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  • Why banks need to start offering cryptocurrency wallets, par Bijan Shahrokhi, 18 June 2017

    Sunday 18 June 2017 :: VentureBeat » Bitcoin :: RSS



    With the recent surge in value of cryptocurrencies, ordinary people and traditional investment firms are paying more attention to the space. The market cap of cryptocurrencies has grown from less than $30 billion in March 2017 to over $110 billion in June 2017, and this is just the beginning. Cryptocurrencies are quickly becoming a new global market for assets, similar to stocks, bonds, mutual funds, and government backed-currencies.
    But the immediate settlement of currency transfer on blockchains (such as Bitcoin and Etherium) is a double-edged sword. On the one hand, it’s incredibly efficient at money movement; on the other, it allows bad players to transfer your cryotcurrency with the same speed. And if the wrong person gets unauthorized access to your cryptocurrency holdings and transfers the currencies to their own wallet, there will be no getting it back.
    As a result, among new investors in the space, there is a concern about giving money to new, unproven, and non-regulated online-only cryptocurrency wallet providers. And that opens up an opportunity for traditional banks. You already trust them with your life savings, so you will likely trust them with your cryptocurrency holdings.
    It would take an enormous investment for banks to move into this space. But here are some reasons they should consider it:
    They can address a real pain point for their customers: Cryptocurrency investors are concerned about trusting recently established organizations to hold their assets. Banks are reliable alternatives because people trust them. Banks entering this space will solve a real financial problem for their customers and will deepen and reinforce their relationship.
    They will stay relevant: Cryptocurrencies such as Bitcoin might become more popular than government backed currencies one day. The only way for a bank to stay relevant in that future is to secure their relationship with the cryptocurrency holder today. As time goes on, new players will slowly earn a reputation for safety and security and will present a threat to existing financial institutions. Now is the time for banks to secure those relationships while they still have an advantage over existing and entering players.
    They will start learning by doing: Cryptocurrencies are here to stay. Banks must start learning how these markets operate and discover the right business models for their organizations before fintech companies make them irrelevant. A great way to do so is to get their feet wet by getting involved and forcing themselves to start learning.
    What exactly can banks offer in this ecosystem? Will ordinary people just want a cryptocurrency wallet from a trusted name? Will they want a cryptocurrency checking or savings account to pay for their daily purchases? Will they treat cryptocurrencies as a long-term asset similar to gold? No one knows the answers to these questions, but banks will get closer to the right answers by getting involved today and offering a solution that allows them to monitor the behavior of customers who hold cryptocurrencies.
    They can help shape the future of cryptocurrency regulations: Banks can influence the future of cryptocurrencies by putting more pressure on governments to regulate the industry. While the lack of regulation in the industry creates concerns for banks looking to enter this space, the sooner they get into the cryptocurrency holding business, the sooner they can start pressing regulators and government for more guidance on how cryptocurrencies should be treated and the sooner they can develop their own policies if needed.
    Banks have a small window of opportunity to jump into the cryptocurrency space. In a few years, cryptocurrency wallet providers will have gained enough trust and credibility that they will make banks that did not reinvent themselves irrelevant. Now is the time that banks have a competitive advantage over cryptocurrency wallet and trading companies to solve a real problem for their customers. The good news is that the number of individuals and organizations in this space is limited today so banks can test various business models and learn from their customers while cryptocurrencies evolve to become a reliable asset.  
    Bijan Shahrokhi is a senior product manager in the financial industry. He previously was cofounder and CEO of Virtual Next.
    Read more Bijan Shahrokhi
  • MORGAN STANLEY: Bitcoin isn’t a currency, 18 June 2017

    Sunday 18 June 2017 :: Alltop RSS :: RSS
    Bitcoin may have appreciated 300% in the last 12 months, but Morgan Stanley still isn’t convinced the cryptocurrency will be a viable currency in the long run.  In new research published this week, analysts at the bank say that bitcoin (and its counterparts like ethereum) are still more like investment vehicles than fiat currency that you could spend on goods and services. In addition, it said there are few reasons to use bitcoin instead of a debit… Read more
  • MORGAN STANLEY: Bitcoin isn’t a currency, 18 June 2017

    Sunday 18 June 2017 :: Alltop - bitcoin :: RSS
    Bitcoin may have appreciated 300% in the last 12 months, but Morgan Stanley still isn’t convinced the cryptocurrency will be a viable currency in the long run.  In new research published this week, analysts at the bank say that bitcoin (and its counterparts like ethereum) are still more like investment vehicles than fiat currency that you could spend on goods and services. In addition, it said there are few reasons to use bitcoin instead of a debit… Read more
  • Why blockchains fail and decentralization succeeds, par Jeremy Epstein, Never Stop Marketing, 18 June 2017

    Sunday 18 June 2017 :: VentureBeat » Bitcoin :: RSS



    With all of the excitement around blockchain technology, it’s easy to think what we have now is the foundation for the next wave.
    Yet, it’s worth remembering we are still in the early stages. The blockchains we have today probably won’t be the blockchains of tomorrow.
    I am still bullish on Bitcoin (for reasons that go beyond this post), and Ethereum looks promising. It also has a lot of technical questions that surround it.
    As Muneeb Ali of Blockstack said, “At scale, Ethereum is designed to fail” — though he was quick to add that there’s always room to make changes in the future.
    He didn’t mean, “it will intentionally fail.” However, if you think about the nature of blockchains — everyone has a copy of the ledger (with all the storage space that entails), which these days is about a 100GB download. Furthermore, in the case of Ethereum, ever more third-party applications and sub-economies are being launched to run on top of it, and all of that code runs on the distributed network too. So it makes sense to start asking questions.
    For example,
    • What happens when everyone puts all their data and contracts on Ethereum?
    • Won’t the blockchain size get SO big that only the biggest computers can run it?
    • If that happens, wouldn’t we have a centralized system susceptible to control, thereby defeating the very purpose of blockchains?

    In industry jargon, this problem is known as “blockchain bloat.”
    Many people see it as an existential threat to the mass adoption of blockchain technology, even though Ethereum’s creator, Vitalik Buterin, isn’t one of them as he explains in this (long) post.
    So, with that in mind, let’s look at two interesting alternatives I’ve come across that try to address this issue.
    Like any other technology, it is near impossible to predict its success or failure. It’s the exploration and investigation of the concept that is critical to our understanding of how the Age of Blockchains comes upon us.

    IOTA


    IOTA made news recently because its listing on one of the cryptocurrency exchanges resulted in a Day One valuation of $1.5 billion dollars. Yes, with a B. That’s insane, but what they do is not.
    I had the privilege of chatting at length with David Sønstebø, the project lead. The focus of IOTA is, as you may have guessed, primarily the Internet of Things.
    If we are going to unleash the power of IOT devices to communicate with each other, take value from the network, and give value to the network in the form of crypto-tokens, it is unlikely one global blockchain is going to be able to record all the information from all the devices in near real-time and verify it.
    When a Nest device senses it’s too hot in a house and tells the lights to dim and the smart shades to close, multiplied by every house in the world, you can start seeing the size and scope of the challenge. It is simply unpractical and unfeasible to verify every transaction.
    IOTA says don’t worry, you don’t have to. And, by the way, it won’t cost you anything except for a small amount of computing power (enough to dissuade spammers).
    Its approach is called “Tangle.” What it does is require each device to verify the transaction of one other device and, in turn, its own transaction is verified by two other devices.
    Think of it this way: I verify that Alice gave $10 to Bob. John also verifies that. We were both “witnesses” of sorts. If we do that twice, that’s our “Proof-of-Work.”
    Now, that transaction can’t actually be counted until my own trustworthiness is established, which is provided when Satoshi and Nick both verify my transaction.
    This is how IOTA ensures that more transactions = more validation = higher throughput and with no fees.
    Collusion is removed because the transactions are verified by randomly assigned nodes within the network.
    When all is said and done, I only need to keep a VERY small set of transactions in my memory, but they can be verified at any time and have been verified. As such, the concept of “full nodes” as is common in Bitcoin and Ethereum, goes away. Every node is a micro-node, fully distributed, and relatively inexpensive to operate.
    That’s how you do blockchain + IOT convergence at global scale. Or at least it’s one option.
    One business note about IOTA is that it is technically a foundation that raises money from the likes of Microsoft and Cisco. These giants, and others, are already using the IOTA protocol in some devices and support the core team (in the same way organizations support the Linux Foundation, which is IOTA’s preferred long-term funding model) to develop the technology further.
    Sønstebø told me the foundation has enough funds in the bank to go for the next three years without any more fundraising (though that is not his plan, of course!).
    If you want to get mega-deep, here’s the IOTA whitepaper. If you don’t want to go as deep, read this IOTA primer.

    Nimiq


    One of the challenges that current blockchains have is that the way they certify/verify transactions (for the most part) comes from something called Proof-of-Work.
    This is the completion of a complex mathematical puzzle that demonstrates that someone, aka a “miner,” devoted CPU time and electrical power, representing his or her investment.
    As these algorithms become increasingly complex, the amount of computational power required to complete them has grown exponentially. As a result, contributing time as a miner (and obtaining any mining rewards) is out of reach to all but the most industrial-scale farms in places like China, Iceland, and other places where electricity is cheap. Check out this video to see what you are up against.
    Nimiq is trying to democratize this. Its goal is to make anyone with a browser — yes, even you — a miner who can authenticate transactions.
    You can try this out yourself on their betanet. It’s pretty slick.
    Nimiq uses something called the Mini-Blockchain Scheme and allows for Light-Clients (like a browser). It uses something called an AccountsTree (similar to Ethereum’s Merkle-Patricia-Tree) and the concept of a Headers Chain, which means you don’t need to store the ENTIRE history of the blockchain. The cryptographic links are secure so you know you’re covered. You don’t have to know what transaction #1 was (though you can get it, if you want, presumably).
    To make it even faster, these Micro-Clients only download the segments that are relevant to the user’s accounts. It’s lean and mean that way.
    The other thing Nimiq is doing is taking some of the transactions off the chain while maintaining all of the benefits of having a blockchain as backbone. This is good because it avoids additional processing, time, and storage that a standard blockchain requires.
    Bitcoin (with Lightning) and Ethereum (with Raiden) are trying to do the same thing. Nimiq has already built it.
    Think about it this way: If you and I are business partners, we can buy and sell with each other and not verify EVERY single transaction on the actual blockchain. We just keep a ledger between the two of us, protected against double spend, and then, when we want, we settle the bill on the blockchain.
    It’s like a bar tab. The bartender opens it at the beginning of the night, you can add to it (remove if necessary), and then, at the end of the night, you settle. Same idea, but you don’t swipe your credit card for every drink all night.
    Nimiq has a token sale (which I am sure will do well) on June 28.

    The takeaway


    We are in the very early stages of blockchain. The hype and hysteria are immense, but remember, just as there were Excite.com, InfoSeek, Magellan, and Northern Lights before Google came along, we knew there would be a search engine. We just didn’t know which one would win.
    There are going to be many, many blockchains. They will need to interoperate (one other thing, btw, that Nimiq is trying to do). Just because one is popular or big now doesn’t guarantee a victory at the end of the marathon.
    It’s important to watch developments in order to understand where to put your time and energy.
    A given blockchain may lose. Decentralization as a concept is going to win.
    Jeremy Epstein is CEO of Never Stop Marketing and currently works with startups in the blockchain and decentralization space, including OB1/OpenBazaar, Internet of People, and Storj. He advises F2000 organizations on the implications of blockchain technology. Previously, he was VP of marketing at Sprinklr from Series A to “unicorn” status.
    Read more Jeremy Epstein, Never Stop Marketing
  • How to know if cgminer is really mining?, par Fabiotk, 18 June 2017

    Sunday 18 June 2017 :: litecoin questions on Stack Exchange :: RSS
    I have set up cgminer on a linux machine to mine litecoins. I already installed the nvidia driver for this. Yesterday at night I put it to mine (I guess) but I'm in doubt if it is really mining because the hashes per time is still zero as in the picture. How to know if it is actually minining or not?
    enter image description here Read more Fabiotk
  • Is my profit calculation for Genesis mining correct?, par Arun Satyarth, 18 June 2017

    Sunday 18 June 2017 :: litecoin questions on Stack Exchange :: RSS
    The Diamond plan for Litecoin mining promises 200 MH/s for $2400 for 2 years. From the profilatbility calculator, it comes out as $555 per month profit without electricity charges(which wont be there for cloud mining). So it would come out as $13320 for 24 months which is the contract lifetime. So the profit would be $10920 which seems too good to be true.
    I have also heard numerous reports that you dont actually make much profit with Genesis mining. What am I missing here? I know my calculation is wrong. Can anyone help me understand what else needs to be taken into account here? Read more Arun Satyarth
  • Tokenize the enterprise …And melt it into the community. Rinse, Repeat., 18 June 2017

    Sunday 18 June 2017 :: Alltop RSS :: RSS
    Tokens are the new “new” thing in the blockchain space. Just when everyone thought that blockchains were hot enough, everyone realized that tokens *are* the business model for Web 3.0. Read more
  • Tokenize the enterprise …And melt it into the community. Rinse, Repeat., 18 June 2017

    Sunday 18 June 2017 :: Alltop - bitcoin :: RSS
    Tokens are the new “new” thing in the blockchain space. Just when everyone thought that blockchains were hot enough, everyone realized that tokens *are* the business model for Web 3.0. Read more
  • A little-known Chinese firm threatens to derail bitcoin rally, 18 June 2017

    Sunday 18 June 2017 :: Alltop RSS :: RSS
    A little-known Chinese company is threatening to put a fork in the high-flying bitcoin rally — a “hard fork,” to be precise. The controversial cryto-currency, long favored by tech geeks and drug lords alike, has taken a painful price hit this week, burning a recent wave of Wall Street investors and average Joes who have… bitcoins | New York Post Read more
  • A little-known Chinese firm threatens to derail bitcoin rally, 18 June 2017

    Sunday 18 June 2017 :: Alltop - bitcoin :: RSS
    A little-known Chinese company is threatening to put a fork in the high-flying bitcoin rally — a “hard fork,” to be precise. The controversial cryto-currency, long favored by tech geeks and drug lords alike, has taken a painful price hit this week, burning a recent wave of Wall Street investors and average Joes who have… bitcoins | New York Post Read more
  • Gleango: /* Lost coins can't be replaced and this is bad */, par Gleango, 18 June 2017

    Sunday 18 June 2017 :: Myths - Revision history :: RSS
    ‎Lost coins can't be replaced and this is bad ← Older revision Revision as of 00:40, 18 June 2017 Line 108: Line 108: == Lost coins can't be replaced and this is bad == == Lost coins can't be replaced and this is bad == −Bitcoins are divisible to 0.00000001, so there being fewer bitcoins (...) Read more Gleango
  • Gleango: /* Bitcoins are illegal because they're not legal tender */ -> Bitcoin is ...., par Gleango, 18 June 2017

    Sunday 18 June 2017 :: Myths - Revision history :: RSS
    ‎Bitcoins are illegal because they're not legal tender: -> Bitcoin is .... ← Older revision Revision as of 00:36, 18 June 2017 Line 59: Line 59: Value is ultimately determined by what people are willing to trade for - by supply and demand. Value is ultimately determined by what people are (...) Read more Gleango
  • Gleango: /* Bitcoins have no intrinsic value (unlike some other things) */ changed to "bitcoin has", par Gleango, 18 June 2017

    Sunday 18 June 2017 :: Myths - Revision history :: RSS
    ‎Bitcoins have no intrinsic value (unlike some other things): changed to "bitcoin has" ← Older revision Revision as of 00:35, 18 June 2017 Line 47: Line 47: In fact the causality is the reverse of that (this applies to the labor theory of value in general). The cost to mine bitcoins is based on (...) Read more Gleango
  • Litecoin Explodes Higher After Flood Of Chinese, Korean Buying In Search Of Latest Cryptobubble, par brotherjohn, 18 June 2017

    Sunday 18 June 2017 :: Silver For The People - The Blog » bitcoin :: RSS

    zerohedge.com / by Tyler Durden / Jun 17, 2017 3:04 PM
    While Bitcoin and Ethereum appear stuck in sideways limbo action after last week’s “crash” from which they both rebounded promptly, other altcoins are gaining a lot of interest, mostly from Asian buyers in desperate need of a new bubble to chase higher. And Litecoin (which was recently added to Coinbase) is the cryptocurrency which has fallen squarely in their sights, having soared nearly 50% in the past 24 hours to over $48…
    READ MORE
    The post Litecoin Explodes Higher After Flood Of Chinese, Korean Buying In Search Of Latest Cryptobubble appeared first on Silver For The People. Read more brotherjohn
  • GDXJ Rebalance and Bitcoin – David morgan Interview, par brotherjohn, 18 June 2017

    Sunday 18 June 2017 :: Silver For The People - The Blog » bitcoin :: RSS

    FutureMoneyTrendsPublished on Jun 17, 2017
    The post GDXJ Rebalance and Bitcoin – David morgan Interview appeared first on Silver For The People. Read more brotherjohn
  • The US Government Clamps Down on Ability of Americans To Purchase Bitcoin, par brotherjohn, 18 June 2017

    Sunday 18 June 2017 :: Silver For The People - The Blog » bitcoin :: RSS
    dollarvigilante.com / by
    You have to feel sorry for Americans. They are some of the most financially enslaved people in the world.
    The bankrupt US government has been instituting capital controls for years now and have ensured that Americans can’t open a bank account nor even a bitcoin exchange account outside of the US through things like the Foreign Account Tax Compliance Act (FATCA) and just outright threatening to attack any bank or bitcoin exchange in the world who accepts Americans as clients.
    This leaves Americans in the “land of the free” with very few options for bitcoin exchanges.
    No exchange outside of the US will accept Americans as clients. They’ll accept North Koreans. Iranians. Russians. Chinese. Anyone… except for Americans.
    And due to all the regulations in the fascist/socialist mixed US economy, it is incredibly hard to even operate a bitcoin exchange in the US.
    While there are now a few other options, which we’ll discuss further below, until recently, there was only one option. Coinbase.
    READ MORE
    The post The US Government Clamps Down on Ability of Americans To Purchase Bitcoin appeared first on Silver For The People. Read more brotherjohn