Articles by CryptBay

Inside the mysterious Bitcoin hash that shook up the cryptocurrency community

#00000000000000000021e800c1e8df51b22c1588e5a624bea17e9faa34b2dc4aYou know how geeky the cryptocurrency community is, when this is the trending hashtag on Twitter.This long sequence is a ‘block hash’ — a cryptographic number that is produced when new transactions are validated and written on the Bitcoin blockchain. This particular hash belongs to block number 528249 created on Tuesday.Usually, no one is excited about block hashes — but there was something very peculiar about the sequence that threw the whole community into a frenzy.This was the presence of “21e8” in the middle of the string after the zeros end.“E8 Theory” is a theory in physics that attempts to describe all fundamental interactions in the universe such as gravitational, nuclear and electromagnetic forces. The theory was proposed by Antony Garrett Lisi in his paper “An exceptionally simple theory of everything” in 2007.The theory is not yet proven — and for the most part was never taken seriously by ‘mainstream’ physicist. But some cryptocurrency enthusiasts are reading between the lines to pitch their own conspiracy theory.


Is QuarkChain the long awaited Ethereum Killer?

QuarkChain (QKC) is one among the latest players among blockchain which has the vision of creating a secure and immensely scalable blockchain, with the potential to manage a million transactions per second, with the help of a dual layer blockchain…


Blockchain is likely to advance the internet of things—and robot rights.

On March 6, 2016, a small drone belonging to the open-source software company Drone Employee lifted into the Russian sky, traveling across an open field of white snow. Drone flight is relatively unremarkable today, but this particular drone wasn’t controlled by anyone. Brought to life by a predetermined agreement, or “smart contract,” running on the Ethereum blockchain, the drone’s engines powered on and it lifted itself into the air, taking a flight path dictated—only and exclusively—by code. The smart contract controlled the drone’s trajectory, without the need for a middleman with a remote to manage the device. Once started, the code governing the drone could not be stopped. If the smart contract had directed the drone to fly into a building or to head straight for a person, there would be no way for anyone to change its direction or stop the flight without physically disabling the drone or modifying the blockchain.


Crypto responds to the Bank of International Settlement’s bitcoin report

To bitcoin adherents, bitcoin and other cryptocurrencies are still a work in progress. Yes, its energy usage is an issue but it’s one that developers are aware of any trying to solve.One blockchain professional I spoke to on Thursday compared the BIS report to saying the world would be in trouble if a baby was put in charge. Babies tend to grow up before they are given any responsibility and crypto developers are hard at work helping bitcoin and other digital currencies grow up.”I don’t think many people appreciate just how early stage this technology is,” Jamie Burke, the founder and CEO of specialist bitcoin and blockchain VC fund Outlier Ventures, told the Blockchain Alternative Investment Conference in London on Monday.Something like 98% of bitcoin’s original code base has been rewritten since it was first created in 2009 and developers around the world continue to work on new ideas, solutions, and technology.Allarie said: “I’m deep, deep in it and I’m a pretty technical person and I cannot keep up. There’s so much. I’m not even close. There’s just so much activity and so much innovation happening. I’ve never seen anything like it, it’s just happening at such a pace.”


How blockchain will transform the e-commerce industry over the next few years

Blockchain technology should be considered the most disruptive technology invention of the fourth industrial revolution. The world has never seen a technology as powerful as blockchain technology and it could potentially impact all sectors of the economy complete will transforming it through top notch efficiency.Recently, blockchain technology has been employed in different sectors of the industry ranging from the financial services sector, to the energy sector, from logistics to supply chain management, from the health sector to the gaming industry, and is even being used in online gambling.However, the sector it is aiming to transform, and hopes to have the highest impact on day to day consumer and seller activities, is the e-commerce industry. The e-commerce industry has arguably changed the way we shop and live, which to many people has basically become one in the same.The convenience, affordability, and vast array of products offered by e-commerce platforms shows some of the benefits of the e-commerce industry, but with the growth of the industry (a global online retail market that is expected to surpass $4.5 billion by 2020), large e-commerce companies like Amazon, Alibaba, EBay and a large group of other companies which account for over 50% of that market valuation, the problems associated with e-commerce are beginning to emerge.


Bitcoin Price Manipulation Fueled Top Cryptocurrency’s 2017 Rally: Report

Bitcoin’s meteoric price spikes in 2017 were fueled by market manipulation and not merely investor enthusiasm. That’s the conclusion of University of Texas finance professor John Griffin.In his 66-page research paper entitled Is Bitcoin Really Un-Tethered?, Griffin said at least 50 percent of the increase in bitcoin prices in 2017 was manipulated using tether, another cryptocurrency pegged to the U.S. dollar.Professor Griffin, who specializes in spotting financial fraud, said circumstantial evidence suggests there was coordinated price manipulation designed to keep bitcoin prices artificially high.


Mastercard’s Patents Use Blockchain To Secure Card Payments, Itinerary Bidding

Payments and technology company MasterCard Inc. has filed a patent to use a public blockchain system for payment card verification. It has also won a patent for a system of itinerary bidding based on a blockchain network.According to US Patent and Trademark Office or USPTO filing, the patent application – Method And System For Payment Card Verification Via Blockchain- is for a public blockchain-assisted conveyance and retrieval of payment processes to verify and secure users’ information.In the filing, MasterCard noted that the wireless transmission of payment credentials can be subject to intercept. The company noted that many consumers may feel unsafe to utilize more convenient methods of conveying payment details, instead opting for more secure methods that require additional time and actions to be performed by the consumer.


Bitcoin Tumbles After Major Crypto Exchanges Subpoenaed For Manipulation, Coinrail Hacked

Bitcoin and other cryptocurrencies flash-crashed Saturday night, one day after the US Commodity Future Trading Commission (CFTC) sent subpoenas four cryptocurrency exchanges in an ongoing probe into bitcoin manipulation that began in late July – following the launch of bitcoin futures on the CME, according to the Wall Street Journal. CME’s bitcoin futures derive their final value from prices at four bitcoin exchanges: Bitstamp, Coinbase, itBit and Kraken. Manipulative trading in those markets could skew the price of bitcoin futures that the government directly regulates.In delay reaction, Bitcoin fell as much as $433 or 5.6% in Saturday night trading, with some noting that the flash crash happened shortly after a 90th ranked crypto exchange, Coinrail, had suffered a “cyber intrusion”, and was likely the more relevant catalyst for the crypto price drop.


Apple Co-founder Steve Wozniak Wants Bitcoin To Be Single Global Currency

Steve Wozniak, Apple co-founder, wants to see Bitcoin as the single global currency, echoing comments made by Twitter CEO Jack Dorsey recently.”I buy into what Jack Dorsey says, not that I necessarily believe it’s going to happen, but because I want it to be that way, that is so pure thinking,” Wozniak told CNBC on the sidelines of a financial conference in Amsterdam, Netherlands.Bitcoin will become the global currency for payments after overtaking the dollar’s dominant place within a decade, Dorsey had said in March in an interview to the UK’s Times newspaper.In May, however, Dorsey said the internet was set to have a native currency. He was unsure if it would be Bitcoin, but hoped it would be so.


Bitcoin price analysis: BTC/USD bullish mojo returns, could ‘Italexit’ have contributed to the current gains above $7,500

Bitcoin price led the brief bullish momentum in the market yesterday where it gained more than $200 in less than 1 hour. Bitcoin used $7,120 as a support while the bulls were eyeing $7,600. At the moment, BTC/USD is trading a bullish flag pattern pending another upside breakout.It is still unclear what caused the sudden upsurge in Bitcoin on Tuesday 29, however, one of FXSTREET writers, Yohay Elam believes that there is a connection between the political discord in Italy. ‘Italexit’ might have been the boost that took Bitcoin from trading $7,120 to above $7,500. The elections in March resulted in an economic crisis in the country. Italy’s stock prices have plummeted almost similar to the Brexit situation in Great Britain. The money flowing out of Italy’s bonds, the Euro as well as the global stocks could have ended up in the crypto market. Elam Yohay wrote referring to the crisis in Italy, “When the establishment is in crisis, alternatives are sought after.”