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Jim Blasko Explains BitCoin Spinoff 'Unbreakable Coin' (Video 1 of 2)

Posted by timothy on from the yet-another-cryptocurrency dept.

Las Vegas seems an appropriate place for cryptocurrency businesses to emerge, both because the coins themselves are so volatile that some gambling instinct may be required, and because Vegas is a high-tech outpost with lower taxes and lower rents than many other West Coast hot-spots, well-suited to risky startups with ambition but without huge venture backing.Jim Blasko moved there to work on low-voltage engineering for Penn & Teller, and is a qualified Crestron programmer, too (useful in a town that looks from the air like one giant light-show), but has shifted to a quite different endeavor, or rather a complex of them — all related to cryptocurrency. I ran into Blasko during this month's CES, at a forum with several other cryptocoin startups, and the next day we met to talk about just how hard (or easy) it is to get into this world as an entrepreneur.

Blasko has some advice for anyone who'd like to try minting a new cryptocurrency. Making your own coin, he says, is the easy part: anyone can clone code from an existing entrant, like Bitcoin, and rename the result — and that's exactly what he did. The hard work is what comes after: making worthwhile changes, building trust, and making it tradeable. Blasko's done the legwork to get his own currency, which he's bravely called "Unbreakable Coin," listed on exchanges like Cryptsy, and is working on his own auction site as well. He's also got an interesting idea for cryptocoin trading cards, and had a few prototypes on hand. (Part 1 is below; Part 2 to follow.) Alternate Video Link

55 comments

  1. Unbreakable Coin by Anonymous Coward · · Score: 5, Funny

    Unbreakable Coin

    A kick in the groin

    Best taken in stages

    As it comes from Lost Wages

    Burma Shave

    1. Re:Unbreakable Coin by Anonymous Coward · · Score: 0

      I was all excited for some Burma Shave - then I saw his site is giving a 503.

  2. You got one thing right by Anonymous Coward · · Score: 1

    "Las Vegas seems an appropriate place for cryptocurrency businesses to emerge"

    Cryptocurrency: as valuable as a straight flush...

    1. Re:You got one thing right by Anonymous Coward · · Score: 0

      Cryptocurrency: as valuable as an unflushed toilet...

      FTFY

  3. Could be worse. by Anonymous Coward · · Score: 2, Insightful

    The hard work is what comes after: ... building trust, ...

    By being based in Las Vegas?

    Well, it could be worse. He could be based on Wall Street.

  4. What happens when someone breaks it? by tyggna · · Score: 1

    Unbreakable coin, well, except for this one time. . .

    1. Re:What happens when someone breaks it? by Anonymous Coward · · Score: 0

      According to the website (which is down), you need someone unbreakable behind it. Someone who doesn't know the difference between tough and tuff, for example.

  5. Yeah, Blasko, I'm gonna get right on it. by Anonymous Coward · · Score: 0

    When we're done making you rich, I'm next, right?

    1. Re:Yeah, Blasko, I'm gonna get right on it. by Anonymous Coward · · Score: 0

      No. I'm next. And you're after my cousins Vinny, Frankie and Petey.

  6. It's like my grandma always used to say by NotDrWho · · Score: 4, Funny

    "Trusting a guy named Jim Blasko, who's offering you a can't-miss, get-rich-quick way to mint money out of Las Vegas is a no-brainier. Give him all your money!"

    Did I mention that grandma was senile at the end?

    --
    SJW's don't eliminate discrimination. They just expropriate it for themselves.
    1. Re:It's like my grandma always used to say by Tablizer · · Score: 1

      Jimmy still owes me 10 grand from his prince buddy in Nigeria.

      --
      Table-ized A.I.
    2. Re:It's like my grandma always used to say by Anonymous Coward · · Score: 0

      But Guys, he's a PROGRAMMER! He's totally one of us and would never make a quick buck on a fellow brogrammer.

  7. Useful changes by Xylantiel · · Score: 5, Interesting

    How about a cryptocurrency that targets an inflation rate that is known to be economically stable, say 2%, by standardizing on a openly evaluated standard basket of goods. You know, how actual currencies work but without the middlemen of the reserve banks. Most of the discussion of cryptocurrencies don't even distinguish growth of money supply from inflation, even though they are two entirely different (though related) things. The cryptocurrencies currently termed "inflationary" just grow their money supply. That's not even what is meant by "inflation" when discussing real currencies like the dollar or the euro.

    1. Re:Useful changes by Anonymous Coward · · Score: 0

      > standardizing on a openly evaluated standard basket of goods

      Yes, or you could sublimate the chakra in a monistic homeography. That makes just as much sense with respect to cryptocurrencies, in other words NONE.

    2. Re:Useful changes by neilo_1701D · · Score: 3, Interesting

      I don't think inflation means what you think it means.

      The supply of money has nothing to do with inflation; inflation is the change in the cost of good or services over time. As the cost of goods or services increases, a unit of currency buys less of those goods or services. Increasing the supply of money drives inflation up over time (supply of money increases; purchasing power increases; demand increases & the supply - demand curve settles on a new equilibrium state, as the supply side now has to compete for goods and services).

      You're right in that an inflation rate of ~2% is economically stable: because inflationary effects are generally lagging in time it allows for an accumulation in wealth. But the currency has nothing to do with inflation; that's all economic conditions.

      A currency whose value (somehow) tracked inflation would not have the outcome you might desire. Ultimately, a currency must trade against another currency so that country A can buy and sell goods and services to country B. If the value of country A's currency was tied to their inflation rate, residents of country A would get a rude shock whenever they wanted to buy goods made by country B (which doesn't have this inflation rate lock-in): the cost of those goods has gone up - which leads to inflation in country A anyway.

      Economics is economics, no matter if dealing with a real currency or a crypto currency - and crypto currencies behave more like a commodity anyway.

    3. Re:Useful changes by UnknownSoldier · · Score: 2

      > The supply of money has nothing to do with inflation;

      That's not quite true.

      In virtual gaming currencies, which are monotonically increasing, games such as Ultima Online, World of Warcraft, Diablo 3, PoE, etc. which have infinite supply (for all practical purposes),have the cost of items goes down as more and more people become wealthier.

      This is most evident in Path of Exile's temp leagues, where every new "season" the cost is exuberantly high and comes down from the stratosphere as the season progresses.

      UnkownSoldier
      Stupid /. logging me out

    4. Re:Useful changes by Anonymous Coward · · Score: 0
      First this:

      The supply of money has nothing to do with inflation;

      Then this:

      Increasing the supply of money drives inflation up over time

      You, sir, are a great thinker.

    5. Re:Useful changes by leonbev · · Score: 4, Insightful

      A low inflation rate kind of kills the motivation to "mine" the coin and help the transaction network run, doesn't it? One of the reasons why Bitcoin (and the clones like Litecoin and Dogecoin) popular is that the early adopters could get a bunch of it while it was cheap and then watch it quickly go up in value.

      I might be willing to devote about of $100 of power/time/compute cycles for a cryptocurrency that might be worth $500 a few years from now. If I knew that the currency was going to be worth $110 (best case scenario!) a few years from now, I'm not going to waste my time.

    6. Re:Useful changes by mbkennel · · Score: 2, Insightful

      | How about a cryptocurrency that targets an inflation rate that is known to be economically stable, say 2%, by standardizing on a openly evaluated standard basket of goods. You know, how actual currencies work but without the middlemen of the reserve banks

      Because you can't do that without reserve banks. And you can't have banks without a way of pricing money through time, and you can't price money through time without a debt market.

      Hey cryptocurrency boosters, are you up to loaning bitcoin or something less popular for 10 years?

    7. Re:Useful changes by sexconker · · Score: 3

      Inflation is neither necessary nor desirable.

    8. Re:Useful changes by Anonymous Coward · · Score: 0

      Macro economics is complete bullshit.

    9. Re:Useful changes by Anonymous Coward · · Score: 0

      You ignore the effect of psychology on economic decisions. This is a common mistake. Moderate inflation gives ppl an incentive to buy now, not later. Many economists believe this is better than moderate deflation, where ppl tend to put off buying things because they will be cheaper tomorrow, which, of course, leads to recession or worse. Extremes, however, are to be avoided.

  8. Huh? by gatfirls · · Score: 2

    I was told bitcoin was perfect conceptually the only issue is with the businesses/exchanges/etc? What gives?

    Then again this guy sounds like he knows what he's talking about, I'm all in!

  9. Oh yes, unbreakablecoin! by Anonymous Coward · · Score: 2

    Unbreakablecoin, that's not even on the first page of altcoins on Coinmarketcap. There are 165 cryptocurrencies with a higher market cap. Why exactly is this notable?

    I really, really hope that no one involved in getting this story to Slashdot's front page hold any "ubreakablecoins".

  10. Nice Slashvertisement by Anonymous Coward · · Score: 1, Insightful

    So what is the cost of this ad? /. shoudl just post their rates so that we all know how much it costs to buy an article.

  11. Unbreakable? by kuzb · · Score: 2

    People who term their items as "unbreakable" are usually the first to get broken because it's like issuing a challenge to people. Nothing is unbreakable.

    --
    BeauHD. Worst editor since kdawson.
    1. Re:Unbreakable? by geekmux · · Score: 0

      People who term their items as "unbreakable" are usually the first to get broken because it's like issuing a challenge to people. Nothing is unbreakable.

      I know one thing that is certainly breakable which ultimately creates security for damn near everything else.

      A person's ability to actually give a shit.

      Yes, that's right, we broke people's attention spans decades ago.

      You don't need systems to be unbreakable. You merely need to be hard enough for no one to care to try.

    2. Re:Unbreakable? by TsuruchiBrian · · Score: 2

      Which is better than the alternative where people don't term their items unbreakable, and no one tries to break them, and we might be tempted to think they are unbreakable because they've never been broken.

  12. I'll wager by Drunkulus · · Score: 3, Funny

    200 quatloos on the newcomer!

  13. Shilling for Ponzi by Anonymous Coward · · Score: 0

    So /. is now shilling for Ponzi schemes, cough, cough, I mean alt-coins. What garbage this is, not even a Mac version and OH THOSE GRAPHIX R LEET. To the moon, I mean arise UNB, I mean, hey lets all make Jim some money from his clone that took 45 minutes to make!

  14. Fuck the Paul-O-Tron Cryptocurrency retards by Anonymous Coward · · Score: 0

    Fucking retards

  15. All you need to know by DrXym · · Score: 2, Insightful

    All these bitcoin spinoffs / wannabes simply want to reset the ponzi scheme with the reinventors sitting at the top, holding all the easily mined out coins. That's it.

    1. Re:All you need to know by sexconker · · Score: 2

      This.
      Alt coins are almost always premined - the people trying to get you to use them and trade them have a massive pile in their name.

  16. A lot of blabla, but what makes it so unbreakable? by Anonymous Coward · · Score: 0

    Seriously, what is technically different from bitcoin, other than different numeric specs?

  17. Pump and Dump until proven otherwise by SkunkPussy · · Score: 5, Interesting

    Every new altcoin should be regarded as a pre-mined pump and dump scam until proven otherwise.

    The great strength of bitcoin is its network effect.

    Every new coin has to demonstrate how they will gather sufficient network effect to make themselves useful, the equivalent of overtaking facebook, google or amazon. It could certainly be done but think how many years it is since facebook overtook myspace! It doesnt happen very often.

    --
    SURELY NOT!!!!!
    1. Re:Pump and Dump until proven otherwise by Baron_Yam · · Score: 0

      "The great strength of bitcoin is its network effect."

      Which is pretty much all it has going for it, since the only problem it solves causes issues that can only be resolved by bypassing Bitcoin with third party vendors.

      It's really odd to see so many people (though really compared to the US economy it's peanuts) jump in without understanding just how futile an attempt at crypto Bitcoin is.

      "Every new coin has to demonstrate how they will gather sufficient network effect to make themselves useful"

      Nope. The network effect will build if the coin has sufficient utility over existing systems. A new coin needs to demonstrate that it is scalable, more efficient, and easier to use than existing options, including but not limited to Bitcoin.

    2. Re:Pump and Dump until proven otherwise by Anonymous Coward · · Score: 0

      UNB is a sha256 coin and was not premined!

      It's over 10 mos old.

  18. Re:Great ad by sexconker · · Score: 2

    I don't even have to ask about the premine to know that this is a scaaaaaaaaaaaaaaaam.

  19. Another one? by shutdown+-p+now · · Score: 3, Interesting

    There are over a hundred different altcoins by now. What makes this one so different that it's Slashdot-front-page worthy?

    1. Re:Another one? by TuringTest · · Score: 2

      There are over a hundred different altcoins by now. What makes this one so different that it's Slashdot-front-page worthy?

      It has hit Slashdot front-page, therefore it has got exposure to some high profile geeks (or it would, if there were any high profile geeks left reading Slashdot).

      --
      Singularity: a belief in the "God" idea with the "demiurge" relation inverted.
  20. Is Bitcoin perfect? by swb · · Score: 3, Interesting

    After a lot of widespread adoption, is bitcoin considered more or less perfect, or are there weaknesses or problems that should be changed/rethought? Not just software wise, but maybe in terms of assumptions like the maximum number of coins that can be minted or the nature of the blockchain network, etc.

    I always wonder how you "improved" a cryptocurrency once it gained some widespread adoption? It seems like network effects and investment would make it kind of easy for an alternate currency that appears "good enough" for initial investors to get somewhat established would be impossible to fix or migrate off of, short of a panic situation where some serious flaw causes holders to be forced to dump it for something else.

    Most new cryptocurrencies seem to be either just clones of bitcoin or pump and dump schemes where it's pre-mined for get-rick-quick promoters (or at least they get labeled as such). But those invested in an established one like bitcoin could also be seen as working their own vested interests, be they financial or otherwise, and either ignoring weaknesses or badmouthing potential competitors because they are invested in it.

    I'm sure the former is more true than the latter, which is why I'm curious if bitcoin is as good as it can get or if after a period of adoption if there are things that could/should have been done differently.

  21. /. quality by Anonymous Coward · · Score: 0

    this is pure advertisment bullshit

    why do I come here on slashdot? i am not sure there is a reason left

  22. Re:A lot of blabla, but what makes it so unbreakab by Anonymous Coward · · Score: 0

    Bitcoin wasn't premined. All altcoins are.

    Bitcoin isn't a scam. All altcoins are.

    Can I have please have the ability to meta-moderate editors?

  23. SHA-256D encryption! by schamarty · · Score: 1

    > "if the government thinks SHA-256D is the best encryption, I think they are probably right, we got a pretty smart group of guys out there."

    Awesome. Best laugh I've had in a while. Who is this crackpot and why is he getting airtime?

  24. What a douche by Anonymous Coward · · Score: 0

    Why would anyone take this guy seriously? He looks like he could also get me some meth.

  25. WHY ON SLASHDOT?! by Anonymous Coward · · Score: 0

    This man has done nothing important. Giving your real identity is not novel or useful. There are so many other REAL problems to solve.

    why
    Why
    WHY THE !@#$ is this on /. ?!

    WHO GOT PAID TO PUMP THIS SHIT?!

  26. Site is down by Anonymous Coward · · Score: 0

    503 doh

  27. Unbreakable ? by GuB-42 · · Score: 1

    Investing in "unbreakable coin" looks a lot like traveling on an "unsinkable ship" to me.

  28. Re:Great ad by Anonymous Coward · · Score: 0

    0 Premine

  29. UNB by Anonymous Coward · · Score: 0

    Unbreakable coin is in NO WAY a scam coin or a flybynight style cryptocurrency.

    I've seen it from start to today and it has been doing VERY WELL!

    Take a look at bitcoin... everyone thought nothing of it or trash talked it in the beginning but look at it now!

    Bitcoin showed us that ITS POSSIBLE! So lay off UNB... for all you know it can become the true next Bitcoin!

    only time will tell us where it goes :)

  30. UnbreakableCoin is for YOU AND ME. by Ultra16151 · · Score: 1

    A little background on me and my team of ultra miners,.. First off I am not affiliated with ULTRACOiN. We are friends but that’s it. I am affiliated with UnbreakableCoin / UNB staff proof here>> http://imgur.com/a/RKVa7 My team has been mining crypto’s for a little over a year now. Also been with UNB Since day one when UNB was 1st launched. UnbreakableCoin: ZERO PREMiNE Algorithm Type: SHA256d Total Coins: 80 Million Jim Blasko, is one of very few dev’s who are both Ethical and Trusted as a 5 Star Developer in the Crypto world. His programming and background skills are also found in many million dollar homes located around Las Vegas, his work has been highlighted in some high end home audio publishing magazines, and Jim has received many top awards for his custom AV and amazing home theater installs. It's not much of a change from programming devices to programming electronics or even developing an open source crypto coin. Although UnbreakableCoin has done it the right way every step of the way. If you want me to point out some more facts I will. The launch was fair at cryptocointalk on March 20th 2014 https://cryptocointalk.com/top... need more proof check it’s block explorer. The sha256d code has never been altered, and it never will. I see a lot of haters leaving lame comments, no need to bad mouth any crypto, especially one who's doing it Honestly and Ethically.. check UNB's website for 10 months of updates: http://www.unbreakablecoin.com... UNB keeps very busy, and you're always keep in the loop. UnbreakableCoin, has been invited to multiple crypto events and Jim always shows up. I should know I'v been invited to a few BTC events myself and flew 1700 miles to show my support for UnbreakableCoin. Yes it's true I'm with UNB for LIFE. Since Jim has been awarded the prestigious "King of Crypto" status, he has not changed his views of helping the whole crypto community grow, with UNB auctions allowing for any crypto traded on cryptsy to be given a real world use.. His office is still located in the same industrial park about 5 minutes from Fry’s electronics. If your in the area I recommend you contact UNB at number listed below, check them out. Set up a meeting with Jim, ask questions, hear about UNB's future plans for crypto, such as ALLSTARCRYPTO trading cards. Right now It’s not my place to spell it all out for you.. but if you like using crypto as much as most of us, you are more then welcome to contact UnbreakableCoin, they are always open to help. Phone: 1-406-CALLUNB during business hours. LOVE UNB IT’S FOR U & ME.

  31. Ethical and Trusted by nukefxr · · Score: 1

    Jim Blasko is the most open and honest coin Dev I have ever talked to. Jim does not hide behind a screen name and a avatar . Unbreakable had a fair launch on cryptocointalk and no pre-mine as you can see from the block explorer. Unbreakablecoin is incorporated(Unbreakable Crypto Products LLc) and has a office and phone number. You can call Jim with any questions you might have. Does your favorite coin or any other Alt coin have that? No... Saying Jim paid for his interview is nothing but FUD. Put up proof or shut up. Saying Unbreakable is a pre-mine pump and dump is FUD,again put up or shut up. Jim also opened and runs the first and only, Crypto only auction site where you can buy and sell with over 100 different coins https://unbreakablecoinauction... . Jim is also working on All Star Crypto Card, Prototypes shown at Hasher’s United Conference in Las Vegas. Unbreakablecoin debuts future launch of Bitcoinables.com at C.E.S Start-up Debut in Las Vegas. http://www.startupdebut.com/ . UnbreakableCoin received a 5+ POD Rating by Crypto Asian! http://proofofdev.com/unb-unbr... Jim has also received Crypto Certified Developer. https://www.cryptocertify.com/... Paul Vernon (AKA Big Vern) owner of Cryptsy the best and most trusted Crypto exchange in the United States https://www.cryptsy.com/ spoke highly of Jim as a trusted hardworking Dev and Unbreakablecoin as a trusted coin at the North American Bitcoin Convention in Miami Last week. https://www.youtube.com/watch?... If you find a Dev that works this hard you stick with him.... If you want a Dev in a suit standing next to a Ferrari sports car or hiding a behind a screen name and an avatar promising you the world and giving you nothing there easy to find. If you want a Trusted and Ethical Dev and a coin with a plan UNBreakable Coin is for you... all i can say is Haters Gonna Hate...Ain'ters Gonna Ain't