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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 changes to the reference Bitcoin client are made via concensus within the community. Advantages of Bitcoin include irreversible transactions (i.e. no possibility of chargebacks as with credit cards), pseudo-anonymous, limited and fixed inflation, near instant transactions, multi-platform, no double-spend and little to no barriers to entry and more. It was created by an anonymous person known as Satoshi Nakamoto. Find out more at WeUseCoins.com.

Bitcoin Latest News

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Posted on 16 January 2018 | 3:49 am

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Big Money, Murky Governance: Kicking the Tires of Telegram's Token Sale

In a market that emphasizes trustless systems, the Durov brothers are asking token investors to place a lot of trust in them and the Telegram team.

Posted on 16 January 2018 | 2:15 am

Bitcoin's huge 2017 rally synched almost perfectly with the number of online searches for 'bitcoin' - Business Insider


Business Insider

Bitcoin's huge 2017 rally synched almost perfectly with the number of online searches for 'bitcoin'
Business Insider
A chain of block erupters used for Bitcoin mining is pictured at the Plug and Play Tech Center in Sunnyvale, California October 28, 2013. REUTERS/Stephen Lam. The value of bitcoin moved almost perfectly in line with internet searches for the term in ...

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Posted on 16 January 2018 | 2:14 am

Bitcoin price drops 10 percent in an hour, falling below $12000 to a six-week low - CNBC


CNBC

Bitcoin price drops 10 percent in an hour, falling below $12000 to a six-week low
CNBC
Bitcoin dipped to a six-week low Tuesday, as investors monitored warnings from regulators and reports of an escalated crackdown on the cryptocurrency market in China. Other major digital currencies including ethereum and ripple were also seen falling ...
Bitcoin price skids after South Korea suggests crackdownNew York Post
Bitcoin falls below $12000Financial Times
Bitcoin drops as China renews crackdown on cryptocurrencyQuartz
Reuters -Yahoo Finance -The Independent -Yonhap News
all 170 news articles »

Posted on 16 January 2018 | 2:00 am

Bitcoin's Price Just Dropped Over $1,300 in 1.5 Hours

The price of a bitcoin just plummeted by over $1,300, as losses are seen across the wider cryptocurrency market.

Posted on 16 January 2018 | 1:28 am

Swift Signs Agreement With 7 CSDs to Explore Blockchain for Post-Trade

Swift formalizes another major blockchain project by signing a memorandum of understanding with seven Central Securities Depositories.

Posted on 16 January 2018 | 1:03 am

ViaBTC Increases Cloud Mining Fee Citing China's Mining Resource Scarcity

China's crypto mining pool ViaBTC increases its maintenance fee ratio for AntMiner S9 cloud mining contract, citing mining resource scarcity in China.

Posted on 16 January 2018 | 12:03 am

New Report: Bitcoin Drug Money Laundering Is Highly Centralized - Cointelegraph (Bitcoin, Cryptocurrency and Blockchain News)


Cointelegraph (Bitcoin, Cryptocurrency and Blockchain News)

New Report: Bitcoin Drug Money Laundering Is Highly Centralized
Cointelegraph (Bitcoin, Cryptocurrency and Blockchain News)
... and gambling laundering schemes occur through just three sites. In fact, the report indicates that “97 percent of the volume in their categories and 50 percent of the volume overall” is processed by these few sites. Metropolitan Bank recently ...

Posted on 15 January 2018 | 8:41 pm

China's Shutdown Of Bitcoin Miners Isn't Just About Electricity - Forbes


Forbes

China's Shutdown Of Bitcoin Miners Isn't Just About Electricity
Forbes
China's government is planning to shut down Bitcoin miners in its latest crackdown on the cryptocurrency. The Leading Group of Internet Financial Risks Remediation has requested that local governments make an “orderly exit” from the industry. China ...
Beijing really wants to kick bitcoin out of ChinaVICE News
Bitmain Reportedly Eyeing Canada for Bitcoin Mining ExpansionCoinDesk
Canada could become the world's bitcoin mining capital as China cracks downBusiness Insider
The Straits Times -Reuters -Brave New Coin
all 48 news articles »

Posted on 15 January 2018 | 8:34 pm

Bitcoin Can't Save the World's Autocrats From the Sanctions Squeeze - Fortune


Fortune

Bitcoin Can't Save the World's Autocrats From the Sanctions Squeeze
Fortune
Vladimir Putin's finance ministry wants to let cryptocurrencies trade on official Russian exchanges. Kim Jong Un's hackers are stealing digital cash. Nicolas Maduro hopes a cryptocurrency backed by oil will lure investment back to Venezuela. All three ...

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Posted on 15 January 2018 | 7:06 pm

Housing or Dotcom: Which Bubble Does Cryptocurrency Mania Resemble?

It may be fair to compare what cryptocurrency and blockchains are going through to the 1990s dotcom bubble, but not to the 2000s housing bubble.

Posted on 15 January 2018 | 5:19 pm

BlackWallet Hacked: Warns Stellar Community Not to Log In to Site

Stellar Wallet “BlackWallet” Hacked

On January 13, an unknown hacker(s) hijacked the DNS server for BlackWallet.co, a web-based wallet for the Stellar Lumens cryptocurrency, and redirected it to their own server.

Security researcher Kevin Beaumont, who analyzed the code, said, “The DNS hijack of Blackwallet injected code, if you had over 20 Lumens it pushes them to a different wallet.” It is estimated that nearly 700,000 Lumens (XLM) were stolen, with a current value of over $400,000.

Warnings and alerts not to log into the BlackWallet site have been sent out by the BlackWallet team and other XLM users via Stellar Community, Galactic Talk, Reddit, Twitter and GitHub. Unfortunately, users continued to log in for some time, and thus, saw their funds vanish from their wallets.

Following the address of the attacker, it is possible to track the movement of funds from BlackWallet to the Bittrex exchange, where they are likely to convert the funds and cover their tracks. BlackWallet has since messaged Bittrex in an effort to coordinate with the exchange to block the hacker’s account.

In a statement on Reddit, the BlackWallet admin is suggesting that people move their funds to a new wallet using the Stellar account viewer. At the time of this writing, the BlackWallet website is returning a 404 error. Bitcoin Magazine will update this story as it evolves.

The post BlackWallet Hacked: Warns Stellar Community Not to Log In to Site appeared first on Bitcoin Magazine.

Posted on 15 January 2018 | 2:31 pm

Are you considering using, investing in bitcoin? Beware of scams - Columbus Ledger-Enquirer


Columbus Ledger-Enquirer

Are you considering using, investing in bitcoin? Beware of scams
Columbus Ledger-Enquirer
With all the buzz about bitcoin, more people are now considering it as an investment opportunity. But with anything new and complex, con artists are there to take advantage. BBB scam tracker continues to receive numerous complaints from consumers ...

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Posted on 15 January 2018 | 1:47 pm

Road to Innovation? Truck Giant Penske Joins Blockchain Group

Penske Logistics has become the latest company to join the Blockchain in Transport Alliance.

Posted on 15 January 2018 | 1:35 pm

$400K: Hacker Makes Off With Stellar Lumens in BlackWallet Theft

A hacker stole more than $400,000 in Stellar lumens after compromising the digital wallet provider BlackWallet.

Posted on 15 January 2018 | 12:37 pm

St. Louis Fed: In Some Ways, Bitcoin Is More Robust Than Many Fiat Currencies

StLouisCrypto.jpg

In a recent article on the basics of bitcoin and other cryptocurrencies (PDF), Aleksander Berentsen and Fabian Schär of the Federal Reserve Bank of St. Louis cover the usefulness of bitcoin and other alternative cryptoassets.

Throughout the article, Berentsen and Schär make the case that cryptoassets are well suited to become a new, important asset class. The duo goes as far to say that bitcoin is, in some ways, more robust than many fiat currencies.

Cryptocurrencies Are a Welcome Addition to the Current Currency System

Surprisingly, Berentsen and Schär are of the belief that cryptocurrencies are a welcome addition to the current currency ecosystem. While some critics claim bitcoin’s price should drop to zero because there is no intrinsic value found in the cryptoasset, the co-authors of the article from the Federal Reserve Bank of St. Louis point out that this argument also applies to the various government-issued currencies around the world.

“Bitcoin is not the only currency that has no intrinsic value,” states the article. “State monopoly currencies, such as the U.S. dollar, the euro, and the Swiss franc, have no intrinsic value either. They are fiat currencies created by government decree. The history of state monopoly currencies is a history of wild price swings and failures. This is why decentralized cryptocurrencies are a welcome addition to the existing currency system.”

Berentsen and Schär also cover the possibility of Bitcoin’s consensus rules eventually being changed to allow for an increase in the supply of bitcoin tokens. They take the view that this scenario is very unlikely to unfold.

Even though in theory it is possible to increase the Bitcoin supply, in practice, such a change is very unlikely because a large part of the Bitcoin community would strongly oppose such an attempt.

The authors go on to point out that this sort of change in monetary policy may be more likely in a fiat currency protocol.

“Undesirable changes in fiat currency protocols are very common and many times have led to the complete destruction of the value of the fiat currency at hand,” says the article. “It could be argued that, in some ways, the Bitcoin protocol is more robust than many of the existing fiat currency protocols. Only time will tell.”

Bitcoin Is the Most Apparent Application of Blockchain Technology

In addition to offering some basic information on the topic of cryptoassets, the article from the Federal Reserve Bank of St. Louis also provides a general outlook on the future of blockchain technology.

According to Berentsen and Schär, the most apparent application of this technology right now is the use of bitcoin as a new type of asset. The duo see cryptoassets, such as bitcoin, emerging as their own asset class and having the potential to develop into an interesting instrument for investment and diversification.

“Bitcoin itself could over time assume a similar role as gold,” says the article.

The paper also covers applications of blockchain technology in the areas of colored coins, smart contracts and data integrity. The Ethereum network is specifically pointed out as a leader in the area of smart contracts.

Risks of Blockchain Technology

The article from Berentsen and Schär also covers some of the risks associated with cryptoassets.

Minority splits from major cryptoasset networks, such as Bitcoin Cash (Bcash) and Ethereum Classic, are the first risk pointed out in the article, but the downsides of these sorts of spin-off assets are not discussed.

One could argue that these sorts of minority forks create uncertainty around the value of a particular cryptoasset, although this is also the case with the creation of new altcoins more generally.

The paper mentions excessive power consumption as another potential risk of blockchain technology, but Berentsen and Schär do not necessarily agree that proof-of-work mining is wasteful.

“There are those that criticize Bitcoin and assert that a centralized accounting system is more efficient because consensus can be attained without the allocation of massive amounts of computational power,” says the article. “From our perspective, however, the situation is not so clear-cut. Centralized payment systems are also expensive. Besides infrastructure and operating costs, one would have to calculate the explicit and implicit costs of a central bank. Salary costs should be counted among the explicit costs and the possibility of fraud in the currency monopoly among the implicit costs.”

In the past, “Mastering Bitcoin” author Andreas Antonopoulos has argued that the power consumed by Bitcoin miners is “used” rather than “wasted.”

The last risk associated with blockchain technology found in the article is bitcoin’s price volatility. Berentsen and Schär claim that a rigid, predetermined supply of bitcoin is not a desirable monetary policy in the sense that it will not lead to a stable currency.

“If a constant supply of money meets a fluctuating aggregate demand, the result is fluctuating prices,” explains the article. “In government-run fiat currency systems, the central bank aims to adjust the money supply in response to changes in aggregate demand for money in order to stabilize the price level. In particular, the Federal Reserve System has been explicitly founded ‘to provide an elastic currency’ to mitigate the price fluctuations that arise from changes in the aggregate demand for the U.S. dollar. Since such a mechanism is absent in the current Bitcoin protocol, it is very likely that the Bitcoin unit will display much higher short-term price fluctuations than many government-run fiat currency units.”

The post St. Louis Fed: In Some Ways, Bitcoin Is More Robust Than Many Fiat Currencies appeared first on Bitcoin Magazine.

Posted on 15 January 2018 | 11:04 am

Researchers find that one person likely drove Bitcoin from $150 to ... - TechCrunch


TechCrunch

Researchers find that one person likely drove Bitcoin from $150 to ...
TechCrunch
Researchers Neil Gandal, JT Hamrick, Tyler Moore, and Tali Oberman have written a fascinating paper on Bitcoin price manipulation. Entitled “Price Manipulation in the Bitcoin Ecosystem” and appearing in the recent issue of the Journal of Monetary ...
Just One Person Found To Have Caused Bitcoin's Jump From $150 to $1000 in 2013Cointelegraph (Bitcoin, Cryptocurrency and Blockchain News)
Bitcoin price LIVE: Bitcoin drops $2000 as yet ANOTHER hack attack rocks cryptocurrenciesExpress.co.uk
A single trader could have caused the price of bitcoin to rise over 700% in 2013Business Insider

all 10 news articles »

Posted on 15 January 2018 | 10:43 am

Lithuania's Central Bank Unveils Blockchain Startup Sandbox

The central bank of Lithuania has launched a new regulatory "sandbox" for startups working with blockchain.

Posted on 15 January 2018 | 9:45 am

Nationwide Insurance Rolls Out Proof of Insurance on the RiskBlock Blockchain

Insurance Block.jpg

The Institutes has announced a new blockchain framework called RiskBlock to provide more streamlined and secure proof of insurance. Nationwide Insurance is the first company to begin rolling out product on the platform.

RiskBlock is the first blockchain framework delivered from the newly formed RiskBlock Alliance and the first of its kind that is designed specifically for the risk management and insurance industry. The Institutes RiskBlock Alliance is an industry-led, insurance-focused consortium that developed the RiskBlock framework.

RiskBlock will provide insurers with real-time verification of insurance coverage; allow law enforcement to verify proof of insurance efficiently without relying on paper forms; provide insurers with a streamlined and cost-effective way to offer proof of insurance; and, in the near future, will allow insured clients to share trusted, third-party verified proof of insurance with a click on their mobile devices.

“The current way that drivers provide proof of insurance is cumbersome and uncertain,” said Christopher G. McDaniel, executive director of The Institutes RiskBlock Alliance in a statement. “Sharing proof of insurance through blockchain is key to streamlining the process of providing proof and marks the start of our efforts to revolutionize many other aspects of the insurance industry. Our collaboration with Nationwide is the first step toward a better overall system.”

The membership of the Alliance includes over 30 companies as members, ranging from the top 10 carriers to brokers and reinsurers. Nationwide Insurance is the first to use the platform in a pilot program to simplify real-time insurance coverage verification, eliminating paper insurance cards and providing a mobile app for real-time verification. ac

The coverage verification is an initial use case and the Alliance anticipates its members will be able to better serve policyholders and reduce costs by streamlining claim payments and premiums, reducing fraud through centralized recording of claims and improving acquisition of new policyholders by validating accuracy of customer data.

The post Nationwide Insurance Rolls Out Proof of Insurance on the RiskBlock Blockchain appeared first on Bitcoin Magazine.

Posted on 15 January 2018 | 8:42 am

Mississippi Doctors Sued Mt. Gox for Bitcoin Loss Now Worth $133 Million

Two former users of the defunct bitcoin exchange Mt. Gox have brought a lawsuit against the company over the loss of 9,500 bitcoins.

Posted on 15 January 2018 | 8:15 am

Bitcoin Cash Looking Heavy After Bull Move Fails

Bitcoin cash prices are looking heavy today, courtesy of repeated failures to pass the $2,800 mark in recent days.

Posted on 15 January 2018 | 7:00 am

End of Inflation? The Radical Vision of Futures-Backed Cryptocurrency

An expert at software giant SAP has a radical idea for how central banks can eliminate inflation with cryptocurrency assets.

Posted on 15 January 2018 | 6:20 am

$15K in Sight? Bitcoin Prices Gather Upside Traction - Coindesk


Coindesk

$15K in Sight? Bitcoin Prices Gather Upside Traction
Coindesk
Having defended $13,000 on Friday, CoinDesk's Bitcoin Price Index rose to a high of $14,536 on Saturday before once more retreating to $13,051.59 yesterday. As of writing, bitcoin is trading at $13,727 levels – up 0.80 percent in the last 24 hours ...

Posted on 15 January 2018 | 5:00 am

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$15K in Sight? Bitcoin Prices Gather Upside Traction

Having defended $13,000, bitcoin looks set to explore a move towards $15,000 levels in the next 24 hours.

Posted on 15 January 2018 | 5:00 am

South Korean Cryptocurrency Investors Face Fines for Anonymous Accounts

South Korean authorities have reportedly said that cryptocurrency investors must attach their IDs to anonymous virtual accounts or face penalties.

Posted on 15 January 2018 | 4:00 am

Indonesia Central Bank: Cryptocurrency Payments 'Not Legitimate'

Bank Indonesia has warned that cryptocurrencies may not be used for payments in the country.

Posted on 15 January 2018 | 3:00 am

Blockchain in the Boardroom: Toward Enterprise Deployment

Enterprises may have gone quiet toward the end of 2017, but that doesn't mean they won't be players in the year ahead, Accenture's Valiente argues.

Posted on 15 January 2018 | 2:00 am

No, You Don't Have to Buy a Whole Bitcoin

As new enthusiasts enter the cryptocurrency markets, one developer wants to make bitcoin's divisibility really stand out by coining the term "bits."

Posted on 14 January 2018 | 10:00 pm

Bitcoin Price Analysis: Choppy Market Conditions Lead to Tests of Parabolic Resistance

Bitcoin Price Analysis

The bitcoin market has been getting chopped to pieces for weeks as the market has faked up, faked down, consolidated and routinely stopped out traders. Last week, we discussed a potential large move due to a consolidated symmetrical triangle. However, the breakout failed to garner any momentum and ultimately flopped as the move upward quickly died down and ultimately reversed.

At the time of this article, however, the market is poised in a precarious situation as it tiptoes around historic support/resistance along the parabolic envelope:

Figure_1 (3).JPGFigure 1: BTC-USD, 2-Hour Candles, Parabolic Curve Test

As noted in previous bitcoin analyses, this parabolic envelope has been the dominating trend for the last three years:

Figure_2 (3).JPGFigure 2: BTC-USD, 1-Day Candles, Macro Trend

Over Thanksgiving, the parabolic trend that was previously governing much of the three-year bull market broke upward as the market’s parabolic movement accelerated aggressively upward. Since the break to the top of the parabolic envelope, the market has been on shaky ground where, at one point, it even did a massive 50% retracement. Since that aggressive retracement, the market has yet to fully recover and resume any semblance of a bullish continuation. Currently, the once-supportive parabolic curve is now proving to be a point of resistance as the market has made several tests of the upper resistance.  

To date, this marks the fifth test of the parabolic trend. This time, however, we are testing it from the bottom of the parabola. Previous tests from the top side of the parabola were swiftly rejected causing very little market activity to take place below the parabolic trend. It seems, yet again, bitcoin is at a crossroads as it decides if the upper parabolic resistance is too strong to resume an uptrend.

If the market continues downward, we can expect to find support along the low boundaries of the trading range (shown in blue), the linear trend (shown in pink) and the lower parabolic curve (shown in black):

Figure_3 (2).JPGFigure 3: BTC-USD, 2-Hour Candles, Next Lines of Support

Summary:

  1. Choppy market conditions have led bitcoin to test the parabolic support — a previous guiding trend for the last three years.

  2. A failure to break the upper parabolic resistance may cause a test of lower values.

  3. Support will be found at the lower ranges of the trading range and along the linear and parabolic trend lines.


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


The post Bitcoin Price Analysis: Choppy Market Conditions Lead to Tests of Parabolic Resistance appeared first on Bitcoin Magazine.

Posted on 10 January 2018 | 3:48 pm

Telegram’s Privacy-Focused User Base Could Become TON Blockchain’s Killer App

Telegram ton

In December 2017, an interesting rumor surfaced: According to “sources familiar with the matter,” the messaging app Telegram, very popular among crypto-enthusiasts for its strong encryption and privacy features, would launch its own blockchain platform and cryptocurrency.

On January 8, 2018, TechCrunch reported that several unnamed sources had confirmed the news and quoted a secret Telegram white paper. According to TechCrunch, “the potential for a cryptocurrency inside a widely adopted messaging app is enormous.”

Of course, a leaked executive summary of the white paper is now available. The document has been shared by Cryptovest, and its authenticity has been independently confirmed by TNW. The 23-page executive summary often refers to an unreleased technical white paper which, according to TechCrunch, has 132 pages.

“This paper outlines a vision for a new cryptocurrency and an ecosystem capable of meeting the

needs of hundreds of millions of consumers, including 200 million Telegram users,” reads the white paper. “Launching in 2018, this cryptocurrency will be based on a multi-blockchain proof-of-stake system — TON (Telegram Open Network, after 2021 The Open Network) — designed to host a new generation of cryptocurrencies and decentralized applications.”

Scaling and Adoption

According to Telegram, while cryptocurrencies and other blockchain-based technologies have the potential to make the world more secure and self-governed, no consensus-backed currency has been able to appeal to the mass market and reach mainstream adoption. Despite the utility of Bitcoin and Ethereum, “there is no current standard cryptocurrency used for the regular exchange of value in the daily lives of ordinary people.” This is what the TON project wants to change. According to Telegram, the world needs an electronic “decentralized counterpart to everyday money — a truly mass-market cryptocurrency.”

Scaling transaction throughput to the tens of thousands of transactions per second supported by major credit card networks such as Visa and Mastercard is an important requirement for a mass-market cryptocurrency. While Bitcoin and Ethereum developers are working toward achieving higher throughput, the Telegram white paper notes that Bitcoin and Ethereum are currently limited to a maximum of only seven transactions per second for Bitcoin and 15 transactions per second for Ethereum, resulting in insufficient speeds and higher transaction costs. The white paper does not seem to take second-layer protocols into account, however.

Existing cryptocurrencies face other roadblocks as well, according to Telegram. For example, they are still too complicated for average merchants and consumers, the demand for crypto-assets comes mainly from investors rather than consumers, and there’s no critical mass for the ecosystem to grow and “eventually become adopted by hundreds of millions of users.”

“Telegram will use its expertise in encrypted distributed data storage to create TON, a fast and

inherently scalable multi-blockchain architecture,” states the white paper. “TON can be regarded as a decentralized supercomputer and value transfer system. By combining minimum transaction time with maximum security, TON can become a VISA/Mastercard alternative for the new decentralized economy.”

The Tech Specs

The TON blockchain will consist of a master chain and (eventually) a huge number (2**92) of accompanying blockchains (shards) that can dynamically split and merge to accommodate changes in load and achieve optimal throughput. TON will use a proof-of-stake approach based on a variant of the Byzantine Fault Tolerant protocol and instant hypercube routing to partition the workload among shards. Network protocols for storage, TOR-like privacy and micropayments will be released after the TON blockchain core.

Of course, TON will be fully integrated in the Telegram messaging network. According to the white paper, this will permit leveraging Telegram’s massive user base and developed ecosystem to provide a clear path to cryptocurrencies for millions of people, with light wallets implemented in Telegram applications. The white paper notes that 84 percent of blockchain-based projects have an active Telegram community, more than all other chat applications combined, which makes Telegram the “cryptocurrency world’s preferred messaging app.”

According to the roadmap in the white paper, a Minimal Viable Test Network for TON will be launched in Q2 2018. Then, after a testing phase and a security audit, a stable version of TON and a Telegram wallet will be deployed in Q4 2018.

Funding with Grams

The TON coins will be called Grams. To fund TON, Telegram will launch a token sale in Q1 2018. Initially, 44 percent of the total supply (2.2 billion) of Grams will be sold at a price that will start at $0.10 per Gram and gradually increase, with each Gram priced one billionth higher than the previous one, reaching $1 per Gram once 2.2 billion tokens have been sold. Based on these projections, it seems that Telegram’s token sale could easily become the biggest in history.

Of the total supply of Grams, 52 percent will be retained by the TON Reserve “to protect the nascent cryptocurrency from speculative trading and to maintain flexibility at the early stages of the evolution of the system,” and the remaining 4 percent will be reserved for the development team.

According to current plans, the token sale will use a Simple Agreement for Future Tokens (SAFT), to be converted 1:1 to native TON Grams after the deployment of the TON Blockchain.

Telegram wants to serve as a launch pad for TON, but it plans eventually to transfer ownership and governance of the TON system to a non-profit TON Foundation. “By 2021, the initial TON vision and architecture will have been implemented and deployed,” states the white paper. “TON will then let go of the ‘Telegram’ element in its name and become ‘The Open Network.’ From then on, the continuous evolution of the TON Blockchain will be maintained by the TON Foundation.”

The TON Killer App: A Privacy-Focused User Base

TON’s killer app is Telegram’s ability to leverage the enthusiasm of millions of cryptocurrency fans among the app’s 200 million users. At the same time, however, it’s worth noting that the greater population doesn’t really care much about encryption or cryptocurrencies. Many other messaging apps, such as Facebook’s Messenger and Whatsapp, are much more popular than Telegram.

Telegram is independent, self-funded and privacy-focused. The popularity of Telegram among cryptocurrency enthusiasts can be explained by the fact that the messaging app was founded “by libertarians to preserve freedom through encryption.” These features make it more attractive than other platforms, like Messenger or Whatsapp, to users who feel strongly about privacy protection.

It’s then interesting to speculate about possible moves of Facebook toward developing a cryptocurrency integrated with its social network and messaging platform.

In a recent post, Facebook co-founder and CEO Mark Zuckerberg notes that, contrary to the once widespread belief that technology could be a decentralizing force that puts more power in people's hands, it now appears that technology’s net effect is that of centralizing power in the hands of large corporations and governments.

“There are important counter-trends to this — like encryption and cryptocurrency — that take power from centralized systems and put it back into people's hands,” says Zuckerberg. “But they come with the risk of being harder to control. I'm interested to go deeper and study the positive and negative aspects of these technologies and how best to use them in our services.”

In as speech by FBI Director Christopher Wray on January 9, 2018, to the International Conference on Cyber Security, he highlighted his concerns over encryption, pointing out that last year, 7,800 devices were rendered inaccessible to law enforcement.

“This problem impacts our investigations across the board — human trafficking, counterterrorism, counterintelligence, gangs, organized crime, child exploitation and cyber,” he stated.

He called on the private sector to find ways that would allow them to “respond to lawfully issued court orders, in a way that is consistent with both the rule of law and strong cybersecurity.” It is these sorts of access measures that Zuckerberg will probably be considering.

While it doesn’t seem plausible that Facebook could become a staunch champion of privacy like Telegram, it will definitely be interesting to watch Facebook’s moves in the cryptocurrency space.

The post Telegram’s Privacy-Focused User Base Could Become TON Blockchain’s Killer App appeared first on Bitcoin Magazine.

Posted on 10 January 2018 | 11:08 am

Kodak Gets in on the Blockchain and ICO Picture

kodak.jpg

Kodak, the iconic photography company first established in in the 1880s, has joined the blockchain and ICO age. Today, January 9, 2018, it announced a new blockchain-based platform with WENN Digital to empower and protect image makers, photographers and artists.

The new platform, known as KodakOne, will enable users to register their work and license it with the platform. The image rights management platform will utilize the new KODAKCoin cryptocurrency to provide photographers with a new revenue stream and secure platform for protecting their work.

The smart contract associated with KODAKCoin will ensure that photographers receive payment immediately upon their work being licensed in addition to receiving a share of the overall platform revenue. The platform will also continually scan the web to monitor and protect the artist’s IP and assist them in dealing with illegal use of their work.

“For many in the tech industry, ‘blockchain’ and ‘cryptocurrency’ are hot buzzwords, but for photographers who’ve long struggled to assert control over their work and how it’s used, these buzzwords are the keys to solving what felt like an unsolvable problem,” said Kodak CEO Jeff Clarke in a statement. “Kodak has always sought to democratize photography and make licensing fair to artists. These technologies give the photography community an innovative and easy way to do just that.”

The KODAKOne platform and KODAKCoin cryptocurrency were developed for Kodak by WENN Digital. Their ICO will begin on January 31, 2018, and is open to accredited investors from the U.S., U.K., Canada and other select countries. This ICO is issued under SEC guidelines as a security token under Regulation 506 (c) as an exempt offering.

The post Kodak Gets in on the Blockchain and ICO Picture appeared first on Bitcoin Magazine.

Posted on 9 January 2018 | 1:21 pm

How a Hackathon Birthed the CryptoKitties Origin Story

cryptokitty.jpg

CryptoKitties,” the most popular game ever released on the Ethereum blockchain to date, became an instant success in December of 2017. About 180,000 people have already signed up for CryptoKitties since the cute creatures were introduced to the world just a few months ago. Over $20 million in ether has already been spent, and at least 10 kitties have sold for more than $100,000.

Yet while the impressive numbers behind this crypto-phenomenon clearly demonstrate its success, most people remain unaware of how and why CryptoKitties came into being in the first place.

Hackathons Breeding Blockchain Innovations

The birth of CryptoKitties (Alpha) happened during the ETHWaterloo hackathon, the world’s largest Ethereum hackathon, which took place in Waterloo, Ontario, Canada, back in October 2017. The project to bring cats to the Ethereum blockchain had a surprise alpha launch during the 36-hour Ethereum-based hackathon, which attracted hundreds of developers, mentors and sponsors from across the globe.

The CryptoKitties team came to the ETHWaterloo hackathon prepared, wearing rainbow-colored cat T-shirts, along with cat-balloons marked as the “CryptoKitties Team.” The four-person team also handed out customized Pokemon business cards and stickers featuring a link to their website. The alpha launch during the hackathon featured different breeding challenges that demonstrated how CryptoKitties could produce offspring. Winners of these challenges were rewarded with ether.

According to ETHWaterloo’s organizer, Liam Horne, the CryptoKitties team joined the hackathon with a new and innovative idea for the Ethereum blockchain, along with a truly creative marketing strategy.

“The four-person CryptoKitties team was building an entirely new technology on the Ethereum blockchain, but also had the business skills to get the word out,” Horne told Bitcoin Magazine. “For instance, each ETHWaterloo participant was gifted two CryptoKitties. A total of 50 CryptoKitties were given away at the start of the event. From there, users were able to trade and breed hundreds of cute, collectible, digital cats. By the end of the hackathon, hackers, cryptocurrency enthusiasts and other curious users had bred over 1,500 CryptoKitties in just 36 hours.”

At the end of the event, the CryptoKitties team was chosen as one of the 8 winners, which opened up several new opportunities, including the chance to meet with some VC firms. Their win also marked the start of a surge of media exposure that expanded to several mainstream media outlets.

Hackathons Spark Creativity

The idea may have once sounded crazy, but it turns out that putting kitties on the blockchain has become all the rage. Yet none of this would have been possible without the support of the ETHWaterloo hackathon.

“People usually perceive hackathons as being competitions,” said Horne, who has been organizing hackathons since his university days. “The ETHWaterloo hackathon, however, was not about this. We framed this as an event where programmers fascinated by Ethereum could be in the same room for 36 hours. The purpose of this was to experiment and have fun with Ethereum-based blockchain technology.”

He said that the CryptoKitties team was given advice from mentors, feedback from sponsors and a chance to test out their ideas with other programmers who understood the value of having digital cats on the Ethereum platform.

This in mind, Horne believes that hackathons are crucial for sparking new innovations in blockchain technology. The next Ethereum hackathon is set to take place in Denver next month. This event will be supported by Horne’s new initiative called ETHGlobal, which will help hackathon organizers around the world launch their own ETHWaterloo-style hackathons.

“Hackathons are simply a place for great minds to come together for a short period of time with the explicit goal of producing something practical and tangible using some kind of technology. It is astonishing how much can be done when you get the right group of people together for a weekend to just have fun and build something they find interesting,” said Horne.

“I have seen prototypes be built that have later turned into profitable businesses; projects that were dreamed of, built, launched and used by hundreds of people in the span of 36 hours at hackathons like ETHWaterloo.

“The most valuable component, however, is what happens after the hackathon ends. Every now and then a team of hackers will keep working together on their hack and the event will act as a catalyst for a project that could become quite meaningful and interesting to the world, and to investors.”

Ultimately, hackathons allow hackers to work together with other people who are interested in the same technology, providing an additional set of ears, eyes and more ideas. In particular, hackathons in emerging tech fields — such as blockchain technology — allow hackers to come up with fresh projects that could eventually turn into something much larger down the road, like CryptoKitties. And with over 500,000 people listed as interested in attending Ethereum Meetups worldwide, blockchain-based hackathons are bound to breed many more unique and clever innovations in the future.

The post How a Hackathon Birthed the CryptoKitties Origin Story appeared first on Bitcoin Magazine.

Posted on 9 January 2018 | 11:46 am

UBI Blockchain Is the Latest in Series of SEC Cryptocurrency Crackdown Targets

UBI Bitcoin SEC Crackdown

In a story that is getting all too familiar recently, the Securities Exchange Commission (SEC) halted trading on yet another blockchain-related company stock, UBI Blockchain. The SEC explained:

"The Commission temporarily suspended trading in the securities of UBIA because of (i) questions regarding the accuracy of assertions, since at least September 2017, by UBIA in filings with the Commission regarding the company’s business operations; and (ii) concerns about recent, unusual and unexplained market activity in the company’s Class A common stock since at least November 2017."

Shares in UBI Blockchain traded as high as $115 after selling for just $0.55 less than a year ago; a couple of weeks ago it was trading at around $9. Bloomberg is reporting that UBI Blockchain has just 18 employees, no revenue, $15,406 dollars in cash on hand and $6.3 million in debt. UBI filed with the SEC in September 2017 for a planned sale of 72.3 million shares of stock by its executives, but the phone number listed in the filing has since been disconnected. The share halt started January 8, 2018, and will run through January 22, 2018.

Latest in a Series of Scam Crackdowns

On December 19, 2017, the shares of The Crypto Company were halted by the SEC over concerns of manipulative trading. The shares had surged in price by 2700% in a single month. The halt went through January 3, 2018, which saw the stock drop to $175 from its high of $642. Their 10-Q filing shows cause for concern: The company, which rebranded in July of 2017, had less than $600,000 in revenue, most of which was from trading cryptocurrency. The stock at its highest gave this company with seemingly few people and no product, a market cap of $6.5 billion.

Also in December, the SEC halted both the Munchee ICO and the Plexcoin ICO. Munchee ran afoul of the SEC by emphasizing they were creating a secondary market as an investment vehicle long in advance of the utility of the token being made available. The SEC complaint argued their token was considered a security regardless of their utility at the time of the sale. Munchee consented to the SEC’s order without admitting to or denying the findings and returned the investors’ money.

The SEC took a much heavier hand with Plexcoin, as their new Cyber Unit filed its first charges since being created in September 2017 to focus on misconduct involving distributed ledger technologies (DLTs) and initial coin offerings (ICOs). The scheme involved a recidivist Quebec securities law violator, Dominic Lacroix, and his partner, Sabrina Paradis-Royer.

The SEC obtained an emergency court order to freeze the assets of PlexCorps, Lacroix and Paradis-Royer. Chief of the Cyber Unit, Robert Cohen, said, "This first Cyber Unit case hits all of the characteristics of a full-fledged cyber scam and is exactly the kind of misconduct the unit will be pursuing. We acted quickly to protect retail investors from this initial coin offering's false promises."

In September 2017, the SEC had a double hitter with two companies from one person, Maksim Zaslavskiy. He was responsible for REcoin, touted as "the first ever cryptocurrency backed by real estate," and the Diamond Reserve Club. Neither company performed any of the actions that they claimed they would and neither had any of the resources touted. The SEC obtained an emergency court order to freeze the assets of Zaslavskiy and his companies.

Just today, we have news breaking that the CEO of Fantasy Markets, Jonathan Lucas, has allegedly disappeared with investors' money.

The SEC has also issued a statement concerning celebrity endorsements of ICOs out of concern for naive potential investors who may be swayed by big names selling dubious products.

Since the SEC started to pay attention to ICOs last summer, they’ve been taking a pretty understanding stance when dealing with enforcement. Andrew J. Chapin, the CEO of Benjacoin for example, describes how the SEC contacted him about his upcoming ICO in order to discuss what he and his company were planning. He says that he was glad he took the call and learned the “right way” to do things, instead of ignoring it and trying to skirt around the regulations. Thus, in these early days, it appears that the SEC is giving companies an opportunity to make things right, so far, without assessing fines or penalties. But how long that will last is anyone’s guess right now.

The post UBI Blockchain Is the Latest in Series of SEC Cryptocurrency Crackdown Targets appeared first on Bitcoin Magazine.

Posted on 9 January 2018 | 11:35 am

Bitcoin tops $10,000 milestone

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Bitcoin price climbs over $4,000

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Bitcoin reaches new all-time high: $3,000

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Consulting firm EY Switzerland accepts Bitcoin

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Bitcoin Trading Bots

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

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Advertise with Anonymous Ads

Steam accepts Bitcoin

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Major Magazine Publisher to Accept Bitcoin Payments

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Microsoft accepts Bitcoin

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Mozilla accepting Bitcoin

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Wikimedia Foundation Now Accepts Bitcoin

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German Newspaper "taz" accepts Bitcoin

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airBaltic - World’s First Airline To Accept Bitcoin

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January 16, 2018 -
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