Blockchain: So entsteht ein Block - Flossbach von Storch

What's Happening At Dash? | Continually Updated News & Announcements Thread

Welcome to dashpay!
If you are new to Dash, we encourage you to check out our wiki, where the Dash project is explained from the ground up with many links to valuable information resources. Also check out the menu bar on top and the sidebar to the right. We have very active Discord and Telegram channels where the community is happy to answer any and all newcomer questions.

Purpose of this post

This post is directed towards community members who wish to rapidly access information on current developments surrounding the Dash cryptocurrency.
Lately we've noticed how the pace of events picked up significantly within the Dash project due to many years of hard work coming together and pieces falling into place ("Evolution" is finally here. It's called Dash Platform). For the purpose of keeping these many pieces of information together, however, singular Reddit submissions are insufficient. Thus we decided to maintain a pinned thread collecting blog posts, interviews, articles, podcasts, videos & announcements. Check back regularly, as this thread will always feature the latest news around Dash, while also serving as a mid-term archive for important announcements and developments.
Journalists looking for news and contact opportunities wrt Dash, please bookmark:

Dash Press Room

"At Dash Press Room you will find the latest press releases, media materials and product updates on Dash - Digital Cash."

Dash Platform Video Series (formerly known as "Evolution") with Amanda B. Johnson

  1. Dash is Becoming a Cloud | Dash Platform #1
  2. What is Dash Drive? | Dash Platform #2
  3. What is Dash's Decentralized API? (DAPI) | Dash Platform #3
  4. Usernames & Dash Platform Name Service (DPNS) | Dash Platform #4

Dash Core Group News

(last updated: Oct 9th, 2020)

Dash Insights with Mark Mason & Dash Talk with Amanda B. Johnson

(last updated: Oct 9th, 2020)

Development news

(last updated: Oct 9th, 2020)

Adoption, Partnership, Business Development, General News

(last updated: Oct 3rd, 2020)
submitted by Basilpop to dashpay [link] [comments]

IOTA and Tangle discussion/info, scam or not?

In the past weeks I heard a lot pros and cons about IOTA, many of them I believe were not true (I'll explain better). I would like to start a serious discussion about IOTA and help people to get into it. Before that I'll contribute with what I know, most things that I will say will have a source link providing some base content.
 
The pros and cons that I heard a lot is listed below, I'll discuss the items marked with *.
Pros
Cons
 

Scalability

Many users claim that the network infinitely scales, that with more transactions on the network the faster it gets. This is not entirely true, that's why we are seeing the network getting congested (pending transactions) at the moment (12/2017).
The network is composed by full-nodes (stores all transactions), each full-node is capable of sending transactions direct to the tangle. An arbitrary user can set a light-node (do not store all transactions, therefore a reduced size), but as it does not stores all transactions and can't decide if there are conflicting transactions (and other stuff) it needs to connect to a full-node (bitifinex node for example) and then request for the full-node to send a transaction to the tangle. The full-node acts like a bridge for a light-node user, the quantity of transactions at the same time that a full-node can push to the tangle is limited by its brandwidth.
What happens at the moment is that there are few full-nodes, but more important than that is: the majority of users are connected to the same full-node basically. The full-node which is being used can't handle all the requested transactions by the light-nodes because of its brandwidth. If you are a light-node user and is experiencing slow transactions you need to manually select other node to get a better performance. Also, you need to verify that the minimum weight magnitude (difficulty of the Hashcash Proof of Work) is set to 14 at least.
The network seems to be fine and it scales, but the steps an user has to make/know are not friendly-user at all. It's necessary to understand that the technology envolved is relative new and still in early development. Do not buy iota if you haven't read about the technology, there is a high chance of you losing your tokens because of various reasons and it will be your own fault. You can learn more about how IOTA works here.
There are some upcoming solutions that will bring the user-experience to a new level, The UCL Wallet (expected to be released at this month, will talk about that soon and how it will help the network) and the Nelson CarrIOTA (this week) besides the official implementations to come in december.
 

Centralization

We all know that currently (2017) IOTA depends on the coordinator because the network is still in its infancy and because of that it is considered centralized by the majority of users.
The coordinator are several full-nodes scattered across the world run by the IOTA foundation. It creates periodic Milestones (zero value transactions which reference valid transactions) which are validated by the entire network. The coordinator sets the general direction for the tangle growth. Every node verifies that the coordinator is not breaking consensus rules by creating iotas out of thin air or approving double-spendings, nodes only tells other nodes about transactions that are valid, if the Coordinator starts issuing bad Milestones, nodes will reject them.
The coordinator is optional since summer 2017, you can choose not implement it in your full-node, any talented programmer could replace Coo logic in IRI with Random Walk Monte Carlo logic and go without its milestones right now. A new kind of distributed coordinator is about to come and then, for the last, its completely removal. You can read more about the coordinator here and here.

Mining-Blockchain-based Cryptocurrencies

These are blockchain-based cryptocurrencies (Bitcoin) that has miners to guarantee its security. Satoshi Nakamoto states several times in the Bitcoin whitepaper that "The system is secure as long as honest nodes collectively control more CPU power than any cooperating group of attacker nodes". We can see in Blockchain.info that nowadays half of the total hashpower in Bitcoin is controlled by 3 companies (maybe only 1 in the future?). Users must trust that these companies will behave honestly and will not use its 50%> hashpower to attack the network eventually. With all that said it's reasonable to consider the IOTA network more decentralized (even with the coordinator) than any mining-blockchain-based cryptocurrency
You can see a comparison between DAG cryptocurrencies here
 

IOTA partnerships

Some partnerships of IOTA foundation with big companies were well known even when they were not officialy published. Some few examples of confirmed partnerships are listed below, others cofirmed partnerships can be seem in the link Partnerships with big companies at the pros section.
So what's up with all alarming in social media about IOTA Foundation faking partnerships with big companies like Microsoft and Cisco?
At Nov. 28th IOTA Foundation announced the Data Marketplace with 30+ companies participating. Basically it's a place for any entity sell data (huge applications, therefore many companies interested), at time of writing (11/12/2017) there is no API for common users, only companies in touch with IOTA Foundation can test it.
A quote from Omkar Naik (Microsoft worker) depicted on the Data Marketplace blog post gave an idea that Microsoft was in a direct partnership with IOTA. Several news websites started writing headlines "Microsoft and IOTA launches" (The same news site claimed latter that IOTA lied about partnership with Microsoft) when instead Microsoft was just one of the many participants of the Data Marketplace. Even though it's not a direct partnership, IOTA and Microsoft are in close touch as seen in IOTA Microsoft and Bosch meetup december 12th, Microsoft IOTA meetup in Paris 14th and Microsoft Azure adds 5 new Blockchain partners (may 2016). If you join the IOTA Slack channel you'll find out that there are many others big companies in close touch with IOTA like BMW, Tesla and other companies. This means that right now there are devs of IOTA working directly with scientists of these companies to help them integrate IOTA on their developments even though there is no direct partnership published, I'll talk more about the use cases soon.
We are excited to partner with IOTA foundation and proud to be associated with its new data marketplace initiative... - Omkar Naik
 

IOTA's use cases

Every cryptocurrency is capable of being a way to exchange goods, you pay for something using the coin token and receive the product. Some of them are more popular or have faster transactions or anonymity while others offers better scalablity or user-friendness. But none of them (except IOTA) are capable of transactioning information with no costs (fee-less transactions), in an securely form (MAM) and being sure that the network will not be harmed when it gets more adopted (scales). These characteristics open the gates for several real world applications, you probably might have heard of Big Data and how data is so important nowadays.
Data sets grow rapidly - in part because they are increasingly gathered by cheap and numerous information-sensing Internet of things devices such as mobile devices, aerial (remote sensing), software logs, cameras, microphones, radio-frequency identification (RFID) readers and wireless sensor networks.
 
It’s just the beginning of the data period. Data is going to be so important for human life in the future. So we are now just starting. We are a big data company, but compared to tomorrow, we are nothing. - Jack Ma (Alibaba)
There are enormous quantities of wasted data, often over 99% is lost to the void, that could potentially contain extremely valuable information if allowed to flow freely in data streams that create an open and decentralized data lake that is accessible to any compensating party. Some of the biggest corporations of the world are purely digital like Google, Facebook and Amazon. Data/information market will be huge in the future and that's why there so many companies interested in what IOTA can offer.
There are several real world use cases being developed at the moment, many of them if successful will revolutionize the world. You can check below a list of some of them.
Extra
These are just few examples, there are a lot more ongoing and to explore.
 

IOTA Wallet (v2.5.4 below)

For those who have read a lot about IOTA and know how it works the wallet is fine, but that's not the case for most users. Issues an user might face if decide to use the current wallet:
Problems that could be easily avoided with a better understand of the network/wallet or with a better wallet that could handle these issues. As I explained before, some problems during the "congestion" of the network could be simply resolved if stuff were more user-friendly, this causes many users storing their iotas on exchanges which is not safe either.
The upcoming (dec 2017) UCL Wallet will solve most of these problems. It will switch between nodes automatically and auto-reattach transactions for example (besides other things). You can have full a overview of it here and here. Also, the upcoming Nelson CarrIOTA will help on automatic peer discovery for users setup their nodes more easily.
 

IOTA Vulnerability issue

On sept 7th 2017 a team from MIT reported a cryptographic issue on the hash function Curl. You can see the full response of IOTA members below.
Funds were never in danger as such scenarios depicted on the Neha's blogpost were not pratically possible and the arguments used on the blogpost had'nt fundamentals, all the history you can check by yourself on the responses. Later it was discovered that the whole Neha Narula's team were envolved in other concurrent cryptocurrency projects
Currently IOTA uses the relatively hardware intensive NIST standard SHA-3/Keccak for crucial operations for maximal security. Curl is continuously being audited by more cryptographers and security experts. Recenlty IOTA Foundation hired Cybercrypt, the world leading lightweight cryptography and security company from Denmark to take the Curl cryptography to its next maturation phase.
 
It took me a couple of days to gather the informations presented, I wanted it to make easier for people who want to get into it. It might probably have some mistakes so please correct me if I said something wrong. Here are some useful links for the community.
This is my IOTA donation address, in case someone wants to donate I will be very thankful. I truly believe in this project's potential.
I9YGQVMWDYZBLHGKMTLBTAFBIQHGLYGSAGLJEZIV9OKWZSHIYRDSDPQQLTIEQEUSYZWUGGFHGQJLVYKOBWAYPTTGCX
 
This is a donation address, if you want to do the same you might pay attention to some important details:
  • Create a seed for only donation purposes.
  • Generate a address and publish it for everyone.
  • If you spend any iota you must attach a new address to the tangle and refresh your donation address published before to everyone.
  • If someone sends iota to your previous donation address after you have spent from it you will probably lose the funds that were sent to that specific address.
  • You can visualize how addresses work in IOTA here and here.
This happens because IOTA uses Winternitz one-time signature to become quantum resistent. Every time you spend iota from a address, part of the private key of that specific address is revealed. This makes easier for attackers to steal that address balance. Attackers can search if an address has been reused on the tangle explorer and try to brute force the private key since they already know part of it.
submitted by mvictordbz to CryptoCurrency [link] [comments]

2017 Taxes Megathread - Income Tax, Capital Gains Tax, and Mining

There's a lot of posts in /BitcoinCA popping up about tax questions and it's tax season so please post all tax related questions and discussions in this thread to clear up the clutter and this way we don't need to repeat ourselves.
I've been able to find the fallowing links on crypto taxes that can offer some guidance. I included some snippets with key take aways click the links to read the full articles for context.

CRA: What you should know about digital currency

Do tax rules apply when digital currency is used?
Yes. Where digital currency is used to pay for goods or services, the rules for barter transactions apply. A barter transaction occurs when any two persons agree to exchange goods or services and carry out that exchange without using legal currency. For example, paying for movies with digital currency is a barter transaction. The value of the movies purchased using digital currency must be included in the seller’s income for tax purposes. The amount to be included would be the value of the movies in Canadian dollars.
More information on the tax implications of barter transactions is available by consulting the Canada Revenue Agency’s Interpretation Bulletin IT-490, Barter Transactions.
Digital currency can also be bought or sold like a commodity. Any resulting gains or losses could be taxable income or capital for the taxpayer. Paragraphs 9 to 32 of Interpretation Bulletin IT-479R, Transactions in Securities, provide information that can help in determining whether transactions are income or capital in nature.

Inuit/TurboTax: How Bitcoins Might Impact Your Income Taxes

Trade and Barter Transactions With Virtual Currencies
Transactions made with bitcoins or other virtual currency are covered by the section of the tax code that governs barter and trade transactions. Under this portion of the tax code, you must declare any income received or expenses made, regardless of whether any actual cash was tied to the transaction.
For example, if you run a daycare and you accept eggs, bitcoins or any other type of trade in exchange for child care, you still are required to report these transactions on your income taxes. Since you can’t declare bitcoins, eggs or other material items on your tax form, you must declare the typical dollar amount that you would have otherwise claimed for those services.

The Globe and Mail: Here's what you need to know about the Canadian tax implications of cryptocurrencies

I "mined" cryptocurrency. What are the tax consequences?
Cryptocurrency miners should report as income the cryptocurrency they earn, and should be able to deduct associated losses, such as those hefty electricity costs.
I was paid in cryptocurrency. What should I do?
If your employer has paid you with cryptocurrency, it's like being paid with money. You will be required to pay income tax on your earnings.
If you are an independent contractor and you have been paid with cryptocurrency, again, from a tax perspective, it's like being paid with money. You need to pay income tax and collect GST/HST, but you can also deduct associated expenses and claim input tax credits.
For general tax advice /PersonalFinanceCanada is worth checking out.
submitted by PoliticalDissidents to BitcoinCA [link] [comments]

This blockchain debate is purely political and is not about scaling but about control. X-Post from /r/bitcoin

Fact 1: Almost all of the bitcoin core devs work for blockstream. This is no secret, and can easily be verified by comparing core contrbutors with the list of blockstream staff Core Devs Blockstream Team
Fact 2: One of the biggest shareholders of blockstream is AXA, of which Henri de Castries was the CEO at that point in time (He was CEO until 1st of September 2016). Source Source 2
Fact 3: Henri de Castries is the Chairman of the Bilderberg group, not just a member, the fucking chairman. If you don't know what the bilderberg group is, it's a group for the super-rich that decides a lot of things behind closed doors, mostly bankers and very influential people. I'll leave it up to you to figure out their intentions. source
Fact 4: Henri de Castries is also a board member of HSBC, one of the biggest banks in the world. source
Homework assignment: Connect the fucking dots. Bitcoin core is financed by the banking cartel to keep them in power by either destroying bitcoin and keeping the status quo or by turning bitcoin into the new central bank under their control. A win-win either way (for them).
Bitcoin was designed as a way to get away from control of the corrupt banksters and their fraudulent monetary system, by following core, you'll keep under their control, one way or another. You should not blindly trust people in power. They will abuse it. Step away from Core and lets work on real solutions to scaling, like BU. Since this post will most likely be deleted on /bitcoin I will post this on /btc as well.
This debate is not about the blockchain scaling, this debate is about who do you want to control bitcoin? The bilderberg group (like all fiat) or the miners (like satoshi intended).
If you want the miners to control bitcoin, vote BU, if you want the bilderbergs to control your finance, you might as well use fiat, but supporting bitcoin core a.k.a. blockstream is another good way to stay under control of the bilderbergs. Choose wisely.
submitted by zimmah to btc [link] [comments]

Cryptocurrency companies use ‘backdoor’ listings to ease into mainstream

Representations of the Ripple, Bitcoin, Etherum and Litecoin virtual currencies are seen on a PC motherboard in this illustration picture, February 13, 2018. REUTERS/Dado Ruvic/IllustrationFebruary 22, 2019
By Alun John and Anna Irrera
HONG KONG (Reuters) – Several cryptocurrency exchanges have moved closer to mainstream markets by buying listed companies, looking to raise funds and present themselves as embedded in the traditional financial services world they once spurned.
In the most recent deal, U.S. crypto broker-dealer Voyager Digital on Feb. 11 achieved a “backdoor” listing on Toronto’s Venture Exchange after it bought control of mineral exploration firm UC Resources.
Such purchases, also known as reverse mergers, allow companies to offer shares to the public without the rigors and regulatory scrutiny of a full initial public offering (IPO).
“Many (cryptocurrency) exchanges have put a lot of strategic effort into trying to legitimize their operations and their reputations, and for some there’s an assumption that having some exposure to the traditional public market will help,” said Fei Ding’an, managing partner at Ledger Capital, a digital asset investment firm.
Japan’s Financial Services Agency (FSA) is the only major national regulator so far to have drawn up a definitive framework to govern digital assets and the platforms where they are traded.
In January, OKC Holdings, a company controlled by Star Xu, the founder of crypto-exchange OK Coin, bought 60.5 percent of LEAP Holdings,, a Hong Kong-listed construction firm, for HK$484 million ($61.69 million).
Days later, the parent of Korean crypto exchange Bithumb announced plans for a U.S. listing via the purchase of Blockchain Industries.
Last year, investors that included the co-founders of crypto-exchange software producer ANX International bought a controlling stake in Hong Kong-listed marketing firm Branding China, while Huobi, a Singapore based exchange, bought a 72 percent stake in Hong Kong-listed power electrical company Pantronics Holdings.
Voyager said its listed shares could help fund growth.
“Being a public company enables Voyager to operate with the transparency that the crypto market deserves from its institutions,” Voyager CEO Steve Ehrlich said in an email.
Neither Huobi nor OKCoin has given details of their plans for the purchases.
ANX International remains separate from the renamed BC Group, but since the change in ownership the listed unit has launched new businesses that include a digital asset trading and exchange platform.
A spokesman for BC Group said being publicly traded gave clients “additional confidence in knowing we are a credible company and here for the long game.”
Spokespeople for OKCoin and Huobi declined to comment.
Neither Bithumb nor its parent Blockchain Exchange Alliance responded to requests for comment.
LEGITIMACY
Crypto experts said the deals could help the industry gain greater mainstream acceptance.
The reputation of cryptocurrencies, and particularly exchanges, has been hit hard by fears of price volatility and possible uses for laundering money alongside high-profile hacks and infrastructure failures.
Last year, the New York attorney general’s office warned that several cryptocurrency exchanges were plagued by poor market surveillance and pervasive conflicts of interest, saying some may be operating illegally.
This month, $137 million in cryptocurrencies was frozen in the user accounts of Canadian digital platform Quadriga after the founder, the only person with the password to gain access, died unexpectedly.
The crypto market peaked in late 2017, when trading volumes surged and bitcoin, the largest cryptocurrency, reached a high just above $20,000. Bitcoin’s price has fallen more 80 percent since then, and trading volumes have slumped.
Some exchanges may also feel pressure from investors seeking a means of realizing their profits.
“With the market turning south and regulators not being happy, this is an opportunity to satisfy investors and founders who are looking for an exit,” said Zennon Kapron, director at financial technology consultancy Kapronasia.
WRESTLING WITH REGULATORS
Public listings of cryptocurrency exchanges also pose a challenge for regulators, who are only beginning to grapple with the issues of overseeing the trading of digital currencies.
Japan’s FSA became the first major jurisdiction to regulate the exchanges in 2016, but has since refined its rules to allow the industry to largely self-regulate.
In the United States, New York state has, so far, issued a handful of so-called BitLicences for companies doing any sort of virtual currency business.
Both Hong Kong’s market watchdog, the Securities and Futures Commission, and the Hong Kong Exchange declined to comment.
But the commission is considering whether some cryptocurrency trading platforms are suitable for regulation, a process it hopes to finish this year, its chief executive, Ashley Alder, told legislators on Tuesday.
Hong Kong officials have already questioned the sustainability of crypto businesses when last year, the world’s largest makers of cryptocurrency mining rigs did not follow through on IPO plans in Hong Kong, in part because of the questions officials raised.
“It’s possible a crypto exchange could incubate a new crypto business inside a Hong Kong-listed company, maintain the listed company’s existing operations, and not be treated as a new IPO, but it is a very difficult tightrope to walk,” said a person familiar with the listing committee’s processes, speaking anonymously because he was not authorized to speak to the media on the subject.
The Hong Kong Stock Exchange’s Listing Committee must be satisfied that a company’s business is sustainable before it can list. The miners’ bids were stymied by fears that the falling price of bitcoin made their business models unworkable, sources said.
Although backdoor listings are permitted in most countries, some regulators, including those in Hong Kong, can review the deals and can in some circumstances require a full IPO instead.
“Crypto companies may struggle to demonstrate suitability for listing given the state of regulation of the industry and uncertain business models,” said Jason Sung, a Hong Kong-based partner at law firm Herbert Smith Freehills.
Exchanges like Bithumb that are looking to the United States could also similar roadblocks.
The SEC has authority both over U.S. companies selling digital securities and companies conducting a reverse merger in the United States.
“Depending on what the companies are planning to do they very well might have to seek regulatory approval from the SEC or the CFTC,” said Richard Levin, chairman of the financial technology and regulatory practice at the U.S. law firm Polsinelli.
(Reporting by Alun John in Hong Kong and Anna Irrera in New York; Editing by Jennifer Hughes and Gerry Doyle)
Source: OANN
from MAGA First News https://magafirstnews.com/oan-newsroom/cryptocurrency-companies-use-backdoor-listings-to-ease-into-mainstream/
via IFTTT
submitted by peterboykin to The_NewDonald [link] [comments]

Cryptocurrency companies use ‘backdoor’ listings to ease into mainstream

Representations of the Ripple, Bitcoin, Etherum and Litecoin virtual currencies are seen on a PC motherboard in this illustration picture, February 13, 2018. REUTERS/Dado Ruvic/IllustrationFebruary 22, 2019
By Alun John and Anna Irrera
HONG KONG (Reuters) – Several cryptocurrency exchanges have moved closer to mainstream markets by buying listed companies, looking to raise funds and present themselves as embedded in the traditional financial services world they once spurned.
In the most recent deal, U.S. crypto broker-dealer Voyager Digital on Feb. 11 achieved a “backdoor” listing on Toronto’s Venture Exchange after it bought control of mineral exploration firm UC Resources.
Such purchases, also known as reverse mergers, allow companies to offer shares to the public without the rigors and regulatory scrutiny of a full initial public offering (IPO).
“Many (cryptocurrency) exchanges have put a lot of strategic effort into trying to legitimize their operations and their reputations, and for some there’s an assumption that having some exposure to the traditional public market will help,” said Fei Ding’an, managing partner at Ledger Capital, a digital asset investment firm.
Japan’s Financial Services Agency (FSA) is the only major national regulator so far to have drawn up a definitive framework to govern digital assets and the platforms where they are traded.
In January, OKC Holdings, a company controlled by Star Xu, the founder of crypto-exchange OK Coin, bought 60.5 percent of LEAP Holdings,, a Hong Kong-listed construction firm, for HK$484 million ($61.69 million).
Days later, the parent of Korean crypto exchange Bithumb announced plans for a U.S. listing via the purchase of Blockchain Industries.
Last year, investors that included the co-founders of crypto-exchange software producer ANX International bought a controlling stake in Hong Kong-listed marketing firm Branding China, while Huobi, a Singapore based exchange, bought a 72 percent stake in Hong Kong-listed power electrical company Pantronics Holdings.
Voyager said its listed shares could help fund growth.
“Being a public company enables Voyager to operate with the transparency that the crypto market deserves from its institutions,” Voyager CEO Steve Ehrlich said in an email.
Neither Huobi nor OKCoin has given details of their plans for the purchases.
ANX International remains separate from the renamed BC Group, but since the change in ownership the listed unit has launched new businesses that include a digital asset trading and exchange platform.
A spokesman for BC Group said being publicly traded gave clients “additional confidence in knowing we are a credible company and here for the long game.”
Spokespeople for OKCoin and Huobi declined to comment.
Neither Bithumb nor its parent Blockchain Exchange Alliance responded to requests for comment.
LEGITIMACY
Crypto experts said the deals could help the industry gain greater mainstream acceptance.
The reputation of cryptocurrencies, and particularly exchanges, has been hit hard by fears of price volatility and possible uses for laundering money alongside high-profile hacks and infrastructure failures.
Last year, the New York attorney general’s office warned that several cryptocurrency exchanges were plagued by poor market surveillance and pervasive conflicts of interest, saying some may be operating illegally.
This month, $137 million in cryptocurrencies was frozen in the user accounts of Canadian digital platform Quadriga after the founder, the only person with the password to gain access, died unexpectedly.
The crypto market peaked in late 2017, when trading volumes surged and bitcoin, the largest cryptocurrency, reached a high just above $20,000. Bitcoin’s price has fallen more 80 percent since then, and trading volumes have slumped.
Some exchanges may also feel pressure from investors seeking a means of realizing their profits.
“With the market turning south and regulators not being happy, this is an opportunity to satisfy investors and founders who are looking for an exit,” said Zennon Kapron, director at financial technology consultancy Kapronasia.
WRESTLING WITH REGULATORS
Public listings of cryptocurrency exchanges also pose a challenge for regulators, who are only beginning to grapple with the issues of overseeing the trading of digital currencies.
Japan’s FSA became the first major jurisdiction to regulate the exchanges in 2016, but has since refined its rules to allow the industry to largely self-regulate.
In the United States, New York state has, so far, issued a handful of so-called BitLicences for companies doing any sort of virtual currency business.
Both Hong Kong’s market watchdog, the Securities and Futures Commission, and the Hong Kong Exchange declined to comment.
But the commission is considering whether some cryptocurrency trading platforms are suitable for regulation, a process it hopes to finish this year, its chief executive, Ashley Alder, told legislators on Tuesday.
Hong Kong officials have already questioned the sustainability of crypto businesses when last year, the world’s largest makers of cryptocurrency mining rigs did not follow through on IPO plans in Hong Kong, in part because of the questions officials raised.
“It’s possible a crypto exchange could incubate a new crypto business inside a Hong Kong-listed company, maintain the listed company’s existing operations, and not be treated as a new IPO, but it is a very difficult tightrope to walk,” said a person familiar with the listing committee’s processes, speaking anonymously because he was not authorized to speak to the media on the subject.
The Hong Kong Stock Exchange’s Listing Committee must be satisfied that a company’s business is sustainable before it can list. The miners’ bids were stymied by fears that the falling price of bitcoin made their business models unworkable, sources said.
Although backdoor listings are permitted in most countries, some regulators, including those in Hong Kong, can review the deals and can in some circumstances require a full IPO instead.
“Crypto companies may struggle to demonstrate suitability for listing given the state of regulation of the industry and uncertain business models,” said Jason Sung, a Hong Kong-based partner at law firm Herbert Smith Freehills.
Exchanges like Bithumb that are looking to the United States could also similar roadblocks.
The SEC has authority both over U.S. companies selling digital securities and companies conducting a reverse merger in the United States.
“Depending on what the companies are planning to do they very well might have to seek regulatory approval from the SEC or the CFTC,” said Richard Levin, chairman of the financial technology and regulatory practice at the U.S. law firm Polsinelli.
(Reporting by Alun John in Hong Kong and Anna Irrera in New York; Editing by Jennifer Hughes and Gerry Doyle)
Source: OANN
from MAGA First News https://magafirstnews.com/oan-newsroom/cryptocurrency-companies-use-backdoor-listings-to-ease-into-mainstream/
via IFTTT
submitted by peterboykin to MagaOneRadio [link] [comments]

Cryptocurrency companies use ‘backdoor’ listings to ease into mainstream

Representations of the Ripple, Bitcoin, Etherum and Litecoin virtual currencies are seen on a PC motherboard in this illustration picture, February 13, 2018. REUTERS/Dado Ruvic/IllustrationFebruary 22, 2019
By Alun John and Anna Irrera
HONG KONG (Reuters) – Several cryptocurrency exchanges have moved closer to mainstream markets by buying listed companies, looking to raise funds and present themselves as embedded in the traditional financial services world they once spurned.
In the most recent deal, U.S. crypto broker-dealer Voyager Digital on Feb. 11 achieved a “backdoor” listing on Toronto’s Venture Exchange after it bought control of mineral exploration firm UC Resources.
Such purchases, also known as reverse mergers, allow companies to offer shares to the public without the rigors and regulatory scrutiny of a full initial public offering (IPO).
“Many (cryptocurrency) exchanges have put a lot of strategic effort into trying to legitimize their operations and their reputations, and for some there’s an assumption that having some exposure to the traditional public market will help,” said Fei Ding’an, managing partner at Ledger Capital, a digital asset investment firm.
Japan’s Financial Services Agency (FSA) is the only major national regulator so far to have drawn up a definitive framework to govern digital assets and the platforms where they are traded.
In January, OKC Holdings, a company controlled by Star Xu, the founder of crypto-exchange OK Coin, bought 60.5 percent of LEAP Holdings,, a Hong Kong-listed construction firm, for HK$484 million ($61.69 million).
Days later, the parent of Korean crypto exchange Bithumb announced plans for a U.S. listing via the purchase of Blockchain Industries.
Last year, investors that included the co-founders of crypto-exchange software producer ANX International bought a controlling stake in Hong Kong-listed marketing firm Branding China, while Huobi, a Singapore based exchange, bought a 72 percent stake in Hong Kong-listed power electrical company Pantronics Holdings.
Voyager said its listed shares could help fund growth.
“Being a public company enables Voyager to operate with the transparency that the crypto market deserves from its institutions,” Voyager CEO Steve Ehrlich said in an email.
Neither Huobi nor OKCoin has given details of their plans for the purchases.
ANX International remains separate from the renamed BC Group, but since the change in ownership the listed unit has launched new businesses that include a digital asset trading and exchange platform.
A spokesman for BC Group said being publicly traded gave clients “additional confidence in knowing we are a credible company and here for the long game.”
Spokespeople for OKCoin and Huobi declined to comment.
Neither Bithumb nor its parent Blockchain Exchange Alliance responded to requests for comment.
LEGITIMACY
Crypto experts said the deals could help the industry gain greater mainstream acceptance.
The reputation of cryptocurrencies, and particularly exchanges, has been hit hard by fears of price volatility and possible uses for laundering money alongside high-profile hacks and infrastructure failures.
Last year, the New York attorney general’s office warned that several cryptocurrency exchanges were plagued by poor market surveillance and pervasive conflicts of interest, saying some may be operating illegally.
This month, $137 million in cryptocurrencies was frozen in the user accounts of Canadian digital platform Quadriga after the founder, the only person with the password to gain access, died unexpectedly.
The crypto market peaked in late 2017, when trading volumes surged and bitcoin, the largest cryptocurrency, reached a high just above $20,000. Bitcoin’s price has fallen more 80 percent since then, and trading volumes have slumped.
Some exchanges may also feel pressure from investors seeking a means of realizing their profits.
“With the market turning south and regulators not being happy, this is an opportunity to satisfy investors and founders who are looking for an exit,” said Zennon Kapron, director at financial technology consultancy Kapronasia.
WRESTLING WITH REGULATORS
Public listings of cryptocurrency exchanges also pose a challenge for regulators, who are only beginning to grapple with the issues of overseeing the trading of digital currencies.
Japan’s FSA became the first major jurisdiction to regulate the exchanges in 2016, but has since refined its rules to allow the industry to largely self-regulate.
In the United States, New York state has, so far, issued a handful of so-called BitLicences for companies doing any sort of virtual currency business.
Both Hong Kong’s market watchdog, the Securities and Futures Commission, and the Hong Kong Exchange declined to comment.
But the commission is considering whether some cryptocurrency trading platforms are suitable for regulation, a process it hopes to finish this year, its chief executive, Ashley Alder, told legislators on Tuesday.
Hong Kong officials have already questioned the sustainability of crypto businesses when last year, the world’s largest makers of cryptocurrency mining rigs did not follow through on IPO plans in Hong Kong, in part because of the questions officials raised.
“It’s possible a crypto exchange could incubate a new crypto business inside a Hong Kong-listed company, maintain the listed company’s existing operations, and not be treated as a new IPO, but it is a very difficult tightrope to walk,” said a person familiar with the listing committee’s processes, speaking anonymously because he was not authorized to speak to the media on the subject.
The Hong Kong Stock Exchange’s Listing Committee must be satisfied that a company’s business is sustainable before it can list. The miners’ bids were stymied by fears that the falling price of bitcoin made their business models unworkable, sources said.
Although backdoor listings are permitted in most countries, some regulators, including those in Hong Kong, can review the deals and can in some circumstances require a full IPO instead.
“Crypto companies may struggle to demonstrate suitability for listing given the state of regulation of the industry and uncertain business models,” said Jason Sung, a Hong Kong-based partner at law firm Herbert Smith Freehills.
Exchanges like Bithumb that are looking to the United States could also similar roadblocks.
The SEC has authority both over U.S. companies selling digital securities and companies conducting a reverse merger in the United States.
“Depending on what the companies are planning to do they very well might have to seek regulatory approval from the SEC or the CFTC,” said Richard Levin, chairman of the financial technology and regulatory practice at the U.S. law firm Polsinelli.
(Reporting by Alun John in Hong Kong and Anna Irrera in New York; Editing by Jennifer Hughes and Gerry Doyle)
Source: OANN
from MAGA First News https://magafirstnews.com/oan-newsroom/cryptocurrency-companies-use-backdoor-listings-to-ease-into-mainstream/
via IFTTT
submitted by peterboykin to TheRightPill [link] [comments]

Cryptocurrency companies use ‘backdoor’ listings to ease into mainstream

Representations of the Ripple, Bitcoin, Etherum and Litecoin virtual currencies are seen on a PC motherboard in this illustration picture, February 13, 2018. REUTERS/Dado Ruvic/IllustrationFebruary 22, 2019
By Alun John and Anna Irrera
HONG KONG (Reuters) – Several cryptocurrency exchanges have moved closer to mainstream markets by buying listed companies, looking to raise funds and present themselves as embedded in the traditional financial services world they once spurned.
In the most recent deal, U.S. crypto broker-dealer Voyager Digital on Feb. 11 achieved a “backdoor” listing on Toronto’s Venture Exchange after it bought control of mineral exploration firm UC Resources.
Such purchases, also known as reverse mergers, allow companies to offer shares to the public without the rigors and regulatory scrutiny of a full initial public offering (IPO).
“Many (cryptocurrency) exchanges have put a lot of strategic effort into trying to legitimize their operations and their reputations, and for some there’s an assumption that having some exposure to the traditional public market will help,” said Fei Ding’an, managing partner at Ledger Capital, a digital asset investment firm.
Japan’s Financial Services Agency (FSA) is the only major national regulator so far to have drawn up a definitive framework to govern digital assets and the platforms where they are traded.
In January, OKC Holdings, a company controlled by Star Xu, the founder of crypto-exchange OK Coin, bought 60.5 percent of LEAP Holdings,, a Hong Kong-listed construction firm, for HK$484 million ($61.69 million).
Days later, the parent of Korean crypto exchange Bithumb announced plans for a U.S. listing via the purchase of Blockchain Industries.
Last year, investors that included the co-founders of crypto-exchange software producer ANX International bought a controlling stake in Hong Kong-listed marketing firm Branding China, while Huobi, a Singapore based exchange, bought a 72 percent stake in Hong Kong-listed power electrical company Pantronics Holdings.
Voyager said its listed shares could help fund growth.
“Being a public company enables Voyager to operate with the transparency that the crypto market deserves from its institutions,” Voyager CEO Steve Ehrlich said in an email.
Neither Huobi nor OKCoin has given details of their plans for the purchases.
ANX International remains separate from the renamed BC Group, but since the change in ownership the listed unit has launched new businesses that include a digital asset trading and exchange platform.
A spokesman for BC Group said being publicly traded gave clients “additional confidence in knowing we are a credible company and here for the long game.”
Spokespeople for OKCoin and Huobi declined to comment.
Neither Bithumb nor its parent Blockchain Exchange Alliance responded to requests for comment.
LEGITIMACY
Crypto experts said the deals could help the industry gain greater mainstream acceptance.
The reputation of cryptocurrencies, and particularly exchanges, has been hit hard by fears of price volatility and possible uses for laundering money alongside high-profile hacks and infrastructure failures.
Last year, the New York attorney general’s office warned that several cryptocurrency exchanges were plagued by poor market surveillance and pervasive conflicts of interest, saying some may be operating illegally.
This month, $137 million in cryptocurrencies was frozen in the user accounts of Canadian digital platform Quadriga after the founder, the only person with the password to gain access, died unexpectedly.
The crypto market peaked in late 2017, when trading volumes surged and bitcoin, the largest cryptocurrency, reached a high just above $20,000. Bitcoin’s price has fallen more 80 percent since then, and trading volumes have slumped.
Some exchanges may also feel pressure from investors seeking a means of realizing their profits.
“With the market turning south and regulators not being happy, this is an opportunity to satisfy investors and founders who are looking for an exit,” said Zennon Kapron, director at financial technology consultancy Kapronasia.
WRESTLING WITH REGULATORS
Public listings of cryptocurrency exchanges also pose a challenge for regulators, who are only beginning to grapple with the issues of overseeing the trading of digital currencies.
Japan’s FSA became the first major jurisdiction to regulate the exchanges in 2016, but has since refined its rules to allow the industry to largely self-regulate.
In the United States, New York state has, so far, issued a handful of so-called BitLicences for companies doing any sort of virtual currency business.
Both Hong Kong’s market watchdog, the Securities and Futures Commission, and the Hong Kong Exchange declined to comment.
But the commission is considering whether some cryptocurrency trading platforms are suitable for regulation, a process it hopes to finish this year, its chief executive, Ashley Alder, told legislators on Tuesday.
Hong Kong officials have already questioned the sustainability of crypto businesses when last year, the world’s largest makers of cryptocurrency mining rigs did not follow through on IPO plans in Hong Kong, in part because of the questions officials raised.
“It’s possible a crypto exchange could incubate a new crypto business inside a Hong Kong-listed company, maintain the listed company’s existing operations, and not be treated as a new IPO, but it is a very difficult tightrope to walk,” said a person familiar with the listing committee’s processes, speaking anonymously because he was not authorized to speak to the media on the subject.
The Hong Kong Stock Exchange’s Listing Committee must be satisfied that a company’s business is sustainable before it can list. The miners’ bids were stymied by fears that the falling price of bitcoin made their business models unworkable, sources said.
Although backdoor listings are permitted in most countries, some regulators, including those in Hong Kong, can review the deals and can in some circumstances require a full IPO instead.
“Crypto companies may struggle to demonstrate suitability for listing given the state of regulation of the industry and uncertain business models,” said Jason Sung, a Hong Kong-based partner at law firm Herbert Smith Freehills.
Exchanges like Bithumb that are looking to the United States could also similar roadblocks.
The SEC has authority both over U.S. companies selling digital securities and companies conducting a reverse merger in the United States.
“Depending on what the companies are planning to do they very well might have to seek regulatory approval from the SEC or the CFTC,” said Richard Levin, chairman of the financial technology and regulatory practice at the U.S. law firm Polsinelli.
(Reporting by Alun John in Hong Kong and Anna Irrera in New York; Editing by Jennifer Hughes and Gerry Doyle)
Source: OANN
from MAGA First News https://magafirstnews.com/oan-newsroom/cryptocurrency-companies-use-backdoor-listings-to-ease-into-mainstream/
via IFTTT
submitted by peterboykin to The_NewDonald [link] [comments]

Cryptocurrency companies use ‘backdoor’ listings to ease into mainstream

Representations of the Ripple, Bitcoin, Etherum and Litecoin virtual currencies are seen on a PC motherboard in this illustration picture, February 13, 2018. REUTERS/Dado Ruvic/IllustrationFebruary 22, 2019
By Alun John and Anna Irrera
HONG KONG (Reuters) – Several cryptocurrency exchanges have moved closer to mainstream markets by buying listed companies, looking to raise funds and present themselves as embedded in the traditional financial services world they once spurned.
In the most recent deal, U.S. crypto broker-dealer Voyager Digital on Feb. 11 achieved a “backdoor” listing on Toronto’s Venture Exchange after it bought control of mineral exploration firm UC Resources.
Such purchases, also known as reverse mergers, allow companies to offer shares to the public without the rigors and regulatory scrutiny of a full initial public offering (IPO).
“Many (cryptocurrency) exchanges have put a lot of strategic effort into trying to legitimize their operations and their reputations, and for some there’s an assumption that having some exposure to the traditional public market will help,” said Fei Ding’an, managing partner at Ledger Capital, a digital asset investment firm.
Japan’s Financial Services Agency (FSA) is the only major national regulator so far to have drawn up a definitive framework to govern digital assets and the platforms where they are traded.
In January, OKC Holdings, a company controlled by Star Xu, the founder of crypto-exchange OK Coin, bought 60.5 percent of LEAP Holdings,, a Hong Kong-listed construction firm, for HK$484 million ($61.69 million).
Days later, the parent of Korean crypto exchange Bithumb announced plans for a U.S. listing via the purchase of Blockchain Industries.
Last year, investors that included the co-founders of crypto-exchange software producer ANX International bought a controlling stake in Hong Kong-listed marketing firm Branding China, while Huobi, a Singapore based exchange, bought a 72 percent stake in Hong Kong-listed power electrical company Pantronics Holdings.
Voyager said its listed shares could help fund growth.
“Being a public company enables Voyager to operate with the transparency that the crypto market deserves from its institutions,” Voyager CEO Steve Ehrlich said in an email.
Neither Huobi nor OKCoin has given details of their plans for the purchases.
ANX International remains separate from the renamed BC Group, but since the change in ownership the listed unit has launched new businesses that include a digital asset trading and exchange platform.
A spokesman for BC Group said being publicly traded gave clients “additional confidence in knowing we are a credible company and here for the long game.”
Spokespeople for OKCoin and Huobi declined to comment.
Neither Bithumb nor its parent Blockchain Exchange Alliance responded to requests for comment.
LEGITIMACY
Crypto experts said the deals could help the industry gain greater mainstream acceptance.
The reputation of cryptocurrencies, and particularly exchanges, has been hit hard by fears of price volatility and possible uses for laundering money alongside high-profile hacks and infrastructure failures.
Last year, the New York attorney general’s office warned that several cryptocurrency exchanges were plagued by poor market surveillance and pervasive conflicts of interest, saying some may be operating illegally.
This month, $137 million in cryptocurrencies was frozen in the user accounts of Canadian digital platform Quadriga after the founder, the only person with the password to gain access, died unexpectedly.
The crypto market peaked in late 2017, when trading volumes surged and bitcoin, the largest cryptocurrency, reached a high just above $20,000. Bitcoin’s price has fallen more 80 percent since then, and trading volumes have slumped.
Some exchanges may also feel pressure from investors seeking a means of realizing their profits.
“With the market turning south and regulators not being happy, this is an opportunity to satisfy investors and founders who are looking for an exit,” said Zennon Kapron, director at financial technology consultancy Kapronasia.
WRESTLING WITH REGULATORS
Public listings of cryptocurrency exchanges also pose a challenge for regulators, who are only beginning to grapple with the issues of overseeing the trading of digital currencies.
Japan’s FSA became the first major jurisdiction to regulate the exchanges in 2016, but has since refined its rules to allow the industry to largely self-regulate.
In the United States, New York state has, so far, issued a handful of so-called BitLicences for companies doing any sort of virtual currency business.
Both Hong Kong’s market watchdog, the Securities and Futures Commission, and the Hong Kong Exchange declined to comment.
But the commission is considering whether some cryptocurrency trading platforms are suitable for regulation, a process it hopes to finish this year, its chief executive, Ashley Alder, told legislators on Tuesday.
Hong Kong officials have already questioned the sustainability of crypto businesses when last year, the world’s largest makers of cryptocurrency mining rigs did not follow through on IPO plans in Hong Kong, in part because of the questions officials raised.
“It’s possible a crypto exchange could incubate a new crypto business inside a Hong Kong-listed company, maintain the listed company’s existing operations, and not be treated as a new IPO, but it is a very difficult tightrope to walk,” said a person familiar with the listing committee’s processes, speaking anonymously because he was not authorized to speak to the media on the subject.
The Hong Kong Stock Exchange’s Listing Committee must be satisfied that a company’s business is sustainable before it can list. The miners’ bids were stymied by fears that the falling price of bitcoin made their business models unworkable, sources said.
Although backdoor listings are permitted in most countries, some regulators, including those in Hong Kong, can review the deals and can in some circumstances require a full IPO instead.
“Crypto companies may struggle to demonstrate suitability for listing given the state of regulation of the industry and uncertain business models,” said Jason Sung, a Hong Kong-based partner at law firm Herbert Smith Freehills.
Exchanges like Bithumb that are looking to the United States could also similar roadblocks.
The SEC has authority both over U.S. companies selling digital securities and companies conducting a reverse merger in the United States.
“Depending on what the companies are planning to do they very well might have to seek regulatory approval from the SEC or the CFTC,” said Richard Levin, chairman of the financial technology and regulatory practice at the U.S. law firm Polsinelli.
(Reporting by Alun John in Hong Kong and Anna Irrera in New York; Editing by Jennifer Hughes and Gerry Doyle)
Source: OANN
from MAGA First News https://magafirstnews.com/oan-newsroom/cryptocurrency-companies-use-backdoor-listings-to-ease-into-mainstream/
via IFTTT
submitted by peterboykin to MagaFirstNews [link] [comments]

IRS Issues Bitcoin Guidance: Virtual Currency Is Treated as Property for Federal Tax Purposes

Press release and detailed guidance (PDF).
Highlights:
submitted by aBoglehead to personalfinance [link] [comments]

Will we ever see a cryptocurrency that does scientifically useful Proof of Quantum Work with quantum computers as mining rigs?

First off, I'm not saying we will see this in the next two years. It may take 5-10 years, or a few years after Google, IBM, and others start proving their quantum computers actually work for practical applications like simulating molecule interactions, and such.
It would also be a few years until they become cheap enough that many cryptocurrency miners could afford them. For instance, the UNSW announced a 10-qubit silicon quantum computer for ~2022. That may be what is required in terms of price/mass production.
https://newsroom.unsw.edu.au/news/science-tech/complete-design-silicon-quantum-computer-chip-unveiled
Second, I don't think it would be impossible to have a cryptocurrency that requires quantum computers to do Proof of Work. In a way, it would be a little like Bitcoin's ASICs. The developer would "simply" need to find a mining algorithm that works on top of quantum computers.
What would this algorithm be? Well, hopefully not one that makes it easier to break cryptography, like Shor or Grover, but one that could actually do real scientific work, like simulating molecule interactions, as mentioned above.
I think this would both lead to a rapid acceleration of the quantum computing industry, as well as actually having mining that does something useful for the world. Plus, this cryptocurrency's network security would be backed by freaking quantum computers! So it would be a win-win-win situation.
submitted by zexterio to CryptoCurrency [link] [comments]

MAD Doge - Such Problems, Much Solutions, Year of DOGE. (March 30th, 2014)

MAD Doge – 3/30/2014 The epic battle in price PANIC! PANIC? Well yes, panic if you want, it’s apocalypse time.

What’s wrong?

What am I doing? How am I invested in a solution? (WOW SUCH LONG READ)

What's going to happen?

It's going to be a rough ride, but there are upsides, Cryptsy has started on USD/DOGE exchanges.
submitted by DRKMSTR to MADDOGE [link] [comments]

How to sound like a genius as a Bitcoin newb.

It’s time for more bitcoin conference porn! The fall schedule (glut) kicks off today in London with an Inside Bitcoins conference. Unfortunately, I’ll miss it. Instead, I’ll be at MIT giving a presentation on how students there can scale from “Zero to One” in Bitcoin.
My favorite slide of the short overview, which is also relevant to #bitcoinconf attendees is without a doubt how to simply “sound smart” as a newcomer to Bitcoin. That’s really half of the battle; I’ve learned from personal experience. Leaders in this industry who are exponentially smarter than me were willing to talk to me as a peer mere weeks after I first learned about bitcoin last November, mostly because I faked it ‘til I made it.*
So I feel a moral responsibility to share ten things that can make any newb sound like a seasoned vet. Much like a pick-up artist**, you’ll have to craft your own style and will look silly occasionally, but at least you can sleep easy knowing that you will fool 99% of onlookers with this framework.
Here are my top ten tips for sounding smarter than you really are when it comes to Bitcoin…
1) Know simple BTC grammar. Discredit anyone who misspells bitcoin as BitCoin or bit coin, and gently correct those who conflate Bitcoin the protocol (capitalized) with bitcoin the currency (lower-case). This is a slam dunk, I’ve-been-here-a-while, pro tip. Don’t be a jerk about it, but politely help this other newcomer scale to your level of intelligence.
Congrats, you’re already ahead of the curve.
2) Acknowledge that bitcoin is a crappy currency, but a high-potential commodity. Bitcoin is volatile and will be for a very long time. It’s designed to appreciate in value or to fail — without much middle ground. As a unit of account or store of value, it’s terrible, but it is also a very high-potential commodity. Holding the “currency” means (among other things) that you are betting bitcoin displaces gold as a long-term reserve — that one inherently worthless commodity (gold) will be replaced by another (bitcoin), because bitcoin will at least be tied to a very valuable network. You also believe that as the critical exchange, investment, and derivative infrastructure is built out, mainstream people will use what are essentially fiat-denominated bitcoins anyway (thanks to hedging wizardry). Oh, and on that last point, you’ll stop referring “dollars” and instead reference “fiat.”
3) Point out that all currencies fluctuate in relative value, but at least BTC appreciates. This is in some ways a close corollary to #2. People like to criticize bitcoin’s “extreme” volatility, but the truth is that the currency’s volatility is falling and will continue to fall steadily as it grows larger. Moreover, it will look less volatile relative to the currencies of many smaller, developing economies, especially those with high inflation like Argentina or Nigeria. (BTC is the 90th most popular global currency by M1.) At least with bitcoin, you have a ~50% chance on any given day that you’ll enjoy upside volatility, instead of slow and steady devaluation. Many people outside of the US and Europe are going to play those odds.
4) Understand that Bitcoin is not decentralized, it is distributed. There are basically 10 people in the world who ultimately control Bitcoin right now, so it’s not decentralized. You’ve got 5-10 Bitcoin core developers who contribute updates to the code base only if they are accepted by the 5-10 mining behemoths that call the shots. In theory, anyone can “fork” the Bitcoin core if they don’t like the miners’ rules, but most people will agree that this is infeasible at best. It doesn’t help that no one knows who controls most of the global mining power or even who invented Bitcoin. Sounds shady, and in truth, it is more of a black box than most will admit. The good news is that the block chain is universally distributed, so at least people can see the global ledger of transactions, even if they don’t appreciate that a group smaller than the Fed actually controls Bitcoin.
Brownie points if you know who Gavin Andresen is, because many newbs don’t! I’ll put it to you this way: Gavin is bitcoin’s Mark Zuckerberg to Satoshi’s Winklevii — if only the Winkevoss twins had come up with a clever seigniorage model for social networking and faded to the background gracefully once they had Zuck on board. Gavin and the other core developers aren’t household names by pure chance — the media is simply too obsessed with the mysterious Satoshi.
5) Admit that Bitcoin is not cheaper than credit cards. A common pitch is that bitcoin is much cheaper than credit cards, but this simply is not true in most real-world use cases. Bitcoin merely appears less expensive for most retail transactions because those charging the transaction fees - the miners - care more about the large 25 BTC / block mining reward subsidies than they do the variable transaction fees. For now. As mining gets more expensive and the mining reward shrinks over the next decade, bitcoin’s transaction fees will start looking a heck of a lot more like interchange rates. In addition, if you go up one level to the payment processors like BitPay and Coinbase, either the merchant or the consumer (or a combination) is paying 100-150 basis points to cover bitcoin transaction costs - not a tremendous price difference from card networks.
Bitcoin has many advantages over credit cards — security, interoperability, universality, etc. — but cost generally isn’t one of them.
6) Remittances aren’t a near-term killer app; cross-border transactions are. As much as bitcoiners like to bash Western Union and Money Gram, and as despicable as some of these remittance platforms can be, they still exist for a reason. Doing safe, secure and legal remittance is more expensive than it seems at first glance. And while it’s nice to think that crypto could flow freely to those already familiar with mobile money, this theory has one big flaw: the infrastructure and awareness for bitcoin isn’t even close to there yet in developing economies. Sure, a migrant worker could send bitcoin to a relative’s mobile phone in Zimbabwe, but good luck safely exchanging that for usable day-to-day currency - especially at a cheaper rate than the evil remittance empires.
Business to business cross-border transactions, on the other hand, are infinitely more likely to succeed on a faster timeline. More sophisticated parties, with better access to bitcoin exchanges and financial services, solving a more straightforward and nominally larger problem.
7) Pick at least one bitcoin company to hate, and know why you hate them so much. I honestly don’t think I’ve met a single person in this industry who hasn’t completely crapped all over at least one leading bitcoin company behind closed doors. In fairness, even when I’m not playing devil’s advocate, I have still been legitimately guilty of giving the business to all of these companies myself. But for most non-bully-pulpiteers, it’s simply easier and less abrasive to whisper criticisms. It doesn’t matter whether you pick Circle (“Wall Street sell-outs”), Coinbase (“young, naive and overextended”), Xapo (“shady insurance dealings”), Blockchain (“short-sighted ideologues”), or BitPay (“first, but not best”). All that matters is that you hate at least one of them.
8) Tell everyone how much you love Andreas, but that he’s too political for your liking. First you have to watch an Andreas Antonopoulos presentation and learn how to spell Antonopoulos. He speaks beautifully and sincerely and intelligently, and if Aaron Sorkin ever wrote a show about bitcoin, Andreas would be the protagonist, a la President Bartlet (West Wing) or Will McAvoy (Newsroom). He’s a perfect embodiment of what bitcoin should be — indeed, it’s fun to believe in his type of future — but the realist in you knows to just eat popcorn while watching this artist at work. You don’t actually need to believe what he says for bitcoin to go mainstream. In fact, if you are easily influenced, you probably shouldn’t because many of his most strongly held beliefs simply aren’t practical.
9) Learn the defensive pitch for the Bitcoin Foundation. It goes something like this: “You know, it’s not that easy to herd cats in this industry and these guys have been very valuable in serving as a voice for such a diverse community. At the end of the day, none of the leading entrepreneurs have time to do much advocacy work outside of their own companies, and the Bitcoin Foundation is crucial in promoting investment in the Bitcoin core technology. It’s easy to criticize them — and look, they’ve definitely made some mistakes — but like most non-profits, these guys are underpaid, overworked and only get criticism, never praise.” The more you say this, the truer it sounds. (See TBI, March 2014, for why this is ironic.)
10) Rehearse this phrase or some close iteration of it.
"Ethereum is really interesting, but it just seems like they will have an uphill battle to beat out Bitcoin innovations like side chains and tree chains given Bitcoin’s network effects."***
If you want to immediately be deified like a core developer, state this with confidence and maintain eye contact with your listener during cocktail hour, then just shake hands and walk away. This is a newb trump card, and it sounds smart on so many levels that you will leave your audience with no choice but to admire your crypto fluency. Uttering this phrase without stammering usually comes with an admission ticket to any conference VIP after-party you’d like. (I usually just use one of my several aliases, until one of them is on the list.)
Good luck!
*Still trying to make it.
**There are actually a surprising number of former and current pick-up artists in bitcoin. No joke. (I’m not one of them.)
***Full disclosure: I have said this verbatim and still don’t know what it means. But it sounds smart.
http://two-bit-idiot.tumblr.com/post/97561749484/sound-smart-at-bitcoinconf
submitted by twobitidiot to Bitcoin [link] [comments]

Overstock.com CEO Patrick Byrne Discusses $1 milion in Bitcoin Sales on FOX Business Conversation With Patrice Motsepe - YouTube Quantenrechner = Untergang des Bitcoin? How to make money from Bitcoin? - YouTube How To Do Taxes For Bitcoin: Cryptocurrency

Mit Bitcoin Miner gratis Bitcoins sammeln. Die Windows 10 App „Bitcoin Miner“ erlaubt es euch Bitcoins zu sammeln – und das völlig gratis. Als Mining bezeichnet man die Hilfe von Nutzern, Bitcoin-Transaktionen zu verarbeiten. Bei jeder Bitcoin-Transaktion, besteht die Chance einen gewissen Betrag zu er-„hashen“. Je mehr Leistung der ... Home of the Bitcoin Cash Node full node implementation for Bitcoin Cash (BCH). BCHN supports the Bitcoin Cash (BCH) November 2020 Upgrade statement. Home. Docs; About . Team Goals Newsroom. Source; Download; Language . English 简体中文 Español 日本語 한국어 Deutsch Français Nederlands Norsk. A professional, miner-friendly node that solves practical problems for Bitcoin Cash ... Die aktiven Mitglieder, die die einzelnen Blöcke erstellen, heißen bei Bitcoin „Miner“. Dokumentation von Transaktionen. Dabei übernehmen sie zwei Aufgaben: Zum einen dokumentieren sie die Transaktionen zwischen den elektronischen Geldbörsen (Wallets) der einzelnen Mitglieder, zum anderen erstellen sie die Blocks mit den Transaktionen. Um einen Block erstellen zu können, müssen die ... Bitcoin: The most famous application is the bitcoin block system. Bitcoins have become popular throughout the world. The system is open to every public eye. The engagement rates in bitcoin are very high with every second. Having a block chain system was perfect for bitcoin purchases and selling them ; Companies: More than 50% of the companies already have a block chain into their systems. The ... The first miner to solve the puzzle is rewarded with new bitcoins and network transaction fees. The energy use of the bitcoin network is therefore both a security feature and a side effect of relying on the ever-increasing computing power of competing miners to validate transactions through PoW.

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Overstock.com CEO Patrick Byrne Discusses $1 milion in Bitcoin Sales on FOX Business

Patrick discusses the Bitcoin customer and his thoughts on the future of Bitcoin with Melissa Francis. I tried to call the IRS....4 times. No luck. I decided to hunt around on my own. This is what we got. The IRS wants every single transaction calculated to US Dollars. Buying and selling on ... Share your videos with friends, family, and the world network today and she joins us live in the newsroom. JoAngel. Well, Scott, the FBI believes the system has been used by criminals to move money around the world. Especially because it's designed ... Steve Eisman, Neuberger Berman portfolio manager, looks at bank earnings and the next big short. With CNBC's Melissa Lee and the Fast Money traders, Tim Seym...

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