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321  Bitcoin / Bitcoin Discussion / Re: blockchain.com via Twitter: "Something "big" is coming" on: October 18, 2018, 12:11:26 PM
Don't tell me you haven't heard that the blockchain.com is launching an airdrop program.
They're simply going to start giving away their customers free tokens for their support, that's all Smiley

Reference:
https://www.blockchain.com/airdrop
https://www.bitrates.com/news/p/blockchaincom-endorses-free-crypto-and-announces-airdrop-program
https://www.cryptoninjas.net/2018/10/17/blockchain-com-launching-airdrop-program-for-token-based-networks/
322  Bitcoin / Bitcoin Discussion / Re: Why the bitcoin public ledger is still open? on: October 18, 2018, 12:02:29 PM
What are the major reasons behind for making the bitcoin transactions public for everyone to see?
I know during the early days of bitcoin there are so many things to analyze and improve later by the developers.
After Bitcoin hit the mainstream adoption by the people around the world, then the watchful eyes started joining the race too.
Because of that now people have to use the bitcoin mixing service to cover their tracks while using bitcoin for an anonymous transaction.

Don't you think the ideology of making bitcoin transactions public is not that important anymore? any thoughts? #MakeBitcoinGreatAgain

Why do the people have to cover their tracks while using bitcoin?If they want to cover their tracks,I assume that they are using btc for something illegal,which is the main reason for haters to hate on bitcoin.
I'm against btc mixer services.If the people want anyonymous transactions,there's no problem for them to just use monero.

Anonymity is privacy. Privacy is freedom.
Decentralization is a freedom too but not as privacy.
For people to be fully free they need to take control of their own privacy.
Anonymizing your personal activities is called privacy too. in fact, covering your tracks too it is called privacy.
People don't need to only cover their tracks when doing something illegal but rather to protect their own privacy from falling into the wrong hands.

323  Economy / Trading Discussion / Re: Trading exchange platform on: October 18, 2018, 11:41:14 AM
As an investor, what should I look for in selecting the most ideal exchange platform?

- Trading volume
- Exchange reputation
- Withdrawal and trading fees
- Choose the secure exchange to avoid the risk of getting hacked.
- Use coinmarketcap.com to find out which exchange platform meet your needs.
324  Bitcoin / Bitcoin Discussion / Why the bitcoin public ledger is still open? on: October 18, 2018, 10:52:23 AM
What are the major reasons behind for making the bitcoin transactions public for everyone to see?
I know during the early days of bitcoin there are so many things to analyze and improve later by the developers.
After Bitcoin hit the mainstream adoption by the people around the world, then the watchful eyes started joining the race too.
Because of that now people have to use the bitcoin mixing service to cover their tracks while using bitcoin for an anonymous transaction.

Don't you think the ideology of making bitcoin transactions public is not that important anymore? any thoughts? #MakeBitcoinGreatAgain
325  Other / Off-topic / The Millionaire Playboy: Dan Bilzerian's Lavish Lifestyle, The Real Satoshi? on: October 17, 2018, 12:53:33 AM
The Millionaire Playboy: Dan Bilzerian's Lavish Lifestyle, The King of Instagram - A Guy with Nine Wives!


Dan Bilzerian Lifestyle in 3 minutes - YouTube!
https://www.youtube.com/watch?v=yAdp0DkORTE





















Code:
Before getting any further, you guys should check isn't this guy the real Satoshi - Our missing prophet? lol 


They said, DAN Bilzerian, the poker-playing multi-millionaire, has become famous for blowout bashes that easily rival Playboy Mansion bacchanals.

Revelers pile into Bilzerian’s 31,000-square-foot Bel Air, Calif., compound, where, he told The Post, “clothing is always optional.”

When the bachelor, 37, isn’t at home in California, he’s often at his luxe pad in Las Vegas, or snowboarding with Olympian Shaun White in New Zealand, or partying with friends in Tahiti or Ibiza, or racing dune buggies in the desert, or yachting around Italy’s Pontine Islands. One Instagram post shows him visiting Shanghai, China, “for no reason at all.”

In August, he and his brother flew to their ancestral homeland of Armenia. After the adventure ended, Azerbaijan issued an arrest warrant for Bilzerian — something to do with allegations that he obtained ­grenades illegally and “demonstratively” shot off missile launchers at a gun range.

It’s a high-flying lifestyle that’s earned him some 24.5 million followers on Instagram, where he shows off his world with no shame — even as critics say he objectifies and exploits the bikini-clad (or -less) women who pose for his photos. In March 2017, he created an uproar by posting a picture of himself relaxing in a hot tub and using a topless, bent-over female as a dinner table. “It’s national women’s day, be thankful,” he wrote.

It certainly didn’t help things when, in January, he wrote: “This #metoo s*** is getting out of control, guys getting their lives ruined over touching a girl’s back or hitting on someone.”


Reference
https://twitter.com/DanBilzerian/
https://www.instagram.com/danbilzerian/
https://www.news.com.au/sport/sports-life/meet-the-playboy-millionaire-blowing-up-instagram/news-story/ec1f4729b8eca9925be249c4b70473bc
326  Bitcoin / Press / [2018-10-16] Do These Indicators Suggest a Bitcoin Price Rally Early in 2019? on: October 16, 2018, 11:45:28 PM


Bitcoin (BTC), the world's largest cryptocurrency by market capitalization has enjoyed a staggering price increase in excess of 150,000 percent since it was first listed on exchanges back in July 2010.

Since then, the cryptocurrency has also experienced multiple bull runs, bear runs (the longest of which consumed much of 2014 and 2015) and stronger media attention year on year.

From a technical perspective, the relationship BTC has with traditional charting patterns is occasionally counter-intuitive to what one would normally expect.

Take, for example, the descending triangle which is typically bearish in nature.

While it does contain the prospect for breaking either way, the repeated failed (bearish) descending triangle breakdowns over the course of bitcoin's life cycle, leaves an unanswered question, are we viewing these patterns the wrong way? And if so what makes this year different?

The case for bitcoin's bullish breakout

Weekly chart



Bitcoin's relationship with the 200-day moving average (DMA) and descending triangle pattern has been significant.

Descending triangles are measured by connecting a series of lower highs, usually angled at 45 degrees and breaking down left to right thus creating a primary trendline. The secondary baseline connects two or more of the lowest lows in a series to form the horizontal 'floor'.

What you end up with is a descending triangle pattern that demonstrates a gradual loss of confidence in the asset you are looking at.

When the patterns and indicators are combined on bitcoin's weekly chart they show a consistent counter-play to their traditional bearish norms. As can be seen, price generally breaks bullish from the formation instead of continuing to lower supports as it normally should.

The only other time bitcoin broke down from the descending triangle was back in March 2014. Post-breakdown, the bulls managed a short-term rally before being rejected by the 200-DMA, which held price under for 1.2 years.

It's clear that the price of bitcoin being under the 200 DMA firmly establishes the market as bearish, and this time around is no exception. That said, history would suggest an upside break of the current descending triangle may be on the cards soon, and that could initiate a move above the DMA as a sign of a larger trend reversal.

While it does offer insights into the relationship bitcoin has with the 200-DMA, it is key to remember that the patterns also vary in scope and size, which is usually telling of the price action that follows.

So, based off the previous 1.2 year bear run, it's possible bitcoin could turn bullish by early next year, especially if all fundamentals are taken into account, as suggested by CNBC cryptotrader, Ran Nuener.


The case for bitcoin's bearish breakdowns

On the flipside, bitcoin has been staring down a bear market for the last 7 months and has dropped below the significant 200-DMA beginning Feb. 5.

Traditional patterns such as descending triangles are still worth viewing in bearish terms since the onset rush from 2017/18 was unprecedented and the subsequent sell-off that followed has seen bitcoin drop 67 percent to date from its all-time-high in December 2017.

Daily chart


As stated earlier, price falling below the 200 DMA has proven to be a sign the market has officially turned bearish.

A bearish trend combined with a bearish price pattern, the descending triangle, creates an ideal technical set up for further depreciation even though bitcoin tends to negate the bear view.

If price does break down as it technically should, there is a prior resistance and support zone in the $4,900 to $5,400 that may once again offer support to the falling price.

If price breaks up as it historically should, the nearby lower highs need to be surpassed on the higher time frames in order to prove a bearish to bullish trend change is in order. The first lower high that price needs to find acceptance above is near $6,850 (differs among exchanges dealing in USDT), while the next is closer to $7,400.


View

    * Bitcoin has ignored the bearish implications of the descending triangle in the past, so there is merit in considering a bullish resolution.
    * Beginning in 2012, prices dropped below the 200-DMA (including 2018) twice. The prior bear market lasted 1.2 years, leaving some to speculate a possible ending in sight for the current retracement in price from the all-time-highs seen late last year.
    * A weekly close below the triangle would likely provide confirmation to bearish continuation and set the stage for a prolonged bear market.
    * Only finding acceptance above the 200 DMA and the descending triangle would revive bullish market settings


Source: https://www.coindesk.com/do-these-indicators-suggest-a-bitcoin-price-rally-early-in-2019/
327  Bitcoin / Press / [2018-10-16] Bitcoin Price Is Defending One Key Support for the Fifth Month Run on: October 16, 2018, 11:38:45 PM



Bitcoin (BTC) is defending a key long-term price floor as it recovers from Friday's three-week lows near $6,200.

After a strong bearish move last Thursday, the leading cryptocurrency looked set to pierce the 21-day exponential moving average (EMA), which has been serving as a strong support since June.

However, yesterday's rally to over $6,800 ensured that the crucial EMA support remains intact. At press time, BTC is changing hands at $6,730 on Bitfinex, having clocked a high of $7,788 yesterday. Meanwhile, the 21-month EMA is located at $6,160.

The argument that the bear market has likely run its course remains valid as long as prices are trading above the 21-month EMA.

However, while the solid bounce from the area around the crucial EMA support is encouraging, a bullish reversal is still not confirmed, as discussed yesterday.


Continue reading: https://www.coindesk.com/bitcoin-price-is-defending-one-key-support-for-the-fifth-month-running/
328  Bitcoin / Press / [2018-10-16] Crypto Exchange Bitfinex Restarts Fiat Deposits Claiming 'Improved' on: October 16, 2018, 11:36:17 PM
Crypto Exchange Bitfinex Restarts Fiat Deposits Claiming 'Improved' Process



Cryptocurrency exchange Bitfinex has just announced a new process for depositing fiat currency after the platform halted the service in recent days.

Announcing the news in a blog post Tuesday, the exchange said the "new, improved and increasingly resilient" deposit system would again allow users who have been verified for know-your-customer (KYC) compliance to top up their accounts with U.S. dollars, pounds Sterling, Japanese yen and euros.

In a previous post on Oct. 5, Bifinex said "processing complications" had caused it to suspend fiat deposits for "certain customer accounts" and "user groups," last week. It was not made clear what categories of customers it was alluding to.

There have also been numerous user complaints across social media, as reported by CoinDesk Monday, saying that withdrawals are also not available, at least for some. Despite that, firm stated in yesterday's post that withdrawals are being processed "as usual without the slightest interference."

Today's announcement, describing the new deposit process as a "distributed banking solution," indicates that verified customers can send money to their wallets by initiating a deposit request.

The exchange will then review the account – which may take up to 48 hours, it warns – and approved users will be provided details ("specific to the individual's transaction") as to how to send the fiat currency.

It also adds that deposits must be a minimum of $10,000 (a seemingly pre-existing condition) and will be processed in six–10 days.

In a comment responding to unspecified "attacks," Bitfinex said:

    "We believe this system to be significantly more durable in the face of sustained attacks by our competition and their supporters. Ongoing campaigns against us will only result in our company becoming stronger and better."

It also appealed for "continued understanding throughout the entirety of this situation."


Source: https://www.coindesk.com/crypto-exchange-bitfinex-restarts-fiat-deposits-claiming-improved-system/
329  Bitcoin / Bitcoin Discussion / Re: Can too many Altcoin's can become a threat to bitcoin's existence on: October 13, 2018, 12:55:18 AM
    More and more ICO projects are coming based on many major currencies and specially in this year the trend increased rapidly with many reputed organizations that are in various industries and trades decided to start there own digital currency to make there business more effective and efficient in order to gain more profit.
    Can these new launching Altcoin's make a negative impact on bitcoin's expansion in the future because we all know in order to increase the demand, usability and accessibility of bitcoin it should be widely use in most business areas but if Altcoin's take these opportunities how it can achieve its vision to become a widely used digital currency
Nah, they can't harm bitcoin.

Those altcoins are trying to surf on bitcoin's wave and enthusiasm. It's thw other way around.

Probably most of hem will just be ignored in a few years or months, as bitcoin has better infrastructure and devs.
No way, it is impossible for altcoins to hurt the existence of bitcoin because they are on different levels. the bitcoin is the king of cryptocurrency and why would the too many altcoins become a threat? Too many altcoins might rather affect the value of Ethereum because when there are too many coins in the market there might be ETH price fluctuations due to high altcoins pumps and dumps.
330  Bitcoin / Press / [2018-10-12] Prime Suspect in $24 Million Bitcoin Scam Arrested in Thailand on: October 12, 2018, 11:55:47 PM



Thai citizen Prinya Jaravijit, who allegedly defrauded a Finnish investor of $24 Million worth of Bitcoin (BTC), has recently been detained in Suvarnabhumi Airport in Bangkok, the Bangkok Post reports Friday, Oct. 12.

According to newspaper, Jaravijit arrived in Bangkok on a flight from South Korea en route from the U.S., where he allegedly spent two months after his brother’s detention in connection with the same crime.

Shortly after the arrest Jaravijit, who was wanted on charges of conspiracy to defraud and money laundering, was delivered to local police where he was questioned. His lawyers are reportedly preparing to apply for bail.

As per the Bangkok Post, in January Finnish investor Aarni Otava Saarimaa along with his Thai business partner Chonnikan Kaewkasee complained to the Thai Crime Suppression Division (CSD). They claimed that Jaravajit along with six other suspects had duped them into investing $24 million worth of BTC into a scheme involving three companies and gambling-focused crypto token Dragon Coin (DRG).

However, Saarima and Kaewkasee never received any dividends from the so-called investment, proof of investment in DRG, nor were they invited to a shareholder’s meeting. CSD states that the funds were withdrawn from their BTC wallets, converted into baht and then spent by the alleged fraudsters.

As Cointelegraph previously reported, the case came to public attention when soap-opera actor Jiratpisit "Boom" Jaravijit — Prinya’s younger brother — was detained in August.

In October, the Thai Money Laundering Office confiscated funds worth $6.4 million from Jaravijit's family and other people connected to the case, and is preparing to charge the suspects with fraud.

Following the detention of his brother, Prinya Jaravijit reportedly fled to the U.S. to avoid charges. He was ordered to return to Thailand by Oct. 8, but failed to do so. The Thai Foreign Ministry then revoked his passport which made his further stay in the U.S. illegal.


Source: https://cointelegraph.com/news/prime-suspect-in-24-million-bitcoin-scam-arrested-in-thailand
331  Bitcoin / Bitcoin Discussion / Re: Bitcoin is independent? or depends on fiat currency on: October 12, 2018, 11:44:17 PM
Bitcoin was created to provide independence from Government control to the users.  But I think it is not so independent.  

It depends on fiat currency especially the Dollar for it's valuation.  

My question is ; we are measuring it's value in dollars.  So is not it true that Bitcoin is dependent on fiat currency for it's existence?

Please share whatever views you are having.  

Kindly correct me if I am wrong.
Valuing the bitcoin in USD does not mean the bitcoin is dependent on USD. The bitcoin is the first independent currency of our time.
Bitcoin is independent because it is fully decentralized and acceptable worldwide, no borders no boundaries or regulations whatsoever.  
332  Bitcoin / Bitcoin Discussion / Re: 5 Years From Now in Crypto? on: October 12, 2018, 10:59:08 PM
What would be your thoughts and prediction to what will happen in 5 years from now in Crypto?
Do you see higher values?
Do you see less projects?
Do you see a merger of many projects?
Tighter Regulation?
More acceptance?
Society in general?
Well, I think the value of bitcoin would grow higher in the next 5 years. And I see more both bitcoin and blockchain projects popping on in the future because of the unlimited opportunities in the crypto ecosystem. About regulations, more regulation will be implemented on using cryptocurrencies to avoid the huge market manipulations. Lastly, I think there would be massive cryptocurrency adoption/acceptance in 5 years by the people.
333  Bitcoin / Bitcoin Discussion / Re: How do we get the women on board? on: October 12, 2018, 10:51:34 PM
I think the best way to get women on using bitcoin and cryptocurrencies, in general, is by teaching women how to use cryptocurrency. Women are very fragile when it comes to money and how to handle it. We should start by teaching them what is bitcoin and the bitcoin advantages, how bitcoin is decentralized, instant and cheaper global transactions, and the bitcoin network security. When then women fully understood bitcoin and how it works, hopefully, they'll hop on Cool
334  Bitcoin / Press / [2018-10-12] Research: Bitcoin (BTC) Whales Not Moving the Cryptocurrency Market on: October 12, 2018, 10:35:39 PM



Blockchain research firm Chainalysis released a report stating “whales,” or holders with a large token holding, are stabilizing cryptocurrency prices, instead of the popular belief that they manipulate the $215 billion crypto market.


Whales Stabilize BTC Prices

The rumors seem to originate from outsized bitcoin holders selling off their currencies at periodic intervals, causing considerable drops in BTC prices each time. Of such reports, the most recent originated in August 2018 after a holder sold 50,000 BTC, cumulatively worth over $2 billion, in a month and created a 15 percent plunge in the asset’s price.

Bitcoin’s infamously steep price drops cause panic amongst investors and industry observers while propagating a myth of the market being controlled by a few investors. However, an analysis of the 32 largest wallet holdings proves these statements are mere speculation.

Chainalysis
researchers found out that most whales are dormant traders, and have held most of their BTC since purchase. Only 33 percent of analyzed wallets seemed to take part in the markets actively, and while they certainly have the funds to move the market on a whim, active whales were seen buying more BTC during market lows instead of causing the sell-offs.

Whales appear to stabilize the market during meltdowns, and from a trading standpoint, their vested interest could lead to “buying the dip” instead of participating in a market crash. Also, most whales used OTC platforms to manage large transactions, instead of selling their coins on a liquid cryptocurrency exchange.


“Whale” Groups Explained

Chainalysis classified crypto-whales into four groups based on the trading activities of the 32-largest BTC wallets. Together, they hold 1 million bitcoins or 4.7 percent of the total supply and account for $6.3 billion of the market cap.

The first group, whale traders, are those who transfer their holdings to exchanges to readily buy, sell, and trade bitcoin. For instance, nine observed wallets hold $2 billion in 332,000 BTC and make for the largest whale category. Interestingly, most of these whales entered the market in 2017, indicating the wallets and could be actively-managed crypto hedge funds as they saw an uptick last year.

The second group is made up by early adopters and Bitcoin miners, which entered the market much earlier than 2017. The classification includes 15 investors holding more than 332,000 BTC, and display “extremely low” trading activity. Most of these whales liquidated their holdings in 2016/17, and are likely “extremely wealthy.”

Moving on, the third group consists of “lost” whales, which hold 212,000 BTC worth $1.2 billion as per current prices. Unfortunately, these whales have presumably lost the private keys to access their wallets, as observed addresses shown no transactions since 2011.

Criminal wallets make up the last category in the list, consisting of Silk Road entrepreneurs and money launderers who hold 125,000 BTC, or $750 million, on their now-locked wallets.

Chainalysis researchers noted Bitcoin whales might continue to be a “mysterious” fixture for the cryptocurrency community; they have “less of an impact on market prices than many people believe.”

In conclusion, collated data suggests trading whales were net purchasers of BTC during December 2017 and “most of 2018.” Whales have not sold their holdings in a large amount yet, and instead, received more bitcoins from exchanges in 2016 and early-2017.


Source: https://cryptoslate.com/research-bitcoin-btc-whales-not-moving-the-cryptocurrency-market/
335  Bitcoin / Press / [2018-10-12] Coinbase Shuts Down Institutional Index Fund While Retail Activity on: October 12, 2018, 10:32:53 PM




Cryptocurrency services provider Coinbase shut down its index fund service aimed at institutions this week, after reports suggesting a shift-of-focus to its retail users.

Another report indicated the business has lost over 80 percent of its clientele in 2018, which validates its move from institutions towards retail.


Failing to Entice Investors

At the time of launch, the index fund service was touted as the “S&P 500 index equivalent” of the cryptocurrency world. But, investors failed to adopt into Coinbase’s narrative and the fund attracted little interest.

The fund was part of a line of institutional-focused products launched by Coinbase. Launched in June, it aimed to attract accredited investors–who could allocate $250,000 to $20 million–for providing huge liquidity to the crypto-market. The fund was open to U.S.-accredited investors only.

Other institutional products include Custody, the business’ custodian service, and a rebrand of its exchange offering from GDAX to Coinbase Pro.

The fund provided investors with exposure to the crypto-market via a professionally-managed portfolio of the best-performing cryptocurrencies in a given period. At the time, Coinbase believed the old adage of index funds beating traditionally-managed funds would be their USP, and attract wealthy investors.

But, the exchange’s high fees and absence of most altcoins meant institutional investors were skeptical before investing in Coinbase fund. To address concerns, however, fees were brought down to one percent annually, a reduction of 50 percent.

Later, the fund was rebalanced to include altcoins – which typically swing much more than the relatively stable bitcoin – based on their addition to the platform.

The index fund has closed shortly after the announcement of Coinbase Bundle, a mini-index fund aimed at retail investors and amateurs. The so-called “basket product” was announced last month and allows users to buy five market-weighted cryptocurrencies with a minimum investment of $25.

During the launch Coinbase stated:

    “We expect that millions of people will make their first cryptocurrency purchase in the coming years.”

While the institutional move failed to attract investors, which eventually led to the exchange focusing on the retail demographic a majority of its $8 billion-valued company was based on, even the latter group is shying away from the company, based on a report by Tribe Capital.


80 Percent Retailers now Inactive

As reported by Bloomberg, Tribe found out Coinbase has taken one of the biggest hits following the cryptocurrency slump of 2018. Active users on the platform have reduced by 80 percent, according to research firm Diar, which confirmed a similar decline in its latest report.

Tribe researchers analyzed credit card information and bank transfers to Coinbase for their survey. While the research was limited to U.S.-based transactions and did not reflect the firm’s comprehensive business activity, Tribe notes the findings capture “overall trends” for Coinbase, which other crypto-exchanges are “likely” facing as well.

Coinbase’s faltering business is presumably a mix of 2018’s notorious bear market and a small pool of liquidity that fails to attract institutional investors.

Meanwhile, venture firms are investing heavily in the infrastructure facilitating the future cryptocurrencies, creating a perfect example of investing in spades prior to a gold rush.


Source: https://cryptoslate.com/coinbase-shuts-down-institutional-index-fund-while-retail-activity-down-80-percent/
336  Bitcoin / Bitcoin Discussion / Re: Is Bitcoin a Digital Gold?? on: October 12, 2018, 10:20:15 PM
Basically, the bitcoin was originally invented to serve two purposes which are as follows; a digital payment system and a digital store of value. Also, there are so many publications online by experts regarding the bitcoin as a new gold 2.0. The bitcoin can used as payment system or as a digital store of value just like gold. thus, as a result of that is see nothing wrong with calling bitcoin as a digital gold. 
337  Other / Off-topic / Re: What Makes Bitcoin So Special? on: October 12, 2018, 10:03:05 PM
To be brief; I think the major things that make bitcoin special are; the bitcoin is fully decentralized, fast, secure, and cheaper transaction compared to traditional banks. the bitcoin transaction is instant and has no borders or boundaries, it is global and yet acceptable worldwide.   
338  Bitcoin / Bitcoin Discussion / Re: Will bitcoin go under regulation on: October 10, 2018, 11:28:16 PM
Many government are seeing Bitcoin or cryptocurrency as a threat to their financial system and they think it should be regulated to solve the problem. Do you think they can regulate Bitcoin ?

I don't think that any government can regulate bitcoin alone, because they can't control Internet.
Only some kind of regulation on the world level is possible, but I doubt it will happen soon.
Governments can control income from bitcoin and crypto currencies when you decide to exchange your btc funds to the fiat money.
In the most countries, I believe, you will have ti report it and pay tax.
No government can regulate bitcoin because it is a digital currency, people don't see it physically unless virtual, how can you regulate something that you can't see physical? Also, bitcoin is decentralized and secure, even if you can see someone's bitcoin wallet via blockchain explorer you can't control it because you don't know the owner and the private key as well. Regulating bitcoin is like regulating air in a football field which is a big waste of time.
339  Bitcoin / Press / [2018-10-10] Princeton Research Claims China Motivated to “Kill” Bitcoin, ..... on: October 10, 2018, 11:16:42 PM
Princeton Research Claims China Motivated to “Kill” Bitcoin, Selfish Miners Governing 74 Percent of Network





A research study published on Oct. 5 claimed growing Chinese influence over the Bitcoin protocol is a “looming threat” to the $114 billion network. The paper alleged that China presents a problem to the security, stability, viability of the pioneer cryptocurrency.


The Case Against China


According to the paper, which was published by Florida International University and Princeton University, China has strong motives and a regulatory and technologically “mature” capability to launch an attack against the Bitcoin network, owing to the former’s strict economic control rules over the global internet infrastructure. The country is aware of the significant increase in Bitcoin’s value and economic utility, and the implication of disrupting such a vast network.

The paper begins its conjecture by calling out the dominance of Chinese businesses mining Bitcoin, making the protocol “heavily centralized.” Researchers allege that six mining pools control mining–with five located in China–and together, they make up 80 percent of the Bitcoin’s hashing power.

Bitcoin primarily faces a threat from the evil “51 percent attack,” which if executed, could result in the creation of fraudulent side-chains containing transactions that never took place. With much of the hashing power pooled by the Chinese, miners can influence what happens on the Bitcoin network, and perhaps, even spoof transactions to China’s benefits.


Chinese Mining Situation “Unsettling”

The research pointed out the five mining pools in China comprise 74 percent of Bitcoin hash power, an evidently “unsettling” situation. Given the country’s harsh policies, control over the network could mean censorship and other damaging attacks.

Blocks mined in China are in proximity to a large share of hash power, meaning validations and consensus are reached faster than blocks elsewhere. In addition, as the managers of mining units can control the inputs of outputs of their rigs, the hashing power is indirectly in control of strict Chinese authorities, who are authorized by law to influence a corporation’s business decisions.

The point mentioned above implies that the Chinese government can wholly-assume control of regional hashing power, giving them an advantage in selecting specific blocks for the ledger, which is essential for 51 percent-styled attacks.


Source: https://cryptoslate.com/princeton-research-claims-china-motivated-to-kill-bitcoin-selfish-miners-governing-74-percent-of-network/
340  Bitcoin / Press / [2018-10-10] Breaking: Harvard, Stanford, & MIT Have All Invested in Crypto Fund on: October 10, 2018, 11:11:47 PM
Breaking: Harvard, Stanford, & MIT Have All Invested in Cryptocurrency Funds





At least five more university endowments have invested in cryptocurrency funds, suggesting that the “herd” of institutional investors is finally beginning to place at least a small bet on the nascent asset class.

As first reported by The Information, a cadre of major educational institutions including Harvard University, Stanford University, Massachusetts Institute of Technology, Dartmouth College, and the University of North Carolina have each invested in at least one cryptocurrency fund through their respective endowments.

Citing an unnamed source familiar with the investments, the publication reported that these five university endowments have invested tens of millions of dollars in these funds, which in turn invest in both physical cryptocurrencies and equity in cryptocurrency companies.

CCN previously reported that Yale University, which controls the second-largest university endowment next to Harvard, had allocated a portion of its $29.4 billion in assets into two cryptocurrency funds operated by Andreessen Horowitz (a16z) and Paradigm.

Even with these investments, the six universities that are now said to have invested in crypto funds still have very little exposure to this asset class. Nevertheless, the fact that they are engaging with the market at all could help legitimize the space.

As The Information journalist Jon Victor explained:

    “A move by endowments into funds that will directly bet on cryptocurrencies signals a major shift in investor sentiment toward the asset class, in the same way that institutions over the past decade became more willing to invest in private tech companies. Backing from such closely watched institutions could help validate cryptocurrencies, which are still considered too risky by many institutional investors.”

Cryptocurrency investors and analysts such as Mike Novogratz had long predicted that a “herd” of institutional investors would power the next bitcoin bull market. Ari Paul, a cryptocurrency fund manager and a former portfolio manager at the University of Chicago’s endowment, said in April that he believed that a number of institutions were interested in investing in cryptocurrency but were waiting for major names such as Yale to make the first move so that they would have an “excuse” to do so themselves.

Notably, though institutional investors are generally viewed as having a more sober view of cryptoassets than retail investors, a recent survey by Wall Street strategy firm Fundstrat found that institutions that have already invested in cryptocurrency are actually more optimistic about bitcoin’s near-term prospects than retail investors.


Source: https://www.ccn.com/breaking-harvard-stanford-mit-have-all-invested-in-cryptocurrency-funds/
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