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Bitcoin is a digital crypto-currency with no single point of failure due to its decentralized peer-to-peer architecture. The source code is publicly available and changes to the reference Bitcoin client are made via concensus within the community. Advantages of Bitcoin include irreversible transactions (i.e. no possibility of chargebacks as with credit cards), pseudo-anonymous, limited and fixed inflation, near instant transactions, multi-platform, no double-spend and little to no barriers to entry and more. It was created by an anonymous person known as Satoshi Nakamoto. Find out more at WeUseCoins.com.

Bitcoin Latest News

ViaBTC Is Claiming Neutrality in the Bitcoin Cash Debate - CoinDesk


CoinDesk

ViaBTC Is Claiming Neutrality in the Bitcoin Cash Debate
CoinDesk
Often described as the "ringleader" of a controversial plan to fork the bitcoin blockchain, mining pool ViaBTC is speaking out against the idea that it's the driving force behind a bitcoin alternative called Bitcoin Cash. A fork of bitcoin that would ...
Fork Watch: Take Extra Precaution When Trying to Access Post-Fork TokensBitcoin News (press release)
The Bitcoin fork – What options South Africans haveMyBroadband

all 6 news articles »

Posted on 29 July 2017 | 2:39 am

ViaBTC Is Claiming Neutrality in the Bitcoin Cash Debate

A controversial mining pool arguably at the center of bitcoin's upcoming Bitcoin Cash fork is opening up about its position and global perception.

Source

Posted on 29 July 2017 | 2:30 am

Bitcoin Price Analysis: With August 1st Looming, Uncertainty is the Only Certainty

Bitcoin Price Analysis

With only 3 days left before Bitcoin’s hardfork is implemented, there is still great uncertainty among BTC-USD markets (which inherently applies to all cryptocurrencies) and what their imminent fate will be. One would expect, with so much market uncertainty, that BTC-USD should be seeing dropping prices as people begin to sell their BTC in lieu of other fiat and crypto-assets. However, in a surprising turn of events, BTC-USD has managed to climb by over $300 within the past 24 hours. Because the speculations regarding the BTC hardfork vary wildly, this market analysis will look at the raw data presented on the markets and will not attempt to account for any of the hardforking ramifications.


Want to learn how to keep your bitcoins safe? Read this.


The figure below shows two indications that the BTC-USD climb is due for a consolidation period and possibly some pullback in price:

Figure_1_2HR_Candles.jpgFigure 1: BTC-USD, 2HR Candles, Bitfinex, Momentum Loss

The first that stands out with the current $300 rise is the decreasing volume throughout the length of this little bull run. Decreasing volume indicates the decrease in market interest in these higher values and typically leads to either a consolidation period or a pullback in price to garner support from lower values.

The second indicator that stands out is the 2HR MACD divergence shown in pink. Typically, for a healthy bull run to sustain its upward momentum, we would like to see the MACD making new highs on the histogram to accompany the new highs in market value. Looking closely, you can see the most recent high of approximately $2800 did not correspond to a new high on the MACD histogram. Thus, another indicator of market momentum loss reveals the increased likelihood of market price consolidation.

As always, it is important to put the current market trend within the context of the grand picture:

Figure_2_Hidden_Divergence.jpgFigure 2: BTC-USD, 6HR Candles, Bitfinex, Hidden Bearish Divergence

Looking at the 6HR candles trend, there is a subtle hint of macro bearish divergence on the MACD. When the MACD signal line/moving average makes a new high, but the price trend does not make a new high, this can be an indication of bearish leaning momentum called “hidden bearish divergence.” In addition to the MACD hidden bearish divergence, we can see a severely decreased volume trend as we approach the highs made a couple weeks ago. In general, the upper $2000s seem to be a battleground that is starting fizzle out in a bearish fashion. This could be attributed to many factors, but ultimately I think the wild price swings can be easily explained by the great uncertainty in the market surrounding the August 1st hardfork.

With only 3 days left, speculators are getting situated in their positions. Until the hardfork is implemented, there is no telling what will happen to the BTC-USD markets or the cryptomarket as a whole. So, with all this uncertainty in the air, where can we expect to find levels of support in the event of a major crash on August 1st? The figure below shows the key support levels to look for on the macro scale:

Figure_3 (2).JPGFigure 3: BTC-USD, 12HR Candles, Bitfinex, Key Support Levels

Once again, the key support levels for the macro trend are found along the Fibonacci Retracement values of the entire bull run. Immediately below our current values lies very solid, historic support at $2500 values. A test of this support value will ultimately dictate the immediate future of the BTC-USD market.

On the run up to $2900 a couple weeks ago, a lot of volume went into the market to develop firm support. A breakdown of this support level could prove to be quite destructive to the BTC-USD market in the short term. The $2500 support level is clearly shown in the massive influx of volume and proves to be a severe point of market interest. To date, that is one of the strongest support levels BTC-USD has established, as indicated by the rise in volume around those prices.

Summary:

  1. On the macro and micro levels, BTC-USD is showing indications of price consolidation in the near future.

  2. Key support levels are found along the Fibonacci Retracement values. In particular, $2500 has proven its historical significance in the market and should be closely watched in the event of a bear run post-hardfork on August 1st.

Trading and investing in digital assets like bitcoin and ether is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Media related sites do not necessarily reflect the opinion of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.

The post Bitcoin Price Analysis: With August 1st Looming, Uncertainty is the Only Certainty appeared first on Bitcoin Magazine.

Posted on 28 July 2017 | 4:32 pm

Bitcoin Investment Vehicle Adopts Open Strategy Ahead of Blockchain Fork - CoinDesk


CoinDesk

Bitcoin Investment Vehicle Adopts Open Strategy Ahead of Blockchain Fork
CoinDesk
XBT Provider AB released a statement outlining its plans ahead of what could be a split in the bitcoin blockchain on August 1, one pursued by the proponents of an alternative implementation called Bitcoin Cash. The first of two ETNs launched by XBT ...

Posted on 28 July 2017 | 3:49 pm

Bitcoin Investment Vehicle Adopts Open Strategy Ahead of Blockchain Fork

The provider of a bitcoin ETN has said that it will track what the market considers to be "bitcoin" following a possible network split next week.

Source

Posted on 28 July 2017 | 3:45 pm

$25 Million: Blockchain Startup Tierion Completes ICO for TNT Token

Blockchain startup Tierion has completed its previously announced token sale, raising $25 million.

Source

Posted on 28 July 2017 | 2:45 pm

Investing in Cryptocurrencies as Securities: An Interview from a Legal Perspective

Investing in Cryptocurrencies as Securities: An Interview from a Legal Perspective

Digital currency practices have exploded in recent months, bringing to the forefront new regulations. This means VC investors looking to get a piece of the action need to do further due-diligence and remain informed on the legal side.

According to Inside Bitcoins, last year two Bitcoin and blockchain-related startups raised over $1 billion in total investment. This is a massive increase from the $347 million invested in the space in 2014.

So what are the latest issues around cryptocurrencies? How will the recent SEC announcement impact investors? Bob Graham, partner and head of the digital currency services practice at Friedman LLP, has been receiving inquiries from both Bitcoin and blockchain-related firms and investor funds asking for audits and advice.

Graham tells Bitcoin Magazine in an exclusive interview what VC investors should be aware of and how Bitfinex recently engaged Friedman to assist with an audit.

What issues are VCs facing related to digital currency?

There are several issues that VCs are facing when making investment decisions. Comparability of financial information between companies and industry trends are important factors that many investors use. There are a lot of startups in the digital currency industry, but some entities are becoming more mature and sophisticated, which brings more sophisticated investors.

Which accounting rules apply?

Currently under U.S. GAAP [generally accepted accounting procedure] rules, there are no specific accounting principles to address digital currencies, and therefore companies must interpret existing standards to determine which standard best applies by analogy to the transactions they are accounting for. This can result in divergence in practice and incomparability of financial information for investors looking to make an investment decision.

Another issue that many investors are facing is the lack of regulation and clarity. On the regulatory side this week we saw the SEC announce it would regulate the DAO. What is your view?

The SEC released their “Report of Investigation Pursuant to Section 21(a) of the Securities Exchange Act of 1934: The DAO,” which provided some clarification, in that the Commission determined that DAO Tokens are securities under the Securities Act of 1933. I have discussed this conclusion with members of the digital currency community, and the general consensus was that it was anticipated that the SEC would include tokens as considered securities under the Securities Act of 1933.

The SEC concluded that whether or not a particular transaction involves the offer and sale of a security will depend on the facts and circumstances, including the economic realities of the transaction. This is important, as the SEC is evaluating tokens on a case-by-case basis using the fact pattern outlined in the Report of Investigation into the DAO.

They provided some key considerations that companies and their consultants can evaluate in determining if tokens being offered would be considered a security under Securities Act of 1933.

There has been a significant influx of capital into digital currency companies during 2017 through token offerings, which vary significantly in structure. Some of the members of the community fear that regulation may slow innovation, but there is a delicate balance [between] innovation and investor protection. Some more sophisticated investors, including VCs, have been hesitant to enter the token-offering environment due to the lack of regulation.

We hear the phrase “Wild West” quite a lot when people refer to the cryptocurrency world. Could you expand on why you think a “Wild West” type scenario is being created?

One could say that the lack of regulation, relatively short timeframes and significant amount of capital being raised through token offerings could create a “Wild West” scenario when compared to a traditional route of an initial public offering. Companies looking to perform a token offering have to evaluate the structure of their offering and utilize lawyers and accounting firms that have experience in this industry in order to ensure they are appropriately protecting the investors, employees of the companies and the company itself.

With the SEC report discussed above, the SEC has put companies in this industry on notice that they are expected to follow the registration process with the Commission and take appropriate steps to comply with U.S. federal securities laws unless they are subject to exemption. It will be interesting to see how quickly the SEC proceeds in evaluating other token offerings that have been completed and any future token offerings; but they will be a key part of bringing regulation to the industry, which will hopefully improve investor confidence and allow digital currencies to become more mainstream investment vehicles.    

Can you tell us more about the theft and compromised-exchanges issue facing the space? How could those types of issues have been avoided? Will the environment become safer?

I think that the environment will become safer as the digital currency markets continue to mature … The U.S. Department of Justice unsealed an indictment imposing a $110 million fine on the Bitcoin exchange BTC-e for violating anti-money laundering laws. This is important as BTC-e is not domiciled in the U.S., and shows that U.S. regulators are willing to pursue action across borders. There is also an ongoing IRS investigation of the digital currency exchange Coinbase, which is domiciled in San Francisco, regarding tax reporting for digital currency transactions and customer records.

As exchanges continue to mature and subject themselves to additional checks and balances, whether through an audit of the financial information or an audit of their internal controls and processes, they will continue to develop better systems and processes which will hopefully promote a safer environment. These exchanges will continue to be the targets of theft due to the considerable value of their customer accounts and the digital nature of the transactions, but with continued development and more defined and tested processes the potential for loss will hopefully be reduced.

Keep in mind that no matter how sound an environment there is, there will always be a possibility of theft or other targeted attacks, but that isn’t something unique to the digital currency industry as it occurs often in other industries as well.

What role has Friedman LLP played in helping Bitfinex following the recent theft of more than $65 million worth of bitcoins from its exchange?

Unfortunately, I can’t go into a lot of detail about client accounts outside of what is public knowledge regarding the press release. I can say that as far as we are aware, there [are] many exchanges that are currently audited and I think it is great that Bitfinex is taking the time and effort to engage an auditor and open their books and records to external examination in order to encourage investor and customer confidence.

The post Investing in Cryptocurrencies as Securities: An Interview from a Legal Perspective appeared first on Bitcoin Magazine.

Posted on 28 July 2017 | 2:12 pm

Bitcoin is Trading at Extreme Premium in Stock Market - CoinTelegraph


CoinTelegraph

Bitcoin is Trading at Extreme Premium in Stock Market
CoinTelegraph
Although many investors have moved onto regulated trading platforms, such as Kraken, Coinbase's GDAX and the Winklevoss twins' Gemini, a large portion of accredited investors still rely on publicly quoted Bitcoin securities such as GBTC to invest in ...

Posted on 28 July 2017 | 12:54 pm

Bitcoin's 'Market Dominance' Climbs Above 50% For First Time Since May

Bitcoin's market capitalization relative to the rest of the cryptocurrency market has risen above 50% for the first time in two months.

Source

Posted on 28 July 2017 | 12:10 pm

Blockchain Startup Bitfury Files for Electronics Design Patent

Venture-backed blockchain startup Bitfury is seeking a patent related to electronics design, public documents reveal.

Source

Posted on 28 July 2017 | 10:40 am

Euroclear and Paxos End Blockchain Gold Settlement Partnership

The partnership between blockchain startup Paxos and Europe's largest settlement service has ended.

Source

Posted on 28 July 2017 | 9:35 am

Alleged bitcoin fraud 'mastermind' sought by US held in Greek prison - Reuters


Reuters

Alleged bitcoin fraud 'mastermind' sought by US held in Greek prison
Reuters
ATHENS (Reuters) - A Russian national suspected of masterminding a money-laundering operation using bitcoin was transferred to prison in Greece on Friday, while the United States prepares documentation to back an extradition request for him. Russian ...
Markets Update: Bitcoin Price Jumps Higher as Protocol Changes ApproachBitcoin News (press release)
Bitcoin Price Analysis: With August 1st Looming, Uncertainty is the Only CertaintyBitcoin Magazine
Hackers have lost their favorite bitcoin laundering service after an arrest in GreeceQuartz
Investorplace.com -Neowin -CoinTelegraph -WizSec
all 53 news articles »

Posted on 28 July 2017 | 9:06 am

Bitcoin prices rise as Ether extends recent weakness - MarketWatch


MarketWatch

Bitcoin prices rise as Ether extends recent weakness
MarketWatch
The price of digital currency bitcoin rose Friday, putting it on track for a modest weekly gain, while rival cryptocurrency Ether extended its recent weakness. At latest check, a single bitcoin BTCUSD, -3.67% was up 3.8% to $2,783.18, according to ...
Bitcoin's 'Market Dominance' Climbs Above 50% For First Time Since MayCoinDesk

all 22 news articles »

Posted on 28 July 2017 | 8:29 am

Cryptocurrency ICOs Are Making Bitcoin Startups Richer than VCs Ever Did - Fortune


Fortune

Cryptocurrency ICOs Are Making Bitcoin Startups Richer than VCs Ever Did
Fortune
ICOs have now raised nearly four times as much money as bitcoin companies raised in venture capital dollars so far this year. That's according to PitchBook, which tallied up the latest numbers: ICOs have raised almost $1.3 billion in 2017 so far, while ...
New framework unveiled in China for Bitcoin, blockchain technologyBusiness Insider
Bankers Outgrow Legacy Finance and Join the Cryptocurrency SpaceBitcoin News (press release)
Report of Investigation Pursuant to Section 21(a) of the Securities Exchange Act of 1934 - SEC.govSEC.gov
SEC.gov
all 99 news articles »

Posted on 28 July 2017 | 8:20 am

Why Are Miners Involved in Bitcoin Code Changes Anyway?

How can miners block bitcoin changes? CoinDesk takes a look at how the network upgrades and the role these parties play.

Source

Posted on 28 July 2017 | 8:05 am

Bitcoin Inches Above $2800 to Hit 5-Day High - CoinDesk


CoinDesk

Bitcoin Inches Above $2800 to Hit 5-Day High
CoinDesk
The price of bitcoin across global exchanges hit $2,833 today, the highest figure observed since July 23. The five-day high comes amid what has been largely a week of stability in the price of the digital asset against the dollar. Bitcoin prices fell ...

Posted on 28 July 2017 | 7:32 am

$8.2 Million: Court Orders Default Judgment Against Cryptsy CEO

A U.S. district judge has handed down a default judgment worth $8.2 million against the CEO of the collapsed Cryptsy exchange.

Source

Posted on 28 July 2017 | 7:00 am

Hyperledger Blockchain Project Adds 10 New Members

The Hyperledger blockchain consortium has grown its ranks again, with the addition of 10 new members.

Source

Posted on 28 July 2017 | 6:00 am

German Chemical Company Pilots Supply Chain Blockchain

German chemical giant BASF has revealed it is investigating blockchain's potential in tracking supply chains.

Source

Posted on 28 July 2017 | 5:01 am

Overstock's TØ Has Already Built a Platform for Trading Regulated ICOs

A new wave of blockchain-based securities could help propel forward the blockchain strategy of one of the largest US retailers.

Source

Posted on 28 July 2017 | 3:30 am

Howard Marks says bitcoin isn't real—and we can all blame millennials for its rise - MarketWatch


MarketWatch

Howard Marks says bitcoin isn't real—and we can all blame millennials for its rise
MarketWatch
Howard Marks has some harsh words for the bitcoin community and the rise of digital currencies, which have become all the rage lately. “Digital currencies are nothing but an unfounded fad,” said the co-chairman of Oaktree Capital Management, who was ...
Billionaire Investor Warns Bitcoin is Pyramid SchemeCoinTelegraph
There they go again, again [pdf] - Oaktree CapitalOaktree Capital

all 25 news articles »

Posted on 27 July 2017 | 5:14 pm

Bitcoin Startup KeepKey Ends Support For Multibit Wallet Software

The long-running bitcoin wallet Multibit is being discontinued, the firm that bought it last year has announced.

Source

Posted on 27 July 2017 | 4:00 pm

The Future of “Bitcoin Cash:” An Interview with Bitcoin ABC lead developer Amaury Séchet

The Future of “Bitcoin Cash:” An Interview with Bitcoin ABC lead developer Amaury Séchet

If all goes according to plan, August 1st will see the launch of a new cryptocurrency, described as an “airdrop altcoin,” a “spinoff-coin,” a “fork-coin,” a “clone-coin,” or — as the people behind the project call it — “a new version of Bitcoin:” Bitcoin Cash (“BCC”). Anyone who holds bitcoin (BTC) on this day, at 12:20 UTC precisely, will automatically receive the equivalent amount in BCC, attributed to their Bitcoin private keys.

Bitcoin Cash is the realization of the “User Activated Hard Fork” (UAHF) that was first announced as Bitmain’s contingency plan in case of a chain-split caused by the BIP148 user activated soft fork (UASF) — although the mining hardware producer has sent out mixed signals about the project since.

A first software implementation of the Bitcoin Cash protocol, called Bitcoin ABC, was recently revealed by its lead developer, Amaury “Deadal Nix” Sechét at the Future of Bitcoin conference in Arnhem, the Netherlands. Sechét worked at Facebook for the past years and decided to focus on Bitcoin full time earlier this year.

Bitcoin Magazine spoke with Sechét about his vision for Bitcoin Cash.


Anyone in favor of increasing the block size could have forked off for years now. What took you so long?

Well, I wasn't expecting the whole situation to last this long. Bitcoin Classic seemed to get a lot of traction last year, and then the Hong Kong Roundtable Consensus happened, so it seemed like things were working well enough for a while…

This year I started to do research on a scaling solution for Bitcoin myself, at first focusing on extension blocks. Bitcoin ABC was initially a base I could use to build various experiments on top of. I was later contacted by “Freetrader," a developer on the r/btcfork subreddit, who wanted to implement an adjustable block size limit on top of Bitcoin ABC.

Then the whole UAHF plan was proposed by Bitmain. Freetrader and I both thought it was a good idea, so we implemented it.

What is your relationship with Bitmain? Are they funding you in any way?

I got a sponsorship from the Bitcoin Development Grant to do my scaling research. This was mostly thanks to other research I’d done prior. I’m not funded to work on Bitcoin ABC specifically. That was not the original plan; but sometimes you can't predict where things are going to lead.

The BIP148 UASF seems to have been made obsolete by BIP91. Why is this “UAHF” still happening?

That BIP148 was made obsolete only became clear very recently. Uncertainty remained even after SegWit2x [the scaling proposal based on the New York Agreement, and backed by a number of Bitcoin companies and mining pools] was released. Depending on how fast miners would adopt it, the UASF could happen or not. So we continued to push forward with the UAHF.

By the time it was known that the UASF wouldn't happen, it was also very clear that there was strong market demand for the UAHF anyways.

What made that clear to you?

A lot of people contacted us and wanted to launch Bitcoin Cash.

“Random” people? Or also companies, miners or perhaps well-known individuals in the space?

All of the above. But I do not wish to mention anyone specifically. Some, like ViaBTC and OKCoin have gone public. If others want to do that too, they'll have to do it themselves.

More to the point, then: Bitcoin Cash will remove Segregated Witness (SegWit) and will have a default block size limit of 8 megabytes. Why eight, not two or seven or unlimited?

There is a judgment call there. Eight megabytes is large enough to make sure we have a mechanism to adjust it by the time we get anywhere close to the limit. On the other hand, you don't want to go unlimited cowboy style. As the size of blocks grow, there is a lot of work to be done to ensure they keep being processed efficiently.

What if 8 megabyte blocks fill up very fast? It seems evident that the Bitcoin network endured a lot of spam over the past year, for example, that could happen again...

It could, and increasing the block size to 8 megabytes is not a perfect solution in this sense, but it's an improvement. At least at 8 megabytes it’d be more expensive to keep the attack going.

It would be even more expensive to spam blocks full at 16 megabytes. Yet, you won’t increase the blocks to 16 megabytes when the 8 megabyte limit is hit quickly?

I think most people are going to use the default settings at first, so that’s 8 megabytes. After this fork is behind us, we'll make sure to deploy some mechanism to handle the block size so we don't need to play central planners.

What kind of mechanism will that be?

Perhaps BIP100, or one of the other many proposals that have been made.

BIP100 hands control over the block size to miners, which is also controversial. Do you think it will be hard to get everyone to agree on a solution?

I think that people will come to an agreement. The reason there is a split now, is because people have different ideas of where they want Bitcoin to go. Once blocks on Bitcoin Cash fill up, people will still want to go to the same place, so I'm confident they'll stay in the same boat.

Where do you see Bitcoin Cash in relation to SegWit2x?

When I got into this, my idea was that either SegWit2x will fail and we'd get a UASF chain and a UAHF chain. Or SegWit2x would succeed and we’d get neither the UASF or the UAHF. But as mentioned, a lot of people will value the UAHF even with SegWit2x. I don't want to speak for everybody, but concerns about SegWit2x range from the 2x part not being acted upon, some feature of Segregated Witness hurting long-term scalability or simply thinking that the conflict is just delayed and will restart later on.

I do hope we can have a friendly relation with the SegWit2x team. Whoever is better wins in the end.

So that brings me back to my previous question. Those in favor of a block size limit increase hard fork are rallying behind different proposals. And that’s not even taking into account Bitcoin Unlimited’s “Emergent Consensus” and other ideas. If you can’t agree on a single way forward now, what makes you think you can when blocks fill up?

I see all these different proposals as the symptom of a fast moving environment. When I started Bitcoin ABC with Freetrader, SegWit2x and the UAHF did not even exist yet.

Besides, I could say the same for the other side. There was the Hong Kong Roundtable, then SegWit-only, then the UASF, and now SegWit2x which is kind of a compromise between the two sides.

Bitcoin Core has a pretty clear and consistent policy: no contentious hard forks. Without such a policy, don’t you see a cryptocurrency splitting into factions for each disagreement?

That's possible. But Ethereum did a contentious hard fork once as well and did not split any further after that. There is a strong incentive to stick together: People will split only if there is a strong difference of vision.

You’re not the first to have a “difference of vision” for Bitcoin’s direction. Litecoin was created to offer a better payment experience. Dogecoin was, likewise, lauded for its micropayment potential. Why not just use an altcoin, instead of forking away from Bitcoin?

Litecoin developers seem to mostly have the same vision as Bitcoin Core developers, so I don't think that’s a good substitute. Dogecoin has infinite inflation, which doesn’t make for a sound money. I could go on for each altcoin, but that'd be a very long list.

Let me slightly re-phrase the question, then: Why not create a new altcoin from scratch, specifically designed for the purpose you have in mind?

Most altcoins try to do something more than Bitcoin, which is fine. But we aren’t. Bitcoin decided to take a road with Segregated Witness and off-chain solutions. We are trying to continue to do what Bitcoin has been doing for some time.

I also ask this because the name “Bitcoin Cash” could be confusing for people, to the point where some consider it misleading or even fraudulent…

I did not come up with that name, but I like it. People will complain no matter what. This project wants to continue Bitcoin and grow it to become a peer-to-peer electronic cash used worldwide. Adding “Cash” seemed like a good way to differentiate and also convey the vision.

According to Merriam-Webster, “cash” means either “ready money” or “money or its equivalent (such as a check) paid for goods or services at the time of purchase or delivery.” How does that not apply to Bitcoin itself?

The second definition in particular doesn't quite work with high fees. If I buy something for $5 and I pay a fee of 50 cents, that's a big deal. Too much friction.

“Low fees” or “low friction” is not part of either definition.

But I want bitcoin to be a widely used electronic cash. A cryptocurrency that is used for day-to-day inexpensive stuff, as well as expensive purchases.

Because of the risks presented by bigger blocks, Bitcoin Core developers generally prefer to offload the day-to-day inexpensive stuff to layers built on top of the blockchain. Does Bitcoin Cash have no plans to adopt SegWit, or the Lightning Network, or other second-layer technologies at all?

I’m not against Layer 2 technologies themselves, they can add value. I’m just against not growing the base layer.

Bitcoin Cash will probably not see SegWit in its current shape, not as a soft fork. But fixing malleability and enabling Layer 2 solutions will happen. Technology to enable building blocks over time, such as weak blocks, is also important to improve 0-confirmation security and scale to bigger blocks.

Another reason some rallied behind SegWit is that it would block covert use of the patented AsicBoost mining technology. Do you have any plans to block AsicBoost?

I crunched the numbers for the potential benefit that miners can get from AsicBoost, and I think SegWit doesn’t change that much. It’s a lot of noise for nothing. I don’t really plan to spend much time to either help or hinder it. There are more interesting and important things to do.

Who’s going to be developing Bitcoin ABC, or the Layer 2 solutions you mention? Because, let’s be honest, you don’t have much support from Bitcoin’s development community so far.

We do not plan to develop Layer 2 technologies; we plan to enable them. We ourselves will focus on the protocol itself, so on malleability and weak blocks. We have enough people to make it happen.

Who, exactly?

Apart from myself and Freetrader, Bitprim has been helping. That is a company that's building infrastructure for Bitcoin. Bitcoin Unlimited developers Andrea “Sickpig” Suisani and Antony Zegers have been helping out with Bitcoin Cash as well. And like other open-source projects, we have a kernel of people that contribute on a regular basis and even more that add a patch or two or help us with a specific problem.

The Bitcoin Unlimited developers in particular don't exactly have a pristine track record, with network-wide node crashes caused by bugs. Will this be any better for Bitcoin Cash?

We have a very different way of doing development than both Bitcoin Core and Bitcoin Unlimited, mostly derived from my work at Facebook as well as LLVM where I worked prior. We focus on doing many small incremental changes rather than fewer, bigger changes. This makes code review easier.

Surely Bitcoin Core has a lot more review happening though, simply because they have more developers?

Core has a lot of developers, but also a process that is slow. Slow processes generally tend to have fewer errors, but also make errors more costly because the slow processes also apply to fixing errors. There is a sweet spot between those two. I think we strike a good balance with Bitcoin ABC.

Let’s assume you are right about being being capable of maintaining a multi-billion dollar project — but wrong about it ever becoming a multi-billion dollar project. What if users don’t choose Bitcoin Cash over Bitcoin? Are you committed to Bitcoin Cash even as a smaller coin?

“What if I’m wrong?” That's a question I'm asking myself all the time. In fact, this is the very reason I think it is misguided to bake economic constants, such as the 1 megabyte limit or the weight system, into the protocol. Not only do I know I may be wrong, but I'm also convinced that most people don't know any better than I do. Figuring out what the market wants is a fool's errand. You got to try to do what you think is best and adapt as the situation changes.

I think it is pretty much inevitable that BCC starts as a minority coin. But longer term, it will either overtake Bitcoin or it will create an incentive for Bitcoin to scale. In either case, that'd be a win.

Yet, I may be wrong. Maybe the value of BCC will quickly drop to zero or close to zero. But unless it does, I will continue to work on Bitcoin Cash.

Disclosure: Aaron van Wirdum, the author of this article, holds BTC and will therefore also own BCC on August 1st.

The post The Future of “Bitcoin Cash:” An Interview with Bitcoin ABC lead developer Amaury Séchet appeared first on Bitcoin Magazine.

Posted on 27 July 2017 | 3:43 pm

Investor Howard Marks: Cryptocurrencies Aren't Real

A noted investor is taking aim at bitcoin and cryptocurrencies, deeming them in a recent investor note as "not real".

Source

Posted on 27 July 2017 | 12:51 pm

Indian State Officials to Weigh Policies for Public Sector Blockchain Use

Officials in Karnataka are planning an event on blockchain and governance in the near future.

Source

Posted on 27 July 2017 | 11:10 am

A New SegWit Lock-In Period Has Started and All Mining Pools Are Signaling

A milestone has been hit in the potential activation of Segregated Witness, code that would upgrade the network's capacity.

Source

Posted on 27 July 2017 | 10:00 am

Irish Central Bank Chief: Blockchain is One of 'The Largest Policy Challenges'

New technologies like blockchain represent a major policy challenge, according to the head of Ireland's central bank.

Source

Posted on 27 July 2017 | 9:05 am

SEC Weighs In on ICO Tokens as Securities; Ether Still Labeled “Currency”

SEC vs ICO tokens

It was only a matter of time before the U.S. Securities and Exchange Commission (SEC) moved in on the “Wild West” world of Initial Coin Offerings (ICOs), which has sent the blockchain world reeling. Yesterday, it finally did with its announcement that virtual tokens like the ones sold by the DAO are securities and now subject to federal securities laws.

The SEC statements reads in part: “federal securities laws apply to those who offer and sell securities in the United States, regardless whether the issuing entity is a traditional company or a decentralized autonomous organization, regardless whether those securities are purchased using U.S. dollars or virtual currencies, and regardless whether they are distributed in certificated form or through distributed ledger technology.”

The SEC is cautioning investors not only to be aware of the risks but also to ensure that those looking to get involved do their own due diligence as well.

One important distinction that seems to have emerged in the report, however, is that while DAO tokens are securities, Ether itself is still in the clear.

The Report seems to distinguish between Ether, labeled a virtual currency, and DAO Tokens, labeled a security. Market participants may take comfort in this distinction, as it supports the view that not all blockchain tokens are securities under the U.S. Federal Securities Laws. - Devebois & Plimpton LLC

The announcement, nevertheless, is expected to have an impact on token sales. As a result of this recent development, it is important to note that any company looking to raise capital through ICOs in the U.S. will have to take this SEC decision into consideration.

On the legal side, Louis Lehot of DLA Piper told Bitcoin Magazine: “Those considering a token offering would be well served to reconsider their plans and ensure compliance in all of these areas, from tip to tail.”

Lehot said: “The SEC’s release is most notable on its survey of many of the corollary issues which can be triggered under the federal securities laws when a token is deemed a security, from registration or exemption, whether general solicitation is permissible, to crowdfunding, to after-market trading and even addressed compliance issues under the 1940 Act.”

What Is “The Howey Test”?

The Howey test is the leading definition of an investment contract, referring to the U.S. Supreme Court case SEC v. W.J. Howey Co. Under the Howey test, an investment contract is “a contract, transaction or scheme whereby a person invests his money in a common enterprise and is led to expect profits solely from the efforts of the promoter or a third party.”

According to Jaron Lukasiewicz, CEO of stealth blockchain project WORKFLOW and former investment banker, “The standard test is an investment in a business where the buyer has a reasonable expectation of profits based on the efforts of others. It should come as no surprise that the SEC found that buyers of the DAO Token purchased a security.”

He explained that the key feature of the DAO token was indeed an expectation of profit if the investments made by the DAO were successful, and so DAO tokens were expressly sold as an investment.  

Lukasiewicz added: “Unlike a token such as Ether, the DAO token had no other utility.  Many people in the industry at the time were concerned about the DAO for the reasons stated by SEC.”

Marco Santori, partner at Cooley LLP and legal ambassador for the Delaware Blockchain Initiative, shared an excellent summary of the report's key points on Twitter, touching chiefly on the distinction between tokens that are and are not securities.

santori screenshot

Arnold Spencer acts as general counsel for the Coinsource network of Bitcoin ATMs. He summed up the distinction in a succinct analogy:

If you buy an interest in a golf course to make money from the business, it is a financial investment and therefore a security. If you join a golf club to play golf, it is not a financial investment and not a security.

Important — but Not Surprising

Ron Chernesky, CEO of social trading platform investFeed, said that he welcomes the SEC announcement, although he also noted that “before yesterday’s announcement, it was common knowledge that ICOs have been enveloped in a regulatory [gray] area.”

It would appear that that gray area has now shrunk somewhat.

The post SEC Weighs In on ICO Tokens as Securities; Ether Still Labeled “Currency” appeared first on Bitcoin Magazine.

Posted on 26 July 2017 | 3:33 pm

Four Visions for Scaling Bitcoin: A State of Digital Money Panel

Four Visions for Scaling Bitcoin: A State of Digital Money Panel

At the recent State of Digital Money event in Los Angeles, Bitcoin scaling was the topic of conversation for a panel consisting of Airbitz CEO Paul Puey, derivatives trader Tone Vays, Yours CEO Ryan X. Charles and Bitcoin Core contributor Eric Lombrozo. During the panel discussion, each participant was able to share his vision for how Bitcoin should be scaled to handle a much larger userbase.

Ciphrex CEO and Bitcoin Core Contributor Eric Lombrozo

For Lombrozo, scaling Bitcoin is about getting the greatest gains in terms of throughput increases while also limiting the amount of risk and security vulnerabilities involved in those improvements.

“Obviously, if you have just a few entities that are validating the transactions for everyone, then that creates a point of attack or a single point of failure,” said Lombrozo. “Part of the whole philosophy of Bitcoin is you should be able to validate your own transactions.”

Lombrozo added that scaling Bitcoin means users are able to validate their own transactions without necessarily being forced to validate everyone else’s transactions as well.

“That’s the trick,” said Lombrozo.

An example of this method of scaling Bitcoin is the Lightning Network, in addition to other Layer 2 protocols.

From Lombrozo’s perspective, using a blockchain for every transaction is like going to court every time a deal is made with a counterparty. The Lightning Network allows users to interact directly rather than dealing with the blockchain as a third party of sorts to process the transaction.

In the past, Joseph Poon, who is a co-author of the original Lightning Network white paper, has shared similar comments related to the use of Bitcoin’s underlying blockchain as a court for smart contracts.

“Instead of viewing [the blockchain] as simply a payment system, if you view it as a smart contracting system, which enables the blockchain to act as a dispute mediation system, viewing the blockchain as a judge is a lot more understandable and a lot more powerful,” said Poon at the 2016 MIT Bitcoin Expo.

Lombrozo added that second-layer protocols like the Lightning Network act as a sort of paper IOU to bitcoin’s gold — except in the case of the Lightning Network, the user knows they will always be able to redeem the paper for gold.

In addition to Layer 2 protocols, Lombrozo would also like to see different signature schemes implemented in Bitcoin to lower the resource requirements of operating a full node. Schnorr signatures are an example of such an improvement that has been in development for Bitcoin.

Another key point made by Lombrozo during the panel discussion was that different players in the Bitcoin ecosystem desire different features in the protocol; for example, long-term holders may not care as much about $10 on-chain transaction fees as those who have built businesses around the use of the blockchain for coffee purchases or other low-value transactions.

In summary, Lombrozo referred to a user’s ability to only need to validate their own transactions (while still remaining secure) as the “low-hanging fruit” of scaling Bitcoin.

Yours CEO Ryan X. Charles

While Charles claimed he was happy to see progress made on the eventual activation of Segregated Witness (SegWit) via the activation of BIP 91, he also added, “SegWit doesn’t go far enough.”

From Charles’s perspective, SegWit will not sufficiently lower on-chain transaction fees, which he sees as the key issue for users at this time. In his view, much lower on-chain transaction fees are needed for mainstream adoption of Bitcoin to occur.

According to Charles, the main disagreement between various parties when it comes to the best way to scale Bitcoin has to do with how much transactional activity should happen on the blockchain, as opposed to secondary layers of the network.

“I am very much in favor of radical increases to the block size,” said Charles.

Charles added that it would take 30 years to send every person in the world a bitcoin transaction with the current 1MB block size limit.

“That just doesn’t work from the point of view of mainstream adoption of bitcoin,” said Charles.

Charles also noted that the Lightning Network white paper stated that a 130MB block size limit would be necessary for mainstream adoption to be possible, even with various Layer 2 scaling options.

According to Charles, the key question to answer is: How does Bitcoin get from 1MB to 10GB blocks?

“Computers get faster and cheaper,” said Charles. “It doesn’t just have to be technical software and cryptographic optimizations.”

Derivatives Trader Tone Vays

When Vays spoke about his vision for scaling Bitcoin, he first noted that the digital cash system may not be able to do all of the things that were promised in the early days. He specifically mentioned privacy, security, instant transactions and cheap payments as examples of features that were promised by Bitcoin enthusiasts back in 2013.

“In reality, having all of those things at once is almost impossible,” said Vays. “There’s a chance Bitcoin can’t do all that.”

Vays reiterated Lombrozo’s point about different users wanting different features in Bitcoin. In his view, the censorship-resistant properties of the system should be viewed with the highest level of priority.

“The reality is a censorship-resistant payment method is way more important,” said Vays. “You have so many other ways to pay for your cup of coffee, but you don’t have a lot of ways to donate to Wikileaks. You don’t have a lot of ways to buy “other” things...”

Last year, Vays published a post on his blog where he examined some of these use cases involving censorship resistance.

Vays added that he trusts the current group of contributors to Bitcoin Core, the reference implementation of the Bitcoin protocol, to focus on this priority of censorship-resistant digital cash.

For Vays, the next area of focus for developers after the activation of SegWit should be privacy-focused improvements, such as MimbleWimble and Confidential Transactions.

Airbitz CEO Paul Puey

Before talking about anything else, Puey stated that he is very much for the activation of SegWit. However, he then shared his belief that much more on-chain capacity is needed on the Bitcoin network, as Charles had previously stated.

“We’re not going to be able to live with a 1MB block, and it was an arbitrary number,” said Puey.

Puey added that computers are now four to five times more powerful than when the block size limit was originally added to Bitcoin by the system’s creator. He also indicated that the correct “magical number” to define the block size limit is hard to figure out, which is why he believes the free market should decide.

“I don’t think the developers should make that decision,” said Puey.

Puey did not elaborate on how the free market would be able to make this decision. It’s unclear if he was talking about Bitcoin Unlimited’s concept of emergent consensus or simply users choosing between different blockchains with different block size limits.

The Airbitz CEO then prefaced the rest of his comments with the fact that he still has a tremendous amount of respect for the people who have been contributing to Bitcoin Core over the years as they’re trying to solve an incredibly hard problem.

Puey noted that he, as a developer, knows his limitations when it comes to developing a proper user experience for software applications.

“How many of you people want the developers designing the user experience of your protocol, your application [or] your website?” Puey asked the audience.

In Puey’s view, the idea that every Bitcoin user is going to run their own full node, even at a 1MB block size limit, creates a flawed user experience and will prevent the technology from being adopted by the masses.

“Every party in this debate wants decentralization, but they all define it differently,” Puey added.

While Puey suggested that more users running their own full nodes is helpful, he also shared his belief that having greater adoption of bitcoin as a currency would also help the system become more resilient to attackers.

“The more people that are using it, the more that the economy is dependent on it, the harder it is to stomp out a technology,” said Puey.

Puey concluded his response to the scaling question by stating that he was happy to see BIP 91 help end the stagnation in the adoption of protocol improvements.

The full panel discussion was streamed on Periscope by Civic Business Development Manager Vivek Kasarabada and can be viewed in its entirety here.

The post Four Visions for Scaling Bitcoin: A State of Digital Money Panel appeared first on Bitcoin Magazine.

Posted on 26 July 2017 | 2:10 pm

Federal Government Approves Regulation Request of LedgerX

LedgerX

On July 24, LedgerX announced the CFTC’s approval for a Derivatives Clearing Organization (DCO) license under the Commodity Exchange Act (CEA). The license will allow the company to provide clearing services for fully collateralized digital currency swaps for the first time. On July 6, the CFTC also granted LedgerX an order of registration as a Swap Execution Facility. The company, which was founded in 2013, already received a temporary approval as a Swap Execution Facility in 2015.

Despite the approval, the CFTC highlighted that LedgerX’s current authorization “does not constitute or imply a Commission endorsement of the use of digital currency generally, or bitcoin specifically.” The Commission added that, along with the approval, it had issued a letter on July 24 exempting LedgerX from “certain regulations” implied by the CFTC due to the firm’s fully collateralized clearing model.

By obtaining a DCO license, LedgerX will be able to provide specific services on the company’s platform to participants, including obtaining and hedging bitcoin and other cryptocurrencies by using exchange-traded and centrally cleared option contracts. With the regulatory approval, the company expects to list one- to six-month options contracts for bitcoin in addition to adding contracts for other cryptocurrencies, such as ETH options.

“A U.S. federally regulated venue for derivative contracts settling in digital currencies opens the market to a much larger customer base,” Paul L. Chou, the CEO of LedgerX, said in a statement. “We are seeing strong demand from institutions that previously could not participate in the bitcoin market due to compliance restrictions against unregulated venues. In particular, there is a desire for fund managers to hold financial instruments that are not correlated with the broader equity market, and digital currencies meet that need.”

LedgerX is planning to provide required services, such as surveillance and transparency, for institutional investors. According to the company, participants eligible for LedgerX’s services include registered broker dealers, banks, futures commission merchants, qualified commodity pool entities and qualified high-net-worth investors.

“These are exciting times to have a new digital asset class emerge. I hope that the effort LedgerX put forward in the U.S. can set the stage for a global approach to this new digital asset class,” Mark Wetjen, a member of the board of directors for LedgerX’s parent company, Ledger Holdings, stated.

According to Chou, the approval for the license took more than two years partly because of a long education process. LedgerX secured $11.4 million of funding in May, led by Miami International Holdings Inc. and China’s Huiyin Blockchain Venture Investments, to acquire the clearing license from the CFTC.

“LedgerX’s registration is a historic milestone for derivatives and for digital currencies. To me, it is equivalent to the launch of currency futures back in 1972 that heralded the beginning of exchange-traded and cleared derivatives based on financial products,” Gary DeWaal of Katten Muchin Rosenman LLP, one of the companies assisting LedgerX during its CFTC application process, said in a statement.

The post Federal Government Approves Regulation Request of LedgerX appeared first on Bitcoin Magazine.

Posted on 25 July 2017 | 5:33 pm

Eleven Global Cities to Participate in Bitcoin Airdrop 2017

Eleven Global Cities Announce Participation in Bitcoin Airdrop 2017

The Blockchain Education Network (BEN), a global network of blockchain communities, has announced a global Bitcoin Airdrop powered by bitJob to begin this new school year. Fintech communities and universities in 11 regions have agreed to participate including McGill University and the Richard Ivey School of Business in Canada; UC Berkeley, Wake Forest University and St. Petersburg in the United States; University of Queensland in Australia; Trivandrum and Bangalore in India; St. Petersburg in Russia; and Puerto Rico and Colombia.

The first airdrop event begins on August 11 in Colombia, where Jorge Pérez, the director of BEN Colombia, is hosting a meeting at a restaurant. The airdrop then moves to St. Petersburg in Russia on August 16, where the giveaway is being held in unison with the ICO-Hypethon, an ICO-focused hackathon where blockchain developers will build infrastructure around ICOs to pitch to investors. The airdrop will continue on to other campuses and cities until the network has distributed the entire amount of donations.

Rodion Mikhalev, the director of BEN Russia and one of the organizers of the ICO-Hypethon, explained in a statement that “the Hypethon is a mix between a hackathon [and] an accelerator. It’s a 48-hour event hosted by Crypto Friends, where Eberhard Lindfordt will screen the top 20 projects out of hundreds of applicants. Teams chosen will receive help from experienced [b]lockchain experts which will help them finalize their business and lead them into successful ICO launches.

“There will also be ICO angels ready to invest their money into projects on the spot and whom will receive additional bonus coins if done so at the event. This is the perfect event in Russia to host the airdrop and to distribute bitcoins to the hundreds of innovators who will pass by in the 48-hour window, and we are excited to participate in it! This is a very rare and exciting opportunity which will attract some of Russia’s best talent and will pave the way to a better future worldwide.”

Alberto Jauregui, the director of growth of the Blockchain Education Network, said in a statement that he believes the “Bitcoin Airdrop serves as an engine to introduce students to the disruptive blockchain industry and incentivize them to band together to form new BEN chapters or regions.”

Last year, Jauregui hosted a small airdrop outside the main library at the University of South Florida and hid paper wallets throughout the campus. This year, he plans to coordinate an airdrop alongside a BitCrawl on Central Avenue in St. Petersburg, Florida. The date is to be announced. “Who doesn’t like free Bitcoin?” Jauregui added. BitCrawl is an event started in Montreal by the McGill Students Cryptocurrency Club and then continued by the Decentralized Tech Association at the University of Toronto, in which a main street agrees to accept bitcoin for an evening and a group of blockchain enthusiasts go between different venues.

High schools are also going to be giving away bitcoin at this airdrop. Sunrose Billing, the director of BEN’s high school network, said in a statement to Bitcoin Magazine that “blockchain [technology] and cryptocurrencies are really taking off and will absolutely continue to grow at a rapid pace. That’s clear when you see teenagers day trading, analyzing macro landscapes and taking the time to educate themselves about innovation in this space in their spare time.” Billing plans to airdrop bitcoin to his friends at University of Toronto School, a high school in Toronto, and he expects that many of his friends at other high schools will join this year’s event.

The title sponsor of the event is bitJob, a decentralized marketplace based on blockchain technology that connects students with part-time work. BitJob has already partnered with many of the blockchain clubs at the participating campuses of the airdrop, including McGill University and the Richard Ivey School of Business, that have agreed to seed the marketplace with the first students looking for work on projects that can help them become fully employed in the blockchain industry.

“It is a true honor to be sponsoring the 2017 Blockchain Education Network’s Global Bitcoin Airdrop across university campuses. BitJob shares a similar mandate with BEN to empower students and give them the necessary tools to compete in today’s marketplace. This year’s event is shaping up to be the largest ever as the popularity of Bitcoin and [b]lockchain [technology] continues to rise globally,” said Dror Medalion, co-founder and CEO of bitJob, in a statement to Bitcoin Magazine.

The airdrop is being supported by blockchain media firms Blockchain TV and BTC Media, digital identity startup DIID and blockchain consulting and development firm MLG Blockchain.

“I am very excited to be a sponsor in this year’s Blockchain Education Network’s global Bitcoin Airdrop 2017. BEN is a driving force behind empowering the youth of tomorrow, which makes for a great story to tell!” said James Gonzalez, co-founder and CEO of Blockchain TV, in a statement.


The post Eleven Global Cities to Participate in Bitcoin Airdrop 2017 appeared first on Bitcoin Magazine.

Posted on 25 July 2017 | 12:16 pm

Bad Karma: Community Objects to “Opportunism” of Buddhism on the Blockchain

Lotos

Last week, startup company Lotos published its new project on Reddit aiming to create a decentralized religious community, supporting Buddhism and meditation, based on the Ethereum blockchain. According to the company’s white paper, the community’s structure will be segmented into three parts: “an off-blockchain software platform” connecting the teachers and the students; “an internal economy supported by ERC20 tokens purchased by subscription fees and a central banker smart contract;” and “a website and
database backend connected to the network with Swarm.”

The ERC20 compatible Karma (KRM) token will be used for on-platform exchanges and for crowdfunding the development of the platform. In addition to that, if users are able to grow the network, they will receive KRM as a reward.

The company believes they can create a blockchain-based community by combining science and religion in a radical way. There is even a statement from Tenzin Gyatso, the 14th Dalai Lama, included in the whitepaper:

“If scientific analysis were conclusively to demonstrate certain claims in Buddhism to be false… then we must accept the findings of science and abandon those claims.”

The Lotos community will be divided into two parts: students and teachers. Teachers will be either elected or assigned by the company’s owner. They offer religious services for the students including “facilitating student retention and progress,” creating content for the network and “recruiting” new students. The teachers will earn Karma tokens for their activities.

On the other hand, the students can freely register into the community, although, for a price. Lotos will allow students to join “temples” and classes but they have to pay KRM tokens to do so. Furthermore, there is “Karma-gated” content, which is only available if certain students pay a flat monthly subscription fee. Students can also earn KRM bonuses if they meditate, the more regular their activity is, the more bonuses they can earn, the whitepaper detailed.

When Lotos published its whitepaper in the Ethereum community on Reddit, they received hard criticism. Most of the users argue that Buddhism does not comply with materialism.

“I think ‘searching meaning beyond materialism’ and material ‘reward of spiritual practice’ don't mix together very well. Just a thought,” one user wrote.

“Dude what you are doing is not Buddhism it's Opportunism. Buddhism is about Simplicity, you are leading people into Complexity. Basically with your System people's Incentive to meditate IS TO MAKE MONEY (NOT LIBERATION),” another user wrote on Reddit.

Others in the community suspect that the whole project, which is planning to launch an ICO, is a scam or some sort of money grab.

“Here's the problem man: you are coming out with an ICO right at a time when the inherent corruption in ICOs is very much a public thing. I like the idea of a decentralized meditation app, I really do. However the fact that you are doing an ICO for ‘decentralized religion’ on something that isn't non-profit ESPECIALLY BUDDHISM screams scam, and I believe it is one. If this is really your passion to help people around the world learn to meditate and become spiritual, you wouldn't have a for-profit business model. Without a non-profit, you really don't have a leg to stand on when it comes to spirituality,” a user named “PJBRed27” said about the project.

Surprisingly, it seems the negative opinions on the project made Lotos change some of the concepts of the project:

“We are changing direction a bit now:

  1. Remove ICO mention from all marketing material / stop the crowd-fund campaign and work on building our community.

  2. Start playing the slow and steady ‘snowball going down a mountain’ game.

  3. Write blog posts at least once per week, each post highlights one of the community's biggest concerns with our project (like why we need ERC20 tokens).

  4. This also gives us time to find both blockchain and buddhist advisors.

  5. Move away from 'Buddhist’ to ‘Secular Meditation’.”

The post Bad Karma: Community Objects to “Opportunism” of Buddhism on the Blockchain appeared first on Bitcoin Magazine.

Posted on 24 July 2017 | 2:14 pm

CRYENGINE now accepts Bitcoin

Posted on 29 March 2017 | 1:24 am

Consulting firm EY Switzerland accepts Bitcoin

Posted on 26 November 2016 | 12:47 am

Bitcoin Trading Bots

There have been a wide variety of situations in which algorithmic trading programs have proven to be beneficial for investors. However, investors who only trade a cryptocurrency can also take advantage of bitcoin trading bots. Through bitcoin bot trading, traders can become more flexible and prompt, minimize errors and process information more rapidly. At this… Read More »

Posted on 8 November 2016 | 6:20 pm

Steam accepts Bitcoin

Posted on 29 April 2016 | 1:09 am

Major Magazine Publisher to Accept Bitcoin Payments

Posted on 18 December 2014 | 12:43 pm

Microsoft accepts Bitcoin

Posted on 11 December 2014 | 5:06 am

PayPal and Virtual Currency

Posted on 23 September 2014 | 9:52 pm

German Newspaper "taz" accepts Bitcoin

Posted on 22 July 2014 | 1:32 pm

airBaltic - World’s First Airline To Accept Bitcoin

Posted on 22 July 2014 | 11:03 am

Expedia to accept Bitcoin payments for hotel bookings

Posted on 12 June 2014 | 12:41 pm

Bitcoin Core version 0.9.1 released

Posted on 8 April 2014 | 4:27 pm

July 29, 2017 -
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