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What is Bitcoin?

Bitcoin is a digital crypto-currency with no single point of failure due to its decentralized peer-to-peer architecture. The source code is publicly available and changes to the reference Bitcoin client are made via concensus within the community. Advantages of Bitcoin include irreversible transactions (i.e. no possibility of chargebacks as with credit cards), pseudo-anonymous, limited and fixed inflation, near instant transactions, multi-platform, no double-spend and little to no barriers to entry and more. It was created by an anonymous person known as Satoshi Nakamoto. Find out more at WeUseCoins.com.

Bitcoin Latest News

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Posted on 16 December 2017 | 10:10 pm

The person who created Bitcoin remains a mystery - New York Post


New York Post

The person who created Bitcoin remains a mystery
New York Post
Bitcoin was created by Satoshi Nakamoto from Japan. Or, some say, he or she might be a Finnish sociologist or a mathematician from Israel. Some think Nakamoto is the pseudonym of software developer Gavin Andresen, others believe it's Tesla creator Elon ...
Thinking of making big bucks off bitcoin? It could be a risky investmentEconomic Times

all 10 news articles »

Posted on 16 December 2017 | 9:09 pm

As Bitcoin Flirts With $20000, Let's Revisit Its Earlier Crashes - Forbes


Forbes

As Bitcoin Flirts With $20000, Let's Revisit Its Earlier Crashes
Forbes
Bitcoin is notoriously volatile and it may not be well known that its price has actually crashed a handful of times in the past, when it was less on the mainstream radar. According to Dr. Daniele Bianchi, Assistant Professor of Finance at the Warwick ...

Posted on 16 December 2017 | 7:33 pm

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Bitcoin jumps another 10 percent in 24 hours to pass $19000 - Ars Technica


Ars Technica

Bitcoin jumps another 10 percent in 24 hours to pass $19000
Ars Technica
Bitcoin's price set a new record on Saturday as the virtual currency rose above $19,000 for the first time on the Bitstamp exchange. The gains came just hours after the currency crossed the $18,000 mark. Bitcoin's value has doubled over the last three ...

Posted on 16 December 2017 | 4:57 pm

Shark Tank Investor: Bitcoin an Asset But Requires Education to Avoid Disaster - Cointelegraph (Bitcoin, Cryptocurrency and Blockchain News)


Cointelegraph (Bitcoin, Cryptocurrency and Blockchain News)

Shark Tank Investor: Bitcoin an Asset But Requires Education to Avoid Disaster
Cointelegraph (Bitcoin, Cryptocurrency and Blockchain News)
Additionally, O'Leary made it clear that, at this stage, Bitcoin is not suitable as a currency for transactions. In his own experience, he was unable to complete a $200,000 transaction because the other party was concerned over volatility. Nevertheless ...

Posted on 16 December 2017 | 4:39 pm

Why I Would Bet Against Bitcoin - Forbes - Forbes


Forbes

Why I Would Bet Against Bitcoin - Forbes
Forbes
The Bitcoin bubble is now screaming too loudly to ignore. The boom bust nature of the cryptocurrency has revealed flaws that will keep it from being more widely embraced as a currency and unit of exchange.
Bitcoin Eclipses Tulip Mania as Bubble Talk GrowsMorningstar.com
Bitcoin price CRASH warning: Bitcoin could end up like Tulip Mania ...Express.co.uk

all 15 news articles »

Posted on 16 December 2017 | 10:46 am

Phishing for Bitcoin - Fortune


Fortune

Phishing for Bitcoin
Fortune
It had to happen sooner or later: The two biggest tech stories of 2017—foreign cyber attacks and bitcoin—have come together perfectly in a single story. Namely, it looks like the infamous North Korean hacking outfit, The Lazarus Group, is running a ...
North Korea hackers steal bitcoin by targeting currency insidersEngadget
North Korea's stolen bitcoins now worth more than $80MNew York Post
Suspected North Korean cyber group seeks to woo bitcoin job seekersReuters
CNNMoney -FireEye -PCMag
all 42 news articles »

Posted on 16 December 2017 | 9:17 am

Can the $86 Million "Pineapple Fund" Save the Soul of Bitcoin? - Inverse


Inverse

Can the $86 Million "Pineapple Fund" Save the Soul of Bitcoin?
Inverse
Anyone interested in receiving funding from the Pineapple Fund can apply via its website. The fund, currently made up of just Pine and a friend, judges applicants based on “the charity's history, capacity, and transparency. The big question is, 'do we ...
Meet "Pine," the Bitcoin Philanthropist Who Set Up the $85 Million Pineapple FundBitcoin Magazine
An Anonymous Bitcoin Millionaire Is Donating Their Fortune to Charities and It Seems LegitGizmodo

all 9 news articles »

Posted on 16 December 2017 | 9:11 am

As Bitcoin, other currencies soar, regulators urge caution - ABC News


WIRED

As Bitcoin, other currencies soar, regulators urge caution
ABC News
The public's interest in all things bitcoin and efforts by entrepreneurs to fund their businesses with digital currencies is starting to draw more attention from regulators. The head of the Securities and Exchange Commission this week warned investors ...
2018: The Year of the Cryptocurrency CrazeWIRED
As Wall Street Bids Up Bitcoin, ICO Tactics ChangeCoinDesk

all 73 news articles »

Posted on 16 December 2017 | 9:02 am

Bitcoin Takes All? Enterprise Blockchains Need Time, Too

This is not the kind of technology where you "move fast and break things." Financial market infrastructure is too big to bet on a buzzword.

Posted on 16 December 2017 | 7:45 am

A Hitchhiker's Guide to the Blockchain Highway

Not for easily swayed, vlogger Mike in Space narrates a tour through the world of bitcoin memes (and mixed messages) of 2017.

Posted on 16 December 2017 | 7:00 am

What the Hell Is Bitcoin? Let This Documentary on Netflix Explain - GQ Magazine


GQ Magazine

What the Hell Is Bitcoin? Let This Documentary on Netflix Explain
GQ Magazine
Unless you've been completely avoiding the news—and in dumpster fire of America that is 2017, I can't blame you—you've probably heard of Bitcoin. You probably also have no idea what Bitcoin or “the blockchain” actually are. Then again, no one really ...
First bitcoin homes sell in the UK - The TelegraphTelegraph.co.uk
Bitcoin Not a Threat to Financial Systems, Says US Chief Financial RegulatorCointelegraph (Bitcoin, Cryptocurrency and Blockchain News)
Bitcoin buyers should be prepared to lose all their money, top UK regulator warnsCNBC
Economic Times -The San Diego Union-Tribune -Fortune -CoinDesk
all 91 news articles »

Posted on 16 December 2017 | 6:13 am

How a cloud computing company is helping people mine for bitcoin - CNBC


CNBC

How a cloud computing company is helping people mine for bitcoin
CNBC
But now bitcoin mining requires ever more and faster computing. A few companies, including Genesis, are starting to provide the cloud services needed to supply that capacity. "We provide everyone access to mining through our cloud-based infrastructure ...

and more »

Posted on 15 December 2017 | 3:19 pm

Class-Action Suit Targets ICO Promoted By Floyd Mayweather, Jr.

An initial coin offering (ICO) promoted by boxing champion Floyd Mayweather, Jr., is at the center of a newly filed class-action complaint.

Posted on 15 December 2017 | 2:15 pm

US Treasury Report: DLT Data Storage Raises Oversight Concerns

The Financial Oversight Stability Council acknowledged that virtual currencies are becoming more common, but have a limited impact on the economy.

Posted on 15 December 2017 | 1:00 pm

'Clear and Loud': Parity to Drop First Bid for Frozen Ether Fix

After critical feedback from the ethereum community, Parity Technologies will not follow-up on any of its proposals for restoring frozen ether funds.

Posted on 15 December 2017 | 12:00 pm

Monero Mining Malware Hits Russian Pipeline Giant Transneft

The world's largest oil pipeline reportedly had some of its computer systems affected by cryptocurrency mining malware.

Posted on 15 December 2017 | 10:50 am

US Commodities Regulator Proposes Definition for Cryptocurrency 'Delivery'

The CFTC has published a proposed interpretation of how it will deem that a cryptocurrency has been "delivered" from a buyer to a seller.

Posted on 15 December 2017 | 9:50 am

$20k Bitcoin? Changing Charts Favor Crypto Rivals

A look at bitcoin's value across various crypto trading pairs suggests a substantial push higher might not be likely in the short term.

Posted on 15 December 2017 | 8:00 am

Blockchain Brain Drain Is About More Than Money

The next-generation of financial technologists will want more from corporations and businesses, argues ex-CME digitization lead Sandra Ro.

Posted on 15 December 2017 | 7:00 am

Crypto Collectables? Ethereum's Next Killer App Is on Its Way

The rise of CryptoKitties has called attention to ERC-721, an ethereum technical standard that could start a blockchain-based collectibles rush.

Posted on 15 December 2017 | 6:00 am

Ethereum Browser Bug Could Put User Funds At Risk

Using ethereum browser Mist may put cryptocurrency private keys at risk, according to an Ethereum Foundation blog post.

Posted on 15 December 2017 | 5:05 am

More to Come? Bitcoin Sets Record High Near $18k

Having successfully defended $16,000 earlier this week, bitcoin regained bid tone today and clocked a fresh record high above $17,800.

Posted on 15 December 2017 | 4:25 am

UK's FCA Chief Warns Bitcoin Investors: Be Prepared to Lose Your Money

The head of the UK's Financial Conduct Authority has warned that people stand to lose their funds if they invest in bitcoin.

Posted on 15 December 2017 | 3:05 am

US Government to Sell Off $10 Million in Seized Bitcoin and Bitcoin Cash

U.S. prosecutors in the state of Utah are moving to sell millions of dollars-worth of cryptocurrencies seized in an opioid drug case.

Posted on 15 December 2017 | 2:00 am

2018: The Year We Make Cont(r)act

2017 may have been a historic year in blockchain, but Banca IMI's Massimo Morini argues the seeds for this revolution were sown in 2016.

Posted on 14 December 2017 | 10:00 pm

As Wall Street Bids Up Bitcoin, ICO Tactics Change

Facing new regulation and a run-up in crypto prices, the ICO market is feeling the squeeze of maturity.

Posted on 14 December 2017 | 4:30 pm

Garzik Forks UnitedBitcoin Away from "Maximalists" to Support Altcoin Communities

Garzik Forks UnitedBitcoin Away from "Maximalists" to Support Altcoin Communities

A new project called UnitedBitcoin (warning: the site autoplays audio) promises to add smart contract features using the UTXO model, support for the lightning network and SegWit, and eight-megabyte blocks. Headed up by Jeff Garzik, the lead developer behind the failed SegWit2x hard fork, along with Matthew Roszak and SongXiu Hua, this UnitedBitcoin (UB) hard fork will offer replay protection to prevent people from accidentally spending their coins on both the Bitcoin and the UnitedBitcoin blockchains.

Garzik told Bitcoin Magazine that “10% of the total worldwide SHA-256 hash power” has moved to the new UB network, with much of the support coming from China and older mining equipment that was no longer profitable due to the escalating difficulty in mining bitcoin. He noted that UB is already supported on the ZB and EXX exchanges.

The UB white paper outlines how lost bitcoins have created deflationary pressure that has pushed the price up. Because those bitcoins are out of circulation, the supply is further decreased. One of the issues that UB seeks to address is to find a purpose both for those lost bitcoins and for “inactive” wallets by creating a stable cryptocurrency linked to their addresses.

All active Bitcoin addresses will receive the same balance on the UB chain, much like previous forks. The balances of UB on inactive addresses, however, will be confiscated by the UB Foundation and used to “serve the community.”

Inactive addresses are defined in the white paper as “addresses without activity since block height #494000 (November 11, 2017) and as a result didn’t automatically receive UBTC during phase 1 of the asset allocation procedure.”

UB does not distinguish between an “inactive” address and one which is simply being used by a long-time "hodler."

“There is no difference. An inactive account is an inactive account,” said Garzik. “Like during [the] Ethereum new coin creation, you had to take a proactive step, otherwise you got zero [ether]. This is normal for new token creation — new chain, new ERC20, but different from all other Bitcoin Forks. We are trying to do something new and different.”

Anyone with a prior balance of 0.01 BTC in an “inactive” address at the time of the November 11 fork can still get UB tokens, so long as they are willing to take such a “proactive step”: that is, they make at least one transfer to their own Bitcoin address between Block 498,777 and Block 501,878 (December 12, 2017, to 12:00 GMT on January 3, 2018).

Only the original address can make the transfer to itself, and the receiving address must be used as one of the sending (input) addresses.

One privacy issue to consider is that in order to “proactively” claim BU tokens, the protocol forces users to reuse their Bitcoin addresses; this action puts privacy at risk and, unless it is done carefully, may link many of the users’ coins together.

It's a gold mine for blockchain deanonymization, merging up UTXOs and reusing addresses. Can't help but think such an artificial qualification is deliberate.

— Johnathan Corgan (@jmcorgan) December 13, 2017

User privacy protection is not the only part of the protocol that is drawing criticism, however.

“The code contains a god mode; it’s literally called that,” Blockchain developer Sjors Provoost said to Bitcoin Magazine. He said that it appears as if this “god mode” will create a multisignature address that belongs to a (yet-to-be-defined) UnitedBitcoin Foundation.

“Unlike previous airdrops, the initial coin distribution is not determined by a consensus rule,” he added. “This means that even if you were to run the full UB node software (which you should not), you will have no way of knowing for sure how many coins you get. Conversely, if you already had bitcoin, you won’t know how many of ‘your’ coins will be confiscated. You simply have to trust their promise to take and redistribute coins as their marketing promises.”

According to Provoost, the new consensus rule allows the owner of this foundation address to spend any UTXO they want. “These confiscations will be included in holy blocks, which can be created during the first 500 blocks after the fork. This is how they implement the redistribution as I just described, but they can do much more.”

Furthermore, Provoost is concerned about the quality of the code itself. “Garzik’s previous project SegWit2x tried to keep its changes relative to Core to a bare minimum. Although at the time of the planned fork their code base was about a year behind Bitcoin Core, it didn’t introduce many changes,” he pointed out.

“UnitedBitcoin on the other hand has introduced far more changes, making the task of tracking Bitcoin Core far more difficult. It’s not as many changes as Bitcoin Unlimited and Bitcoin Cash, and the problem is somewhat mitigated by them sunsetting the more complicated consensus changes like god mode. However, even the small change in SegWit2x had a widely publicized serious bug in it and there are rumors of more.”

What Happens to Those “Reclaimed” Tokens?

Garzik has plans to “build a better Tether” by using the UB reserve, funded by coins reclaimed from “inactive” addresses. According to the project, 70 percent of confiscated UB coins will be held as collateral to issue stable tokens pegged to a fiat currency.

“The UB reserve can be used as a backing asset for a stable, non-volatile currency,” said Garzik. “This is auditable and transparent and on the blockchain. It will be over-collateralized, 200–300% to maintain the stability even in the face of a volatile price of the reserve.”

The remaining 30 percent of the confiscated coins will support another new feature: owners of QTUM, H-shares and ether will receive a share of the remaining redistributed UB.  

UB is experimenting with a new model: engage multiple communities — ETH, Qtum — rather than following the tired model of rewarding Bitcoin maximalists with a coin they dislike and will just dump on day 1.

According to Garzik, the specific claim process for the redistribution of UB has yet to be determined. “The UB board is still being put in place — things are moving very fast — and this will include more specifics on governance and community allocations.”

The scheduled timeline of what has been released and what is coming breaks down as follows:

December 12, 2017:

Fork of Bitcoin to UnitedBitcoin (at block height #498,777) with support for:

  • Increased block size to 8 MB

  • SegWit support

  • Replay Protection

  • Asset Allocation

January 3, 2018:
  • End of Asset Allocation phase #2

  • Pegged currency based on color currency

February 28, 2018:
  • Launch of smart contract support

April 28, 2018:
  • Launch of lightning network support



The post Garzik Forks UnitedBitcoin Away from "Maximalists" to Support Altcoin Communities appeared first on Bitcoin Magazine.

Posted on 14 December 2017 | 2:57 pm

Japan's GMO Internet Group Will Pay Thousands of Workers in Bitcoin

Japanese Firm GMO Will Pay Thousands of Workers in Bitcoin

Blockchain development companies and the cryptocurrency press have been paying their workers in cryptocurrencies for years, but one realizes that the times are truly changing when mainstream companies start paying their workers in bitcoin.

GMO Internet Group, a Japanese provider of a full spectrum of internet services for both the consumer and enterprise markets, is introducing a system for employees to receive part of their salary in bitcoin.

Headquartered in Tokyo, GMO Internet Group comprises more than 60 companies in 10 countries. In view of the group’s size and financial muscle, this initiative is likely to boost the mainstream adoption of the practice of paying salaries in cryptocurrencies.

The move is partly motivated by the desire to promote the adoption of Bitcoin, which is a strategic priority for GMO. In fact, the group is vigorously active in bitcoin trading and mining services, as well as mining hardware development. Therefore, anything that is good for Bitcoin is also good for GMO.

In May 2017, GMO launched a cryptocurrency exchange, initially dubbed Z.com Coin and later rebranded as GMO Coin, which features cryptocurrency FX and trading on both computers and smartphones. The exchange offers two types of services: cryptocurrency FX, which is an over-the-counter (OTC) bitcoin margin trading and cryptocurrency trading, which enables buying and selling of virtual currency in JPY in addition to basic features allowing customers to send and receive bitcoins.

In September 2017, GMO announced the upcoming launch of a new bitcoin mining business. “We will operate a next-generation mining center utilizing renewable energy and cutting-edge semiconductor chips in Northern Europe,” GMO stated, emphasizing that they will invest in R&D and manufacturing of hardware including the next-generation mining chip.

“We will use cutting-edge 7 nm process technology for chips to be used in the mining process, and jointly work on its research and development and manufacturing with our alliance partner having semiconductor design technology.” The mining business is scheduled to start in January 2018.

GMO expressed its belief that cryptocurrencies will develop into “new universal currencies” available to anyone from any country or region who wants to freely exchange value, “creating a new borderless economic zone.”

The option to receive part of the salary in bitcoin will initially only be available to employees of one GMO company — GMO Internet Co. Ltd. — starting in March 2018, but it will be gradually extended to more than 4,000 employees in other GMO companies based in Japan.

The minimum bitcoin payment will initially be 10,000 yen (~$88) and the upper limit will be 100,000 yen (~$881). Each salary payment in yen will be reduced by the amount of bitcoin paid, using the exchange rate at the GMO Coin exchange.

Mainichi Japan notes that Japan's labor code stipulates that businesses must pay employees in a recognized currency such as the yen, but, according to GMO, the move is in accordance with the law because any payments in bitcoin would be consensual, with a chosen amount to be deducted from paychecks and put toward purchasing bitcoin. The cryptocurrency is rising in popularity in Japan with an increasing number of retailers accepting it as a form of payment.

GMO Internet Group wants to contribute to the development of cryptocurrencies in the world by promoting cryptocurrency-related initiatives throughout the group. In particular, GMO wants to promote ownership of bitcoin among its employees — who can be the best evangelists for the group’s products and services related to the digital currency — to improve the employees’ exposure to and understanding of Bitcoin.

“Employers can now pay employees a portion of their net earnings in bitcoin by collaborating with niche payroll solution providers such as Bitwage, Wagepoint, or Bitpay, who manage the back-end mechanics, eliminate exposure to price volatility, and reduce compliance and governance risks,” noted Deloitte principal Eric Piscini.

A recent overview of cryptocurrency payroll processors and early adopting clients notes that offering salaries in bitcoin could make it easier for companies to retain and attract talent. Besides compensating current employees, “[cryptocurrencies] could help businesses more effectively tap into the open talent economy, where individual contributors may be drawn to business partners that offer payout features only cryptocurrency makes possible: fast peer-to-peer payments across country borders with minimal friction (or total freedom) from traditional banking systems,” said Piscini.

For now, the GMO press release is available only in Japanese.


The post Japan's GMO Internet Group Will Pay Thousands of Workers in Bitcoin appeared first on Bitcoin Magazine.

Posted on 14 December 2017 | 9:14 am

Bitcoin Price Analysis: Bitcoin Rests at Tipping Point Before Deciding Next Move

Bitcoin Price Analysis

Bitcoin prices have currently stalled out in the $16,000s as the market decides if it wants to continue the ravenous bull trend or go through a more corrective phase. In the last 30 days, the price of bitcoin has doubled — entering into what most traditional market analysts would deem “bubble territory.” Bitcoin’s growth has been so rapid, it has managed to break north out of a parabolic trend to form an even more aggressive parabolic shape known as a “hypodermic trend.” Let’s take a look at the macro view of bitcoin and see if this trend is sustainable or ripe for a correction:

Figure_1.JPGFigure 1: BTC-USD, 1-Day Candles, Macro Trend

The image above shows a multi-year, parabolic envelope that, until recently, has guided the bitcoin bull market. Within the parabolic envelope we see a strong linear channel (shown in purple) that has provided very strong support and resistance through much of the bitcoin price growth. At the end of November 2017, however, bitcoin price growth was so strong, it managed to break out of both the linear and parabolic trends and form a more aggressive price trend: a hypodermic trend.

Figure_2.JPGFigure 2: BTC-USD, 60-Minute Candles, Hypodermic Trendline

The solid red line represents an aggressive support line that has guided this new, aggressive price growth out of the parabolic envelope. As of the time of this article, I am monitoring a trading range very closely as it nears this hypodermic trend. A breakdown below this hypodermic trend represents a diminished trend of demand in the bitcoin market, and it could ultimately lead to a local top on for BTC-USD. Paired with this hypodermic breakdown is a breakdown of the trading range (shown in blue) that has a span of approximately $5,000. A breakdown of a trading range that large would have quite a meaningful market reaction and is likely to see a profound correction before bitcoin buyers step back in.

However, before we get all doomsday-esque, it’s important to remember that distribution phases and reaccumulation phases are quite similar in shape and are called “evil twins” of one another. It’s entirely possible we could see new all-time highs out of bitcoin but, given the weak and anemic follow-through of each all-time high breaching the trading range, I am inclined to lean less toward accumulation and more toward distribution.

As always, volume will be a huge indicator in this process; a great telltale that we are, in fact, in an accumulation phase will be volume growth coupled with price growth. If we begin to push new highs and we see a volume growth trend combined with it, there will be a great sigh of relief from traders as this pairing will indicate increasing demand and diminishing free-floating supply in the market.

Summary:

  1. The price of bitcoin has doubled in the last month.

  2. The price growth has been so aggressive that it has broken north of a parabolic trend it’s been well-confined within for 3 years.

  3. Bitcoin is at a crucial point as it currently decides whether it wants to move up or down in price.

Trading and investing in digital assets like bitcoin and ether is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Media related sites do not necessarily reflect the opinion of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.

The post Bitcoin Price Analysis: Bitcoin Rests at Tipping Point Before Deciding Next Move appeared first on Bitcoin Magazine.

Posted on 13 December 2017 | 2:38 pm

New In-Game Cryptocurrency Systems Let You Buy Assets in the Virtual Reality World

New In-Game Cryptocurrency Systems Let You Buy Assets in the Virtual World

High Fidelity is announcing the launch of Avatar Island, a VR domain where High Fidelity users can purchase items for their avatars, all contributed by digital artists from around the world.

High Fidelity is a next-generation platform for Virtual Reality (VR) worlds developed by Philip Rosedale, the creator of the once very popular Second Life. In September 2017, the company announced that it was developing a blockchain for intellectual property protection and an in-game cryptocurrency .

“I’ve been looking at blockchain technology since Second Life, as the Linden dollar was one of the first digital goods currencies,” said Rosedale. “At the time that Bitcoin came out, I was thinking a lot about how we could generalize what we did at Second Life. I didn’t have all of the ideas, but in the last few quarters we have been building the backend system to make all of this work.”

Different sorts of VR items, such as custom wearables for avatars (which were and still are very successful in the Second Life marketplace) will be sold and bought in Avatar Island through a new cryptocurrency running on a blockchain, which will also track the history and ownership of each item.

“[This] is the first beta release of the commerce system, which is a cryptocurrency-based content protection and payment system,” said Rosedale in the High Fidelity forum. “[Behind]  the scenes, the currency is actually stored on a ‘blockchain’ very similar to Bitcoin but supporting a higher transaction rate and lower fees. This blockchain also stores the PoP [Proof of Provenance] information for digital goods, meaning that both your currency and your digital property will exist in a public database and cannot be altered.”

Contrary to Second Life, where the only option available to external operators was to host their VR worlds on servers operated by Second Life developer Linden Lab, High Fidelity allows developers to host VR worlds independently. In November 2017, High Fidelity released an update that allows developers to rapidly deploy High Fidelity VR domains to the cloud, in collaboration with DigitalOcean. The distributed nature of the upcoming High Fidelity VR network calls for full interoperability between different servers, including network-wide recognition of ownership rights.

High Fidelity’s Digital Asset Registry (DAR), is a decentralized, publicly auditable ledger that serves as a record of transactions made by High Fidelity users. Each item is uniquely identified with a digital fingerprint (a hash algorithm) and can be purchased using High Fidelity’s blockchain-based cryptocurrency, the High Fidelity Coin (HFC). The DAR includes tamper-proof PoP services for any asset’s chain of ownership, its characteristics and its entire history, from certification onward.

This approach is designed to solve the theft and counterfeiting problems that plagued Second Life. At the apex of Rosedale’s first VR world’s popularity, thousands of independent developers around the world made a living designing and selling virtual items, and the need for more solid anti-piracy measures was widely felt.

According to High Fidelity, the Bitcoin and Ethereum blockchains have limited throughput (transactions per second) and high transaction fees, which makes them unsuitable for HFC. Therefore, Rosedale’s team opted for a new, public but “permissioned” blockchain.

In a promotional video that predicts a booming future for the VR sector, with a billion users, 50 million servers and a trillion dollar economy, Rosedale explains the design and implementation criteria for High Fidelity’s blockchain.

“As of today, the blockchain is one node using the [Elements] codebase from Blockstream,” said Rosedale. “We’re going to federate it to a managed group of blocksigners and also provide a block explorer and a full read-only node as well, so that we have many backups of the blockchain. This is similar to the [DPoS] (Delegated Proof of Stake) model being used by [EOS] and others for upcoming public blockchains.”

For now, the High Fidelity Commerce system is in closed beta, and High Fidelity is giving HFCs to anyone interested in participating in the beta. Eventually, HFC will be traded on public exchanges like other cryptocurrencies.

“In the coming weeks and months, we will be attaching the HFC blockchain in several ways to the major cryptocurrency networks to enable you to freely trade HFC for other currencies like Bitcoin or Ether, or to use exchange markets to convert it back to real-world currency if you like,” said Rosedale. Considering high price volatility as a roadblock, High Fidelity will try and stabilize the value of HFC at 100 HFC = $1 USD.

Before getting too excited and rushing to buy HFC, it’s worth bearing in mind that Second Life never achieved mass-market appeal, and that could become the fate of High Fidelity as well. However, it can be argued that Second Life was launched too early, and modern VR interfaces, like the headsets and hand controllers developed by Facebook’s Oculus VR, could be the game changer that will permit High Fidelity to succeed where Second Life failed. As always, time will tell.

Crytek

Another VR game developer and technology provider, Crytek, is announcing a partnership with cryptocurrency startup Crycash to create a new cryptocurrency for gamers. Crytek is the maker of the high-performance game development platform CryEngine and publisher of many highly realistic VR games that are popular among hardcore gamers.

“The Crycash ecosystem solves two problems at once: it gives gamers a way to monetize game time by completing in-game tasks, set by game developers, while providing developers with decentralized sales options for games and other virtual items,” said Crycash CEO Wachtang Budagaschwili. “Crycash will consist of four major components: Plink, a communications app for gamers and Crycash wallet; an advertising platform; an eSports platform for gaming tournaments and other events; and a virtual asset marketplace.”

“We see a lot of potential in the Crycash concept, and we were impressed by the Crycash team’s innovative approach to creating practical products and tools for gamers,” said Crytek Managing Director Faruk Yerli.

Crycash will hold a token sale from December 12, 2017, to January 15, 2018, and add Crycash payment options to games from Crytek and other developers.



The post New In-Game Cryptocurrency Systems Let You Buy Assets in the Virtual Reality World appeared first on Bitcoin Magazine.

Posted on 12 December 2017 | 10:23 am

Gifto’s Vision for the Virtual Gifting Economy

Gifto Thumb


The digital age has changed many things about the way we work, play, think and live. And one key element of this is the act of giving.

In the online community, it’s hard to think of a more natural display of positive interaction than the act of giving virtual gifts.  In today’s digital age, giving has taken on a whole new meaning as growing numbers of transactions and exchanges occur online. 

At the nexus of this movement is a project called Gifto, a virtual gifting protocol for content creators and their fans throughout the world. 

Gifto seeks to forever change the way we give gifts through the use of smart contracts that facilitate customized, fun virtual gifts to be sent via the Ethereum blockchain, across all content platforms including Facebook, YouTube and Instagram. Gifto achieves this through a decentralized, user-driven model which rewards quality content generation, while fostering a richer set of connections between content creators and their audiences.

The brains behind this idea, Andy Tian, is the co-founder and CEO of Asia Innovations Group (AIG), which is the leading mobile interactive entertainment group in Asia. Headquartered in Hong Kong, AIG operates a suite of mobile, social and online entertainment products for users worldwide. 

Launched in May 2016, AIG’s flagship, live-streaming product, Uplive, is already available in more than 100 countries. The app enables anyone around the world to broadcast and view real-time video streams via their smartphones.  It currently has 20 million users and 60,000 broadcasters worldwide, with a projected revenue of more than $100 million from virtual gifting in 2017 alone. With Gifto, AIG is decentralizing its successful virtual gifting model to all content creators, regardless of whether they are on Uplive or not.

Uplive is one of the top five streaming apps in the world. It is the culmination of AIG’s many years of experience and tech development in gaming, social media and video. And Gifto is the culmination of Uplive’s experiences.

The Chinese live streaming market was valued at $5 billion in 2017, according to a forecast by Credit Suisse. Tian sees a golden opportunity with Gifto to replicate this incredibly successful model in international markets across any content platform through its universal protocol.

The Inspiration Behind Gifto

Gifto sprang from Tian’s personal interest in the question of how to apply game mechanics to any and all things that people engage with.

Born in China before moving to New York at age 10, Tian ran Google’s mobile business in China, during which he introduced Android to the China market. He then started one of the earliest social gaming companies in the world, XPD Media, which was later sold to Zynga to become Zynga China. After leaving Zynga, he co-founded AIG, which now has over 300 staff members located around the world, from Casablanca to Tokyo. 

Tian said that Gifto arose from conversations with both broadcasters and users of the Uplive community platform. That dialogue reinforced the notion that only the top 10 percent of all online influencers these days are able to effectively monetize their work. 

“What about the 90 percent of content creators who have 100,000 fans?” he asked. “Or only 50,000 fans? They can’t monetize at all based on the traditional ad/sponsorship model that’s currently in place.” 

One challenge on the Uplive platform was how to calculate the amount of revenue share a broadcaster has across all of Uplive. 

“We currently have a centralized system that does calculations and verification, a common practice among any centralized, consumer-based service,” Tian said. “But when a number of my investors and friends introduced me to smart contracts, that was a game changer. By integrating these contracts into the virtual gift itself, a transaction could automatically be executed, allowing for the instant delivery of revenue share to gift creators and producers.” 

This was a major development with respect to Uplive, where more than 25 million virtual gifts are sent every month.

“With blockchain, we can transparently, quickly and accurately execute payments so that our creators don’t have to wait 30 days or more to receive their share of the gift proceeds,” Tian said. “They can gain revenues directly from their fans.” 

Tian extols the idea of a crypto token that has a common value regardless of which country it is sent to or received from. 

“We currently have users paying us from 50-plus countries, with 30-plus payment providers worldwide,” he said. “With fiat, we have experienced lots of credit card fraud issues like cancelled transactions among other problems associated with this form of money on an international scale. Cryptocurrency can solve that. Not having to convert between different currency types will be a big win for our users.” 

In addition, Gifto can be used universally by any platform, not just Uplive, said Tian.

“The Gifto protocol will be available to any content creator on virtually any platform, including YouTube, Facebook and Instagram,” he said. “For the first time ever, content creators on these platforms won’t be constrained to the advertising-only model that generates very little revenue for the creators without millions of followers. Now, anyone will be able to accept virtual gifts through the Gifto platform and generate meaningful income from their content, directly from their fanbase.”   

Fostering a Global Gifting Economy

The concept of virtual gifts sent from fans to broadcasters is what drives Gifto. It allows creators to produce and place virtual gifts on a blockchain as a virtual asset and set their own pricing and value. Each created gift would have its own unique nature and character, adding the all-important element of fun to the whole gifting process. Broadcasters could then be digitally compensated regardless of the number of fans they have. 

Gifto’s public token sale on the Ethereum blockchain will begin on December 14, 2017. Thirty percent of the tokens, called “Gifto,” will be sold at that time subject to a $30 million hard cap. The campaign will adhere to a strict “know-your-customer” process, excluding citizens from China, the U.S., and Vietnam, based on legal regulations in those countries. 

Tian said the journey to exploring an initial coin offering (ICO) started early in 2017, when his company began examining the utility of blockchain technology as a solution to requests for new features from Uplive’s broadcasters and user base.  He said that monies garnered will be used for product development and engineering, marketing and market adoption, user acquisition and operations.

“We believe that we’ll be the highest revenue consumer company in Asia to launch a token offering,” Tian said. “Blockchain technology, in our opinion, is an awesome application and solution to decentralize everything and we want to advance this thinking.”

Tian’s ultimate goal is to make blockchain useful to mass-market consumers who don’t necessarily understand what the technology is, but can still enjoy the benefits of decentralization.

“It’s all about empowering the everyday people,” he concluded. “Content creators with a small, loyal fanbase now have a fun way to connect with their fans and make it easy for them to contribute.” 

The post Gifto’s Vision for the Virtual Gifting Economy appeared first on Bitcoin Magazine.

Posted on 12 December 2017 | 9:24 am

Munchee ICO Halted by SEC for Securities Violations

Munchee ICO Halted by SEC for Securities Violations

On December 11, the U.S. Securities and Exchange Commision (SEC) issued a cease-and-desist to California-based Munchee Inc. to stop their ICO and return the funds that had been collected.

Munchee had been seeking $15 million in capital to improve their existing mobile app and create a restaurant review ecosystem that they described as being “Yelp meets Instagram” in their Bitcointalk announcement. The problem arose when Munchee emphasized that it would take steps to create a secondary market for the tokens as an investment vehicle, leading investors to have a reasonable belief that their tokens would rise in value, long in advance of the utility of the token being made available.

In the SEC announcement, Stephanie Avakian, co-director of the SEC Enforcement Division, said, “We will continue to scrutinize the market vigilantly for improper offerings that seek to sell securities to the general public without the required registration or exemption. In deciding not to impose a penalty, the Commission recognized that the company stopped the ICO quickly, immediately returned the proceeds before issuing tokens, and cooperated with the investigation.”

In the SEC complaint, the commission argued that the MUN tokens were considered securities because “they were investment contracts” and were deemed a security regardless of their utility at the time of the sale. Munchee consented to the SEC’s order without admitting to, or denying, the findings.

The action is significant as it shows the willingness of the SEC to step in and take action. It also illustrates a willingness on the part of the SEC to work with companies that are cooperative when they run afoul of the regulations.

The post Munchee ICO Halted by SEC for Securities Violations appeared first on Bitcoin Magazine.

Posted on 11 December 2017 | 3:19 pm

Bitcoin tops $10,000 milestone

Posted on 29 November 2017 | 2:30 am

Bitcoin price climbs over $4,000

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Bitcoin reaches new all-time high: $3,000

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CRYENGINE now accepts Bitcoin

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Consulting firm EY Switzerland accepts Bitcoin

Posted on 26 November 2016 | 12:47 am

Bitcoin Trading Bots

There have been a wide variety of situations in which algorithmic trading programs have proven to be beneficial for investors. However, investors who only trade a cryptocurrency can also take advantage of bitcoin trading bots. Through bitcoin bot trading, traders can become more flexible and prompt, minimize errors and process information more rapidly. At this… Read More »

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Steam accepts Bitcoin

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Major Magazine Publisher to Accept Bitcoin Payments

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Microsoft accepts Bitcoin

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Mozilla accepting Bitcoin

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PayPal and Virtual Currency

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German Newspaper "taz" accepts Bitcoin

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airBaltic - World’s First Airline To Accept Bitcoin

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December 16, 2017 -
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