Tag Archives: cryptocurrency

Help the world’s poor with a Bitcoin and blockchain future

Source: Competitive Enterprise Institute
by Jim Harper & Andreas Kohl

“In this age of virtual reality and talk of space elevators and head transplants, it can be hard to know what is real versus ‘fake news.’ But when you hear talk of Bitcoin, blockchains and cryptocurrency, believe it. In fact, the phenomenon of ‘magic internet money’ could very quickly change all of our lives forever. Bitcoin and blockchains stand to improve vastly access to financial services and sound money for people in countries that currently suffer from poor financial and monetary policies. And cryptocurrency may vastly increase financial privacy and freedom for law-abiding people worldwide.” (05/04/17)


Bitcoin breaks all-time high, passes $1,400 mark

Source: Business Insider

“Bitcoin is at another fresh all-time high. Early buying ran the cryptocurrency above the $1,400 mark for the first time ever, but it has since pared those gains. As of 7:17 a.m. ET it trades up 4.1%, or $54.55, at $1,370 a coin. Monday’s advance comes with no specific catalyst, but has trade on track for its 10th gain in 11 sessions. Bitcoin has been moving higer over much of the past week following news that the US Securities and Exchange Commission will reconsider the Winklevoss ETF.” (05/01/17)


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)


Why all central banks’ e-currencies will fail horribly

Source: Bitcoin.com
by Datavetaren

“From time to time I hear ‘central banks could issue e-currencies on blockchains!’ Before dwelling on the details on why that isn’t possible, let’s consider an ‘Einsteinian thought experiment.’ Let’s begin by asking ourselves the question: How do we know that a computer system is secure and not being tampered with?” (04/27/17)


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)