Crypto-Currencies Will Destroy The Criminal Bankster's Monopoly On Money
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newsbtc.com / Samuel Rae / 5:40 pm September 23, 2016
So that’s it, another week out of the way. As we noted in this morning’s bitcoin price analysis, things have been pretty wild this week. Price gave us plenty to go at with our intraday scalp strategy (and in turn, plenty to discuss as part of our intraday analyses) and we have managed to close out the week net up on the markets, despite the odd stop loss hit here and there. We’ve got a weekend’s worth of action ahead of us, however, and as those who are regular readers will be all too aware, price can often be extremely volatile over the weekend, despite the dip in volume. Sunday has historically been a big day for peaks and troughs, and we will be watching price closely for any indication that we might see such action heading into the weekend’s close.
Getting paid in Bitcoin has become much easier over the last three years. Workers all over the world have been using Bitwage since 2014 to help them obtain Bitcoin digital currency through their freelance work, even if their employer doesn’t offer that payment option to them, directly. Now, Bitwage has a new feature to help freelancers and others get even more Bitcoin-producing work, based on the work they have done, called Bitwage “My Employment,” or Bitwage M.E.
M.E. is a payment-verified professional profile that allows workers to build an online reputation from freelance marketplaces and directly from the clients they have worked with to build trust and acquire new clients. By showing potential clients payment-verified information, all of which besides payments staying in a single currency can additionally be verified on the Blockchain, freelancers and contracting companies can prove they worked for the companies they claim to have served as well as to show how much other clients have valued their work.
Review-based reputation systems are a far less accurate reputation mechanism than payment-based reputation systems. While review-based systems are very subjective and easy to manipulate with fake accounts, payment-based reputation systems are based purely on the monetary value a worker has earned and are harder to manipulate, as money needs to be sent to earn reputation.
The Winklevoss twins want to trade bitcoin, and they want to do it now. Growing impatient waiting for their ETF fund to be listed and to boost bitcoin trading, the cofounders of the Gemini Trust Company, a digital currency exchange based in the U.S., are introducing a daily bitcoin auction so that the currency can be traded any time. The entrepreneurs believe that it will allow larger trades at lower cost, and they are also offering a rebate on trading fees of 0.15 percent.
The auctions will be held every day at 4 p.m. EST and on holidays and weekends. Initially, trading will be limited to bitcoin into U.S. dollars, but this is expected to expand to more currencies later. The twins hope — as is the case with other exchanges, such as the NYSE and Nasdaq — that the digital currency will be easier to use and more appealing.
According to Tyler Winklevoss: “We believe this is the first-ever end-of-day bitcoin exchange auction … Auctions create greater price discovery and liquidity, resulting in a very meaningful final auction price. If you were building a securities exchange today, an auction would be a core feature.”
Currently, bitcoin can be traded 24 hours a day, but as there are few sellers at certain times of the day, Gemini is taking advantage of the non-trading hours of traditional financial markets and designating those as the time to trade bitcoin. The auction should also help to establish the daily bitcoin trading price.
The goal of the project was to establish an ‘ecosystem for digital currencies at MIT.’
When the project started bitcoin was one of the most popular topics, attracting a positive number of students to take part.
Throughout the project, over 3,100 students were part of it. However, within the first month, 40 percent of the students involved had traded their bitcoins in for money. After two years, that number had dropped significantly with only 14 percent of students still utilizing the digital currency to shop, trade, and send overseas.
Mesh Networking has long promised to unshackle users from Internet Service Provider charges and fees. The technology powers many of the largest mobile networks in the world, leveraging proven routing techniques originally developed for battlefield communications by the military.
Internet Service Providers offer all-or-nothing connections, meaning you either have internet or you don’t. For those who work all day, and sleep at night, this connection is underutilized for the majority of the time. Mesh networks let homeowners leverage their existing internet connection, and supply service to neighbors and other people in the surrounding area.
More technically, client meshing enables wireless peer-to-peer networks to form between and among client devices. The lack of network infrastructure means that high performance and scalable broadband networks can be built at very low cost. As users join the network they improve network coverage and increase network throughput.
FireChat is one of the most well-known mesh networks. The peer-to-peer smartphone app works without internet access and uses no cellular data. Even in the face of natural disasters and deliberate political internet service disruption, Firechat has kept people in contact with each other while involving no central services like an Internet Service Provider (ISP).
Japan is about to experience a cryptocurrency-themed TV show called BitGirls. This show, which will begin airing next month on 3rd October, 2016 will involve Blockchain voting and a crowd sale hosted by the currency exchange Zaif. The television show is an attempt to popularize crypto in an environment which has been marred by the Mt.Gox drama which unfolded in Japan in 2014.
Ritz-glitz, Bitcoin and glamour
The premise of the TV show is that participating viewers will receive tokens and they can use these tokens to vote on future shows for their favourite contestant.
We talked with Takao Asayama, the CEO of Tech Bureau Corp (Zaif Exchange), about how the whole process would work.
He says to CoinTelegraph:
“As you know securitization is regulated everywhere and it has been very hard even to simulate it for entertainment. Even in Japan, there are a lot of projects which have tried to securitize from Anime movies to girl pop groups, but it didn’t fly that much because those regulations would always affect the fun part of it. Now, tokenization and ICO has come instead of securitization. With the power of the Blockchain we can simulate each girl member as if they are a “corporation” by issuing tokens. I combined two Japanese words, “toreka – trading cards” and “kabu – stock shares” into one word “Torekabu.” Torekabu-nushi, which means Torekabu holders, will receive voting tokens as dividends to make a scenario for each episode.”
San Francisco based Bitcoin Exchange and provider Coinbase just announced the launch of weekly buy/sell limits on Coinbase. In the past, Coinbase used daily limits. This created frustration as users were forced to come back every day to purchase their maximum amount.
The change was made given feedback to the company from users who prefer to come back less frequently and purchase larger amounts. Now they can. Weekly limits are now available for users in United States, Canada, Singapore, and Australia. Coinbase stated it plans to roll these changes out for European customers in the coming weeks.
Poloniex has announced temporary suspension of activities in New Hampshire, starting early next month. Read more…
Bitcoin regulations are painful for both platforms and customers. The latest state to fall victim of Bitcoin regulations is the State of New Hampshire. Certain changes in the regulatory environment of the state have led Poloniex, one of the leading cryptocurrency exchanges to temporarily suspend its operations in the region.
The suspension notice was posted yesterday on Poloniex website. According to the exchange, New Hampshire residents will not be able to open new accounts on the platform until further notice. At the same time, existing Poloniex customers will be required to suspend their accounts, on or before October 6, 2016. The platform has announced that it will be sending an email with detailed instructions to all its existing customers based out of New Hampshire.
dqindia.com / Vishal Barapatre, Global CTO, In2IT Technologies / SEPTEMBER 23, 2016
In the wake of recent Bitcoin theft of more than $60m, which was stolen from Bitfinex, one of the world’s largest digital currency exchanges in Hong Kong, has again created an atmosphere to rethink and redesign the desired framework necessary for fixing the threat issues associated with the Bitcoin and Blockchain technology.
Moreover, industry experts still have huge faith in Blockchain technology as well as in digital currencies and so the companies using cryptography for their ledgers are ready to work aggressively while providing best IT solutions by leveraging the technology. This incident would act as an alert for the Indian industry also to look forward in the direction of creating highly secure and convenient system that could flourish the cryptocurrency market as it’s a call by the present as well as future generations. It’s a need of the hour to analyze the present scenario of Bitcoin adoption in India and the scope of its acceptance by techno-savvy Indian market as well as consumers.
Bitcoin at a glance
Bitcoin which is created and held electronically is a growing as well as leading category of money, known as cryptocurrency. It is digital asset in the truest of sense and a payment system which uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of Bitcoins is carried out collectively by the network. Unlike paper currencies, Bitcoins are produced through computer systems by people known as miners who hold the power to verify transactions.
Remember that name. Whether he actually exists or not is an open question. But there is little doubt Nakamoto’s 2008 paper describing the creation of Bitcoin was one of the most revolutionary acts of the earIy 21st century.
What is Bitcoin?
The governments of the world can’t tell you. They can’t agree. Some define it as property. Some call it currency. Sometimes, it is regarded as both currency and property.
There are millions of Bitcoin in the world, but you’ll never see one. Bitcoin, you see, are digital events, pulses of electricity harnessed and displayed as units on a computer screen.
But for all their intangibility, Bitcoin have the potential to change the way services are purchased, wages are paid, and commerce is conducted.
It works something like this. Two individuals communicate directly with one another via a computer network in what computer-literate folks call a peer-to-peer exchange. Each has a code. They exchange a good or service and the transaction’s value is paid for in Bitcoin. The transaction is electronically recorded.
The next time one of the parties engages in an exchange and uses Bitcoin, they use their code to link to another party, who, in turn, uses his or her code to complete the link. That transaction, too, is recorded as part of a chain of communications.
Ethereum, the only meaningful cryptocurrency competitor to bitcoin, is fighting off a DDoS attack. On Thursday morning, Ethereum co-founder Jeffrey Wilcke announced the attack, urging Ethereum miners to switch to a new mining method to circumvent the effects.
If you’re confused, Ethereum is a blockchain technology that’s a bit more than a cryptocurrency. It broadens bitcoin’s scope: bitcoin is attractive because it decentralizes money and is supposed to be static, stable, and unchangeable over time. There’s a permanent, unimpeachable record of all transactions (the “blockchain”), which purports to give the inherently unstable currency stability. In brief, Ethereum’s founders are trying to incorporate these advantages into other industries. Not only money can benefit from stability and an immutable record: The theory goes that social networks, medical establishments, and even governments could employ blockchain technology.
newsbtc.com / Sarah Jenn / 3 :07 am September 23, 2016
Bitcoin price is stalling but appears to simply be pausing from its recent dive to gather more momentum.
Bitcoin Price Key Highlights
Bitcoin price is still stuck in tight consolidation for now in what appears to be a bearish continuation pattern.
Price is hovering safely above several support levels but another push lower could be due, given the recent trend.
A change in market sentiment, however, could spur a bounce back to the near-term resistance.
Bitcoin price is stalling but appears to simply be pausing from its recent dive to gather more momentum.
Technical Indicators Signals
The 100 SMA is still above the longer-term 200 SMA on this time frame, suggesting that bulls could still push bitcoin price back up. After all, price is still finding support at the longer-term ascending channel bottom and the dynamic inflection point at the 200 SMA.
South African startup The Sun Exchange, a marketplace that crowdfunds small-scale solar projects using digital currencies such as bitcoin, has raised US$60,000 from Silicon Valley firm BoostVC to build its team.
Disrupt Africa reported earlier this year on The Sun Exchange, which was launched at the end of 2015 and is a peer-to-peer lending platform that connects people wanting to invest in solar energy with projects.
Founder Abraham Cambridge said the startup was establishing itself as a middleman between potential funders and projects, using bitcoin as a way of making effective remittances. The company has already completed its first projects in South Africa.
The owner of a Steam bot has managed to recuperate stolen funds and pay back users after reporting that someone had taken all the Bitcoin funds from his Coinbase account, leaving him in the position of needing to use personal funds to reimburse users.
The bot in question is called KeyVendor, which is an automated service that allows users to buy Steam CS:GO (CounterStrike Global Offensive) keys, which they can use to open chests for skins and other CS:GO perks.
KeyVendor’s unique feature is that it lets gamers pay for keys using Bitcoin. The bot uses a Coinbase account to handle all the Bitcoin transactions.
The hack… that wasn’t
On September 19, Jambo, KeyVendor’s owner, posted an announcement on the bot’s Steam community page, saying that the bot lost all funds from its Coinbase account, totaling over $15,000.
Recent years have brought significant misunderstanding of the term decentralization as it pertains to Bitcoin. Literally, it means the dispersal of nodes, data, miners and developers; according to some, the dispersal of miners (everyone mining with a consumer PC) is the original vision of Satoshi, and that vision supports One CPU/One Vote, meaning every single user mines with a home PC and a smartphone. People who modified algorithms to antagonize the R&D of AISC chips were hoping to avoid the centralization of computation power that these chips would bring. Inevitably these efforts were in vain: algorithms could stall the birth of specialized mining chips, but not prevent it.
The truth is, everyone-mines-with-PC — the One IP/One Vote ideology — is exactly what Satoshi opposes. If every miner’s PC were to contribute as a full node, all the IP addresses of all of the nodes will be empowered equally. As a result, those who have the power to distribute a large sum of IP addresses, say a botnet, could dominate the Bitcoin network. A botnet could comprise hundreds of thousands of nodes; e.g. the Baofeng Trojan Horse controls 250,000 nodes, much more than Bitcoin’s 6,000 to 8,000 full nodes. The botnet controlled by the Baofeng Trojan Horse could then easily launch 51 percent attacks.
Instead, what Satoshi really meant with “One CPU/One Vote” is thatone computational unit represents one unit of power. More computational units equals more power: This is represented by Computation is Power in the proof-of-work (PoW) system.
newsbtc.com / JP Buntinx / 1:00 pm September 23, 2016
But there is more good news, as Bitwage also announced additional payment outputs. Local currency payouts are coming to the US, Europe, India, Vietnam, and Argentina.
Bitwage continues to make a name for itself in the payroll business. The company has announced the launch of their new “My Employment” feature. This new offering lets users create a payment-verified professional profile, and creates a reputation system for Bitwage users. This should help freelancers and other remote workers increase their [international] client base.
For a lot of people, the Bitwage service is a solution to a lingering problem. Getting paid, especially when contacted by someone over the internet, is not an easy feat. A lot of workers deal with delayed payments, or they end up losing a lot of money due to intermediary fees. Using Bitcoin for this type of business is a no-brainer, and Bitwage has been merging the two worlds since July of 2014.
While the company makes it a lot easier for workers to receive payments at cheaper rates, it did not solve a bigger problem. A lot of freelance workers struggle to find new clients to work for. Since none of the existing Bitcoin-oriented platforms offers a viable reputation system for paid work, Bitwage has come up with a solution.
cointelegraph.com / Hank Rearden / 2016-09-23 11:40 AM
Bitcoin.com’s mining pool mined its first block using the Bitcoin Unlimited protocol on block 430757 on Wednesday September 21, 2016. This is a momentous move that will provide miners alternatives.
According to a statement on the website of Bitcoin.com, the major dichotomy between the Unlimited and the Bitcoin Core protocol is the former’s ability to allow miners and nodes to choose the size they want.
Roger Ver, CEO of Bitcoin.com reiterated his outfit’s commitment to providing Bitcoin advocacy, information and news. He upheld his position to support Bitcoin to the point of global economic buoyancy remaining on course.
“Bitcoin.com is now the primary hub for Bitcoin advocacy, information and news. We also want to support Bitcoin’s growth into a worldwide economic force – and that’s exactly what we’re doing by starting this pool.”
Wences Casares, the founder of Bitcoin company Xapo, is facing yet another lawsuit. Lifelock, a company focusing on Identity theft protection, filed the suit last Monday. According to Lifelock, both Casares and former Xapo CFO Cynthia McAdam withheld intellectual property and Bitcoin integration software for Lemon, when it was acquired by Lifelock in 2013.
COMPANY ACQUISITIONS CAN GET NASTY REAL FAST
Everyone who does their homework on Wences Casares will know he used to run a fair few enterprises in the past. Lemon is one of those companies, which was one of his multiple ventures into the Bitcoin world. The company gained some traction and was officially acquired by Lifelock in the year 2013.
breakingfinancenews.com / Finance / September 22, 2016
Yesterday Bitcoin Investment Trust (NASDAQ:GBTC) traded 3.62% higher at $93.00. The company’s 50-day moving average is $90.38 and its 200-day moving average is $83.98. The last closing price is up 10.75% from the 200-day moving average, compared to the S&P 500 which has decreased -0.01% over the same time. 3,018 shares of the stock were exchanged, down from an average trading volume of 7,688
Needham & Company LLC has downgraded Bitcoin Investment Trust (NASDAQ:GBTC) to Hold in a report released on 9/22/2016.
Digital currencies are precisely what they sound like: currencies kept and transferred electronically. They are an internet based medium of exchange or currency distinct from physical coins and banknotes, but allows for borderless transfer-of-ownership and instantaneous transactions.
Real digital currencies date back to 1990s.The first digital currency was E-gold, created in 1996 and backed by gold. Liberty Reserve was another digital currency that was founded in 2006; the currency allowed users to convert euros or dollars to Liberty Reserve Euros or Dollars, and exchange them freely with one another at a fee of 1%. Both services were believed to be used for money laundering. Consequently, they were inevitably shut down by many governments such as the USA.
Emerging in 2005, QQ coins and Q coins were used on Tencent QQ’s messaging platform as a kind of commodity-based digital currency. In China, Q coins were so effective that they were believed to have had a disrupting effect on the Chinese Yuan. Current interest on cryptocurrencies has resulted to renewed curiosity in digital currencies. Introduced in 2009, bitcoin has become the most widely accepted and used digital currency.
"At any rate, the spook spoke the truth: cryptology represents the future of privacy, and more. By implication cryptology also represents the future of money, and the future of banking and finance. (By "money" I mean the medium of exchange, the institutional mechanisms for making transactions, whether by cash, check, debit card or other electronic transfer.) Given the choice between intersecting with a monetary system that leaves a detailed electronic trail of all one's financial activities, and a parallel system that ensures anonymity and privacy, people will opt for the latter. Moreover, they will demand the latter, because the current monetary system is being turned into the principal instrument of surveillance and control by tyrannical elements in Western governments." - J. Orlin Grabbe