A cryptocurrency enthusiast is preparing for the day when he might need to shift his portfolio in a hurry, but he has chosen an entirely unique way of doing it, by using a red button.
In 1950s America, nuclear fallout shelters were constructed to protect against an escalation of the Cold War. Cypriot Ilker Dagli has constructed his own defence against another potential Armageddon; the total collapse of Bitcoin.
Dagli, clearly a prolific hodler of the benchmark cryptocurrency Bitcoin, is preparing for the day, hoping it may never happen when all those Bitcoin need to go, in an instant. In order to effectuate the quickest sale possible, the employee from Near East University in Cyprus has built his own version of the presidential red button.
No rockets launched at a press of this one, but all his cryptocurrency orders will be instantly cancelled and sold. He is clearly happy to promote his invention; an innocuous looking small box boasting a large red button, as he has posted a video on YouTube with details of how his Bitcoin failsafe, called the “emergency stop loss button” will actually handle the emergency it was built for.
Although he used Binance for dumping his positions, in this video he suggests that his ESLB will handle most major exchanges. Dagli, clearly at home inventing useful products for the fourth industrial revolution, has also constructed an internet kill-switch in case the world wide web became just too impinging.
Rather than writing code, he decided to take the physical route and use a physical valve which could be used to adjust bandwidth.
The cryptocurrency space has its weird moments and altcoins can certainly raise a smile. Try Unobtainium, all 250,000 of them, clearly making them difficult to, well, obtain. However, at the height of crypto activity at the end of 2017, they had achieved a market cap of over $75 million.
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Image Courtesy: Ilker Dagli (YouTube)