Category Archive : All About Crypto

#251 Glen Weyl: Radical Markets – Uprooting Capitalism and Democracy for a Just Society

The rise of populism and increasing inequality have led to widespread questioning of democracy and capitalism. Glen Weyl, a political economist and Principal Researcher at Microsoft, along with legal scholar Eric Posner, published a book called ‘Radical Markets’. Radical Markets explores how restructuring property rights and voting systems could lead to more efficient markets and a more just society. Glen joined us to discuss the book and why the blockchain space is a fertile testbed to explore these radical new ideas.

Topics discussed in this episode:

  • Why blockchain is on a trajectory to exacerbate inequality and fail at improving the world
  • Why property should be seen as a monopolistic institution
  • How property rights create inefficient markets
  • The radical idea of transforming property rights via a Common Ownership Self-Assessed Tax (COST)
  • How the one-person-one-vote system contributed to the crisis of democracy
  • How quadratic voting works and leads to fairer outcomes
  • Whether or not buying of votes should be allowed in QV
  • His work with Vitalik and radical markets experiments in blockchain

Links mentioned in this episode:

Sponsors:

  • Toptal: Simplify your hiring process & access the best blockchain talent’ ‘” Get a $1,000 credit on your first hire

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Watch or listen, Epicenter is available wherever you get your podcasts.

Epicenter is hosted by Brian Fabian Crain, Sƒbastien Couture & Meher Roy.

#250 Clement Lessage & Federico Ast: Kleros – Crowdsourced Arbitration for Blockchain Applications

Dispute resolution is the process by which contracting parties settle disagreements. Whether in the form of litigation, arbitration, or other means of mediation, every contract defines a dispute resolution mechanism and jurisdiction. It is the metaphorical Lady Justice, measuring the strength of each party’s arguments, and reaching a decision based on evidence.

Smart contracts are unique in this sense. Unlike traditional contracts, they are rigid and deterministic. Written in computer code, nuances in human language and vagueness of terms do not exist in this realm. There are no judges, no jury, just calculated execution.

The DOA hack and other similar events have prompted observers of the space to express the need for smart contract dispute resolution. Some have suggested ‘œexit switches’ that would allow for human intervention when edge cases appear. But could the arbitration process be integrated into the smart contract and on the blockchain?

We’re joined by, Federico Ast and Clement Lessage, respectively CEO and CTO of Kleros. This dispute resolution layer provides contracting parties with a fast and secure process for arbitration. The system is broken up into courts and sub-courts, each specializing in specific matters like e-commerce, insurance, and transport. In the event of a dispute, parties submit their case to Kleros, where a crowd of expert jurors analyses the evidence. When all votes are cast, the decision is enforced by the smart contract, which may unlock funds, or provide parties with additional time to fulfill the terms of the agreement. Clever incentive mechanisms reward jurors who vote with the crowd, making Kleros resistant to bribe attacks and collusion between jurors.

Topics discussed in this episode:

  • Federico and Clement’s respective backgrounds, including a crowd arbitration project called Jury.
  • The vision behind Kleros and the problem it addresses
  • The case for crowd-sourced jurors as a means to find the best judgment
  • The game theory and incentive mechanisms embedded in Kleros
  • Kleros’ hierarchical system of courts and sub-courts
  • How jury selection works and who administers courts
  • The system’s built-in governance mechanism and its purpose
  • The Kleros token, Pinkaion coin, and it’s utility in the system
  • ‘œDoge on Trial,’ a clever experiment to find authentic doges
  • The current status of the project and roadmap

Links mentioned in this episode:

Sponsors:

Support the show, consider donating:

This episode is also available on :

Watch or listen, Epicenter is available wherever you get your podcasts.

Epicenter is hosted by Brian Fabian Crain, Sƒbastien Couture & Meher Roy.

Bitcoin is a Permissionless, Decentralized Firearm: Cody Wilson is Satoshi Nakamoto

Bitcoin is a Permissionless, Decentralized Firearm: Cody Wilson is Satoshi Nakamoto

The path to a cryptocurrency revolution might just run through a sleepy Austin, Texas industrial park, home to offices of Cody Wilson and his company, Defense Distributed in the United States. Parallels exist between downloadable files from a website, allowing users access to 3D printable firearms, and a permissionless, decentralized, censorship-resistant medium of exchange. If the world’s most powerful government succeeds in preventing Mr. Wilson from engaging in basic speech, hold on to your electronic wallet because it could be next.  

Also read: Report: 15,000 Twitter Crypto Scam Giveaway Bots

You Are Responsible Enough to Read Unapproved White Papers and Controversial Firearm Schematics

The fate of cryptocurrency’s future could very well rest in the hands of a 30-year-old former law school student who has been called The Most Dangerous Man in the World by Wired magazine. No one could have foreseen this, of course, least of whom Satoshi Nakamoto when he delivered his white paper, Bitcoin: A Peer-to-Peer Electronic Cash System not quite a decade ago.

In it, the pseudonymous author went about detailing technical aspects of a trustless digital cash system with a decentralized audit log, a database conferring immutability for transaction recordings. The history is well known by most Bitcoiners, and today an entire universe of variations on that Bitcoin theme have sprouted.

Bitcoin is a Permissionless, Decentralized Firearm: Cody Wilson is Satoshi Nakamoto

They’ve done that because, for the most part, a healthy portion of the world has access to critical information regarding cryptocurrencies. And it is a universe unto itself: initial coin offerings, alternative coin projects, tokenizing, blockchain technology, speculation, exchanges, crypto loan products, etc. The list is virtually endless. What is in store for decentralized, digital money is in large measure up to how governments react.

A sizeable number of enthusiasts will suggest there is no scenario by which crypto can be completely snuffed out. This is true as far as we understand at the moment. It is always dangerous to underestimate the power of government, however. A few twists and legal turns here, a few draconian laws there, and, yes, even Bitcoin could be stifled, albeit not killed outright – the genie is surely too far from the bottle now for Bitcoin to be snuffed out.

Cody Rutledge Wilson is Satoshi Nakamoto

Governments have every incentive to make life hard for Bitcoiners, even if such policies seem largely benign at the start. If cryptos gain adoption on a massive scale, it is not inconceivable that crackdowns could begin. In the United States this will happen under the pretext and ruse of its legal system. The media, always looking to be law enforcement’s lapdog, may dutifully portray those who dabble in crypto as criminals or worse. It’s not difficult to see this already happening in pockets of the US.

All it will take is precedent, a legal prosecution upholding the idea some thoughts are too dangerous to allow digitally. If said thoughts are too contrary to government whim, and courts agree, applying a vague standard of censorship, it could have major ramifications for cryptocurrency adoption.

Bitcoin is a Permissionless, Decentralized Firearm: Cody Wilson is Satoshi Nakamoto

That standard already has one puzzle piece: Ross Ulbricht and Silk Road. Mr. Ulbricht, when all was said and done, was convicted for operating a website where illegal goods and services exchanged. He was given two life sentences, and without the possibility of parole. Have a website where people engage with it and wind up doing something illegal, and the publisher/owner is on the hook for legal consequences.

Enter Cody Rutledge Wilson, the notorious cryptoanarchist in Austin, Texas who shocked the world five years ago when he squeezed off the first shot from a printed plastic 3D mold. At the time, Mr. Wilson was considered a nuisance, an attention-seeker whose weapon, The Liberator, was thought to be irresponsible at most. Just as quickly, however, the US Department of State sought jurisdiction over Mr. Wilson’s project.

Cody Rutledge Wilson is Julian Assange

The bureau sent a cease and desist order to Mr. Wilson and his nascent company, Defense Distributed. The letter briefly explained hosting downloadable 3D gun files would be in violation of an international arms act. Mr. Wilson immediately cooperated, taking down CAD files which by that time had been downloaded some 100,000 times.

He was subsequently interviewed by authorities, and sent on his way as an ideological crank. He has never been arrested. He has never been charged with a crime. After waiting years for clarification on the substance of the State Department letter, Mr. Wilson lawyered up and went proactive. He sued the federal government on two grounds: First Amendment speech and Second Amendment right to keep and bear arms.

Bitcoin is a Permissionless, Decentralized Firearm: Cody Wilson is Satoshi Nakamoto

In the United States, the first ten amendments to its constitution are known as the Bill of Rights. They were a compromise to get the constitution ratified back in the late 18th century, assuring skeptical states the federal government would be kept in check on critical issues. The First Amendment begins “Congress shall make no law ….” No law. Not one. Not three because three is a small number. Not a few because, gosh, things are bad. No. Law. Essentially five basic freedoms flow from it: religion, speech, press, assembly, petition. Speech was considered so central to the US founding it was among the first freedoms congress (lawmakers) were prevented from abridging. No. Law.

The Second Amendment is particular to the US in that it has been interpreted to mean a citizen has the right to own firearms, something most governments are loath to admit. More mainstream groups over the years have attempted to champion gun sports and hunting as viable reasons to have such access, but let us no longer mince words: the Second Amendment exists to enable citizens to shoot corrupt government officials. Governments might have overwhelming armaments and technology, but resistance to tyranny has been won with far less. Gun control simply means persons in government costumes with guns will stop others from possessing certain firearms, and, if successful in this case, even so much as reading about them.

Freedom.Bitcoin.com

On August 1st of this year, Mr. Wilson again published firearm files on the Defense Distributed website. He was able to do that because after agonizing legal arguments and court battles, the federal government knew they would ultimately lose on the merits. So they did the next best thing, considering. They struck a deal with Mr. Wilson. He would be able to host those files. Almost immediately, states’ Attorneys General filed injunctions, once again, to have the files removed. Mr. Wilson complied, even after having a formal agreement in place. It appears each state, or most of the 50, will come after Mr. Wilson one at a time, attempting to ruin him financially. They want Cody Wilson to give up and go away.  

There will be many attempts to manipulate this issue, many ways to frame it for the broader public and opportunistic politicians. It is beyond understandable to be wary of guns, to associate them with vicious forms of violence. A lot of Bitcoiners are enthusiasts because crypto is such a peaceful pursuit. To read decentralized money is on par with decentralized firearm access could be unsettling at first. And readers might need time to chew on the idea before coming fully onboard. Perhaps as readers are reminded by the hectoring of friends, family, government officials, “Why do you need cryptocurrency? We already have digital money backed by the country! Why do you get to be your own bank? Shouldn’t banks have the right to know what you’re doing with that money? Everyone should pay their fair share in taxes, including cryptocurrency users!” they’ll begin to see how ominously close digital assets are to digital firearm files.

Bitcoin is a Permissionless, Decentralized Firearm: Cody Wilson is Satoshi Nakamoto

No need to become a raging gun nut. No need to even own a gun. The key principle is no person should have the power to take that choice away from someone else. And, yes, Bitcoin.com is a business, and we’re working night and day to bring about more economic freedom to the world through bitcoin cash. Our corporate mission is to also work toward a less coercive, more voluntaryist community.

Censorship is particularly odious because it robs people of thought, new ideas, inquiry, the science of innovation. We believe you’re smart enough, good enough to handle reading a firearm blueprint should you be so inclined. So should everyone else. We believe you’re smart enough, good enough to handle being your own bank, deciding with whom you wish to trade. So should everyone else.

OP-ed disclaimer: This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com does not endorse nor support views, opinions or conclusions drawn in this post. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information in this Op-ed article.

Do you think it’s important to support projects like Defense Distributed? Let us know in the comments section below. 


Images via Pixabay.


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Turkish Bitcoin Volume Soars as Traders Flee the Lira

Turkish Bitcoin Volume Soars as Traders Flee the Lira

Trading volume on Turkish cryptocurrency exchanges has soared over the last 24 hours as citizens have sought refuge from the weakened lira. Turkey’s national currency has faced a torrid time on a day when President Recep Tayyip Erdogan accused the US of trying to “stab it in the back”. Trade volume on domestic exchange Btcturk is up 350% in the last 24 hours, with BTC capturing 38% of the action.

Also read: Crypto Cafe and Coworking Space ‘Hash House’ Established in Xi’an, China

Turks Seek a Haven from the Crumbling Lira

The Turkish lira (TRY) plunged to record lows against the US dollar today as tensions between the stricken nation and western counterparts ramped up. The embattled President Erdogan sees Turkey’s financial straits as a US-led plot to cripple the country, as opposed to the consequences of an imprudent economic policy that’s lead to rising inflation and spiraling debt accrued in foreign currency, exacerbated by borrowing to fund a construction boom.

Turkish Bitcoin Volume Soars as Traders Flee the Lira
The Turkish lira hit new lows against the US dollar today

While Turkey’s interior ministry has been threatening to take legal action against almost 350 social media accounts deemed to have made “provocative” comments against the lira, cryptocurrency holders have been busy exchanging their TRY for BTC, XRP, and ETH. After bitcoin core and the dollar-pegged tether (USDT), ripple and ether formed the leading trading pairs at Btcturk over the last 24 hours; the site also offers LTC.

Turkish Lira is the Third Worst Performing Fiat Currency This Year

Only the Venezuelan bolivar and Sudanese pound have performed worse than the Turkish lira, which is down 45% this year. While BTC has lost close to 54% this year, it’s looked a veritable fortress of strength against TRY of late, and with limited options for swapping their lira into a more stable currency, Turkish citizens have flocked to bitcoin. In addition to Btcturk, which has exchanged close to $14 million of BTC in the last 24 hours, regional exchanges Paribu, Koinim, and Koineks have witnessed a major increase in volume this week, as has Localbitcoins.com.

Turkish Bitcoin Volume Soars as Traders Flee the Lira
Trade volume (in USD) on Btcturk this week

Amidst rumors of Turkish banks ending support for customer accounts holding USD, and President Erdogan desperate to quell the flight to the currency whose issuing nation he blames for the lira’s plight, citizens are left with few places to turn. (Tether is the closest most Turkish traders can get to the US dollar right now.) While predictions of ‘hyperbitcoinization’ in Turkey may be premature, it is evident that cryptocurrencies such as BTC are proving a lifeline in nations whose fiat currency is devaluing by the day.

Do you think the Turkish lira can recover or will the flight to cryptocurrency increase? Let us know in the comments section below.


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DD Episode #3 – Privacy & Trust

“Remember the story of Frankenstein. Frankenstein wasn’t the monster; Dr. Frankenstein was the young scientist who was so excited about what he could build that he didn’t forsee the possible ramifications’ I hope that the new age coming to mankind remains one where the consent of the governed still matters.”

‘”Patrick Byrne

This episode was recorded at the 2018 Distributed Conference in San Francisco, CA. Sometimes there is streetcar noise–such is life.

Distributed Dialogues is a collaborative show between the Let’s Talk Bitcoin Network and Distributed magazine. In each episode we introduce you to people who are using blockchain technology to change the way we interact with the world around us.

As a currency, Bitcoin is not controlled or supported by a third party entity such as a bank or government. And while the idea of everyone using a currency that no one controls can seem chaotic and counterintuitive, many people see it as the best alternative to the internet’s current paradigm.

Recently, it’s been made clear that paradigm is one where an online user’s most intimate information can be readily accessed by third party entities such as Google and Facebook and sold to companies with more nefarious goals, like Cambridge Analytica. One great hope of blockchain technology is that it could help create a new version of the internet that puts control of privacy and trust back into the hands of its users.

In this episode we speak with David Chaum, cryptographer and creator of Digicash, Rebecca Lerner, Executive Vice President of the Mad Network, Reuben Yap, COO of Zcoin and Patrick Byrne, CEO of Overstock.com and Executive Chairman of tZERO.

This episode is sponsored by: MAD & Zcoin

Music by Ocean Jams via Creative Commons.

WBD #29 An Interview with Jamie Burke

‘œIt is probably going to be true, as in most tech cycles that the first attempts at something won’t be the ones that succeed.’

‘” Jamie Burke

Interview location: London

Interview date: Tue 8th August 2018

Company: Outlier Ventures

Role: CEO

The Crypto bear market has highlighted the lack of value creation within the space. While Bitcoin has many proven use cases, protocols, DApps and other altcoins are under increasing scrutiny from investors and market analysts.

While there are plenty of theories on how the financial and technology markets will be disrupted with decentralised blockchain based ideas, there are few, if any, proven and sustainable Crypto startups. This raises some questions:

Do any project outside of Bitcoin require a blockchain?Do users care about decentralisation?Are these all just shitcoins?Significant money has been invested in these new protocols and DApps, but many are struggling to ship, and those who do ship are struggling to gain traction. Supporters will argue that we are early, and that patience is required, but are these Crypto startups trying to solve problems which do not exist?

Building DApps is hard and smart contracts come with many complications. Still, this hasn’t stopped investors from investing and coders from building. Only time will tell as to whether there is a need for blockchains outside of the Bitcoin ‘Sound Money’ theory or whether this is one large innovation bubble heading for a crash.

This week I interview Jamie Burke from Outlier Ventures who has invested in a number of token-based blockchain startups. We discuss token economies, the fat protocol thesis which Jamie wrote a supporting piece about called the hungry protocol and the path to decentralisation.

This episode is also on:

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The Daily: Shapeshift Acquires Bitfract, Bitmain Invests in Tribeos

The Daily: Shapeshift Acquires Bitfract, Bitmain Invests in Tribeos

In today’s edition of Bitcoin in Brief we cover stories about Shapeshift acquiring Bitfract, Bitmain investing in Tribeos, a dozen regulators from around the world setting up a global fintech sandbox and an ICO mogul reportedly buying a soccer team.

Also Read: Crypto Tax App Libra Raises $15M in Series B Funding

Shapeshift Acquires Bitfract

The Daily: Shapeshift Acquires Bitfract, Bitmain Invests in TribeosShapeshift AG has announced the acquisition of Bitfract, an Austin, Texas-based software firm which recently developed a service that allows users to swap from one cryptocurrency to many in an instant. Following the sale, the tool will be maintained and continue to operate, and the functionality that the platform provides (multiple output transactions) will be incorporated into Shapeshift’s core platform in the near future.

“The Bitfract team made expert use of ShapeShift’s open API to build a product that we ourselves were planning to build,” said Erik Voorhees, Founder and CEO of Shapeshift. “This demonstrated a great alignment of strategy and thinking, and their execution was so exceptional that we wanted to bring their talented team and technology on board.” Willy Ogorzaly, Co-Founder and CEO of Bitfract, added: “When Erik asked if we wanted to join ShapeShift, the answer was immediately yes. We believe in a decentralized future where individuals freely control their digital wealth, and our team is honored to work alongside Erik and everyone at ShapeShift to make this a reality.”

Bitmain Invests in Tribeos

The Daily: Shapeshift Acquires Bitfract, Bitmain Invests in TribeosBitmain Technologies Ltd., the Beijing-headquartered bitcoin mining hardware developer, made a $3 million seed investment in Tribeos – a digital advertising platform built on Bitcoin Cash (BCH). Funds are meant for building out the company’s core team and final development of the ads marketplace, scheduled to launch in 2019.

CEO Matt Gallant commented: “When industry leaders like Bitmain invest in a blockchain-based advertising platform like tribeOS, it signals a paradigm shift, not only in ad tech, but for the entire online advertising industry.” He added: “Every company doing online marketing has lost considerable amounts of money to scammers on digital advertising platforms. Fortunately, we now see a growing awareness about ad fraud. It’s about time. This has been an invisible crime for far too long. Platforms like ours will mean that the world’s value creators will no longer need to fight their way to sustainability, hoping to be one of the fortunate few who survive. tribeOS will end ad-fraud, allowing advertisers to find their audience quickly.”

Global Fintech Sandbox

A dozen financial regulators and related bodies have joined forces for the creation of a Global Financial Innovation Network (GFIN), based on the UK FCA’s proposal to create a ‘global sandbox’. The new network’s stated aim is to provide a more efficient way for firms to interact with regulators, helping them navigate between jurisdictions. It will also create a framework for co-operation between regulators on innovation-related topics. Current members include: Abu Dhabi Global Market (ADGM), Autorité des marchés financiers (AMF, Québec), Australian Securities & Investments Commission (ASIC), Central Bank of Bahrain (CBB), Bureau of Consumer Financial Protection (BCFP, USA), Dubai Financial Services Authority (DFSA), Financial Conduct Authority (FCA, UK), Guernsey Financial Services Commission (GFSC), Hong Kong Monetary Authority (HKMA), Monetary Authority of Singapore (MAS), Ontario Securities Commission (OSC), and the Consultative Group to Assist the Poor (CGAP).

ICO Mogul to Buy Soccer Team

The Daily: Shapeshift Acquires Bitfract, Bitmain Invests in TribeosAccording to newspaper reports from Israel, the serial entrepreneur and cryptocurrency advocate Moshe Hogeg has agreed to buy a local professional soccer team. Once the group’s debt issues are resolved, he will take over the Israeli Premier League member, Beitar Jerusalem Football Club, for 20 million shekels (about $5.4 million USD).

Hogeg is the man behind Sirin Labs, which raised $157.8 million in an initial coin offering (ICO) last year. The money was meant to be used to build an “ultra-secure” cold storage crypto wallet-phone which was promoted by soccer superstar Leo Messi. In June, he reportedly bought 5,000 square meters of private land to build himself a new house for about $19 million and paid 15% of that sum in crypto.

What do you think about today’s news tidbits? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

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Canaan Unveils 7nm Chip Equipped Miner at Press Conference

Canaan Unveils 7nm Chip Equipped Miner at Press Conference

At a recent press conference, the world’s second largest manufacturer of bitcoin mining rigs, Canaan Creative, revealed four new products. In addition to the recently reported bitcoin mining television set, the company will launch a 7nm chip-equipped 30T Avalonminer A9, a Litecoin Avalonminer, and a household heater miner.

Also Read: Bitmain Offers Wi-Fi Routers Mining Cryptocurrencies

Canaan Creative Celebrates Development of 7nm Chip Equipped Miner

Canaan Unveils 7nm Chip Equipped Miner at Press ConferenceAt a press conference in Hangzhou held on the 8th of August, Canaan Creative unveiled what it claims is the world’s first 7nm mining chip.

According to Weixin, the Secretary-General of the Zhejiang Semiconductor Industry Association, Mr. Chen Guanglei, described the development of the 7nm chip “giving the Zhejiang semiconductor industry an opportunity to lead the world.”

Canaan also announced that it will be releasing the world’s first mass producer miner featuring the 7nm chips, the Avalonminer A9. The company claims that the A9 is has a performance of between 60w and 70w per terahash and a hash rate of between 26.5 and 30 terahashes per second.

Public affairs director, Jianan Yun Chi Tu Songhua, stated: “The 7nm chip is known as the global leader in blockchain repetitive computing. The world’s first 7nm mass production chip was born in Jianan, which is the power of technology and the strength of the team. The chip has the industry’s highest computing density, lower cost and greater capacity, low power consumption, high temperature and high yield.”

Mining Appliances Set to Start “Smart Home AI Era”

Canaan Unveils 7nm Chip Equipped Miner at Press ConferenceCanaan discussed three other upcoming products, including the Avalonminer L – a Litecoin with a performance of 0.84w per megahash and a total hashing power of 1,891 megahashes.

The company also showcased its upcoming bitcoin mining television set, the Avaloninside – which will feature A3210 16nm ASIC chip producing a hash rate of 2.8 terahashes per second and consume 100w per terahash.

According to Luo Yanqiang, “The principle is to use the traditional home appliances in the process of use, participate in the blockchain calculation, for the future implementation of household cloud computing for household appliances, and gradually form the basis of the smart home AI era.”

Additionally, the company will introduce to its product range a household heater that mines cryptocurrency.

What is your response to Canaan Creative’s upcoming products? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Canaan Unveils 7nm Chip Equipped Miner at Press Conference appeared first on Bitcoin News.

DD Episode #2 – Checks And Balances

“There’s a natural inclination to believe humans or structures are the problem, that if we just wrote software that made things run automatically and such malfeasance impossible, then we would end up in some gorgeous world. I think there’s a lot to that concept, but you don’t need to turn the keys over to the algorithms to make that happen.”

‘”Brian Behlendorf

Distributed Dialogues is a collaborative show between the Let’s Talk Bitcoin Network and Distributed magazine. In each episode we introduce you to people who are using blockchain technology to change the way we interact with the world around us.

Blockchain technology has catapulted us into a fast-paced technological present of rapid software development and industry disruption. It seems like everyday a new project is proposing greater efficiency or protection for some aspect of our lives: healthcare, privacy, data storage, the list goes on. But at the same time, the role of the human, the developer, the citizen, is more significant than ever. Blockchain technology promises a more accountable future; however, if managed incorrectly, it could also make more room for digital tyranny. So, today’s episode explores the various ways that people and organizations plan to use blockchain technology to do social good, without solely leaving control to algorithms.

In this episode we hear from a human rights activist, Alex Gladstein, and an early internet software pioneer, Brian Behlendorf, about how blockchain technology could check and balance power. In between, we talk with Flux, an open source blockchain-based project that is trying to revolutionize agriculture.

This episode is sponsored by Flux.

Music by Ocean Jams via Creative Commons.

What Bitcoin Did #28 An Interview with Pierre Rochard

‘œBased on our understanding of monerary economics, the outcome will be such that most of the value will accrue to one coin and one coin will at the very least be the world reserve currency, and even more than that, the one global money.’

‘” Pierre Rochard

Interview location: Skype

Interview date: Sun 29th July 2018

From: Noded Bitcoin Podcast & Nakomoto Institute

In December 2016, I opened a Coinbase account to buy Bitcoin. It was a straightforward process: Google “buy Bitcoin”, click on Coinbase link, register an account, deposit from the bank and buy. What I was not prepared for was the option to buy Etheruem too. I had never heard of it and had no idea what it was, but whatever, it was only $9 so I bought some of it too.

I had no bias; Bitcoin was something I had been aware of for years, though not on any deep economic or political level. Ethereum for me was another Bitcoin, but a cheaper Bitcoin, probably something many new entrants to Crypto feel at first. I didn’t know about decentralisation, why it is important or the differences between the two coins, I just bought them without thinking too much about it. I didn’t stop there, I bought Monero, Dash, Augur, Ripple and so on, endless other coins, endless other opportunities to make money.

Over time, I have found myself researching and trying to understand the business and use cases for each coin while becoming more aware of a group of Bitcoiners, known as maximalists, who have a significant disregard for any Crypto outside of Bitcoin. Having spent too much time arguing on Twitter and increasingly finding myself blocked by some of these people, I decided to spend more time understanding maximalism, what it is I am missing, why are this group of people so anti altcoins.

I have been reading Saifedean’s book, The Bitcoin Standard and I binged on all episodes of the Noded Bitcoin Podcast by Pierre Rochard. This content, along with the bear market asking serious questions with regards to altcoin use cases has pushed me closer to understanding maximalism.

Am I a convert? No. My intention is always to keep an open mind and watch the market develop. I also believe that altcoins and tokens have a net benefit to Bitcoin and likely there will be some projects which find a place in the ecosystem. I do though understand there will only be one winner with regards to a digital store of value, and the most likely candidate for that is Bitcoin.

I expect there are many people like me, who have either come to Bitcoin recently or who do not have the broad technical, economic or political experience to understand the reasoning being maximalism. There are others too who see altcoins as an economic opportunity and do not care for the Bitcoin narrative.

I want to spend some time exploring Bitcoin, the history and reasoning for maximalism and why it is important. As such, this week I have an interview with Pierre Rochard, host of the Noded Bitcoin podcast and co-founder of the Nakamoto Institute. We talk about Bitcoin Maximalism, the net benefit of altcoins to Bitcoin and hyperbitcoinization.

This episode is also on:

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