bitcoin

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.


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.”


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.


Gold ETF Exec Switches Allegiance to Bitcoin ETF

According to Grayscale CEO Barry Silbert, the addition of McDonald to the team could help the firm to expand its reach as digital asset ETFs continue to become increasingly common and popular. Silbert explained that McDonald brings “a wealth of knowledge and experience managing ETFs and other complex financial instruments” to her new role, adding that “she will play a critical role for Grayscale as digital currencies continue to grow as an asset class for institutional and individual investors,” according to a report by PRNewsWire.com.

Grayscale is perhaps best known as the provider of single-asset and diversified investment products, most notably Bitcoin Investment Trust (GBTC), the first publicly-quoted instrument which was solely invested in bitcoin.


The future of Bitcoin: What Lightning could look like

After years of conceptualization and development, the first Lightning implementations are now in beta. As a result, more nodes are appearing online every day, a growing number of users are opening channels with one another, and some merchants even started to accept Lightning payments.

But of course, these are still the very early days of theLightning Network. While the main implementations are usable and some wallets and other applications are available, Bitcoin’s overlay payment network is projected to improve over the next few years in areas ranging from network architecture to security and usability, and more.

These are some of the more important Lightning projects currently in development.


Goldman sets new norm for bitcoin on Wall Street: venture capitalist

Goldman Sachs is moving ahead with plans to open the first bitcoin trading firm of any Wall Street bank and other banks will likely follow, said Spencer Bogart, a partner at Blockchain Capital.

“That’s what a lot of banks do, follow what Goldman does,” the blockchain venture capitalist told CNBC on Thursday.

“Most of these banks have heard about the numbers or seen the numbers that companies like Coinbase and Binance are putting up,” Bogart said on “Fast Money.” “There’s a real risk that some of those companies could overtake some of Wall Street’s biggest banks if they don’t get in the market.”


Facebook to Be Sued in UK Over Fake Bitcoin Ads

“Enough is enough,” says one high-profile British entrepreneur, who is taking social media giant Facebook Inc. (FB FB Facebook Inc 174.16 +9.06%) to court in a crusading defamation case. Martin Lewis, a popular U.K. personal finance guru, wrote in a press release that within the last year the Silicon Valley platform had published more than 50 scam advertisements using his name and image to deceive people. (See also: Already More ICOs in 2018 Than All of 2017: $6.3B.)

Lewis, who runs the popular consumer finance site MoneySavingExpert.com and is host of ITV’s “The Martin Lewis Show,” says he has been “fighting for over a year to stop Facebook letting scammers use my name and face to rip off vulnerable people—yet it continues. I feel sick each time I hear of another victim being conned because of trust they wrongly thought they were placing in me. One lady had over £100,000 taken from her.” Lewis said many of the ads were running “get rich quick” schemes, with titles such as “Bitcoin code” or “Cloud trader.”



5 Legal Concerns About Bitcoin

Digital currencies like Bitcoin are a growing form of payment method used by businesses and consumers – especially for online transactions. Many people find Bitcoin more appealing than traditional coins because they aren’t under the control of a central bank….


No, Visa Doesn’t Handle 24,000 TPS and Neither Does Your Pet Blockchain

Bitcoin was envisaged as a payments system and so it was natural, long before the store of value notion emerged, that comparisons would be made with existing global payment systems. Bitcoin’s early adopters knew that if the technology took off, some time in the future it would need to handle magnitudes more transactions per second than the 7 it could muster. Someone mentioned Visa with their magical 24k per second, and it’s stuck ever since.

Only that figure isn’t entirely accurate. In fact it’s not even remotely accurate. In reality, Visa processes around 1,700 transactions per second, a figure it rarely exceeds. The larger number is the one that Visa claims, and it’s the one that’s usually referenced in comparison to bitcoin and every other blockchain. In theory Visa should be able to handle that volume – in fact it’s been reported that its servers can handle as much as 56k tps – but that’s all theoretical, much like the claimed throughput of new blockchains that can operate at the speed of light in the lab, but significantly worse in the wild. There’s a big difference between operating a testnet on a bunch of Amazon servers and a mainnet distributed around the globe.