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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

Bitcoin is now higher, reversing earlier losses that brought it below $10000 - CNBC


Bitcoin is now higher, reversing earlier losses that brought it below $10000
Bitcoin jumped 10 percent Tuesday from session lows of below $10,000. The digital currency climbed above $10,900 in late morning trading, up 10 percent from a low of $9,972.29 hit early Tuesday morning, according to CoinDesk's bitcoin price index ...

and more »

Posted on 23 January 2018 | 9:39 am

Goldman Sachs Warns Investors of Bitcoin 'Bubble' in New Report

Goldman Sachs analysts have claimed bitcoin is in a bubble bigger than the dot-com era and the famous Dutch tulip mania.

Posted on 23 January 2018 | 8:31 am

Ether Price Outlook Gloomy After Again Falling Below $1K

The price of ether is likely to head south unless the bulls can quickly pull the price back over $1,100, price chart analysis indicates.

Posted on 23 January 2018 | 8:00 am

Researchers find that one person caused bitcoin to spike from $150 to $1000 in 2013 - CNBC


Researchers find that one person caused bitcoin to spike from $150 to $1000 in 2013
Within two months, one bitcoin was worth $1,000. Four researchers from the Tandy School of Computer Science at The University of Tulsa and the Berglas School of Economics at Tel Aviv University now believe that this spike was caused by one individual ...

Posted on 23 January 2018 | 7:41 am

Should Doctors Invest in Bitcoin? - Medscape


Should Doctors Invest in Bitcoin?
There are a lot of misconceptions about bitcoin, with many people interested in making a quick profit without knowing what they're investing in. As one financial planner told Medscape off the record, "I bet if you ask 10 investors in bitcoin to define ...
Nobel economist Stiglitz sees no legal functions for bitcoin: 'We have a good medium of exchange called the dollar'Business Insider

all 2 news articles »

Posted on 23 January 2018 | 7:05 am

UN Forms Blockchain Coalition to Help Tackle Climate Change

The United Nations has formed a new coalition to research and adopt applications of blockchain technology to further action on climate change.

Posted on 23 January 2018 | 7:00 am

Bitcoin And Gold: An Inverse Relationship - Seeking Alpha

Seeking Alpha

Bitcoin And Gold: An Inverse Relationship
Seeking Alpha
There appears to an inverse relationship between Bitcoin and gold: one moves up, the other moves down; one moves down, the other moves up. Based on Elliott Wave analysis, Bitcoin appears to have made a new low and is poised for a move up in the coming ...

Posted on 23 January 2018 | 6:54 am

Just Because It's Bad News for Your Crypto Coin Doesn't Mean It's FUD

Not all unwelcome tidings can be dismissed as attempts to sow "fear, uncertainty and doubt," and shooting the messenger won't make the message untrue.

Posted on 23 January 2018 | 6:00 am

Nasdaq 'investigating' bitcoin futures that are different to rivals, CEO says - CNBC


Nasdaq 'investigating' bitcoin futures that are different to rivals, CEO says
The Nasdaq is assessing how to offer cryptocurrency futures in a way that none of its competitors have so far managed, the CEO of the stock exchange told CNBC Tuesday. Adena Friedman confirmed earlier reports that the Nasdaq is looking into bitcoin ...

and more »

Posted on 23 January 2018 | 5:47 am

Bear Grip Strengthens as Bitcoin Price Nears $10K

Bitcoin prices look set to explore sub-$10,000 levels, leaving the bulls an uphill task to achieve a reversal.

Posted on 23 January 2018 | 5:20 am

Microsoft, Hyperledger, UN Join Blockchain Identity Initiative

Tech giant Microsoft and blockchain alliance Hyperledger and others have joined blockchain-based digital identity initiative, the ID2020 Alliance.

Posted on 23 January 2018 | 4:30 am

Bitcoin May Split 50 Times in 2018 as Forking Craze Accelerates - Bloomberg


Bitcoin May Split 50 Times in 2018 as Forking Craze Accelerates
“Unfortunately, most fork-based projects we see today are more of a sheer money grab,” said George Kimionis, chief executive officer of Coinomi, a wallet that lets Bitcoin owners collect their new forked coins. “Looking back a few years from now we ...

and more »

Posted on 23 January 2018 | 4:00 am

China's Banking Regulator Pushes Blockchain Adoption for Credit Market

China's banking regulator, the CBRC, thinks the country should double down on its adoption on blockchain technology to improve the credit market.

Posted on 23 January 2018 | 3:30 am

Cryptocurrency Exchange BitFlyer Launches New EU Branch

Japan-based bitcoin exchange bitFlyer has opened a new EU branch after receiving regulatory approval in Luxembourg.

Posted on 23 January 2018 | 3:00 am

What's a Former CIA Lawyer Doing in Crypto?

After decades at a white-shoe law firm, Russell Bruemmer is now advising blockchain startup Applied Philosophy Labs on token sales and governance.

Posted on 23 January 2018 | 2:00 am

South Korea Announces Deadline for Halt of Anonymous Crypto Trading

South Korea's financial watchdog has set a date for the introduction of a new rule barring anonymous virtual cryptocurrency trading accounts.

Posted on 23 January 2018 | 1:30 am

Vermont City Pilots Land Registry Record With Blockchain Startup

The City of South Burlington in Vermont is partnering with a blockchain startup to pilot a land registry ledger based on the tech.

Posted on 23 January 2018 | 12:00 am

How to Save on Bitcoin's Soaring Fees

Transaction fees are the talk of the bitcoin ecosystem, with many users upset by the rising cost to send funds, but there are simple ways to cut fees.

Posted on 22 January 2018 | 10:09 pm

Yes, Bitcoin Is a Means of Payment. Just Not Yet for You - Bloomberg


Yes, Bitcoin Is a Means of Payment. Just Not Yet for You
One popular workaround involves exchanges and wallet providers such as Coinbase and Xapo, which hold Bitcoin on behalf of millions of individual customers. Coinbase last year estimated that they were storing about 10 percent of all bitcoin in ...

and more »

Posted on 22 January 2018 | 5:00 pm

US Senators Blast Venezuela's Oil-Backed Cryptocurrency Plan

U.S. Senators Marco Rubio (R.-Fl) and Robert Menendez (D.-NJ) have denounced Venezuela's planned cryptocurrency in a new letter.

Posted on 22 January 2018 | 3:55 pm

SEC 'Looking Closely' at Public Company Blockchain Pivots, Says Chairman

The SEC is investigating companies that have made recent waves in markets with their public pivots toward blockchain.

Posted on 22 January 2018 | 2:40 pm

Coinbase Taps Twitter Vet to Bolster Customer Support

Coinbase has added Twitter's former vice president of operations and user services to its team in an effort to improve its customer service.

Posted on 22 January 2018 | 1:10 pm

Commodity Merchant Louis Dreyfus Trials Blockchain for Soybean Trade

Louis Dreyfus, a major commodities trading company, has announced that it has piloted a blockchain-based transaction system developed by a group of financial institutions including ING.

Posted on 22 January 2018 | 11:00 am

Op Ed: Here’s What Paul Krugman Got Wrong in His Bitcoin Tweetstorm

Op Ed: Here’s What Paul Krugman Got Wrong in His Bitcoin Tweetstorm

Like many other mainstream economists, Paul Krugman has long-shown a complete disdain for Bitcoin. In late 2013, he went as far as to write a piece titled “Bitcoin Is Evil” for his column in The New York Times.

Moral objections to bitcoin are one thing, but Krugman also does not see much utility in the cryptoasset at all. While he has been able to express his hatred for Bitcoin quite clearly, his technical criticisms of bitcoin as a new type of asset and store of value leave something to be desired.

In a tweetstorm on Sunday, January 21, 2018, Krugman illustrated his ignorance on the usefulness and utility of bitcoin around the world.

Starts Out Well Enough With the Digital Gold Analogy

Krugman’s tweetstorm started out well enough. In fact, the opening tweets were likely some of the nicest things the Nobel Laureate has ever had to say about bitcoin.

“As I see it, cryptocurrencies like Bitcoin are in effect like digital gold coins, in the sense that they can't be counterfeited ... Cryptocurrencies use cryptographic techniques plus distributed storage to create non-material entities that are nonetheless impossible to fake,” tweeted Krugman.

Digital gold is still the best analogy to sum up the digital asset’s value proposition, and the utility of bitcoin should become more apparent as the world moves deeper into a cashless society. In a cashless society, bitcoin would become the last financial bastion of freedom in a world where the global financial system is under complete control of governments.

The Avoidance of Trusted Third Parties in Payments Is a Big Deal

After those tolerable first few tweets, Krugman goes off the rails with the claim that online payments that don’t involve a trusted third party aren’t that important.

“Cryptocurrency lets you make electronic transactions; but so do bank accounts, debit cards, Paypal, Venmo etc. All these other methods involve trusting a third party; but unless you're buying drugs, assassinations, etc. that's not a big deal,” tweeted Krugman.

First all of all, there’s no reason to bring morals into an exploration of bitcoin’s utility. Either people will use it or they won’t. Whether you like what they’re doing is a different matter. Bitcoin’s use in darknet markets, ransomware, online gambling and other fringe areas cannot be ignored. Utility is utility.

Secondly, not everyone has access to PayPal, Venmo, and other online payment platforms. These options are centralized and permissioned. They’re also highly regulated, which means plenty of people fall through the cracks and cannot gain access to them.

Online freelancers in Venezuela take bitcoin because their government and payment platforms like PayPal have failed them.

Interesting post on /r/Bitcoin from a Redditor who compares the different options for storing value in Venezuela.

"I know a lot of people who sold everything they could to leave the country and took their money to bitcoins through @LocalBitcoins."
https://t.co/dvmxu4ozhV pic.twitter.com/R3egCdmoLa

— Kyle Torpey (@kyletorpey) December 1, 2017
Krugman goes on to point out the clunkiness of Bitcoin as it exists today, and he’s generally correct on this front. But this does not mean there’s no utility here. In fact, the opposite is true: There is so much utility that it has become difficult to scale the system to all of the people who want to use it.

Complaining about the lack of cheap, user-friendly payments on Bitcoin today is analogous to someone in 1995 complaining that the internet doesn’t have Netflix. Just give it a minute. Payment layers are currently being built on top of the base Bitcoin blockchain, with the Lightning Network being the most obvious example.

The Claim That Bitcoin Has Nothing to Backstop Its Value

Krugman then turned to the often-used argument that bitcoin lacks any sort of underlying value. This should come as a surprise, since he just laid out how it is useful for illicit digital payments.

“Meanwhile, what backstops a cryptocurrency's value? Paper money is ultimately backed by governments that will take it in payment of taxes (and central banks that will reduce the monetary base in case of inflation). Gold is actually useful for some things, like filling teeth and making pretty jewelry; that's not most of its value, but it does provide a tether to reality, along with a 5000-year history,” tweeted Krugman.

“Cryptocurrencies have none of that,” Krugman continued. “If people come to believe that Bitcoin is worthless, well, it's worthless. Its price rise has been driven purely by speculation — by what Robert Shiller calls a natural Ponzi scheme, in which early entrants make money only [because] others buy in.”

If bitcoin is useful for permissionless digital payments, then it has the same sort of underlying utility that the U.S. dollar has in the form of tax payments.

Additionally, the U.S. dollar would also become worthless if people woke up one morning and came to believe that it was worthless.

Of course, all of this misses the point anyway. How much of the value of all the U.S. dollars in the world comes from its use in tax payments? How much of the value of all the gold in the world comes from its use in electronics? Not much.

Krugman misses that storage of value is also a form of utility, and bitcoin is the most uncensorable, unseizable store of value the world has ever seen. You can walk around with a passphrase in your head that can unlock access to thousands of bitcoins, and no one would be the wiser. Not to mention there is no centralized party that can inflate the supply.

The Point of Market Manipulation

Krugman also touched on the high potential for manipulation in the bitcoin market, pointing to a paper regarding the manipulation of the bitcoin price by now-defunct bitcoin exchange Mt. Gox, as an example.

This is another claim with some basis in reality, but it ignores the massive amounts of manipulation and lack of transparency in the traditional financial system, which is what led to the creation of bitcoin in the first place.

Through the use of cryptographic proofs, bitcoin has the potential to become much more transparent and trustless than the traditional financial system. Bitcoin’s monetary policy is already much more transparent than what goes on at the Federal Reserve. There’s a reason someone put up a “Buy Bitcoin” sign while Federal Reserve Chairwoman Janet Yellen spoke against the need for further audits of the central bank.

Bitcoin exchanges are highly centralized institutions, which opens the door for manipulation. However, these exchanges have also become much more regulated over time. Today, it’s far more difficult to run an exchange at the level of incompetence that was found at Mt. Gox.

The potential for market manipulation should decline as the technology around bitcoin improves. Eventually, more trades may take place on decentralized exchanges, where it’s impossible to fudge the numbers.

In his last tweet from his thread on Sunday, Krugman said it’s unclear if the Bitcoin blockchain — or any blockchain for that matter — is useful.

Around $3 billion worth of bitcoin has been transacted on the Bitcoin network per day this year, according to Blockchain; $75 million worth of bitcoin per day was the norm the day Krugman first published an article on the subject.

Krugman’s arguments, as well as arguments from other well-known economists, have not changed much since 2013, but the Bitcoin network has continued to grow. It’s possible that Krugman and his colleagues are unable to comprehend the usefulness of bitcoin as an asset because it does not fit into the regulated, controlled environment they’ve built their economic and political worldviews around.

Bitcoin cannot be tamed, and they hate that.

This article originally appeared on Bitcoin Magazine.

Posted on 22 January 2018 | 10:32 am

China Moves to Crack Down on Digital Currency Pyramid Schemes

China's public security ministry says it will take aim at pyramid schemes in the country, including those that purportedly involve cryptocurrencies.

Posted on 22 January 2018 | 10:00 am

Canadian Research Body Pilots Ethereum in Transparency Push

The National Research Council of Canada is trialing the ethereum blockchain for recording government contracts.

Posted on 22 January 2018 | 9:00 am

Huobi Is Launching a Token, But It's 'Not an ICO'

China-based crypto exchange Huobi has announced that it will issue its own token based on the ethereum ERC-20 standard.

Posted on 22 January 2018 | 7:00 am

Bitcoin Price Analysis: Potential Bearish Continuation Sets Up Lower Lows

Bitcoin Price Analysis

Shortly after a sharp drop from the mid $14,000 to the lower $9,000s, bitcoin saw a strong bounce to the upper $11,000s. At the time of this article, bitcoin appears to be consolidating and is ready to make its next move:


Figure 1: BTC-USD, 1 Day Candles, Macro View

In the previous BTC market analysis, we discussed the distribution trading range the market fell out of as it reached for lower support boundaries. Ultimately, it found support on the macro 50% retracement values near $10,000. Once it broke south of the trading range, the price fell sharply and with high volume:

Figure 2: BTC-USD, 15 Minute Candles, Current Support and Resistance Levels

After bouncing off the macro 50% values, the market rallied and ultimately tested the linear trendline shown in Figure 1. Now, after several failed attempts to break the linear trendline’s resistance, the market finds itself in a consolidation pattern where it decides where it will move next.


Figure 3: BTC-USD, 60 Minute Candles, Potential Bear Flag

One possibility to keep a close eye on is this potential, strong bear flag. After finding support on the macro 50%, the subsequent rally saw decreasing volume throughout the length of the movement. This sort of price action could potentially lead to a bearish continuation with a measure move between $4000 and $5000 — a price target of approximately $6,000 – $7,000. If a drop of this magnitude continues the downtrend, we can expect to find support on the 61% macro Fibonacci retracement values shown in Figure 1.

It’s important to note that bitcoin has a penchant for breaking upwards when all signs say “down,” so tread lightly and wait for confirmation of the move. Confirmation of the bear flag breakout would show a pretty obvious outlier in volume, combined with wide price spread.


  1. Bitcoin recently saw a steep drop in price where it ultimately found a local bottom in the low $9,000s.
  2. Since it bottomed out, it has seen a rally on decreasing volume which leaves the door open for a bearish continuation.
  3. If the bearish continuation continues, expect support on the 61% macro retracement values.

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.

This article originally appeared on Bitcoin Magazine.

Posted on 19 January 2018 | 2:48 pm

Cornell IC3 Researchers Propose Solution to Bitcoin’s Multisig “Paralysis” Problem

Cornell IC3 Researchers Propose Solution to Bitcoin’s Multisig “Paralysis” Problem

Owning cryptocurrency comes with its own set of challenges. One of the biggest of those challenges is managing the private keys that enable you to spend funds. Lose your private keys, and your money is gone.

In a business environment, a common way to manage funds owned by multiple people is via what’s called a multisignature (multisig) address, a type of smart contract requiring two or more parties to sign off on a transaction to move the funds. 

This can be problematic, however. Let’s say you have a three-of-three multisig that requires you and two business partners to sign off on a transaction. If one person dies, disappears or becomes incapacitated, those assets become frozen — a risk some might feel uncomfortable with when dealing with tens of thousands of dollars or more.   

One way to ameliorate that risk might be to opt for a two-of-three multisig, where only two instead of all three individuals need to sign off on a transaction. But that’s not a complete solution either. Two players could conspire against the other one and run off with the money.

What now? If your funds are on the Ethereum blockchain, you could write a smart contract that would allow you to free the funds if one person in your trio disappeared.

However, Bitcoin with its limited scripting language makes things more difficult. “This seems like an unsolvable problem if you think about the traditional tools,” said Ari Juels, a professor at Cornell Tech and co-director of the Cornell Initiative for Cryptocurrencies and Contracts (IC3).

Paralysis Proofs

In a paper titled “Paralysis Proofs: How to Prevent Your Bitcoin from Vanishing,” researchers Fan Zhang, Phil Daian, Iddo Bentov and Ari Juels from the IC3 outline how to deal with what happens when a party is unable, or unwilling, to sign off on a multisig transaction in Bitcoin. The solution involves a combination of blockchain technology and trusted hardware — Intel SGX, in this case.   

Trusted hardware allows you to run code inside a protected enclave. Even a computer’s own operating system is unable to access data inside an enclave, so if your computer were to be hacked, the code in the enclave would remain secure.

IC3’s solution proposes replacing a trusted third party, such as a lawyer or a bank, who would put money in an escrow, with a trusted hardware solution that retains control of a master key to the funds.  

If one of the three people in the contract dies, the other two initiate a “paralysis proof.” That proof is based on a challenge sent to the missing third person. If the missing person responds to the challenge, the money stays put. If the missing person does not respond, the trusted hardware releases the funds to the remaining two players.  

Trusted hardware is only part of the solution, however. If the third person were to try and respond to the challenge request with an indication she is still alive, conceivably, the other players could intercept that message. To ensure that does not happen, the second half of IC3’s solution involves sending the message via the blockchain, which provides a tamper-proof and censorship-resistant medium.    

“By combining these two [methods], we can achieve the exact properties we’re after,” Juels explained to Bitcoin Magazine. “We can enable trusted hardware to determine whether or not somebody is alive, and there is no way to prevent a relevant message from getting transmitted if it is coming through the blockchain.”   

How It Works

Put simply, this is how to achieve a paralysis proof as outlined by the IC3 researchers:

  • Two players suspect a third is dead, so they post a challenge on the blockchain. The challenge consists of a tiny “dust” UTXO that the third person must spend within a certain period of time, say 24 hours, to prove she is alive.
  • The two players also get a “seize” transaction they may post to the blockchain later to collect the funds, if the third person does not respond to the challenge.
  • If the third person sends back a response by spending the UTXO, the game is over; the two others are not able to take control of the funds.  
  • Alternatively, if the third person does not return an “alive” signal by spending the UTXO before the time-out, then the two others can use the “seize” transaction to take control of the funds.  

This not the only use case for a paralysis-proof system. Juels thinks the solution would work well in any situation that called for a controlled access to private keys that could not otherwise be maintained on a blockchain. “It is actually a very general scheme you could use for lots of other purposes,” he said.   

For instance, a paralysis-proof system could be used as a dead man’s switch for control over the release (or decryption) of leaked information or a journalist’s raw materials. It could also be used in numerous ways to control daily spending limits from a common pool of money or as a conditioned expenditure based on an outside event (as reported by an oracle), like a student getting good grades or a salesperson meeting a sales quota.   

“Basically, you can a rich set of conditions around the expenditure of money using the fact that a trusted hardware kind of acts like a trusted third party,” said Juels.

This article originally appeared on Bitcoin Magazine.

Posted on 19 January 2018 | 9:07 am

Decentralizing the Sharing Economy With Blockchain Technology

Decentralizing the Sharing Economy With Blockchain Technology

San Francisco–based startup Origin is creating a set of protocols that allow developers and businesses to build decentralized marketplaces on the blockchain, with a focus on the sharing economy.

The Origin Protocol is a set of open-source blockchain protocols for buyers and sellers of services like car-sharing or home-sharing to transact on a decentralized, open web platform.

The protocol’s applications will store transactional data such as pricing and availability directly on the blockchain.

Leveraging the Ethereum blockchain and the Interplanetary File System (IPFS), the Origin platform will create and book services and goods in a decentralized way, without traditional intermediaries.

Recently, Origin launched its functional, completely decentralized prototype Origin Protocol Demo DApp, live on the Ethereum test network. It also announced that several companies have committed to developing further applications on the Origin platform.

“Our vision for Origin is to create protocols that allow marketplaces to be governed by a set of rules instead of corporate rulers. We want to eliminate the rent-seeking middlemen, maximize personal liberty, reduce censorship and redistribute value to the early participants in the network,” Origin co-founder Josh Fraser said in conversation with Bitcoin Magazine. “Partners are building on Origin because they realize they can get to market sooner and we can share network effects by working together.”

Tackling the Problems of the Centralized Marketplace

Uber and Airbnb, the hugely popular marketplaces for ride-sharing and home-sharing, are usually considered the leading players in the emerging “sharing economy.” Another buzz phrase, “people as a service,” describes the business models of these two companies, both of which attracted funding that values them in the tens of billions of dollars.

Consumers perceive that Uber and Airbnb are faster, cheaper and better alternatives to traditional services like taxis and hotels, delivered via sophisticated yet easy to use apps. But, while the consumer has the impression that they are buying services directly from individual providers in decentralized, P2P networks, Uber and Airbnb are centralized systems where transactions between individual consumers and providers are routed through infrastructure, hubs and software that belong to the companies that own the platform.

Centralization makes Uber and Airbnb vulnerable to regulatory actions, and there is the possibility that both services could be shut down by the government at any time. In the meantime, besides taking a fee, the platform owners are in complete control of the networks and the individual providers and are often accused of predatory behavior.

“Look at Uber and Airbnb as examples,” said Fraser. “Both companies have been banned or heavily regulated in cities all around the world. Likewise, those companies have a history of banning certain individuals for life from ever using their marketplaces.”

Uber and Airbnb (the Services) without Uber and Airbnb (the Companies)

According to data provided by Origin, Uber, Airbnb and other centralized sharing marketplaces are expected to earn $40 billion in platform fees annually by 2022, and the sharing economy as a whole is expected to top $335 billion by 2025. Some centralized sharing services charge upwards of 30 percent fees for hosting transactions.

Origin wants to cut out these middlemen with new standards based on blockchain technology.

The Origin platform “enables people to freely transact on the blockchain in decentralized marketplaces without rent-seeking middlemen,” says Coleman Maher. who recently joined Origin as its first business development hire. “We aim to eliminate excessive transaction fees, reduce censorship and redistribute value back to the community.”

“We imagine a broad collection of vertical use cases (e.g short-term vacation rentals, freelance software engineering, tutoring for hire) that are built on top of Origin standards and shared data,” reads the Origin product brief. Origin applications will be able to share users, creating a “shared network effect” that could benefit all application providers, as well as the consumers.

Bee Token, SnagRide, JOLYY, Acquaint, Aworker, BlockFood, Edgecoin and ODEM have committed to building on the Origin platform. More partners will be announced in the coming months.

The first two projects are in Airbnb and Uber territory. The Bee Token team, a group of former employees from Google, Facebook, Uber and Civic, is building a middleman-free, peer-to-peer network of hosts and guests on the decentralized web, with the stated goal of “reinventing the home sharing economy.” SnagRide is a ride-sharing application for mid– to long-distance rides, which leverages artificial intelligence and blockchain-powered smart contract technologies to smartly manage drivers and passengers willing to travel together between cities and share the cost of the trip.

The Origin ecosystem will offer incentives based on the Origin token, an ERC20 utility token on the Ethereum blockchain, described in the Origin white paper. The Origin token, to be distributed later in 2018, is the currency used for transactions on the Origin platform. However, the Origin team plans to implement on-the-fly conversions of fiat currencies and Ethereum to the Origin token in future releases.

This article originally appeared on Bitcoin Magazine.

Posted on 18 January 2018 | 11:06 am

Blockstream Releases Lightning Charge, Launches Test E-Commerce Store

Blockstream Releases Lightning Charge, Launches Test E-Commerce Store

Following the release of the first Bitcoin Lightning Network white paper, published in February 2015, developers have been working on Lightning Network implementations to enhance the throughput and usability of the Bitcoin network. For an overview, see this three-part series on “Understanding the Lightning Network.”

In December 2017, lightning developers ACINQ, Blockstream and Lightning Labs, announced the 1.0 release of the Lightning protocol and the world’s first Lightning test payments on the Bitcoin mainnet across all three implementations. The standardization and deployment of the Lightning Network’s second-level, off-chain payment layer is expected to result in instant bitcoin transactions, improved scalability and lower fees, enabling fast and cheap micropayments.

Blockstream’s implementation of the Lightning spec, c-lightning, is a low-level technology designed to implement the Lightning spec without added complexity. At the same time, Blockstream realizes that developer tools are needed to unlock the power of Lightning for advanced applications, such as those that integrate with credit card companies and with existing online payment systems.

Blockstream is releasing the Lightning Charge complementary package for c-lightning to make it simpler to build sophisticated applications on top of c-lightning.

“Web developers will be able to work with c-lightning through their normal programming techniques, and they’ll also get expanded functionality such as currency conversion, invoice metadata, streaming payment updates and webhooks,” reads the Blockstream announcement. “Together, these additions make it easy for developers to use c-lightning to create their own, independent web-payment infrastructures.”

Lightning Charge is a micropayment processing system written in node.js. It exposes the functionality of c-lightning through its REST API, which can be accessed through JavaScript and PHP libraries, both of which have also been released through the Elements Project.

"Lightning Charge makes integration with the Lightning Network much simpler, since it bridges the needs of application developers and the underlying infrastructure, to provide a simple and extensible way to accept Lightning payments," Blockstream developer Christian Decker said in conversation with Bitcoin Magazine.

“Since the introduction of Lightning Charge, less than 48 hours ago, we have seen a dramatic interest in the Lightning Network, both on the user as well as the developer side,” Decker added. “We have gotten a lot of feedback, and the mainnet network has doubled in the number of participants."

The desired effect of the Lightning Charge launch was to reach a wider audience, get early feedback from future users and to showcase what will be possible in a not-so-distant future, and I think we have achieved that goal.

Israeli entrepreneur Nadav Ivgi, founder of Bitrated, worked with Blockstream developers to create Lightning Charge. “Together with him we built this new code, or this immediate piece of software that provides this nicer to use interface,” said Decker.

“So far the development for Lightning has been mostly on the network side of things. It’s been very much this close-knit group of people that are building it and are trying to build the infrastructure. Infrastructure is nice to have. But if nobody can actually use it then it’s not worth much, right?”

To test Lightning Charge, Blockstream is launching the Blockstream Store, a working e-commerce site that allows users to make small purchases of stickers and t-shirts. “By offering an early demonstration of this cutting-edge technology, we hope to bring Lightning to life with real-world functionality, providing a way for you to test Lightning and become a part of the micropayment revolution,” states the Blockstream announcement.

The Blockstream Store, built on WordPress and WooCommerce, connects with Lightning Charge and c-lightning through a WooCommerce Lightning Gateway, which Blockstream also released as part of the Elements Project.

The only way to purchase the items in the Blockstream store is with a Lightning payment. A disclaimer warns that, although the products sold in the store are real, this store is for testing and demonstration purposes only.

“Lightning is still very new and contains known and unknown bugs,” reads the disclaimer, adding that users may lose funds.

"We believe this is an important step towards a full rollout of the network as a whole, however we’d like to remind users that the Lightning Network is still experimental and that testnet is to be preferred for testing before making the jump to mainnet," Decker told Bitcoin Magazine.

This article originally appeared on Bitcoin Magazine.

Posted on 18 January 2018 | 10:37 am

“Bitcoin Laundering” Study: Where Do Criminals Turn to Mask Illicit Cryptoassets?

Bitcoin laundering study

A recent study (PDF) from the Foundation for Defense of Democracies’ Center on Sanctions and Illicit Finance and blockchain analytics company Elliptic explored the “bitcoin laundering” ecosystem. In the study, Elliptic’s forensic analysis of the Bitcoin blockchain and other publicly available data were used to track the flows of illicit funds from 2013 to 2016.

“This study aimed to identify where individuals turn in order to cash out or transmit bitcoins (BTC) acquired from illicit entities and to discover typologies for criminals ‘laundering’ bitcoins,” the report says.

The study describes bitcoin laundering as a special type of money laundering that exists within the Bitcoin network where a user moves some bitcoins to a new address in a manner that obscures the original source of funds. The conversion of bitcoins into fiat currency on exchanges that lack adequate anti-money laundering (AML) and know-your-customer (KYC) policies can also fall under the category of bitcoin laundering.

In addition to describing the common mechanisms for bitcoin laundering and explaining that this sort of activity is a small percentage of all transactions sent to exchanges and other conversion services, the study also offers some recommendations for law enforcement in terms of preventing the masking of illicit funds on the Bitcoin network.

It should go without saying that any study related to the dark web or illicit use of the Bitcoin network needs to be taken with a grain of salt because avoiding detection is the whole reason for a criminal to use these sorts of platforms in the first place.

The Bitcoin Laundering Ecosystem

Much of the study, which is titled “Bitcoin Laundering: An Analysis of Illicit Flows Into Digital Currency Services,” revolves around the use of “conversion services.” Conversion services are basically platforms where users convert bitcoins to fiat currency (a Bitcoin exchange) or another cryptocurrency (a cryptoexchange), or move the bitcoins to another Bitcoin address accessible to the user. This results in a flow of funds that cannot be viewed or traced directly on the public blockchain.

According to the study, darknet markets are the main source of funds that are sent to conversion services in bitcoin laundering attempts.

Additionally, the number of illicit services that could be the source of “dirty bitcoins” sent to a conversion service increased fivefold from 2013 to 2016. Having said that, the study finds that the sources of illicit funds entering conversion services are quite centralized.

“Only a small number of entities account for the majority of illicit activity in our sample,” the study says. “Nine of the 102 illicit entities were the source of more than 95 percent of all laundered bitcoins in our study. All nine were darknet marketplaces.”


While exchanges are the most commonly used type of conversion service, bitcoin mixers and gambling sites have much more illicit funds coming into their platforms as a percentage of their overall transactions. As potential conduits for bitcoin laundering, these two types of conversion services benefit from concealing their country of operations and avoiding enforcement of AML regulations.

“Fewer than 10 percent of all transactions overall passed through unknown jurisdictions ... while 52 percent of illicit laundering went through them,” the study says.

Much like the sources of illicit funds, the conversion services where these funds are sent are also highly centralized, the study finds. The data indicates that 97 percent of illicit transaction volume at mixers and gambling sites goes through three different entities. Additionally, two platforms in Europe account for half of all illicit transfers that go into exchanges.

Not Much Bitcoin Laundering Activity Overall, and It’s on the Decline

Another notable aspect of the study is that the data indicates a low level of bitcoin laundering as a percentage of all payments sent to conversion services.

“The amount of observed Bitcoin laundering was small (less than one percent of all transactions entering conversion services),” notes the study.

The report clarifies that the actual volume of illicit Bitcoin transactions sent to conversion services is “almost surely to be significantly larger” than what the data in the study shows because intermediate transactions are not counted. In other words, the report only covers transactions made directly from an illicit source, such as a darknet market, to a conversion service.

The study also indicates a decrease in illicit Bitcoin transaction volume going to conversion services over time.


“It is likely that illicit bitcoins fell as a percentage of total volume entering conversion services due to the cryptocurrency’s increasing popularity as a speculative investment as well as new laundering techniques,” the study says. “The drop may also reflect better AML/CFT compliance by conversion services, including the use of blockchain analysis services to determine customers’ source of funds.”

The study later adds, “Our study, the first of its kind, indicates that while most types of conversion services have received some bitcoins from illicit activity, the vast majority of the funds they receive do not appear to be illicit.”

Recommendations for Law Enforcement That Will Likely Fall Short

The report offers recommendations for law enforcement in terms of what they can do to combat the effectiveness of bitcoin laundering.

First, the study says proper KYC and AML policies need to be enforced on the bitcoin mixers and gambling sites that allow for anonymous usage. It notes that the three conversion services that account for 97 percent of bitcoin laundering on these types of platforms should be targeted by financial authorities.

“The fact that most mixers and gambling sites hide their location of operations indicates they probably seek to evade the basic regulations in place to uphold transparency and financial integrity standards in most jurisdictions,” adds the study.

Of course, it should be noted that targeting these sorts of services will become nearly impossible as they become more decentralized over time. Decentralized platforms like JoinMarket, TumbleBit and ZeroLink remove the ability for authorities to clamp down on bitcoin mixing in an effective manner, as these solutions act more as software than services.

Second, the report also calls for increased AML and KYC compliance at European exchanges.

“Many large European Bitcoin exchanges do implement robust AML policies,” says the study. “However, this is out of choice rather than obligation, and there are some who choose not to, possibly to attract business from criminals.”

The study adds that the European Union is already moving in the right direction via an update of their 2015 Anti-Money Laundering Directive to include fiat-to-cryptocurrency exchanges, but in the view of the authors of the paper, crypto-to-crypto exchanges must also be regulated in this manner.

Again, it needs to be pointed out that more problematic technology — at least from law enforcement’s point of view — is on the horizon in the form of decentralized cryptoexchanges. Through the use of cross-chain atomic swaps via the lightning network, users will be able to instantly trade between different cryptoassets without the need for a trusted third party.

Third, the study calls for a sort of propaganda campaign against the use of darknet markets by criminals and the general public at large.

“Law enforcement should increase customer skepticism about [darknet market] sites’ integrity and reduce the perceived security of such platforms by exposing their vulnerabilities publicly,” says the study.

The report adds that law enforcement should make it well known that they’re lurking on these darknet markets to further shake confidence in them.

Darknet markets are another area of the Bitcoin ecosystem that are becoming more decentralized through platforms such as OpenBazaar. While illicit activity on the OpenBazaar network appears to be limited at this time, it could potentially explode in popularity as a reaction to law enforcement’s hypothetical campaigns against the centralized darknet markets.

Fourth, the report praises the decision by financial authorities in the United States to regulate exchanges as Money Service Businesses. The authors of the paper would like to see this sort of policy rolled out worldwide.

Last, the study notes the need to prevent the illicit use of bitcoin and other cryptocurrencies to get around economic sanctions imposed by the United States or other nations.

“In addition to mitigating illicit finance risks like criminal money laundering, there will likely be a need to develop strategies to counter state actors aiming to use cryptocurrencies to circumvent U.S., EU, and UN sanctions.”

Recently, there have been reports of North Korea, Russia and Venezuela all looking into separate mechanisms for avoiding economic sanctions through the use of cryptocurrencies.

This article originally appeared on Bitcoin Magazine.

Posted on 18 January 2018 | 2:52 am

Halong Mining and MyRig Announce Partnership


Halong Mining and MyRig are working together to bring the new DragonMint miner from Halong to market.

First announced in November 2017, the new Halong Mining DragonMint 16T miner is the result of 12 months of R&D and a $30 million investment in development. It has a hashrate of 16th/s with a power consumption of 1440–1480 watts optimized for 240v operation. The DM8575 ASIC runs at 85 GH per chip with a power efficiency of 0.075 J/GH. No special modifications are needed in a data center to use the DragonMint if it is already configured to support a typical Chinese-manufactured ASIC miner.

MyRig (formerly BitmainWarranty) has been providing hosting and retail sales of miners and accessories, PCB design and manufacturing, software engineering and factory approved warranty and repair services since 2013. The partnership with Halong means that MyRig will take care of retail-side distribution, support and warranty services for the DragonMint 16T.

Halong will be manufacturing the DragonMint and continue to sell direct, albeit with a five-unit minimum. Halong told Bitcoin Magazine that the five-unit minimum per order on their site will remain when ordering direct from Halong, but when ordering from MyRig, customers will be able to order single units. They indicated that lead time for shipping at the moment is April 15–30, 2018, and they expect the first batch to go out in March 2018.

According to a MyRig representative, they will ship to any country that either UPS or DHL can deliver to, provided it is not on a sanctions list.

This article originally appeared on Bitcoin Magazine.

Posted on 17 January 2018 | 3:37 pm

Bitcoin tops $10,000 milestone

Posted on 29 November 2017 | 2:30 am

Bitcoin price climbs over $4,000

Posted on 14 August 2017 | 1:16 am

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 »

Posted on 8 November 2016 | 6:20 pm

Steam accepts Bitcoin

Posted on 29 April 2016 | 1:09 am

Major Magazine Publisher to Accept Bitcoin Payments

Posted on 18 December 2014 | 12:43 pm

Microsoft accepts Bitcoin

Posted on 11 December 2014 | 5:06 am

Mozilla accepting Bitcoin

Posted on 20 November 2014 | 1:55 pm

PayPal and Virtual Currency

Posted on 23 September 2014 | 9:52 pm

Wikimedia Foundation Now Accepts Bitcoin

Posted on 30 July 2014 | 3:14 pm

German Newspaper "taz" accepts Bitcoin

Posted on 22 July 2014 | 1:32 pm

airBaltic - World’s First Airline To Accept Bitcoin

Posted on 22 July 2014 | 11:03 am

January 23, 2018 -
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