Archive for the ‘bitcoin’ category

Jul 18, 2017

The regulatory backing of bitcoin is a time-bound computer algorithm

Posted by in categories: bitcoin, computing, information science

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Jul 18, 2017

Use coupon “satoshi” and get 10% off our Certified Bitcoin Professional™ Course:

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Jun 16, 2017

Tech Giant (FANG) Valuations, Bitcoin –London Tech Week

Posted by in category: bitcoin…ett-gallie on @LinkedIn

Investopedia defines the FANG stocks as : “FANG is the acronym for four high performing technology stocks in the market as of 2017 – Facebook, Amazon, Netflix, and Google (now Alphabet, Inc.).”

After this week’s FANG selloff and Bitcoin’s drop from $3,000 we scanned the media for the reasons for the drop.

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Jun 9, 2017

Startup Societies Summit: A Decentralized Governance Trade Show

Posted by in categories: bitcoin, business, cryptocurrencies, defense, economics, futurism, geopolitics, governance, government

Lifeboat Foundation readers are aware that the world has become progressively more chaotic. Part of the danger comes from centralized points of failure. While large institutions can bear great stress, they also cause more harm when they fail. Because there are so few pillars, if one collapses, the whole system is destroyed.

For instance, prior to the federal reserve system, bank runs we extremely common. However, since the financial system consisted of small, competing institutions, failure was confined to deficient banks. So while failure was frequent, it was less impactful and systemic. In contrast, after the establishment of the federal reserve, banks became fewer and larger. Failures, while more infrequent, were large scale catastrophes when they occurred. They affected the whole economy and had longer impact.

This is even more important in political systems, which are the foundation of how a society operates. In order to have a more robust, antifragile social order, systems must be decentralized. Rather than a monopolistic, static political order, there must be a series of decentralized experiments. While failures are inevitable, it can be localized to these small experiments rather than the whole structure.

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Jun 7, 2017

Suddenly Vladimir Putin Meets Vitalik Buterin, Endorses Ethereum

Posted by in categories: bitcoin, business, cryptocurrencies

The International Economic Forum, which just wrapped up in St. Petersburg, reportedly resulted in more than €30 bln of investments. The final and the most important result, however, is measured not in numbers, but in the mood and attitude of those who attended the Forum and who was keeping an eye on the events and meetings held in the North “capital” of Russia.

The cryptocurrency community is for sure left stunned by the recent meeting between Russian President Putin and the founder of Ethereum Vitalik Buterin.

As commented by Kremlin Press Secretary Dmitry Peskov, during the meeting, Putin and Buterin discussed the application of technologies in the country. Reportedly, the president supported the idea of establishing new business relationships following the road paved by Blockchain technology.

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Jun 2, 2017

Wallet Security: Cloud/Exchange Services

Posted by in categories: bitcoin, cryptocurrencies, finance, hacking

3½ years ago, I wrote a Bitcoin wallet safety primer for Naked Security, a newsletter by Sophos, the European antivirus lab. Articles are limited to just 500 hundred words, and so my primer barely conveyed a mindset—It outlined broad steps for protecting a Bitcoin wallet.

In retrospect, that article may have been a disservice to digital currency novices. For example, did you know that a mobile text message is not a good form of two-factor authentication? Relying on SMS can get your life savings wiped out. Who knew?!

With a tip of the hat to Cody Brown, here is an online wallet security narrative that beats my article by a mile. Actually, it is more of a warning than a tutorial. But, read it closely. Learn from Cody’s misfortune. Practice safe storage. If you glean anything from the article, at least do this:

  • Install Google Authenticator. Require it for any online account with stored value. If someone hijacks your phone account, they cannot authenticate an exchange or wallet transaction—even with Authenticator.
  • Many exchanges (like Coinbase) offer a “vault”. Sweep most of your savings into the vault instead of the daily-use wallet. This gives you time to detect a scam or intrusion and to halt withdrawals. What is a vault? In my opinion, it is better than a paper wallet! Like a bank account, it is a wallet administered by a trusted vendor, but with no internet connection and forced access delay.

Exchange and cloud users want instant response. They want to purchase things without delay and they want quick settlement of currency exchange. But online wallets come with great risk. They can be emptied in an instant. It is not as difficult to spoof your identity as you may think (Again: Read Cody’s article below!)

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May 30, 2017

Ethereum’s Trading Volumes Surpass Bitcoin’s For the First Time

Posted by in categories: bitcoin, cryptocurrencies

For the first time ever since bitcoin’s invention, a new digital currency has reached higher trading volumes, Ethereum. The currency is now trading $11 million more than bitcoin.

Ethereum has further risen above 50% of bitcoin’s market cap, reaching a high of 54%, less than two years since its invention in 2015, in a remarkable rise that has never been seen before in this space and even beyond consdering the timeframe.

The currency has now taken almost 25% market share of all digital currencies, while bitcoin has fallen to around 45% from a near dominance of 95% just months ago when it was the center of the entire ecosystem.

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May 30, 2017

How to Incentivize Bitcoin miners after all 21M BTC are awarded

Posted by in categories: bitcoin, cryptocurrencies, economics, innovation, internet, mathematics

Individuals who mine Bitcoins needn’t be miners. We call them ‘miners’ because they are awarded BTC as they solve mathematical computations. The competition to unearth these reserve coins also serves a vital purpose. They validate the transactions of Bitcoin users all over the world: buyers, loans & debt settlement, exchange transactions, inter-bank transfers, etc. They are not really miners. They are more accurately engaged in transaction validation or ‘bookkeeping’.

There are numerous proposals for how to incentivize miners once all 21 million coins have been mined/awarded in May 2140. Depending upon the network load and the value of each coin, we may need to agree on an alternate incentive earlier than 2140. At the opening of the 2015 MIT Bitcoin Expo, Andreas Antonopolous proposed some validator incentive alternatives. One very novel suggestion was based on game theory and involved competition and status rather than cash payments.

I envision an alternative approach—one that also addresses the problem of miners and users having different goals. In an ideal world the locus of users should intersect more fully with the overseers…

To achieve this, I have proposed that every wallet be capable of also mining, even if the wallet is simply a smartphone app or part of a cloud account at an exchange service. To get uses participating in validating the transactions of peers, any transaction fee could be waived for anyone who completes 1 validation for each n transactions. (Say one validation for every five or ten transactions). In this manner, everyone pitches in a small amount of resources to maintain a robust network.

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May 27, 2017

Buy 1 Bitcoin

Posted by in category: bitcoin

What are you waiting for? Buy 1 #bitcoin.

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May 27, 2017

Rootstock Announces Release of Ginger Testnet

Posted by in categories: bitcoin, innovation

RSK Labs has announced the open source release of their Ginger test network for smart contracts. Presenting at digital currency conference Consensus 2017, RSK promised to add smart contract functionality to the main bitcoin blockchain along with greater scalability and additional revenue streams for miners.

Rootstock’s smart contract network will feature a two-way cryptographic peg to the main bitcoin blockchain, providing a platform that can scale up to 2.000 tx/second on chain and 20.000 tx/second off chain. The core innovation of the Rootstock technology will be smart contract functionality. RSK Labs is intending on introducing a Turing-complete scripting language which will allow decentralized applications to be programmed on the bitcoin network.

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