Coin News

Bitcoin payroll service Bitwage is joining six other startups as part of an incubator class backed by French telecom giant Orange SA.

The block-size limit dispute, at its heart, represents a trade-off between efficiency and security. Bigger blocks allow for more transactions on the Bitcoin network but could reduce mining power utilization and lead to centralization. Engulfed in sometimes heated debates, several developers have submitted proposals to strike a right balance between the two and reach community consensus – but so far to no avail.

A group of Cornell University researchers, meanwhile, took an entirely different approach. Instead of attempting to strike the right balance, post-doctoral associate Ittay Eyal, doctoral student Adem Efe Gencer, computer science professor Emin Gün Sirer and research scientist Robbert Van Renesse, proposed Bitcoin NG, a radical redesign of the Bitcoin architecture meant to solve the block size trade-off entirely.

On key blocks

Currently, Bitcoin miners include two main types of data in blocks: a proof of work which allows the network to determine the longest chain, and a number of transactions to be selected by the miner. As its main differentiator, Bitcoin NG splits these two functions by creating two separate types of blocks: key blocks and microblocks, both of which are still part of the same chain.

Key blocks include the proof of work, a reference to the previous block, and the coinbase transaction (mining reward) – but none of the other transactions. In Bitcoin NG's current design, and much like “normal” Bitcoin blocks, key blocks are found every 10 minutes on average. And, also like “normal” Bitcoin blocks, the amount of hashing power used to find the block determines the longest chain. In other words, it determines which blockchain is the real one.

To explain the benefits of using key blocks, Eyal told Bitcoin Magazine:

Since key blocks don't include any transactions, they require very little data to be transmitted over the network. This results in faster block propagation, and, therefore, in fewer pruned blocks ['orphans']. As such, less mining power is wasted, and the incentive to centralize mining is reduced."

On microblocks

Apart from the proof of work, a reference to the previous block, and the coinbase transaction, a miner includes one more type of data in a key block: his own public key. Subsequently, the corresponding private key is required to sign the other type of blocks: microblocks.

As opposed to key blocks, microblocks do not include any proof of work, but merely store transactions. These microblocks are created much more often: on average once every 10 seconds in Bitcoin NG's initial design. As such, the miner of a key block is essentially in charge of confirming transactions on the network until a new key block is found.

On poison transactions

There is one problem. The fact that microblocks are not secured by proof of work, means a miner (the key block signer) could easily double spend a transaction; he can simply sign multiple microblocks with contradicting transactions to different entities at the same time.

Therefore, Bitcoin NG uses so-called “poison transactions.” If the network notices a double spend, a poison transaction is created, which destroys the revenue – the mining reward and fees – of the double spending miner retroactively. As such, miners are incentivized to remain honest.

Transactions included in a microblock on the Bitcoin NG blockchain would be much more reliable than unconfirmed transactions on the current Bitcoin blockchain,” says Eyal. “But microblocks would not offer the same level of security as key blocks. Only key blocks would offer a similar level of security as blocks on the current blockchain do, meaning it would still be wise to wait for several confirmations when the value of a transaction is significant.”

Radical

Compared to alternative proposals circulating that address the scaling issue. Bitcoin NG is probably the most radical redesign of the Bitcoin protocol as we know it today. By basically flipping the current process of Bitcoin mining on its head, the Cornell research team has proposed an alternative that is completely incompatible with the existing consensus rules. Whether Bitcoin NG actually has any type of future, therefore, remains to be seen.

There are several ways where this could go,” Eyal explained. “We could reach a consensus among the Bitcoin community to change the way the blockchain works, and implement Bitcoin NG to be the new Bitcoin. Or, if someone is inclined to implement all the technical differences, Bitcoin NG could become an altcoin. Personally, I'm interested in the technology and the science behind it, as a research project. I think this is a better way to do a blockchain.”

For more information on Bitcoin NG, see Eyal and Sirer’s blog post on Hacking, Distributed.

The post Bitcoin NG, or How Cornell Researchers Think a Radical Redesign Can Solve Bitcoin's Scaling Issues appeared first on Bitcoin Magazine.

The block-size limit dispute, at its heart, represents a trade-off between efficiency and security. Bigger blocks allow for more transactions on the Bitcoin network but could reduce mining power utilization and lead to centralization. Engulfed in sometimes heated debates, several developers have submitted proposals to strike a right balance between the two and reach community consensus – but so far to no avail.

A group of Cornell University researchers, meanwhile, took an entirely different approach. Instead of attempting to strike the right balance, post-doctoral associate Ittay Eyal, doctoral student Adem Efe Gencer, computer science professor Emin Gün Sirer and research scientist Robbert Van Renesse, proposed Bitcoin NG, a radical redesign of the Bitcoin architecture meant to solve the block size trade-off entirely.

On key blocks

Currently, Bitcoin miners include two main types of data in blocks: a proof of work which allows the network to determine the longest chain, and a number of transactions to be selected by the miner. As its main differentiator, Bitcoin NG splits these two functions by creating two separate types of blocks: key blocks and microblocks, both of which are still part of the same chain.

Key blocks include the proof of work, a reference to the previous block, and the coinbase transaction (mining reward) – but none of the other transactions. In Bitcoin NG's current design, and much like “normal” Bitcoin blocks, key blocks are found every 10 minutes on average. And, also like “normal” Bitcoin blocks, the amount of hashing power used to find the block determines the longest chain. In other words, it determines which blockchain is the real one.

To explain the benefits of using key blocks, Eyal told Bitcoin Magazine:

Since key blocks don't include any transactions, they require very little data to be transmitted over the network. This results in faster block propagation, and, therefore, in fewer pruned blocks ['orphans']. As such, less mining power is wasted, and the incentive to centralize mining is reduced."

On microblocks

Apart from the proof of work, a reference to the previous block, and the coinbase transaction, a miner includes one more type of data in a key block: his own public key. Subsequently, the corresponding private key is required to sign the other type of blocks: microblocks.

As opposed to key blocks, microblocks do not include any proof of work, but merely store transactions. These microblocks are created much more often: on average once every 10 seconds in Bitcoin NG's initial design. As such, the miner of a key block is essentially in charge of confirming transactions on the network until a new key block is found.

On poison transactions

There is one problem. The fact that microblocks are not secured by proof of work, means a miner (the key block signer) could easily double spend a transaction; he can simply sign multiple microblocks with contradicting transactions to different entities at the same time.

Therefore, Bitcoin NG uses so-called “poison transactions.” If the network notices a double spend, a poison transaction is created, which destroys the revenue – the mining reward and fees – of the double spending miner retroactively. As such, miners are incentivized to remain honest.

Transactions included in a microblock on the Bitcoin NG blockchain would be much more reliable than unconfirmed transactions on the current Bitcoin blockchain,” says Eyal. “But microblocks would not offer the same level of security as key blocks. Only key blocks would offer a similar level of security as blocks on the current blockchain do, meaning it would still be wise to wait for several confirmations when the value of a transaction is significant.”

Radical

Compared to alternative proposals circulating that address the scaling issue. Bitcoin NG is probably the most radical redesign of the Bitcoin protocol as we know it today. By basically flipping the current process of Bitcoin mining on its head, the Cornell research team has proposed an alternative that is completely incompatible with the existing consensus rules. Whether Bitcoin NG actually has any type of future, therefore, remains to be seen.

There are several ways where this could go,” Eyal explained. “We could reach a consensus among the Bitcoin community to change the way the blockchain works, and implement Bitcoin NG to be the new Bitcoin. Or, if someone is inclined to implement all the technical differences, Bitcoin NG could become an altcoin. Personally, I'm interested in the technology and the science behind it, as a research project. I think this is a better way to do a blockchain.”

For more information on Bitcoin NG, see Eyal and Sirer’s blog post on Hacking, Distributed.

The post Bitcoin NG, or How Cornell Researchers Think a Radical Redesign Can Solve Bitcoin's Scaling Issues appeared first on Bitcoin Magazine.

Bitcoin exchange itBit has emerged as the first of what could be as many as three winners in last week's US government bitcoin auction.

Bitcoin Press Release: BitcoinBlackFriday.info and its founder, Thomas Silva are pleased to announce the launch of the new website designed for merchants and customers who plan to use bitcoins on Bitcoin Black Friday 2015. The new platform has been launched to prepare everyone with comprehensive information about Bitcoin Black Friday merchants, products, deals and coupons. Over the years, Bitcoin Black Friday has gained a lot of importance and gained momentum. Along with discounts and sales, this day brings in a lot of stress and headaches as everyone is frantic and worried about knowing the best and exclusive Bitcoin deals available […]

The post Bitcoin Black Friday Strategy And Timetable Announced appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

During the catastrophe of Mt. Gox, Zhou Tong and his Bitcoinica became a bit of an unproven scourge to the Bitcoin community. People were quite confident at the time that Tong had stolen funds on at least several occasions. A recent investigation further into the matter made it plain that something was going on, something very much unlike what Zhou Tong was claiming. Tong's Bitcoinica claimed to have lost 43,554 bitcoins as a result of hacking at Linode. They offered significantly little evidence to this effect, and were largely mysterious when queried for specifics. What came out in the more […]

The post Suspected Scammer Zhou Tong is CoinJar Co-Founder appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

Bitcoin has been ripping higher recently, and some market participants say the digital currency is finally making a rebound with investors after a sustained fall.

The advice from one Nobel Prize winner: not so fast.

Professor Eugene Fama, who won the 2013 Nobel Prize for Economics, thinks the value of bitcoin "is likely to go to zero," at some point, according to an interview posted on CoinTelegraph.

Bitcoin prices are hovering around the $400 mark right now after making a big run-up in late October and early November.  

"People won’t use it because basically it’s very difficult to know how much you need to settle. It is quite variable, they won’t want to hold it as just a way of settling payments, they will try to get rid of it quickly, as they do; and that’s not good for the survival of that kind of a unit of account," he said in his interview.

"As if it doesn’t have a stable value it’s probably not going to survive as a unit of account. What that means is that it’s value is likely to go to zero at some point."

Fama goes on to say bitcoin does not represent a 'store of value,' like gold does for investors. 

"I guess that for a drug dealer that has a lot more value," he said. 

There's a SoundCloud embed posted below, for audio users, or readers can head to CoinTelegraph to read a full version of what Fama had to say.  

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The idea of a social media platform with Bitcoin-powered financial incentives has become rather popular ever since former Reddit Cryptocurrency Engineer Ryan X. Charles wrote about how Bitcoin could be used to solve some of Reddit’s core issues earlier this year.

Although many believed that this new social media application would be nothing more than a copy of Reddit with a few Bitcoin-centric features added to it, Charles recently told an audience at an SF Bitcoin Meetup that the final product could look quite different from the “Frontpage of the Internet.” Instead of an alternative to Reddit, it appears that Charles’s creation, Datt, will be a completely new kind of experience.

Bitcoin Attached to Upvotes

During his recent presentation, Charles displayed a few mockups of what Datt could look like when it’s ready for some sort of public release. The examples shown in his presentation slides looked quite similar to Reddit, but Charles noted that the functionality associated with upvoting and downvoting worked a bit differently:

This is an example of the front page. It looks similar to Reddit -- you see links, you see images -- with one difference being those little dots you can see on the left. When you press that dot, when you highlight the dot, that’s the same thing as like upvoting on Reddit, but you’re actually paying the person bitcoin. So, you’re giving them a little bitcoin tip. You can think of it -- it’s sort of if ChangeTip were integrated to a website or if Zapchain looked like Reddit, it would look like this.

Features, Storage, and Onename Integration

Of course, Datt is not just about cloning Reddit and attaching bitcoin to upvotes. There will be other features added to the system, which could make the platform a bit more dynamic. For example, Charles noted that there could be some features that are similar to what is found on Twitter:

There will probably be following, like Twitter, so it won’t be exactly the same as Reddit.

Charles also wanted to make the point that a user does not need to have any bitcoin to use Datt:

You do not need to have bitcoin to do anything. That’s another question -- people ask about this a lot . . . You don’t have to have bitcoin to view content or to post content. It’s sort of a feature, but you don’t have to have it.

With this being an open-source project with the promise of decentralization, it makes sense that user data and content will not be stored on a centralized server owned by Datt. Charles noted that IPFS or another P2P protocol where each user is able to store data related to the subreddits (or whatever Datt communities are called) they’re interested in could be used for storing content, while Onename will likely be used to solve the identity problem.

How Will Datt Be Monetized?

In addition to explaining how Datt will work as an application, Charles also spent some time discussing how a profitable business could be built around the platform. He sees monetization as a non-issue, and he thinks taking a cut of each transaction made on Datt could be a business model that works over the short term:

To me, this is a non-issue. I think it’s very obvious -- we will just take a portion of payments. Almost no one is going to modify the client to take out that portion. It’s technically optional, but we’ll just take a cut of the payments. I think that will work; we’ll see.

Charles pointed to OB1 (the company behind OpenBazaar) as an example of an alternative business plan, but it’s clear that he will try monetize the protocol first:

There are other ways we could earn money. We could provide services [like what OB1 plans to do. OB1] is going to do more like creating other products and services, not so much monetizing the protocol. I’m trying to monetize the protocol. When people make payments on this thing, a cut goes to the company by default. At least, that’s the plan.

It’s still somewhat difficult to imagine what Datt will look like when it’s released to the public early next year, and an early prototype release in November could help Charles and the rest of the development team figure out which direction to move in next. Anyone interested in getting involved with the development process can visit the Datt GitHub page.

The post Former Reddit Cryptocurrency Engineer Explains How His Decentralized, Bitcoin-Powered Social Media Platform Will Work appeared first on Bitcoin Magazine.

FIAP, a São Paulo-based private university, has announced it will now accept bitcoin as payment for select courses.

Bhagwan Chowdhry, a Professor of Finance at the University of California Los Angeles (UCLA) has nominated Satoshi Nakamoto for the 2016 Nobel Prize in Economics.

The Nobel Memorial Prize in Economic Sciences, commonly referred to as the Nobel Prize in Economics, is an award for outstanding contributions to the field of economics. It is generally regarded as the most prestigious award for that field.

“The committee has invited me to nominate someone for the 2016 Prize,” writes Chowdhry in The Huffington Post. “I then started thinking whose ideas are likely to have a disruptive influence in the twenty first century. The name of the inventor of Bitcoin suddenly jumped up in my consciousness and I have not been able to get it out of my mind since then, Satoshi Nakamoto.”

“The invention of bitcoin – a digital currency – is nothing short of revolutionary,” continues Chowdhry. “[Bitcoin] is digital and exists purely as a mathematical object. It offers many advantages over both physical and paper currencies. It is secure, relying on almost unbreakable cryptographic code, can be divided into millions of smaller sub-units, and can be transferred securely and nearly instantaneously from one person to any other person in the world with access to internet bypassing governments, central banks and financial intermediaries such as Visa, Mastercard, Paypal or commercial banks eliminating time delays and transactions costs.”

Of course, Chowdhry is aware that the Nobel Committee is unlikely to accept the nomination of a pseudonymous candidate. That’s why the article’s title is “I (Shall Happily) Accept the 2016 Nobel Prize in Economics on Behalf of Satoshi Nakamoto.”

“There’s no real precedent for awarding the Nobel Prize to an unknown person (or possibly even group of people), so it’s difficult to say how the Prize committee will deal with the nomination,” notes Gizmodo. “But even so, the fact that Bitcoin and Nobel Prize in Economics are being talked about in the same breath is significant all on its own.”

“I would be happy to go and accept the Prize on [Nakamoto’s] behalf,” says Chowdhry. “What about the acceptance speech? That won't be any problem either. He can write his speech, digitally sign it and send it to me securely. I would, of course, rehearse and deliver it on his behalf at the Prize ceremony.”

Even so, it still seems unlikely that the Nobel Committee will accept the nomination. But it’s interesting to imagine that Nakamoto could choose this moment to reveal his identity, which would force the Committee to accept his nomination and take it seriously. As Chowdhry notes, Satoshi is so rich that the financial reward wouldn’t matter much – he is still sitting on a huge stash of bitcoin that he could sell anytime – but the temptation of joining the very select club of Nobel Laureates is difficult to resist. If Satoshi ever chooses to disclose his identity, now seems like a very appropriate time.

That Satoshi Nakamoto deserves a Nobel Prize is difficult to deny. As Chowdhry notes, bitcoin as a currency and an efficient payment means is just the tip of the iceberg. The disruptively innovative nature of Bitcoin lies in the possibility of decentralized trustless agreements and digital contracts that can be digitized, securely verified and stored, and transferred instantaneously from one party to another.

“The implications of this are immense,” says Chowdhry, and adds that Bitcoin is likely to upend the role central banks play in conducting monetary policy. “The consumers will be big beneficiaries and indeed the poor and marginal sections of the society will reap the benefits of financial and social inclusion in the coming decades,” he says.

It’s interesting to note that Satoshi Nakamoto might have already received the Nobel Prize in Economics. In fact, the rumors that the unknown identity behind Satoshi could be the mathematician John Nash of A Beautiful Mind fame, who received the Nobel Prize in Economics in 1994, never quite died out. Nash, who openly proposed many ideas for next-generation economics that can be related to Bitcoin and considered as precursors, for example the Ideal Money concept, passed away in May 2015.

The post Satoshi Nakamoto Nominated for the 2016 Nobel Prize in Economics appeared first on Bitcoin Magazine.

One of the biggest concerns for the Fed as they decide whether or not to raise interest rates this year is expected inflation. While prices and wages have been pretty stable over the last few years, if consumers and investors think the inflation rate will rise in the near future, the Fed might consider raising interest rates in response.

One of the questions on the New York Fed's Survey of Consumer Expectations asks respondents what they think inflation will look like in the near future.

The median consumer's expected one-year ahead inflation rate dropped throughout the summer before hitting a low of just 2.73% in September. In October, expected inflation rebounded to 2.82%, higher than in both August and September.

SEE ALSO: CRIPPLED? Here are 15 charts that show how great America already is

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The American consumer is feeling more optimistic than in recent months, but less so than earlier this year.

One of the questions on the New York Fed's monthly Survey of Consumer Expectations asks respondents how they expect their household spending to change over the next year. This has been a very jumpy indicator in 2015, seesawing back and forth before dropping over the summer and hitting a new low in September.

In October this indicator appears to have slightly ticked up, with the median household expecting spending to increase by 3.47%, up from the September low of 3.18% and just a tick above the July and August expectations of 3.46%. However, the new October number is still well below survey results from earlier this year and in 2013 and 2014.

Consumers are a huge part of the American economy, with household consumption making up about 69% of GDP. The decisions consumers make about spending have a huge impact on the overall economy.

SEE ALSO: CRIPPLED? Here are 15 charts that show how great America already is

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Bitcoin price has made the characteristic corrective C-wave that curves back down to the initial A-wave low. Although we cannot be sure that the downside correction is complete, we do know what to look out for to confirm advance. This analysis is provided by xbt.social with a 3-hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29. Bitcoin Price Analysis Time of analysis: 15h20 UTC BTC-China 4-Hour Chart From the analysis pages of xbt.social, earlier today: Price action has looked close to a sell-off on several occasions during the […]

The post Bitcoin Price Teetering On The Edge appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

Nearly 50% of bitcoin enthusiasts believe its price will end the year above $500, according to the results of a new CoinDesk poll.

Satoshi Nakamoto, the anonymous creator of the wildly divisive digital currency bitcoin, has been nominated for the Nobel Prize in Economics.

Writing in The Huffington Post, UCLA professor of finance Bhagwan Chowdhry says that he is using his official nomination to nominate Satoshi for his work on bitcoin.

Digital currency bitcoin was created in 2009, but almost nothing is known about its inventor. His identity was kept secret from all members of the bitcoin community, and he slowly phased out his contributions as the technology grew in popularity. 

He now hasn't been heard from in years — although after Newsweek named a Japanese-American man, Dorian Satoshi Nakamoto, as being the "real" Satoshi in 2014,  an account linked to the creator posted a message: "I am not Dorian Nakamoto."

One popular theory for the identity of Nakamoto is Nick Szabo, a developer who had worked on creating digital cash prior to the launch of bitcoin, and is now involved in the bitcoin space. Szabo has denied the connection, however. 

The lack of hard facts about its creator hasn't stopped bitcoin exploding in popularity, however. A single bitcoin is now worth $384, and has a die-hard following of tech enthusiasts, libertarians, and privacy activists — as well as criminals, who use the anonymous nature of the digital currency to help facilitate crime.

In the (admittedly unlikely) event that Satoshi wins in 2016, and he doesn't come forward to collect the award himself, Chowdry says he would be happy to accept the award "on behalf of" the mysterious creator.

You can only nominate people to be awarded the Nobel Prize — widely viewed the highest accolade in economics — if you have been invited by the Economic Sciences Prize Committee. And typically, every part of the nomination process is totally secret: "The names of the nominees and other information about the nominations cannot be revealed until 50 years later," the Nobel Prize's official website says.

In fact, it's possible that Chowdry, by going public with the nomination, has violated official rules. The 50-year restriction "concerns the nominees and nominators, as well as investigations and opinions related to the award of a prize." It's not clear what breaking this rule will mean for the professor's nomination.

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Plenty of investment banks have been expressing an interest in the blockchain. It's the underlying technology that allows cryptocurrencies like bitcoin to exist.

The blockchain a sort of ledger that tracks transactions without an intermediary like a bank, and it's the something that the financial industry is excited about.

But according to HSBC, interest may spread beyond investment banks and towards central banks, the state monetary authorities responsible for the country's currency.

In countries like the US and UK, the central banks — the Federal Reserve and Bank of England, respectively — are there to focus on keeping the economy growing, and control inflation at a relatively low and stable level.

According to a note from HSBC, central banks could use the blockchain for a policy that's even more unconventional than quantitative easing. It could apparently make helicopter drops of money, sent from the central bank to households, much easier.

That's likely to sound like really bad news from the perspective of some big cryptocurrency fans, who think the blockchain is great precisely because it can facilitate currencies and transactions that don't rely on central banks.

HSBC's basic argument is that up until now, trying to ease the economy through interest rates has been a central bank's main method. At least that way, banks and borrowers provide a sort of control over the policies. The central bank encourages private credit creation, or inside money, backed by debt. 

There are a couple of problems with that. Firstly, you can't guarantee how much money will actually be supplied to the real economy. That's ultimately the choice of the banks. Secondly, the creation of debt is an issue — too much of that can slow down growth in itself, especially if it's created for unproductive ventures. 

But "helicopter money" would be outside money — injecting money directly from a central bank, and not representing a debt held somewhere else in the private sector. Nobel-winning economist Milton Friedman referred to dropping money out of helicopters decades ago, meaning a direct stimulus from the central bank that didn't have to go through the private credit system.

HSBC outlines the trust problem with helicopter money — in short, people are rightly sceptical of a central bank's ability to work out how much help the economy actually needs. If it's too much, helicopter money could be wildly inflationary.

Here's how they think the blockchain could help with that:

If we move towards an economy where all transactions become recorded in real-time on a Blockchain type of technology, it will not be too dissimilar to the current eco-systems that many ecommerce giants have around the globe. Online e-commerce stores are able to give out loans to merchants without collateral, because they know all the flows already from the merchants’ point of view: from how much people are spending to the conversion rate of pages viewed to purchases. In the same way, a modernised monetary transmission system, based on real-time big data analysis through Blockchain, could allow the government to balance the economy more efficiently and systematically.

In short, the blockchain would allow the government to know a huge amount more about what's actually happening in the economy.

They also include two graphics, one of which demonstrates the current way that central banks try to influence interest rates:

You can see above that the central bank isn't actually pumping money directly into the economy, but rather using banks as intermediaries.

Below, the process between the blockchain and the process of bringing in helicopter money is pretty direct.

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Roma Siri, a baby girl born today has had her birth certificate notarized on the block chain. The potential of block chain’s many applications transcends finance and general industry and today’s example of the notarization of the birth certificate of a new born baby goes to prove it. While paperwork-based documents are predominantly the only source of authorization or proof of evidence to this day, the medium is and always has been unreliable and time-consuming. Physical documents may get misplaced and routinely take ages to go through the notions of an administrative process, especially when it is an official document […]

The post Roma, Aged 1 Day, Has Her Video Birth Certificate Notarized on the Blockchain appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

The recent highs struck by the Bitcoin price goes hand-in-hand with the largest ever amounts of the cryptocurrency traded.  The price of Bitcoin has been on a wild surge lately and recently struck a year-high of $502 on November 4th before the unpredictability saw prices take a dip this past week to a price of $363.88 at the time of publishing. While Bitcoin pricing remains indecisive, it’s significant to note that Bitcoin trading volume reached record highs in a period that saw the largest volume of bitcoins traded. Ever. The Numbers As Bitcoin price surged to reach a then-year-high and […]

The post Record Trading Highs behind Bitcoin Price Highs appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

Bhagwan Chowdhry, a professor of finance at UCLA, has nominated Satoshi Nakamoto, for the 2016 Nobel Prize in economics, according to the Huffington Post. The professor was asked by the Nobel Prize committee to nominate someone for the prize. Chowdhry said likely candidates for the prize include Paul Romer at New York University, Doug Diamond at the University of Chicago, and Steve Ross at the Massachusetts of Technology, for the work they did in the 1970s and 1980s. But in thinking about whose ideas have had a disruptive influence in the 21st Century, Chowdhry said Nakamoto jumped to his mind. He […]

The post UCLA Finance Professor Nominates Satoshi Nakamoto For Nobel Prize appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

The Nobel Memorial Prize in Economic Sciences is, as with most Nobel prizes, quite a big deal. Past laureates are a who’s who of economics—and starting in 2016, that list could include the inventor of Bitcoin. Assuming, of course, someone works out who that is.

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