Tag Archives: Bitcoin

The biggest obstacle to Bitcoin scaling isn't technical — it's political

Source: Bitcoin.com
by Kai Sedgwick

"Bitcoin is accustomed to taking flak from non-believers. It’s been declared dead more times than most people care to count, and will continue to be written off long after dissenting CEOs have conceded defeat and quietly bought BTC. The latest group to take potshots at bitcoin aren’t external actors with little understanding of the protocol, however — they’re insiders who were once its biggest supporters. The cause of much of the commotion? Scaling." (11/16/17)


Money, it turns out, is a practical art

Source: Foundation for Economic Education
by Jeffrey A Tucker

"If you read on the topic of money’s history from any mainstream textbook, you will already know the drill. In the past, money took many forms. It was shells, pelts, salt, and various metals. Finally we got paper money, credit institutions, then central banks. At this point, we are told, history was complete. The final and best form had arrived. The state would be in charge of money forever. All that was left was to have it managed in a way that better served our needs. … But look what actually happened. From the time when money came to be nationalized by the state and managed by central banks, roughly 100 years ago, the improvements stopped. Everything else got better: cars, flight, communication, homes, indoor environments, distribution of all essentials from food to clothing to finance. What did not improve was the money itself. In fact, it became worse. … From the time that Bitcoin became viable, however, monetary theory would never be the same." (11/15/17)


Real Bitcoin, aka Bitcoin Cash, hard forks in bid to ease mining difficulties

Source: CoinDesk

"Bitcoin cash appears to be successfully navigating a planned hard fork. At press time, the majority of the network nodes (roughly 82 percent) have transitioned to new software (version 0.16.0 or later) that includes rules aimed at making the protocol's reward distribution more attractive to the miners that secure its blockchain. Executed at roughly 21:00 UTC, the new version of the bitcoin cash blockchain has since amassed six blocks, while none have yet been mined on the older network. The results suggest that, while still possible, the fork will pass without the creation of a competing cryptocurrency." (11/13/17)


Bitcoin Cash skyrockets, Bitcoin price drops as civil war continues

Source: Forbes

"Well, get your popcorn after all. Earlier this week, a planned hard fork on the Bitcoin blockchain that threatened to create two new coins, causing disruptions on exchanges and potential losses for users on both sides — but also possibly one of the most exciting chapters in Bitcoin's history — was called off. But in the last few days, a previous fork of Bitcoin (BTC) called Bitcoin Cash (BCH) that was launched in August and immediately dismissed by many Bitcoiners and the wider crypto world alike, has skyrocketed in value. … Several active crypto players surmised that the market moves had to do with the disaffected group who did not get the hard fork that they supported, known as SegWit2x, shifting their money over to Bitcoin Cash, which is more in line with their vision of Bitcoin." (11/12/17)


The Satoshi Revolution, chapter 2, part 4

Source: Bitcoin.com
by Wendy McElroy

"On October 31, 2008, Satoshi Nakamoto published a White Paper entitled 'Bitcoin: A Peer-to-Peer Electronic Cash System' on the Cryptography Mailing List at metzdowd.com. It spelled out the reasoning behind bitcoin and the design of bitcoin’s instrument of implementation: the blockchain. The White Paper also solved a problem that had haunted cryptocurrency: double spending. Satoshi’s brief explanation is a defining document of our century. It is all the more remarkable, therefore, that no one seems to know Satoshi’s identity or even whether he is an individual or a team of programmers. Clearly, he coded from a love of the technology rather from than a desire for fame. Since the code was open source, unpatented and offered widely to all, acquiring wealth does not appear to be the driving goal either. By process of elimination, political motivation becomes more probable. But arriving at that conclusion requires an examination of the evidence and background surrounding Bitcoin." (11/11/17)


Did Bitcoin supporters just get played?

Source: The Anarchist Shemale
by Aria DiMezzo

"I think they did, and I think that it’s entirely possible — even probable — that Shrem and other Segwit2x supporters did it knowingly and intentionally as a way of driving up the value of Bitcoin, selling off, making their announcement, and shifting into Bitcoin Cash, which has already solved the problems that Segwit2x was supposed to partially address. So let me give you the rundown of what I’m thinking." [editor's note: Some of the big players were willing to support Segwit as long as they got 2x as well. When other players started reneging on the 2x part of the Segwit2x agreement, it was only natural that those who had supported the first part only if the second part came with it would defect to Bitcoin Cash – TLK] (11/11/17)


Bitcoin price rockets as big players renege on block size increase pledge

Source: Computer Business Review

"Following the subsidence of a proposed 'hard fork,' investors have rallied excitedly around bitcoin and sent it soaring towards $8,000 per unit. Bitcoin almost made it to $7,900 following the news that 'SegWit2x' would not in fact come into effect. The motion was halted by members of top bitcoin exchanges who believed the fork could have wreaked fatal damage. … The change would have brought about a currency that doubled the size of blocks on the blockchain that drives it, based on an intention to re-establish the digital currency as a truly decentralised option. Larger blocks would allow for more trades to be processed, making room for more people to engage in the trading of bitcoin." [editor's note: In English, the guys on one side — the big miners and exchange operators — got what they wanted and are now refusing to deliver on their pledge to give the guys on the other side — the USERS — what we wanted. The altcoin masquerading as "Bitcoin" will remain broken; real Bitcoin, now called Bitcoin Cash, is the way to go – TLK] (11/09/17)


Secret Service agent who stole Silk Road Bitcoins sentenced to two more years for stealing stolen Bitcoin

Source: Ars Technica

"Former United States Secret Service agent Shaun Bridges was sentenced to an additional two years of prison on Tuesday. US District Judge Richard Seeborg said that Bridges' totality of crimes and continued dishonesty to the government was a 'betrayal of trust' and was 'among the worst of crimes.' In August 2017, Bridges pleaded guilty to new counts of money laundering and related forfeiture. In May 2015, Bridges was separately sentenced to 71 months in prison after he stole money from online dealers while investigating Silk Road, a now-defunct Tor-hidden underground website. … Over a year ago, federal authorities strongly suggested in court filings that, in 2015, after Bridges had left the Secret Service and after he had already signed his first guilty plea, he had illegally transferred to himself over 1,600 bitcoins. Those bitcoins had previously been seized by federal authorities from Bitstamp, a European Bitcoin exchange, which later challenged the seizure." [editor's note: The feds stole the Bitcoin from Bitstamp, but it's "among the worst of crimes" to re-steal it from the feds. Reminds me of the plaque Ron Paul used to keep on his desk – TLK] (11/07/17)


The Satoshi Revolution, chapter 2, part 3

Source: Bitcoin.com
by Wendy McElroy

"Versions of digital cash and online transfer systems existed before Bitcoin. DigiCash and e-gold are among the better-known ones, but neither could shake the dogged trusted third party problem. Both lacked the essential vehicle of privacy and self-banking created by Satoshi Nakamoto: the blockchain. The early systems are useful as cautionary tales, however, and they spotlight the elegance of Bitcoin." (11/04/17)


Real Bitcoin (aka Bitcoin Cash) markets surge as pending hard fork approaches

Source: Bitcoin.com

"The price of bitcoin cash (BCH) has been on a tear lately as network participants are steadily preparing for the upcoming hard fork. At the time of writing, the digital asset’s value is averaging $495 USD and currently commands the second highest cryptocurrency trade volume in the world. … In other BCH news the well known online merchant, Wikileaks Shop, has just announced to its Twitter followers it will accept BCH for Wikileaks merchandise." (11/01/17)