Saturday, August 19, 2017

Why One Startup's Plan To Use Satellites To Beam Bitcoin Data Around The World Might Anger China

Why One Startups Plan To Use Satellites To Beam Bitcoin Data Around The World Might Anger China

The U.S. startup Blockstream has been a mystery to many in the Bitcoin space since its inception in 2014. Among its founders is Adam Beck, inventor of hashcash, which pioneered the concept of proof-of-work that is key to the Bitcoin consensus algorithm.


While the company has raised $76 million USD over the past three years, Blockstream made waves publishing interesting and highly technical concepts. However, it does not seem to have any products currently in production, or even customers. It’s only marketable product, “Liquid,” is still in an “early access” stage and does not seem to have been implemented by any Bitcoin institution.


The mystery around what exactly Blockstream is building and developing cleared up a little on August 15. That day, the company announced Blockstream Satellite, a service they had quietly been working on for the past few months. It aims to beam Bitcoin data all across the globe, including China.


While that might sound innocuous enough, the service could give Bitcoin a new way to circumvent the country’s strict censorship regime and take power away from the country’s national bank.


Full story at http://bit.ly/2wbDNHh


Source: Forbes


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Bitcoin Cash Is Now More Profitable to Mine Than Bitcoin

Bitcoin Cash Is Now More Profitable to Mine Than Bitcoin

Bitcoin cash's surge above $500 today is changing more than just the the net worth of its investors and users.


The rising price is also creating the incentive for miners to dedicate computing power to the bitcoin cashblockchain, one that could find them moving away from bitcoin. With the new push, bitcoin cash miners are making around 2% more mining on bitcoin than they do on bitcoin cash.


And that spread could further increase with an upcoming adjustment on bitcoin cash that will make it even easier to mine.


Block 479,808 (set for this weekend) will likely trigger a difficulty adjustment downwards 50%, and if the prices of bitcoin and bitcoin cash stay the same, this means miners will make almost double on bitcoin cash what they would on bitcoin.


Full story at http://bit.ly/2wbbwkc


Source: CoinDesk


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Italian Authority Fines Onecoin Promoters 2.6 Million Euros

Italian Authority Fines Onecoin Promoters 2.6 Million Euros

Onecoin promoters have been fined 2.6 million euros in Italy after the country’s antitrust authority found them engaging in a pyramid scheme and misleading promotions. The fines follow the authority’s previous suspensions of Onecoin activities, which have failed to stop its promotion in the country.


The Italian Competition Authority known as L’Autorit√† Garante della Concorrenza e del Mercato (AGCM) in Italian has fined several Onecoin promoters a total of €2,595,000 for running pyramid sales and for using misleading promotional methods. The Competition Authority is a quasi-autonomous, non-governmental organization financed by the Ministry of Economic Development. It is in charge of enforcing both Italian and European consumer protection laws. They wrote:


After the investigations, the Authority imposes sanctions against One Life Network Ltd (€ 2.000.000), One Network Services Ltd (€ 500.000), Easy Life Srl (€ 80.000), as well as the registrants of websites Onecoinsuedtirol.it, Onecoinitaliaofficial.it, Onecoinitalia.com (€ 5.000 each).


Full story at http://bit.ly/2wbtVgG


Source: Bitcoin News


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You Can Now Hold Ether In Blockchain, One Of The World's Most Popular Cryptocurrency Wallets

You Can Now Hold Ether In Blockchain, One Of The Worlds Most Popular Cryptocurrency Wallets

With the price of Ethereum's token, ether, up almost 4,000% for the year, Blockchain.info, one of the oldest and most popular user-controlled bitcoin wallets, Thursday adds it as a second currency to the service.


The move gives the 16 million Blockchain wallets access to the second-highest market cap coin, which is used to power smart contracts on the Ethereum platform.


Additionally, the wallet, available in 140 countries, now integrates the crypto-to-crypto exchange Shapeshift so users can easily trade from bitcoin to ether and vice versa.


"The reason we decided to add Ethereum is we really feel like Ethereum as a community, ecosystem and technology has really matured," said Peter Smith, Blockchain's chief executive, of the two-year-old cryptocurrency.


Full story at http://bit.ly/2wblPVF


Source: Forbes


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$700 and Rising: What's Driving the Price of Bitcoin Cash?

$700 and Rising: Whats Driving the Price of Bitcoin Cash?

Bitcoin cash surged above $700 today, passing a notable milestone amidst a two-day rally during which the price of the cryptocurrency more than doubled. 


Heading into weekend trading sessions, bitcoin cash has emerged as the third-largest cryptocurrency by network value, behind bitcoin and ethereum. And while it might still be too early to compare bitcoin cash to these more established networks (there remain unanswered questions about its particular economics), traders are proving it might have staying power. 


Overall, the development is the latest in a narrative that began when bitcoin cash split off from the main bitcoin blockchain earlier this month because a group of miners and developers moved to adopt software with new network rules that were incompatible with bitcoin.


The result: bitcoin "forked" into two distinct blockchains, each with their own freely-traded digital assets. But while bitcoin surged past $4,000 to set new all-time highs, bitcoin cash stayed largely stagnant this week – trading in the $300 range. Yet, at press time, bitcoin cash was trading around $750 per coin. 


Full story at http://bit.ly/2wblthv


Source: CoinDesk


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