Author Archives: The-Dood

About The-Dood

The Dood likes bitcoin!

Interview With Roberto Durazzi From The “I Love You” Token.

I Love You graphic

“I Love You” LOVE an ERC20 Ethereum Token

I recently came across this project on twitter and thought it was a really interesting project and novel use of the ERC20 Ethereum token protocol. I requested an interview and the founder Roberto Durazzi took some time to answer some questions from The Dood. This was a really fun interview to do, and I’m looking forward to watching the growth and development of this project in the future.
BitcoinDood:  Hello and thanks for taking the time to do this interview. Could you please take a moment and tell the readers a little about who you are and your relationship with the “I Love You” LOVE project?

Roberto Durazzi: My name is Roberto Durazzi, I’m the founder and developer of “I Love You” Token, I’m web developer, graphic designer, video maker and drone pilot.

BitcoinDood: I Love You bills itself as the first “Proof Of Love” cryptocurrency. Your ticker symbol is LOVE.  Could you explain a little about “I Love You” or LOVE and the concept of POL or Proof Of Love and how it relates to your token.

Roberto Durazzi: “I Love You” token tries to exploit the romantic market while promoting love between people without any borders. PoL is a play on words that seeks to capture the attention of people who are already related to the concepts of PoW and PoS. We say “Send LOVE to your loved ones. They can hold them or sell them, that’s proof of love!” because the value of cryptocurrency tends to increase over time especially if you believe in LOVE. Sending LOVE tokens to our loved ones is a way of saying “I Love You”, to say this it is enough to send them one token, but in addition we try to give another utility to our currencies, as is the merchandise trade related to the subject of LOVE. The project is in a very early stage but we hope to create a world-renowned brand and sell products such as floral bouquets, jewelry, candies, chocolates among others. The ideal would be to have our own store and accept LOVE token but the product trade with cryptocurrencies is something that has not yet been popularized. So we can start selling our LOVE products in stores that receive FIAT and most popular currencies like Bitcoin. If we managed to distribute our products in retail stores our project would be a success and this in turn would give a lot of value to our token.

BitcoinDood: I Love You is an ERC20 Ethereum token. For the most part, this is a fairly newer protocol. For those that may not know already, could you explain the basics of what an ERC20 token is and why you chose it for the “I Love You” project?

Roberto Durazzi: Ethereum platform is based on smart contracts, this smart contract have functions, the most important functions on ERC20 standard are: totalSupply, transfer, transferFrom, balanceOf, approve, allowance and the Transfer and Approval event. ERC20 tokens would represent any kind of digital assets, currencies or what you want. The ERC20 standard makes the assets more easily interchangeable and ensure they can work with Dapps adhering to the same standard. Token holders are still in full control of their assets at all times. The token contract adhering to the ERC20 standard can keep track of who owns how many tokens at any given time.

We chose Ethereum ERC20 because the Ethereum platform has great potential and is now second in importance after bitcoin, we say: “Send LOVE through ethereum blockchain, it will be there forever…” and this is what we believe, regardless if we continue the project or not, LOVE tokens will continue to exist and will continue to be exchangeable in the ethereum blockchain.

BitcoinDood: There are multiple token protocols available now. Was there a reason you chose ERC20 over some of the other token protocols like NXT or CounterParty?

Roberto Durazzi: We think Ethereum platform is a revolutionary blockchain and will continue to be number one in smart contracts. At this time the ethereum market cap is more than half the bitcoin market cap and is very likely to exceed it in the future.

BitcoinDood: So what would be some use cases for sharing and sending LOVE over the Ethereum blockchain?

Roberto Durazzi: Its use is not different from other currencies, its main characteristic is that you can tell the other person that you sent LOVE! It’s a way to show you how much you love them.

BitcoinDood: I Love You is a really new project. Where do you see this token heading in the future. Could you share a little information on your current roadmap plans?

Roberto Durazzi: Well, we only have a month that we deployed the contract, we just wanted to have a token to show love and nothing more, but in a short time we have come up with many ideas with which we can give it a lot of strength. Right now we are in a stage of “proof of concept” selling very small amounts of currency to early investors and interested people through cryptoderivatives.market decentralized exchange and we are looking for a strategic partnership that allows us to take the project to the next level.

We still have 99.9% of the currencies in our power, which is why we are not yet listed on coinmarketcap.com, our plan is to make a 5% tokens pre-sale for early investor or for a partner investor to raise funds for our advertising campaign and thus be able to make a successful 64% token crowdsale. 1% will be given in airdrop, 7% for project team and 23% will be reserved to be sold in case the value of the currency goes up much. LOVE tokens has 1 decimal user-friendly fraction with a total supply of 21 million (bitcoin symbolic quantity). If the value of each fraction becomes very high we have deployed other ERC20 tokens such as Kisses (KISS), Likes (LIKE) and Stars (STAR), all with 1 decimal fraction forming what would be Fun Token Group, this will be a big project to come.

BitcoinDood: Going through the BitcoinTalk Ann I noticed a lot of plans for merchandising. I seen a lot of talk about LOVE toys, candies, even a debit card. What are your plans for merchandising, and how will the coin tie into all this?

Roberto Durazzi: We think LOVE branding will give value to our merchandising and merchandising branding will give value to our token as in a symbiosis. We want the use of LOVE tokens to be a very fun experience that creates engagement with our users.

BitcoinDood: I know you’re currently listed on a couple different exchanges and getting voted on to be added to even more. How can readers get LOVE? What exchanges are you currently on? Any way people can get free LOVE, faucets, rains, air drops, bounties?

Roberto Durazzi: The easiest way to get LOVE is to send ETH to the cryptoderivatives.market contract and this will refund the tokens plus the ETH change in case it’s over.

BitcoinDood: That’s about all I have for questions. Is there anything that you would like to talk about that hasn’t been addressed in the interview?

Roberto Durazzi: Many cryptos like bitcoin or ethereum has many decimal fractions which do not make them friendly with the common user. I Love You token has just a single decimal fraction, this allows sending LOVE and half (1,5 LOVE) or half LOVE (0,5 LOVE) for example. I think FUN TOKEN GROUP will be a very interesting proyect too, but first I must focus my attention on I LOVE YOU and then continue with FUN TOKEN GROUP.

BitcoinDood: I ask all my interviews the same last question. Where do you see cryptocurrency in general heading in the future? Any thoughts, predictions or possible trends you see for the use of cryptocurrency in the future?

Roberto Durazzi: I have received a great acceptance since in principle, the comments of people interested in the project have not stopped arriving. We believe this will be one of the most successful tokens in the ethereum ecosystem. There are things that are in process and that I can not advance, but I feel very optimistic about this project.

Many thanks to Roberto Durazzi for answering The Dood’s questions. Best of luck to you  and the entire “I Love You” project community. This looks like a really fun and interesting project to follow.

If you would like to follow this project, or want to find out more about LOVE you can follow the links below.

Dealing With A Possible Crypto Bubble.

Thought this guy made some great points about dealing with a potential cryptocurrency bubble. I really don’t know if we’re in a bubble or not right now, it could just be the beginning of mass adoption and growth, but it never hurts to diversify and cover your own assets 😉 LOL. Anyway, some great points made in this video.

Here’s the comment I left on the youtube page:

Great points… It’s all about hedging. As the old saying goes, “Never put all your eggs in one basket”. Diversify, hedge profits, and create a balanced portfolio with crypto, stocks, precious metals, and don’t be afraid to cash out for a little good hard cash. You can always re-enter the market at another time.

The Dood Makes Feedspot’s Top 100 Bitcoin Blogs

Checking my email the other day I discovered that The Dood’s blog was selected to be included in the Feedspot Top 100 Bitcoin Blogs. I received a graphic to display on my blog, and I linked back to the website hosting the top 100 blogs. It’s a great list and if you like reading about cryptocurrency news and current crypto events, you really should check it out.

I am honored and humbled to be listed among some of the great names listed there. The list includes all our favorite news sources like, NEWSBTC, Cointelegraph, Coindesk and more. There are some great names in crypto listed there like Andreas Antonopoulos, Vinny Lingham, MadBitcoins and other great internet personalities. I honestly feel the blog isn’t worthy to be included among these names, but am truly honored that someone chose to include it in the list. I haven’t been blogging as much as I would like to lately, and I think this was the motivator I needed to get writing again. BitcoinDood.com is a labor of love and a project I work on in my spare time. I need to start making more time for writing here.

Thanks to everyone that has helped to support this project, with your comments, retweets, shares, likes and links. One of the best decisions I ever made was getting involved in the cryptocurrency space. I’ve met some of the funnest people on the internet, and learned so much from all of you. Thanks for your continued support, and I look forward to interacting with you all in the future!

You can view the Feedspot Top 100 here.

 

The 2017 Roadmap for PoSWallet

Just came across the PoSwallet roadmap for 2017. These guys are accomplishing big things. If this is your first time hearing about PoSWallet, it is an online group cryptocurrency staking wallet. Basically users pool together their proof of stake cryptocurrencies and PoSWallet stakes them in a group wallet and distributes the staking rewards to the members for participating. This is a really great way to stake multiple cryptocurrencies without tying up tons of system resources. Now instead of running a wallet for each POS (proof of stake) coin you have, you can just hodl them in your PoSwallet account and still enjoy the earnings. They currently host wallets for close to 100 different proof of stake coins.

I’ve been following this site pretty much from the beginning. I’ve watched it’s user base and platform both grow considerably. Their most recent upgrade is an on site cryptocurrency exchange for trading. Now you don’t even have to transfer your coins to an exchange, and you can trade them right on the site. I came across their roadmap for 2017, and I have to say it looks pretty impressive.

Dev roadmap for 2017 PoSW

PoSWallet roadmap for 2017

These guys are accomplishing big things, not to mention best ICO offer I ever bought into! If you’re interested in learning more about this project, you can check out these two interviews I did with the lead dev awhile back. The first link is about the PoSWallet coin, and the second one is about the staking wallet. This has been a really fun and interesting project to follow:

The Dood Interviews The Lead Dev Of POSwallet!

Interview With PoSW coin.

Interested in opening a free staking wallet, here’s a referral:

https://poswallet.com/sign-up.php?referral=TheDood

The Most Expensive Cryptocurrency Trading Lesson I Ever Learned

I was just talking with a friend on twitter about DASH cryptocurrency. Before the rebranding to DASH, it was called DARKcoin. It was during this time that I made the most expensive mistake of not only my crypto trading career, but probably my life. Apparently my friend had made the exact same mistake. I’m going to share with you the most expensive lesson I ever learned.

When DARKcoin first came out, there was a lot of controversy about pre-mines, and who owned what as far as coin holders. This caused a lot of price volatility and created plenty of opportunities to pick up some really cheap DARKcoin at times. Even with all the FUD, most people involved in the cryptocurrency space immediately seen that this coin and it’s developers were onto something as they promoted the DARKcoin, and tried to tackle the problem of TRUE cryptocurrency anonymity.

The Dood bought a bunch of DARKcoin on one of the dips. A really low buy order got filled and I got some really cheap coin. It wasn’t a large amount, maybe about 1500 coins, I can’t remember what the transaction cost me, but I remember I got them cheap.

As usual I bought and sold them several times. I was fairly new to trading crypto then and I would sell the “TOP”, then buy back on another dip. Often, I would dump my entire position and buy back later at a much cheaper price. This is called “shorting your position”

When DARKcoin rebranded from DARK to DASH I learned the most expensive lesson of my trading career. Never dump your entire position unless you’re planning on completely exiting a market. Even then you may want to re-think dumping everything, because this is crypto trading, and anything is possible.

I learned this the hard way, and a year or so later I was watching a stock trading video on youtube and the guy said the same thing. NEVER DUMP YOUR ENTIRE POSITION on a short. The reason for this is very simple, if the price continues to rise, you will have to buy your position back at a loss. Now this also breaks my second rule of trading. NEVER CHASE AFTER COINS. If a coin gets away from you, let it go, the market always presents a re-entry point. Usually!

So DARKcoin rebrands to DASH and like so many coin rebrands it was met with rising coin prices, lots of hype, and the price rising considerably. This is where I made my biggest mistake. What I thought was certain to be a pump, and all the hype of the relaunched coin under a new name, I dumped my full position at what I thought was the “TOP” and it just kept climbing and climbing. Not willing to break my second rule, I never bought back in! What amounted to no more than a few dollars in trading profits would of traded today at well over $60,000 !

Dash cryptocurrency chart

Dash at current prices my coins would of been worth around $60,000!

DASH continued to rise and rise, and after it climbed to well over $10.00 I just stopped paying attention. A lot of people made this same mistake during the rebrand and you can imagine the emotions that arise when they realize the opportunity that they missed out on. For me it’s the one that got away, and for this reason I rarely sell more than 50% of any position I have in a coin. No matter what, I always hang on to at least 25% of any coins position just in case.

DASH cryptocurrency dump

When you remember how you dumped your DASH early.

Today, if I would of sold my 25% position of the original 1500 coins, I would of had about 375 coins worth about $42 each for a total of around $15,750 dollars. Live and learn!

Thanks for reading and happy trading everyone!

Originally posted on my Steemit. If you’re on Steemit, hope you decide to follow The Dood.