There are so many benefits to using a cryptocurrency, that it would seem foolish to neglect such an invention. For example, it allows you to send money anywhere in the world in an instant, with basically no fees involved. Everyone can be included in the financial system, it will change the way we interact with money, it can prevent fraud, and much more.
Sunday, December 31, 2017
Chrome Extension 'Archive Poster' Is Being Used to Mine Cryptocurrency
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Ardor (ARDR) has cool features you might want to invest in it for!
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Analysts noticed Blockchain Capital (BCAP)'s 24 hours step up of 29.06%
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Bitcoin Steams Ahead of Gold as 2018 Approaches
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Bitcoin Dips Below $13K as Market Struggles
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Bitcoin Alternatives: Ethereum Vs Litecoin Vs Verge Vs Ripple Vs Zcash
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The Blockchain – based NEO Gold (NEOG) had 7.14% increase on December 30-31
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On December 30-31 The Blockchain – powered Hubiit (HBT) decreases in value over -26.67%
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Bitcoin Alternatives: Ethereum Vs Litecoin Vs Verge Vs Ripple Vs Zcash
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Where Are All the Quick Wins for Blockchain?
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Riot Blockchain (RIOT) Downgraded by BidaskClub to “Buy”
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Forget Bitcoin and Ethereum: Say Hello to Qtum
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The Blockchain – powered Stox (STX) had 8.21% increase for a day
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Blockchain expert released after paying $1 million bitcoin ransom
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Kidnapping of Bitcoin Exchange Executive Showed Importance of Financial Privacy
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Bitcoin threatens to fall below $12000 – but which month delivered the best returns?
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First Real Bitcoin Lightning Network Payment Completed via Bitrefill
Considering the persistent issues with the system at the moment, fast and cheap bitcoin (BTC) transactions might sound like a distant dream, but its realization might be just around the corner. The first transaction using real bitcoin to make a payment on the lighting network has recently been completed via mobile top-up service Bitrefill.
Also Read: Several Bitcoin Exchanges Are Closing Their Doors to New Traders
Lightning Payment on Bitrefill
Software developer Alex Bosworth has revealed that he successfully completed the first lightning bitcoin mainnet (not a testing environment) transaction for an online purchase at Bitrefill. He paid his own actual phone bill with no fees, which executed instantly. Bitrefill is an online service that enables users top up their prepaid mobile phone plans with bitcoin and litecoin with over 600 operators across 150 countries.
The Lightning Network is a scaling solution that has been in development for a few years already. The protocol creates an off-chain system by forming a network of payment channels where funds are not entrusted to a third party. It theoretically promises to scale bitcoin by allowing thousands of transactions per second without compromising its trustless nature.
Mainnet Lightning Network paying my actual phone bill with actual Mainnet funds on @bitrefill. Speed: Instant. Fee: Zero. Future: Almost Here. http://pic.twitter.com/futhn502Lp
— Alex Bosworth (@alexbosworth) December 28, 2017
Bitrefill CEO, Sergej Kotliar, explained to news.bitcoin.com the motivation for this development by his team. “As we all know, blockchains currently don’t scale for consumer payments and currently require tradeoffs between decentralization and efficiency. Lightning is a tool that can enable the best of both worlds – a great customer experience (both fast and cheap), but also trustless custody of funds. So we’re eager to enable it as a payment method and do what we can to support developments on that front.”
Full Steam Ahead
This payment integration with Lightning has been surprisingly easy and the company is already working on further developments, Kotliar explained to us. “At first we’ve enabled Bitrefill orders to be paid with Lightning. That’s the easiest integration for us. Next step will be enabling full lightning support (send and receive) in our user accounts.”
As to how he sees his company’s role in the larger development of the network, the CEO said: “A common problem with new technology and innovation is actually implementing things in production. That’s also where real issues pop up. We’re a small company, but we think that it’s important to help where we can. In our case it’s at least implementing this new piece of technology as it becomes available and provide testing. Credit belongs where credit is due with all of the independent and corporate developers of the Lightning protocol.”
Bitrefill most recently made headlines when it came to the rescue of bitcoin PC gamers after Steam announced that the popular online games store would no longer accept BTC as a method of payment. “I can’t share revenue numbers but I’ll tell you that Steam voucher sales far exceeded our expectations, Kotliar commented. “We’re looking to add more voucher products to our service soon.”
Would the lightning network be the cure-all for bitcoin’s current ills? Let us know your thoughts in the comments section below.
Images courtesy of Shutterstock, Bitrefill.
Do you like to research and read about Bitcoin technology? Check out Bitcoin.com’s Wiki page for an in-depth look at Bitcoin’s innovative technology and interesting history.
The post First Real Bitcoin Lightning Network Payment Completed via Bitrefill appeared first on Bitcoin News.
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NVIDIA And A Bitcoin Meltdown
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Investors Still Wary of Bitcoin
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BitPesa CEO: Bitcoin's Issues Are Tiny Compared To The Problems With Banking In Africa
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There could be 200 Bitcoin billionaires around the world
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Imagine: Is bitcoin's promise of a universal currency ready for prime time?
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Bitcoin is climbing on the last day of 2017
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Year of the disruptors: bitcoin, Tesla and the slow demise of cash
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For Bitcoin, A Year Like No Other
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Bitcoin Will Give Japan's Economy a Substantial Boost
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Long Blockchain Corp. (LTEA): Pulling the Layers Back For The Chaikin Oscillator
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The Blockchain – based CarTaxi (CTX) had 29.49% step up on December 30-31
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Blockchain Index (BLX) targets $5.15985525 while having -5.99% fall in 24 hours
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John R. O'rourke III Sells 30383 Shares of Riot Blockchain Inc (RIOT) Stock
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2017: the year when blockchain went mainstream
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The Blockchain – powered MyBit (MYB) had 25.44% step up during a day
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Bitcoin becomes option for homebuying
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Singapore bar offers New Year party package for one bitcoin
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Blockchain 2017, and will it rule in 2018
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Bitcoin Will Give Japan's Economy a Substantial Boost
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Needle Moving Activity Spotted in Riot Blockchain, Inc. (:RIOT)
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Not What, But Why Is Bitcoin?
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Global P2P Crypto Markets Experience Record Volume Throughout December
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PR: Cryptocurrencies Are Now Instantly Spendable with MoxyOne’s White Labelled Debit Cards
This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.
Cryptocurrencies are now worth over $600 billion. This is more than the net worth of Amazon or Facebook. Owing to its continual growth, many great projects have emerged that are developing to enhance pre-existing services and products. As the number of projects increases, so does the demand and need for a means to utilise company-issued tokens. These can range from platform and service fees on a company’s ecosystem to a more varied role such as grocery purchases and other daily transactions.
Realising the need for this service, MoxyOne is developing a white-label service for any company that wishes to supply their users with a company-issued debit card and wallet system. White labelling allows companies to become partners and gives them access to the MoxyOne infrastructure. Companies will have great flexibility to change the components on the MoxyOne system to suit their individual needs.
In addition to their white label service, MoxyOne will also be providing their token holders (SPEND) with a debit card and wallet system to make real-world purchases. Users will be able to utilise the wallet and debit card to make everyday purchases, withdraw funds from any compatible ATM and make instant payments anywhere, anytime [even where cryptocurrencies are not accepted]. Cryptocurrencies will instantly and automatically convert to fiat at point of sale without any extra input required by the user.
Liquidity providers are a major component of the MoxyOne system. These individuals or companies provide equivalent fiat for the amount of purchase by a user. They will in return, receive the full token amount as well as an added percentage of tokens as fees. By being available in multiple countries, users will incur little or no foreign exchange fees in the countries that liquidity providers are available. Cryptocurrencies and fiat will be exchanged at the domestic exchange rate which is great for travelling users.
MoxyOne already has an exchange partnership with Cryptopia, meaning SPEND will be listed there as soon as the token sale ends. Other exchanges, both majors and pay-to-play, will be listed and announced in the near future. Additionally, they have secured a partnership with a decentralised social networking platform, “Social” (SCL). They will be the first white label partner to offer its token holders a “Social” instant access debit card to be used on its platform.
Raiden Network’s micropayments channel will be used for enhanced transaction speeds and Gladius’ DDoS protection and security will be used to secure the system. It has also been announced that the MoxyOne developers are finalising a prototype for its wallet system. It may be released prior to the token sale in early 2018.
The pre-sale will begin on 8th February 2018 at 01:00 GMT and ends on 10th March 2018 at 01:00 GMT. The main token sale event will run from 14th March 2018 at 01:00 GMT to 14th April 2018 at 01:00 GMT.
Contact Email Address
info@moxy.one
Supporting Link
https://moxy.one/
This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
The post PR: Cryptocurrencies Are Now Instantly Spendable with MoxyOne’s White Labelled Debit Cards appeared first on Bitcoin News.
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CME Launches Bitcoin Futures Trading Simulator
Chicago Mercantile Exchange (CME) has launched a market simulation tool that allows newcomers to practice trading bitcoin futures without risking any capital. The free tool has been added to the company’s ‘CME Institute Suite’.
Also Read: Thailand’s Year of Bitcoin Ends With Central Bank Education Push
CME Tweeted About the New Simulator on December 27th – Less Than Two Weeks After Launching Its Bitcoin Futures Markets
Earlier this week, CME posted on Twitter alerting followers that the company had launched its new bitcoin futures simulator. The simulator will offer new investors the opportunity to practice trading the bitcoin futures markets without risking any capital losses, and will also allow more experienced traders to try out the company’s platform and experiment with new trading strategies in a risk-free environment.
The launch of the market simulation tool is likely designed to attract new participants in the bitcoin markets to CME in a bid to attain dominance in the bitcoin futures contracts-for-difference (CFD) markets.
On December 18th, CME Became the Second United States-Based Financial Market Company to Launch Bitcoin Futures
CME’s bitcoin futures launch followed that of CBOE – who launched their bitcoin futures contracts on December 10th. The new markets have also been exposed to traders using major retail brokerages – with TD Ameritrade allowing clients to trade CBOE’s futures contracts, and Interactive Brokers recently announcing its intention to soon allow customers to trade CME’s futures contracts in addition to CBOE’s bitcoin CFDs. Interactive Brokers claimed that it handled over half of the trading volume seen on CBOE’s launch day, despite the platform maintaining a margin requirement 150% larger than CBOE.
Major market-making firms DRW, DV Trading, and Akuna Capital have also indicated that they will provide liquidity to the bitcoin futures markets.
Despite the hype leading up to the launch of the bitcoin futures market, volume has thus far been dwarfed by the scale of trade being conducted on leading cryptocurrency exchanges. As of this writing, 1,078 contracts have been traded on CME, and 4,790 on CBOE.
Have you traded CME or CBOE’s futures markets? Share your experience in the comments section below!
Images courtesy of Shutterstock, Wikipedia
Need to calculate your bitcoin holdings? Check our tools section.
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Bitcoin: South Korea Threatens To Shut Down Exchanges
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Free bitcoin mining online
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Making Sense of the ICO Roller Coaster in 2018
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Bank of England may issue its own 'bitcoin'
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Op-Ed: Australian banks freezing accounts, exchanges related to Bitcoin
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The Promise of Blockchain Technology in the Banking Sector
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Blockchain programming tutorial
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Decentraland Hopes to Build a VR-World Using Blockchain Technology
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China on a Blockchain? Maybe in 2018
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Blockchain Brings Business Boom To IBM, Oracle, and Microsoft
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As EOS Tops $8 Is the Sun About to Set on Ethereum's Reign?
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Protect Your Online Bitcoin Transactions Using a Multisig Escrow Wallet
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Blockchain: exploring possible use cases
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EdTech Pioneers Offer 10% Bonus Tokens in ICO for Peer-to-peer Tutoring Platform
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Cryptocoinopoly Is the Game That Lets You Play the Cryptocurrency Markets with Friends
Someone was bound to create a cryptocurrency version of Monopoly. Well now they have, enabling you to gather friends and family to trade fake fiat currency for fake crypto. Playing with ersatz money won’t make the competition any less intense as you clamor to snap up Mayfair – or Bitcoin Core as it’s now known.
Also read: Poloniex Now Requires Legacy Trading Accounts to Verify Identity
Go to Hodl, Do Not Pass Go
The odds of an officially licensed version of crypto Monopoly being released seem as remote as ripple becoming a $10 coin. In other words, anything’s possible. For now though, hodlers can content themselves with printing their own version of the unofficial board recently shared by redditor ronoxe.
It features many of your favorite cryptocurrencies – plus a few you’re sure to loathe. “What the hell is cardano doing in the greens?” “Who put tron in there?” “Whose bright idea was it to add EOS?” All these points can be argued as you make your way around the board, skipping jail, rebranded as ‘hodl’, and trying to avoid paying capital gains tax. For crypto traders who aren’t getting enough of a buzz from the game, there’s nothing to stop you from playing with real crypto; the winner receives everyone’s cheapest alt bag.
Monopolize the Crypto Markets
One of the most fascinating things about Cryptocoinopoly is that it provides a snapshot of the markets at the point of the game’s creation. Were the board to be developed today, ripple certainly wouldn’t be languishing in the yellows; what a difference a week makes. It will be interesting to see which cryptocurrencies have traded places a year from now – and which will have been banished from the board altogether.
Since anyone is free to create their own version of Monopoly (even if Hasbro would prefer that they didn’t), it raises the possibility of there being competing editions of the game, each claiming to be the true Cryptocoinopoly. Highlights of this sharply designed edition include the orange properties, occupied by verge, Zcash, and monero, which shall henceforth be dubbed Privacy Street, plus the free parking square which is now ‘free market’. Instead of adding houses and hotels, players acquire cryptocurrency miners.
The game even has its own Github repository, which explains the objective as follows:
Acquire some of the most popular cryptocurrencies on the internet, charge players network fees for landing on your cryptos and collect money. Use your money to acquire more cryptocurrencies, build mining rigs and farms and become a whale in the crypto-world.
Monopoly has a storied history dating back to to 1903, when anti-monopolist Elizabeth Magie created The Landlord’s Game, as it was then known. This precursor to Monopoly was intended to illustrate the downsides to having land concentrated in private monopolies. In other words, it was a primer on the dangers of centralization. It seems fitting, 115 years on, that Monopoly should be reimagined as an introduction to decentralized currency.
What would you change on the Cryptocoinopoly board? Let us know in the comments section below.
Images courtesy of Shutterstock and Cryptocoinopoly.
Play with confidence! We guarantee that every Video Poker game you play at Bitcoin Games is completely fair. You will be dealt a completely random deck of cards every game, and we can provably demonstrate that we have in no way manipulated the shuffle.
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Korean Exchange Youbit May Avert Bankruptcy – Members Have 3 Options
South Korean exchange Youbit filed bankruptcy last week but has now come up with additional options to pay back its members. The exchange is asking them to vote between three options.
Also read: Russian Regulators Draft Law to Restrict Crypto Mining, Payments, and Token Sales
Youbit’s Bankruptcy Filing
Youbit exchange’s operator Yapian Co. Ltd filed bankruptcy on December 19 after the platform was hacked, as previously reported by news.Bitcoin.com.
A notice on the exchange’s website explains that each member will be allowed to withdraw “approximately 75% of the balance at 4:00 am on December 19.” The exchange added that “The rest of the unpaid portion will be paid after the final settlement is completed.” However, “cash and coins deposited after 4:00 pm will be 100% refunded.”
The news of Youbit’s bankruptcy sent shockwaves through the Korean crypto markets, prompting the government to step up its regulatory measures to prevent similar problems from occurring in the future. Following a meeting on December 20 to discuss cryptocurrency regulation, the regulators announced:
The bankruptcy of the virtual currency exchange Youbit following the recent hack is expected to cause financial losses for users. It is necessary to pay special attention to the risk of virtual currency speculation and to be vigilant about virtual currency trading participation.
Then on December 27, Youbit offered its creditors additional ways to be paid back and asked them to vote between three options. The voting period ends on December 31.
Options 1 and 2
The first option is to proceed with the bankruptcy filing. Citing that this option is expected to take between 1 and 3 years, Youbit described:
All assets of the company will be frozen as it is, and the court will appoint a bankruptcy trustee to handle the actual bankruptcy proceedings.
The second option is restructuring/rehabilitation, which the company can apply for in court. Should the court decide after an audit that creditors can better recoup their assets if the company continues to operate rather than go bankrupt, the rehabilitation process will ensue, Youbit explained.
In this case, creditors will be paid with the revenue generated by Youbit over time. The company estimates that this process may take three to ten years, adding that:
The withdrawal of your assets will be suspended for more than one year as the rehabilitation process proceeds.
Most Popular Option – Acquisition
The third option offered by the company is “merger and acquisition,” which involves “a plan to hand over ‘Yapian’ to another company.” Youbit claims that it “is currently generating a significant amount of revenue,” therefore it can be acquired by “a company that is considering a new virtual currency exchange.”
After the acquisition, the exchange will be run by new executives, Youbit noted, adding:
The plan will be made so that the members’ principal will be compensated as much as possible, but it will be treated as a dividend payment plan for a certain period. It is expected that the withdrawal and transaction service will be reopened soon after the acquisition is confirmed.
On December 29, Youbit announced that about 97% of its members have so far voted for this option. Once the voting period has ended, and if this option is chosen, the company and its legal team will start discussing how to proceed in early January.
Which option do you think is best for Youbit’s creditors? Let us know in the comments section below.
Images courtesy of Shutterstock and Youbit.
Need to calculate your bitcoin holdings? Check our tools section.
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PR: Alibaba and eBay’s Representatives Support Global Marketplace Storiqa
This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.
Storiqa launched its token sale on November 28, 2017, and has exceeded its soft cap and has reached more than $6 million.
Storiqa aims to provide the ways of digital trading and destroy all the borders between buyers and sellers. It is the marketplace which supports cryptocurrency and smart-contracts. Due to using of blockchain technology, Storiqa has the lowest transaction and business costs. It also helps to make purchasing processes simplest in the world that every SME can start selling goods globally in one hour.
With the help of blockchain, Storiqa solves frequent and pressing issues in online trading. Transparent affiliate marketing helps in attracting to the platform traffic owners which are able to monetize their reviews when viewers purchase goods following the referral links. Smart review system provides online shoppers with honest reviews which means that a user drops the review only after receiving an ordered item.
Former eBay COO has become new Storiqa’s Advisor. He stated that blockchain brings eCommrece to the next level. During recent Asian roadshow, the team also welcomed another prominent professional — the member of Alibaba family Peter Xu, who currently advising Storiqa in development on Chinese market. The platform itself will be launched on local market in the second quarter of 2018.
Token sale ends on February 13, 2018. At the last stage of token sale price reaches $0.015. All questions regarding bonuses ask in Storiqa’s community: https://t.me/storiqa_en
Anastasia Taved
PR Coordinator
a.taved@storiqa.com
Supporting Link
http://ift.tt/2ihFsGs
This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
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BitcoinTV: by Crypt0 on YouTube
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BitcoinTV: by Crypt0 on YouTube
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Transparent Sports Betting on the Blockchain Technology
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The Blockchain – based WavesGO (WGO) went up by 10.04% during a day
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BitcoinTV: by BitcoinMeister on YouTube
Ripple is the latest craze in the land of the 80%. I hope you were not impulsive and held your Bitcoin instead of wasting it on "diversifying". Bitcoin dominance is near an all-time low and 3rd tier Altcoins are being pumped like never before. Just another blip on the long-term radar. Have a strong hand. Brhodium is trying its best and Bprivate has some helpful links. On Andy Hoffman's show- http://ift.tt/2CifR8Y Tone Vays on Ripple- https://www.youtube.com/watch?v=mQKxSVLLfAk https://twitter.com/ToneVays/status/947235670816378882 OTC market vacation- https://twitter.com/alistairmilne/status/947226554240782336 follow Bprivate twitter - https://twitter.com/bitcoinprivate good Bittrex sign- http://ift.tt/2kSiyTi Bplus- https://twitter.com/bitcoincashplus/status/946667264215941121 The other 2x- 2m says it lives- https://twitter.com/bitcoin2m/status/946938299867856897 Bcash pic of day- https://twitter.com/StrongHandMeyer/status/947108806617640960 Brhodium - http://ift.tt/2CifT0A Strong hand shirt tweet- https://twitter.com/CryptoVerge/status/946930915279642624 Buy the shirt- http://ift.tt/2zRvpuq Altcoin Junk rally? https://twitter.com/TuurDemeester/status/946771844106817536 Ripple and Onecoin- https://twitter.com/WhalePanda/status/947081735803691008 Vinny Lingham quote- https://twitter.com/VinnyLingham/status/946868321856585728 This week in Bitcoin- https://www.youtube.com/watch?v=ZUQgxAacHQY Thursday's show- https://www.youtube.com/watch?v=FuyNgEsnffE WCN Podcast- http://ift.tt/2zQBVW7 Bitcoin people you need to know- https://www.youtube.com/watch?v=YuWlWnJqHn4 Birth of the Crypto-dividend- https://www.youtube.com/watch?v=rg86clOEd3A Email the Disrupt Meister intern- clark@disruptmeister.com and tell us why you want to be an intern! -------------------------------------------------------------------------------------- CryptoHWwallet affiliate link- http://ift.tt/2pynGy4 "MeisterFreeHW1Over200" This is the coupon that is for people who spends over $200 (exclude shipping) to get a free H.W1. Ledger hardware wallet. Limit 10 pcs only coupon use at first, first come first serve basis only. 1 per customer for up to 10 uses. BUY Cryptograffiti shirts here and use the "Meister" discount code to get 10% off anything in the store! http://ift.tt/2wQKAm7 UPVOTE THIS- Buy your Bitcoin Trezor storage device here: http://ift.tt/2l8wT08 Buy Bitcoin at Coinbase here: http://ift.tt/2frK5re CryptoHWwallet affiliate link- http://ift.tt/2pynGy4 Adam's Twitter- https://twitter.com/TechBalt Adam's Minds- http://ift.tt/2r6vSJk Support the cause if you like what I have to say: BTC: 3HZngc6ASzt3deDm582u8xJRFAwmz7YTwG ETC: 0xb28CD007E0495b34BA6030859030322b7bE8422B Monero: 49broKTMLfFBZtzFFWptyqbuTF4rm7Pp6HZj4ReRuKQf3Z6uFjCbWgs6n4ymX5aYTsczoELGd3vYSD4XUQrjvy3S5qTsN3s LTC: LQm55H4oUCoVPiBd25A4v2jHXLtC9oo9Jg ETH: 0x0feb7bCd89C4Ea0c14FC7D94b9afBDE993034AD5 DASH: Xjcpo8Lh6NKQoV3F12pGpXUiK4XRoQyudN Decred: Dsoq2ZPcqQDj5TSBLMAFX2SxCMHaYFnDty4 BGold: AN6p1tD2KwRKvhiinprN9wCqGe4KUqPsY5 My latest Steemit post: My Steemit page: http://ift.tt/2eAQkeJ https://www.youtube.com/c/BitcoinMeister http://ift.tt/2fIBPWR Value of every cryptocurrency- http://ift.tt/2k3W6aj Watch more of my Bitcoin videos here: https://www.youtube.com/playlist?list=PLLgyAakZPtCVQKl6naVHUfOiICFG8BYMp Adam Meister is available for an hour long Bitcoin/cryptocurrency consultation where he can walk you through the Trezor installation process and help you move your Bitcoins to the Trezor. He will answer all your questions in that hour. Trezor is just one Bitcoin topic that Adam can help you with, you can ask his advice on anything cryptocurrency related. From marketing and promotion to Altcoins to storage and the buy and hold philosophy. Adam's hourly rate is 0.11 Bitcoin. Feel free to email: Adam AT TrezorHelp DOT com to set up a Skype/phone consultation or to arrange an in person appearance or speaking engagement. Adam is available to speak at conferences around the world. Follow Adam on Twitter here: https://twitter.com/TechBalt Buy your Bitcoin Trezor storage device here: http://ift.tt/2zP3lca
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On December 29-30 The Blockchain – powered ChainCoin (CHC) went up in value over 10.90%
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The Blockchain – based AcesCoin (ACES) decreases by -5.00% on December 29-30
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The Blockchain – powered Coin to the Future (BTTF) had 15.96% rise on December 29-30
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The Blockchain – based ZayedCoin (ZYD) had 23.53% increase on December 29-30
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Saturday, December 30, 2017
Bitcoin Price Slides Further; Ripple Builds Lead Over Ethereum
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Firms to 'overcome Brexit investment slowdown by issuing their OWN Bitcoin to sell'
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MassRoots Forms Subsidiary for Blockchain-Based Solutions for the Cannabis Industry
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Trading Tip `The Wall´ – Absurd Profits from Zclassic a.k.a. Bitcoin Private
In just 3 months, the price of Zclassic (ZCL) has increased by +5,768%. In this post, I’ll give some background to what Zclassic is and try to explain what is going on with it.
Also read: The Art of Buying the Dip
A Quick History Lesson on Zclassic
Zcash (ZEC) is a privacy-centric cryptocurrency that launched Oct 28, 2016. It put cutting-edge cryptographic research in non-interactive zero-knowledge proofs (zk-SNARKs) into practice, allowing users to make transactions concealing both the sender and receiver of a transaction, as well as the amount being sent. The cryptography itself provides possibly the strongest privacy guarantees of any cryptocurrency, but part of the integrity of the protocol (specifically, preventing counterfeit coins from being issued) relies on a process known as trusted setup. Zcash launched with a founder’s reward, which for the first 4 years subtracts 20% of every block reward and distributes it to stakeholders of the Zcash Company to guarantee maintenance and development of the protocol. Zcash is an open-source project based on the Bitcoin codebase.
Since Zcash is an open-source project, there’s nothing to stop anyone from simply copying the codebase and removing the 20% founder’s fee if they wanted. That is exactly what happened, and that fork now goes by the name of Zclassic, which launched only a week after Zcash, reusing the same parameters from the trusted setup. Up until August 24 this year, Zclassic devs have been merging code updates from Zcash and issuing new releases in parallel. Since then, development on the Zclassic branch appears to have stagnated. Currently, I’m not even able to find a working block explorer for Zclassic. On Dec 14, the developer of Zclassic, Rhett Creighton proposed a relaunch and rebranding of Zclassic into “Bitcoin Private”, as a means of “revitalizing” the coin.
I would like to propose revitalizing @ZclassicCoin by migrating it to become a Bitcoin Hardfork, "Bitcoin Private" (or possibly other name).
New coinbase inputs would be airdropped onto the blockchain as a hardfork. What do you think? Should we add "Bitcoin Private" to the mix? http://pic.twitter.com/xOAKjCzzFk
— Rhett Creighton (@HeyRhett) December 14, 2017
This announcement caused the price to surge +2,000% in only a matter of days.
Why is this happening?
Bitcoin hard forks have become somewhat of a trend in recent months, with the first successful one being Bitcoin Cash. At the time, it was joked within the community that soon Bitcoin hard forks would cover the entire Coinmarketcap-spectrum.
@CoinMKTCap soon #bitcoin #BitcoinFork #BitcoinCash #bitcoincore #CryptoCurrencies http://pic.twitter.com/sjJ3ANiLM3
— ClubCrypto (@ClubCryptoorg) August 2, 2017
The joke has turned prophetic in the sense that 3 of the top 13 cryptocurrency positions by market capitalization are now held by Bitcoin or Bitcoin hard forks (Bitcoin, Bitcoin Cash & Bitcoin Gold). One could argue that Bitcoin Diamond (BCD) should make the 11th spot if Coinmarketcap had info on the total supply (which should be around ~167M), as 10 BCD are supposedly credited for every 1 BTC as their website claims.
What does it mean for an altcoin to become a Bitcoin hard fork?
The Zlassic and Bitcoin UTXO sets will merge, creating a total of 1.8M + 16.7M = 18.5M Bitcoin Private coins upon launch. Inflation schedule will be revised so 21M cap is still kept intact.
What “Bitcoin Private” essentially will be is a coin that borrows the name and UTXO set from Bitcoin (and Zclassic) and technology from Zcash. I contend that the rebranding from Zclassic to Bitcoin Private is a stroke of genius from Rhett Creighton’s side as it is going to make traders value Zclassic in relative terms to other Bitcoin hard forks such as Bitcoin Gold and Bitcoin Diamond. It is the cryptocurrency-equivalent of putting the word “blockchain” in your company name and seeing your stock soar 394%.
The great thing for Bitcoin Private is that Bitcoin Gold and Bitcoin Diamond are both ridiculous projects. I’ve written a piece on Bitcoin Gold previously which you can read here.
Bitcoin Gold: $269
Bitcoin Diamond: $31.6 ($316 when adjusted to equal supply)
Bitcoin Diamond’s valuation is even more absurd, since it is traded at a valuation which would place it at the ~11th spot among cryptocurrencies worldwide right now even though background research suggests that the project may be entirely fraudulent. That didn’t prevent the valuation from reaching that high before any source code for it even existed. My theory as to why Bitcoin Diamond is trading at such a high valuation is that there’s always going to be a handful of traders that either are trading by the greater fool theory or are entirely oblivious to fundamentals when valuating Bitcoin hard forks (i.e. not understanding that the tenfold increase in supply means $31.6 per coin is actually equivalent to $316). The price of these forks is simply determined by the size of the group of irrational buyers and the free float of the coin, which for both Bitcoin Gold and Bitcoin Diamond is deceivingly small.
Meanwhile, the free float of Zclassic (ZLC) is even smaller than that of Bitcoin Gold or Bitcoin Diamond. Merely 1.8M ZLC has been mined since Nov 2016. As Zclassic essentially becomes “Bitcoin Private futures” they’ll be exposed to the same group of irrational buyers, and prices beyond $400 per ZLC all of a sudden doesn’t seem that unthinkable (currently trading at $80). What’s funny is that buying Bitcoin Private doesn’t even have to be such an irrational idea. Fungibility is one of the most sought-after additions to Bitcoin, and zk-SNARKs do provide a solution to that problem. The relaunch will increase the coin’s network effect tremendously, forcing wallet support as well as listings on a multitude of exchanges. The only thing that is ridiculous about Bitcoin Private is the notion that an altcoin can fork into becoming a “Bitcoin hard fork” just by merging words.
What do you think the next coin adding the Bitcoin UTXO set and rebranding will be? Let us know in the comment section below!
Images via Shutterstock
Disclaimer: Bitcoin price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”
The post Trading Tip `The Wall´ – Absurd Profits from Zclassic a.k.a. Bitcoin Private appeared first on Bitcoin News.
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The Satoshi Revolution – Chapter 3: Exchanges – Exchanging Liberty for Convenience? (Part 6)
The Satoshi Revolution: A Revolution of Rising Expectations.
Section 1 : The Trusted Third Party Problem
Chapter 3: Trying to Undo Satoshi
by Wendy McElroy
Exchanges – Exchanging Liberty for Convenience? (Chapter 3, Part 6)
The best “TTP” of all is one that does not exist, but the necessity for which has been eliminated by the protocol design, or which has been automated and distributed amongst the parties to a protocol. The latter strategy has given rise to the most promising areas of security protocol research including digital mixes, multiparty private computations, and Byzantine resiliant [sic] databases. These and similar implementations will be used to radically reduce the cost of current TTPs and to solve the many outstanding problems in privacy, integrity, property rights, and contract enforcement while minimizing the very high costs of creating and operating new TTP institutions.
The utter brilliance of Satoshi Nakamoto’s insight into the “trusted third party” problem is not obvious. Nor is its importance to freedom. It is not merely an economic insight or a clever sidestepping of government; it is a key to human progress that is as pivotal as the concept of property rights, freedom of speech, and freedom of religion.
First, it is necessary to seemingly disagree with Satoshi in order to arrive at a point of total agreement.
Trusted third parties (TTPs) are intermediaries between two parties who wish to transact business but require someone to administer the exchange, as in the case of the escrow on a house. TTPs can be an unadulterated good because they are a natural and valuable evolution within a complex human society. As society grows beyond barter, people need representatives whom they can trust on the basis of personal knowledge, reputation, or the vested interest of the TTP. International transfers of money, guarantees on loans, investment in start-ups…these are the stuff that allows businesses to establish and flourish.
There is a personal aspect, as well. A trusted other can act as a guardian for parents who are distant and incapacitated. This is part and parcel of human beings needing each other.
The required third party may be a financial institution, a family member, an attorney, a friend, or a recommended stranger. It is not be too strong a statement to say that a sophisticated economy could not exist without their presence.
But that’s not what Satoshi meant by a TTP. He decried an obscene perversion. TTPs have been usurped by government and converted into a grotesque mirror image of themselves. Instead of being freely chosen by individuals based on their own self interest, they are “choices” mandated by government based on its needs. In other words, TTPs such as central banks serve the government at the expense of people who are allegedly their customers who are reported, investigated, and prosecuted for conducting business with their own money.
Central banks, and other forms of finance, have converted the immense value of TTPs into a form of oppression. Years ago, I spoke to a friend who was visiting from a communist country. He said no one opened a business there because the process could take years and it required volumes of paperwork merely to sell a loaf of bread to someone. Loaves of bread still circulated, of course, because the black market flourished outside of “official” channels; the selling and buying of goods is the basis of life itself. It cannot be extinguished. It can only be criminalized. That’s what government does to wealth and the flow of community when it mandates who or what can be a TTP.
Cryptocurrency has thrown government for a loop. At first, it did not understand crypto and, so, it did not take the phenomenon seriously. Finally, a glimmer of understanding occurred. Not of the technical dynamics, of course, but of the political and social implications. It was and is a threat. Governments no longer controlled the issuance of money, and the mandated TTPs into which it forced people were being obsoleted.
Governments want to regain control. Some ban cryptocurrency; others issue their own statist versions of it; many scramble to come up with a combination of legal solutions. Mostly, politicians are just scrambling. They are trying to wrap their fists around the micromanagement of currency, which is the key to social control.
How? It was inevitable that a new form of free-market money would be used as something more than a form of direct exchange, and it would assume the many other roles money performs, such as speculation and currency exchange. Decentralized exchanges evolved to permit the role of crypto to expand without destroying its initial value of privacy, anonymity and control by the individual. But, unlike the individuals who use them, these exchanges were and are visible. They are vulnerable to attack by authorities.
There are two ways to quash this expression of economic freedom, and both are being used. Decentralized exchanges that operate without the permission of government are prosecuted. Centralized exchanges that are licensed and regulated in much the same manner as banks are encouraged. Eventually, the time will come when all peer-to-peer transactions will be viewed as criminally suspect, whether or not they occur through exchanges.
It is the incredible contribution of Satoshi that he combined the importance of issuing money with the trusted third party “problem”. There has never been a more profound acknowledgement of the TTP problem to personal freedom. It was a missing link that no one else connected.
Current TTPs endanger people’s freedom because they are now an arm of government, which Satoshi’s vision originated to avoid.
The fundamental feature of free-market third parties is that they facilitate the individuals who voluntarily use them and are considered to be customers. They provide a service on the free market. A crude and simplified test of whether a TTP is a service or a threat is to ask a few questions. Does the TTP make an individual’s personal property safer, or does it constitute a risk to it in any manner? Are there a range of free-market options among which to choose or are there monopoly institutions with which people are forced to deal in order to perform necessary financial matters, such an international transfer? Does the TTP serve the needs of individuals or of the government?
Many people have become so used to central banks and other government TTPs that they forget that “services” provided are supposed to be “services,” rather than vehicles of oppression. True services do not confiscate or freeze accounts in the absence of theft or fraud. They do not report transactions to hostile others, such as rapacious governments. They do not demand intrusive information or refuse transfers to unapproved traders.
A valid trusted third party is like a money-changer in the idealized olden days. He counts your currency with honesty; he checks the current conversion rate; he hands you the bills, and you walk away. All parties, who have any business being parties to a transaction, are satisfied. The foregoing example is simplistic, of course. But it captures something.
If government cannot control the issuance of money, it needs to control its circulation. Governments realize they have lost their monopoly over currency. Their best move is to control the circulation of every unit of wealth in society, whether or not it is created by them. And exchanges are the choke point at which they can do so. Unfortunately, most exchanges are more than happy to become ersatz bureaucracies in return for the official privileges they receive.
Prosperity is independence and freedom. I wish wealth, privacy, and protection from authority to everyone in 2018.
[To be continued next week.]
Thanks to editor/novelist Peri Dwyer Worrell for proofreading assistance.
Reprints of this article should credit bitcoin.com and include a link back to the original links to all previous chapters
Wendy McElroy has agreed to ”live-publish” her new book The Satoshi Revolution exclusively with Bitcoin.com. Every Saturday you’ll find another installment in a series of posts planned to conclude after about 18 months. Altogether they’ll make up her new book ”The Satoshi Revolution”. Read it here first.
The post The Satoshi Revolution – Chapter 3: Exchanges – Exchanging Liberty for Convenience? (Part 6) appeared first on Bitcoin News.
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BitcoinTV by World Crypto Network on YouTube
The 17th installment of CryptoGoldCentral.com's "One-on-One" interview series is a SPECIAL CRYPTO-DIVIDEND UPDATE with the Bitcoin Meister, Adam Meister (@techbalt) - who has unquestionably become the go-to source of updated crypto-dividend information and analysis.
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