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What is Bitcoin?
Bitcoin is a digital crypto-currency with no single point of failure due to its decentralized peer-to-peer architecture. The source code is publicly available and switches to the reference Bitcoin client are made via concensus within the community. Advantages of Bitcoin include irreversible transactions (i.e. no possibility of chargebacks as with credit cards), pseudo-anonymous, limited and stationary inflation, near instant transactions, multi-platform, no double-spend and little to no barriers to entry and more. It was created by an anonymous person known as Satoshi Nakamoto. Find out more at WeUseCoins.com.
Bitcoin Latest News
Bitcoin cash soars above $700 – Business Insider
On Wednesday, bitcoin cash led a gigantic cryptocurrency rally, which followed a market crash earlier in the week. The crash, which was triggered by a crackdown on the cryptocurrency market by major financial regulators, sent digital coins into a tailspin .
Posted on seven September two thousand seventeen | 6:27 am
Reg D on the Rise? Investor-Grade ICO Products Are Coming – and Soon
Is the market for ICOs maturing? Protos’ latest announcement of a security token shows an institutional investor market ready to play by the books.
Posted on seven September two thousand seventeen | 6:00 am
Ukraine’s Government Plans to Auction Seized Assets On a Blockchain
Ukraine’s justice ministry has begun testing the use of a blockchain to digitally auction seized assets, according to a report.
Posted on seven September two thousand seventeen | Five:00 am
Speed Is Essential for Bitcoin Platforms – Investopedia
The Blockchain pledges to cut costs and boost connectivity inbetween customers and businesses around the world, but so far this potential goes largely unrealized. For reasons of cost, accessibility, and risk, Bitcoin is often slow. However, the .
Posted on seven September two thousand seventeen | Four:14 am
Opinion: This is the dumbest bitcoin bet you can make – MarketWatch
Shares of this publicly traded bitcoin BTCUSD, +0.81% fund leaped $55, or 7%, on Wednesday to close at $830. Your investment would have more than doubled since mid-June, from $382 per share. And the fund is up a staggering 630% since mid-April.
Posted on seven September two thousand seventeen | Three:17 am
Israel’s Largest Bank Embarks Blockchain Trial With Microsoft
Israel’s largest bank is working with software giant Microsoft to develop a blockchain-based platform for creating digital bank assures.
Posted on seven September two thousand seventeen | Trio:00 am
Eyeing Ghosts: Vitalik Is Eventually Formalizing Ethereum’s Casper Upgrade
Ethereum creator Vitalik Buterin has eventually begun formalizing his vision for proof-of-stake in a series of long-awaited white papers.
Posted on seven September two thousand seventeen | Two:00 am
Trio Must Read Stories: North Korea Oil Ban, China’s Military Prepares, Bitcoin Bubble – Barron’s
The speculative surge in the value of Bitcoin has seen the digital currency characterized as a bubble. Nobel Prize winner and Yale professor Robert Shiller has stoked the debate by comparing Bitcoin to other bubbles. CNBChas the details: “I’m not as .
Posted on six September two thousand seventeen | 7:56 pm
GreenAddress Is Now the Very first Mobile Wallet to Suggest SegWit Transactions
GreenAddress (and its reimplementation GreenBits), the Bitcoin wallet that was acquired by blockchain infrastructure company Blockstream earlier this year, is the very first mobile wallet to suggest Segregated Witness (SegWit) transactions. This means that GreenAddress users are among the very first to benefit from lower fees and quicker transaction times enabled by the long-awaited protocol upgrade.
“The Bitcoin network is presently not being spammed, so transactions with low fees are getting confirmed — however, with SegWit the required fees are even lower; they’re almost cut in half,” GreenAddress developer Lawrence Nahum told Bitcoin Magazine.
Once upgraded, all fresh addresses generated by the GreenAddress wallet will be SegWit addresses (tho’ packaged in a P2SH address, so they still look the same as before). Receiving payments on these addresses does not differ from typical addresses in any way, nor does spending bitoins from different addresses. But when users spend the bitcoins from the SegWit addresses later on, the protocol upgrade is utilized. This outgoing transaction that requires lower fees will be included in a block more quickly.
GreenAddress is not the very first wallet to enable SegWit: hardware wallets Ledger and Trezor introduced the fresh feature last week. But in both cases, of course, using the fresh feature requires wielding such hardware devices. GreenAddress, on the other forearm, is available to anyone with a smartphone or a computer; if the fees on rivaling wallets are too high, users can lightly switch to GreenAddress.
“We are now the very first mobile wallet to implement the solution, but I feel the ecosystem, unlike with previous soft fork upgrades, is moving truly quick,” Nahum said. “Hardware wallets are leading, Armory also has support, Bitcoin Core will have it in the 0.15.1 release, and I’m sure the others will stir rapid as they have strong incentives: In GreenAddress transaction fees are pretty much halved.”
Interestingly, the malleability fix that Segregated Witness provides will be utilized by GreenAddress as well. Due to malleability — the capability to switch the appearance of unconfirmed transactions — spending bitcoins from unconfirmed transactions could fail due to meddling of third parties. While this will not lead to a loss of funds, it could make for a bad user practice, which is why it wasn’t available to most users. With the malleability fix, this issue will now be resolved, and GreenAddress users can re-spend unconfirmed bitcoin balances straight away.
Over the years, GreenAddress has made a name itself by pioneering fresh features enabled by Bitcoin protocol upgrades. The wallet was, for example, the very first to suggest opt-in replace-by-fee, which permits users to bump the fee of an outgoing transaction. It was also among the very first wallets to suggest modern multisig addresses, the very first wallet to include fee estimation instead of static fees, the very first mobile wallet to support hardware wallets, and more.
Posted on six September two thousand seventeen | Four:00 pm
What you need to know about the latest Bitcoin boom – Big black cock News
But are investors like Varughese and Beckwith taking too much of a risk by buying into Bitcoin, and other crypto-currencies like Ethereum, Litecoin or Dash? Is there something about these digital currencies that underpins their soaring prices or are .
Posted on six September two thousand seventeen | Three:47 pm
Ether Price Analysis: China’s ICO Ban May Lead to Further Pull-backs
After Labor Day weekend, many ETH-USD traders were astonished to find a 30% market drop over the course of three days. After an initial drop to the $330s, the ETH-USD market suffered another suck as China announced it will be banning ICOs and conducting rigorous investigations into several of the newer coins such as NEO and OMG. This announcement from the Chinese government prompted several large Chinese exchanges to begin delisting coins under investigation. After all was said and done, the drop to $280 marked a 38% retracement since ETH-USD bull run from $130 to $400 values:
Figure 1: ETH-USD, 4-Hour Candles, GDAX, Macro Bull Run
After eyeing the test of the macro 38% Fibonacci Retracement values (shown above), the ETH-USD markets managed to bounce to the 23% retracement values. At the time of this article, the market is presently finding support at 23% retracement but the steam to proceed a sustained bull run is waning.
Looking closely at the current trend, we can see a potential bearish continuation pattern called a “Bear Flag”:
Figure Two: ETH-USD, 4-Hour Candles, GDAX, Potential Bear Flag
A Bear Flag is a bearish continuation pattern that is characterized by higher highs, higher lows, and decreasing volume. Bear Flags are found at the bottom of bear runs and are sometimes referred to as “Bull Traps” because bullish traders are often caught in these patterns by mistaking the rally for a macro trend reversal.
Typically, the Bear Flag is formed by strong bullish traders buying what they predict is the bottom of the bear run. The initial purchasing power of the bulls embarks to shove out the bears who either wish to take profit or were late to the bear run — this is called a “brief squeeze.”
However, one key characteristic to see out for in trends like this is the drastically decreasing volume via the length of the run. The decrease in volume essentially shows the lack of buyers in the market as the price commences to climb, level out and ultimately switch sides.
To calculate where the potential price target of this Bear Flag is, we must very first calculate the “pole length” of the flag:
Figure Trio: ETH-USD, 4-Hour Candles, GDAX, Bear Flag Pole Length
If this pattern cracks down and proves to be a successful Bear Flag, we can expect to see an approximate $90 budge downward from the point of breakout. In our case, we could expect a retest of the of the 38% Fibonacci Retracement values ultimately leading to a test of the 50% retracement values shown in Figure 1.
As always, it is paramount to confirm the trend before trading it. Albeit Bear Flags are strong patterns and tend to have a high degree of success among some of the more seasoned traders, it is entirely possible the market could see a flood of volume to propel the price higher; alternatively, the price could simply level off and consolidate sideways. There is no rule that states “the market must proceed downward.” However, for those looking to trade this pattern, it is advisable to wait for a downward price movement to be confirmed with strong, bearish volume.
Figure Four: ETH-USD, 1-Day Candles, GDAX
Zooming out to the 1-day candles, we see indications that a sustained bear market could be in store for ETH-USD. The 1-day candles expose a bearish MACD with no clear signs of divergence (bearish momentum loss). A bearish macro MACD and waning volume on the lower timescales is a superb indication of a potential prolonged bearish continuation.
China announced a ban on ICOs and began delisting several newer coins from their major exchanges.
There are macro and micro signs that a bearish continuation could be in store for ETH-USD.
Should the Bear Flag break to the bottom, we can expect a test of the mid-$200s.
Trading and investing in digital assets like bitcoin, bitcoin cash and ether is very speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Media related sites do not necessarily reflect the opinion of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or hold. Past spectacle is not necessarily indicative of future results.
Posted on six September two thousand seventeen | Trio:05 pm
Op Ed: Beware the Perils of Over-Regulation for ICOs
Last week, the U.S. Food and Drug Administration (FDA) approved the gene drug Kymriah for certain types of cancer. However, Kymriah costs $475,000 for one single treatment, Bloomberg reports, which is well beyond being affordable for average patients.
In the U.S., the FDA approval process itself adds billions of dollars to drug development costs, which pharmaceutical companies must then recover, and also adds years to the drug availability timeline. The impression that suffering U.S. patients are required to pay exorbitant drug prices to support over-regulation is difficult to escape.
To operate beyond the reach of FDA regulations, Peter Thiel and other libertarian investors are funding an offshore human clinical trial of a herpes vaccine, TechCrunch reports. Thiel’s budge has caused a stormy debate with clashes inbetween opposite positions. See, for example, the opposite takes of DailyBeast and Reason.
There are many other examples of the harmful effects of over-regulation in the health sector, but these matters of life and death are too serious to be used for a political point. However, other sectors can illustrate the ethical and economical problems of over-regulation.
Take, for example, internet gambling, which is illegal in many jurisdictions including the U.S.
It’s worth noting that internet gambling is hugely popular, and the sector moves a lot of money. The ethical protestation to making internet gambling illegal is effortless to formulate: The adult citizens who want to gamble their own money online should be free to do so.
The economical protestation is also effortless to formulate: Adult citizens who want to gamble their own money online will find ways to do so, by using offshore service providers if there’s none at home or by going through Tor or a VPN if needed. But, if online gambling providers are compelled to stir offshore, they’ll take a lot of jobs and a lot of money with them.
This is exactly what has happened in the online gambling sector, with many U.S. providers migrating to more gambling-friendly jurisdictions such as the U.K. Similarly, the Isle of Man government recognized internet gambling as a potential strategic growth sector and established a suitable legal and fiscal framework to attract online gambling and sports betting businesses. As a result, leading operators flocked to the island.
Since those U.S. residents who want to gamble online will do so anyway, the only effect of over-regulating the industry is to take money, jobs and technology offshore.
Actually, this is not entirely correct: Besides moving offshore, the less scrupulous operators also have the option of moving underground. In that case, it would force those who want to engage in totally harmless gambling to deal with a shady or even criminal underworld, which can be dangerous. This same point, which seems ideally logical, is often made in support of drug liberalization.
Crypto Innovation Takes the Path of Least Resistance
After having introduced light and relatively permissive regulations to attract internet gambling operators, the Isle of Man adopted the same strategy for cryptocurrencies and digital fintech. Switzerland is following on the same path, with the “Crypto Valley” near Zug attracting more and more crypto-fintech operators.
Initial Coin Offerings (ICOs) and token sales are a relatively fresh crypto-fintech phenomenon that is attracting lots of attention from the press, from old and fresh businesses, and now from the regulators.
In July, the U.S. Securities and Exchange Commission (SEC) issued a very first ruling which outlined that some tokens are to be considered as securities and subjected to rather stringent SEC regulations. Other regulatory authorities, such as the Canadian Securities Administrators, are considering plans to go after suit.
On Monday, the People’s Bank of China (PBoC) and Chinese regulatory figures banned and deemed illegal the practice of raising funds through crypto-token ICOs, as reported by Reuters. This seems to conflict with latest, much more reasonable statements from the Director of PBoC’s Digital Currency Research Institute, which could indicate internal disagreement.
The regulators are mainly worried with protecting gullible citizens from scams, which are inevitably common in the ICO scene. Perhaps the Chinese regulators are just temporarily freezing ICOs until they have a chance to put a sound regulatory framework in place. But it can be argued that, if their intention truly is to ban ICOs outright, then regulators are overreacting in ways that deny useful options to businesses and citizens alike.
According to the SEC and the CSA, only tokens with an underlying utility rather than a speculative investment value alone can escape being considered as securities. But, as always, the demon is in the details. If a token is truly useful, its market value will go up, and speculative investors will profit. The question that comes to mind is, at which point does a useful token become a speculative investment? According to specialized lawyers, “the SEC has not provided a clear response.”
“Obviously not everything that appreciates in value is a security,” notes crypto investor and CEO of 21.co, Balaji Srinivasan, in an insightful CNBC interview. “For example, a house can appreciate in value, but you can (and many people do) buy it for the use value.” But regulators could be tempted to go after China’s lead and consider all useful tokens as securities, which seems to be dangerous overkill.
The SEC regulations restrict investing in privately suggested securities to “accredited investors.” But less than ten percent of households in the U.S. are wealthy enough to qualify as such, and there are other rigorous requirements as well.
Therefore, if all useful tokens are considered as securities, the capability for creators of value to raise funds is significantly hampered, and average citizens are denied the chance to bet on innovative projects that could suggest significant comebacks.
It’s now to be expected that Chinese crypto-token initiatives, including those that are not scams but are truly innovative and promising projects, will budge offshore and take jobs and money with them. Similarly, should U.S. crypto regulations become more limitary, many U.S. companies could be tempted to go after the example of Xapo and relocate to Switzerland. Last week, blockchain company ShapeShift announced its decision to leave the State of Washington due to local over-regulation.
Srinivasan’s well-argued thesis is that crypto-tokens will democratize investment, open fresh fundraising options to businesses and fresh investment options to the public — including puny businesses and average citizens — and turn the internet into the world’s largest “stock” market.
“The regulatory framework will likely eventually accommodate this,” concludes Srinivasan. “Only a few countries need to permit it, and the consequent creation of wealth will be so large that it’ll shove many of the rest to have a liberal tokenization regime as well.”
The regulators should take this wise advice into account in formulating reasonable policies for the crypto-token sector, as well as the other sectors mentioned above.
Posted on six September two thousand seventeen | 12:55 pm
China’s Crypto Exchanges Yank Token Listings Amid ICO Ban Fallout
China has banned ICOs – and the country’s exchanges are quickly moving to adapt to the fresh reality.
Posted on six September two thousand seventeen | 11:00 am
Betting against bitcoin – Financial Times – Financial Times
There are many today who believe the vertigo-inducing rise in value of bitcoin — up six hundred forty three per cent in the past twelve months and more than Four,000 per cent over five .
Posted on six September two thousand seventeen | Ten:29 am
DLT Not Ready to Substitute Settlement Systems, ECB and BoJ Say
The Bank of Japan and the ECB have said that blockchain technology is too “immature” to substitute their real-time settlement systems.
Posted on six September two thousand seventeen | 9:40 am
Litecoin Price Retreats From All-Time Highs, But Is $100 in Reach?
After setting a fresh all-time high on strong technology improvements, the outlook looks positive for litecoin, the fifth-largest cryptocurrency.
Posted on six September two thousand seventeen | 8:00 am
Bitcoin price on the rise again after falling $1000 in three days – CNBC
Two of the largest cryptocurrencies were seen to make a recovery after ripping off significantly over the past few days. Both bitcoin and ethereum displayed bearish signals following a decision by Chinese authorities to ban initial coin offerings (ICOs .
Posted on six September two thousand seventeen | 7:43 am
Historic Quarter: CoinDesk Launches Q2 State of Blockchain Report
CoinDesk is releasing its latest State of Blockchain report, one that retraces what was a historic quarter for the emerging industry.
Posted on six September two thousand seventeen | 7:08 am
‘Roaches’: SEC Chief Speaks Out Against Malicious ICOs
An official with the US Securities and Exchange Commission addressed ICOs in off-the-cuff remarks at an event this week.
Posted on six September two thousand seventeen | 6:00 am
Shipping Giant Maersk to Deploy Blockchain Maritime Insurance Solution
A joint venture inbetween shipping giant Maersk, Microsoft and accounting rock hard EY aims to apply blockchain technology in the field of marine insurance.
Posted on six September two thousand seventeen | Five:06 am
Is Blockchain Ready for Fiat? Why Banks See Big Promise in Crypto Cash
Both fresh and founding members of the Utility Settlement Coin project think its work could lead central banks to adopt blockchain-based fiat currency.
Posted on six September two thousand seventeen | Four:00 am
GSA Official: Blockchain Procurement Prototype Is Moving Forward
The U.S. General Services Administration is bullish about a blockchain proof-of-concept aimed to streamline the IT procurement bidding process.
Posted on six September two thousand seventeen | Trio:00 am
ICO Ban? Canada’s Regulators Are Providing One Token Sale a Big Break
An ICO startup has been accepted into Quebec’s regulatory sandbox, demonstrating how regulators there want to accommodate the burgeoning industry.
Posted on six September two thousand seventeen | Two:00 am
Bitcoin’s Golden Future – Bloomberg Gadfly – Bloomberg
The idea has a lot of intuitive appeal. Gold bugs and bitcoin fetishists tend to share a deep distrust of fiat currency and the nation state, an impregnable .
Posted on five September two thousand seventeen | Ten:55 pm
Calling the Crypto-Wealthy: Celebrity Baroness Unveils Luxury Bitcoin Condos
A notable UK celebrity is launching a fresh real estate venture – one that is targeting cryptocurrency investors in its marketing and branding.
Posted on five September two thousand seventeen | Four:59 pm
SONM: A Universal ‘Fog Supercomputer’ Powered by the Ethereum Blockchain
A frequently heard critique of blockchain technology is that mining is a power-intensive process that consumes energy, generates warmth and damages the environment for the foot purpose of maintaining the blockchain. On one mitt, maintaining an open and secure blockchain is significant and, therefore, worth the energy it costs to maintain it. On the other mitt, perhaps the energy spent can be partly redirected toward other significant applications.
SONM (Supercomputer Organized by Network Mining) is an ambitious project that wants to turn mining computers into knots of a worldwide supercomputer able to tackle requesting, resource-intensive computing tasks of any nature. And it is betting on the 2nd treatment.
According to the SONM white paper, “SONM is a decentralized worldwide fog supercomputer for general purpose computing from site hosting to scientific calculations.” Fog computing can be seen as a distributed form of cloud computing where computing tasks are not sent to large remote data centers but farmed to more localized networks of end-user devices.
“From a technical point of view, SONM is a top layer of underlying P2P technologies: BTSync for data transfer, Cocaine open source PaaS technology as a decentralized computing platform, and Ethereum Brainy Contracts as a consensus system,” notes the white paper.
The SONM platform uses a token of the same name — SONM (ticker SNM) — on the Ethereum blockchain. An SNM presale launched on the 15th of April and was successfully finished in less than twelve hours, raising Ten,000 ETH. On June Legitimate, SONM announced that the SNM crowdsale had reached its $42 million cap, closing just four days into the sale. SNM tokens are now listed on exchanges including HitBTC and EtherDelta.
The SONM business model is based on the fact that the computing market has loved double-digit growth every year for the past several years and, according to the SONM team, fog computing is more cost efficient and quicker than cloud services.
SONM wants to be an aggregator, providing a P2P marketplace to connect end users to fog computing service providers. “Mining” is considered to be any computing work that fog computing service providers — or “miners” — do to execute a task. In come back for their work, miners are rewarded with SONM tokens which they can use to pay for other services on the platform or cash out on exchanges. Thus, end users can save time and money using the SONM network to run their tasks and miners can lend their unused computing power and generate revenue through running tasks on their machines.
“We have reached the Fourth Industrial Revolution, which will fundamentally alter the way we live, work, and relate to one another,” said Tasca. “Fresh technologies are dramatically converting our society into something very different from what we were used to thinking about over the last few decades. The possibilities that have been unlocked by billions of people and brainy devices collectively connected — with unprecedented processing power, storage capacity, and access to skill — are vast.”
“By 2025, most of Earth’s population, will be online and by 2030, the Internet of Things will comprise one hundred billion connected devices,” continued Tasca. “Under this extreme wave of connectivity and digital transformation, SONM distributed cloud technology will permit processing a almost infinite amount of data streamed from a world of sensors and connected devices that will envelop our business and private lives, switching products and habits.”
According to Tasca, while cloud computing offers several advantages such as ubiquitous on-demand or metered and self-service access to computing resources, it presents shortcomings as well including:
limited bandwidth and service outages,
security and privacy,
vulnerability to attacks,
limited control and plasticity,
cloud computing platform dependencies, and
comparatively higher costs.
“Fog computing, also sometimes called edge computing, aims to solve most of the cloud computing disadvantages by keeping data closer ‘to the ground,’ in local computers and devices, rather than routing everything through a central data center in the cloud,” Tasca told Bitcoin Magazine. “Fog computing permits for data to be processed more rapidly and accessed more efficiently from the most logical location, which reduces the risk of data latency.”
While cloud technologies require trusted infrastructure, centralized governance and orchestration, fog technologies work independently of centralized authority. According to Tasca, SONM fog technologies could become an integral part of the future Internet of Things (IoT), with numerous SONM knots automatically downloading and executing tasks from the market place.
A “killer” feature of SONM is its capability to “provide IaaS [Infrastructure as a Service] for almost any current cryptocurrency startup or ICO project,” said Tasca. “We can host Ethereum miners or even utter knots, or Storj clients, or whatever. All those startups are challenging for users’ computers. SONM can be a platform for all of them. From a user perspective, this gives the capability to swiftly switch inbetween numerous projects with a click of a mouse. Install SONM and turn your computer or mining equipment into a test polygon to run different apps.”
According to Tasca, there are several key features of SONM including the capability to buy and sell general purpose computing power on the open market and to make these payments with cryptocurrency. Global IaaS permits users to acquire sizeable pools of resources at will for a desired time period without obligations to renew.
At the moment, the SONM computing power marketplace supports only plain bid/ask orders but more sophisticated features are planned. “Next steps are derivative instruments, such as options and futures,” said Tasca.
It also permits for the development of truly decentralized, scalable, general purpose applications in a PaaS [Platform as a Service] environment. For miners, SONM gives them the capability to use mining equipment to accept and execute the computing tasks for which there is more request.
SONM vs iExec
iExec (I Execute) is a distributed GRID computing platform somewhat similar to SONM. GRID computing distributes requiring High Spectacle Computing (HPC) applications across participating computing knots. The Worldwide LHC Computing Grid, is a high-profile example of this sort of HPC project. It is led by CERN, the European Organization for Nuclear Research, and is dedicated to processing data produced by Large Hadron Collider (LHC) experiments at CERN.
According to Tasca, SONM’s fog computing concept is more limber.
“The key difference is that iExec is for GRID [computing], while SONM is for general computing,” explained Tasca. “SONM can run both deterministic and non-deterministic tasks. A non-deterministic algorithm is an algorithm that exhibits different behaviors on different runs, even on the same input, as opposed to a deterministic algorithm. The non-deterministic algorithm, then, can be used to process non-deterministic tasks that need continuously different behavior patterns, like movie streaming, while deterministic algorithms suit deterministic tasks that need precise scientific calculations, like bioinformatics.”
The concept of a non-deterministic algorithm could sound self-contradictory and even oxymoronic, but Tasca went on to explain how it is used in the SONM context. A deterministic task will produce the same output if it is launched on different machines, possibly at different times. If two machines running a deterministic task produce results that don’t match, then one machine may be malfunctioning or its holder may be cheating.
Under the SONM paradigm, a non-deterministic task is a task wherein its definition and input is not fully defined by its proprietor. “It means that, while execution will take place, the task will look for or accept extra information from an outer scope. For example, if a task internally makes use of random numbers, or it is serving outer requests (not defined by the task holder), then the task results may differ. If you launch such a task on two machines, the results may vary.”
For example, a web server produces results that depend on the HTTP requests received, and those requests are not part of the task definition. Similarly, a game server can use light tracing simulations driven by random numbers.
“The SONM network not only processes scientific calculations for projects like drug development, bioinformatics and aerodynamics,” concluded Tasca, “the system can also deal with non-deterministic projects, from site hosting to game servers. This latter aspect makes the SONM network a universal implement for running computing tasks of whatever difficulty.”
Posted on five September two thousand seventeen | Ten:54 am
Scandinavia Leads Europe With Latest Bitcoin Exchange Traded Note Launch
More and more crypto-backed, financial products have been hitting the market, however most of them are not yet accessible via a public exchange.
In the U.S., investors are still waiting on a bitcoin exchange traded fund (ETF) to be approved by the SEC. But, in Europe, investors already have a bitcoin-backed, exchange-traded product available via a public exchange such as the NASDAQ OMX.
In May of 2015, Sweden’s XBT Provider AB announced the authorization of Bitcoin Tracker One, the very first Bitcoin-based security available on a regulated exchange. In October of the same year, it launched Euro-denominated Bitcoin-based security, Bitcoin Tracker EUR, available through Nasdaq Nordic.
Last week, Danish investors were given access to these ETNs, both Bitcoin Tracker One and Bitcoin Tracker EUR, via Copenhagen-based Saxo Bank. Similarly, the U.K.’s largest online trading platform, Hargreaves Lansdown, also gave investors access to Bitcoin ETNs this year.
XBT Provider is the issuer of the two Exchange Traded Notes (COINXBE & COINXBT), backed by bitcoin on Nasdaq OMX in Stockholm. Functionally, this means that XBT Provider issues certificates which track the price of bitcoin for delivery to investors who purchase the certificates on NASDAQ OMX. In June 2016, XBT Provider was acquired by asset management rock-hard Global Advisors (Jersey).
XBT Provider is then responsible for ensuring that these certificates accurately mirror (with minimal tracking error) the price movement of the BTC/SEK and BTC/EUR exchange rate by purchasing bitcoin and storing it.
The notes suggest investors a familiar route to build up exposure to the price movements of bitcoin without having to purchase or secure the bitcoin themselves.
In an interview with Bitcoin Magazine, Ryan Radloff, head of investor relations at XBT provider, discussed their Bitcoin ETN gave a look ahead at what may be in store for the future.
What is an exchange traded note?
Exchange Traded Notes are debt backed securities which suggest investors exposure to the switch in value of the underlying currency. In the case of XBT Provider, the strategy is to track the price movement of the BTC/SEK and BTC/EUR exchange rate. ETNs are usually listed on public exchanges and thus available for purchase via any broker with access to the listing exchange, in our case, NASDAQ OMX.
Why purchase a bitcoin ETN over regular bitcoin?
There are three major reasons to consider a bitcoin ETN over physical bitcoin.
1) Security – When you invest in bitcoin via an ETN, you are not responsible for ensuring the security of the bitcoin.
Two) Speed and Convenience: The route to purchasing an ETN is via a familiar broker or brokerage platform and the ETN is listed on a trusted exchange. No fresh accounts are needed, no fresh verification steps required. So this means the ETN is often the fastest way to purchase exposure to bitcoin, presuming you do not yet have an account with a crypto-currency exchange.
Three) Potential Tax Advantages – In the UK for example, the bitcoin ETN is uniquely eligible for inclusion in a tax-advantaged SIPP account thus this type of investment in bitcoin may practice a more efficient tax treatment than simply purchasing bitcoin outright.
Is the product limited to a certain type of investor?
The access to the product is governed by your stock broker. Very first your broker needs to be able to suggest access to NASDAQ OMX. 2nd, your broker needs to authorize you for trading such an instrument. Presently, this product is not available for suggest to U.S. investors.
How has XBT Provider performed since launching?
Price is directly correlated with the movement in price of the bitcoin. Since the price of bitcoin was in the $200s when we launched and is presently over $4800, spectacle has been exceptional.
Any interested investor can find more information at XBTProvider.com or can contact their broker directly to find out whether they have access to the product. As with any investment decision, investors should perform their own due diligence and understand the risks associated with this (youthfull) asset class prior to investing.
Posted on four September two thousand seventeen | 11:32 am
Cracking Bitcoin: Paris is Set to Host a Fresh Technical Bitcoin Conference
A brand fresh technical conference is hitting the Bitcoin space this week.
Loosely inspired by the well-known Scaling Bitcoin workshops, the French Bitcoin community will host the Cracking Bitcoin conference in Paris, on September nine and Ten. The conference has an explicit concentrate on security and is targeted at an audience with an understanding of the technical aspects of Bitcoin.
“All of the talks and panels will have different angles that tie in to this theme,” co-organizer Elizabeth Stark told Bitcoin Magazine.
The Violating Bitcoin conference was born out of discussions on the CryptoFR Slack, a discussion platform for the growing developer community in France. A group of volunteers, including French Bitcoin community member Pierre Lorcery, Chainsmiths managing director Kevin Loaec and Ledger CTO Nicolas Bacca, as well as California-based Lightning Labs CEO Elizabeth Stark, determined to organize the technical event.
“The idea was elementary,” said Stark, who has previously been involved with organizing Scaling Bitcoin workshops. “We made a weekend out of the types of talks we see at developer meetups around the world and invited some of our dearest speakers to Paris.”
Cracking Bitcoin’s concentrate on Bitcoin’s security is unique in the space. Where Scaling Bitcoin mostly concentrates on how to improve the technology in a number of ways, including scalability, fungibility, privacy, and more, Violating Bitcoin instead highlights all the different ways in which Bitcoin can be attacked and how these attacks can be defended against.
“Talks will range from social and political attack vectors, to spam attacks, to layer two security, to hardware attacks, to secure and usable applications,” Stark said. “This is, as far as I know, the very first ever technical conference focused solely on Bitcoin security. The aim of the event is to have a true community-driven, cypherpunk conference, and our hope is that we’ve delivered on this.”
Speakers and panelists in Paris include Bitcoin Core contributors Eric Lombrozo and Peter Todd, Libbitcoin developers Amir Taaki and Eric Voskuil, Lightning Network developers Dr. Christian Decker and Laolu Osuntokun, BitGo engineer Jameson Lopp, Electrum developer Thomas Voegtlin, Venture Capitalist Alyse Killeen, and many more.
Tickets commence at €100 (
$120), with room for up to three hundred attendees.
Posted on four September two thousand seventeen | 8:37 am
One Week Into SegWit, Hardware Wallets Lead the Pack in Slow-But-Sure Roll Out
After a years-long development process and even more debate and political fight, Segregated Witness ultimately activated on the Bitcoin network last week. The protocol upgrade introduced a number of benefits which can enable more advanced second-layer protocols. It also offers a block size limit increase for wallets that utilize the fresh feature, meaning users can love lower fees and quicker confirmation times.
One week in, Segregated Witness has been implemented in several wallets, tho’ overall adoption is off to a bit of a slow commence. While many wallets and services indicated prior to the activation that they would be ready for the upgrade, many are taking a bit of a conservative treatment when it comes to main-net release, while others have since faced unrelated difficulties that demanded their attention.
So far, hardware wallets are among the very first to have leaped on the fresh chance. Both Trezor and Ledger have fully implemented and enabled Segregated Witness. This is not very surprising: Hardware wallets stand to benefit from SegWit more than most wallets, as it helps to significantly speedup the signing process.
“But we mostly implemented Segregated Witness to help the network very first,” Ledger CTO Nicolas Bacca told Bitcoin Magazine. “The more Segregated Witness transactions are used, the more space there is for everybody. In a way we’re also doing our part to disarm the 2x part of the SegWit2x hard fork.”
Another hardware wallet provider, Digital Bitbox, also implemented Segregated Witness in its firmware, cofounder and Bitcoin Core contributor Jonas Schnelli told Bitcoin Magazine, but it still requires a compatible desktop app to utilize the feature. This is a work in progress.
Total knot wallets like Bitcoin Core are also in the process of implementing Segregated Witness. But Bitcoin Core developers determined to not include the feature straight away in order to avoid edge-case attacks that become firmer to execute as time passes. Bitcoin Core will instead release a fresh version of the software, 0.15.1; this could take another month or two before it’s available.
As for regular wallets, it seems that Blockstream’s GreenAddress could well be the very first to suggest the feature.
“It’s days away,” GreenAddress developer Lawrence Nahum told Bitcoin Magazine. “We were ready a while back; however, during testing we found that fees were a bit higher in one of our wallets. That’s because some software libraries available now weren’t available when we implemented SegWit. At this point it’s mostly a matter of more testing.”
Most other wallets are also in various stages of implementing the feature, but for various reasons haven’t gotten to the point of release fairly yet. In some cases, like BitGo and BTC.com, this had to do with the prioritization of integrating Bitcoin Cash into their service; the fresh cryptocurrency launched unexpectedly only a duo of weeks ago. Similarly, Mycelium told Bitcoin Magazine it has been implementing fresh features which diverted some time and attention away from SegWit.
Other popular wallets, including Bitcoin Wallet (also known as Schildbach’s Bitcoin Wallet), Breadwallet, Electrum, mSIGNA, as well as webwallet Xapo confirmed that they are implementing SegWit, and all told Bitcoin Magazine that they expect this should be available soon — however none gave a specific timeframe for it.
Posted on one September two thousand seventeen | Three:51 pm
Miners Are Leaving Money on the Table to Mine Bitcoin Cash: This Could Explain Why
The Bitcoin Cash (Bcash or BCH) mining saga resumes.
Last week, Bitcoin Magazine reported how — assuming all miners would act in their short-term self-interest — Bcash could potentially have its blockchain freeze in its tracks. Then, last weekend, the Bcash mining saga further developed, as some miners periodically triggered an emergency difficulty adjustment, leading to extreme swings in hash power, unreliable block times and enlargened inflation.
Now, the situation has taken yet another turn.
Bitcoin Cash is presently less profitable to mine than Bitcoin (BTC). And according (translation) to at least one mining pool operator, BTC.TOP’s Jiang Zhuo’er, this is intentional. Some miners, including Zhou’er, seem to be coordinating to keep the Bitcoin Cash difficulty where it is now, relative to Bitcoin and relative to the price of the two coins. In other words, Bcash miners are keeping Bcash a little less profitable to mine than Bitcoin, on purpose.
As we explained in our very first article on this topic, miners that are driven by short-term financial incentives should all switch to the chain that is most profitable to mine (regardless of what other miners do). Yet, Bcash is still being mined despite being less profitable — and at a relatively regular tempo. Blocks aren’t found too swift or too slow, inflation is not out of bounds, and the situation seems relatively stable.
In brief, miners are collectively leaving money on the table to ensure that Bcash is usable.
The big question, therefore, is why.
The elementary explanation would be that the Bcash miners expect the BCH exchange rate to increase significantly in the future and are therefore willing to “take one for the team” right now. (Keep in mind that even if miners believe in Bcash’s long-term potential, they would individually still be better off mining BTC and selling their proceeds for BCH — but someone needs to be mining Bcash for that to even be possible.)
Alternatively, miners could be invested in Bcash enough to want to keep it — and thus their investment — alive. Or maybe someone else is similarly invested is subsidizing the miners.
It could also be a matter of honor or pride.
Or perhaps there is a fatter picture.
The Bitmain Factor
Two of the fattest Bcash miners are ViaBTC and, indeed, BTC.TOP. But the vast majority of Bcash hash power is mining anonymously to two BCH addresses. This hash power must therefore belong to one or two mystery miners, or maybe one or two mystery pools.
Meantime, there is fairly a bit of circumstantial evidence to suggest that Bitmain is involved with Bcash to some degree.
Very first and foremost, Bitcoin Cash was the realization of the “UAHF,” a plan very first proposed by Bitmain. And while the mining hardware manufacturer has publicly distanced itself from the project to some extent since, it did not rule out the possibility of supporting Bcash later on. Indeed, two of Bitmain’s pools, Antpool and BTC.com, have mined BCH since.
Meantime, Amaury Séchet, lead developer of Bitcoin ABC (the very first software implementation that implemented this UAHF) received funding from the Bitmain-sponsored Bitcoin Development Grant. Similarly, Juan Garavaglia, CEO of early Bitcoin Cash infrastructure development company Bitprim, is or was the authorized Bitmain distributor for the U.S. and Canada. And while any connection inbetween BTC.TOP and Bitmain has so far been denied, ViaBTC did at least receive investment from the mining giant. And of course, Bitmain co-CEO Jihan Wu established himself as a big proponent of Bcash, both online and offline.
Furthermore, Bitmain might be one of the parties that could benefit the most from Bitcoin Cash, if the coin proves successful in the longer term. As opposed to Bitcoin, Bcash is still fully compatible with covert use of the patented AsicBoost technology that Bitmain admitted to having implemented in its chips, while Bitcoin ABC has no plans to counter this. And as Blockstream CSO Samson Mow argued, by producing their own coin, Bitmain can perhaps to some extent assure future hardware sales, even if Bitcoin were to ever, for example, adopt a proof-of-work algorithm switch.
All this, and of course the fact that Bitmain is a world-leading producer of hash power, suggests that the company is in a good position to be responsible for one or both mystery miners. Or that someone associated with the company is.
While this theory is speculative and parts of it are officially denied, it would mean that Bitmain — or someone associated with Bitmain — is almost single handedly propping up Bcash. As a result, the coin is presently relatively functional. But barring more durable solutions, Bcash’s future might just depend on Bitmain’s readiness and capability to keep it that way.
Thanks to Johnathan Corgan for his feedback.
Posted on one September two thousand seventeen | 11:11 am
Banking on Bitcoin Available on Netflix: A Good Intro to Bitcoin in Need of a Sequel
The independent film Banking on Bitcoin, covering Bitcoin’s roots, its possible futures and its underlying technology, is now on Netflix. “Bitcoin is the most disruptive invention since the internet, and now an ideological battle is underway inbetween fringe utopists and mainstream capitalism,” reads the Netflix news release. “The film shows the players who are defining how this technology will form our lives.”
Banking on Bitcoin is a good film, professionally produced. On the hugely popular Netflix platform, the film will give many newcomers an understandable very first introduction.
The overall impression is that this a good historic and ideological overview of Bitcoin’s very first development phase but it’s in need of a sequel. From its cypherpunk roots and days of early adoption, the film concentrates on the digital currency’s rocky relationship with the banks and regulatory bods, setbacks like the fall of MtGox and the Silk Road, as well as some figures who were “very first through the door,” like Charlie Shrem, Erik Voorhees and Gavin Andresen.
At the same time, Bitcoin and crypto enthusiasts are likely to find two shortcomings: Very first, the film dedicates too much time to stale old news like Silk Road and BitLicense, and not enough to fresh developments. 2nd, because it was very first begun in late two thousand thirteen and packaged up in the fall of 2016, the coverage of latest developments is very limited: The film essentially stops at the end of 2015.
Bitcoin Magazine reached out to the film’s director/writer/producer Christopher Cannucciari and associate producer Phillip Galinsky to find out more about the film’s background and their future plans.
What is your background, and what has been your role in the film?
Christopher Cannucciari: I had become interested in digital currency while I was producing a two thousand nine documentary in Kenya and some locals had introduced me to what would become mpesa. Kenya had just had a major crisis due to post-election violence of 2008. The banks had shut down and Kenyans came up with the novel idea of texting phone credits which could be used as money to pay for goods and services. Upon my comeback the thought of fresh ways to used technology as money stuck with me. Quick forward to two thousand thirteen and my interest in Bitcoin became so strong that I determined to bring my abilities as a filmmaker to it.
Phillip Galinsky: I’ve been involved in the film since the beginning when it was just Chris working in the role of Director and myself working in the role of Producer. Chris and I were working together on an unrelated project over a three-day shoot and I kept noticing (and sometimes mentioning to other members of the production team) that the price of bitcoin was skyrocketing.
Others working on the project seemed skeptical at very first, but as the weekend drew on and the price almost doubled, people became more interested. Chris and a number of other team members asked me to explain what bitcoin was and how it worked.
I was (and am) primarily interested in Bitcoin from a technological and moral consequentialist perspective, so I walked through the basic functions of blockchain technology, and attempted to explain how the capacity of blockchain technology to enable distributed, decentralized, censorship-resistant databases is a crucial enabling factor for development and implementation of the next generation of free and open global societies. My technical and somewhat arcane explanation turned out not to be the most effective way introduce the technology to the team, and a number of people voiced interest in a gentler and lighter to digest source of information about Bitcoin.
Chris in particular dreamed to know more about Bitcoin due to previous practices that showcased him the power of technology as currency, and took note of the fact that, albeit Bitcoin had been around for about half a decade by then, most people still hadn’t heard of it and there were few high quality resources to be found that were targeted toward informing a general audience about the technology.
I introduced Chris to the NYC bitcoin community and we worked together on the many components of documentary film production.
What is the main message that viewers should take away?
Christopher Cannucciari: Before the public passes judgement on Bitcoin, they deserve to know where it came from, how it works and how it fits into society.
Bitcoin didn’t come from nothing, it came [off] the shoulders of the Cypherpunks. Bitcoin is a technology, and technologies are neither good nor evil, but rather [they’re] accelerants. Society can use it as a device however they see fit, and our hope is that those who wish to learn about Bitcoin will understand that it is there for them to participate as much as anyone.
The film doesn’t cover developments after the end of two thousand fifteen (price increases in 2017, investments, DAOs, spectacular ICOs, sidechains, Lightning Networks. ). I guess you had to take a long time for post processing and marketing (very likely for lack of funds) inbetween the end of shooting and the very first release?
The story of Bitcoin is just too big to fit in a single film. Banking on Bitcoin is a primer for what Bitcoin is, where it came from and how it survived its initial challenges. As a primer, the audience can then dig in deeper and detect the many more complicated stories.
We certainly could have attempted to fit in many more stories, subjects and details, but the film would have lost its concentrate rather quickly. It was essential for us to honor the initiated while holding the attention of those who desired an entry point to this amazing subject.
Vitalik Buterin shows up in a duo of scenes but is never mentioned, and Ethereum is never mentioned. Why?
Christopher Cannucciari: I held interviews with Vitalik in Toronto, Wences Casares in Silicon Valley and even traveled to the Bitcoin Cup in Florida. As much as I wish I could have kept these stories in the film, we had to keep concentrate on what was unfolding before us in Fresh York.
Ethereum is worth its own story and perhaps we can find a way to tell that story in the future.
You often mention the pressure inbetween the original libertarian, crypto-anarchist spirit of Bitcoin and its fresh “sanitized” mainstream aspects, Ben Lawsky’s regulations and Blythe Masters’ Wall Street blockchains. What’s your own take?
Christopher Cannucciari: The Crypto scene in Fresh York was amazingly vibrant and the state had a golden chance to foster it and give Fresh York the same innovative energy Silicon Valley had in the 1980s. What happened instead is Bitcoin was eyed with suspicion and the regulations around it made it difficult for “garage” entrepreneurs to participate. It is now left to those who can afford to work with the regulators.
Phillip Galinsky: There are both positive and negative consequences of the adoption of blockchain technology by “Wall Street.” All blockchain development, both open and closed source, has the positive consequence of informing developers about the limitations and capacities of the technology. Open source endeavors produce the most accessible and instantaneously useful technologies to facilitate further blockchain invention and innovation. However, even closed-source development produces valuable skill about the possible uses of blockchain technology; for example, this white paper released by Blythe Masters’ rock-hard Digital Asset Holdings which goes into superb depth about one of the many possible uses of blockchain technology.
This is not to say that all blockchain based systems will be positive or bear normative value from a moral consequentialist perspective. Blockchain technology is amazingly powerful and will form the future of human interaction and societal system architectures, for better or worse, and it is largely on the shoulder of developers to ensure that the blockchain is used to increase well-being in the world.
Is the end meant to suggest that Craig Wright is Satoshi? What is your own bet? Who is Satoshi?
Christopher Cannucciari: It’s very interesting how this is a sensitive issue. Craig Wright was introduced in the same way as Dorian [Nakamoto] was. The carousel of Satoshi’s identity will proceed; Wright will not be the last to come forward.
While Wright is most certainly not Satoshi, some have suggested that he was a drop for the real Satoshi. The timing was interesting, Wright was in need of capital to lodge some big debts and all of a unexpected he was in possession of some valuable, early Satoshi-era Bitcoins. For those who want to play the Satoshi game, I added this breadcrumb to keep the search on.
The Bitcoin/blockchain story is far from over. Are you working on a sequel to the film, and what role does blockchain technology play in your future work?
Phillip Galinsky: There will certainly be an ever-increasing wealth of material for filmmakers to cover in the blockchain space in coming years, as many of the most titillating developments in blockchain technology — self-executing contracts, oracles, distributed autonomous organizations, and most fascinating to me, blockchain-based societal control systems — are still in the nascent stages of development and implementation. Chris and I have discussed the possibility of making a sequel; however, we haven’t made any specific plans to do so at this point in time.