The Jokes on Bitcoin users - Its not right!

Mark Crypto Currency Leave a Comment

When we first started with Rimbit, we did so because we knew that mining was exploiting a function of Bitcoins distribution method that required a person to mine coins and as it became more difficult, more expensive hardware would need to be purchased to perform this “only” function.

We also knew that at some stage that the amount of hardware needed to continue mining would rule out all but the super wealthy, who would then control the network and that has already come to pass and is now 21 miners around the work control 91% of the Bitcoin network! (source: )

To shock and horror, its now come to our attention that Bitcoin around the world wants to be controlled by one single entity, with a watered down excuse of protection for the consumer and they also state that they will not enforce their rules on small companies, which we personally call “bullshit” because its not the company who decides what to enforce but the shareholders who need to get a return on the millions they have invested in this messed up Bitcoin network!

So how the heck did Bitcoin get into this mess and what can Rimbit do to help?

Well the first thing we will do is to secure and easy way to swap Bitcoin for Rimbit and we will structure changeovers as best we can, so not to disrupt our normal trade practices.

Users who switch from Bitcoin to Rimbit will find a totally different ecosystem in play.

  • No mining - EVER
  • Community based and never corporate based as we have stayed away from Venture Capital and rely soley on our distribution methods to obtain funding and that is from the community only!
  • Super easy to use
  • Development of tech in terms of hardware and software is done with assistance from the community and funded by withing itself.

So we should now is show the article that sent shivers down our spine and changed the way we look at Bitcoin users, more as victims of corporations and not just fans of the system

Right now, people can exchange Bitcoin for Rimbit at the following exchanges

The great thing about the exchanges is that there are a few Bitcoin fans that are buying Rimbit and selling it at a huge loss, to disrupt Rimbit’s market cap, but it really doesn’t do much except put Rimbit into peoples hands that are genuine about owning some Rimbit, so take advantage of their misconceived ideas !!!

The article that should scare the community!

Bitcoin exchange Coinbase, Inc. has taken what could be at mildly best described as an interesting move by filing patents for many of the key aspects of the current existing Bitcoin marketplace.

The number of filings by Coinbase with the United States Patent & Trademark Office (USPTO) come to nine and include:

Hot wallet for holding Bitcoin
User Private Key Control
Bitcoin Private Key Splitting for Cold Storage
Instant Exchange
Personal Vault
Send Bitcoin to Email Address
Bitcoin Exchange
Tip Button
Off-Blockchain Transactions in combination with On-Blockchain transactions

If you’re not fully aware of what a patent is, or what it does, or more importantly in this case what the ramifications are, here’s the definition from Wikipedia (emphasis added is ours):


A patent is a set of exclusive rights granted by a sovereign state to an inventor or assignee for a limited period of time in exchange for detailed public disclosure of an invention. An invention is a solution to a specific technological problem and is a product or a process.

Coinbase is, without question, claiming ownership and exclusive rights over key parts of the Bitcoin industry as it stands today, despite the fact that the company was founded in June 2012.

Coinbase Chief Executive Officer Brian Armstrong is spinning the move, telling Coindesk that that the filing is one of providing protection for Coinbase against others who might try to do the same thing, and despite the fact they’ve raised $106.7 million in venture capital, they wouldn’t be using the patents against others:

Read more of this horror story here

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