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What is Bitcoin?

Bitcoin is a digital crypto-currency with no single point of failure due to its decentralized peer-to-peer architecture. The source code is publicly available and changes to the reference Bitcoin client are made via concensus within the community. Advantages of Bitcoin include irreversible transactions (i.e. no possibility of chargebacks as with credit cards), pseudo-anonymous, limited and fixed inflation, near instant transactions, multi-platform, no double-spend and little to no barriers to entry and more. It was created by an anonymous person known as Satoshi Nakamoto. Find out more at WeUseCoins.com.

Bitcoin Latest News

Op Ed: User Activated Soft Forks and the Intolerant Minority

Op Ed: User Activated Soft Forks and the Intolerant Minority

It does not take a majority to prevail … but rather an irate, tireless minority, keen on setting brushfires of freedom in the minds of men.
Samuel Adams

In The Most Intolerant Wins: The Dictatorship of the Small Minority, Nassim Nicholas Taleb describes how a strong enough minority with more strict preferences can end up with the majority following their preferences. He speaks of many examples  —  food preparation standards, languages and taboos.

This principle can also extend to Bitcoin and the concept of soft forks. By extending this principle, it can show that a soft fork that has strong support from a minority still may be enough to provide economic incentives to its enforcement, even if the majority is ambivalent.

Soft forks, by their nature, are a form of intolerance. Users who enforce a soft fork are intolerant of some types of transactions or blocks that miners can produce. They will reject those blocks that miners produce much as an Orthodox Jew will reject pork. In cases where the majority is ambivalent and the cost for producers is low to adhere to the stricter standards, then the result is producers keep everyone happy by following those stricter standards.

In Bitcoin’s case, many potential soft forks fall into this category. Soft forks that do not degrade the security properties of Bitcoin, that do not take away from any currently used features, do not add costs to miners, and are preferred by some, would result in profit-maximizing miners choosing to serve a wider audience by enforcing the soft fork.

Strong-Willed Minority vs. Ambivalent Majority

In the above case, if there were strong believers committed to a soft fork with stricter rules, miners face a choice  —  do they allow the chain to split or serve everyone with the new stricter rules? If they allow the chain to split, they must pick a subset of users to serve, giving them less value than if they were to serve all. This also harms the network effect, which means the sum of the two parts is now worth less than the original. Thus, as long as the minority committed to the soft fork was sufficient in size that they cannot be ignored, a profit-maximizing miner will follow them (assuming there is little to no cost of enforcement).

Strong-Willed Minority vs. Miners’ Interests

In a case where a strong-willed minority requires non-GMO, organically certified food, this may not result in the minority getting its way. The cost of production may be too high to be worth it. A theoretical soft fork that reduces the block reward by half would be a good example. A minority may feel the block reward is too high and wish that it be lowered, and only allow miners to claim 6.25 coins instead of 12.5 per block. In this case, miners would give up a significant amount of income to have to enforce it, and the loss of “business” from excluding these users may be less costly than reducing their income.

Strong-Willed Minority vs. Strong-Willed Minority

A third case is when a strong-willed majority ends up alienating another portion of the potential consumers. If a new religious sect required that all food have bacon added to it, Jews and Muslims would not tolerate this and would splinter off, even if the majority did not care either way. In this case, a split is inevitable.

In the Bitcoin case, some users may wish to have all addresses logged in a government registry to ease KYC compliance. They could demand that miners only mine blocks that adhere to these standards. This type of action would be rejected by many users who would not go along with such a plan, and in fact may even take steps to block it if it was enforced. In this case, a split would be inevitable if both factions were sufficiently intolerant of the other.

The Importance of Commitment and Stubbornness

This only works if users are absolutely committed to their rules being followed. Commitment must be absolute and unwilling to change, no matter what the majority does. The most important part of the intolerant minority is to truly be intolerant! If the cause is not worth putting your neck on the line for, it will not be successful.

Some supporters of user-activated soft forks (UASFs) have stated that they intend to enforce the UASF unless it is not widely supported or followed, and then would back off. This is the surest way to guarantee failure. If you are unwilling to follow a minority chain with an economic minority, you aren’t truly an intolerant minority. You are only one with a preference.

Guidelines for User-Activated Soft Forks for Maximizing Success

  • Take away no existing useful features (do not create a hostile minority).

  • Do not add significant costs to miners (make burden for miners as low as possible).

  • Include functionality that users are willing to fork off for.

  • Ensure there is a sufficiently sized minority willing to commit.

A sufficiently sized, committed, economic minority is enough to have a successful user-activated soft fork. While Shaolinfry said that without an economic majority behind a soft fork, it should be withdrawn, I believe that statement to be too weak. The history of intolerant minorities making changes is long enough to show otherwise.

This guest post by Alphonse Pace was originally published on Medium and is reproduced here under Creative Commons license. Some rights reserved. The views expressed do not necessarily represent those of Bitcoin Magazine.

The post Op Ed: User Activated Soft Forks and the Intolerant Minority appeared first on Bitcoin Magazine.

Posted on 19 May 2017 | 8:08 pm

Bitcoin's Price Climbs But Falls Short in Bid to Top $2000 - CoinDesk


CoinDesk

Bitcoin's Price Climbs But Falls Short in Bid to Top $2000
CoinDesk
Bitcoin prices came within striking distance of $2,000 today, falling short by about $50, according to the CoinDesk Bitcoin Price Index (BPI). The price of bitcoin rose to as much as $1,955.92 during the session, bringing the cryptocurrency less than 3 ...

Posted on 19 May 2017 | 3:25 pm

Bitcoin's Price Climbs But Falls Short in Bid to Top $2,000

Bitcoin prices neared $2,000, but they failed to break through this key level.

Source

Posted on 19 May 2017 | 3:15 pm

University Student Involvement Supports Australia’s Booming Blockchain Community

University Student Involvement Supports Australia’s Booming Blockchain Community

The blockchain industry is booming in Australia recently after the Australian Tax Office (ATO) announced changes to tax laws in the 2017–2018 budget summary by the Australian government, surrounding how digital currencies are treated in the country. In the few weeks since the announcement, active blockchain communities and events such as RegHack DownUnder have launched across the country, supported by universities and government regulators.

Australia has traditionally held strict tax laws when it comes to how they handle bitcoin and other digital currencies, defining bitcoin as a separate asset class to fiat currency and requiring that transactions involving digital currencies are taxed twice by the Australian Tax Office. The new budget summary removes any general sales tax made more than once in the supply chain using digital currency, in an attempt to “make it easier for new innovative digital currency businesses to operate in Australia” and to grow their nascent community into a global innovation hub.

The summary states, “The Government is committed to establishing Australia as a leading global financial technology (FinTech) hub and is announcing a new package that aims to position our local fintech industry as a world leader.”

This new regulatory environment has spurred growth in the community, from university campuses all the way up to the government regulators. Students have begun to launch clubs at universities across the country, and regulators and business executives have begun to take notice.

“We’re excited blockchain [technology] can finally move to our campus and Australia in a big way. There’s been a significant increase in interest from the community in the past few weeks,“ said Ryan Pousson, the regional head of the Blockchain Education Network (BEN) in Brisbane and the founder of the UQ Blockchain Club, in a statement to Bitcoin Magazine. This perspective was echoed by Jared Piper, a region head of the Blockchain Education Network in Melbourne.

Aaron Schwartz, the director of global engagement at BEN and partner at MLG Capital, told Bitcoin Magazine, “It’s super exciting to be part of a decentralized organization like BEN that is doing something unique with a swarm-style model. We are quickly spreading to countries all across the world with new chapters opening up across Australia, Colombia, Nigeria and Bangalore, just to name a few. We encourage anyone in a blockchain community around the world to reach out to get started growing their local community.”

On the weekend of May 12–14, government representatives in the energy sector and banking executives in the financial services industry came together to judge RegHack DownUnder. The brightest developers, UI/UX designers and entrepreneurs across Australia were encouraged to spend the weekend in Melbourne to develop blockchain technology solutions to solve some of the problems it faces in these two heavily regulated sectors.

In advance of the hackathon, Adam Lemmon, a blockchain expert from Toronto, flew down to Melbourne to present an overview of Ethereum development and Solidity to the community. Following the event, Lemmon said, “RegHack was an amazing experience and it was inspiring to see such a young blockchain community so excited about the technology.”

Chami Akmeemana, the organizer of RegHack DownUnder, predicts a fast growth in the community. He said to Bitcoin Magazine following the event: “It was a mammoth success. Close to 100 participants spent three days exploring tech solutions to regulatory issues. We now have 100+ blockchain enthusiasts, that I expect [will grow] to over 1000+ by the end of the year. I’m hoping to see some world-class blockchain applications coming out of Australia and I’m stoked to be part of this boost to the ecosystem.”

The regulators in Australia are on board too with this digital transformation. Igor Simunovic, a representative from the Australian Transaction Reports and Analysis Centre (AUSTRAC), said in a statement following the event that “the event provided opportunity for industry (including government) and freelancers/students/developers to meet, integrate and share through the problem solving required to address the Hackathon ‘problems.’ Such meeting and teamwork opportunities are rare and often bound by the [confines] of conferences or meet-ups. The process of discovering new technologies and frameworks was just a bonus.”

It is still the beginning in the growth trajectory of the blockchain community in Australia, but it is an exciting time to be part of a global movement. For example, in the few months following November’s RegHack TO, the first hackathon hosted by a securities regulator in Canada and inspired by Chami Akmeemana, the number of people attending meetups in Toronto has tripled from 200 to over 700 at the most recent blockchain meetup in Toronto. Getting the entire community on board from universities to business executives to government regulators is an important milestone for any community striving to become a blockchain hub.

The post University Student Involvement Supports Australia’s Booming Blockchain Community appeared first on Bitcoin Magazine.

Posted on 19 May 2017 | 2:32 pm

Bitcoin Price Analysis: Nearing a Bubble...but We’re Not There Yet

Bitcoin Price Analysis

Bitcoin has now shown about eight weeks of consecutive buying, leading into new all-time highs (ATHs) for the past three weeks. Trying to stay objective with mild to extreme euphoria in times like this can be difficult. As someone who was a new trader during the 2013 bubble, the chart is beginning to look very similar.

Market capitalization and trading volume both on exchanges and over-the-counter markets have hit ATHs as well.

Screenshot 2017-05-19 at 6.34.52 AM.png

Screenshot 2017-05-19 at 6.37.51 AM.png

Screenshot 2017-05-19 at 6.46.22 AM.png

Despite being in price discovery mode, there is an established, longstanding trend we can compare the current price against, as well as the entire left side of the chart. Past results don’t always predict the future, but they can influence it.

There are a few questions we can investigate:

  1. Is the price near an interim top?

  2. Is the price nearing parabolic conditions?

  3. Will the price continue on the previous trend at the same rate?

Looking at the monthly Bitstamp chart, there have not been too many candles of this proportion. This would suggest we are nearing bubble-like conditions.

stamp monthly.png

Price has also begun to close outside of the longstanding trend. This weekly candle has not closed yet, but if it does close outside of the diagonal, it will be the first weekly candle to do so. This again points to breaking the trend strongly to the upside.

stamp channel.png

Fibonacci retracement and extensions are admittedly partly magic voodoo, but there are plenty of traders who use and watch them to make the resistance and support levels legitimate. Drawing this Fibonacci from the local high established on March 10, 2017, to the low on January 14, 2015, several Fibonacci extensions emerge as well.

fib from low to local high.png

These can be seen as resistance levels, the next being the 1.618 at $2,088. Although the horizontal levels are arbitrary, we can confidently predict resistance based on the fit of the previous horizontals. Most of the prior “Fibs” match the price. This should be seen less as curve fitting and more as levels that just make sense. Based on the Fibonacci levels alone, there is not necessarily evidence for top or bubble just yet.

We can tease apart the trend even further by using the Fibonacci tool on each previous high and low.

stamp fibs.png

In the trend, a consolidation from the previous high to low has yielded a price that has seen resistance at the 2.272 Fibonacci extension. Currently, the price has exceeded the previous 2.272 Fibonacci extension and shown it was supported based on the multiple candle touches. This suggests price is moving faster than the previous trend as well as closer to bubble-like conditions.

For low-timeframe, intra-day trading, there was a long entry signal when the price cleanly broke the consolidation triangle. On the next correction, pullback or consolidation event, I’d expect the support diagonal (green) to remain the same.

coinbase triangle.png

Remember that splashy gold parity headline? BTC is now sitting several hundred dollars above it.

xau vs usd.png

Summary

  1. Bitcoin is making ATHs by almost every available metric: price, market capitalization, volume, hashrate, difficulty and fee per transaction.

  2. Although $2,000 is the next milestone and resistance target, the price will likely exceed that level based on the strength and rate at which the price is exceeding current trends.

  3. Watch for signs of a large pullback or correction in the near future, two to three months at the latest, based on previous price history.

Trading and investing in digital assets like bitcoin is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTCMedia related sites do not necessarily reflect the opinion of BTCMedia and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.

The post Bitcoin Price Analysis: Nearing a Bubble...but We’re Not There Yet appeared first on Bitcoin Magazine.

Posted on 19 May 2017 | 1:15 pm

How Blockchain Identity Trust Is Fostering New Applications in Healthcare

How Blockchain Identity Trust Is Fostering New Applications in Healthcare

Can identity trust be integrated with blockchain technology? The answer to that question appears to be yes, according to a recently completed proof-of-concept study conducted by Peer Ledger, a Canadian blockchain company; SAFE-BioPharma Association, the organization managing the global SAFE-BioPharma digital identity management standard; and Synchronoss, a leading provider of standards-based digital identities.

This development is believed to have significant implications for the use of distributed electronic ledgers (i.e., blockchains) for medical, pharmaceutical and other health system applications.

The purpose of the study was to demonstrate that cyber identities that comply with the SAFE-BioPharma standard may, via Peer Ledger APIs, enable blockchain identities to be de-anonymized, thereby fulfilling a requirement for double-blind clinical trials, audits and responsible supply chains. Prior to the study, identities associated with distributed electronic ledgers were entirely anonymous.

“Identity trust” means that there is trust in each cyber identity, using a process that proves the individual’s identity before linking it to the cyber credential. In general terms, it means that the credential can be trusted to represent the vetted identity of the individual one is doing business with but has never met face-to-face. This is critically important to the pharma/life sciences space because of several factors, including deterrence of hackers seeking valuable patient records and intellectual property, as well as compliance with regulations protecting patient data.

These discoveries underscore the power of blockchain technology to disrupt traditional practices for drug discovery, patient engagement and monitoring, payments and participatory healthcare delivery. Here, the technology leverages its quality as a shared, synchronized, distributed ledger of transactions, fostering security and decreasing fraud by providing a permanent record of who accessed ledgers and what activities they engaged in.  

The proof of concept demonstrated that SAFE-BioPharma-compliant digital identities can be tied back to the blockchain to assure trust in the identity of each person engaged in the transaction. Transactions can be anonymous until the end of a clinical study and “chained back” to the proven identity of the user, if needed, for regulatory or clinical purposes. Alternatively, the identities associated with each block can be known throughout the process, such as in track-and-trace applications for the medical supply chain.

Blockchain technology’s use of a group-consensus algorithm can be used to catch intentional or inadvertent double spending of an asset. For example, an accounts-receivable blockchain application can provide “multiple eyes” to prevent double invoicing. Similarly, a counterfeit-catching purchasing blockchain application can prevent harmful substances and devices from entering the medical system.

Ultimately, for blockchain technology to reach its full potential in any sector, myriad systems must be interoperable. Currently, healthcare technologies rarely work in a highly synchronized way with one another, which is why pharmaceutical and other medical companies that already have powerful identity management tools are trialing a number of different blockchain-based applications.

Thus far, these apps have been unable to bridge to the systems pharma companies use to establish identity credentials for their personnel. This is the problem addressed in the proof of concept. Peer Ledger has therefore developed software that now maps a trusted identity, from the Synchronoss-implemented Verizon Universal Identity Services system to blockchain credentials.

“Every SAFE-BioPharma-compliant identity credential accurately represents the proven identity of the person using it,” explains Mollie Shields-Uehling, president and CEO of SAFE-BioPharma Association. “Teaming these credentials with anonymous blockchain ledger postings enables use cases critical for overall cybersecurity across healthcare and the life sciences.”

When asked about future applications of all of this for healthcare, Shields-Uehling and Dawn Jutla, CEO and founder of Peer Ledger, highlighted three major areas of blockchain intersection.

Blockchain and clinical trials: In order to co-partner in the discovery of cures, patients may give pharmaceutical companies direct access to their digitized healthcare records, thus improving both data used for research and the speed of patient treatment. Britain’s Chief Scientific Officer, Sir Mark Walport, has argued that the National Health Service, which provides healthcare for 65 million people, should use blockchain technology to improve such tasks as the sharing of health records.

Blockchain and data collection: Earlier this year, IBM Watson Health announced it would work with the FDA to develop a secure, efficient and scalable exchange of health data using blockchain technology. Oncology data will be the initial focus.

Blockchain and personalized precision medicine: Blockchain technology’s cryptography will secure economical home healthcare sensor feeds. Trusted identity will be important to ensure that the right test results are associated with the right patient.

The post How Blockchain Identity Trust Is Fostering New Applications in Healthcare appeared first on Bitcoin Magazine.

Posted on 19 May 2017 | 12:41 pm

Is Bitcoin Safer Than Gold? - TheStreet.com


Is Bitcoin Safer Than Gold?
TheStreet.com
At the same time, the alternative digital currency, Bitcoin, which was born in cyberspace, has reached all-time highs. Gold gets honorable mention as a safe haven, but not much more. But where does the real risk, as well as the real value, lie? In view ...

Posted on 19 May 2017 | 11:01 am

Bitcoin Hits $2000 On Bitfinex as Bullrun Beats Bubble Fears - CoinTelegraph


CoinTelegraph

Bitcoin Hits $2000 On Bitfinex as Bullrun Beats Bubble Fears
CoinTelegraph
Bitcoin has already reached the historic $2,000 mark on some exchanges as momentum gains among investors. Data from Bitfinex shows asking prices of over $2,000 per coin Friday as the price per coin many thought would take years becomes reality.

Posted on 19 May 2017 | 9:15 am

Bitcoin Price Analysis: Nearing a Bubble...but We're Not There Yet - Bitcoin Magazine


Bitcoin Magazine

Bitcoin Price Analysis: Nearing a Bubble...but We're Not There Yet
Bitcoin Magazine
Bitcoin has now shown about eight weeks of consecutive buying, leading into new all-time highs (ATHs) for the past three weeks. Trying to stay objective with mild to extreme euphoria in times like this can be difficult. As someone who was a new trader ...

and more »

Posted on 19 May 2017 | 8:23 am

Newbie Bitcoin Users Have 'Overloaded' Us, Exert Pressure: Bitstamp Exchange - CoinTelegraph


CoinTelegraph

Newbie Bitcoin Users Have 'Overloaded' Us, Exert Pressure: Bitstamp Exchange
CoinTelegraph
The issue has been compounded by the state of the Bitcoin network itself. Slow confirmation times are likely adding to the workload for exchanges such as Bitstamp through fielding complaints from users assuming the fault lies with the recipient.

Posted on 19 May 2017 | 7:29 am

Russia's Largest Exchange is Using Blockchain to Lure Global Investors

Moscow Exchange Group is working on a blockchain solution using Hyperledger Fabric that it hopes will increase trust from the international community.

Source

Posted on 19 May 2017 | 6:48 am

Bitcoin Hit Another Record and It's Gained Almost $4 Billion Just This Week - Fortune


Fortune

Bitcoin Hit Another Record and It's Gained Almost $4 Billion Just This Week
Fortune
In recent days, bitcoin's value has jumped partly due to a surge in trading from Japan and Korea. Japan recently approved bitcoin's use as a legal currency for retailers, CNBC reports. At the same time, some investors see the asset as a "safe haven ...
Bitcoin hits $1,900 record high, market cap up $4 billion this weekCNBC
Bitcoin Tops $1900 for the First TimeBloomberg
Bitcoin surges past $1900 for the first timeMarkets Insider
CryptoCoinsNews -The Merkle -Finance Magnates
all 16 news articles »

Posted on 19 May 2017 | 6:00 am

Where is Gavin Andresen? The Quiet Exile of Bitcoin's Former Face

Bitcoin developers discuss a messy divorce with former maintainer Gavin Andresen, once the most public face of the digital currency project.

Source

Posted on 19 May 2017 | 5:00 am

Bitcoins - Are You Kidding Me? - Seeking Alpha


Seeking Alpha

Bitcoins - Are You Kidding Me?
Seeking Alpha
Everything you need to know about bitcoins in 4 minutes (with my comments attached). Do not expect piercing evaluation, academic challenges or thought-provoking analysis. It may not be the worst idea in the financial world, but it is second to Wells ...

Posted on 19 May 2017 | 4:40 am

Bitmain May Be Infringing on the AsicBoost Patent After All

Bitmain may be infringing copyright

The AsicBoost controversy has added another chapter to its book.

Yesterday, law firm Getech Law published an open letter, which was subsequently confirmed to be legitimate by Timo Hanke, the initial submitter of the AsicBoost patent application. In the open letter, the law firm states that several chip producers and sellers are infringing on the intellectual property derived from the pending AsicBoost patent. As such, these companies should “cease production and sales activities of any products in connection to the pending patent application.”

While the letter does not state it explicitly, and Getech Law preferred not to name specific companies when asked by Bitcoin Magazine, the open letter seems to refer to recent revelations of Bitmain’s implementation of AsicBoost in their specialized Bitcoin mining (ASIC) chips. Indeed, if the letter’s claims hold up, Bitcoin’s biggest mining hardware producer may be unable to sell most of their hardware for the time being.

Otherwise, as Getech Law attorney Jun Ye told Bitcoin Magazine:

If the potential infringements cannot be stopped by the announcement and subsequent cease-and-desist letters, we will have no choice but to seek damages in court once our pending application is issued by the USPTO and other patent offices.

AsicBoost

AsicBoost has had a controversial history within the Bitcoin industry so far.

Initially patented by mathematician and former CoinTerra CTO Timo Hanke, AsicBoost is perhaps best described as a sort of “shortcut” that exploits a weakness in Bitcoin’s proof-of-work algorithm. By reusing some of their work, miners can save between 10 and 30 percent of the energy costs associated with mining. This can add up to a significant increase in profits over time — perhaps in excess of over $100 million per year if no other miners use it.

And it could be the case that no other miners would use it precisely because of AsicBoost’s pending patent. The patent application is therefore controversial, as some believe that such a state-enforced monopoly on using technology could further centralize and skew Bitcoin’s mining ecosystem. About a year ago several Bitcoin developers even proposed changing Bitcoin’s mining algorithm slightly in order to make AsicBoost’s technology obsolete.

But the AsicBoost controversy really exploded onto the scene several weeks ago, as it was discovered that covert use of AsicBoost is incompatible with Segregated Witness, the protocol upgrade proposed by the Bitcoin Core development team. Moreover, it was revealed that Bitmain had implemented the technology in its chips. This might explain why the Chinese mining giant has been opposing the upgrade so far — though the company denies this is the case.

Patent Infringement

Now, it seems Bitmain may not even be legally allowed to have AsicBoost implemented in its chips.

While Hanke was known to have submitted a patent for AsicBoost along with RSK CEO Sergio Demian Lerner, Bitmain initially claimed to hold the patent in China. As such, the company said it shouldn’t be a problem — from a legal perspective — to apply the technology at least within the Chinese jurisdiction.

But it now seems that Hanke claimed his worldwide priority date at the end of 2013, while Bitmain’s patent application stems from 2015. And because of the International Patent System (PCT), Hanke’s application should apply to China as well.

“Although Bitmain has also filed a patent application in China with similar features, we are confident that our patent application has an earlier priority date,” Ye told Bitcoin Magazine.

The patent application is not Hanke’s anymore. Two weeks ago, he sold the patent to Little Dragon Technology, a company based in California. According to Ye, Little Dragon Technology plans to operate in the Bitcoin industry, though it was not yet revealed how, exactly.

Either way, neither Hanke nor Little Dragon Technology gave anyone permission to use AsicBoost. This suggests, at least according to Getech Law, that anyone using AsicBoost is infringing on Little Dragon Technology’s intellectual property. And while Ye did not want to name any specific companies that may be infringing on the intellectual property — Bitmain or otherwise — he did reveal it may be more than one company.

As the open letter states:

“To date, no individual or business entity has been authorized to use or sell products based on the ASICBOOST patent application, yet some bitcoin miner manufacturers have implemented various features of the pending ASICBOOST patent in their mining hardware and firmware, potentially infringing the pending ASICBOOST patent.”

Consequences

In the open letter published yesterday, Getech Law wrote that ASIC producers should immediately cease production and sales of AsicBoost-related products. Additionally, the letter said infringers should contact Getech Law and disclose their relevant production and sales records since 2015. And it called on people who know more about potential patent infringement to contact the law firm.

If ASIC producers do continue to produce or sell AsicBoost-related products, Getech Law warned that there would be subsequent legal action.

“The open letter (announcement) is the first step to enforce my client’s IP rights. We hope that the community can become aware of the potential infringement,” Ye told Bitcoin Magazine.

The future for AsicBoost itself seems unclear, too. While debate over whether or not to disable it on a protocol level is ongoing within Bitcoin’s technical community, the open letter spoke of an “unfair advantage” it could give to miners.

And, speaking to Bitcoin Magazine, Ye said:

“We do not want to monopoly the market based on the pending patent. That is, we hope anyone who wants to use the technology can come to us such that we can negotiate reasonable license agreements for them to use the technology.”

Bitmain stated that they were not available for comment at time of publication.

The post Bitmain May Be Infringing on the AsicBoost Patent After All appeared first on Bitcoin Magazine.

Posted on 18 May 2017 | 11:12 pm

Bitcoin is Just $100 Away From Doubling its Price in 2017

Bitcoin's price has nearly doubled so far in 2017, rising from $1,000 at the end of last year to a new all-time high of $1,900 today.

Source

Posted on 18 May 2017 | 6:41 pm

Cryptocurrency Market Cap Tops $60 Billion to Hit All-Time High

The total market cap of all cryptocurrencies reached an all-time high today, as these innovative assets continue to draw robust inflows.

Source

Posted on 18 May 2017 | 3:45 pm

Microsoft Unveils New Framework to Speed Up Blockchain PoCs

Microsoft has unveiled a new framework aimed at streamlining the blockchain proof-of-concept process.

Source

Posted on 18 May 2017 | 12:00 pm

Bitcoin's Murkier Rivals Line Up to Displace it as Cybercriminals' Favorite - Fortune


Fortune

Bitcoin's Murkier Rivals Line Up to Displace it as Cybercriminals' Favorite
Fortune
Bitcoin is well-entrenched as the preferred payment for cybercriminals like the WannaCry hackers who have hit more than 300,000 computers over the past week, but cryptocurrencies offering more anonymity are threatening to displace it. A key reason for ...
Bitcoin Tracker: WannaCry Doesn't PayPYMNTS.com
The World is Watching: Can WannaCry's Creators Cash Out Their Bitcoin Ransom?CoinDesk
Bitcoin close to conquering $2000, shakes off negative publicity from WannaCryMoneycontrol.com
CNBC -The Guardian -CNNMoney
all 134 news articles »

Posted on 18 May 2017 | 10:51 am

Bitcoin Startup Blockchain Adds Uber, UBS Execs to Leadership Team

Bitcoin software wallet startup Blockchain added two new executive hires this week, amid a continued buildup of expertise on its team.

Source

Posted on 18 May 2017 | 7:00 am

Decentralized Ethereum Token Trading Goes Live With 0x Launch

0x OTC, an early stage platform for exchanging ethereum-based tokens, is expected to start settling trades today.

Source

Posted on 18 May 2017 | 5:59 am

The World is Watching: Can WannaCry's Creators Cash Out Their Bitcoin Ransom?

Bitcoins amassed by those behind the huge malware attack are being watched by the authorities. Can they retrieve the funds and not get caught?

Source

Posted on 18 May 2017 | 5:00 am

CFTC 2.0: US Regulator Unveils Plan to Step Up Blockchain R&D

The CFTC is stepping up action on fintech, a strategy that includes a new plan of action for its work on distributed ledger tech.

Source

Posted on 17 May 2017 | 1:32 pm

Bitcoin's Price Edges Back Above $1,800 After Near $100 Gain

The price of bitcoin is once again above $1,800 following a recent uptick that comes amid increasing exchange competition.

Source

Posted on 17 May 2017 | 9:33 am

India's Kotak Mahindra Bank Completes Blockchain Trade Finance Test

The latest blockchain trade finance trial in India showcases how the use case is now gaining global interest among enterprises.

Source

Posted on 17 May 2017 | 7:30 am

US National Security Advisor: Bitcoin Needs to Be Understood, Not Feared

A US think tank that advises the US government is exploring the threats bitcoin poses to national security, but also its benefits.

Source

Posted on 17 May 2017 | 6:40 am

Trust Your Oracle? Cornell Launches Tool for Confidential Blockchain Queries

A new tool from Cornell's famed IC3 lab allows ethereum smart contracts to obtain and send information more securely.

Source

Posted on 17 May 2017 | 5:30 am

Xapo to Pass On Bitcoin Network Fees to Users

Bitcoin wallet provider Xapo has told its customers that they will soon have to pay the network fees for outbound transactions.

Source

Posted on 17 May 2017 | 4:00 am

Four Quick Questions and Answers About Ransomware and Bitcoin

WannaCry

Bitcoin got caught in another media storm this week, though only in a supporting role this time around. The ongoing ransomware attack by the name of “WannaCry,” sometimes also referred to as “WannaCrypt0r,” “Wcry,” “WanaCry,” “WannaCrypt” or “Wana Decrypt0r,” infected over 230,000 computers in over 150 countries over the past couple of days, and demands that victims pay a ransom in the cryptocurrency.

So what is ransomware, and what does Bitcoin have to do with all of this?

What Is Ransomware?

Ransomware is a type of computer virus that encrypts data with a secret key. Only if a payment is made, typically in bitcoin, is the decryption key provided so victims can regain access to their data — or at least that’s the promise. An infected computer is quite literally held ransom, for actual money: bitcoin.

Unfortunately, ransomware is quickly growing in scope, and fast turning into a booming business for cybercriminals. In 2015, some estimated $24 million was paid to unlock computers, according to the FBI; in 2016, it hit a dazzling $1 billion. And that’s only expected to get worse this year.

WannaCry, which started last Friday, is the biggest ransomware attack the world has seen so far. This is mostly because WannaCry is not only ransomware, but also a “worm.” This worm uses an exploit developed by the NSA that abuses a weakness in older Windows PCs, which lets it forward itself to more and more computers: over 230,000 of them at the time of writing.

WannaCry also affected several notable targets over the past week, including Spanish phone provider Telefónica, parts of Britain’s National Health Service (NHS), U.S. delivery service FedEx, German railways Deutsche Bahn, LATAM Airlines and more.

How Successful Is Ransomware?

Ransomware attacks seem to be relatively successful in general. According to research by cybersecurity firm Trustlook, for example, over one in three victims of ransomware pay up. And a survey by IBM even showed that 70 percent of businesses infected with ransomware paid the ransom.

WannaCry, however, has not been nearly as successful — or at least not yet. At the time of writing, some 40 bitcoins have been paid to the three Bitcoin addresses associated with WannaCry. At an exchange rate of $1,700, that adds up to about $68,000 in total gains for the attackers. This is perhaps a significant amount in itself, but still modest when taking into account that well over 200,000 computers have been affected, and the ransom demanded is between $300 and $600.

The damage has probably been contained, to a large extent, because it didn’t take long for a security researcher who blogs as “MalwareTech” to find an effective kill switch. He simply registered a website that was mentioned in the code of WannaCry, which disabled at least the initial version of the ransomware.

Additionally, WannaCry gave its victims a week to pay up — though the price to unlock the encrypted data does double from $300 to $600 after four days. Given that a week hasn’t passed since the first reports of infections, it’s possible there will be another surge of payments over the next week.

Why Does Ransomware Use Bitcoin?

Ransomware does not technically require bitcoin. Indeed, there are known cases of ransomware that existed decades before Bitcoin was even invented.

However, bitcoin (and similar cryptocurrencies) can make ransomware much more effective. This is mostly because Bitcoin transactions are instant, reliable, relatively anonymous, easy to verify, and irreversible. Additionally, Bitcoin payments can potentially be made programmable, so a payment automatically sends a decryption key to a victim once a payment is made — though WannaCry did not utilize this possibility.

At the same time, however, the Bitcoin blockchain is also completely transparent. This is why it’s possible to trace exactly how much has been paid to WannaCry. It also means that it may not be very easy for the attackers to convert their bitcoins into fiat currency, or even spend them. If they ever do try to move the funds without taking appropriate precautions, they could get caught. Instead they’ll have to first mix and scramble their coins, which is possible but not necessarily easy to do.

What Can You Do About Ransomware?

The main source of the ransomware problem is not so much Bitcoin, it’s insecure computers. The fact that any malware can nest itself into computers is a problem in itself. Even without ransomware, it means that files can be stolen, edited or otherwise corrupted.

The solution, therefore, is as simple as it is boring: make sure your operating system is up to date and secure. WannaCry in particular was able to affect so many computers because they were running older versions of Windows. Upgraded computers are no longer vulnerable.

Additionally, you want to make sure to never click suspicious links in emails you receive. WannaCry initially spread itself through such links.

Furthermore, you should make sure to back up your data regularly. If you have your data backed up, you should be able to simply update your computer and restore your files without having to pay anything.

And last but not least, it is not recommended that you pay the ransom. For one, you never know for sure that paying up will actually solve your problem; the attacker could simply lie or perhaps even encrypt your data again. And two, as more people pay the ransom, this trend is more likely to grow.

Though, of course, this is easier said than done. Choosing to not make a ransom payment may not be a viable option if your most valuable files are inaccessible and you don’t have them safely backed up elsewhere ...

The post Four Quick Questions and Answers About Ransomware and Bitcoin appeared first on Bitcoin Magazine.

Posted on 16 May 2017 | 7:50 pm

Bitcoin Price Analysis: Outlook Not as Bearish as It Seems

Bitcoin Price Analysis

Much of the world has now heard about Bitcoin due to the global WanaCrypt0r 2.0 ransomware, which should continue spreading over the course of next week. Optics for Bitcoin aren’t great in situations like this because it furthers the notion that Bitcoin is used for nefarious means. You can follow a live feed of the incoming transactions from this twitter bot. However, the silver lining is that many people who did not know what Bitcoin is or how to use it before the attack certainly do now.

Worst-case scenario for Bitcoin here would be a government crackdown on its use and distribution, which, although a low probability, is probably not a non-zero possibility considering the current administration. This would create a large down day in the market similar to when Silk Road was shut down, Mt. Gox was found to be insolvent and Bitfinex was hacked. Of course, Bitcoin the protocol would be unaffected, so the price is likely to bounce back rather quickly.

The block size and scalability debate trickles on with no current end or resolution in sight. I wouldn’t really expect a push out of the SegWit camp until October or November, when the Bitcoin Improvement Proposal (BIP) is set to be tabled for the time being. The number of unconfirmed transactions continues to rise on an upward trend, all the while miners who support Bitcoin Unlimited are mining empty or non-full blocks.

mempool.png

The COIN ETF comment period closed yesterday, which isn’t to say there will be any type of decision on the SEC’s part. This will likely be a non-event for the market considering the ETF itself will remain in limbo until further notice.

Total cryptocurrency market capitalization broke a new all-time high (ATH) of $55 billionearlier this week, while Bitcoin dropped just shy of 50 percent of that total.

total market cap.png

chart (3).png

Some may view this as Bitcoin losing its impact and success, which can be partially attributed to the block size and scalability in-fighting. Others, like myself, view this shift as a massive altcoin bubble. Hockey stick parabolic curves on a chart like that end with large selloff candles. There is also only one Bitcoin, with a fixed supply, competing against an infinite number of altcoins, many with pre-mined or infinite supply as well.

Because of the correction late in the week, the weekly candle was threatening a bearish close with a wick longer than the candle body, but the heavy buying on Sunday prevented the bearish close.

blx 1w.png

This weekly close alone suggests continuation over reversal or sideways movement in price. Since the beginning of the trend, duration of consolidation between large upward moves has decreased. This will eventually lead to a parabolic, euphoric, blowoff top with a massive candle wick. Until then, expect more of the same. A small correction this week would just mean an even greater chance for extended continuation.

Bitcoin did make a new high this week of $1,868.50, according to index, and is currently drawing an “M for murder” double top. This likely represents consolidation to a further move upward and not exhaustion of trend.

btc consolidation.png

This is the only chart I’m really focused on at the moment. There are plenty of potential patterns, such as head and shoulders or Adam and Eve, harmonics, and horizontal support levels here, but all that really matters is the larger consolidation pattern.

This may also represent a flag/pennant, which is another sign of bullish continuation.

flag.png


A more ominous double top for a bull market would have similar price structure to the pattern that formed during the ATH of 2013.

2x top.png

As discussed above, a serious threat of reversal shows large candle wicks on high timeframes, which is not currently the case with price structure.

Summary

  1. Most of the world is now aware of Bitcoin due to the WanaCrypt0r 2.0 ransomware.

  2. The block size and scalability debate continues with large transaction backlogs in an upward trend.

  3. Based on market capitalization, Bitcoin is currently hovering around 50 percent of the total.

  4. Price remains in consolidation; once finished, expect a return to the status quo.

Trading and investing in digital assets like bitcoin is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTCMedia related sites do not necessarily reflect the opinion of BTCMedia and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.


The post Bitcoin Price Analysis: Outlook Not as Bearish as It Seems appeared first on Bitcoin Magazine.

Posted on 16 May 2017 | 4:40 pm

CRYENGINE now accepts Bitcoin

Posted on 29 March 2017 | 1:24 am

Consulting firm EY Switzerland accepts Bitcoin

Posted on 26 November 2016 | 12:47 am

Bitcoin Trading Bots

There have been a wide variety of situations in which algorithmic trading programs have proven to be beneficial for investors. However, investors who only trade a cryptocurrency can also take advantage of bitcoin trading bots. Through bitcoin bot trading, traders can become more flexible and prompt, minimize errors and process information more rapidly. At this… Read More »

Posted on 8 November 2016 | 6:20 pm

Steam accepts Bitcoin

Posted on 29 April 2016 | 1:09 am

Major Magazine Publisher to Accept Bitcoin Payments

Posted on 18 December 2014 | 12:43 pm

Microsoft accepts Bitcoin

Posted on 11 December 2014 | 5:06 am

Mozilla accepting Bitcoin

Posted on 20 November 2014 | 1:55 pm

PayPal and Virtual Currency

Posted on 23 September 2014 | 9:52 pm

airBaltic - World’s First Airline To Accept Bitcoin

Posted on 22 July 2014 | 11:03 am

Expedia to accept Bitcoin payments for hotel bookings

Posted on 12 June 2014 | 12:41 pm

May 19, 2017 -
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