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.
Monday, July 31, 2017
Bitcoin Cash and KeepKey
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TGOlson/blockchain-network
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BitcoinTV: by BitcoinMeister on YouTube
I am trying to make my way from Australia to Baltimore so doing live shows is going to be hard for about 2 days. Here is a compilation video that I think a lot of you will enjoy. Watch the entire thing because the last clip is from this month in Perth. Thursday's show- https://www.youtube.com/watch?v=ZGGLTC7Kwtk This week in Bitcoin show- https://www.youtube.com/watch?v=rldHlWJani8 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. "MeisterFreeTShirtNoPurchaseNeeded" free Tshirt with no purchase necessary. buyers need to add the tshirt into the shopping cart, Apply coupon, it'll deduct $7.99 from total which leaves $5.00 to be paid for Shipping Shirts could run out so there might be shipping delays. . There are total 6 crptocurrencies. Bitcoin, Dash, Litecoin, Ethereum, Zcash and Monero. BUY Cryptograffiti shirts here and use the "Meister" discount code to get 10% off anything in the store! http://ift.tt/1SYvsdA : UPVOTE THIS- http://ift.tt/2f3gnwU 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: 124ZqLGRePVx4P6YSDLnzjETZ1ByFsDTfb ETC: 0x36ab30f3ef5165e29b5fcefbc06511004c16ed31 Monero: 47MnZvoKVeZL4xhczW3t7zTnHQhJ3wkJ2Yxgyh2iWKTDhqrvdxjg41xZXrJhzn4yXxGVCJyNBroxK738rHKfGPWkQRQ2jj1 LTC: LcCYcbdFUR5W9rWbozmUrmhtsp89syKnbX ETH: 0x7386dbca3e8da787cc39190802fcba85a07ea5a9 DASH: Xjcpo8Lh6NKQoV3F12pGpXUiK4XRoQyudN Decred: Dsoq2ZPcqQDj5TSBLMAFX2SxCMHaYFnDty4 I ACCEPT EVERY ALTCOIN! This video explains what to do to get me to list, talk about, and create a payment address for your favorite Altcoin: https://www.youtube.com/watch?v=VD9GOslS4zg Very Important Bitcoin and Altcoin storage video you need to watch- https://www.youtube.com/watch?v=aulSblKDeIU My latest Steemit post: http://ift.tt/2eRvfP6 My Steemit page: http://ift.tt/2eAQkeJ https://www.youtube.com/c/BitcoinMeister http://ift.tt/2fIBPWR Value of every cryptocurrency- http://ift.tt/1oKjfXP 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 0.15 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/2l8wT08
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Bitcoin Fork Watch: News & Guides on the Coming Bitcoin Cash Split
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3 Must Read Stories: Bitcoin to $5000, US Dollar Losing Streak, China's Military Confident
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CausePlay Introduces Blockchain Technology to Coupon and Rebate Market, Announces ICO
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Juniper Research Reveals 6 Out Of 10 Large Corporations Seek To Integrate Blockchain Technology
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Study Suggests 57% of Large Corporations Considering Blockchain
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Bitcoin technology faces split, may create clone virtual currency
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Weekly Roundup – July 24-30
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The Bitcoin Cash Timeline: What Will Happen When
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Innovate UK Offers £15 Mln Grants to Develop Blockchain Solutions
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Bitcoin soars ahead of blockchain split, Ethereum lower
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Bitcoin Cash 101: What Users Need to Know Before Tomorrow's Fork
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Could Blockchain Technology Breathe New Life into Asian Economy?
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Bloq Outlines Blockchain Solutions for Trade Finance and Supply Chain Management
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Why a “Blockchain Bubble” Might Be a Good Thing
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SBI Reveals Joint Blockchain Remittance Venture With South Korean Startup
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Big Business Booming with Blockchain Interest
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How Companies Bypass the Public Financial Markets for Funding via the Blockchain
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Full transcript: Blockchain expert and Circle CEO Jeremy Allaire on Too Embarrassed to Ask
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Juniper Research Confirms: Nearly 6 in 10 Large Corporations Considering Blockchain Deployment
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Coinbase Faces Backlash, Legal Risk Over Bitcoin Cash
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Coinbase Customers Suffer from Delays as Withdrawal Period Ends
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Bitcoin technology faces split, may create clone virtual currency
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Why your Bitcoin will be safe when 'Bitcoin Cash' is released
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New York City Staffer Sanctioned For Mining Bitcoins at Work
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Threat of a bitcoin split avoided, for now
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The Bitcoin Cash fork (update)
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Bitcoin Cash
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How breadwallet will handle Bitcoin Cash and bitcoin purchases during the fork.
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BitcoinTV: by World Crypto Network on YouTube
@ToneVays https://twitter.com/ToneVays Website: http://ift.tt/1ozzb3b Bitcoin: 1NAxERktkH8FCRJkeaThRJeQ3fzVjBdKEi Litecoin: LTVXjtfUBVdtDETpcLGXJeUa1ohgzNCQSf Latest News that is not allowing Bitcoin to enjoy SegWit and Rise in Price: http://ift.tt/2v00zSt Latest Stats on Signaling % http://ift.tt/1R19yEW https://www.xbt.eu/ Scaling TimeLine: http://ift.tt/2tdDhUt http://ift.tt/2vexn6S http://ift.tt/2u67c46 August 1st Warnings to be careful in using Bitcoin: http://ift.tt/2ubgegI http://ift.tt/2tdk3i4 Guide to setting up your own node (see below for making it #UASF compatible) http://ift.tt/2iIbrOb http://www.uasf.co/ http://ift.tt/2sCgpwY http://ift.tt/2oiHRRp UASF-BIP148 & SegWit2x-BIP91 Support Stats CoreDev UASF Support: http://ift.tt/2seVpAy Informative UASF Video's http://ift.tt/1mvgpM5 http://www.uasf.co/ UASF - BIP148 Mandatory Reading: http://ift.tt/2sLIhTc http://ift.tt/2sBTINZ http://ift.tt/2qDrzUZ http://ift.tt/2rds1aL http://ift.tt/2rxf4rn http://ift.tt/2rkveXB http://ift.tt/2qA09MA http://ift.tt/2rzBhpy http://ift.tt/2rpV6kX http://ift.tt/2spoJUu Important Video's https://www.youtube.com/playlist?list=PLQBwZ2xry6eZNK6zhYaefOl8prFbGxipq Links to Equipment that is on the way: http://ift.tt/2sx4JN7 http://ift.tt/2nccAg0 Tone Vays is available for consulting at the rate of 0.1 btc per hour. Please email Tone@protonmail.ch for additional info.
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AP Explains: Threat of a bitcoin split avoided, for now
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Bitcoin Technology Faces Split, May Create Clone Virtual Currency
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A New York City Education Department Employee Got Caught Mining Bitcoin at Work
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What Do Core Think of Bitcoin Cash?
The question in the title is misleading. Because what Core think, and what Core and Blockstream want you to think and believe, are two entirely separate things.
Recently Bitcoin Core developer Luke Dashjr (aka Luke-jr) wrote an opinion piece almost entirely about “Bitcoin Cash” itself.
But before we get onto the Bitcoin Cash topic here, let me address one glaring point made by Luke early on in his piece. Given that Segwit2x is well underway now, Luke actually makes an admission – stating, and I quote “Basically, BIP148 (UASF) was an early success”. This statement conclusively reaffirms statements I made in an earlier piece that Blockstream (UASF) and DCG ( Segwit2x) are in bed together. And I’m going to restate this – big blockers have been played.
But Luke’s ponderous post is genuinely a marvel in deceit. He bewilderingly states that “Bitcoin Cash” is an altcoin, and that it is an attempt to hijack Bitcoin.
This play on words is all too common within the Blockstream camp. The hijacking came from Blockstream and no one else. But to help illustrate this point, allow me to paint this picture. Suppose you are part of an open source project. You release a founding paper specifying your project’s inner workings, methods, and overall operation. Your project is unfunded, but passionately developed within an open, transparent, thriving community. A new company emerges, and cleverly makes its way among your development team, and receives an incredibly large amount of funding from some very big players in the industry. This company then starts to weed out some of the early developers of the project, and particularly those who don’t agree with the company’s very distinct vision.
Discussion and promotion of the original founding paper is prohibited. This company then (for argument sake let’s just call it Blockstream) rewrites the project to a vision that is incompatible with its original founding paper. So then in retaliation a small group of people, some who were there in the beginning, come together, and re-launch or rather see the continuation of the original project with the original intention, following the original founding paper.
Who in the above paradigm hijacked the project? Unless you are heavily compromised, it takes no genius to figure out the answer. Blockstream took over Bitcoin, fundamentally changed its course direction, and are now actively attacking the minority who wish to retain the original vision.
Bitcoin’s community has been aggressively split for several years now. If Luke’s heart was in the right place, he should genuinely wish Bitcoin Cash all the best, and in fact thank them for going their own way, and finally ending years of dispute. Instead he chooses to attack further.
Segregated Witness is an extreme departure from the Bitcoin described in inventor, and creator, Satoshi Nakamoto’s white paper.
Satoshi in his wisdom wrote “Bitcoin can already scale much larger than [VISA] with existing hardware for a fraction of the cost.” Bitcoin was already scaleable, it didn’t need Segwit. The threat “Bitcoin Cash” poses is that it can finally prove itself, with the removal of the 1MB temporary cap it will demonstrate to the world that Core devs were lying all along, and Bitcoin can scale to astronomical heights, and operate very efficiently and securely.
So now the new agenda by Core and Blockstream is to attack “Bitcoin Cash” as an altcoin, and to discredit its position as the true Bitcoin. But anyone reading Satoshi’s whitepaper and other writings will instantly recognise that ‘Bitcoin Cash’ is indeed the coin the inventor and creator desired. But this isn’t about doing it for ‘Satoshi’. It is about recognising that there was nothing ever wrong with the original roadmap for Bitcoin. The derailment by Blockstream into Segwit isn’t for Bitcoin’s benefit, it is actually for the benefit of Blockstream and its many investors.
Luke also stated that “this isn’t a particularly unique or even first-of-kind altcoin: “Bitcoin Dark” and “Bitcoin Plus” have tried to hijack the “Bitcoin” name previously”.
Again, he mentions the term ‘hijacking’. This isn’t hijacking anything. If Blockstream chooses to fundamentally change the inner workings of Bitcoin, and a group of loyalists who truly believe in Bitcoin’s capability in its current form with the transaction cap removed choose to keep things as they are – why should it not be called Bitcoin? Bitcoin Cash is true Bitcoin in every sense of the word, and is 100% aligned to the whitepaper description.
Luke’s stated “Bitcoin Plus” and “Bitcoin Dark” are both non-compliant to Bitcoin’s whitepaper, and further they did not maintain Bitcoin’s existing ledger as they were not forks of the main chain. Luke’s inclusion of these two cryptos is intentionally misleading.
Segwit on the other hand is so much a departure from Bitcoin’s whitepaper that if you would determine altcoins on technicalities alone, Segwit would be it, hands down. Where does the white paper mention splitting witness data?
Why should a central body, such as Blockstream, have the final say as to what Bitcoin is and isn’t? Bitcoin Cash’s value and status will in the end be determined by the free and open market, not by the rantings of a Core developer.
Written by Eli Afram
This post was originally published here and has been re-published with the permission of Coingeek and the author.
This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com does not endorse nor support views, opinions or conclusions drawn in this post. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. 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 information in this Op-ed article.
The post What Do Core Think of Bitcoin Cash? appeared first on Bitcoin News.
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One of the largest bitcoin exchanges in the world will not support bitcoin cash
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The Bitcoin Cash Timeline: What Will Happen When
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Bitcoin Split Divides Predictions
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Bitcoin Price is Likely to Surpass $3000 After SegWit Activation: Opinion
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Bitcoin Exchange Sued for 3085 Bitcoins After Reversing Bitcoin-Ether Trades
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PR: Top Blockchain Companies AlphaPoint, Bloq and RSK Labs Show Support for Exchange Union
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.
July 31th, Shanghai, China – Exchange Union has attracted the support of high profile blockchain companies AlphaPoint, Bloq and RSK Labs ahead of its crowd sale on Aug 7. Exchange Union aims to bridge digital currency exchanges via XUC, an inter-exchange token that allows secure cross-platform trading. Exchange Union has appeal for blockchain technology companies, particularly those specialized in use cases and infrastructure. AlphaPoint is one such company that provides asset digitization through its distributed ledger platform. With a growing following of clients from around the world, AlphaPoint president and COO Igor Telatnikov was clear on the benefits that Exchange Union can bring;
“Exchange Union will bridge digital currency exchanges by breaking the barriers of separation among them, thus raising the liquidity of digital asset markets. This will be of great benefit to the industry. We believe Exchange Union will lead the trend for settlement on blockchain.”
Exchange Union has also been favoured by RSK Labs. As a distributed platform of smart contracts on Bitcoin Blockchain, RSK Labs has developed an extensive fan-based Bitcoin and blockchain community and is widely regarded as one of the best solutions to the Bitcoin scale debate. Gabriel Kurman is co-founder of RSK Labs and sees value in Exchange Union commenting,
‘Exchange Union can play a key role connecting exchanges across the world and enabling the full potential of the internet of value. RSK technologies, such as the Lumino network, will allow Exchange Union members to trade up to 20,000 transactions per second of any kind of digital asset. We will pay close attention to this promising project and support its development.’
Exchange Union has also caught the attention of Bloq that is widely recognised in the industry as a leading provider of enterprise level blockchain technology offering software solutions, business consultation and blockchain application support. Jeff Garzik is the co-founder of Bloq, a member of Bitcoin Core, a very experienced developer and also a “Linux lieutenant” maintainer working directly under Linus Torvalds, creator of Linux, for over 10 years.
Garzik recognizes the Exchange Union project objectives such as its ability to bridge global digital currency exchanges and the benefit of fast, secure and convenient transactions on the Exchange Union Chain, and added that he will support the development of the project.
Exchange Union token sale will go live at 09:00 EST on August 7th 2017. The token sale is being held via the largest token sale platform Token Market. For more information, visit http://ift.tt/2vjIjzG or contact us at contact@exchangeunion.net.
We are looking forward to your support!
Press Contact Email Address
contact@exchangeunion.net
Supporting Link
http://ift.tt/2vjIjzG
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: Top Blockchain Companies AlphaPoint, Bloq and RSK Labs Show Support for Exchange Union appeared first on Bitcoin News.
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Ignition Creative Teams With Jack Abramoff In Reality Series About Bitcoins
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Bitcoin Cash 101: What Users Need to Know Before Tomorrow's Fork
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Bitcoin's 'civil war' probably won't impact Nvidia and AMD - no matter of who wins (NVDA, AMD)
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Bitcoin will likely split into 2 — and it's all because of bitcoin cash
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AP Explains: Threat of a bitcoin split avoided, for now
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Bitcoin's civil war could cause a 'fork' — here's what that means
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The Next 24 Hours Will Decide Bitcoin's Fate
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Price Analysis, July 31: Bitcoin, Ethereum, Ripple, Litecoin, Ethereum Classic
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Bitcoin Cash Futures Plunge as UAHF Approaches
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Bitcoin to surge nearly 80% to $5000, ethereum to double, Standpoint's Moas predicts
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A new currency: Bitcoin's 'civil war' ends on Tuesday and 'Bitcoin Cash' will be born
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Voorhees Decision Will Not Affect Shapeshift.io Support for Bitcoin Cash
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Bitcoin rebels risk 'currency trading chaos'
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Bitcoin on track for monthly gain; ether extends slump
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Belfrics to Launch Bitcoin Exchanges Across Africa
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Why bitcoin and its digital cousins are under increasing scrutiny
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Cryptocurrency News: Bitcoin Eyes Highs as Fork Approaches
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Bitcoin LIVE news: Latest on price as Bitcoin cryptocurrency surges ahead of BCC hard fork
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How Airbitz Hopes to Keeps Bitcoin Decentralized on Mobile Wallets
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Op Ed: Launching an ICO? Follow This Advice from the SEC
Lost in the headlines over the SEC’s recent pronouncements on cryptocurrency was important practical advice for both promoters of and participants in initial coin offerings (ICOs).
Most coverage was rightfully garnered from the Report by the SEC’s enforcement division which deemed that DAO Tokens are securities, after subjecting the offering to the Howey test. However, the simultaneously issued Investor Bulletin should also be closely read by issuers of ICOs and their counsel.
Advice for Issuers and Counsel
Even though the bulletin was prepared as a cautionary statement to investors, it contains at least one disclaimer (in boldface type) that attorneys advising ICOs should add the following language to any offering document or white paper:
Investing in an ICO may limit your recovery in the event of fraud or theft. While you may have rights under the federal securities laws, your ability to recover may be significantly limited.
We have previously discussed the importance of these disclaimers and risk factors. By discussing the vulnerabilities of cryptocurrency exchanges and the potential difficulties associated with any recovery of invested or stolen funds, the SEC signals at least some of the risk factors counsel should consider adding to ICO offering materials.
In fact, prudent attorneys advising their ICO clients would be wise to employ the cut-and-paste function, adding the above caveat to all their documents.
This additional wording is significant in that it spells out three key characteristics of ICOs:
(i) the difficulty of tracing or securing virtual currency;
(ii) the international scope of ICOs; and
(iii) the fact that lack of any central authority may limit an investor’s remedies against an issuer.
Practical Advice for Investors
Besides the usual bromides about being wary of any offer that sounds “too good to be true,” the SEC demonstrated an appreciation for the unique due diligence required in carefully evaluating an ICO.
According to the bulletin, investors should “ask whether the blockchain is open and public, whether the code has been published, and whether there has been an independent cybersecurity audit.” The SEC is communicating that those factors are indicative of companies whose products are verifiably real and secure.
Given the importance the SEC placed on these three items, rather than await questions, such points should be clearly addressed by an issuer in its ICO materials distributed to potential investors. Issuers of ICOs should include those factors and other “good facts” that can help to demonstrate their product’s value, security and legitimacy.
While the recent flurry of documents emanating from the SEC likely has given issuers of ICOs and their counsel pause (and caused them to walk each token through the Howey test), it does not appear to have stifled these transactions.
However, where the report reiterates the conceptual framework under which any potential token offering be evaluated to determine whether it constitutes a securities offering, the bulletin provides practical advice, and investors should expect to see some of the SEC’s language repeated in ICO offering documents going forward.
The post Op Ed: Launching an ICO? Follow This Advice from the SEC appeared first on Bitcoin Magazine.
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Blockstack Summit Tackles the Future of Decentralization
Following a week of bombshell developments in the industry, from the SEC classifying the DAO Tokens as securities to the arrest of Alexander Vinnik for allegedly laundering 4 billion dollars through BTC-E, the inaugural Blockstack Summit kicked off on the morning of July 27th with an eye toward innovative layered protocols that can exist on top of existing blockchains.
Hosted at the Computer Science Museum in Mountain View, CA, the conference began with a discussion of transitions between the “terminal model” of computing and the personal computer over the course of digital history. In their talk, Blockstack co-founders Muneeb Ali and Ryan Shea discussed how recent moves toward cloud computing and storage take away the data privacy and security guarantees long afforded by personal computing. In response to this problem, Blockstack and other decentralized applications built on top of various blockchains aim to give consumers the ability to control, manage and streamline their own digital lives.
Elizabeth Stark, co-founder and CEO of Lightning Network, then discussed recent technical developments that allow for both higher transaction volumes through specialized off-chain payment channels and transactions between two different types of cryptocurrencies. These developments are saving both parties transaction fees in the long run and helping alleviate some of the scaling issues that bitcoin and other currencies have been facing in recent years.
Learn more about Lightning Networks in our three-part series, Understanding the Lightning Network.
Bram Cohen, BitTorrent creator, took the stage later with Blockstack’s Ali to discuss developments in the space. When asked about the scaling debate and recent implementation of SegWit, Cohen drew chuckles from the crowd with an adamant declaration that “SegWit solved a bug that should have been solved when Bitcoin was created.”
Cohen also endorsed Bitcoin Core and shared his doubts regarding the technical competency of the teams behind some of the more recent ICOs of ERC20 tokens built on top of the Ethereum blockchain: "As a general rule, if you don't have the skills to build your own token from scratch, you shouldn't run an ICO.”
Nick Szabo, computer scientist and legal scholar, then discussed the origins of contract law, the historical implementation of smart contracts and the next steps the industry needs to take to implement smart contracts in a variety of commercial transactions, both between consumers and companies and between companies themselves.
Drawing on his studies at George Washington University Law School, Szabo advocated for the integration of smart contracts into traditional contract and property law frameworks. Instead of attempting to rebuild legal theory from scratch, developers should work with existing frameworks that have already been debugged for centuries.
Szabo explained a dichotomy of contract law: “dry code,” where an entire agreement can be interpreted and executed by computers based on a number of digital inputs; and “wet code,” or traditional law, where the agreements are interpreted by individual parties based on their own definitions of words and phrasing.
Vending Machines were the original smart contracts http://pic.twitter.com/PS14bFdmL8
— AngelList (@AngelList) July 27, 2017
Many industries exist today to help quantify and define examples of “wet code” in the world. Insurance claim adjusters analyze accident reports and eyewitness testimony in order to correctly pay out claims based on fault and the monetary value of the actual damages suffered by each party, for example.
Translating poorly organized data from real-world situations into a series of executable actions based on the terms of an agreement is a valuable service. Rather than call for an abolishment of these systems, Szabo argued that the future of decentralized smart contracts will exist in tandem with the best parts of more traditional finance industries in the coming future. Over the coming years, larger portions of traditional data analysis will become obsolete, performed digitally by more powerful and intelligent computers.
This is not the first time Szabo has spoken on the subject: As early as 2008, Szabo broke down the differences between wet and dry code on his blog, Unenumerated.
Next, Balaji Srinivasan, founder of 21.co and a16z Board Partner, introduced the Nakamoto coefficient, a metric inspired by the Lorenz curve and Gini coefficient to quantify the relative decentralization of different types of cryptocurrencies. By looking at the distribution of power in six subsects of individual cryptocurrencies, Srinivasan was able to compare the relative strengths of different blockchains and networks against attacks that require a majority or supermajority of the power in a system to be compromised.
Srinivasan started by organizing the six essential subsystems of both Bitcoin and Ethereum:
-
mining, where power is equal to who receives mining rewards;
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clients, where power is equal to the number of users;
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developers, where power is relatively equal to the number of commits;
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exchanges, where power is equal to trading volume;
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nodes, where power is measured by the distribution of nodes around the world; and
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coin ownership, where power is measured by how much coin each wallet address contains.
After calculating the amount of power owned by each entity in the six subsystems, Srinivasan was able to calculate a Gini coefficient (dubbed the “Nakamoto coefficient”) based on the relative power concentrations for each subsystem. For instance, if every miner has the same amount of hashpower and receives the same reward, the subsystem would receive a value of 0. If a single miner receives all of the rewards, then the subsystem would receive a value of 1.
Srinivasan’s Nakamoto coefficient calculations for Bitcoin and Ethereum
Despite a myriad of differences, both Bitcoin and Ethereum have nearly identical Nakamoto coefficients of ≈0.91, indicating that at least one subsystem in each ecosystem is highly centralized. However, based on Srinivasan’s calculations, it’s clear that Bitcoin is either slightly (client, exchanges, nodes and owners) or drastically (mining and developers) more decentralized than Ethereum. Most surprisingly, Bitcoin’s mining network is far more decentralized than Ethereum’s (0.4 vs. 0.82).
This is the first time Srinivasan has discussed a metric for decentralization of cryptocurrency markets. He has since published his findings, with links to the underlying datasets, on his company’s blog.
After a panel discussing specific use cases for cryptocurrency payments, Wealth and Poverty author George Gilder led a rousing endorsement of a tokenized, decentralized web and its ability to destroy “silos” of the internet created both by countries and companies alike.
Citing the vast amounts of data companies like Facebook, Google and Amazon save and measure about their users’ digital lives, Gilder spoke of a future where individuals can explicitly control the flow of their data, secured by decentralized protocols and powered by tokens.
It was fitting that Blockstack Summit was held in the Computer History Museum, an ode to the stories and artifacts of the information age and its impact on society. With fully restored IBM mainframes, an Apple I and the source codes of dozens of impactful softwares like MS-DOS, Photoshop and Word, the museum served as a backdrop for discussions that look to an open, free and uncensored society of the future.
The post Blockstack Summit Tackles the Future of Decentralization appeared first on Bitcoin Magazine.
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Bloq Outlines Blockchain Solutions for Trade Finance and Supply Chain Management
Bloq, a Chicago-based blockchain developer and software startup, has joined IBM and Microsoft to develop blockchain platforms and best practices for one of the most promising use cases for blockchain technology: trade finance and supply chain management.
Interest in the use of blockchain for trade is growing rapidly as companies and organizations like IBM, Microsoft, Hyperledger, JP Morgan and Walmart recognize that antiquated trade systems are long overdue for a complete restructuring and that blockchain technology has the potential to revolutionize the systems that make up global trade.
A common problem with current trade systems is fraud. The trip from farm or factory to store shelves involves numerous opportunities to falsify shipping documents and alter shipping container records or contents with little accountability.
"Global supply chain management has drastically changed in the last 10-15 years," William Nieusma, Vice President, Government Strategy at Bloq told Bitcoin Magazine: "Regulatory mandates, operational complexity and data security concerns have ramped up the pressure to overhaul these outdated systems.”
Nieusma is one of the authors of Bloq’s recently released white paper, “Accelerating Global Trade Processes with Blockchain,” designed to introduce their new project to develop a model blockchain network for companies involved in trade.
“But it's not all doom-and-gloom; adopters of blockchain-based systems can cut costs, improve customer service and find new, verified business partners," added Nieusma.
Alan Cohn, attorney and consultant and advisor to Bloq told us:
"Global trade is an area where blockchain can play a transformative role, not just for industry but also for government."
Nieusma noted that Bloq believes that in the future, the most significant and valuable business systems, including trade, will run on blockchains.
IBM has recognized the potential of blockchain and trade. In partnership with seven European banks, it is building a pilot blockchain trade program with Hyperledger to enable companies like Walmart and Maersk to use blockchain technology to better track the movement of farm and factory products to the store shelves.
Microsoft is also building a model trade program using the Ethereum blockchain in a pilot project with JPMorgan.
Blockchain Tech and Trade Are a Perfect Fit
Trade finance and supply management lend themselves well to the particular advantages of blockchain technology. The Bloq white paper states:
Blockchain technology holds considerable promise to substantially improve supply chain security and transparency. Blockchain’s inherent architectural attributes solve several weaknesses in current trade IT systems and processes to ensure information immutability and transaction auditing, thereby increasing trade value capture and value creation.
Bloq’s model trade platform promises companies high levels of cybersecurity, reduced waiting times, transparency, ease of revenue payments, low infrastructure investment, easily auditable transactions, efficient accommodation for additional participants, immutability and automatic bonding and payments through smart contracts.
Bloq plans to build a “permissioned, federated network” built on the Bitcoin blockchain that, depending on the client’s needs, will also support Ethereum and Hyperledger. Nieusma said:
“Bloq believes that the future is a multi-chain, multi-network world and that interoperability is a guiding principle in network buildout.”
The Bloq program will connect all parties involved in a trade including buyers, banks, sellers and transporters so that information about a shipment is distributed among all involved parties at the same time.
As the white paper states:
“Trade can be safer, more secure, and more profitable with less human error. We hope this discussion leads to an evolution in trade that benefits all stakeholders.”
The post Bloq Outlines Blockchain Solutions for Trade Finance and Supply Chain Management appeared first on Bitcoin Magazine.
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PR: Former PayPal Exec and Leading Online Reputation Expert Join Monetha As ICO Date Approaches
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.
Monetha, an innovative blockchain enterprise committed to revolutionising global commerce with their simple, trustful payment solution, is proud to welcome two highly-experienced new team-members to their expanding company.
Eric Duprat and Dr. Jean-Marc Seigneur bring incredible expertise and skills to Monetha. They will help the brand achieve its groundbreaking worldwide goals as laid out in their dynamic roadmap: the company has been on-target since it launched in January 2017 – and is set to change the way merchants and buyers work together.
Forever.
How? With their new, bold, powerful Decentralized Trust and Reputation System (DTRS).
Eric Duprat
Mr. Duprat and Dr. Seigneur might have different backgrounds, but their shared knowledge and skills makes them a formidable combination.
Mr. Duprat is Monetha’s new Payments Lead, while Dr. Seigneur is Decentralized Trust and Reputation Lead.
Mr. Duprat has over 20 years’ experience in global payment and security systems. He enjoyed huge success during his time with PayPal – raising their mobile business from $7M to a staggering $4B of payment volume across only 3 years and has led the release of PayPal’s iphone app.
Duprat studied at the prestigious Stanford University Graduate School of Business, and has made major industry innovations. He has a proven skill for driving startups to unparalleled success and for spotting powerful opportunities with immense potential.
Mr. Duprat also participated in the POS industry’s evolution as it raced toward mobile and multi-functional devices.
He said of Monetha:
“The DTRS is an excellent idea. After reading their white paper it was clear to see that the team had really done their homework and I am very excited to join their mission.”
Dr. Jean-Marc Seigneur
Dr. Seigneur is a recognised expert in trust and online reputation management and a .Phd professor/research and development manager at Geneva university.
He has advised diverse enterprises, including iconic global electronics companies (Philips, Nokia) and game-changing online retailers (Amazon).
On top of this, Dr Seigneur has assisted the European Commission, French Agency for Research, and the US Air Force Office of Scientific Research in information & security systems.
He has taught IT services engineering and online reputation management at universities in Switzerland, France, and Ireland. Dr Seigneur has also published more than 100 scientific papers on computational trust and online reputation management worldwide.
Dr. Seigneur said:
“I’ve researched attack-resistant computational trust and online reputation management for more than 15 years. Current business online reviews and ratings systems are too limited compared to what can be done with the state-of-the-art. Monetha can clearly improve the situation!”
Monetha: The Product
Monetha uses the Ethereum blockchain to process transactions up to 1000x faster than traditional alternatives, with low fixed fees of 1.5%.
Monetha are in phase two of their plans right now: bringing their strategising and prototyping to completion as they build an unbeatable team. Phase three is set to launch with their token sale on 31st of August 2017 – but their ambitious roadmap leads them goal-by-goal all the way to 2019.
Justas Pikelis, Business Lead and Monetha co-founder (with Andrej Ruckij and Laurynas Jokubaitis), said:
“We’re incredibly thrilled and humbled to have two experts of Eric and Jean-Marc’s calibre joining Monetha. Both gentlemen will prove integral to our ongoing growth, driving us towards phase three and the launch of our token on the 31th of August – and beyond! We look forward to changing the world as a bigger, better team!”
Monetha enables consumers to buy products from any country in the world, using any Ethereum-based cryptocurrency. The platform converts the buyer’s cryptocurrency of choice into a fiat currency, with a QR code designed to be scanned by cryptowallets ready for transactions.
Merchants will usually receive their payments within one minute of the transaction, with that guaranteed 1.5% fee.
Traditional online payment systems involve as many as 16 steps within a single transaction, often carrying large fees. Monetha aims to make this one step only, with a fixed-rate fee far lower to benefit merchants across the globe.
To learn more about Monetha, and follow the countdown to their token sale launch, visit https://www.monetha.io/
About Monetha:
Monetha is on a mission to change commerce – forever. Their Decentralized Trust and Reputation System (DTRS) will empower merchants and consumers alike with the ability to view transparent reviews, building a more trustful process. Monetha will also reduce the number of transaction steps from up to 16 to one, and provide merchants with a fixed commission fee of 1.5%.
Press Contact Email Address
justas@monetha.io
Supporting Link
www.monetha.io
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: Former PayPal Exec and Leading Online Reputation Expert Join Monetha As ICO Date Approaches appeared first on Bitcoin News.
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Donate Bitcoin: 1DGNW3nbNDGtuW1fXhq2fPgLsmf2uRY5hK Be a Patreon: http://ift.tt/2pyyM8u Bitcoin Blockchain statistics - XBT.eu https://www.xbt.eu/ 2778.34 USD / BTC - Average United States Dollar Bitcoin Price http://ift.tt/2cpK2y7 Public Company to Convert Bitcoin to Stock in First-of-Its-Kind Fundraise - CoinDesk http://ift.tt/2vlclqT FBI Has Gained Control Of Our Wallets: Bitcoin Exchange BTC-e http://ift.tt/2wdmgLn Bitcoin swings ahead of Tuesday's big decision - Business Insider http://ift.tt/2hgcUMc Get ProTip Ready - Support the Show! http://protip.is/ Follow MadBitcoins on Twitter: https://twitter.com/MadBitcoins Watch more at http://MadBitcoins.com/
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How Airbitz Hopes to Keeps Bitcoin Decentralized on Mobile Wallets
Airbitz is one of the more popular mobile bitcoin wallets among those who believe in the digital asset’s core tenet of decentralization. Recently, Bitcoin Magazine caught up with Airbitz CEO Paul Puey to get his thoughts on preserving Bitcoin’s decentralization in a smartphone environment.
“Decentralization has always been a key goal of our wallet, but of course balanced with usability,” Puey told Bitcoin Magazine. “While we present a login interface that mirrors a centralized, hosted solution, our wallet can still function even if Airbitz servers are 100% down. This is a unique proposition that is non-existent in the cryptocurrency or legacy technology space.”
Recently, Airbitz have added two features that point to the bitcoin wallet’s commitment to a decentralized economy: LibertyX integration and the ability to point one’s mobile wallet to a specific full node. Puey discussed these two features with Bitcoin Magazine, in addition to what Airbitz will be working on in the future.
LibertyX Integration
Earlier this year, a LibertyX plugin was added to the Airbitz wallet. This allows Airbitz users to find stores where they can buy bitcoin for cash from within their mobile wallet.
LibertyX is a service that allows people to purchase bitcoin with cash from a local store. A map of participating stores is available on their website, and amounts of up to $1000 worth of bitcoin can be purchased at these locations per day.
When purchasing $200 worth of bitcoin or less from LibertyX, a verified phone number is all that is needed to make a purchase. Amounts above $200 require further ID verification.
LibertyX users are able to receive their bitcoin after giving a cashier cash and a code generated from the LibertyX app on their phone in some locations, while other stores require that the user enter a PIN code found on their receipt on the LibertyX app after making a cash payment.
When asked if Airbitz may eventually roll out an integration with some form of P2P bitcoin exchange in a manner similar to Mycelium’s Local Trader functionality, Puey responded, ”At this point, we will continue to promote our integration with LibertyX. We believe they provide a great user experience and price for those looking to acquire bitcoin for cash, and it requires significantly less engineering to implement than a local trader type feature.”
Point to Your Own Full Node
Another feature that was recently added to Airbitz is the ability to point the bitcoin wallet to a full node of a user’s choice. Puey explained the importance of this feature to Bitcoin Magazine.
“Bitcoin democratizes access to financial services, but part of that democratization is choice — choice [as to] what services you use and support. The ability to choose your own node gives users the choice to connect to a node that implements the protocol they prefer, helping them put their vote on how they would like to define the future of Bitcoin.”
If a bitcoin user is not operating their own full node, then they are trusting someone else to make sure the rules of the network are being properly followed. By allowing users to choose a specific full node, Airbitz is making sure their users can choose who they trust with the job of the enforcement of Bitcoin’s consensus rules. Of course, users can also point their Airbitz wallets to their own full nodes.
The ability to choose a full node is also important when it comes to hard forks, as those who are not operating their own full nodes do not get a say in potential changes to the protocol rules.
What Else Is on the Way?
For now, Airbitz is mostly focused on their Edge Login SDK, which allows their Edge Security platform to be used for applications other than Bitcoin.
“You'll see features and functionality really geared towards our Edge Login SDK and supporting our decentralized app partnerships like Augur and Wings,” said Puey. “We aim to significantly grow the list of partners utilizing Edge Login, and you'll soon see new functionality that will help drive that effort.”
Puey added that Airbitz will continue to focus on the aspects of decentralization that they believe will extract the biggest value out of bitcoin and cryptocurrency.
“The concepts of decentralized ownership of value, decentralized private key security, decentralized access to the blockchain, and even decentralized development of the core protocol have been well promoted and supported by Airbitz,” said Puey.
The post How Airbitz Hopes to Keeps Bitcoin Decentralized on Mobile Wallets appeared first on Bitcoin Magazine.
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BitcoinTV: by BTC Sessions on YouTube
Today I speak with Francis Pouliot of Satoshiportal and Catallaxy in Montreal regarding Bitcoin scaling, segwit lock-in, BCash, and a bright future for Bitcoin. Francis on Twitter: @francispouliot_ Email: francis@satoshiportal.com https://twitter.com/francispouliot_ http://ift.tt/2k9o0SD https://bylls.com/ http://ift.tt/2hgpP0K Music: https://www.youtube.com/watch?v=KtXCsjS-Cjo TIPS: BITCOIN 1E74VZ8XQDKjEdovgH9tNWcynX1Nc6NTD LITECOIN LSPGEv5qyN7LH9euwouuPbSXUhrvZuSLYP ETHEREUM 0xB16bB3A76208AE22461B99D1048218FAe15E2A45 DASH XceZWrr3nN8jjrHxwxRGDcT461nEnncLxB
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PR: LAToken Implements Blockchain to Sell Fractions of Any Assets — From Real Estate to Art Objects
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.
Through the creation of digital tokens, any asset can be bought, sold, or traded in fractional shares on a secondary market, enabling asset owners to more effectively leverage the value of their previously illiquid holdings.
London, July 27, 2017 – LAToken (Liquid Asset Token, LAT) announces it will issue 1 000 000 000 LATokens at a Public Token Sale on August 22.
LAToken is a platform that tokenizes assets and makes them tradable. It enables anyone to unlock the value of illiquid assets, including real estate, bank loans, and works of art. An investor needs LATokens to buy asset tokens created on the platform and pay fees for the creation of asset token and transactions.
The platform is based on an existing home equity marketplace, founded by the CEO of LAToken, that has facilitated 12,000 mortgage offers and more than 1,000 deals for 7 banks and 25 investors in the past year. Our advisory board is joined by Anish Mohammed, advisor to Hyperloop Transportation Technologies, David Drake, Chairman of LDJ Capital, and Ismail Malik, Executive Chairman of Blockchain Lab.
“My dream is to make NASDAQ on Blockchain with a wider range of tradable assets and a dramatic reduction of listing costs, settlement time, and transaction costs,” says Valentin Preobrazhenskiy, CEO of LAToken, former portfolio manager at Avega Capital, and creator of a back office for hedge funds.
The LAToken platform gives asset owners a new way to gain liquidity by making fractional asset ownership possible and tradable with minimal transaction costs. Asset owners can quickly get cash by issuing LATokens and selling fractional shares via the LAT marketplace, while keeping the actual asset for their use instead of borrowing money and paying interest or renting.
“The secondary and primary markets of fractional ownership of home equity and mortgages are now on the verge of a breakthrough, thanks to cryptocurrency Blockchain smart contracts,” says David Drake, chair of LDJ Real Estate Fund and member of LAToken’s Advisory Board.
Blockchain technology enables selling fractions of assets by issuing tokens backed by assets. Owners of artwork or houses don’t need to wait for a buyer to purchase their house or piece of art. They don’t need a major auction house, which might take a 20% cut, and they don’t need a real estate agent who takes 2-3%. They also don’t need to wait months or even years to sell their asset. The owner of the asset simply completes application forms via the site, signs token sale and asset sale agreements, and creates a token on the platform. After an audit, the token is listed on the LAT marketplace and the sale date is announced. After the sale, the funds are delivered to the asset owner.
By purchasing liquid asset-backed tokens (LABT) at the LAT marketplace, investors get a small piece of an asset. An independent custodian owns a piece of this asset and delivers cash proceeds from the asset sale to token holders. Token investors know that on a certain date in the future, this custodian will sell this share of the asset back to its primary owner. If the owner doesn’t buy the share back, the custodian will sell the entire asset to the market and distribute the proceeds to the principal owner and the token owners.
Investors get the appreciated asset price on their fraction of the asset.
The LAT platform includes a Wallet for purchasing and managing asset token transactions and a TestNet. Investors can trade and manage asset portfolios via the LAT investment terminal, which provides trading functions, access to credible assets’ data stored on Blockchain, and asset portfolio analysis tools.
LAToken has opened access to the platform wallet that allows tokenizing assets and listing for trading at the LAT marketplace. You can list your assets via latoken.com.
Press Contact Email Address
kate@latoken.com
Supporting Link
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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: LAToken Implements Blockchain to Sell Fractions of Any Assets — From Real Estate to Art Objects appeared first on Bitcoin News.
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Blockchain Education Network to Conduct Multi-City ‘Bitcoin Airdrop’
The Blockchain Education Network will be conducting a global ‘Bitcoin Airdrop’ in partnership with Bitjob. It has been announced that fintech universities and cryptocurrency communities from 7 countries will participate in the airdrop, with the first event commencing on August 11 in Colombia. The events will distribute free bitcoin to young adults, and is set to see participation from many significant entities within the cryptocurrency industries.
Also Read: BEN Pays Students Bitcoin to Create Blockchain Course
The Airdrop Will Explore a Wide Range of Topics and Themes Pertinent to Different Sectors Within the Cryptocurrency Industry
The Blockchain Education Network has announced that it will be conducting a global ‘Bitcoin Airdrop’, starting in Colombia on August 11. The bitcoin event will then move to Russia, and will also make stops at the McGill University and the Richard Ivey School of Business in Canada; UC Berkeley, Wake Forest University, and St. Petersburg in the United States; the University of Queensland in Australia; Trivandrum and Bangalore in India, and in Puerto Rico. Several educational institutions are giving away small quantities of bitcoin during the event, providing young adults with the opportunity to experience cryptocurrency use.
The director of growth at the Blockchain Education Network, Alberto Jauregui, has stated 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 [Blockchain Education Network] chapters or regions.” The airdrop will explore a wide range of topics and themes pertinent to different sectors within the cryptocurrency industry. Jorge Perez, the director of the Blockchain Education Network Columbia, will be hosting the first event at a local restaurant, and is expected to focus on bitcoin adoption throughout Colombia and Latin America.
The second event is to be hosted in St.Petersburg in Russia on August 16, and will be a collaborative event held in unison with an ICO-Hypethon – an Initial Coin Offering (ICO) focussed hackathon where developers will be developing digital infrastructure surrounding ICOs to pitch to investors. Director of the Blockchain Education Network in Russia and key organizer of ICO-Hypethon, Rodion Mikhalev, describes the ICO-Hypethon as “a mix between a hackathon [and] an accelerator. It’s a 48-hour event hosted by Crypto Friends, where Eberhard Lindfort 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 them into successful ICO launches.” The Blockchain Education Network will also incentivize investment from ICO angels at the event, offering bitcoin to investors who partner with projects during the 48-hour event.
“This Year’s Event Is Shaping up to Be the Largest Ever as the Popularity of Bitcoin… Continues to Rise Globally” – Dror Medalion, Bitjob CEO
The Blockchain Education Network’s bitcoin airdrop began as a small event held outside of the main library at the University of South Florida last year, for which Alberto Jauregui hid paper wallets throughout the campus. For this year’s airdrop, Jauregui has planned a Bitcrawl in St. Petersburg, Florida – an event pioneered by McGill Students Cryptocurrency Club in Montreal, which sees the entirety of a main street agrees to accept bitcoin and become overrun by cryptocurrency enthusiasts for an evening.
The director of the Blockchain Education Network’s high school network, Sunrose Billing, has expressed his enthusiasm for the airdrop as a means to expose young adults to bitcoin, inspiring growth in the next generation of cryptocurrency adopters. “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.”
The airdrop’s principal sponsor is Bitjob, with Blockchain TV, Btc Media, Diid, and MLG Blockchain also supporting the event. Dror Medalion, co-founder and CEO of Bitjob, has stated that “It is a true honor to be sponsoring the 2017 Blockchain Education Network’s Global Bitcoin Airdrop across university campuses… This year’s event is shaping up to be the largest ever as the popularity of Bitcoin and blockchain [technology] continues to rise globally.”
Do you think that the Blockchain Education Network’s international airdrop will be successful? Share your thoughts in the comments section below!
Images courtesy of Shutterstock and Blockchain Education Network
Need to calculate your bitcoin holdings? Check our tools section.
The post Blockchain Education Network to Conduct Multi-City ‘Bitcoin Airdrop’ appeared first on Bitcoin News.
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The Bitcoin Trust Reveals Post-Fork Contingency Plan
Grayscale Investments, the sponsor of the Bitcoin Investment Trust has revealed its upcoming plans for the fund if a hard fork takes effect on August 1 producing another digital currency.
Also read: Vanished Cryptsy CEO ‘Big Vern’ Ordered to Pay $8M in Class Action Lawsuit
A Fork Contingency Plan for the Bitcoin Investment Trust
The Bitcoin Investment Trust (OTCQX:GBTC) is a fund that derives its net asset value (NAV) from the price of bitcoin. As we’ve explained in previous articles, lots of individuals are invested in investment vehicles like GBTC either with their Roth IRA or by other means. At the moment with no exchange-traded fund (ETF) in sight, some believe GBTC is the closest mainstream investors can get to that type of investment. Even though there is a significant premium for GBTC, the trust has done well over the past six months in parallel with bitcoin’s performance.
This week GBTC announced what the fund would be doing in regards to the possibility of an upcoming blockchain split. The firm says that there is a chance that “on or shortly after August 1” a new digital currency will exist called Bitcoin Cash (BCC). According to Grayscale, the sponsor will liquidate the proceeds, and GBTC shareholders may benefit depending on the outcome of many variables.
“The sponsor currently expects to cause the trust to liquidate any bitcoin cash associated with the bitcoin held by the trust and to cause the proceeds of such liquidation to be distributed on a pro rata basis to holders of units of the trust,” explains Grayscale Investments.
It is expected that any such distribution would be made only after allowing time for evaluation of the market for bitcoin cash and consideration of the manner in which to liquidate such bitcoin cash, which may be months after the fork occurs.
Grayscale Will Evaluate Bitcoin Cash But Can Offer No Assurances of Distribution Process
Grayscale details they will consider multiple factors when assessing the Bitcoin Cash market such as whether or not “appropriately regulated exchanges” will list the currency.
“In addition, such distribution, if and when made, would be to owners who held trust units on a specified record date, which is anticipated to be the day the fork occurs,” the firm explains. “The amount of any distribution will be net of expenses of the sponsor and the trust, including costs associated with liquidation and distribution.”
Further because of the uncertainty surrounding the bitcoin cash currency the sponsor can offer “no assurance” on the distribution process. The distribution may be “delayed or prevented due to technical, regulatory, commercial or other considerations, including security concerns.”
As with all bitcoin holders, many people are wondering what to expect this coming Tuesday. It will be interesting to see how all businesses handle this situation. Moreover, hedge funds that manage cryptocurrencies for investors like the Bitcoin Trust will also be deciding on how to distribute this split if it happens.
Grayscale adds, “the sponsor continues to evaluate all options open to the Trust with respect to bitcoin cash, and these plans are subject to change.”
What do you think about the Bitcoin Investment Trust’s plan for the possibility of an upcoming fork? Let us know what you think in the comments below.
Images via Shutterstock, Pixabay, Yahoo Finance, and Grayscale.
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Sunday, July 30, 2017
Is Kazakhstan The Next Cryptocurrency Hotspot?
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Will Bitcoin Cash Impact the Bitcoin Price? Traders Split on Possible Fork
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Freewallet announces support for Bitcoin Cash, to launch mobile BCC wallet on August 01
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Why Bitcoin Makes Sense In Currency Exchange
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Bitconnect Coin Technical Analysis for 07/31/2017 – Bears Are Back!
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Who support Bitcoin Cash (the complete list)
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Bitcoin Price Technical Analysis for 07/31/2017 – New Consolidation
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An Imminent Fork, Bitcoin Cash and Possible Chaos – Are You Prepared?
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Fujitsu Speeds Up Transaction Processing on the Blockchain
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Emirates Digital Wallet: What you need to know
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BitcoinTV: by BitcoinMeister on YouTube
I am on the road in Gold Coast Australia. Just want to get out a new Bitcoin video before I get on the plane to the USA!. Israel- ttps://twitter.com/BChainUnchained/status/891357646812573696
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Fujitsu Speeds Up Transaction Processing on the Blockchain
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BitcoinTV: by Tone Vays on YouTube
@ToneVays https://twitter.com/ToneVays Website: http://ift.tt/1ozzb3b Bitcoin: 1NAxERktkH8FCRJkeaThRJeQ3fzVjBdKEi Litecoin: LTVXjtfUBVdtDETpcLGXJeUa1ohgzNCQSf Magic Money Film: http://ift.tt/2kGRi82 Use discount Code "tone" if purchased on Vimeo BNC Liquid Index for Bitcoin On Trading View: BLX 1Broker affiliate code: 14766 (use at your own risk, it's unregulated): http://ift.tt/2q3uCDo BitMex affiliate code: http://ift.tt/2q0Jogc Disclaimer: The 1Broker & BitMex affiliate links are to be used at your own risk, I mostly use them to just place trades for less than $100 and I'm ready for all my bitcoins being hacked. (best is to always hold your own keys) Time Index: 00:01 - Intro & Travel Schedule - Equities - Gold - Oil - FX (EURUSD) - Bitcoin Technicals & SegWit/SegWit2x views - Litecoin - Bitcoin Thoughts (ViaBTC Bullshit & $BCC Hard Fork) - Live Q&A Time Analysis Article (August 11th, 2017 referenced in a 2014 Article): http://ift.tt/2tFqtck Latest News that is holding Bitcoin back in price: http://ift.tt/2v00zSt http://ift.tt/2paNzmL http://ift.tt/2uWLoJ1 http://ift.tt/2uXU6H2 Latest Stats on Signaling % http://ift.tt/1R19yEW https://www.xbt.eu/ Scaling TimeLine: http://ift.tt/2tdDhUt http://ift.tt/2vexn6S http://ift.tt/2u67c46 August 1st Warnings to be careful in using Bitcoin: http://ift.tt/2ubgegI http://ift.tt/2tdk3i4 Guide to setting up your own node (see below for making it #UASF compatible) http://ift.tt/2iIbrOb http://www.uasf.co/ http://ift.tt/2sCgpwY http://ift.tt/2oiHRRp UASF-BIP148 & SegWit2x-BIP91 Support Stats CoreDev UASF Support: http://ift.tt/2seVpAy Informative UASF Video's http://ift.tt/1mvgpM5 http://www.uasf.co/ UASF - BIP148 Mandatory Reading: http://ift.tt/2sLIhTc http://ift.tt/2sBTINZ http://ift.tt/2qDrzUZ http://ift.tt/2rds1aL http://ift.tt/2rxf4rn http://ift.tt/2rkveXB http://ift.tt/2qA09MA http://ift.tt/2rzBhpy http://ift.tt/2rpV6kX http://ift.tt/2spoJUu Important Video's https://www.youtube.com/playlist?list=PLQBwZ2xry6eZNK6zhYaefOl8prFbGxipq Links to Equipment that is on the way: http://ift.tt/2sx4JN7 http://ift.tt/2nccAg0 Tone Vays is available for consulting at the rate of 0.1 btc per hour. Please email Tone@protonmail.ch for additional info.
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S'pore sees first lawsuit over bitcoin
from Google Alert - Bitcoin http://ift.tt/2ub3p26
Bitcoin Analysts Bullish As Network Split Approaches
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Change.org Petition Urges Authorities to Give BTC-E Users Their Money Back
from Google Alert - Bitcoin http://ift.tt/2ualgX1
Eamon Leonard
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TOA 2017 Berlin – Truly a one-of-a-kind event – Our Highlights of TOA17
from Google Alert - Blockchain http://ift.tt/2uPiVCS
An Imminent Fork, Bitcoin Cash and Possible Chaos – Are You Prepared?
from Google Alert - Blockchain http://ift.tt/2v9sVJq
Fintech companies Urge the Federal Reserve to use Cryptocurrency
from Google Alert - Blockchain http://ift.tt/2uOMXGI
When blockchain meets big data, the payoff will be huge
from Google Alert - Blockchain http://ift.tt/2v9qF4Y
Mass Exodus from Coinbase Spawns 12 Hour Bitcoin Withdrawal Delays
from Google Alert - Blockchain http://ift.tt/2uPkrVp
Top Blockchain Companies AlphaPoint, Bloq and RSK Labs Show Support for Exchange Union
from Google Alert - Blockchain http://ift.tt/2v9hjGs
Vanished Cryptsy CEO 'Big Vern' Ordered to Pay $8M in Class Action Lawsuit
from Google Alert - Bitcoin http://ift.tt/2vcxfHC
Bitcoin (BTC) price recovers after decline; Ethereum price increases on its birthday
from Google Alert - Bitcoin http://ift.tt/2uOc1xz
Mass Exodus from Coinbase Spawns 12 Hour Bitcoin Withdrawal Delays
from Google Alert - Bitcoin http://ift.tt/2v9oazK
Top 10 Cryptocurrencies Show Signs of a Bullish run Next Week
from Google Alert - Bitcoin http://ift.tt/2uOEXW2
Russian accused of laundering $5b in Bitcoin
from Google Alert - Bitcoin http://ift.tt/2v9zyM6
Bitcoin Cash (BCC) waiting to be created as August 1 deadline looms
from Google Alert - Bitcoin http://ift.tt/2uOLVKU
Bitcoin, Blockchain and Cryptocurrency news – Week 30/2017
from Google Alert - Bitcoin http://ift.tt/2vWq83V
Software Engineer (full stack web, ERC20, blockchain)
from Google Alert - Blockchain http://ift.tt/2wbMqy0
Bitcoin and Ethereum Price Forecast – Consolidation is the Name of the Game
from Google Alert - Bitcoin http://ift.tt/2uOwceQ
Gemini's First Ethereum Auction Draws Virtually No Interest
from Google Alert - Bitcoin http://ift.tt/2v8YFyk
Internet's Largest Bitcoin Mixer Shuts Down Realizing Bitcoin Is Not Anonymous
from Google Alert - Bitcoin http://ift.tt/2uOsYYE
Brickblock Opens Real World Asset Investment to Crypto Users
from Google Alert - Bitcoin http://ift.tt/2v91Cz9
BTC-e.com Top Ten Bitcoin Exchange Seized – Bitcoins Stolen
from Google Alert - Bitcoin http://ift.tt/2uOFgR3
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BITCOIN (BTC) blockch✂️ain FORKS
🚧🛑🚧🛑🚧🛑🚧🛑🚧🛑🚧🛑🚧🛑🚧 Bitcoin Cash: Forked at Block 478558, 1 August 2017, For each 1 BTC you get 1 BCH Bytether: Cross for...