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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 17 November 2017 | 9:44 am

Korea's Hyosung Now Supports Bitcoin At ATMs, Will Soon Add Ethereum - Cointelegraph (Bitcoin, Cryptocurrency and Blockchain News)


Cointelegraph (Bitcoin, Cryptocurrency and Blockchain News)

Korea's Hyosung Now Supports Bitcoin At ATMs, Will Soon Add Ethereum
Cointelegraph (Bitcoin, Cryptocurrency and Blockchain News)
Korean Hyosung, a multi-billion dollar conglomerate involved in ATM manufacturing has announced it will now offer Bitcoin buying support on its machines through a partnership with Just Cash. The Missouri-based mobile company, which offers mobile-based ...
One of the World's Largest ATM Manufacturers Announces Bitcoin SupportBitcoin News (press release)

all 2 news articles »

Posted on 17 November 2017 | 8:37 am

ECB Council Member: Central Banks Considering Crypto Regulation

The European Central Bank's Ewald Nowotny has said that China's recent crackdown has brought new focus on cryptocurrency regulations.

Posted on 17 November 2017 | 8:30 am

Ripple Makes a Splash: XRP Price Looks Up on Amex News

Positive news flow for Ripple seems to be boosting price, while the technical analysis also favors the bulls.

Posted on 17 November 2017 | 7:30 am

Mike and Nathaniel's Week in Tech: Everybody Loves Bitcoin - New York Times


New York Times

Mike and Nathaniel's Week in Tech: Everybody Loves Bitcoin
New York Times
Farhad is off this week, so Nathaniel Popper, a Times tech and finance reporter, is filling in for him. Want this newsletter in your inbox? Sign up here. Mike: Why, hello there, new newsletter partner! It's everyone's favorite Bitcoin reporter ...

Posted on 17 November 2017 | 7:00 am

The World's Biggest Wealth Manager Won't Touch Bitcoin - Bloomberg


Bloomberg

The World's Biggest Wealth Manager Won't Touch Bitcoin
Bloomberg
While skeptics have called bitcoin's rapid advance a bubble, it has become too big an asset for many financial firms to ignore. Bitcoin has gained 17 percent this week, touching a high of $7,997.17 during Asia hours before moving lower in late trading.

and more »

Posted on 17 November 2017 | 6:32 am

Friends Don't Let Friends Do Bad Crypto

Our duty to users doesn't end when they leave our site or app. Behaviors learned from us guide interactions with other services, writes Dan Elitzer.

Posted on 17 November 2017 | 4:30 am

Over 20 Banks Join Singapore-Hong Kong Blockchain Trade Network

A number of banks have joined the recently announced blockchain-based trade network pilot jointly set up by Hong Kong and Singapore.

Posted on 17 November 2017 | 3:20 am

Prominent Investor: By 2040, There Will Be No World Without Bitcoin - Cointelegraph (Bitcoin, Cryptocurrency and Blockchain News)


Cointelegraph (Bitcoin, Cryptocurrency and Blockchain News)

Prominent Investor: By 2040, There Will Be No World Without Bitcoin
Cointelegraph (Bitcoin, Cryptocurrency and Blockchain News)
Balaji Srinivasan, a prominent venture capital investor and the CEO at Earn.com, a Bitcoin-focused startup that has raised over a hundred million dollars in early-stage funding, believes by 2040, everyone under the age of 30 will “have never known a ...
Bitcoin Price Achieves New All-Time High at $8040; Bigger Surge in December?CryptoCoinsNews
Will futures trading in bitcoin be worth the risks?Crain's Chicago Business

all 3 news articles »

Posted on 17 November 2017 | 3:12 am

Bitcoin adds $41 billion to market cap in 6 days as it hits all-time high of $7998 - CNBC


CNBC

Bitcoin adds $41 billion to market cap in 6 days as it hits all-time high of $7998
CNBC
The cryptocurrency was trading at $7,998.40 in the early hours, U.K. time, according to industry website CoinDesk. Bitcoin did pare some of those gains, however, falling as low as $7,535.85; it was trading around $7,750 by mid-morning. It's been a wild ...
Bitcoin Just Surged Past $8000. Here's What's Causing the SpikeFortune
Fork talk lifts bitcoin to all-time high near $8000Reuters
Bitcoin Surpasses $8000 As Hard Fork Takes PrecedenceForbes
CoinDesk -Bloomberg -Cointelegraph (Bitcoin, Cryptocurrency and Blockchain News) -Forbes
all 201 news articles »

Posted on 17 November 2017 | 2:45 am

Just the Beginning? Tezos Lawsuits Could Open Doors for ICO Litigation

Class-action litigators in the U.S. appear to be positioning for a potential pop in the hot initial coin offering market.

Posted on 17 November 2017 | 2:00 am

Nasdaq Explores Storing Asset Data on Blockchain

Stock exchange operator Nasdaq filed a patent outlining how to store asset ownership data on a blockchain.

Posted on 17 November 2017 | 1:10 am

Bitcoin Is the New Crisis Currency - Bloomberg


Bloomberg

Bitcoin Is the New Crisis Currency
Bloomberg
Zimbabwe, where the price of bitcoin spiked to double the international rate after this week's military takeover, shows Jamie Dimon, Axel Weber and other cryptocurrency skeptics where the real-world use of bitcoin, and possibly its future, lies. It's ...

and more »

Posted on 17 November 2017 | 12:11 am

Swiss Firms to Let Traders Short Bitcoin With New Futures Products

Swiss bank Vontobel and Leonteq Securities announced that they will start trading Switzerland’s first two mini futures to short bitcoin on Friday.

Posted on 16 November 2017 | 10:30 pm

Europe's Executive Arm Issues Report on Blockchain For Education

EU Commission has released a report titled 'Blockchain in Education' that explains on potentials of the nascent technology in the education industry.

Posted on 16 November 2017 | 9:00 pm

Mimblewimble Just Launched Its First Testnet

An experimental blockchain boasting an innovative array of potential features is now entering a new phase of testing.

Posted on 16 November 2017 | 6:35 pm

Bitcoin Nears $7900 to Hit New All-Time High - CoinDesk


Bitcoin Nears $7900 to Hit New All-Time High
CoinDesk
The moves – notably seen in the past two hours of trading – continue an advance that saw the price of bitcoin exceed $7,500 earlier today. By contrast, just days ago, the price of bitcoin fell beneath $6,000, hitting a three-week low below $5,600 at ...

and more »

Posted on 16 November 2017 | 4:06 pm

Bitcoin Price Analysis: BTC Pushes All-time Highs and Tests Historic Resistance

Bitcoin Price Analysis

Throughout the life of bitcoin’s two-year bull run, it has been confined within two macro trends: one parabolic and one linear — both on a logarithmic scale:

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

The parabolic envelope (black curves) has confined the entire bull run throughout the last two years. Over the weekend, we saw a test of the lower curve that proved to be proper support and propelled the market into a bounce that now has the market testing the upper linear trendline (purple lines) at the time of this article:
Figure_2.JPGFigure 2: BTC-USD, 2-Hour Candles, Test of Upper Trendline

As the bitcoin market approaches the upper trendline, the price action will coincide with a test of the previous all-time high. Expect this to be a point of resistance with possible market turbulence. However, if we manage to break that resistance level and hold support above the trendline, there is no clear resistance until we test the parabolic envelope in the upper $8,000s.

If we look at the macro indicators for this move, we see some signs that have proven to be indications of short-term rallies leading to corrections:

Figure_3.JPGFigure 3: BTC-USD, 1-Day Candles, Bollinger Band Trend

The last two corrections bitcoin has seen came on the tail of a minor pullback that rebounded to a new all-time high. The one-day candle trend is, so far, showing a repeated pattern that has led into a reversal each time it tested the upper parabolic curve. A rounding of the Bollinger bands during an upward move (shown in purple) is a forecast for decreased upward volatility that will lead to either a consolidation period or a reversal to the lower Bollinger bands.

While a reversal is not required of this move upward, one can speculate that once the price tags the upper parabolic curve, we could see a pullback to the lower Bollinger bands on the one-day charts. A pullback to the lower Bollinger bands would see support quite nicely with the lower parabolic curve.

One of two outcomes can be expected from this move upward: either we will test the upper parabolic trendline and reverse, or we will break above and consolidate before continuing on a very strong bullish move to new highs.

However, these macro moves have become increasingly more demanding on the market as we continue to get squeezed within the parabolic envelope. The forecast of the Bollinger bands indicates we are not likely to see a sustained move higher without a consolidation period or a pullback.

Summary:

  1. Over the weekend, bitcoin saw another test of the lower parabolic curve that proved to be strong support.

  2. After testing the parabolic curve, the market rebounded and has now established a new all-time high.

  3. If this trend continues, bitcoin could see prices in the mid to upper $8,000s before any noticeable resistance stands in the way of the price growth.

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: BTC Pushes All-time Highs and Tests Historic Resistance appeared first on Bitcoin Magazine.

Posted on 16 November 2017 | 4:00 pm

Dell Subsidiary Considers Blockchain Use in Data Transfers

In a new patent application, Dell subsidiary VMWare outlines how it could integrate a blockchain into a proposed cloud-based data transfer service.

Posted on 16 November 2017 | 1:45 pm

Bitcoin Nears $7,900 to Hit New All-Time High

The price of bitcoin is spiking, climbing above $7,700 for first time since Nov. 8.

Posted on 16 November 2017 | 11:40 am

Survey: Bitcoin Investors Won't Sell Until Price Nears $200k

New survey data highlights the ideological – and economic – factors driving some investors to purchase bitcoin.

Posted on 16 November 2017 | 11:20 am

YouTube Stars Can Now Earn Brave's Browser Tokens

The ad-blocking browser provides YouTubers with an alternative monetization strategy in a year of aggravation with the video site's ad-killing bots.

Posted on 16 November 2017 | 9:00 am

'Is It Real?': Square CFO Speaks Out on Cash App Bitcoin Trial

The CFO of mobile payments firm Square has explained why the company launched a bitcoin pilot scheme.

Posted on 16 November 2017 | 8:00 am

Bitcoin Cash Dips to $1,000, But a Recovery May Be on the Cards

Bitcoin cash has lost 20 percent in the last 24 hours, but looks to have found a new bottom around $1,000.

Posted on 16 November 2017 | 7:15 am

American Express Opens First Blockchain Corridor With Ripple Tech

American Express just had its "Charles Lindbergh moment," using Ripple's blockchain to connect Santander clients in Europe and the U.S.

Posted on 16 November 2017 | 6:00 am

New “Semi-Decentralized” Cryptocurrency Exchange Navigates Murky Compliance Waters

New “Semi-Decentralized” Cryptocurrency Exchange Navigates Murky Compliance Waters

Tetra, a new entrant in the cryptocurrency exchange sector, describes itself as a semi-decentralized, peer-to-peer exchange with an emphasis on security and usability: “Tetra will help create the next wave of cryptocoin adoption which will benefit all cryptocurrency users from investors to traders to businesses.”

The term “peer-to-peer exchange” tends to suggest the idea of a strong emphasis on privacy and anonymity, as well as a certain level of disdain for Know-Your-Customer (KYC) rules, meddling regulators and authorities. According to Tetra’s blog post announcement, however, it appears that its approach is at odds with this philosophy:

Tetra understands the importance of practices like KYC and has devoted the resources necessary to implement these processes properly. Users will be able to trade safely with the comfort of knowing that due diligence has been enacted to protect them from potential repercussions.

“You may have heard the terrifying accounts of people receiving prison sentences for trading cryptocurrencies on peer-to-peer exchanges,” adds the main Tetra website. “With Tetra, that is a thing of the past. Route your payments through our fully compliant banking network for a legally sound trading process. We're relieving traders of the burden of obtaining expensive licenses and adhering to cumbersome regulations in order to allow people to focus on what matters: their trades.”

While this sounds appealing to compliance-conscious cryptocurrency users and traders, the self-description of Tetra as a “semi-decentralized P2P” raises questions. In a Reddit discussion, a Tetra representative admits that Tetra is a centralized service, but states that the exchange operates using a decentralized transaction model so that the operators never have control over users’ coins directly, and thus hackers do not have access to users’ coins.

In communication with Bitcoin Magazine, Patrick O'Brien and CTO of Tetra Exchange, confirmed this practice.

"Tetra is called a semi-decentralized exchange because Tetra customers maintain control over their own private keys. Customer funds are never stored on our centralized servers, users store their funds in their own client-side wallets which are built into the Tetra software, and transact through our system by utilizing the Bitcoin network's multi-signature transaction architecture.”

He explained that Tetra is described as a peer-to-peer exchange because users are trading with other individuals, and not with Tetra or against a Tetra orderbook as they would in a traditional exchange.

“To elaborate further, this means that when customers are interested in making escrow payments they will participate in a multi-signature transaction, with the third party and ourselves as signing authorities,” continued O'Brien.

“In the event of a dispute we can co-operate with either side to move the funds where they need to go, and in the event of a successful transaction both sides can agree to release the funds. All of this is accomplished without us ever having direct control over the flow of money as would be the case in a traditional exchange.”

International Compliance Issues

Based in British Columbia, Canada, Tetra plans to operate globally with no restrictions, unless forced to by law. When a Reddit user suggested that Tetra is advising traders to flaunt U.S. money transmission laws, the Tetra representative answered that the exchange is not “ignoring U.S. laws and pretending it's Canadian law while intending to operate in the U.S.”

He added that the exchange takes compliance very seriously and stated that Tetra is circling back to their lawyers for advice.

However, as the Reddit thread continues to point out, there still remains a number of compliance and personal privacy concerns related to the company’s KYC measures that U.S. users should be especially wary of, depending on the particular state requirements where they live.

Some states are stricter than others, too. Always [know] one's own jurisdictional rules/laws and not rely on what is "too good to be true." - coin_trader_LBC

User Experience and Security

Leaving aside the P2P interpretation and the potential compliance minefield, it’s worth noting that Tetra emphasizes easy usability and security as strong competitive advantages in the cryptocurrency exchange market.

“[The] Tetra app and web platform will create a simple experience for users,” reads the announcement, adding that users won’t need to know about public key cryptography and smart contracts. “This approach will enable a new generation of users to enter the cryptocurrency space and with that bring new investors, new clients for dapps and crypto-based businesses, and in general make a great stride towards mainstream adoption that will enable the positioning of cryptocurrencies as true world-currencies.”

The Tetra platform uses multisig escrow and intends to automate all aspects of the trading process to provide “incredibly secure and worry-free trading” with 2-of-2 and 2-of-3 P2SH multi-signature transactions, smart contracts and encryption of all communications.

Of course, Tetra is hardly the only exchange to focus on easy usability and security, and, in fact similar measures are adopted by many exchanges today. What really seems to differentiate Tetra from many other exchanges is the fact that Tetra is explicitly targeting professional traders and cryptocurrency trading businesses that need to streamline multiple trades, by offering an easy user experience to their customers and presenting themselves as fully compliant with regulations.

"The goal here is to facilitate the growth of fiat to crypto on-ramps and off-ramps, and we do this by encouraging people to operate trading businesses on our platform," O'Brien told Bitcoin Magazine.

“The features outlined so far culminate to satisfy business needs; by ensuring customers have a completely secure, legally safe, and easy to use platform Tetra will allow businesses to thrive in an otherwise hostile environment,” concludes the announcement.

The first public release of the Tetra platform and apps, currently available to alpha testers, will support Bitcoin, Ethereum, Litecoin and Dash. Other cryptocurrencies that support multisig transactions are planned for the future. The platform will begin its roll out in the U.S., Canada and Australia.

To professional traders and businesses, Tetra offers a paid service dubbed Tetra Prime, with support for online and “brick-and-mortar” business storefronts, as well as trade matching and analytics to optimize trading profiles.

The post New “Semi-Decentralized” Cryptocurrency Exchange Navigates Murky Compliance Waters appeared first on Bitcoin Magazine.

Posted on 15 November 2017 | 11:39 am

Zen Protocol Advances Smart Contracts for Financial Services

Zen Thumb

Shunryū Suzuki, the Sōtō Zen monk and teacher who helped popularize Zen Buddhism in the United States, once remarked that, "In the beginner's mind there are many possibilities, but in the expert's there are few."

In many ways, this aphorism captures the entrepreneurial tenor of today’s emerging world of blockchain technology, as startup companies seek to address critical issues facing the distributed ledger space.  

Many would agree that today’s financial systems are fraught with centralization, complexity and barriers to access. While established businesses and individuals in this market can manage the paperwork and bureaucracy, many still find these barriers to participation too challenging to overcome.  

As a result, potential trades and deals are lost, as these financial participants, trying to get limited access to the system, turn to intermediaries. These participants are, therefore, unable to issue assets or even to trade in some asset classes.  

Zen Protocol, a smart contract company headquartered in Tel Aviv, is on a quest to change this trajectory, by making secure, peer-to-peer finance possible on a customized, public blockchain, removing the need for intermediaries such as banks and brokers.  

Zen’s approach allows anyone, anytime, anywhere to create and trade financial products on a secure platform — a Proof-of-Work blockchain protocol. It’s here where an open marketplace for options, futures, digital currencies and a myriad of other financial instruments are offered to consumers who would otherwise be left without the ability to participate. 

Zen Protocol, in many respects, can be viewed as an alternative to Ethereum, Bitcoin’s main market competitor. Zen’s main value proposition is the creation of a blockchain that mitigates some of the pesky issues that have adversely impacted Ethereum, while simultaneously running parallel to the Bitcoin blockchain. 

By way of example, one problem users on the Ethereum blockchain face is running out of “gas.” This means that transactions on its network often fizzle out, requiring that whatever currency paid to a user be returned to them. In other words, because there wasn’t enough energy to complete their transaction, it was canceled. Unfortunately, the fee for running this transaction still has to be paid.

Zen addresses this issue through proven resource bounds: a protocol for attaching to each contract a proof of how long it takes to run. This completely removes the need to monitor gas.

Key here is that smart contracts won’t allow a transaction to be sent without knowing how much computation it uses. This one feature alone makes Zen a noteworthy alternative to Ethereum and other smart contract platforms.  

With Zen miners now able to check how much computation transactions take to verify, they no longer have to run them in a virtual machine. Unlike competing platforms, Zen simply compiles its smart contracts to machine code, enabling them to run at native speed and greatly increasing transaction throughput.

Zen has implemented a system called “Multi Hash Mining” which distributes mining rewards to several hashing algorithms while giving users — that is, holders of the Zen native token — the power to vote on which hashing algorithms will receive the rewards. The company believes that this approach will result in a fairer and more equal engagement between miners and token holders, with all participants incentivized to cooperate.  

It should also be noted that, rather than being limited to the native Zen token, any asset in Zen can be used to pay transaction fees, including those created by contracts. This reduces complexity for consumers seeking to move around and pay fees in fiat currency. With Zen, all new assets can be utilized by any existing or future contract. 

Zen Protocol’s Push Forward 

The core team at Zen protocol started working together in 2014 in the blockchain space and, after years of research, began development of the Zen Protocol in June 2016. 

“Our driving motivation in creating Zen is the belief that people have a right to own their financial assets, and we feel a responsibility to provide people with the necessary tools to empower themselves,” said CEO Adam Perlow. 

Perlow noted that rather than be exposed to counterparty risk, most individuals use financial institutions as trusted intermediaries. He says that these financial institutions facilitate the majority of economic transactions.  

The model employed by Zen Protocol overcomes the ability of financial institutions to limit people’s freedom to transact, providing an alternative way of accessing financial products and controlling risk.   

Perlow believes that Zen Protocol’s approach follows from some simple premises. 

“These premises are the need for increased security — provided by formal verification and a secure execution context, the need for real utility — provided, for example, by oracles, and the need for better governance [by multi hash mining],” he said. "In the long term, we think Zen provides people with a ‘Swiss bank’ in their pocket, allowing them to make use of cryptographic advancements to create, trade and store conventional financial assets such as stocks, bonds and derivatives over a decentralized network." 

Zen 01

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The post Zen Protocol Advances Smart Contracts for Financial Services appeared first on Bitcoin Magazine.

Posted on 15 November 2017 | 8:29 am

MadHive’s Mission to Restore Transparency and Fairness to Advertising

MAD


Digital technology should make the advertising business more efficient. But it has not — at least not from the perspective of companies that place ads or the content publishers who sell ad space to them. Laden with middlemen and clouded by convoluted, proprietary ad placement platforms, the modern digital advertising industry faces serious challenges.


New York–based MadHive is on a mission to solve them. Using blockchain technology and smart contracts, MadHive is constructing an ad tech platform, called the MAD Network, that reduces the power of the  middlemen in ad tech and brings buyers and sellers closer together.


At the same time, the MAD Network is designed to restore transparency to the ad tech industry. By recording information on the blockchain, encrypting it and making it available to advertisers with the requisite permissions, the MAD Network prevents fraud and ensures that advertisers can trace exactly how their money is being spent. Publishers can also sell data over the blockchain to help advertisers understand consumer behavior and plan ad campaigns more effectively.

The Problems With Advertising Today

Software tools can automate most of the work required to match an advertiser looking to place an ad with a publisher who has ad space to sell. However, the platforms that currently connect advertisers to publishers operate as “walled gardens,” in which only the platform owners — as opposed to advertisers and publishers — can understand how dollars are spent and information is exchanged.


This isn’t a problem that affects only small-time advertisers and publishers. It impacts organizations as large as The Guardian, a major British newspaper that is suing an ad tech company over allegations that the company’s proprietary ad placement service imposed “secret commissions” on the publisher and obscured information that would have helped the newspaper secure a fairer share of profits from advertisers.


Put simply, advertising dollars “disappear” as they flow down the supply chain from advertisers to publishers. Middlemen soak up a majority of the revenue.

How Mad Network Fixes Ad Tech

A better approach to ad tech is possible. MadHive is leading the way by building the MAD Network, a blockchain-based ad tech solution. The MAD Network is a complete ad tech platform that consists of several components, each of which solves an important challenge for advertisers, publishers or both.

MADnet Books

MADnet Books is a blockchain-based payment system. MADnet Books does more than simply enable transactions, however. Because it is built on the blockchain, it facilitates decentralized, transparent revenue streams. Ad tech dollars can’t disappear when they are recorded on the blockchain — nor can advertisers and publishers be misled about the way money is being spent. The transparency that MADnet Books provides is just as important as the core payment functionality.

MADnet Books is powered by MADtoken, the protocol’s native token. The token economy is an important tool in the MADNetwork, which aims to flip the market dynamics for the middle layer. By doing so, MADNetwork will make it more profitable to be in business and serve the interest of buyers and sellers, which is not always the case in today’s supply chain. For the buyer this results in greater reach for the cost, while publishers actually lower the margin compression that currently plagues the digital advertising ecosystem.

MADnet Data

A significant amount of value within the ad tech industry lies in the data that digital ad platforms create. Traditionally, this data has remained in the hands of the middlemen who control the platforms. They don’t typically share it with advertisers; instead, they may sell it to advertisers’ competitors to generate additional revenue.

On the MAD Network, however, data will be shared thanks to MADnet Data, a decentralized data management platform. MADnet Data will enable advertisers and publishers to share data about ad performance and engagement directly with each other, in a secure, peer-to-peer fashion regulated by permissions and access control. Such data sharing can help to generate additional revenue streams for publishers while providing advertisers with deeper insight into the effectiveness of their ad campaigns. Here, again, it all boils down to transparency.

MADnet Core

MADnet Core is the server that matches advertisers to publishers for the purpose of placing ads. This is not just another ad server, however. Like the other parts of the MAD Network, MADnet Core operates in a decentralized fashion, with the network performing the work of finding out which publishers are a good match for which ads.
Because of this decentralized approach, no single party can control or manipulate the way ads are served. The core functionality of ad tech — matching advertisers with publishers — will remain open and transparent.

Token Sale

The MAD Network remains under very active development. MADnet Books is slated to be the first platform component to be completed, followed by MADnet Core and, later, MADnet Data.


To help support development of the MAD Network and offer the blockchain community an opportunity to invest in a platform that is poised to disrupt the ad tech industry from top to bottom, the MAD Network plans to host a token launch on November 30, 2017.

The post MadHive’s Mission to Restore Transparency and Fairness to Advertising appeared first on Bitcoin Magazine.

Posted on 14 November 2017 | 8:53 am

Bitcoin Gold Launches on November 12

Bitcoin Gold Launches Tomorrow

After weeks of preparation, Bitcoin Gold (Bgold; BTG) is finally launching tomorrow,  November 12, 2017.


Bitcoin Gold is the second project to fork away from the Bitcoin blockchain to create a new coin this year; on August 1, Bitcoin Cash (Bcash) was the first. Where Bcash attempted to offer an on-chain scaling solution by increasing Bitcoin’s block size limit (while removing the Segregated Witness code), Bgold is an attempt to counter Bitcoin’s mining centralization.


The most important difference between Bitcoin and Bitcoin Gold is a new proof-of-work mining algorithm. Instead of SHA256, the new coin uses the memory-hard Equihash proof-of-work function that’s also used in the privacy-focused altcoin Zcash. This means that specialized ASIC hardware that has come to dominate Bitcoin’s mining ecosystem will not be able to mine Bgold.


Although Bgold is launching this weekend, the fork “officially” occurred on October 25. Anyone who held bitcoin (BTC) on that day (specifically, when Bitcoin block 491406 was mined) will have an equivalent amount of BTG attributed to their private keys. These private keys can be imported into a dedicated Bgold wallet, which, starting tomorrow, will allow users to spend the coins. (But note that this does not come without risks and tradeoffs: If you’re not sure what you’re doing, it’s best not to ignore BTG until you do. For more information als see this article. Update, November 12th: There are now confirmed cases of malware disguised as Bgold wallets. Be extreme careful not to import your Bitcoin private keys into any software you don't fully trust!)


Block 491407 on the Bgold blockchain will be the first block to deviate from the Bitcoin protocol. In other words, this will be the first block where Bgold splits off to become its own currency. However, somewhat controversially, the first 8000 blocks will be privately mined by the Bgold team. Only after these 8000 blocks will Bgold’s mining difficulty ramp up to normal levels, and will anyone be allowed to mine the coin. The resulting 100,000 BTG worth of block rewards from the first 8000 blocks will fund project development and more. (For more details, see the Bitcoin Gold roadmap.)


Other changes implemented by Bitcoin Gold are mostly to ensure a smooth split away from Bitcoin. This includes a new difficulty re-adjustment algorithm named “DigiShield” that adjusts the mining difficulty each time a block is found — instead of once every two weeks. Bgold also includes strong replay protection, ensuring that no users spend BTC when they mean to spend BTG, and vice versa. Additionally, BGold implemented a new address scheme, preventing users from spending BTC to BTG addresses and vice versa.


Bitcoin Gold will be supported by a relatively large number of exchanges, including major players like Bitfinex, OKex and HitBTC. Several of these exchanges are effectively supporting BTC/BTG trading already through futures markets. Ignoring an initially inflated price, these futures have traded at around 0.02 BTC in recent weeks, with a notable surge to about 0.042 BTC at the time of writing this article. If this holds up, 1 BTG would be worth almost $250, and Bgold would immediately become a top-5 altcoin on websites like coinmarketcap.com.


For more information on Bitcoin Gold, see Bitcoin Magazine’s earlier article on this project.


Disclaimer: The author of this article holds BTC and will therefore also own BTG at launch.

The post Bitcoin Gold Launches on November 12 appeared first on Bitcoin Magazine.

Posted on 11 November 2017 | 11:15 am

De-briefing Ethereum’s Parity Predicament: What’s Next?

De-briefing Ethereum’s Parity Predicament: What’s Next?

After an unidentified actor “accidentally” triggered a series of bugs that destroyed approximately $150 million worth of digital currency, the world waits for a substantive answer — is this vulnerability an anomaly? An “I told you so”? Or a humbling opportunity to secure the Ethereum network?

What Happened?

On November 6, “Devops199,” an alleged amateur programmer, set off a chain of bugs on Parity, a popular digital wallet for Ethereum. These bugs affected multisignature, or “multisig,” accounts — “wallets” that require multiple users to sign off with their keys before funds can be transferred.. The place these wallets connect to is known as a “library” contract.

  1. According to Parity, an attempt to fix a vulnerability that allowed hackers to steal $32 million from multisignature wallets in July of 2017 inadvertently created a second vulnerability in the library contract. This allowed Devops199 gain sole ownership of the library that every multisignature wallet used for their code.

  2. After Devops199 realized what had happened, he “killed” (deleted) the code. Unfortunately, this locked all funds into multisignature wallets permanently, with no way to access them.

  3. Because of the functionality of the current blockchain, $150 million worth of ether (ETH), the tradable currency that fuels the Ethereum platform, is now effectively destroyed and inaccessible to anyone.

Among the victims of this bug are several recently successful ICOs that chose to store their funds in a Parity wallet because of its multisig option and compatibility with various hardware wallets.

Parity’s Response (So Far)

On November 7, tweets on Parity’s official Twitter account acknowledged the vulnerability and confirmed that the funds affected are frozen and can’t be moved anywhere.

A day later, on November 8, Parity de-briefed the bug, explaining that it was indeed possible to turn the Parity Wallet Library contract into a regular multisig wallet and become the owner of it, which is exactly what Devops199 did. Parity now has a tool to check if a user/wallet has been affected by the vulnerability.

Parity’s History of Hacks

This isn’t the first time Parity has fallen victim to a security exploit. Parity’s multisignature contracts were previously the target of three thefts totalling 150,000 ether in July of 2017 (the second-largest hack after the DAO fiasco). And losses could have been exponentially higher. However, the “White Hat Group,” a collection of hackers and activists, was able to intervene and drain the majority of other wallets before they could be compromised as well.

Future multi-sig wallets created in all versions of Parity Wallet have no known exploits.
 - Official Parity website post following the July 19 hack

Jeff Coleman, an expert in blockchain technologies and currently a researcher and advisor with L4 Ventures, described Parity’s response to the July 19, 2017, attack as having been “worrying, to say the least.”

Coleman told Bitcoin Magazine that his primary concerns centered around Parity’s inadequate response and its tendency to downplay the significance of the compromise, choosing instead to blame a large number of external causes:

They blamed observers for not finding the bug before it was exploited; they blamed lack of incentivization for observers; and they blamed the Solidity language for not blocking access by default to the functions the [Parity team] failed to protect.

He further noted that Parity seemed to be blaming the complexity of the well-audited wallet (which they still believed to be secure) from which they had originally modified their code. And also that Parity didn’t take responsibility for their own inadequate quality control and audit procedures.

S.O.S.?

Developers in the community are desperately trying to find a fix to the Parity predicament. Coleman believes that “from a technological perspective, there is nothing short of a hard fork [a non-backward-compatible change to the Ethereum protocol] to restore the destroyed funds.”

After the DAO hack in 2016, the Ethereum Foundation had already accepted a hard fork to restore lost funds, with the common understanding that this was a sort of “mulligan” — a one-time fix for a young, developing blockchain. This scenario, nevertheless, divided the Ethereum blockchain into two parts and created Ethereum Classic, the original Ethereum blockchain, backed by a community that vehemently opposes editing transaction history to restore lost funds.

Using hard forks as interventions to “correct” worst-case scenarios like this is highly controversial, especially since blockchains are meant to be immutable. So, it’s difficult to convince the Ethereum community to use a hard fork to rescue one team from a mistake. While many acknowledge sympathy for smaller accounts storing personal ETH, sentiment is not as sympathetic for the 300,000 ETH that belonged to the Polkadot Project, project associated with the Parity team.

Arseny Reutov, an application security researcher for blockchain security firm positive.com, affirmed this community sentiment, while acknowledging that hard forks can be solutions. However, he agrees that Ethereum cannot simply hard fork any time there is a problem on the network. He believes blockchains should expect “more and more high profile thefts and incidents,” and that the problem lies in the infant Ethereum platform itself — specifically, in the native Solidity programming language.

If a Hard Fork Isn’t the Answer, Then What Is?

Both Coleman and Reutov believe that the key to gaining the community support necessary to restore funds is to combine the Parity situation with similar situations in which funds have been lost due to various kinds of mistakes. As an example, Coleman referenced those detailed in EIP 156: “Reclaiming of ether in common classes of stuck accounts.”

Coleman also pointed out that in any of these instances, it must be “completely unambiguous who the original owners of the assets were.” The necessary changes could then be made and packaged together in an “already planned hard fork, such as the upcoming Constantinople fork.”

Even so, restoring funds is problematic. Ethereum core developers must discern which mistake-affected funds will be returned to users. Will all funds be returned or only a select few — or will this be a ~500,000 ETH learning experience?

The post De-briefing Ethereum’s Parity Predicament: What’s Next? appeared first on Bitcoin Magazine.

Posted on 10 November 2017 | 4:11 pm

Bitcoin Price Analysis: Market Correction Could See Lows of $5,800

Bitcoin Price Analysis

In our last discussion of the bitcoin market, an emphasis was placed on the $7,000 support level because it represented a historic point of interest and it showed strong signs of support — a break of which would ultimately prove to have a strong downward move following afterward.

Bitcoin has since broken the $7,000 support level. It then took an immediate $500–$600 move downward and has, thus far, shown little interest in bouncing upward. Taking the whole move into view, we can see quite clearly that we completed a Wyckoff Distribution phase on the 30-minute candle; we are now heading downward as the supply is overwhelming the market:

Figure_1 (19).JPGFigure 1: BTC-USD, 30-Minute Candles, Wyckoff Distribution

Figure 1 shows a breakdown of the $7,000 support level, ultimately timed with the Last Point of Supply (LPSY) for this distribution phase. The LPSY represents the final, overwhelming abundance of supply in the market. As the price pushes lower, the supply outweighs the demand in the market and, as we are seeing in the current market, there is very little desire to buy at these prices.

Figure_2 (16).JPGFigure 2: BTC-USD, 1-Day Candles, Macro Parabolic Trend

Figure 2 shows the rejection of the linear ascending resistance line (shown in pink). This trendline has historically proven to be a point of reversal and, at the time of the article, is rejecting the trendline for the fourth time. If we follow the correction trend, we can expect an ultimate test of the lower parabolic curve that has proven to be support over the course of the last two years.

Figure_3 (15).JPGFigure 3: BTC-USD, 2-Hour Candles, Fibonacci Retracement Set

As predicted in the previous bitcoin analysis, we are currently finding support along the 23% Fibonacci Retracement values in the lower $6,500s. Historically, these values haven’t proven to be a significant market value, so I would not at all be surprised to see a test of the 38% values sometime soon. Figure 3 shows a lot of market activity and a well-established baseline of support in the 38% values. If the 23% values break and don’t hold support, we can definitely expect strong support in the 38% values that will require multiple tests if it tries to break the 38% support.

Summary:

  1. Bitcoin broke below the $7,000 support level and ultimately completed a Wyckoff Distribution phase.

  2. Prior to the breakdown in price, the market rejected the historic resistance line, which has signaled a strong reversal point throughout the market’s history.

  3. We are currently finding support on the 23% retracement values, but ultimately the stronger support will be found on the 38% values in the $5,800s.

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: Market Correction Could See Lows of $5,800 appeared first on Bitcoin Magazine.

Posted on 10 November 2017 | 2:59 pm

Bitcoin price climbs over $4,000

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CRYENGINE now accepts Bitcoin

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Consulting firm EY Switzerland accepts Bitcoin

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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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airBaltic - World’s First Airline To Accept Bitcoin

Posted on 22 July 2014 | 11:03 am

Expedia to accept Bitcoin payments for hotel bookings

Posted on 12 June 2014 | 12:41 pm

November 17, 2017 -
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