Tag Archives: cryptocurrency

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)


Cryptos may destabilise fiat

Source: Cobden Centre
by Alasdair Macleod

"The assumption in some quarters is that crypto-currencies will replace gold as money, or at least challenge it. This is an error borne out of a misunderstanding of catallactics, or the theory of exchange. It also ignores the fact that beyond a few European countries and North America, gold is firmly money in the minds of ordinary people. I wrote an article on this subject, explaining why cryptocurrencies are not a new form of money, here. Anyone reading this article may wish to read my original article first, to understand the true status of cryptocurrencies. I concluded that cryptocurrencies are the purest form of financial bubble in the history of speculation, and will be of great theoretical interest to future generations, just as the phenomena of the Mississippi, South Sea, and tulip bubbles are to us today." (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)


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)


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)


Ethereum user accidentally exploits major vulnerability, locks wallets

Source: ZDNet

"An Ethereum user has unwittingly exploited a major wall in Parity wallets which has locked users out of their accounts, potentially freezing millions of dollars' worth of the cryptocurrency. In a security advisory last night, Parity — the makers of wallet software used to store and trade Ethereum — said the 'critical' issue impacts multi-sig wallets. Multi-sig wallets have been frozen which are estimated to hold roughly $150 million in Ethereum. The company said the vulnerability exists in the Parity wallet library contract of the standard multi-sig contract and was 'found' by a user." (11/08/17)


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)


Amazon just bought three domain names related to cryptocurrency


Source: CNBC

"Amazon has secured three new domain names related to cryptocurrency, sparking speculation that the e-commerce giant could be preparing a move into the cryptocurrency space. However, Amazon Pay's VP Patrick Gauthier told CNBC last month that Amazon had no plans to accept cryptocurrency because there hasn't been much demand yet, and Amazon may simply be protecting its brand name. The domains are: amazonethereum.com, amazoncryptocurrency.com, amazoncryptocurrencies.com." (11/01/17)


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)