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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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#141
Mike the average

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After saying he would fire anyone caught investing in bitcoin,
the house of Jamie Dimon - JP Morgan published a 71 page pamphlet for staff, or bitcoin bible for a better word, to help understand the growing phenomenon and possible uses. I wonder if Jamie read it lol.

https://www.zerohedg...s-bitcoin-bible

Why would you release this on just bitcoin, how dumb are these guys.
'Force always attracts men of low morality' - Einstein
'Great spirits always encountered violent opposition from mediocre minds' - Einstein

#142
caltrek

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What’s needed to unlock the real power of blockchain and distributed apps

 

https://techcrunch.c...stributed-apps/

 

Introduction:

 

(Technocrucnh) There’s been a lot of hand-wringing about the future of blockchain lately.

 

With cryptocurrency prices reaching all-time highs and total market capitalization topping $800 billion recently, everyone wants to know if we’re witnessing the second coming of the internet or the craziest bubble of all time. If you ask me, it’s a bit of both.

 

Today, we have blockchain projects raising hundreds of millions of dollars with little more than a whitepaper — no product, no traction, just an idea and some technical specifications. You don’t need to be in venture capital to understand this level of speculation is unsustainable. At the same time, however, we saw much the same in the early stages of the internet, and look where we are today.

 

I think the cryptocurrency insanity we’re seeing right now is overshadowing a lot of the potential of the underlying architecture and technology. Market speculation aside, when I look at blockchain today, I see a very exciting technology that stands to dramatically reshape our increasingly digital world.

 

But that doesn’t mean it will happen overnight. When CryptoKitties, a seemingly useless game for breeding, buying and selling virtual cats, can bring the world’s most promising blockchain network to a standstill, it’s clear we still have a long way to go before this technology is ready for major, real world applications.

crypto-blockchain-image.jpg?w=738


The principles of justice define an appropriate path between dogmatism and intolerance on the one side, and a reductionism which regards religion and morality as mere preferences on the other.   - John Rawls


#143
caltrek

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VISA issuers and Mastercard make it harder to buy Bitcoin and other cryptocurrencies

 

 

https://techcrunch.c...yptocurrencies/

 

Introduction:

 

(Technocrunch) Sometime in the last week Bitcoin investors started noticing additional fees on their bank statements. It turns out that VISA issuers and Mastercard decided (how convenient!) to reclassify the way Bitcoin and other cryptocurrency purchases are processed on their networks. Incidents like this pose several challenges for the cryptocurrency industry short-term, but also show just how scared the incumbents really are.

 

Currently, if you want to buy bitcoin, ethereum or any other alt-coin instantly, the only option is to use your debit or credit card. Transferring funds from your bank has lower fees, but takes several days. Coinbase has long accepted debit and credit cards for instant buys, however, passing on to the buyer the standard 4 percent credit card transaction fee.

Now, it seems VISA issuers and Mastercard have quietly reclassified the way Coinbase credit card purchases are processed on their networks. Coinbase transactions (and presumably all other exchanges, as well) are now being labeled as a “cash advance” rather than a “purchase.” Fees will vary by institution, but what this means is that using a credit card will result in an additional 5 percent fee tacked on by your credit card merchant, in addition to the 4 percent credit card transaction fee already passed on by Coinbase.

 

Even worse is that cash advances do not fall under the standard interest-free grace period that consumers expect for other credit card purchases. The moment the Coinbase purchase goes through, the transaction accrues and compounds daily. If that isn’t bad enough, the interest rate is also higher for cash advances  —  an astonishing 25.99 percent in one case. Lastly, but equally as important for some consumers, these purchases will no longer qualify for earning credit card points.

 

For example, a $5,000 instant bitcoin purchase made on Coinbase using a VISA or Mastercard credit card will now result in roughly $500 in fees + interest too. For most people, losing 10 percent of your investment in fees means that the practice of using a credit card to buy cryptocurrency is effectively over. It will become more difficult for investors to purchase bitcoin and other cryptocurrency on their terms. 


  • eacao likes this

The principles of justice define an appropriate path between dogmatism and intolerance on the one side, and a reductionism which regards religion and morality as mere preferences on the other.   - John Rawls


#144
Mike the average

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Now 3rd largest wallet, this user:

3cbq7at1ty8kmxwlbitag7yt6bpbkchq64

bought 344mill in bitcoin last week twice at around 8k. There are memes of this address with a picture of the whitehouse going round.
'Force always attracts men of low morality' - Einstein
'Great spirits always encountered violent opposition from mediocre minds' - Einstein

#145
Alislaws

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Could you effectively take out loads of loans, spend it all on cryptocurrencies, (ideally through one of those anonymizers), then declare bankruptcy, they wouldn't be able to prove you owned any crypto coins, so they couldn't make you use it to pay your debts, you'd walk away with loads free crypto coins (and a bad credit history).

 

I guess you'd need to convince people you had a good use for the loan money in the first place, that's probably why everyone is not doing that.



#146
Yuli Ban

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Here's a funny little distraction.
 

A new Bitcoin conspiracy theory has emerged online, claiming that the cryptocurrency was created by a rogue artificial intelligence

Prowl the dark corners of the internet and you’ll stumble across some pretty wild ramblings. The net has allowed people who once had their opinions confined to friends and family the ability to broadcast their beliefs to the entire world. The world of cryptocurrency has now been submerged into the fantastical world of conspiracy theories. An intriguing Bitcoin conspiracy theory is that the virtual currency was created by a rogue AI.



Let's imagine what if this were true...


And remember my friend, future events such as these will affect you in the future.


#147
caltrek

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How cryptocurrency mining is hurting astronomers

 

https://www.theverge...tage-price-hike

 

Introdution:

 

(The Verge) Aaron Parsons is on a quest to discover the first stars that formed in our Universe around 13 billion years ago. But one thing is getting in the way of his primordial cosmic quest: cryptocurrency.

 

The mining craze of cryptocurrencies like Ethereum is draining the supplies of graphics cards on the market. And that’s spiking the prices of so-called graphics processing units, or GPUs, super powerful chips that can process huge amounts of data. Without GPUs, astronomers like Parsons can’t do their job.

hera19.0.png

The Hydrogen Epoch of Reionization Array under construction in South Africa.

 Photo: HERA / Flickr


The principles of justice define an appropriate path between dogmatism and intolerance on the one side, and a reductionism which regards religion and morality as mere preferences on the other.   - John Rawls


#148
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The Strange Connection Between Bitcoin and the Alt-Right

 

https://www.alternet...n-and-alt-right

 

 

(Alternet) According to white nationalist Richard Spencer, Bitcoin is the “currency of the alt-right.”

 

The decentralized, peer-to-peer, crypto-currency has obvious appeal to hate group leaders and other influential extremists: no company and no government can intervene to stop the donations from flowing.

 

Because of this, many on the far-right were early adopters. And because they were early adopters, many cashed in as the currency’s valuation skyrocketed at the end of 2017

 

In the linked article is a list of some of the most prominent white nationalists and other extremists who accept Bitcoin.


The principles of justice define an appropriate path between dogmatism and intolerance on the one side, and a reductionism which regards religion and morality as mere preferences on the other.   - John Rawls


#149
caltrek

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"Big Bitcoin Heist": 600 powerful computers stolen in Iceland

 

https://www.cbsnews....len-in-iceland/

 

Introduction:

 

(CBS News) REYKJAVIK, Iceland -- Some 600 computers used to "mine" bitcoin and other virtual currencies have been stolen from data centers in Iceland in what police say is the biggest series of thefts ever in the North Atlantic island nation. Some 11 people were arrested, including a security guard, in what Icelandic media have dubbed the "Big Bitcoin Heist." A judge at the Reykjanes District Court on Friday ordered two people to remain in custody.

 

The powerful computers, which have not yet been found, are worth almost $2 million. But if the stolen equipment is used for its original purpose -- to create new bitcoins -- the thieves could turn a massive profit in an untraceable currency without ever selling the items.

 

"This is a grand theft on a scale unseen before," said Olafur Helgi Kjartansson, the police commissioner on the southwestern Reykjanes peninsula, where two of the burglaries took place. "Everything points to this being a highly organized crime."

 

Three of four burglaries took place in December and a fourth took place in January, but authorities did not make the news public earlier in hopes of tracking down the thieves.

 

 

Maybe bitcoin is just the singularity's way of undermining civilization.


The principles of justice define an appropriate path between dogmatism and intolerance on the one side, and a reductionism which regards religion and morality as mere preferences on the other.   - John Rawls


#150
Yuli Ban

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Merriam-Webster adds entries for 'blockchain,' 'cryptocurrency'

If you're not exactly sure what blockchain and cryptocurrency are, you have a new resource at your fingertips for finding out: the good ole dictionary. 
Merriam-Webster has added 850 new terms to its site, including trendy words like "kombucha" and "life hack." It also created entries for "cryptocurrency," "initial coin offering" ("the first sale of Bitcoin-like digital currency," Merriam-Webster explains), "blockchain" and "unicorn," in reference to a start-up valued at $1 billion or more.
Buzzwords like "cryptocurrency" and "blockchain" have dominated the world of digital finance lately. Blockchain is the technology behind bitcoin, a digital currency (or cryptocurrency) that has seen its fair share of fluctuations in value over the last year. Blockchain involves a growing set of data blocks, with each block recording a series of transactions. Instead of storing information on a central computer, blockchains distribute it across a group of computers. The technology can be used in a variety of areas, from ensuring that food ordered online is legit to making sure that a prescription drug isn't counterfeit.


And remember my friend, future events such as these will affect you in the future.


#151
Yuli Ban

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If Think You've Missed The Blockchain Boat, Think Again Says This Serial Entrepreneur

If you jumped into the world of online business for the first time in 1999, could you have spotted the shifts that were happening across the landscape that led to the dot com bubble bursting just one year later? It’s possible, but not likely.
Chris Snook, the managing partner at Launch Haus and the chairman and founder of the World Tokenomic Forum, wasn’t prepared when the revolution came. In his words, he was “too broke and in the middle of recovery” after his online business failed to capitalize when the Internet 2.0 window opened in the early 2000s.
Had he started out earlier, Snook might have developed the pattern recognition needed to prepare for the coming of Internet 2.0. Now, with 19 years of experience under his belt, Snook advises young entrepreneurs in the online space to look at the landscape like it’s 1995 – change is coming, but there’s time to adapt.


And remember my friend, future events such as these will affect you in the future.


#152
Yuli Ban

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This Indian City Is Embracing BlockChain Technology -- Here's Why

Indian Prime Minister Narendra Modi recently hailed blockchain’s transformative potential and emphasized the need for "rapid adaptation," a rare instance of a head of state publicly praising the technology.
Blockchain’s grand promise is to do for transparency what the Internet did for communication. It increases trust between two parties -- a particularly big deal in economies with low counterparty trust. More than 80% of Indians work in the informal economy, which relies more on interpersonal trust than formal contracts, leaving them vulnerable to fraud. The country has a 69% bribery rate and was ranked the most corrupt nation in Asia in 2017. Loan frauds average almost $2 billion a year, and to hedge against this, interest rates on business loans routinely run high, up to 20%, denoting low trust.


And remember my friend, future events such as these will affect you in the future.


#153
caltrek

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The article below is a bit of  switch: A Middle Eastern based news organization reporting on developments in Europe.

 

 

Sweden leads way to a cashless world

 

https://www.thenational.ae/business/sweden-leads-way-to-a-cashless-world-1.710321

 

Introduction:

 

(The National) Efforts at removing physical cash from circulation are not new.

 

The credit card made its appearance in our lives in the 1950s and the 1990s saw a proliferation of electronic payments with rise of the internet. The emergence of crypotocurrency blockchain technology, which allows two parties to send information and conduct transactions in a secure manner, is set to help more financial transactions become cashless.

 

The appearance of Bitcoin and other largely unregulated digital currencies has prompted a number of central banks, especially in Scandanavia to create their own. The question of cryptocurrencies is becoming more urgent for countries like Sweden where cash is fast disappearing and many stores no longer accept it.

 

Many bank branches no longer take deposits or dispense money, either. The Swedish central lender Riksbank is has project underway called the eKrona to see whether to supply digital central bank money to the public.

 

Governments have also recognised that turning fiat currencies into cryptocurrencies is a way to prevent the proliferation of digital currencies that are outside their control.

_______________


The principles of justice define an appropriate path between dogmatism and intolerance on the one side, and a reductionism which regards religion and morality as mere preferences on the other.   - John Rawls


#154
Yuli Ban

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Cryptocurrency scammers run off with more than $2 million after ditching their investors

Scammers appear to have made off with more than $2 million in cryptocurrency after carrying out an apparent fake initial coin offering (ICO), and the individuals linked to the incident may be connected to another recent theft, CNBC has learned.
A bad actor or actors used a fake LinkedIn profile and copied pictures from another user's Instagram to create a false persona — and successfully drew more than 1,000 investors into the ICO project, which was called Giza.


And remember my friend, future events such as these will affect you in the future.


#155
kjaggard

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I'm surprised nobody is talking about the continued decline in bitcoin and cryptocurrency values lately. I'm personally watching it with the thought of a hopping on point in the future.


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Live content within small means. Seek elegance rather than luxury, Grace over fashion and wealth over riches.
Listen to clouds and mountains, children and sages. Act bravely, think boldly.
Await occasions, never make haste. Find wonder and awe, by experiencing the everyday.

#156
caltrek

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Trump Bans US Use of Venezuelan Cryptocurrency

 

https://www.courthou...cryptocurrency/

 

Inttroduction:

 

WASHINGTON (AP) — The Trump administration on Monday banned all use by Americans of Venezuelan cryptocurrency, saying that its introduction is intended to skirt U.S. sanctions.

 

In an executive order issued on Monday that took effect immediately, President Donald Trump declared illegal all transactions related to Venezuelan digital currencies, coins or tokens. The prohibition applies to all people and companies subject to U.S. jurisdiction. The move follows the introduction last month of a Venezuelan cryptocurrency known as the “petro,” for which the government says it has received investment commitments of $5 billion.

 

In the executive order, Trump said it was an “attempt to circumvent U.S. sanctions” imposed for democratic backsliding.

 

The Treasury had said in January that the petro appeared to be an extension of credit to Venezuela and warned that transactions in it may violate U.S. sanctions.

 

In February, cash-strapped Venezuela became the first country to launch its own version of bitcoin, the petro, in a move that President Nicolas Maduro celebrated as putting his country on the world’s technological forefront.

 

The petro is backed by Venezuela’s crude oil reserves, the largest in the world, yet it has arrived on the market as the socialist country sinks deeper into an economic crisis marked by soaring inflation and food shortages that put residents in lines for hours to buy common products.


The principles of justice define an appropriate path between dogmatism and intolerance on the one side, and a reductionism which regards religion and morality as mere preferences on the other.   - John Rawls


#157
kjaggard

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if it's backed but the crude reserves then how is it at all like a cryptocurrency? My understanding is cryptocurrencies are not backed by any real world goods, their value derives from their finite number for each currencies and the increasing difficulty to mine the remaining amount.


Live content within small means. Seek elegance rather than luxury, Grace over fashion and wealth over riches.
Listen to clouds and mountains, children and sages. Act bravely, think boldly.
Await occasions, never make haste. Find wonder and awe, by experiencing the everyday.

#158
Erowind

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if it's backed but the crude reserves then how is it at all like a cryptocurrency? My understanding is cryptocurrencies are not backed by any real world goods, their value derives from their finite number for each currencies and the increasing difficulty to mine the remaining amount.

Value can also be derived from a utility in the case of Ethereum. Where Ethereum acts as a fuel for people executing code on the blockchain. A different example of value would be a company digitizing their stock and making ownership of it an immutable asset like Modum. The case of digitized stock the company legally structures itself to be accountable to the blockchain and whatever shareholders form on it. You're right though, Bitcoin derives value in the way you described. It also derives a lot of value from speculation and how much people are willing to pay for it.


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#159
kjaggard

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looks like it's settling down now but I'm not sure about that with the stock market going nuts. disruption in the stock market does effect crypto too despite what some think. it's just not an obvious synchronised change in both.


Live content within small means. Seek elegance rather than luxury, Grace over fashion and wealth over riches.
Listen to clouds and mountains, children and sages. Act bravely, think boldly.
Await occasions, never make haste. Find wonder and awe, by experiencing the everyday.

#160
caltrek

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if it's backed but the crude reserves then how is it at all like a cryptocurrency? My understanding is cryptocurrencies are not backed by any real world goods, their value derives from their finite number for each currencies and the increasing difficulty to mine the remaining amount.

 

Eventually, to be of any value, crypto-currency must be able to be exchanged with other currencies or for other products. Tying a crypto-currency to oil reserves simply strengthens that currency.  

 

A lot has to do with the difference between fiat money, commodity money, and representative money.   Further explanation would probably cause me to get a headache. Hopefully, this will be enough information for you to work it out by yourself.  If not, perhaps somebody else not so prone to headaches can work it out.


The principles of justice define an appropriate path between dogmatism and intolerance on the one side, and a reductionism which regards religion and morality as mere preferences on the other.   - John Rawls






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

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