly allows you to do business with competitors whose interests directly oppose yours without risk of fraud, non-performance or breach of (digital) contract for UltraCoin digital contracts do not require trust from either party but instead embeds the terms of the deal directly in the money itself, thus taking the ability to break the contract away from the contracted parties.
  • Hedge volatility, market risk and credit risk
  • Micropayments - receive payments so small as to be practically impossible with current payment processors. These micropayments enable totally new business models that weren't even conceivable before now, ex. paying people to allow you to move ahead of them in traffic or cue in line; selling written content by the line or paragraph of page, etc. 
  • Near zero cost money transmission - UltraCoin easily configures Bitcoin to send value to the person standing in front of you just as easily as the person completely around the world, quickly effortlessly, securely and at any time. Oh yeah, and the comparative cost advantages...

If you like what you've read thus far, please look to the right to contribute and receive - or continue reading to get the heavy dose of UltraCoin!

The Long Form Version - rich in information for those ripe for an education on money.

For those of you who are either well versed in applied economics or simply don't wish to subject yourselves to my philosophical rant, scroll down to the heading "UltraCoin: About the Application".

The Story of Money

In Order To Comprehend the Future of Money, We Must Understand It's History...

Money has, throughout human history, been about the development of various means of carrying out transactions involving a physical medium of exchange. This has been the case throughout the vast majority of the history of money itself, alas, I'm already getting ahead of myself. 
Money should be easily defined, and actually is easy to define despite many academics attempts to obfuscate and cloudy the matter. According to Wikipedia, it is 'any "clearly identifiable object of value" that is generally accepted as payment for goods and services and repayment of debts within a market'  or 'which is legal tender within a country.'

From the days of sacks of cereal to be bartered (hence the origin of the Shekel) to pretty shiny things such cowry beads and gold from Africa, to silver dollars and gold Krugerands, money has primarily been physical identifiers of the transaction of physical goods and services. 

This changed right about 1966 with the advent of the debit card, and even that heralded the use of "Digital money" that didn't have a physical form yet still commended physical goods and services. 

This digital money was controlled by the big middlemen, the grand intermediaries of commerce and much of human life... the banks! Through server-centric, highly centralized systems, the banks served as both the middlemen and the lenders to almost every financial transaction made since 1966, and for hundreds (if not thousands) of years before that as well.

Then, a pseudonymic man known as Satoshi Nakamoto released into open source a protocol for a new form of money known as Bitcoin. Now, anyone who's browsed through the code knows that this is too much high level thinking for one man, no matter how smart. Satoshi Nakamoto is pseudonym for a group of technology companies whose businesses would benefit if the hegemony of the big money center banks were shaken some. While this is all conspiracy theory, I'm a conspiracy theorist who loves to eat the breadcrumbs he finds lying around. Let me sprinkle some back down for you... SA(msung)TOSHI(ba) NAKA(michi)MOTO(rola)! Well, anyway... This invention called Bitcoin was exquisitely elegant in the way it both provided for a very efficient digital currency that also comes with its high speed, low cost delivery system that itself comes part and parcel with its own high level security system.

The most elegant part of the new money? It doesn't require banks or any of the traditional middlemen! This is Bitcoin!


As elegant a solution as Bitcoin is, it still has some serious issues. One of the biggest issues is volatility. It's price is literally all over the place. Of course, this doesn't invalidate Bitcoin as a money alternative for the precursor to the US dollar (the continental note) was even worse. Alas, it does make Bitcoin's use as a standard medium of exchange cumbersome. I set out to solve this, among other problems because I see Bitcoin to finance as the Internet was to media!


UltraCoin - About the Application

UltraCoin is a crypto-currency (the group of money that Bitcoin belongs to) derivative application and management system. It is a one of a kind solution that is literally the most revolutionary thing to hit finance since the printing press. It allows its users to create zero trust (meaning the two sides to a deal do not have to know or trust each other), smart contracts governing the behavior of the underlying currencies, securities and assets. It allows exposure to be given back and forth between Bitcoin and traditional fiat currencies (conventional sovereign money, ex. USD or EUR), as well as hedging, speculation and capital mobility opportunities for its users.

One UltraCoin, One bitcoinOne UltraCoin, One bitcoin

Zero Trust Currency SWAP Contracts 

A currency swap contract is an agreement to make a currency exchange between two parties. With this application one can create digital swap contracts between traditional fiat currencies like (i.e. USD, EUR, CNY) and crypto-currencies such as Bitcoin at zero interest. In addition, there is no need to physically exchange the currencies. The contract are entered into, and settled in cash. – denominated in the crypto-currency of choice (currently the system is set to only settle in Bitcoin, but that can change i the future). Most importantly, this transaction takes place on a Peer to Peer basis, meaning that the participants of the swap trade with each other directly, without the intermediation and accompanying counterparty risks and conflicts of interest that go along with it.


Zero Trust Contracts 

The swap contracts created using UltraCoin are called zero trust because the user is not required to trust the other party on the other side of the contract – or even know who the other party is. This is made possible by requiring the user to put collateral margin equal to 100 % of the principal amount when entering into the contract, thus eliminating any credit risk present in traditional swap contracts. This has profound implications in the way things are currently done. 

UltraCoin Client Application SnapshotUltraCoin Client Application Snapshot

 More About Bitcoin 

Bitcoin is the world’s first decentralized (no central authority or single point of weakness to be attacked, compromised or disintermediated) digital currency. By design, there is a known, immutable, fixed supply of bitcoins, similar to gold being available in limited quantity on earth. Bitcoins are digital, therefore you can instantly transfer them to anybody across the world. Finally, there is no financial institution, or bank, or company operating Bitcoin, just like there is no company in charge of "operating gold". 


There is also no internet server to shut down to terminate Bitcoin. It exists merely as a distributed protocol likely running through an application on your computer, smart phone, tablet or (Google) glasses - which communicates with other Bitcoin users over the internet. A pure, Peer to Peer network of financial and data communication. How is this significant? UltraCoin, through Bitcoin and other digital currencies, allows one to totally sidestep banks in day to day financial operations. This means we cut out the middleman and you get to share his cut of the pie, while all the while circumventing the most inefficient and unnecessary bank rules and restrictions, i.e. inconvenient banking hours, onerous fees and ridiculously expensive charges. 

Send $100 to your sister on the other side of the world on a Sunday afternoon for less than a penny, in near real time. No wire, PayPal or Western Union fees, no 3rd parties whatsoever – not even us! No banking hours, and no nonsensical restrictions on what you can do with your own money. As a small businessman/woman, or larger corporation, accept micropayments down to a fraction of a penny, thereby creating totally new business models that weren’t possible before due to extravagant processing, distribution and licensing fees. 


This application to Kickstarter was unusually ironic, for Kickstarter forces you to use Amazon's payment system to clear payments from contributions and Amazon charges between 3%-5%. That means if we're wildly successful in raising funds here, Amazon will scrape up to $50,000 from every $1,000,000 that we raise. $50,000 is a lot! View the video above to see how much this Kickstarter campaign would have costs if I ran it through a Bitcon/UltraCoin setup. Hint:You'd need a calculator to figure out the zeros BEHIND the decimal point!

How the UltraCoin Application works

 UltraCoin, as mentioned previously allows its users to create “zero trust” swap “smart contracts” for Bitcoin with traditional fiat currencies and vice versa, thus allowing hedging and speculation opportunities for its users. The application is a quick 1 minute download on even relatively slow connections and must be installed on the computer of the users. Below is a snapshot of the dialog box for registering the swap request (creating an ask) on the UltraCoin client. 

 Advantages of the UltraCoin Application

With bitcoins gaining more popularity and acceptance among global business communities, the future of the currency is expected to witness Bitcoin being labeled as one of the leading globally accepted trade currencies. However bitcoin is a very volatile currency. As such there exists a very strong incentive to hedge its value relative to more established and stable currencies. 

As of today, bitcoin continues to coexist with many conventional currencies like dollars, euros, yen, etc. Naturally people & organizations will be required to preserve the money value of bitcoins in terms of other conventional currencies. UltraCoin will allow businesses as well as individuals to effectively hedge their positions in bitcoin against conventional currencies and vice versa. The application will also offer users to speculate on market movements, i.e. if one believes that Bitcoin is about to rise/decline in value against USD he can enter into a swap to give/receive the bitcoin side of the contract and monetize their outlook of the currency movement. 

How and whom UltraCoin can benefit?

Businesses accepting/paying payments in bitcoin, individuals and almost everybody with current and expected exposure to bitcoin. This diagram depicts how any merchant receiving bitcoins can use this application to hedge its bitcoin exposure. 

 Other Benefits:- Businesses or individuals can also utilize the UltraCoin for exploiting differential interest rates prevailing in different geographies. 

Similarly one can also use this application to take advantage of high yield investment opportunities available in other parts of the world by remitting money from low yield geographies to high interest rate geographies. As Turkey has recently near doubled its rates, with many emerging market economies poised to do the same (here’s to you, China) - Argentina, Puerto Rico, et. al., and even the bankrupt city of Detroit. These will not be the only environment prepared UltraCoin users to speculate. 

Darest I say this is the age where individuals bailout out the state, and do so on their own terms? My, how things have changed!

Capital flight/mobility & Banking System Bail-in protection

Parties who are domiciled in free flowing capital hostile states that have tight capital controls, ex. China, India, and now France with its 75% effective wealth confiscation scheme, etc. that have banned or limited BTC trading by banks and/or individuals can take advantage of the UltraCoin Zero Trust contracts to gain multi-currency exposure without violating the law (this is not legal advice, and the counsel of an attorney is strongly recommended).

Take note that the systems with the tightest capital controls have been the one’s exhibiting the most aggressive stance to bitcoin. Unfortunately, they don’t seem to understand what Bitcoin is and what it can do. Cyprus banks closed on a Friday and announced confiscation of bank assets over the weekend. UltraCoin contracts could have been used to move monetary value outside of the Cyprus banking system assuming the participants had a store of Bitcoin (it is rumored that this is how some of the Russian money was removed over the weekend). 

Let’s assume a small businessman would like to purchase $1M euro worth of bitcoin, yet is concerned that the BTC volatility may cause more of a loss than the Cypriot capital controls. He buys the BTC then hedges his large BTC position into EUR. He proceeds to do that with a quarter of his monthly cash flows, building up a sizeable, fully hedged position in cyberspace and on the blockchain (thus, effectively offshore) and outside of the fragile Cyprus banking system. 

The Cyprus banks pull the trigger to confiscate funds and the Russian bank depositor has significant funds mobile and ready to deliver anywhere in the internet connected world within minutes, even on a Sunday afternoon. 

 Another example of dealing with a country with tight capital controls would be India. India has extremely tight capital controls that have (IMHO) hampered its economic progress relative to China, despite having similar populations and the significant advantage of a large indigenous English speaking population stemming from British occupation (easier to do business with the larger capitalist nations when more of your constituents speaks the native tongue).

India has effectively outlawed trading in bitcoin, but Indians can still participate in the evolution of money by taking advantage of the liberalized remittances scheme of the Central Bank of India; a person can remit up to 75,000 USD offshore annually. These monies can end up in a Bitcoin friendly jurisdiction (amazingly enough, like the US), and be used to purchase BTC hedged, via UltraCoin ZeroTrust contracts, back into rupees or the currency of choice. This can also work the other way around, which would actually be quite advantageous to the Indian government and potentially make them rethink the real world practicality of capital controls. 

Even in a country that has capital controls and fears Bitcoin may threaten its banks, a decentralized near friction free currency exchange would be beneficial solely due to international remittances from expats in foreign workers. A real world example are Indians that I know who lose significant money because of PayPal and Western Union fees (not to mention bank wire fees). Indians can send UltraCoin ZeroTrust contract rupee locked BTC home on a deferred basis. 

The registered exchange or ATM in India however could only be one-way so that it only accepts BTC from the Indian general public in exchange for rupees and not the other way around. 

 UltraCoin For Traders 


By executing swaps against various fiat, UltraCoin allows users to trade in a pure P2P fashion, completely by passing centralized exchanges as well as the counterparty risks, costs and redemption delays that go along with them. By borrowing money before the trade is made, users can even lever up to gear returns. In addition… 

There are a plethora of built-in trading tools available only from the UltraCoin client...

Besides the above mentioned benefits, the application could also help in facilitating:  Peer-to-peer investment / finance (instantaneously and at extremely low cost)  Smart contracts (contracts enforced by software)  Binding arbitrations  Enforcement of non-financial transactions  Investments across regions (without restriction) A list of parties (not exhaustive) that can benefit from the application:

 Available on nearly all popular platforms, from desktop to mobile, to ultra mobile!

 We are developing UltraCoin clients/wallets for Glass, Android, Desktop and iOS.

 Reggie Middleton is pervasive through international media, and he's dragging UltraCoin with him!

Reggie Middleton is widely recognized in international media (both mainstream and fringe) as a maverick at the intersection of finance and technology...

Risks and challenges


What unique challenges might we face AFTER the project is successfully funded?

Well, to begin with, this is software development. Software development rarely comes in on time AND on budget - at least not in my experience . With that being said, I have tied up a material and significant amount of my own capital in this project. It is my baby, and I am watching over it like a hawk. What makes it unique is that it is not only a software development project, but a financial analysis and global macroeconomic theory venture as well. To make things even more “Star Trekkish”, it’s akin to a real time R&D experiment that’s slated to go into production next month. There are no historical references to learn from, not precedent to guide us. We are treading on new ground here ladies and gentleman. This leads to another pointed risk - ...

Programming talent... 
Guys and girls (who are even harder to find) are quite scarce at this level and and in this knowledge sphere. Nobody really has any experience because this stuff is all brand spanking new. If we lose a key programmer or two it can set development back for weeks. Trust me, I know from experience! Alas, I am keeping my finger on the pulse of the Bitcoin community and have gained a small modicum of notoriety in the same. I'm confident I will be able to attract competent expertise, although a learning curve may ensue. After all, we’re on the bleeding edge – and on that note, we are brought to the next material risk…

The law, compliance and legislation… 
The laws and the politicians/regulators/courts who legislate/regulate/adjudicate have not moved nearly as fast as the technology has, and the technology has moved so fast that it can’t even keep up with itself! Thus, where there is uncertainty, there is risk. Alas, where there’s risk there’s opportunity. I plan to take any excess funds and spearhead an effort to lobby and set a clear framework and risk free precedent for Bitcoin businesses to operate within. Negative repercussion from politicians/regulators/courts will stem from a lack of information, for if the true merits of Bitcoin and its derivatives are actually known, then these actors will welcome the efficiencies that it will bring both our country (the US) and other capitalistic countries abroad.

Speaking of capitalism, which brings us to the next major risk, and that is competition. My major competitors will be/are those very same actors who stand to be disintermediated, either in part or in whole, by this new technology. Just as the typewriter was walloped by the PC, and the postal service was sideswiped by email, the financial services industry will feel the pain of the Coins! This is a very powerful, very well connected, and last but not least… very aggressive industry. They will not take such an affront laying down. Of course, the bane of large industry is the swift, innovative risk takers that these large industrial giants once were themselves when they usurped power from their predecessors. Beating the banks at their own game is not only possible, it’s likely given the momentum and direction of technology.

It’s simply the Titans, the Greek gods and Prometheus recast, retold and relived once again – but this time with a different twist as fire is given to the common man and he wields it to defend himself and UltraCoin comes to the rescue as Hercules!

Biography: Who is Reggie Middleton?

Reggie Middleton, as told through Wikipedia...

Reggie Middleton as told through BoomBustBlog...

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The Turkish government has exercised its censorship chops in banning Twitter in an attempt to quell distribution of anti-government recordings, and in the process has materially popularized the service, to wit: Forbes - Streisand Effect Takes Hold As Turkey Bans Twitter

In an attempt to halt widespread allegations of corruption, Turkish prime minister Recep Tayyip Erdogan has shuttered Twitter – but so ineffectively that the number of tweets sent in the country has remained unaffected.

Last night, Erdogan announced that, following a court order, Twitter was now disabled in the country. “We’ll eradicate Twitter,” he said. “I don’t care what the international community says. Everyone will witness the power of the Turkish Republic.”

The Washington Post reports,Turkey bans Twitter — and Twitter explodes.
Of course, the Islamic leaning‎ says "Twitter users ridicule Turkey ban".
Leaked recordings shared on Twitter include one in which Erdogan allegedly instructs his son to dispose of cash [AP]

Turkish and global social media users have mocked moves by Turkey's government to restrict access to Twitter.

The hashtags #TwitterisblockedinTurkey and #Turkey blockedTwitter became the top trending topics globally on Friday, just hours after the Turkish government imposed the ban.

The number of tweets from Turkey reportedly rose by 138 percent as savvy Internet users, including the country's president Abdullah Gul, found it easy to circumvent the shutdown.

"The whole world is laughing at you #ErdoganBlockedTwitter," users tweeted, as dozens of images mocking the ban - including one showing Twitter birds covering Prime Minister Recep Tayyip Erdogan's head in droppings - were shared on the platform.

Another popular tweet shared a poster of the prime minister on a Barack Obama campaign poster with the message, "Yes, we ban".

Erdogan on Thursday night promised to "root out" and wipe out" the social media platform after users published claims of corruption against him.

Leaked recordings shared and linked on Twitter include one in which Erdogan allegedly instructs his son to dispose of large amounts of cash from a residence amid a police corruption probe.

One method of ridicule was to go around the the blocking if the Twitter domain name by using Google's DNS (Domain Name Server) services which allowed anxious and potential Twitter users to find the Twitter website through Google's machinations. So, what does the Turkish government do? They blocked Twitter at the IP level and then went so far as to bank Google's DNS. This means that Turkey is attempting to block out a portion of the Internet, to wit: Turkey Blocks Google DNS as Erdogan Defends Twitter Action 
Now here comes a quick education for the old fogey-type folk that declare Bitcoin is a bubble, ponzi scheme currency with no intrinsic value. If you recall my many videos that declare the value of Bitcoin is in the protocol, and not the unit of account that everyone is calling a currency, then you may realize that the Bitcoin technology can literally take the Turkish government down. 
(go to time market 1:10 in the video for the explanation)
Those that know the Bitcoin protocol well know that it is an ideal method of overcoming centralized control in regards to value transfer. Well, it's easily assumable that website data access is value transfer as well. If anybody in Turkey is reading this, then email me and I'll show you how to step around even Erdogan's Google DNS ban using the Bitcoin derivative known as Namecoin - A peer-to-peer, censorship resistant, alternative DNS root and data storage technology. Using that "tulip" technology with "no intrinsic value", Namecoin facilitates cryptographically secure decentralized name and data storage.
According to WikipediaNamecoin (sign; code: NMC) is a cryptocurrency which also acts as an alternative, decentralizedDNS, which would avoid domain namecensorship by making a new top level domain outside of ICANN control, and in turn, make internet censorship much more difficult, as well as reduce outages.[3][4][1][2][5][6][7][8]
Now, we all know that Krugman and Roubini and all of the not so technologically inclined macro economists may not believe that Bitcoin, et. al. has any intrinsic value, but if somebody like me led a "Coin" revolt in Turkey, do you think Erdogan would believe the economists or me in regards to the intrinsic value of this technology.
If you think Namecoin can be disruptive to the status quo, you aint't seen nothin' yet. Wait until the launch of UltraCoin, when those little Haitain kids in shacks out trade the Goldman prop desk on that BTC/AU pair trade.
That's right, I'm teaching 3rd world children how to trade using cryptocurrency derivatives and plain old fashioned derivatives. I'm comfortable pitting them against the names that the developed world worships, as long as its using this new tech. Let's see how they fair...
I just love the smell of creative disruption in the air. These pics were taken after some training sessions in Port au Prince, Haiti this weekend.
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Sunday, 16 March 2014 00:00

Does Mt. Gox Mark The Beginning of the End for Bitcoin? Featured

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 On or about February 23rd, 2014, Mt. Gox (on of the larger bitcoin exchanges) collapsed. The MSM (mainstream media) had a field day...


LA times on btc

yhoo on btc

I warned everybody that the fall of Mt. Gox was simply a poorly managed small business getting its just dues. To correlate the fortunes of Mt. Gox with the fortunes of the Bitcoin ecosystem is akin correlating the fortune of the World Wide Web with that of or Alta Vista in the 1990s. Sounds silly doesn't it? Well, fast forward 3 weeks from the Gox'd experience and this is what we find... BTC volatilityThe week after the media frenzy regarding Mt. Gox started to fade, the price of BTC (bitcoins) started a dramatic phase of price stabilization. This apparent price stabilization was verified by the very dramatic drop in standard deviation.

If we drill down to the weeks in question, we find... BTC volatility1

This price stabilization has occurred even before the wide scale adoption of UltraCoin. 

As always, I'm looking for:

  1. financial capital
  2. intellectual capital
  3. developers, management and sales/marketing expertise.

If you have any of this in abundance, hit me at This email address is being protected from spambots. You need JavaScript enabled to view it..


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Let's quote some of the last lines of my last article on Bitcoin: "Witness the drivel that comes out of the the analyst's reports (and yes, I thoroughly ridiculed each one):

  1. Theres' Something Fishy In The House Of Morgan, Pt. 2: Bitcoin Fear, Envy & Loathing
  2. Does the Mainstream Media Assist Wall Street In Hypocritical Hypothesis For Fear Of The Next Paradigm Shift?"

You see, first JP Morgan threw baseless fear tactics, then Citibank jumped into the fray. Well, guess whose next? Goldman Sachs, of course. Everybody's favorite fair game player. As excerpted from Business Insider today:

"Dominic Wilson and Jose Ursua of the firm's markets research division are first up. They argue that Bitcoin fails to meet both basic criteria of a viable currency: while there remains an outside chance for widespread acceptance as a medium of exchange, as a stable source of value, it has so far failed. That undermines the premise that Bitcoin could serve as a way of short-circuiting exchange rates in inflation-prone countries."

 And Reggie, Chief of Bullshit Patrol & Related Crimes Division chimes in with a Google search on promintent "failed" currency processors:

Bitpay user growth google searchcoinbase user growth google search

But wait a minute! Goldman's business business is growing at a fraction of this pace, and actually negative in some areas. So, if Bitcoin as a currency and payment system is a failure, what the hell is Goldmam? Of course, Business Insider goes on to report...

For most users what matters is not the comparison with other currencies, but a comparison with the volatility of the currency that they hold (dollars in the US for instance) in terms of the things that they need to buy. The volatility of consumer prices (in dollars) has been even lower than FX rates, even if measured over a period including the 1970s. Put simply, if you hold cash today in most developed countries, you know within a few percentage points what you will be able to buy with it a day, a week or a year from now.  

This is Bullshit! Say it to the more mathematically challenged, my bonus hungry friends. Let's run the math using the

Dollar as a store of value

As you can see, if you measure things from the '70s as the esteemed, erstwhile Wall Street aficiaondo from Goldman recommended, then you would have less than 17% of your buying power left. Yes, bitcoin is volatile, but its volatility stems from the price going up and down, while the USD has primarily just went down. You know that saying about the frog in the slowly heated boiling pot of water, right?

In addition, both of the largest Bitcoin payment processors absorb the exchange rate volatility for their customers, or did the best of breed Goldman analysts somehow overlook this pertinent fact?

How it Works - BitPay

Back to those Goldman guys...

Wilson and Ursua include this graph showing volatility of Bitcoin versus the Argentine peso, the yen, the euro, the pound, and U.S. inflation. It's not even close. 

bitcoin volaitlity

But wait a minute! If the largest payment processors absorb the volatility and market risk of their customers, then Goldman must assuredly be referring to the currencies above from an investment perspective, no?

Yes! Bitcoin is truly volatile, indeed, but the guy at Goldman are cheating, hoping that the rest of us don't know our finance and/or basic common sense. You see, they are looking at just one side of the equation - the side that favors fiat currencies and disfavors bitcoin. You see, risk is the price of reward. For every reward you seek, you pay a price in risk. The goal, as a smart investor, is to pay little risk for much reward. Goldman is trying to make it appear as if you are paying nothing but risk for bitcoin and getting little reward in return. Let's see how that pans out when someone who knows what they're doing chimes in. From the BoomBustBlog research report File Icon Digital Currencies' Risks, Rewards & Returns - An Into Into Bitcoin Investing For Longer Term Horizons:

Bitcoin risk adjusted returns

You see, with high volatility (aka, risk), it's hard to earn your cost of capital, not to menton surpass it. Isn't that right, employess of Goldman Sachs? Let me jog your collective memories, as excerpted from the BoomBustBlog post on When the Patina Fades… The Rise and Fall of Goldman Sachs???

GS return on equity has declined substantially due to deleverage and is only marginally higher than its current cost of capital. With ROE down to c12% from c20% during pre-crisis levels, there is no way a stock with high beta as GS could justify adequate returns to cover the inherent risk. For GS to trade back at 200 it has to increase its leverage back to pre-crisis levels to assume ROE of 20%. And for that GS has to either increase its leverage back to 25x. With curbs on banks leverage this seems highly unlikely. Without any increase in leverage and ROE, the stock would only marginally cover returns to shareholders given that ROE is c12%. Even based on consensus estimates the stock should trade at about where it is trading right now, leaving no upside potential. Using BoomBustBlog estimates, the valuation drops considerably since we take into consideration a decrease in trading revenue or an increase in the cost of funding in combination with a limitation of leverage due to the impending global regulation coming down the pike.



 Now that we see how hard it is to truly produce Alpha, I query thee... What do you think would happen if a financial maverick, an out of the box thinker who's different from all of those other guys, got a seed round of funding for the most disruptive product to hit the finance world since the printing press? What if that seed round was for enough money to make UltaCoin one of the best capitalized Bitcoin entities, ever - with a preferred A series coming right behind it? What would such a cash flush company do with that maverick guy whose been getting all of these trends right at the helm? Hmmmnnn!!!

Speakin' of Goldman Sachs...

I anticipate being in the market very soon for (I'm not thier yet, but hopefully very soon):

  1. CTO - Chief Technology Officer
  2. COO - Chief Opertating Officer
  3. General Counsel
  4. CMO - Chief Marketing Officer 
  5. CFO - Chief Financial Officer
  6. As well as skilled Java and Blockchain developers.

Hit me via reggie at if you have an interest in coming on board.

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With all of the brouhaha over Bitcoin and the downright irresponsible reporting by the mass media, I've decided to reveal the progress of my "UltraCoin: The Future of Money!!!" venture. What you see in the next few paragraphs should elucidate even the most blinded to the prospects and potential of the Bitcoin protocol and why I've always said that the price of the actual cryptocurrency is absolutely irrelevant (much as the price of AOL was highly irrelevant to the prospects of the Internet in 1993).

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 I know I said the MSM has simply butchered accurate coverage of Bitcoin, but this piece in Fortune Magazine was right on the money: 

 "[UltraCoin] is a shot directly across the bow of the financial industry. Still in early development, BTC Swap is planned to facilitate a variety of what Middleton calls "Zero-Trust Digital Contracts," which recreate financial functions in software code by matching offered and desired transactions between parties without the need for intermediary institutions. Because these contracts are automated, instantaneous, and executed with assets already represented in the Bitcoin blockchain, Middleton says they eliminate counterparty risk while also subtracting conventional banking and brokerage fees.

The most immediate function Middleton envisions for his system is for hedging bitcoin against existing national currencies. With bitcoin's valuation still showing huge volatility, Middleton claims the availability of distributed hedging will both ensure the value of bitcoin for individuals holding the asset and provide systemic stability. (Given persistent skepticism, there should be plenty of takers to short bitcoin against the dollar.) And the entire system relies on decentralization for its security and integrity: "My contracts are peer-to-peer," says Middleton. "If you hack my servers, there's nothing to get."

Find it hard to believe? Even children can do it...

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So, how does this work? Well, let's start from the beginning.

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The vast majority of the world does their spending out of a wallet like this, or using currency-like instruments such as these (both physical and digital) contained in the wallet. The problem is all of these devices are "dumb" and rely on central authority figures (government, servers, banks, etc.). So...

Along comes Bitcoin with its decentralized currency that solves many of these issues. Bitcoin is also kept in wallets, like these...

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These Bitcoin wallets give you considerably more freedom with your money, sending it faster, cheaper and with more privacy than the conventional wallet above. Of course, the typical Bitcoin wallet hasn't even scratched the surface of what's possible with this new technology. As a matter of fact, the tech is so over-encompassing and transformative that the mass media and even much of the specialized media simply CANNOT wrap their minds around what's about to happen to the worlds of money, finance and investment!

I've taken a radical step with this tech that makes even the newest Bitcoin wallets look old hat in comparison. What makes UltraCoin different from everything else?

thumb Slide7

So, what is UltraCoin?

thumb Slide8

Unlike Bitcoin wallets, it allows you to literally take control of both your money and gain exposure to financial assets such as stocks, bonds, forex, options, futures, oil, gas, commodities and precious metals. 

thumb Slide10

You can even design your own "smart contracts" directly within the wallet itself.

thumb Slide11thumb Slide12thumb Slide13thumb Slide15

This stuff above is a pretty big difference from... this, eh?

thumb Slide2

And that's how we come round robin back to that first graphic with my kids trading currency exposures.

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Of course, Wall Street is fearful. Why shouldn't they be? If the public realized the extent of the middleman markup they pack into otherwise low value-add services and product margin, there would be a mass revolt. When you create these products and services on a peer to peer basis, it's extremely hard to overcharge to the extent a recent MBA recipient with little to no real world experience can recieve 7 or 8 digit compensation. Don't believe me and my proclamations of fear? Witness the drivel that comes out of the the analyst's reports:

Theres' Something Fishy In The House Of Morgan, Pt. 2: Bitcoin Fear, Envy & Loathing

Does the Mainstream Media Assist Wall Street In Hypocritical Hypothesis For Fear Of The Next Paradigm Shift?

I'm looking for:

  1. Financial Capital
  2. Intellectual Capital
  3. Active and prolific traders to help beta test my wallets. 

If you are or know of any of the above, hit me up with a link to your LinkedIn and/or Wikipedia profile via reggie AT You can also join me to trade live Bitcoin and currency exposures at 40 Broad Street, Friday at 6 pm if you wish. Equities, Silver and Gold exposures will be available next week and possibly by Friday as well. 

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About two weeks ago I answered what was at the time one of the most amateurish reports coming out of the bit money center banks in some time in Theres' Something Fishy In The House Of Morgan, Pt. 2: Bitcoin Fear, Envy & Loathing. Well, it appears that there's a contest for the hypocritical hypothesis and Citibank intends to go for the gold, likely toppling JP Morgan's lead. In a nutshell, we have a gaggle of US based banks that have exhibited horrendous risk management, business judgement and trading/investment acumen nearly topple the global financial system, demand (as in ransom money) trillions of dollars of welfare (which they recieved and are still recieving) from the US taxpayer, and still pay out billions of dollars in bonuses and salaried compensation - all the while the US dollar is still safe and sound as the worlds deepest, most liquid currency market not to mention still being the world's reserve currency.

Now, a much, much, much smaller Bitcoin exchange fails after flashing obvious warning signs for months and does not require bailing out by the tax payer or the Federal Reserve (how can I emphasize how big a plus this is for Bitcoin), and bitcoin dips in price for a single evening - rebounding nigh immediately! Citibank and JP Morgan's incompetence threw the entire world into a near depression - and that's with globally collaborative ZIRP, trillion's of dollars of bailouts and the clandestive changing of accounting rules and the morphing if simple  math to make it look like the insolvent were really not so.

Re: Mt. Gox failure -  Would Mt. Gox still be in business today, like JPM and Citi if the Federal Reserve dropped rates to a negative level, FASB authorized the changing of accounting standards to minimize Gox's liabilities and no one at the exchange was held liable for what appeared to be outright fraud, as claimed by the SEC? would there be analysts in Mt. Gox writing silly papers overflowing with hypocritical hypothesis about how XYZ the dollar was dead because a US bank went bust? Probably!

Remember, I turned JP Morgan's alleged research upside down in Theres' Something Fishy In The House Of Morgan, Pt. 2: Bitcoin Fear, Envy & Loathing, to wit:

I've worked hard to establish a strong reputation - not only in terms of competence but in terms of integrity. For those who don't know of me, you canview my media apearances and calls as well as my Wikipedia page. You see, my mommy and daddy raised me to appreciate both aspects of success - not only one. With that in mind I'd like to address the recent report from JP Morgan slamming Bitcoin. Just so most know my viewpoint, the typical Bitcoin enthusiast and entrepeneur is primarily technologist leaning, thus may or may not see all of the aspects of the financial side of this new... "thing". In addition, and because of that, the financial guys often get away with some outrageous bullshit that they'd never even try under different circumstances. Let's apply this perspective to JPM's latest FX strategic outlook report, "The Audacity of Bitcoin". I will refute this report, point by point, and in the process make the managing director whose name is on the report look downright ignorant and uneducated. This is not a personal attack or an attempt at sleight (hey, he may be a downright stand-up guy), I am simply calling it as I see it.

Before we get to the report though, I want to address the foolishness of following these "reports" from the big name brand money center banks.

Mainstream media entities such as the Wall Street Journal and Business Insider take the conflicted interest ridden drivel from these investment banks as actual legitimate analysis and actually base their reporting on it. That really gives me pause! Now on to addressing what Citibank claims as espoused through Business Insider, and I quote:

In a new note, Citi currency strategist — and the bank's defacto Bitcoin analyst — Steven Englander basically asks: What's the point of Bitcoin now?

Many of his comments echo our take in the week leading up to Gox's shutdown about how huge a setback this was not only for mainstream Bitcoin adoption, but also for the central tenets that got Bitcoin off the ground in the first place.

But for Englander, the technical glitch that hit not only Gox but other exchanges "seems to have been known for years without the Bitcoin developers instituting a complete fix,"... "So one question is whether the decentralized structure, which is the attraction to many, makes it too cumbersome to enact essential fixes."

"Bitcoin transactions [were] thought to be impregnable and turned out not to be," said Englander. "Earlier security questions had centered around everything except the possibility that there might be a fraudulent transactions record. The imperviousness to fraud was one the big attractions of Bitcoin and the surprise exploitation of a known defect is a setback. Now it looks like just another payments system that has to worry about fraud."

Where am I to start with this? Long story short, this is plain old simple ignorance! Bitcoin is open source software. That is why you get it for free! It's not as if the core Bitcoin development team ran a company and Mt. Gox bought a commercial software package from them with a warranty and represenations. Mt. Gox relied on an open sourced code base and refused to both contribute back to the community and even keep abreast of what was going on in the community. The end result? A problem that was recognized and solved 3 years ago went unseen by Mt. Gox until they were bled of hundreds of million of dollars worth of bitcoin.  JPM acts as if it is the open source communty's responsibility to instruct Mt. Gox on how to write and maintain software when in actuality it was Mt. Gox's responsibility to give back to and monitor the open source community!!! Notice how entities that were paying attention and playing by the open source communities rules were unscathed by this so-called "defect". If I say there is a hole in the ground and I send out a report that there is a hole in the ground, but you don't read that report and continue to walk until you fall into the hole - all the while knowing you gained access to the ground for free, are you going to blame the ground for being imperfect or yourself for ignoring the community that gave you free access when the warned you about the hole and even gave you instructions on how to avoid the hole?

"Bitcoin's market cap on paper by far exceeds that of the competition and that are many Bitcoin holders heavily invested in Bitcoin, so it has a first mover advantage. However as a store of value, its only value is reputational, and recent developments have shaken that reputation."

Go to 1:25 in this video for an answer to the statement above...



Business insider goes on to warn of the following risk: "That big banks themselves co-opt the still-relevant technological developments embedded in Bitcoin and junk all the bad parts". Actually, the banks will implement bad parts and junk all the good parts. You see, this is all relative. In general, what's good for you and me is generally bad for the banks, and vice versa. Why do Citibank and JP Morgan harp on the pitfalls of decentralization? It's because the banks are the guys with the centralized servers!!! If you eliminate the need for centralized servers you eliminate the need for banks! 

Why harp on the dangers of peer to peer? Because bank branches will disappear in a heartbeat, as will centralized exchanges and the ability to pack in massive fees and charges unbenknownst to the client, the same fees and charges that fund those oh so many decimillionaire annual bonuses. It means a paycut for Wall Street and Wall Street is known to be vociferous in its attempts to avoid paycuts.

Reference UltraCoin: The Future of Money!!! for a long list of reasons why the banks fear and loathe Bitcoin, and by extension, UltraCoin!





















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