Crypto-Currencies Will Destroy The Criminal Bankster's Monopoly On Money
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newsbtc.com / Samuel Rae / 4:26 pm September 29, 2016
Here’s a look at what we are focusing on in the bitcoin price this evening.
So that’s it for another session in the bitcoin price. Things have been pretty wild all week, but there haven’t been too many opportunities to get in to the market other than on short, scalp breakout entries. We’re looking for some degree of sustained action so that we can get into a longer term trade, but it is impossible to get in on these big trades if price doesn’t give us what we need.
Anyway, let’s not moan. Let’s try and put forward some focus levels this evening, and ensure that if do get the action we want (i.e. price breaks and volume gets behind it) we are ready to take advantage of it.
cointelegraph.com / Joseph Young / 2016-09-29 02:15 PM
Like the Dot-com and housing bubbles, Central Bankers’ bubble is presumed to break very soon. Once it does, independent currencies like Bitcoin will surge in value in high demanding markets.
The value of Bitcoin as an independent currency solely depends on its market demand and is created at a fixed rate which was cryptographically and mathematically set amid its launch in 2009. The US and the majority of the world’s monetary systems are based on debt, as the printing of fiat money relies on the level of debt a country deals with.
The fundamental concept behind quantitative easing or printing of cash is that it would bloat the economy by injecting money into its markets. What actually ends up happening is billions of dollars are distributed to the top-tier of an economy, which fails to be absorbed by the rest. Such inefficient and illogical debt-based monetary system leads to higher inflation rates and increased possibility of bankruptcy.
An insurance platform based on the blockchain. That’s what those pesky blockchainers – who find themselves on the cutting edge of fintech – find themselves now considering for an industry long marred by hacks, loss of coins and other compromised value.
Long has this idea been on the minds of Bitcoiners, and then blockchainers. InChain, using the Ethereum platform, an open ledger like the bitcoin blockchain, is looking to introduce blockchain insurance via a decentralized platform.
The team is led by Sergei Primachik, an IT engineer, and Dmitri Lazarichev, who is also the co-founder of the wirexapp.com project.The firms’ main goal is to offer a service to insure the risks of losing assets stores at web services like exchanges and wallets.
“The crypto economy is suffering due to hacks and fraud,” Lazarichev told Hacked.
Inchain looks to solve a common blockchain problem: services getting hacked, money getting lost. The DAO and Bitfinex are two recent examples. Between those two hacks: $220 million stolen. Inchain wants to ensure users don’t lose their crypto-assets.
coindesk.com / Stan Higgins / September 29, 2016 at 16:00 BST
A deal that would have seen Chinese manufacturer Shandong Luyitong purchase bitcoin mining hardware firm Canaan is no more.
The deal is said to have been scuttled as a result of apprehension on the part of regulators from the Shenzhen Stock Exchange, which was weighing whether to approve the deal, first revealed in June.
Representatives from Canaan said that following months of auditing, stock exchange officials balked because of the perceived risks and uncertainty surrounding both the company and bitcoin as a technology. Luyitong did not immediately respond to a request for comment.
Signs that the acquisition might face problems emerged weeks after it was first announced. At the time, Shenzhen Stock Exchange officials reportedly moved to scrutinize the deal more closely, according to local sources.
Bitcoin, the digital currency that captivated the world just three years ago before being tainted by scandals, may be making a comeback.
In fact, many experts say it never really went away despite wild swings in its value.”I think the future of digital currency is bright,” said Marco Santori, a partner at Pillsbury Winthrop Shaw Pittman in New York, and leader of the firm’s digital currency and blockchain technology team. Blockchain refers to the virtual ledger that powers bitcoin and other cryptocurrencies.
“This is probably the most important invention since the internet,” Santori said in an interview with CNBC’s “American Greed.”
From the beginning, the concept has been alluring if not utopian. Imagine a currency that is not tied to the whims of politicians, the foibles of central bankers, or the fortunes of a particular country. Rather than relying on a government to mint a currency, users could “mine” their own bitcoin by running software — contributing their own computing power to verify other bitcoin transactions. Or they could simply buy bitcoin on one of several online exchanges, investing in it like any other currency. To many, it seemed like a good bet.
Cointelegraph spoke with Ryan Taylor, Dash’s director of finance, about the future of digital currency, and the challenges Bitcoin faces if it intends to continue to lead the global financial revolution.
CoinTelegraph: Do you feel that Bitcoin has stagnated in any way?
Ryan Taylor: Bitcoin and its ecosystem is obviously still growing, but it is losing market share and momentum. The pace of investment in Bitcoin’s ecosystem has slowed down as the reality has set in about how difficult mainstream adoption will be. With Bitcoin’s first-mover advantage and network effects, it really should be doing better than it is. I think the main issue Bitcoin faces going forward is that it has become the proverbial “oil tanker” of the industry… while it’s certainly massive, it simply isn’t designed to be nimble enough to chart a new course quickly in a rapidly evolving industry.
CT: Bitcoin’s relatively niche status: Perfectly fine and by design, or an undesirable outcome?
coindesk.com / Pete Rizzo / September 28, 2016 at 16:08 BST
CME Group has added China-based digital currency exchange OKCoin to its bitcoin pricing indexes, first announced in May.
Created through a partnership with London-based Crypto Facilities, the CME CF Bitcoin Reference Rate and CME CF Bitcoin Real Time Index are scheduled to go into beta at the beginning of October, with a public beta to begin in November.
Two leading Japanese bitcoin exchanges recently unveiled initiatives to accelerate bitcoin adoption in Japan. “Since Mt. Gox incident image of bitcoin in Japan is terrible,” the Business Development Lead of Coincheck, Kagayaki Kawabata, told BNC. The now defunct Tokyo-based Mt. Gox was handling approximately 70 percent of global bitcoin transactions before it’s collapse, subsequent bankruptcy, and the arrest of CEO Mark Karpeles.
Kawabata recently unveiled the ‘Coincheck Electricity’ platform, which will be launching in November. The platform allows customers to pay their electricity bills with bitcoin, with a rebate of 4 to 6 percent.
“Having bitcoin payment available for something like a utility bill, that has a reliable image, will definitely change how people perceive bitcoin in a good way.”
– Kagayaki Kawabata, Coincheck Business Development Lead
The bitcoin service will initially be available to residents of Kanto, Kansai, and Chubu. Tokyo Electric Power Company, Kansai Electric Power and Chubu Electric Power will supply the electricity.
The project has a target of acquiring 10,000 customers in the first year, and there are plans to add gas bills, water bills and mobile bills. Coincheck’s operator, ResuPress, has teamed up with a Tokyo-based seller of propane gas, Mitsuwa Industry Co. and is working with its subsidiary, E-net Systems Co.
cointelegraph.com / Joseph Young / 2016-09-29 10:00 AM
French Bitcoin technology company ACINQ has successfully tested and implemented leading Blockchain technology company Bitfury’s algorithm solution for instant payments routing on the Lightning Network.
Bitfury’s Lightning Network-based algorithm solution Flare was introduced in July 2016 in collaboration with the Lightning Network team, with the vision to deploy a hybrid routing algorithm,
The objective and intention behind the creation of Flare was to establish a more efficient and improved ecosystem for the settlement of microtransactions in the Bitcoin network. The BitFury development team believed that Flare could open Bitcoin to a wider range of use cases, such as peer-to-peer incentive-based file sharing platforms and applications.
Traditionally, micropayments on the Bitcoin network take longer than normal payments to be verified and authenticated by miners globally due to their substantially lower transaction fees.
Micropayments worth 2 ~ 3 cents could take significantly longer time than normal transactions that include 2 ~ 3 cents in transaction fees, as miners prefer to prioritize transactions with higher incentives.
DNB, Norway’s largest bank, has dismissed Norges Bitcoinforening, a recently-formed, non-profit bitcoin association, over concerns about terrorist financing and money laundering, according to e24.no, a Norwegian news site. Norges Bitcoinforening has since decided to take its business elsewhere.
The association opened a bank account in August to receive dues and donations which can be made in bitcoin. DNB advised the association within three weeks that they were no longer a customer. The notice said, “DNB can not be confident about the association’s money has no connection with money laundering or terrorist.”
Association Wants Answers
The association asked the bank what rules it broke, but it has not received a response, according to association leader Stephan Nilsson.
The association has 832 million crowns in its account, mostly in bitcoin through the association’s bitcoin wallet. The association accepts bitcoin through Stripe, the U.S.-based payment service.
First announced on the cryptography mailing list in 2008, Bitcoin was the embodiment of a decade-old cypherpunk vision. A digital currency not controlled by any government, bank, or company existed in the hearts and minds of hackers and cryptographers long before most even considered the concept viable.
Since its launch in 2009, Bitcoin ignited a new industry, with interest reaching far beyond the small group of ideologues. Its blockchain technology today even serves as an inspiration for the very governments, banks, and companies the pioneering cryptocurrency was designed to subvert.
The third annual edition of the Hackers Congress Paralelní Polis(HCPP16), set to start this Friday, September 30, in Prague, will remember Bitcoin’s roots. The three-day gathering in the markedly black Paralelní Polis building will bring together cypherpunks and crypto-anarchists from around the Czech Republic, Europe and the rest of the world.
To learn more about the event, Bitcoin Magazine spoke with Martin Sip, project coordinator for Paralelní Polis and HCPP16 organizer, and Pavol Lupták, Paralelní Polis co-founder.
cointelegraph.com / Joseph Young / 2016-09-28 07:09 PM
Bitcoin Core’s innovative solution designed to scale the Bitcoin network by moving witness data outside the traditional block structure is finally approaching its release.
The Bitcoin Core team announced on Twitter that the Segregated Witness release is on its “final countdown,” with various tests and necessary information in place to upgrade the Bitcoin network.
Segregated Witness is a sophisticated scaling technology designed to provide two major benefits to Bitcoin miners, users, and businesses: elimination of malleability and capacity increase. Initially, the Segwit proposal was drafted as a solution to the ongoing block size debate. It attempted to decrease the block size of the Bitcoin network by allowing new-style blocks to hold more data than older-style blocks.
The Bitcoin Core team and the majority of the Bitcoin community believed that Core’s Segwit is the right way to approach the block size debate, instead of the irrational implementation of hard forks that may potentially cause harm to the network.
Ukraine is one of these countries where people require no explanation about the value of hard money. As war in the east of the post-Soviet nation helped put its economy into a recession, the Ukrainian national currency — the hryvnia — lost some 70 percent of its value over the past two years. Perhaps that’s why demand for bitcoin there has increased significantly.
Early in the morning, at the start of the conference, Cubits COO Max Krupyshev addressed a packed Rookie Hall, one of the three spacious conference rooms. Going over the basics of blocks, Bitcoin-addresses and proof-of-work in his native Ukrainian, Krupyshev faced a crowd full of questions and requests for details.
“The audience engagement at this conference is really impressive,” Krupyshev told Bitcoin Magazine after his talk. “People here are really curious about Bitcoin and blockchain technology. They’re not passive or bored listeners. [They] actually want to know how it works and what it does, asking questions accordingly.”
nasdaq.com / Martin Tillier / September 28, 2016, 01:24:30 PM EDT
Digital currencies are still, relatively speaking, in their infancy, and as a result, the field is ever changing. New currencies, and new versions of old currencies, seemingly come and go every day. Most, admittedly, go pretty much unnoticed, known only to those with an early interest in the creation and a few who have learned to jump in to (and out of) new currencies quickly to benefit from any early surge of enthusiasm.
Ever since Satoshi Nakomoto published the Bitcoin white paper in 2008, though, the status of the original virtual currency as the leader of the pack has pretty much remained unchallenged. The recent problems of one of those challengers, however, should serve as a warning to the bitcoin community as to where the danger to that currency lays.
Back in March, I wrote here about the bitcoin “rival” that seemed to have the best chance of taking the concept of a distributed ledger (the blockchain) and putting it to a practical use that could eclipse bitcoin. That rival was Ethereum, and the currency was its associated token, Ether (ETH). (It should be pointed out, as it was in the comments on that deliberately simplistic article, that Ether is not strictly a competitor with Bitcoin. It is a token for exchange within Ethereum rather than a currency designed to be spent outside of the system. Whereas in Bitcoin’s case the blockchain exists to enable the coin, in Ethereum’s case the opposite is true. Ether exists to enable the distributed ledger system to function.)
Despite that fundamental difference, limited, albeit increasing, investment funds and public interest left many with the feeling that rapid growth in Ethereum would inevitably result in a decline in interest, and therefore value, when it came to Bitcoin. Not long after that article was published, though, some problems within Ethereum began to emerge. The DAO hack, in early summer this year, ultimately resulted in a hard fork, with two essentially competing currencies emerging.
Mexican bitcoin exchange Bitso SAPI de CV (Bitso) has raised $2.5 million Series A in a round led by Monex Group that included Variv Capital, Xochi Ventures, Digital Currency Group, FundersClub, Bitcoin Capital and Blockchain Tech Limited.
Founded in 2014, Bitso is Mexico’s First Bitcoin Exchange and offers a platform for trading bitcoin for Mexican Pesos, along with a traditional currency exchange with a central limit order book that utilizes the Ripple network to make transfers.
The company says it prioritizes security, transparency and best practice operations while breaking new ground with innovative product development.
According to Coindesk, Bitso currently has 20,000 customers and processes on average around $2.5m worth of transactions a week, charging a percentage fee based on monthly volume between 0.1 percent for 320+ bitcoin a month, to 1 percent to transactions involving amounts less that 1 bitcoin.
Involvement in the round by Monex Group Inc. is due to plans by Bitso to expand its services into other parts of Latin America, with Monex being a large Mexican firm that specializes in international transactions and payment services for commercial clients, making them an ideal partner in Bitso’s expansion plans.
Zimbabwean women farmers will be given Bitcoins which they can redeem for goods at selected suppliers.
Put together by BitMari, the first black owned Bitcoin startup, this first ever Bitcoin accelerator programme for women farmers in Africa is aimed at making the farmers successful and to return the initial investment at the end of the second harvest.
It will also teach them on the usefulness and power of Bitcoin, and train the female farmers to be able to make Bitcoin transfers.
According to BitMari’s CEO, Sinclair Skinner, it is important to make women understand how to transfer Bitcoin because: “None of the current methods of financial transactions that many of the unbanked farmers use have the power of Bitcoin.”
Viewing the evidence, it would appear that bitcoin’s present shift to higher ground is undoubtedly occurring in incremental stages (a few dollars at a time). On the plus side, most analysts seem to be unanimous in the idea that bitcoin is again prepping for a massive bull run, and is about to take a long, and much needed vacation up north. One source explains:
“Bitcoin price continues trading above $600 and 4,000 CNY across exchanges. Price action and market momentum are slowing, as bitcoin price typically does prior to a strong directional move… The one-day and three-day charts remain in bullish mode.”
I was a Bitcoin fan before it was popular. That means I had thousands of Bitcoins. It also means I sold my thousands of Bitcoins for less than $1 each. Still, the technology fascinates me, and although cryptocurrencies have risen and fallen, I’m still a fan.
There are several places to use Bitcoin on a regular basis. One of my favorites, which I’ve mentioned before, is the Humble Bundle. I’ve also ordered from Overstock.com using Bitcoin. I often look for places I can spend Bitcoin and try to shop at them when possible. Like most people, however, I usually end up buying things on Amazon.
Thankfully, with the help of Purse.IO, you can indirectly purchase items from Amazon using Bitcoin!
Purse.io, a San Francisco-based peer-to-peer service provider that connects users across the globe through decentralized commerce, has introduced ‘bcoin’, a javascrpt bitcoin library having a full blockchain validation.
According to the company’s official blog, bcoin is more than just a product. It is a more versatile and easy-to-use bitcoin library that will support Segwit, Lightning, and Schnorr signatures as well as other popular new BIPs.
“Over the next couple of weeks we will be integrating bcoin directly into Purse’s backend; battle-testing it accordingly to ensure it’s ready for primetime.
"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