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Retail Adoption of Crypto Would “Bring the Internet to a Halt” – BIS Report

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Retail Adoption of Crypto Would

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The Bank of International Settlements (BIS) has leased a chapter from its forthcoming annual report that delivers a critical appraisal of bitcoin and cryptocurrency. The report attacks virtual currencies from several main standpoints: claiming that cryptocurrencies do not effectively perform monetary functions due to price volatility, that the retail adoption of blockchain-based payment mechanisms would “bring the internet to a halt,” mass cryptocurrency adoption would reap a drastic environmental toll, and that the trust engendered by a decentralized network is too “fragile” to compete with that of centralized institutions.

Also Read: Medium Is the Latest Platform to Start Censoring Crypto Companies

BIS Annual Report Provides Critical Appraisal of Crypto

Retail Adoption of Crypto Would "Bring the Internet to a "Halt" - BIS ReportThe chapter addressing cryptocurrencies in BIS’ upcoming report opens by stating that “Less than 10 years after their inception, cryptocurrencies have emerged from obscurity to attract intense interest on the part of businesses and consumers, as well as central banks and other authorities. They garner attention because they promise to replace trust in long-standing institutions, such as commercial and central banks, with trust in a new, fully decentralized system founded on the blockchain and related distributed ledger technology (DLT).”

Despite acknowledging that “Cryptocurrencies such as bitcoin promise to deliver not only a convenient payment means based on digital technology, but also a novel mode of trust,” the BIS report seeks to highlight a number of “economic limitations” arising from “permissionless cryptocurrencies.”

Price Volatility

 Retail Adoption of Crypto Would "Bring the Internet to a "Halt" - BIS ReportBIS first attacks the notion of cryptocurrencies comprising an effective form of money, arguing that stability in value is a requisite quality for the facilitation of exchange. Cryptocurrencies, the report claims, are unstable in value due to “the absence of a central issuer with a mandate to guarantee the currency’s stability.”

By contrast, BIS claims that central banks emerged as the product of a “quest for solid institutional underpinning trust in money” that arose “in direct response to poor experiences with decentralized money.”

“The independent central bank,” the report claims, is the “tried, trusted and resilient way to provide confidence in money in modern times.”

Scalability

 Retail Adoption of Crypto Would "Bring the Internet to a "Halt" - BIS ReportBIS asserts that Scalability comprises another significant issue confronting cryptocurrencies.

The report poses “A thought experiment” as evidence of “the inadequacy of cryptocurrencies as an everyday means of payment,” claiming that “To process the number of digital retail transactions currently handled by selected national retail payment systems, the size of the ledger would swell well beyond the storage capacity of a typical smartphone in a matter of days, beyond that of a typical personal computer in a matter of weeks,” and “beyond that of servers in a matter of months” – adding that “only supercomputers could keep up with verification of the incoming transactions.”

“The associated communication volumes,” the article posits, “could bring the internet to a halt, as millions of users exchanges files on the order of magnitude of a terabyte.”

Efficiency

 Retail Adoption of Crypto Would "Bring the Internet to a "Halt" - BIS ReportAccording to BIS, the rigid protocols, which are described as underpinning the confidence in a cryptocurrency, have the adverse side effect of manifesting limitations in the ‘efficiency’ of virtual currencies.

Firstly, BIS emphasizes the ecological strain caused by the mining process. The report claims that “the total electricity use of bitcoin mining” equates to that of “mid-sized economies such as Switzerland,” adding that “the quest for decentralized trust has quickly become an environmental disaster.”

The report also posits that cryptocurrencies are inefficient as a form of money, arguing that the rigidity of their underlying protocols prevent them from “being supplied elastically.”

Trust

 Retail Adoption of Crypto Would "Bring the Internet to a "Halt" - BIS ReportBIS claims that there is a “fragile foundation [to] the trust in cryptocurrency” stemming from “uncertainty about the finality of individual payments, as well as trust in the value of individual cryptocurrencies.” Said “uncertainty,” the report claims, arises from concerns pertaining to forks and 51% attacks.

“Trust can evaporate at any time because of the fragility of the decentralized consensus through which transactions are recorded,” the report concludes.

What do you think of the Bank of International Settlement’s appraisal of cryptocurrency? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Wikipedia


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Major Korean Crypto Exchange: $31 Million Vanishes

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Major Korean Crypto Exchange: $31 Million Vanishes

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Bithumb, South Korea’s largest crypto exchange announced on its website that between Tuesday evening and Wednesday morning, Korean time, 35 billion won (about 31.5 million USD) worth of cryptocurrencies vanished. Just a few hours later, the announcement was taken down, along with promises of compensation. At press time, it appears Twitter announcements of the heist remain published without explanation.

Also read: Bithumb to Lower Withdrawal Limit for Crypto Traders Not Using Real-Name System

Korean Bithumb Loses $31.5 Million Less Than 2 Weeks After Coinrail Attack

Bithumb is the second Korean exchange targeted by cyber thieves in less than two weeks. Earlier this month, Coinrail, South Korea’s seventh-largest cryptocurrency exchange, announced that it was hacked, losing between $37.2 and $40 million in altcoins, according to local media.

Major Korean Crypto Exchange: $31 Million Vanishes

Around 9 a.m. on Wednesday, Bithumb informed the public in a Tweet that it was temporarily suspending deposits and changing its wallet system due to increasing safety issues. Bithumb apologized for the incident, asking its customers “not to deposit any funds into Bithumb wallet addresses.” This second attack in less than a month highlights the vulnerabilities faced by cryptocurrency exchanges.

“The loss will be compensated by Bithumb’s own reservoir,” the exchange told Yonhap News and also stated that “all of clients assets in safe cold wallet,” which operates on platforms not directly connected to the internet.

Markets Momentarily Rocked

In South Korea, the price of bitcoin fell 3.88 percent to 7.23 million won as of 11:00 a.m., according to another cryptocurrency exchange, Btrade, Yonhap News reported. Ripple and Ethereum reportedly declined 3.16 percent and 4.22 percent.

Major Korean Crypto Exchange: $31 Million Vanishes

Bithumb is one of the largest exchanges in Asia, with a daily trading volume of over $330 million, according to Coinmarketcap. A Bithumb spokesman has confirmed over the phone to News.Bitcoin.com that it does not know which virtual currencies exactly were stolen at this point, and did not mention whether it was indeed a hack. Bithumb trades more than 37 different crypto currencies, according to its homepage.

Do you think the Bithumb hack spells doom for the coin? Let us know what you think of this subject in the comments below.


Images via the Pixabay, Bithumb. Kevin Helms and Jamie Redman contributed. 


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi Pulse, another original and free service from Bitcoin.com.

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Bitcoin More Influential in US Politics Than Ever

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Bitcoin More Influential in US Politics Than Ever

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US Senate candidate Austin Petersen revealed his campaign received, and promptly returned, a giant amount of bitcoin this week, as the donation ran afoul of financing laws. Leading candidate for the Libertarian Party’s national chair, Joshua Smith, has made cryptocurrency a key part of his platform heading into the convention. Candidate for congress, coder Brian Forde, former MIT Media Lab digital currency director, and one-time technology advisor to President Obama, came out strongly in favor of cryptocurrency. The community is divided about political influence generally, but if there must be politicians it’s probably a positive sign some are warming to crypto like never before.

Also read: Troll Slayer: Derek Magill Defends Peer-to-Peer Electronic Cash Against Defamation

US Senate Candidate Austin Petersen Returns $130,000 Bitcoin Donation

“To whoever tried to give us $130,276 in #Bitcoin on Saturday,” posted US Senate hopeful Austin Petersen in what had to be a tortuous Facebook message, “we had to refuse your donation. Please donate $5,400 to http://austinpetersen.com/bitcoin in order to comply with FEC regulations. Also, start a PAC or something mate!”

Mr. Petersen is a well known figure in liberty circles. His background includes producing Fox political shows, founding influential website The Libertarian Republic, along with coming third in the race for the Libertarian Party’s presidential nomination in 2016. He’s currently mounting an outsider campaign for Missouri’s Republican US Senate nomination. Should he win the nomination this August, he’ll face incumbent Senator Claire McCaskill, Democrat, in November.      

Bitcoin More Influential in US Politics Than Ever

Mr. Petersen’s embrace of bitcoin is well documented, and he’s openly run on a platform embracing money’s future. It’s actually not the first time his campaign has had to return a crypto donation. Twice before he’s sent back hundreds of thousands of dollars worth. He holds the record as receiving the most legally donated bitcoin, roughly $4,500. If recent polling numbers are to be believed, Mr. Petersen is some 30% percent off the pace for the nomination.

Mr. Petersen’s campaign manager told ABC News, “I think it goes without saying we’re going to see a lot more of this in terms of campaign contributions and campaign financing.”

Coder Brian Forde’s Run for Congress

It started as a slur. Mr. Forde’s opponent branded him a bitcoin apologist for accepting donations, insinuating something sinister. Brian Forde, candidate for Congress, responded, “My supporters didn’t HODL, but they made donations to my campaign in bitcoin because they have faith in the technology. The comments accusing my supporters are completely inaccurate, sensationalist and it is due to my opponent’s lack of understanding of the technology. My supporters wouldn’t have donated to the campaign if they were just trying to speculate.” Bitcoin More Influential in US Politics Than Ever

Mr. Forde wrote some of the earliest and highest-up memorandums for the US government regarding cryptocurrency while in the Obama administration. His accuser was a former SEC attorney, which might explain the hostility and misunderstanding of financial impropriety. Mr. Forde’s campaign was backed by luminaries in the crypto ecosystem such as venture capitalist Mike Novogratz and even the Winklevoss twins. Ultimately, Mr. Forde came in a distant fourth place among six candidates, and so will have to wait at least another two years if he’s inclined to mount another challenge.

Joshua Smith Challenges Libertarian Party Insiders for Party Chair

The United States’ most viable third party option is the Libertarian Party. In recent years, some have seen the leadership of the party fawn and beckon very mainstream candidates to its national platform. And while there might be nothing wrong with that strategy per se, libertarians such as Joshua Smith wondered what the point of even being a libertarian was if the official party offered up basically the same type of candidates as the two majors. Rather than just moan about it, Mr. Smith threw his hat in the ring, and is running for the Chair position as an insurgent candidate. Among his disagreements with previous, current leadership is how they’ve not done enough to welcome the crypto community, a seemingly natural constituency.  

“We also need to do a better job of leveraging our membership’s connections within the Crypto community as a fundraising avenue,” he posted. “Right now, there are literally billions of dollars wrapped up in Crypto, with the majority of those currently investing being very Libertarian-minded people. Building coalitions with this community can help change our financial situation immensely, as well as quickly, and serves the added bonus of bringing new members to the party. I have already started building coalitions among libertarians involved with Crypto-community leaders such as Nexus and Vector Space Systems and would continue to build upon these efforts as LNC Chair.”

Bitcoin More Influential in US Politics Than EverThe electoral process will end at the Libertarian National Convention, held this year in New Orleans (June 30th through July 3rd). It promises to be a very interesting battle for the party’s soul. Mr. Smith continues, “It is worth remembering that the millions of people who make up the Crypto and Blockchain communities also make up a large portion of the people in this country who do not vote, as political parties have never made it a point to advocate for their interests. This all changed two weeks ago, when I and others passionate about this issue showed up to an LNC meeting and were able to get a Blockchain Committee voted on and put into place. As a result of that effort, we are now the first American political party actively pursuing blockchain solutions for party issues, as well as continuing to look for creative ways to advocate and fight for causes that are near and dear to the Crypto-community. Continued focus in this area will allow for both the growth of our party, as well as the retention of those who see the promise in this most ‘free-market’ of technologies.”

Should bitcoin be involved in politics? Let us know in the comments. 


Images via the Pixabay, Austin Petersen, Brian Forde, Joshua Smith.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi Pulse, another original and free service from Bitcoin.com.

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Turcoin Ponzi Scheme Exposed, Founders Flee with Millions

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Turcoin Ponzi Scheme Exposed, Founders Flee with Millions

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Turkey’s so called “national” crypto, Turcoin, has turned out to be a classical example of a Ponzi scheme, local media reported. The founders of the “alternative” digital currency are believed to have fled the country with millions of dollars collected from defrauded investors. The company behind the Turkish token stopped distributing dividends earlier in June.  

Also read: Indian Ponzi Scheme-Funded Cryptocurrency Mine Raided by Police

‘National, Alternative, Rivaling Bitcoin’

Turcoin, presented as a “rival to the global virtual currency bitcoin,” has been exposed as just another Ponzi scheme, after the executives of the project suddenly disappeared, according to local press reports. The Turkish altcoin, advertised as a national alternative digital currency, was launched by the Istanbul-based company Hipper A.Ş. founded by Muhammed Satıroğlu and Sadun Kaya last year.

Turcoin Ponzi Scheme Exposed, Founders Flee with MillionsIn what sounds like a familiar scenario, every new participant in the network was supposed to bring more revenue to the person who signed them up. And as it happens with most financial pyramids, Turcoin crumbled as soon as growth grounded to a halt amid rising suspicions.

Hipper hit the headlines in Turkey with a lavish gala organized to promote the cryptocurrency last year. The event was attended by many Turkish celebrities, Hürriyet recalls. The company has also reportedly given away about 20 luxurious cars to the token’s early adopters.

The project suddenly stopped paying bonuses in early June. Since then, desperate investors have been trying to reach its Istanbul office without much success. “I am ruined. I don’t know what to do,” a 38-year-old man, who bought Turcoins worth 560,000 TL, almost $120,000 USD, told the daily. Hipper’s website is still online, currently offering “Cloud mining rental services.”

Billion Turkish Liras – Gone?

According to Sabah, the executives of Hipper have left Turkey with 1 billion TL stolen from thousands of defrauded investors. Many of them were lured with promises of monthly incomes of 250 TL (~$52) in return for an investment of 1,500 TL (~$315), the newspaper reported. Angry members of the scheme have raided the company’s office in the northwestern province of Kocaeli after their calls remained unanswered.

Turcoin Ponzi Scheme Exposed, Founders Flee with Millions

“I was only a mediator. Our company, Hipper, does not even have a single dollar in the bank. All the money went to Sadun Kaya’s company in Cyprus,” Muhammed Satıroğlu, one of Hipper’s founders, told Hürriyet. The daily wrote that he owns 49 percent of the company that issued the Turcoins.

Turcoin Ponzi Scheme Exposed, Founders Flee with Millions
Muhammed Satıroğlu and Sadun Kaya

Satıroğlu has joined investors in filing a criminal complaint against his partner, Sadun Kaya, who is said to hold 51 percent of the Turkish company and is thought to have fled the country with 100 million TL (~$21 million) taken away from about 10,000 people, according to the numbers quoted by Hürriyet. Satıroğlu claims he has not stolen any money and promises to start refunding Turcoin investors as soon as Turkish authorities unfreeze his bank accounts.

Meanwhile, Sadun Kaya, who has reportedly left Turkey, maintains that not he but his partners embezzled most of the money. “Everyone is trying to put the blame on me,” he complained in a conversation with Sabah. Kaya is also chairing the administrative board of Anafis Inc., another company involved in the scheme.

Amidst conflicting reports about the size of the fraud, it’s unclear if Turcoin will turn out to be the country’s biggest Ponzi scheme. The record holder for now, according to the online outlet Ahval, was revealed in March, when authorities in the northwestern province of Sakarya launched an investigation against Çiftlik Bank. Its 26-year-old founder Mehmet Aydın fled to Uruguay after reportedly collecting more than 500 million TL (~$128 million USD) from some 78,000 people in just two years.

Do you think authorities should take measures to prevent obvious Ponzi schemes? Share your thoughts on the subject in the comments section below.


Images courtesy of Shutterstock, Ahval, Turcoin.


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“I Am the Real Satoshi” Claims Hawaiian Man After Filing Bitcoin Cash Trademark

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This week the Bitcoin Cash (BCH) community had found that two trademark filings for the phrase ‘Bitcoin Cash’ were registered with the United States Patent and Trademark Office (USPTO) over the past year. One trademark filing was registered with the USPTO on May 18, 2018, but the individual who registered it is an accused con-artist from Hawaii who was charged with bilking millions of dollars from residents within the Honolulu region in 2001.

Also Read: Chainbet Protocol Adds Trustless Multiplayer Bets, Auctions, and Dice Rolls

A Bitcoin Cash Trademark Filed Last Month by an Interesting Individual Who Claims to Be Satoshi Nakamoto

Following our recent report that detailed how a company from the UK managed to successfully trademark the name ‘Bitcoin’, another odd trademark filing was found tied to the name ‘Bitcoin Cash’ according to public documents. There are two filings with the USPTO that are looking to claim the name Bitcoin Cash for products and goods associated with computer software licensing and online real-time currency trading. The most recent filing, registered on May 18, 2018, applies to computer software licensing and was registered by an individual named Ronald Keala Kua Maria from Hawaii. The USPTO filing also says after Kua Maria’s name ‘AKA Satoshi Nakamoto’ which indicates Kua Maria is claiming to be the inventor of cryptocurrency.

"I Am the Real Satoshi" Claims Hawaiian Man After Filing Bitcoin Cash Trademark

Hawaiian Cargo Container Grifting Accusations and the Ownership of Many Bitcoin-Related Domains

The name Ronald Keala Kua Maria leads people to a rabbit hole of interesting stories regarding this individual and his mother. According to reports in 2001, Kua Maria and his mother were accused of second-degree theft involving phony cargo containers and the two allegedly grifted millions of dollars by scamming Hawaiian residents. The cargo container scam started in 1979, Honolulu’s regional press explains, where Maria began asking acquaintances for funds to invest in fake cargo containers.

"I Am the Real Satoshi" Claims Hawaiian Man After Filing Bitcoin Cash Trademark

Following the 2001 news report, a website was found by the Twitter handle @btcfork called Satoshinakamoto.ws that shows a bit more information about this mysterious trademark filing. The website also contains the trademark copyright notice which states:

I Ronald Keala Kua Maria also known as Satoshi Nakamoto inventor of bitcoin and blockchain technology hereby affirm that all my copyrights including an equity-based electronic reserve currency peer to peer electronic cash system.

The website further has a copy of the original white paper which shows a copy of the document decoded from the BTC blockchain and Kua Maria has titled the paper ‘The Coin of All Coins’. However what is more interesting is Kua Maria’s statements and claimed ownership of many BCH related website domains which include thesatoshinakamoto.com, bitcoincopyrights.com, bitcoincashcopyright.com, bchcopyright.com, and others. Visiting these sites visitors are re-directed to Kua Maria’s URL, rkm.world, which has a gallery of pictures and interesting services that are allegedly provided by the RKM business like a “free basic income plan”. Funnily enough, these services like the free basic income re-directs again back to the Satoshinakamoto.ws web portal.

RKM’s World: “I Own All the Private Keys, Blockchains, Altcoins and Bitcoins Under Copyright Law”    

“There are no other legal assignees or licensees of my copyrights — Any assignments or transfers are not authorized and may be fraudulent,” explains Kua Maria’s cryptic writings on the website. “I do not authorize any assignees or licensees — I did not publish any part of my TXu002037698 work prior to 08/17/2016 — On or about 09/20/2005 my home (address below) was raided by Federal and State authorities joint task force and my computers, laptops, files, inventions, copyrights, etc. were seized.”

I am the real one and only Satoshi Nakamoto — I own all the private keys, blockchains, altcoins and bitcoins under copyright law. In the event of my death, incapacitation, coma, kidnapping, detainment and or incarceration all of my copyrighted works and all related works shall no longer be used by anyone anywhere for any reason at any time subject to change without any notice at any time by Ronald Keala Kua Maria only. I hereby serve legal notice to all users of my copyrighted works to cease and desist all use of my copyrighted works breach subject to copyright infringement.

"I Am the Real Satoshi" Claims Hawaiian Man After Filing Bitcoin Cash Trademark

The Basic Income Plan: $800 USD Per Month

However, after these statements, Kua Maria casually says that individuals and organizations can contact him for a free license and copy of the notice. He also states that “basic income plan users may be required to pay 2% royalties on transactions over $800 USD to provide $800 a month basic income to all users subject to Copyright law and this Basic Income Plan.”

Bitcoin Cash fans and cryptocurrency sleuths are interested in this subject because of all the oddities involved with the story. There’s a chance the community could hear from this individual in the near future especially in regard to the intellectual property and domains this person has claimed ownership over. News.Bitcoin.com has reached out to Ronald Keala Kua Maria for an interview and will follow up with this story if he accepts our request.

What do you think about this mysterious story concerning trademarking the phrase Bitcoin Cash and how Ronald Keala Kua Maria claims to be Satoshi Nakamoto? Let us know your thoughts on this subject in the comment section below.


Images via Shutterstock, Satoshinakamoto.ws, RKM.world, the USPTO TESS, and Pixabay. 


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

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The Anonymous Bitcoin.org Owner Accuses BTC Mining Pools of Centralization

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The Anonymous Bitcoin.org Owner Accuses BTC Mining Pools of Centralization

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There’s been a lot of controversy over the past few weeks stemming from the anonymous Twitter handle and co-owner of Bitcoin.org, ‘Cobra Bitcoin.’ The well-known BTC community member has been at the forefront of contentious subjects for many years now, and this week Cobra is claiming that one man has control of more than 51 percent of the BTC network.

Also Read: Freedom of the Press Foundation Now Accepts Five Cryptocurrencies

The Infamous Snake Twitter Handle ‘Cobra Bitcoin’ Claims Bitmain Controls 80 Percent of the BTC Hashrate

The notorious Cobra is at it again stirring up controversial conversations on Twitter, and begging the BTC community to change the protocol’s proof-of-work (PoW) consensus algorithm. Cobra believes mining pool centralization has taken over the network. Cobra’s tweets specifically target the Chinese firm Bitmain Technologies and the company’s CEO Jihan Wu. This is not the first time Cobra has initiated the subject of mining centralization as he has brought the topic up many times over the years, alongside BTC core developer Luke Jr, another staunch advocate of a PoW change. On June 18 the co-owner of Bitcoin.org shared a pie chart of the mining pools processing blocks on the BTC network and stated:

Bitcoin simply can’t be censorship resistant long term if the hashing power is controlled almost entirely by one entity — You can’t build ‘digital gold’ on something that can be shut down by one man, and needs rapid massive coordinated response amongst *everyone* to counter.

The Anonymous Bitcoin.org Owner Accuses BTC Mining Pools of Centralization
This is the pie chart the Twitter handle Cobra shared on June 18, 2018.

Prior to Cobra’s tweet showing the hashrate distribution pie chart, the anonymous individual started tagging big pools that he suspects are directly connected to Bitmain and its CEO Jihan Wu.      

“Bitmain claims they don’t control the majority of the hashing power behind Antpool, BTC.com and Viabtc and other pools,” states Cobra.

These claims and this hashing power needs to be audited, to verify how much is independently owned — Suspect 80%+ of BTC hashrate is Bitmain.

Cobra Accused of Throwing Stones from a Glass House  

The Anonymous Bitcoin.org Owner Accuses BTC Mining Pools of Centralization
BTC.com’s business operations VP, Alejandro DeLaTorre.

This specific statement led to a response from BTC.com’s business operations VP, Alejandro DeLaTorre, who scoffed at Cobra’s claims. Following the response, Cobra asks DeLaTorre if he can confirm “how much of the hashing power on BTC.com is owned by Bitmain?” DeLaTorre decides to respond by bringing up another point of centralization, which concerns Cobra’s control over the domain Bitcoin.org, and the recent changes the site has made banning companies that once supported the New York Agreement.

“Can you explain me to why the BTC.com wallet is no longer welcome on Bitcoin.org? While we followed all the community guidelines and more?” DeLaTorre asks the co-owner of the website (the other co-owner of Bitcoin.org is Theymos, the owner of r/bitcoin and bitcointalk.org).

All the wallet requirements have been met — Where does it state anything about NYA? If you’re going to play politics at least be transparent about it and reflect it on the requirements.

Not the First Time a Large Pool Controlled a Great Deal of BTC Hashrate — Ghash.io Surpassed 51% Several Times in the Summer of 2014    

Cobra’s following Twitter posts later that day continue to claim that Bitmain is in full control of the BTC hashrate, and he believes other mining pools cannot compete with the Beijing company’s power.  

“We have waited years for this competition that never arrives — Halong hardware is 1% of the network hashing power, and they don’t sell anything anymore,” Cobra explains. “It seems nobody can compete with Bitmain on cost per J/THs — They will continue to dominate long term, with nothing to stop them,” he adds.

The solution is to change the PoW, and end their monopoly, or to at least soft fork in a new algorithm alongside the existing SHA-256. This algorithm is at present a total failure.

At the moment, according to statistics from Blockchain.info, BTC.com, and Bitcoinity, data shows BTC.com’s pool currently has around 28-29 percent of BTC’s network hashrate at the time of publication.

The Anonymous Bitcoin.org Owner Accuses BTC Mining Pools of Centralization
June 13, 2014

The last pool that grew significantly large when it processed more than 51 percent of the BTC network in the summer of 2014 was Ghash.io. The mining pool Ghash.io surpassed the 51 percent mark a couple of times that year, and held that number for more than half a day on June 16, 2014. However, at the time the pool promised to stay honest and since then the Ghash.io pool had split up into multiple factions. Nothing major ever happened like Bitcoin Gold’s recent 51 percent attack, except a whole lot of FUD spread in MSM headlines that year.

The Anonymous Bitcoin.org Owner Accuses BTC Mining Pools of Centralization
Bitcoin Core developer Luke Jr has also been advocating for a hard fork to change BTC’s proof-of-work algorithm. Luke has created a poll for people to vote on the subject on Twitter. 

As far as Cobra and his recent statements, the snake-like character has relentlessly pushed for a PoW change for quite some time, and due to his bi-polar like statements its difficult for many to take his words seriously. However, his control over Bitcoin.org has allowed his voice to stir up controversial conversations once again.

What do you think about the infamous Cobra Bitcoin character and his recent statements? Let us know your thoughts in the comment section below.


Images via Pixabay, Wallpaper Abyss, and Blockchain.info.  


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Medium Is the Latest Platform to Start Censoring Crypto Companies

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Medium Is the Latest Platform to Start Censoring Crypto Companies

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Cryptocurrency, a technology based upon principles of transparency, accountability, and censorship-resistance, is facing further censorship. Blogging service Medium joins a long list of platforms to have clamped down on crypto content together with Facebook, Google, and Mailchimp. As a service that’s meant to support free speech, Medium’s crackdown is all the more mystifying.

Also read: Freedom of the Press Foundation Now Accepts Five Cryptocurrencies

Medium Wields the Banhammer on Bug Bounties

Medium Is the Latest Platform to Start Censoring Crypto CompaniesMedium is the crypto community’s platform of choice for long reads and thought leadership pieces. It’s a place where the latest thinking on tokenomics, hashing algorithms, blockchain scaling and much more can be found. It’s also where ICOs and other cryptocurrency projects publish details of their crowdsale, bug bounties, and other initiatives for the benefit of their community. In the past week, however, Medium has begun inexplicably suspending the blogs of crypto projects. The reasons for its decision are sketchy, but the suspensions seem to be triggered by content discussing airdrops or bug bounties.

In a post entitled “Status, Medium, and Censorship”, Ethereum-based messaging platform Status wrote, on June 15: “Medium is currently one of the primary communication channels of the cryptosphere. Blockchain-based visionaries, both affiliated with projects and independent free-thinking technologists, have all made Medium a critical part of how they communicate. Recently, we attempted to publish a blog post announcing our latest Bug Bounty Program. The post was immediately suspended, followed by an automated email noting a general violation, without detailing any specifics, and a link to Medium’s recently updated policy regarding cryptocurrencies.”

Medium Is the Latest Platform to Start Censoring Crypto Companies
Status

They continued: “Though we had not violated any of these policies, we re-submitted several revisions that carefully edited out any potential trigger words, like “bounty”, “ETH,” and “SNT”. The post was never successfully published.” Status is not the only project to have been suddenly suspended without warning: this week Blockchain.io’s Medium page also succumbed to the same fate. It’s since been restored, but the most recent blog post, discussing its airdrop, has gone. While Blockchain.io’s Medium blog is hosted on the Medium platform, Status’s is self-hosted on their own domain. In each case, the end result has been the same: sudden suspension.

Creeping Censorship Is an Attack on Cryptocurrency

When Google and Facebook announced that they were calling a stop to ICO ads, few mourned their loss. But when other platforms joined in, including Twitter and, bizarrely, email marketing service Mailchimp, it led to fears that cryptocurrency was facing a concerted global attack. Be it through imitation or collusion, company after company has begun censoring or excluding crypto projects, whilst allowing far more egregious content including affiliate schemes, hate speech, and spam.

Medium Is the Latest Platform to Start Censoring Crypto Companies
Evan Williams

In its terms of service, Medium states that “We can remove any content you post for any reason” but does not specify what sort of content might give the company grounds to exercise that right. There is nothing that explicitly excludes cryptocurrency, airdrops, or bug bounties. Medium was founded by former Twitter CEO Evan Williams. While fellow co-founder and current Twitter CEO Jack Dorsey is extremely bullish on bitcoin, Evans’ only discernible comment on cryptocurrency is a single tweet posted five years ago.

“We worry that the seemingly arbitrary decision to suspend our blog is a sign of a troubling trend,” finish Status. “We’re concerned about the creeping censorship around cryptocurrencies. We want our society to be freer for everyone. We believe the forces of censorship and centralization often are closely bound and we worry when we see the power to freely express ourselves so arbitrarily limited.”

Why do you think Medium has begun censoring crypto content? Let us know in the comments section below.


Images courtesy of Shutterstock, and Medium


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PR: Bloomberg Hosts “The Future of Cryptocurrencies”

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Bloomberg Hosts

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

On June 29, 2018, Bloomberg will host a half-day, invitation-only “The Future of Cryptocurrencies” event at Bloomberg’s offices in the heart of London, England. The event will focus on the future of cryptocurrencies, where subject-matter experts and leading industry players from the virtual currency market will discuss crypto’s regulatory future, the factors driving its volatility and potential trading strategies. More than 200 industry executives, including attendees from such global giants as UBS, Societe Generale and IBM to name a few, are expected to attend.

Bloomberg’s “The Future of Cryptocurrencies” is sponsored by trade.io and is the first event exclusively focused on cryptocurrencies produced by Bloomberg Live.

Event speakers include:
• John Patrick Mullin, trade.io
• Ajit Tripathi, Partner, ConsenSys
• Mona El Isa, Melonport, CEO & Co-founder
• Oliver con Landsberg-Sadie, BCB Group CEO
• Nic Niedermowwe, Prime Factor Capital Co-Founder & CEO
• Stijn Vander Straeten, CEO, Crypto Storage Ag

With opening remarks from:
• Jim Preissler, trade.io

When: Friday, June 29th, 8:30-1:00pm GMT
Where: Bloomberg Headquarters, 3 Queen Victoria Street, London

Jim Preissler, trade.io’s CEO, said, “Bloomberg’s involvement in this event illustrates how crypto and blockchain are becoming more and more accepted by mainstream finance.”

“There will be many interesting, thought-provoking panels which will include an opening remark from our CEO Jim Preissler, as well as our Director of Research & Development, John Patrick Mullin,” said Helen Astaniou, trade.io’s Chief Marketing Officer. We view this as a great opportunity to both showcase trade.io’s industry knowledge and technology and bring a greater understanding of the cryptocurrency and blockchain industry and how it can coexist with, and even enhance, traditional finance and the financial markets.”

For more information and the full agenda, visit:
https://www.bloomberglive.com/the-future-of-cryptocurrencies

Contact Email Address
marketing@trade.io
Supporting Link
https://trade.io

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Hacked Korean Crypto Exchange Unveils Plan to Restart Service Amid Controversies

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Hacked Korean Crypto Exchange Unveils Plan to Restart Service Amid Controversies

Exchanges

South Korean cryptocurrency exchange Coinrail has unveiled its plan to resume service despite surrounding controversies. The exchange reportedly removed a key part of its terms of service right before it was allegedly hacked, arousing suspicions.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Service Could Resume Around July 15

Hacked Korean Crypto Exchange Unveils Plan to Restart Service Amid ControversiesSouth Korea’s seventh largest crypto exchange, Coinrail, reported that it was hacked on June 10. The damage is estimated to be around 45 billion won (~US$41 million).

Hacked Korean Crypto Exchange Unveils Plan to Restart Service Amid Controversies
Coinrail’s notice.

On its website, the exchange states that 70% of its total coins have been safely moved to cold storage. In addition, “about 80% of the coins that have been confirmed to be leaked have been frozen/ withdrawn/ redeemed or equivalent…while the remainder is under investigation with investigators, related exchanges, and coin developers,” the exchange wrote, adding that the coins stolen are NPXS, DENT, BBC, ATX, JNT, and NPER.

Coinrail tweeted on Monday that it is in the process of restructuring its business in order to resume service around July 15. The exchange elaborated:

Coinrail will resume service before July 15 if it is determined that the service is ready to resume…We are constantly preparing a number of measures to recover the damaged coins and we will be reporting progress on the restoration measure at the end of June.

Unhappy Customers

Hacked Korean Crypto Exchange Unveils Plan to Restart Service Amid Controversies
Notice outside Coinrail’s office. Photo by Informant.

Coinrail says, “We are setting up a recovery plan with various stakeholders such as coin developers,” Sedaily detailed, noting that some customers are skeptical and do not believe that Coinrail will resume service on that date.

On Monday, about 50 customers visited Coinrail’s headquarters in Gangnam, Seoul, EKN conveyed. However, there was a notice on the exchange’s front door advising customers that they will not be able to visit the exchange’s office.

Hacked Korean Crypto Exchange Unveils Plan to Restart Service Amid Controversies
Customers outside Coinrail’s office on June 18. Photo by Informant.

Removal of User Compensation Clause

Hacked Korean Crypto Exchange Unveils Plan to Restart Service Amid ControversiesPrior to the alleged hack, the exchange reportedly removed a clause from its terms of service regarding user compensation.

Sedaily explained “the controversy over the revision of the terms [of service].” The news outlet detailed, “Coinrail has been suspected a week before the [alleged] hack” of removing the terms of service pertaining to the company’s standard indemnification provisions. This caused some to suspect that the exchange is trying to avoid responsibility for damages caused by the hack, the publication elaborated. However, Coinrail explained:

We have been working to strengthen the responsibility of the company in accordance with the government’s policy with the revision of the terms of the contract.

In April, the Korean Fair Trade Commission (FTC) examined the terms of use of 12 cryptocurrency exchanges. The agency found a total of 14 unfair terms and recommended corrections. While the country’s largest exchanges such as Bithumb subsequently changed their terms of service to comply, Coinrail removed its related terms of service, the publication revealed.

Recently, Chosun reported that some banks detected suspicious activities and closed the Coinrail’s accounts in April. However, the exchange maintains that they were only unused virtual accounts and there was no hacking evidence detected, Hankyung noted.

What do you think of Coinrail’s situation? Do you think the exchange will reopen soon and compensate customers? Let us know in the comments section below.


Images courtesy of Shutterstock, Informant, and EKN.


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Freedom of the Press Foundation Now Accepts Five Cryptocurrencies

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Freedom of the Press Foundation Now Accepts Five Cryptocurrencies

News

On June 18 the non-profit organization the Freedom of the Press Foundation announced people can now donate five different cryptocurrencies to the organization that supports free speech, whistleblowers and the freedom of the press. The foundation details cryptocurrency donations in BCH, LTC, ZEC, ETH, and BTC will help fund the various projects that promote freedom including its whistleblower submission system.

Also Read: Chainbet Protocol Adds Trustless Multiplayer Bets, Auctions, and Dice Rolls

The Freedom of the Press Foundation Now Accepts Five Cryptocurrencies

Freedom of the Press Foundation Now Accepts Five CryptocurrenciesThe Freedom of the Press Foundation (FPF) is a nonprofit organization founded in 2012 that aims to promote free speech and freedom of the press or freedom of the media. The organization’s board members have included well-known luminaries such as Glenn Greenwald, Daniel Ellsberg, Laura Poitras, and one of the world-famous whistleblower Edward Snowden. The FPF is attributed to the open-source whistleblower submission system called Securedrop which was also co-created by the hacktivist Aaron Swartz. Now the FPF is accepting five different cryptocurrencies for donations toward the nonprofit’s active campaigns and promoting free speech.

“We are pleased to announce that press freedom supporters and cryptocurrency enthusiasts can now donate to Freedom of the Press Foundation —  Your donations support our projects to advance press freedom, including Securedrop, the open source whistleblower submission platform used by more than 60 news organizations worldwide,” explains the FPF.

Freedom of the Press Foundation Now Accepts Five Cryptocurrencies

A 1000 ETH Donation Follows the Foundation’s Announcement

The organization says they plan on accepting more cryptocurrencies soon and will be including support for zcash shielded addresses soon. Following the announcement to accept cryptocurrencies the blockchain communications firm Mainframe donated 1000 ETH to the nonprofit.

“We are deeply grateful Mainframe has made this critical donation to help Freedom of the Press Foundation protect journalists and whistleblowers, and are excited Mainframe, through their technology, shares our commitment to protecting privacy and freedom online,” the FPF emphasized.   

Decentralized technology has great potential to advance the ability of individuals to resist surveillance and censorship.

Cryptocurrency enthusiasts across forums and social media seemed pleased that the nonprofit accepted cryptocurrencies as the foundation was instrumental towards helping break the financial blockade against Wikileaks — Just as bitcoin had helped out Julian Assange and crew before the blockade was lifted. 

What do think about the FPF accepting cryptocurrency donations like bitcoin cash? Let us know your thoughts on this subject in the comment section below.


Images via Secure Drop, Pixabay, Wiki Commons, and the FPF.


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