Tag Archives: Bitcoin

Mainstream journalist makes bizarre attempt at living on Bitcoin for a week

Source: Bitcoin.com
by Samuel Haig

"CNBC journalist Seema Moody recently published a report detailing the trials and tribulations of her attempt to live for a week solely using bitcoin as currency. This report, and others like it, fail to represent the actual ease with which one can exclusively use bitcoin as a money commodity, and spreads myths about the impracticality of cryptocurrency as a mean of exchange." (06/22/17)


The risks of Segregated Witness: Opening the door to mining cartels

Source: Bitcoin.com
by Craig Wright

"The bitcoin community continues to debate Segregated Witness, the Bitcoin Core development team’s proposed scaling solution which would separate signature data (witnesses) from transaction data. There are numerous risks with SegWit, but one in particular needs more attention: SegWit opens the door to methods of collusion and mining cartels which could undermine the bitcoin network." (06/19/17)


Bitcoin drops to three-week low on profit taking

Source: Reuters

"Bitcoin fell to a three-week low on Thursday as investors took profits partly in response to a bearish report from Goldman Sachs as well as concerns about a Chinese bitcoin miner's plan to undertake a 'hard fork' that will result in a split in the digital currency. … Bitcoin fell as low as $2,120 on the Bitstamp on Thursday and was last down 6 percent at $2,290. On the week, the currency has fallen about 22 percent, on track for its largest weekly slide since December 2013. On Monday, bitcoin hit a record just shy of $3,000. So far this year, bitcoin remains up 137 percent." (06/15/17)


Major Bitcoin exchanges hit by cyberattacks as record rally makes them a target

Source: CNBC

"Multiple cyberattacks on major bitcoin exchanges this week highlight the many challenges for the young digital currency world. A surge in investor interest also overwhelmed major bitcoin websites, while record-breaking levels of fundraising for new digital currencies add to worries that the largely unregulated cryptocurrency industry will be unable to manage the hype. … Bitfinex, the largest U.S. dollar-based bitcoin exchange, said on its status website Wednesday morning that its platform was under distributed denial-of-service attacks, or DDoS, that attempts to paralyze a system with a flood of information. … The news followed smaller BTC-e exchange's tweet Monday of a similar attack on its systems that afternoon, when its website also temporarily went down. By Wednesday morning, BTC-e had deleted the tweet and its website showed trades going through." (06/14/17)


The hidden reason behind Bitcoin's increasing fees: Darknet mixers

Source: Bitcoin.com
by Jamie Redman

"Just recently a darknet marketplace (DNM) vendor who details he’s been involved with the bitcoin industry for five years, says the rising fee market is caused by marketplace mixers that process multiple transactions at a time. The vendor details that DNM sales using these mixers are forcing him and many others to pay for 50 transactions at a time at ten times the cost, to cover their tracks." [editor's note: If I run a store and see that I have customers routinely waiting in line for 20 minutes, I don't jack up my prices, shrug my shoulders, and tell people who complain 'well, it's all those people coming in to buy beer.' I hire more cashiers and install more registers and checkout lanes. If the network congestion is coming from dark net markets and mixers, well, so what? The solution remains the same: Increase the block size – TLK] (06/13/17)


The rise of digital money has exploded since Bitcoin's creation

Source: Bitcoin.com
by Jamie Redman

"Bitcoin changed the landscape of digital money when it was introduced to the world in 2009, and was followed by many other types of cryptocurrencies. Now bitcoin and the over 800 copycats (so called altcoins) have reached a very large market valuation of $110 billion. Let’s take a look at how this emerging digital assets landscape began and where we are today." (06/12/17)


As Bitcoin's price rises security shouldn't be taken for granted

Source: Bitcoin.com
by Jamie Redman

"Recently there have been numerous reports of people losing their bitcoins to hackers and malware as bitcoin’s price continues to grow in value. It is safe to assume that organizations and individuals trying to steal people’s bitcoin reserves will persistently increase because the decentralized cryptocurrency becomes more valuable to thieves." (06/11/17)


Bitcoin price crosses $3,000 to set new all-time high

Source: CoindDesk

"The price of bitcoin topped $3,000 for the first time in history today, according to the CoinDesk Bitcoin Price Index (BPI). After spending much of the last week seeking direction in the $2,700 to $2,900-range, the average price of bitcoin across major international exchanges edged up over this threshold finally at roughly 17:00 UTC. The new record comes at a time when alternative digital assets are seeing robust inflows, with ethereum's ether token setting a new all-time high of more than $300 today as well. Indeed, analysts spoke to the ongoing broadening of the cryptocurrency market as a tide that is benefitting bitcoin." (06/11/17)


Bitcoin.com Podcast, 06/11/17

Source: Bitcoin.com

"For the past two years, Charlie Shrem and Anthony Di Iorio have been working on the Jaxx wallet (fast becoming an entire ecosystem and robust platform) 'Jaxx is a multi-platform, multi-currency digital wallet that enables people to own the keys to their digital world,' explains Di Iorio. Just as web browsers function as a single interface to the whole Internet, Jaxx aims to be a single interface for ID management, multiple currency wallet use and private key storage, and more. 'What our customers are looking for is a single place where they can have all their digital assets,' says Di Iorio. Tune in to hear more of Shrem and Di Iorio’s insights, especially Charlie Shrem’s hint at evaluating ICOs, and exciting developments for Jaxx." [Flash audio or MP3] (06/11/17)


Bitcoin: Riding high, but in crisis

Source: Garrison Center
by Thomas L Knapp

"Any currency, digital or otherwise, has to function well as a 'medium of exchange' if people are going to use it. That is, they need to be able to actually buy and sell stuff with it. If they can’t, it’s also not going to be something they trust as a “store of value” to save for later buying and selling. Bitcoin has come up against the problem of more transactions than the network can handle quickly. Transaction costs in the form of mining fees have gone through the roof, while transaction speed has slowed to a crawl. It’s a train wreck as a medium of exchange and if that’s not fixed it will soon cease to be a viable store of value." (06/08/17)