Coin News

The price of bitcoin declined sharply in global markets today, falling by more than 13%, according to the CoinDesk USD Bitcoin Price Index (BPI).

Romit, the remittance service that began as bitcoin ATM developer Robocoin, has said that it is shutting down its bitcoin services.

The 21 Bitcoin Computer is now available for purchase in Bitcoin at its equivalent value to $399.00 USD on its official website. The latest billing option which allows purchase with Bitcoin also comes with added privacy and security in mind. The company does not ask for a name on the address and will send to a P.O. Box […]

The post 21 Bitcoin Computer Is Available for Purchase Using Bitcoin appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

Bitcoin’s block-size dispute rages on. A proposed change to a single parameter in Bitcoin’s reference implementation has spawned into a great debate, resulting in tireless discussion, multiple conferences , a growing split within the Bitcoin community and at least one prominent developer joining a bank-run alternative.

The subject of debate itself, moreover, started out in the technical realm, predominantly relating to the increased propagation time of larger blocks, and the level of mining centralization. Over the past year, however, the same debate mostly moved into the political domain, leading to the big question of governance, and the spawning of several competing Bitcoin implementations.

But interestingly, these two domains – the technical and the political – are not necessarily separate. Not only do some technological trade-offs require political decision-making, political decision-making can sometimes be influenced by technological trade-offs.

The block-size limit provides an outstanding example.

Social Implications of Technology

A widespread belief within the Bitcoin community (often employed to excuse the currency’s notorious use on darknet marketplaces) is that all technology – including Bitcoin – is neutral, and can be made to serve various ends. Like a hammer, which can be used to build a house or bust someone’s scull, Bitcoin is claimed to be detached from ethics: a mere means. Some even follow this argument to conclude that Bitcoin’s block-size limit must be raised simply because there is demand for increased transaction capacity, as if a dictate by some force of nature rather than a conscious decision.

But this neutral perception of technology in general, and of Bitcoin in particular, is false. Design choices can greatly impact what a technology is used for, and especially when made in the early stages of a its development.

To illustrate this, let’s explore the evolution of another technology: the bicycle. Shortly after the bicycle was first invented in the late 19th century, initial designs started out as two quite different devices. There was the sportsman’s racer for people who perceived bicycling as a competitive sport, which had a high front wheel that was fast but unstable. And there was the bicycle as a utilitarian means of transportation for people who simply wanted to get from A to B, which had a safer two equal-sized low wheels.

The utilitarian bicycle eventually won out. This shifted the energy invested in research and development toward this design, after which it benefited from all subsequent advances in the field of bicycle technology. In retrospect, it may seem that high wheelers were a clumsy predecessor to the modern bike, but in reality the two designs co-existed and competed. Rather than an early stage of the bicycles we know today, the high wheeler represented a possible alternative path of bicycle development, which would have addressed very different problems.

The bicycle example is probably an innocent one. But what if the various technical solutions to a problem have different effects on the distribution of power? Then the choice becomes political. And – importantly – the political implications of that choice will be embodied in the technology.

One telling example of such a choice were the plans for a New York expressway, designed halfway through the 20th century by well-known city planner Robert Moses. This particular expressway included overpasses that were too low for city buses. As such, the lower class from Manhattan who depended on bus transportation – in large part the African-American population – was discouraged from visiting the beaches on Long Island. A simple design specification contained a racial and class bias.

Now let’s see how this notion applies to Bitcoin’s block-size limit.

Consensus Rules

Bitcoin’s block-size limit is one of Bitcoin’s consensus rules. These consensus rules are an incredibly important set of rules. Besides the block-size limit, they include, for instance, that the block reward halves every four years (each 210,000 blocks), which limits the total amount of bitcoin to 21 million. They also include that all bitcoin used in a transaction must have a traceable origin (save for the mining reward), preventing users from creating bitcoin out of thin air. And they include that blocks must be created at the required difficulty setting, making sure miners can’t enrich themselves for free.

Bitcoin’s consensus rules are checked by full nodes. Full nodes are Bitcoin implementations that receive transactions and blocks from other full nodes, and verify whether these adhere to the consensus rules their operator installed. If these transactions and blocks check out, transactions are typically forwarded to other full nodes, and blocks are added to the blockchain. (And if a full node is operated by a miner, it will also use valid transactions and blocks to find new blocks.)

But if the transactions and blocks a full nodes receives do not adhere to the consensus rules its operator installed, they are considered “not Bitcoin” by that node, and are discarded. Moreover, all subsequent blocks any miner might build on top of that block are discarded as well.

This is crucial to understand, as it means that – contrary to popular belief – full nodes do not automatically follow the longest chain of blocks. Rather, full nodes automatically follow the longest chain of blocks they consider valid!

But this also means that two groups of Bitcoin users using different consensus rules could effectively create two different and incompatible blockchains. Each group would simply consider the other blockchain “not Bitcoin.”

To prevent such a split (a “hard fork”), the consensus rules among all full nodes must – indeed – be in consensus.

Full Nodes and Democratic Empowerment

The operator of a full node, and only the operator of a full node, decides which consensus rules that full node applies. As such, full node operators decide what kind of transactions they want to accept and, therefore, what kind of Bitcoin they want to use. Full nodes grant individual autonomy to their operators.

But operating a full node is not only empowering from an individual perspective; it’s also empowering in a more democratic sense, as full nodes carry out social influence through network effects . Full node operators are incentivized to apply the same consensus rules as other full node operators, since that allows them to transact. So, as a full node operator decides to use a specific set of consensus rules, the incentive to adhere to these consensus rules becomes stronger for everyone else, too.

This social influence can currently be witnessed by the fact that some full node operators would individually prefer to increase the block-size limit to produce and accept bigger blocks – but don’t.

Of course, Bitcoin’s consensus rules are not set in stone. While network effects make them hard to change, and no full node operator can be forced to, it is possible to make a (near) networkwide switch, providing a strong incentive for all full node operators to join the new consensus rules. Methods such as programmed into Bitcoin XT, allowing full node operators to signal they will make a collective switch in advance, could potentially smoothen this process. Innovations such as proof-of stake voting and prediction markets might improve it even more.

Users

Not all full nodes are equal from a network perspective. Rather, the weight of each full node is essentially carried by whatever it has to offer the rest of the network.

Full nodes operated by miners, for instance, potentially offer a lot of security through their hashing power. Full nodes operated by Bitcoin exchanges, payment processors, wallet services and other consumer-based companies, typically offer easy access-points to Bitcoin. And full nodes relying on software that is actively developed and maintained by prudent and trustworthy developers carry a lot of weight through the security they offer.

Miners, companies and developers all add weight to a set of consensus rules through the full nodes they run and support. But their influence should also not be overstated.

What it’s really about in the end, are all of the bar owners selling beers, immigrant workers sending the fruits of their labor home, citizens escaping inflation or currency controls, investors diversifying their portfolio, and – yes – even dealers on the dark Web selling drugs. Without them, miners could not get rid of the bitcoin they mine, companies would have no customers and developers would write code sitting idly on their computers.

Users ultimately give Bitcoin value.

The Trade-off

While Bitcoin users ultimately give Bitcoin value, miners, companies and developers are more likely to operate full nodes than users. And as the cost of running a full node increases, this likelihood increases, too.

This presents us with a trade-off.

Bitcoin’s block-size limit limits the amount of possible transactions on the network, which increases confirmation times, or the required transaction fees, or both. As such, it decreases Bitcoin’s utility as a payments system, which could slow down or restrain adoption. This could even limit Bitcoin’s potential as a widely-used technology – or require more complicated solutions to realize that promise.

But Bitcoin’s block-size limit is probably also the single most important parameter controlling the cost of operating a full node. It limits the required CPU cost of verifying transactions, it limits the bandwidth cost of sending and receiving transactions and blocks, and it limits the disc space cost of storing the blockchain.

And importantly: Bitcoin users who would like to run a full node but can’t, are excluded from Bitcoin’s consensus process. Above a certain size, increased block-size limit would allow a smaller percentage of users to directly influence the consensus rules.

Under such circumstances, rather than empowered participants of a networked consensus process, many worry that Bitcoin users could increasingly become consumers of a product offered by the few entities able to run and support full nodes; miners, companies and, arguably, developers, too.

Bitcoin users could still choose which full node operator they hand their “vote” to, for example by using bitcoin mined by a specific set of miners. Or they could use a company that supports the same consensus rules they do. But this requires trust, and only makes sense if there is at least one full node operator supporting the consensus rules a user desires. (Regulation of companies, and in a very centralized scenario of full nodes themselves, might even completely prevent that.)

The block-size parameter, therefore, embodies a certain type of politics.

The Current Status of Empowerment

Running a full node is currently burdensome , and perhaps in particular for “the other six billion ”: Bitcoin users in developing countries. This is evidenced by the rapidly falling full node count over the past years.

But many Bitcoin users could probably still run a full node if they’d want to.

This means that even if a super-majority of miners, companies and developers all decide they want to increase the block-size limit, most users could still oppose such a change by firing up a full node and keep applying the existing consensus rules. And since Bitcoin is really carried by its users, a super-majority of miners, companies and even developers would have to cease their efforts – or make themselves obsolete.

Users are effectively still in charge.

Moving Forward

In search for guidance on the best way to move forward, both sides of the debate tend to refer to either Satoshi Nakamoto’s writings, or Satoshi Nakamoto’s perceived vision, or both. But apparent contradictions within, and alternative interpretations of, the Bitcoin creator’s white paper, emails and forum posts have deemed this practice fruitless – probably even divisive. And if we are to take his words literally, both sides of the debate seem out of line. We should, therefore, perhaps instead accept that Satoshi was fallible, that his writing are not scripture, and that he could not foresee the state of Bitcoin years down the road.

Instead, in order to move forward, we should probably apply our own reasoning to the best of our abilities.

There is, of course, nothing inherently wrong with the vision of Bitcoin users as consumers, rather than direct participants in a consensus process. Judging by proposals, articles, and comments by several miners, company executives, developers, and regular users, many are OK with such a future, and consider market forces sufficient to offer a desirable user experience for all.

But users, in particular, must realize that an increased block-size limit could increase the cost of directly participating in the consensus process. And, of course, that this process is not limited to the block size limit itself – it also covers all other consensus rules.

Additionally, everyone should understand that increasing the cost of partaking in Bitcoin’s consensus process too much might not only exclude their future selves from partaking in that process. It could also exclude users currently unable, as well as future Bitcoin users, from ever partaking in Bitcoin’s consensus process in the first place.

There is nothing inherently wrong with the vision of Bitcoin users as consumers rather than direct participants in a consensus process – as long as everyone understands that the trade-offs are not just technical, but also political.

The first part of this article is based on Andrew Feenberg’s Questioning Technology .

Thanks for suggestions go out to Jan Overwijk, PhD Candidate at the University of Amsterdam. Additional thanks for proofreading to Bitcoin Core developer Peter Todd, Ulterior States producer Tomer “IamSatoshi” Kantor, Bitcoin Unlimited contributor “Veritas Sapere,” and Bitsquare developer Manfred Karrer.

The post On Consensus, or Why Bitcoin's Block-Size Presents a Political Trade-Off appeared first on Bitcoin Magazine.

New York-based Digital Asset Holdings, a startup that began as a bitcoin-centric company and is now deemed a blockchain-based firm is opening a new office in London to expand its presence into the European market. Digital Asset, led by former JPMorgan executive Blythe Masters as the company’s CEO announced in a media release that the […]

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Long-time bitcoin developer Mike Hearn officially “left” the project this week, creating a negative narrative that was seized by the press.

To follow along with its goal to put “a bitcoin miner in every device and in every hand,” 21 Inc. announced on Thursday that customers could now purchase the 21 Bitcoin Computer on its website with bitcoin.

When a user adds the Bitcoin Computer to his or her cart, they can opt to select “Make Shipping Private,” which gives the user the ability to have the package delivered to a post office box rather than their home address. This ends the need for the user to give his name, though the company admits its need to collect an email address. Further, by paying with bitcoin, the user can keep the transaction nearly private.

“I think we need to move towards a more private Internet over time. It’s not going to happen in one step. Usability is important, and I’m a pragmatist. But if we keep taking steps in the right direction, we can build something better than today,” said Balaji S. Srinivasan, founder and CEO of 21 Inc., in an interview with Bitcoin Magazine talking about the announcement.

The 21 Bitcoin Computer is a development tool to allow developers the ability to create Bitcoin-payable apps, services and devices. The idea is that the hardware mines for bitcoin and then uses those mined bitcoin to do things.

For example, if someone were to build a search engine, rather than flooding the browser with ads, that person could charge 10 bits for a search. By going through the 21 Bitcoin Computer, it would allow for these sorts of apps to be built and for the transactions to be verified.

In its announcement, the founders of 21 said, “our long-term goal is to gradually replace advertising with micropayments from mined bitcoin, to build an Internet where you pay with your power rather than your privacy.”

While bitcoin is not nearly as anonymous as many had originally anticipated, there are multiple ways in which a user can keep his or her identity mostly private. Further, by using an email service such as Hushmail a user would be able to create an email alias specific for this purchase.

The 21 Bitcoin Computer currently is for sale only in the United States; however, the company is preparing to expand to other countries as it expands international support.

21 Inc. came out of stealth mode in March 2015 when it announced that it had raised $116 million in fundraising over multiple rounds from Andreessen Horowitz, Data Collective, Khosla Ventures, RRE Ventures, Yuan Capital, along with Peter Thiel and most notably, Qualcomm Ventures.

Ultimately, the company is working on creating embedded mining environment where everything with a silicon chip also has a bitcoin mining chip in it.

Jacob Cohen Donnelly is a consultant and journalist in the Bitcoin space. He runs a weekly newsletter about bitcoin called Crypto Brief .

The post 21 Inc. Introduces Direct Sales and Private Purchases of Its Bitcoin Computer appeared first on Bitcoin Magazine.

After five years of working full-time on Bitcoin, Mike Hearn has had enough. According to him, the BTC experiment is foundering due to political maneuvering and perverse incentives to avoid fixing its technical problems

Did you hear? Bitcoin is dead. It’s over. Or wait, is it just dying? Is it having a crisis? There is trouble in paradise. The ideals have been lost.

Read more...

The Washington D.C.-based trade association The Chamber of Digital Commerce has announced that it will be holding its first blockchain summit at Georgetown University on March 3.

The packed agenda includes panels about smart contracts, banking and financial services, the recently launched Blockchain Alliance and consumer protections, along with talks with some of the blockchain’s biggest thought leaders and two keynotes anchoring the event.

“We are bringing together industry and government to have a thoughtful discussion about the policy challenges regarding blockchain technology,” said Perianne Boring, founder and president of The Chamber of Digital Commerce, in an interview with Bitcoin Magazine . “Understanding the direction of regulation and compliance is a core competency in fintech, and the blockchain ecosystem is no exception. In today’s competitive landscape, company’s legal and compliance teams have to be as innovative and creative as their products and services.”

As the Bitcoin ecosystem continues to develop, interaction with government agencies has become more common. In November 2015, the Department of Justice in San Francisco held an event that brought together individuals from the government and industry to talk about Bitcoin. It is through these discussions that rational planning can be conducted before disasters.

For example, in the aftermath of the Paris terrorist attack, the European Union was looking to crack down on bitcoin because there was a belief that the terrorists had used it to fund the attack. But through continued education between Bitcoin organizations and governments, it has become clear that law enforcement officials can track transactions on the blockchain to help with their investigations.

“Education of law enforcement agencies and regulators is critical to the success of bitcoin and the blockchain,” Jason Weinstein, partner at Steptoe & Johnson and director of the Blockchain Alliance told Bitcoin Magazine . “By educating law enforcement and regulators directly about this technology, we will reduce their fear or anxiety about it, and make government less likely to overreact to it.”

Boring explained that certain members of Congress, individuals from the Federal Trade Commission, and the FBI had already agreed to attend the event, with the expectation that other organizations would also be in attendance. To encourage government officials to come, the Chamber is offering a discount for all government employees.

The main keynote will be from Don Tapscott who joined the Chamber in October 2015. He is a best-selling author who has written about many of the key moments and concepts in the digital age. His keynote will focus on what new innovations are emerging based on blockchain technology and how these might solve some of the biggest problems in the economy and society.

Some of the presenters are Jeff Garzik, co-founder of Bloq and a Core developer; Vitalik Buterin, founder of Ethereum; Jason Weinstein, partner at Steptoe & Johnson and director of the Blockchain Alliance; and Matthew Roszak, founding partner at Tally Capital, along with many others.

“Events like the DC Blockchain Summit are an important part of that overall effort, bringing industry and government together for a productive and positive dialogue,” said Weinstein.

Photo Gtownsfs / Creative Commons

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Digital Asset Holdings, the blockchain startup run by former JP Morgan executive Blythe Masters, is opening an office in London.

The company says in an emailed statement that the new office will "support its clients and increase its presence in the UK and European markets." It does not name who these clients are.

Digital Asset Holdings aims to use blockchain technology to make settlement of transactions quicker. Blockchain is the software that underpins bitcoin, powering and recording transactions. It uses complex cryptography to cut out the need for a trusted middle man to sit in between people in a transaction, for example a bank. Digital Asset Holdings is adapting this tech to be used for other things besides bitcoin.

Blythe Masters, who helped pioneered credit derivatives in the 1990s, joined the startup from JP Morgan last March. Masters says in an emailed statement announcing the new office:

London is a global center for finance and a leading hub for innovation. Opening an office in the UK is a natural extension of our commitment to wholesale financial markets across the globe.

Justin Amos, MD of risk and compliance software company NICE Actimize and former 14-year JP Morgan veteran, is joining Digital Asset Holdings to head up its London office. The company also announced the appointment of Edward Newman, a Goldman Sachs technology executive.

The opening of the London office comes amid reports that the company is struggling to raise funds. The company is trying to raise $35 million (£24 million), The New York Post first reported last month.

According to Nathaniel Popper, a reporter for The New York Times who has written a book on bitcoin, it has been having a hard time convincing investors. The funding round, if successful, would value Digital Asset Holdings at $100 million (£67 million).

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21 Inc has announced that consumers can now use bitcoin to purchase its 21 Bitcoin Computer.

BitPay has announced a new partnership with European information technology provider Ypsilon.Net. The company provides a platform with booking engines and the payment processing framework for tens of thousands of websites, processing millions of transactions every month. A new partnership between payment processor BitPay and Ypsilon.Net, a leading IT solutions provider for the travel industry […]

The post Bitcoin Flies Farther in the Travel Industry after BitPay’s Latest Partnership appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

'The fundamentals are broken and whatever happens to the price in the short term, the long-term trend should probably be downwards,' developer wrote

Bitcoin price has dropped below $400 after falling away from yesterday’s consolidation zone and declining strongly all day. 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: 13h00 UTC […]

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A prominent voice in the Bitcoin community has announced that he is abandoning the cryptocurrency that he helped to popularize. Mike Hearn has revealed that deep divisions within the platform's "leadership" and a looming technical apocalypse threaten...

Earthport, known for its extensive payment network for cross-border transactions and robust ACH infrastructure, has created the world’s first Distributed Ledger Hub (DLH). The DLH service is accessed through Earthport’s Distributed Ledger Gateway, previously announced in August of 2015, and will provide full connectivity to the Ripple ecosystem, including Ripple instances, Ripple market makers, and […]

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Earthport, known for its extensive payment network for cross-border transactions and robust ACH infrastructure, has created the world’s first Distributed Ledger Hub (DLH). The DLH service is accessed through Earthport’s Distributed Ledger Gateway, previously announced in August of 2015, and will provide full connectivity to the Ripple ecosystem, including Ripple instances, Ripple market makers, and […]

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Deutsche Bank has admitted it screwed up on January 7 by failing to process the US staff payroll for American Apparel, resulting in a huge number of the chain's employees not getting paid until the following week. A copy of the memo was obtained by Business Insider.

The January 12 Deutsche Bank memo marked "confidential" says the payroll wasn't processed for five more days due to "human error." It was written by Deutsche Bank directors Kathleen Yaccarino and Mark Leydon, both based in New York. It says: 

On Thursday, January 7, 2016, ADP transmitted a file to Deutsche Bank Trust Company Americas (DBTCA) for settlement on January 8th, 2016. The file was not processed, on January 7th for settlement on January 8th, due to human error at DBTCA. Instead, DBTCA processed the filed received by ADP for settlement on January 11th.

The error meant that American Apparel employees who thought they were going to be paid at the end of last week went through the weekend without their pay. The incident caused a minor freakout because American Apparel is currently going through a bankruptcy reorganisation, its sales are in decline, and its current cash position has not been disclosed since October 31, when it had $21 million in the bank, mostly from debt financing.

A separate memo obtained by Business Insider, addressed to American Apparel employees from payroll processor ADP, blames "a processing error with our supporting bank that led to a delay of your direct deposit for check date January 8, 2016." That memo, written by Yervant Manavian, vp/US money movement operations, promises that any employee who found themselves out of pocket due to the delayed payments would be made whole.

Here is the Deutsche Bank memo:

And here is the one from ADP:

American Apparel has not yet responded to requests for comment.

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Bitcoin, a distributed and decentralised digital currency dubbed "the currency of the Internet", has been declared a failure by one of its most ardent supporters and developers. In a lengthy post on Medium, Mike Hearn states that "despite knowing that Bitcoin could fail all along, the now inescapable conclusion that it has failed still saddens me greatly."

Following months of uncertainty & customer withdrawal difficulties, Cryptsy has revealed that it can no longer go on, in its current state. The digital currency exchange claimed in a blog post today that it was the target of a bitcoin wallet theft on July 29, 2014. The ‘critical event’, as Cryptsy deemed it, has the […]

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Bitcoin Press Release: Crypto-Games.net is pleased to announce provably fair online Dice, Blackjack, Slot, and Lottery gaming with a range of currencies including Bitcoin, Dogecoin, Litecoin, Dash, Peercoin and many more. Crypto-games.net is one of the leading online gambling casinos which allows users to play provably fair Dice, Blackjack, Slot, and Lottery. Users currency is […]

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Bitcoin Press Release: Crypto-Games.net is pleased to announce provably fair online Dice, Blackjack, Slot, and Lottery gaming with a range of currencies including Bitcoin, Dogecoin, Litecoin, Dash, Peercoin and many more. Crypto-games.net is one of the leading online gambling casinos which allows users to play provably fair Dice, Blackjack, Slot, and Lottery. Users currency is […]

The post Crypto-Games.net Enables Online Bitcoin Dice, Blackjack, Slot, and Lottery Gaming With Dogecoin, Litecoin, Dash, and More appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

Bitcoin Press Release: Crypto-Games.net is pleased to announce provably fair online Dice, Blackjack, Slot, and Lottery gaming with a range of currencies including Bitcoin, Dogecoin, Litecoin, Dash, Peercoin and many more. Crypto-games.net is one of the leading online gambling casinos which allows users to play provably fair Dice, Blackjack, Slot, and Lottery. Users currency is […]

The post Crypto-Games.net Enables Online Bitcoin Dice, Blackjack, Slot, and Lottery Gaming With Dogecoin, Litecoin, Dash, and More appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

Bitcoin Press Release: Crypto-Games.net is pleased to announce provably fair online Dice, Blackjack, Slot, and Lottery gaming with a range of currencies including Bitcoin, Dogecoin, Litecoin, Dash, Peercoin and many more. Crypto-games.net is one of the leading online gambling casinos which allows users to play provably fair Dice, Blackjack, Slot, and Lottery. Users currency is […]

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Infighting, politics, and technological challenges have rendered Bitcoin a failed experiment, says the developer

Amidst a withdrawal freeze and the filing of a class action lawsuit in federal court, Cryptsy has announced that it is insolvent.

Former core developer and one of Bitcoin’s earliest advocates Mike Hearn has left the Bitcoin space entirely after talking of a crisis of the core system, “the block chain itself,” as he calls it and sees a price collapse in the future. In a long, comprehensive read of his Medium post, Mike Hearn states the […]

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