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Cryptocurrency and Blockchain News and Discussions Thread

bitcoin blockchain P2P DAO decentralization digital currency cryptocurrency dogecoin Ethereum economics

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#41
Yuli Ban

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How Bitcoin Could Tear Itself Apart

It’s time for bitcoin traders to batten down the hatches.
The notoriously volatile cryptocurrency, whose 150 percent surge this year has captivated everyone from Wall Street bankers to Chinese grandmothers, could be headed for one of its most turbulent stretches yet.
Blame the bitcoin civil war. After two years of largely behind-the-scenes bickering, rival factions of computer whizzes who play key roles in bitcoin’s upkeep are poised to adopt two competing software updates at the end of the month. That has raised the possibility that bitcoin will split in two, an unprecedented event that would send shockwaves through the $41 billion market.
While both sides have big incentives to reach a consensus, bitcoin’s lack of a central authority has made compromise difficult. Even professional traders who’ve followed the dispute’s twists and turns aren’t sure how it will all pan out. Their advice: brace for volatility and be ready to act fast once a clear outcome emerges.


Nobody's gonna take my drone, I'm gonna fly miles far too high!
Nobody gonna beat my drone, it's gonna shoot into the sky!

#42
Maximus

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Explainer: What Is SegWit2x and What Does It Mean for Bitcoin?

 

As two proposals for boosting bitcoin's transaction capacity approach key deadlines, one proposal, known as SegWit2x, has perhaps garnered the most attention.

 
The plan, first proposed in May, quickly won favor among many of bitcoin's startups and mining pools. Yet, it has also emerged as contentious in some quarters, owing to its specific goals and technical construction. But, what's at the heart of the arguments for and against?
 
First, SegWit2x seeks to upgrade bitcoin in two ways:
 
1. It would enact the long-proposed code optimization Segregated Witness (SegWit), which alters how some data is stored on the network.
2. It would set a timeline for increasing the network's block size to 2MB, up from 1MB today, to be triggered about three months after the SegWit activation.
 
Understanding the ins and outs of the proposal from here can be challenging. While technical, the proposal is also political and philosophical (and some would argue, personal). Still, the specifics of the debate revolve around basic facts about current network design and performance. These include:
 
1. Bitcoin is currently limited in the number of transactions it can process. Today, it can only process up to 1MB of transactions roughly every 10 minutes.
2. Owing to this limit, transactions take longer to approve during times of heavy use.
3. As all users pay a fee to miners to make transactions, this limitation on space has increased average fee costs.
4. Increasing the block size makes network nodes more costly, as node operators must store the entire copy of the blockchain as computer files.

If the world should blow itself up, the last audible voice would be that of an expert saying it can't be done. -Peter Ustinov
 

#43
Yuli Ban

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No, Ether Isn’t “Getting Crushed.” Here’s What’s Really Going On

A Misleading View
In case you missed it, yesterday, Business Insider published an article entitled “Ethereum is Getting Crushed.” If you give the article a casual glance, the piece seems to be heralding the downfall of ether (the value token of the Ethereum blockchain, and the latest darling child of cryptocurrencies). The author, Jonathan Garber, supports this claim with the following:

  • The cryptocurrency is trading at its lowest level in more than a month;
  • Ether is down 9.9 percent, at $215/ether;
  • Ether has fallen more than 45% since reaching a record high of nearly $400 on June 13; and
  • This chart (which was the featured image on the article):
While the article and associated chart are factually accurate, the chart and main title of the piece are ultimately a bit misleading.* For starters, the chart that they decided to use only goes from $210 to $245. This is a remarkably small monetary value. Second, the chart only spans one day. All of this serves to make the dip look significant.

tGmz0kK.png


Nobody's gonna take my drone, I'm gonna fly miles far too high!
Nobody gonna beat my drone, it's gonna shoot into the sky!

#44
eacao

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bull becomes bear. Crypto market crashing. 


Only take advice from people who have what you want.
You don't decide your future. You decide your habits, and your habits decide your future.
Nearly all men can stand adversity, but if you want to test a man's character, give him power. - Abraham Lincoln.

#45
Maximus

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Bitcoin averts split as miners back new software upgrade

 

Digital currency bitcoin on Friday averted a split into two currencies after its network supported an upgrade to its software that would enhance its ability to process an increasing number of transactions.

 
Bitcoin's miners have signaled their support for the so-called Bitcoin Improvement Proposal (BIP) 91, avoiding a split of bitcoin into two blockchains. The miners represent a network of computer operators who secure the blockchain or a public ledger of all bitcoin transactions
 
BIP 91 is the first step toward a larger effort to upgrade bitcoin through a software called SegWit2x. On Friday, the support for BIP 91 reached nearly 100 percent, exceeding the required threshold of 80 percent, according to analysts and market participants.

 

The next hurdle is the 2 MB hard fork on November 1st; if it doesn't reach 100% miner support, bitcoin splits. Clearly, people were very happy about this: 

 

Crypto Asset Class Clears $90 Billion as Bitcoin Price Spikes


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If the world should blow itself up, the last audible voice would be that of an expert saying it can't be done. -Peter Ustinov
 

#46
Yuli Ban

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Nobody's gonna take my drone, I'm gonna fly miles far too high!
Nobody gonna beat my drone, it's gonna shoot into the sky!

#47
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An Airline Just Started Using an Ethereum Blockchain to Issue Tickets

IN BRIEF
On Monday, Russian airline S7 began using a blockchain platform for their ticket sales. The move is evidence of both Russia's interest in the technology and a worldwide shift toward a future supported by blockchain.

Russian magazine Kommersant has reported that the airline S7 began selling tickets using an Ethereum blockchain on Monday. The country’s largest private financial institution, Alfa-Bank, is supporting the move, which was made to simplify payments and decrease settlement times between airlines and agents — a process that usually takes two weeks.
The decision may have been made to get ahead of another Russian airline, Aeroflot, which recently released a request for proposals on how to incorporate cryptocurrencies into their own services.


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Nobody's gonna take my drone, I'm gonna fly miles far too high!
Nobody gonna beat my drone, it's gonna shoot into the sky!

#48
Yuli Ban

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The true power of cryptocurrencies is the power to print and distribute money without a central power

There’s one incredible feature of cryptocurrencies that almost everyone seems to have missed, including Satoshi himself.
But it’s there, hidden away, steadily gathering power like a hurricane far out to sea that’s sweeping towards the shore.
It’s a stealth feature, one that hasn’t activated yet.
But when it does it will ripple across the entire world, remaking every aspect of society.
To understand why, you just have to understand a little about the history of money.


Nobody's gonna take my drone, I'm gonna fly miles far too high!
Nobody gonna beat my drone, it's gonna shoot into the sky!

#49
Yuli Ban

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Bitcoin is Now Worth Nearly Three Times the Price of Gold

IN BRIEF
After a weekend of significant gains, Bitcoin has continued that trend by being worth nearly three times the price of gold.

Gold is often seen as an investment “safe-haven” due to the long term stability of the commodity. It is also often used as a standard by which to compare cryptocurrency, especially Bitcoin. Many of the leading cryptocurrency’s major milestones have been viewed in terms of their comparison to gold.
The latest numbers are truly staggering. The price of Bitcoin reached a high today of over $3,400 (at the time of writing it stands at a similarly impressive $3,390.66), while the price of an ounce of gold is $1,260.40. This leaves Bitcoin at nearly triple the price of gold, renewing speculations about the ability of Bitcoin to become a substitute for gold.

N5ZWvza.png


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Nobody's gonna take my drone, I'm gonna fly miles far too high!
Nobody gonna beat my drone, it's gonna shoot into the sky!

#50
Yuli Ban

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Bitcoin vaults to new record above $4K, boosted by Japan and multiplying its value fourfold

The digital currency bitcoin vaulted to a new record high above $4000 on Saturday, boosted by strong Japanese demand on its way to multiplying its value fourfold this year.
 
Bitcoin traded as high as $4,000.93, more than 7 percent higher near $3,941 in Saturday dealings, according to CoinDesk.
 
The digital currency has now quadrupled in 2017, and is up about 40 percent in August alone. Bitcoin's market value is now around $64 billion, up about $10 billion in the last week.
 
Bitcoin trade in Japanese yen accounted for nearly 46 percent of global trade volume, up from about a third a day ago, according to CryptoCompare. US-dollar bitcoin trade accounted for about 25 percent, according to CryptoCompare. Bitcoin trade in Chinese yuan and South Korean won accounted for about 12 percent each.


For those who got in early: congratulations, you bastards.


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Nobody's gonna take my drone, I'm gonna fly miles far too high!
Nobody gonna beat my drone, it's gonna shoot into the sky!

#51
Wolfbane

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No. These currencies of the crypt will not disappear. They are about to become far more popular. For Man desires freedom, and the banks, to Man, have long since become a tyranny.

Watch for it soon... they will raise in value manifold.


What is it to fear? If death is an end, then so be it. For there is no pain in that, except the pain that is left to the living. And if death is not an end, then what more than a wonderful journey...


#52
Yuli Ban

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Estonia wants to become the first government-backed cryptocurrency called 'estcoin'

  • Estonia has proposed to launch its own state-backed cryptocurrency, called "estcoin".
  • Ethereum founder Vitalik Buterin apparently gave feedback on the digital currency.
  • It would be launched via the digital coin community's version of crowdfunding - an initial coin offering (ICO).

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Nobody's gonna take my drone, I'm gonna fly miles far too high!
Nobody gonna beat my drone, it's gonna shoot into the sky!

#53
Mike the average

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Jamie Dimon has dropped bitcoin again, warning govt will close it down if it gets too big.

https://www.cnbc.com...coin-again.html

Bit of joke, too late, the cat is already out of the bag.
'Force always attracts men of low morality' - Einstein
'Great spirits always encountered violent opposition from mediocre minds' - Einstein

#54
Mike the average

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Russian central bank now condemning cryptos. I think 2018 is going to be the most interesting year in the global financial system. Crypto may have the most illegitimate birth of any currency out there, but does that even matter?


https://www.cnbc.com...-exchanges.html
'Force always attracts men of low morality' - Einstein
'Great spirits always encountered violent opposition from mediocre minds' - Einstein

#55
Alislaws

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Bitcoin is Now Worth Nearly Three Times the Price of Gold

IN BRIEF
After a weekend of significant gains, Bitcoin has continued that trend by being worth nearly three times the price of gold.

Gold is often seen as an investment “safe-haven” due to the long term stability of the commodity. It is also often used as a standard by which to compare cryptocurrency, especially Bitcoin. Many of the leading cryptocurrency’s major milestones have been viewed in terms of their comparison to gold.
The latest numbers are truly staggering. The price of Bitcoin reached a high today of over $3,400 (at the time of writing it stands at a similarly impressive $3,390.66), while the price of an ounce of gold is $1,260.40. This leaves Bitcoin at nearly triple the price of gold, renewing speculations about the ability of Bitcoin to become a substitute for gold.

N5ZWvza.png

 

THIS MAKES NO SENSE! GOLD IS VALUED BY WEIGHT! BITCOIN IS WEIGHTLESS!

 

You have to pick a weight of gold to compare with 1 bitcoin, so you can always have picked a weight, such that bitcoin is worth three times the price of gold. You can also pick a weight today, that makes bitcoin half the price of gold. 



#56
Sciencerocks

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Hong Kong Considers Blockchain-Based Trade-Financing System
brian wang | November 15, 2017 |
1Save

 

Hong Kong is looking into building a trade-financing system using blockchain technology, a senior official said. Blockchain, the decentralized encryption technology behind cryptocurrencies, could provide “great benefits” to trade finance in countries participating in China’s Belt and Road initiative, said James Henry Lau, Hong Kong’s Secretary for Financial Services and the Treasury, at a forum Friday.

Blockchain works by automatically recording transactions in inerasable digital ledgers distributed across a network in which all data is visible to every member of the network and transactions don’t require a central authority’s approval. This technology could cut the huge input of human resources and time that trade financing traditionally requires, reduce chances of fraud and lower companies’ investment costs through more efficient settlements, according to Lau.

 

https://www.nextbigf...ing-system.html


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To follow my work on tropical cyclones


#57
Yuli Ban

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Bitcoin Prices Could Reach $196,165.79

How high Bitcoin prices could reach before the average Bitcoin investor sells it? Very high, $196,165 per coin - roughly 30x the digital currency’s current value.
That’s according to a just published LendEDU Bitcoin investor survey. “Believe it or not, that number and statement is true according to our polling data,” says Michael Brown Research Analyst with LendEDU.
The survey included 564 Americans that invested in Bitcoin. That's a tiny sample, and therefore, the survey findings should be interpreted with extreme caution.


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Nobody gonna beat my drone, it's gonna shoot into the sky!

#58
Unity

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What do you guys think of cryptocurrencies/blockchain possibly being hacked as quantum computers come online?

 

https://www.technolo...tcoin-security/



#59
Yuli Ban

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The electricity used to mine bitcoin this year is bigger than the annual usage of 159 countries

  • New bitcoin is created by computers solving complex cryptographic problems, a process known as "mining."
  • PowerCompare.co.uk says the amount of electricity used by computers mining bitcoin so far this year eclipses the annual usage of countries like Ireland and most African countries.
  • Bitcoin's electricity usage is coming under increasing scrutiny.

Nobody's gonna take my drone, I'm gonna fly miles far too high!
Nobody gonna beat my drone, it's gonna shoot into the sky!

#60
Yuli Ban

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What do you guys think of cryptocurrencies/blockchain possibly being hacked as quantum computers come online?

 

https://www.technolo...tcoin-security/

What interests me more is the possibility of using quantum computers to create an entirely new sort of cryptocurrency. Perhaps the ultimate cryptocurrency, one that cannot be hacked but also can't be mined by conventional computers. This would essentially limit the currency's holders to only those with access to quantum computers and potentially be the "true" starting point for central banks to take cryptocurrency (and quantum computing) seriously.


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Nobody's gonna take my drone, I'm gonna fly miles far too high!
Nobody gonna beat my drone, it's gonna shoot into the sky!





Also tagged with one or more of these keywords: bitcoin, blockchain, P2P, DAO, decentralization, digital currency, cryptocurrency, dogecoin, Ethereum, economics

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