Tag Archives: Bitcoin

Maybe we can all get along after all — even in Bitcoin

Source: Bitcoin.com
by Jamie Redman

“The best way Bitcoin proponents can move forward is with healthy discussions using logic and reason as opposed to irrational emotions. We should pay attention to other people’s opinions and respect that many people will have different ideas about scaling Bitcoin. Maybe some of us discussing the issue in an emotional manner need to take a step back, pause and get more grounded. There are many things all of us within the Bitcoin ‘community’ can do to better approach the discussion because we all want the same thing for Bitcoin. We all want Bitcoin to be the most successful cryptocurrency on the face of the earth, but some have lost sight of the goal with all the drama.” (04/30/17)


The Backpage Effect: Why the sex industry thrives on Bitcoin

Source: Bitcoin.com
by Sterlin Lujan

Backpage.com is a website like Craigslist, although it is more scandalous and provocative. The site was well-known for allowing sex workers to post solicitations. In 2015, the site was alleged to be permitting prostitution and propping up a sex trafficking ring involving youths. These charges were never validated, but the fallout caused a shift in the way the peaceful sex industry uses money and does business. Bitcoin is now one of the main forms of currency fueling this enterprise.” (04/24/17)


The fraud of intellectual property

Source: Bitcoin.com
by Wendy McElroy

“The trend toward IP will accelerate as the blockchain and digital currencies go mainstream. In fact, blockchain tech is already being used to register digital copyrights in a way that is both immutable and timestamped. It is called ‘the poor man’s copyright’ because registration is often free. And it cements together the concepts of Bitcoin and IP. But can someone actually own an idea? This is not asked as a legal question but as a practical one. The law can grant artificial property rights in anything to anyone, including the ‘ownership’ of another person. Such a law does not make slavery proper or logical, however. IP is a contradiction in terms and an artificial construct that blocks human progress. IP would obstruct the development of Bitcoin and similar technology while sharply diminishing its value to individual freedom.” (04/23/17)


An important update on the Bitcoin block size wars

Source: Freeman’s Perspective
by Paul Rosenberg

“The more angrily people fight about this, the less we should listen to them. Bitcoin needs to grow up, and not degenerate into politics … because politics is pollution. The only purpose worth pursuing is a scaling, thriving Bitcoin. Those of us who lose some relative advantage will simply have to suck it up and adapt. What’s the point of all this, anyway? Is this about status and dominance? About winning? Getting the most money? Anyone looking for those things should go into government or central banking, and leave Bitcoin alone.” (04/24/17)


The UN wants to adopt Bitcoin and Ethereum — and soon

Source: CoinDesk

“The United Nations (UN) is in the final stages of what could be one of the most epic blockchain projects of all time. After successfully using the ethereum blockchain to transmit Pakistani rupees to 100 people earlier this year, the UN’s World Food Program (WFP) is arranging extra security to ensure it safely executes the next stage of its work. A pilot test, scheduled to begin in Jordan on 1st May, will see the WFP sending an unspecified number of dinars to more than 10,000 recipients in need of financial support and extra food, with the goal of expanding the number of recipients to 500,000 people by 2018. To protect the privacy of the recipients, the exact amount to be dispersed is not being revealed. But the technology being developed is part of an even bigger push to make the UN’s services so resilient that they could survive even the destruction of the UN itself.” (04/24/17)


Decision time for Bitcoin?

Source: American Institute for Economic Research
by Patrick Coate, PhD

“The current problems are an impressive illustration of both Bitcoin’s strengths and weaknesses. Bitcoin’s blockchain — the ledger of official records of Bitcoin creation and transactions — is continually updated by computers running Bitcoin software. A new block is added every ten minutes, and ‘miners’ that add these blocks are rewarded with newly created Bitcoins and transaction fees. The problem that has been brewing for some time is that the network is designed to add a new block every ten minutes no matter what the traffic, and each block only contains 1 MB of information. If there are more desired transactions than can be fit onto a new block, users have to pay higher transaction fees or wait. This is in contrast to credit card transactions, for instance, in which Visa or MasterCard can process huge numbers of transactions almost instantaneously. As Bitcoin increases in popularity, demand for transactions continually increases and this problem only becomes more acute. This is a serious bottleneck to any desire for Bitcoin to be used by a wide consumer base.” (04/21/17)


Belgium: Pol wants guidelines for regime fencing of stolen Bitcoin

Source: CryptoCoins News

“Belgium’s justice minister, Koen Geens, has advised the government that the country’s laws need to cover virtual currencies like bitcoin, according to HLN. He wants the legal obligations that apply to the financial sector to apply to virtual money, which to date has not been subject to the established law. Geens is reportedly trying to determine how the government can [fence] bitcoins [stolen] in criminal cases. These include 1,050 bitcoins [stolen] in two separate drug cases, valued at more than $1.2 million.” (04/18/17)


Traders raise concerns as biggest Bitcoin exchange halts deposits

Source: CoinDesk

“An announcement by one of the world’s largest bitcoin exchanges has stoked fears another Mt Gox-style meltdown may be brewing. The largest bitcoin exchange by US dollar volume in recent weeks, Bitfinex revealed today it will be unable to accept incoming wires starting tomorrow, a statement that comes after it disclosed late last week that it was experiencing delays in US dollar withdrawals. … The victim of a hack last August, Bitfinex has shown a propensity to bounce back from operational difficulties. After losing nearly $65m in customer funds, it would go on to ‘socialize’ losses among exchange users, using a new cryptographic token to credit customers. The system would later win praise from supporters, who saw it as a creative way to avoid bankruptcy and pay back users.” (04/17/17)


Bitcoin wallets under siege from “Large Collider” attack

Source: Fortune

“A group called the ‘Large Bitcoin Collider’ claims it can smash open bitcoin wallets by using a so-called brute force attack, which directs mass amounts of computer power at individual wallets in order to guess their private keys. The project, which has been underway for months, relies on a distributed network of computers (similar to bitcoin itself), and invites anyone to participate — those who do could potentially share in the proceeds of the wallets cracked open. A ‘trophy list’ on the home page of Collider (an apparent reference to the Hadron Collider) suggests the group has successfully opened over a dozen wallets, though only three had any bitcoin in them. It’s unclear if the group is motivated by financial gain or the cryptographic challenge of smashing wallets — the answer is probably both based on the site’s webpage and outside observers.” (04/15/17)


Would Bitcoin “function” in a societal collapse?

Source: Bitcoin.com
by Wendy McElroy

“Even without nuclear war, would bitcoin be able to function during a collapse or a cold war? Yes. Electricity and the internet may be less reliable or more expensive but they would be available. An increasing dependence on the blockchain would make it a top economic priority. It would also be a top military priority. In October 2016, the Pentagon revealed it was actively exploring blockchain technology ‘to create tamper-proof military computer systems, including those used to control America’s nuclear weapons.’ Other nations are undoubtedly doing the same.” (03/30/17)