Category Archives: Bitcoin
Criminals who use Bitcoin targeted under proposed Florida law … – Bradenton Herald
Bradenton Herald | Criminals who use Bitcoin targeted under proposed Florida law ... Bradenton Herald Florida lawmakers are poised to pass a bill that will add virtual currency to the state's money-laundering statute, a change hailed by law enforcement although ... Florida Lawmakers Want Bitcoin Covered Under Money Laundering ... New Florida Virtual Currency Bill to Target Bitcoin Money ... Florida Bill Aims To Add Virtual Currency To AML Statutes ... |
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Criminals who use Bitcoin targeted under proposed Florida law ... - Bradenton Herald
What Is a Bitcoin Worth? – Motley Fool
Bitcoin has existed for less than a decade, but it has achieved amazing popularity across the globe, and its value has risen along with its use. Shortly after its creation in 2009, one could buy the virtual currency for less than a penny per bitcoin. Now, a bitcoin is worth about $1,250, and many believe that the upward trend for bitcoin could continue indefinitely. Despite there being plenty of skepticism about the inherent value of bitcoin, the currency has survived dramatic volatility without losing favor among its core users.
During the first couple of years of its existence, bitcoin saw dramatic gains in price. From its penny valuation in 2009, bitcoin rose to $0.10 by 2010 and first hit the $1 mark in early 2011. That ignited a huge wave of new demand for bitcoin, sending the currency up to more than $10 by mid-2011.
Image source: Getty Images.
Yet at that point, bitcoin showed its propensity for big ups and downs. Within just a few months, bitcoin prices dropped 80%, punishing those who had gotten in at the top and were looking for quick gains. Still, those who stuck with bitcoin earned back their losses, with the currency reaching the $10 mark again in late 2012.
From there, the next wave of interest in bitcoin took the currency to the $100 mark and beyond, climbing to nearly $200 by early 2013. The bankruptcy of the Mt. Gox bitcoin exchange briefly took a big toll on prices, cutting bitcoin's value in half, but before the year was out, the digital currency climbed above $1,000 as market participants increasingly believed that bitcoin would achieve global currency status and prove to be a better alternative to traditional government-issued currency. The frequency of financial crises across the globe during the first several years of bitcoin's history certainly helped feed that theory and added to bitcoin's appeal.
Since then, bitcoin has remained volatile, but not to the same extent as it was earlier in its existence. Prices sank to around $200 in 2015, but the currency picked up steam again more recently. This year, bitcoin regained the $1,000 level and has climbed as high as nearly $1,300.
One concern that some have expressed about bitcoin is that the currency has no intrinsic value. Gold coins, by contrast, represent a given weight of an actual commodity with practical applications, and gold investors take comfort in the fact that their bullion is worth something beyond monetary terms. That's not true of bitcoin, which one receives as a reward for solving complex mathematical problems.
Yet bitcoin advocates note that the same is true of paper currency. It used to be that Federal Reserve notes were tied to the value of gold or silver, but those days are long gone. Just as a dollar bill only has whatever value a buyer and seller assign to it, so too does bitcoin have practical value to the extent that those who make exchanges of the digital currency agree on what it's worth.
One reason why bitcoin has become more valuable likely has to do with the fact that one can use it more widely now than early in its history. Many major technology and retail companies accept bitcoin in the same way they would older currencies, and small businesses have jumped on the bitcoin bandwagon as well. Moreover, with relatively low transaction fees for transfers, bitcoin has become a popular way to move money while avoiding the costly charges that banks and other financial institutions often impose.
Bitcoin has seen dramatic price increases recently, but the one thing investors in the currency can be certain of is that volatility in both directions will continue. With some calling for continued exponential growth in the value of bitcoin while others believe it's a bubble waiting to burst, the market for bitcoin is sure to be exciting for the foreseeable future.
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What Is a Bitcoin Worth? - Motley Fool
Bitcoin ETF Bites the Dust, Needs More Security – Finextra (blog)
When theSEC, last month, announced the proposal from Winklevoss Bitcoin Trust was declined, they made a clear statement to the cryptocurrency community: more security is needed.
In their terms, they did not "find the proposal to be consistent with Section 6(b)(5) of the Exchange Act, which requires, among other things, that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices and to protect investors and the public interest."
Of course, that sent investors into a tizzy, serving up a 15% loss and sending Bitcoin down to $1050 from its recent high of nearly $1300. It lived to see a new day, of course, and since, the price of Bitcoin has recovered rather nicely. As of this writing, it sits at $1237. I wanted to give it some time before putting together a reaction on the news simply because Bitcoin, and cryptocurrencies in general, are highly volatile. Pricing isnt strictly subject to scarcity, and demand tends to lean towards the fickle. AnSECdecision sends investors on a rollercoaster ride, and many, seeing the immediate bottom, jumped back on board to nail down a nice short-term profit. In this way, Bitcoin is both volatile and resilient.
Cryptocurrencies will not die based on bad news out of theSEC. It is international in a way which transcends a single agency, even when that agency is theSEC. The threat to cryptocurrency is not external organizations, though such organizations, based on their acceptance, could certainly help it mainstream. The real threat to cryptocurrency is whats behind the rejection. The real threat is the lack of preparedness for external cybercrime. In order for Bitcoin, or other cryptocurrencies, to gain mainstream traction and transform the way the world transacts, outside of its niche community, the movement will need to find a way to lessen the exposure to external risk.
Winklevoss has been working on this proposal for several years, and along the way, they continue to restructure it. They, and others, will continue to work to gain approval for an ETF, and the best way to help their cause is to address the structural challenges associated with the concept. Until they do so, it is likely we will see more failed attempts. Such attempts shouldnt be taken as a reason to dump the currency. It should be taken in the context in which it exists: government agencies need more proof, more security, and more upside to mainstream a groundbreaking, innovative disrupter.
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Bitcoin ETF Bites the Dust, Needs More Security - Finextra (blog)
Bitcoin Is Not Immune to All Fiat Problems – The Merkle
The Merkle | Bitcoin Is Not Immune to All Fiat Problems The Merkle Bitcoin inspires hope among many of its owners, investors, and users. Its culture is deeply steeped in the hopes of being your own bank and not having to rely on third parties such as government and financial institutions to guarantee, protect, and ... |
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Bitcoin Is Not Immune to All Fiat Problems - The Merkle
Billionaire says he has 10% of his money in Bitcoin, Ether …
"Ten percent of my net worth is in this space," Novogratz said at a forum held at the Harvard Business School Club of New York Wednesday. He declined to say exactly how wealthy he is, but he's a former hedge fund manager at Fortress Investment Group and a Goldman Sachs partner who made the Forbes billionaire list in 2008.
It's the "best investment of my life," Novogratz said.
Bitcoin was worth under $500 a year ago. Today the digital currency trades at over $1,200. Back in 2013, Novogratz predicted Bitcoin's value would soar. He remembers people laughing at him at the time.
Since then, Bitcoin's price has been on a wild run. It surged to nearly $1,000 in late 2013 and then fell to under $250 in 2015. It started to fly again last year, around the time of the Brexit vote. It surpassed $1,000 in January of this year again and has kept climbing.
Now Novogratz is saying Bitcoin will go to $2,000.
But he also warned the Harvard Business School Club crowd that there will "likely be a bubble" in digital currencies. The best way to handle it, he argues, is the old Wall Street trick of diversification. Put a little money in a lot of different plays in digital currency.
Related: What is Bitcoin? Read CNN's explainer
For example, Novogratz was also an early investor in Ether. It's another digital currency that has quickly emerged as the No. 2 rival to Bitcoin. Novogratz says he bought Ether when it was trading for about $1. Today it's worth over $48.
Novogratz met Vitalik Buterin, the young Russian brainchild behind Ether at a dinner party at a prominent CEO's home. He recalls that Buterin, then 21, showed up late, which struck him as shocking -- and a bit ballsy. He figured it was worth paying attention to Buterin.
Ether is a currency with a "smart contract" function that gives users additional security and abilities to transfer information in addition to monetary value.
We're witnessing the "3rd inning" of this digital asset revolution, Novogratz predicts. He's not exactly sure how it will play out, but he plans to continue investing in digital currencies and Blockchain, the revolutionary technology behind the scenes that makes Bitcoin work.
Blockchain is literally a digital ledger to record and track transactions. What makes it so technologically advanced is that multiple companies or parties can access the Blockchain and see the history of what happened to an asset.
Related: Yext: The newest $1 billion tech company
Novogratz has emerged as one of the biggest Wall Street cheerleaders of Blockchain, but his bets haven't always gone so well. He exited Fortress in 2015 after the company shut down his Marco Fund for poor performance. It lost around 20% in its final year after his investments in emerging markets, especially Brazil, tanked.
"We have had an extremely challenging two years, and I do not believe the current environment is conducive to achieving our best results," Novogratz said at the time.
CNNMoney (New York) First published April 20, 2017: 12:44 PM ET
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US Government Hacks Global Bank System, Neccesity of Bitcoin – The Merkle
The Merkle | US Government Hacks Global Bank System, Neccesity of Bitcoin The Merkle The US government's ongoing extensive surveillance on the global banking system and payment transfers is demonstrating an urgent necessity of a decentralized financial network such as bitcoin. Over the past few months, various organizations including ... |
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US Government Hacks Global Bank System, Neccesity of Bitcoin - The Merkle
How Does Bitcoin Reach a Decision? – CryptoCoinsNews
Some 70% of miners have now made a decision on whether to support segregated witnesses (segwit) or Bitcoin Unlimited, a proposal which simply increases the blocksize as set by nodes and miners. Its not clear what the other 30% of miners are waiting for, but it will be interesting to see what they do decide once they get around to exercising their duty.
If all go for segwit, it would give the proposal some 60%. Far off from a 95% threshold usually used, but that was always unrealistic in any, even slightly, contentious setting. Its not too far from 75%, but conceptually, if segwit does reach 60%, it would be reasonable to say after lengthy debate a decision has been made and thus should be supported regardless of views.
If all of the 30% instead support Bitcoin Unlimited, the client would gain some 70% of the hashrate. Not far from 75% and, again, regardless of views, after so much debate one has no choice, but to accept the decision of what would be an overwhelming majority.
In either case, both sides might dispute the end decision, but intellectually, they would have no standing nor any persuasive power for they would look no different than the not my president protestors who thought they can create their own fictitious reality.
Its unlikely all of the remaining 30% would decide in favor of just one proposal. If we split them in half, that would give segwit 47% while Bitcoin Unlimited would have around 53%. A very tight result, but, a potential outcome within predictable range as the matter is contentious.
The question now rises whether the 47% should accept the decision of the 53% or whether they should split? If they do split, which one is to be called bitcoin? If, instead, they decide to not solve the problem at all, in effect rejecting both proposals, due to the fear of a split and its potential ensuing chaos, then what is the wider public to think of an expensive and slow bitcoin that cant solve its problems?
Rationally, the name bitcoin should go to the chain with 53% of the hashrate since bitcoin relies on the honesty of 51% of miners. If the matter is so contentious, then at least some of the 47% will probably split, which is their right. However, they need to differentiate themselves, but what if they dont, what if they call themselves bitcoin?
Here, the persuasive power of conventions and norms usually assists. Just as the not my president protestors, they can call themselves bitcoin, but no one should take them seriously because, objectively, bitcoin is the chain with more than 51% of miners unless such miners are objectively acting maliciously which clearly is not the case in this scalability debate where a genuine disagreement of opinion exists.
The not my president protestors can, of course, go to California and declare independence, but they obviously wont be able to call California as USA. Likewise, the minority has the right to split without requiring any permission, but they cant call themselves bitcoin. They can call themselves Bitcoin Core, or BCC; or Bitcoin Unlimited with ticker BTU, depending on which one is minority with the majority one remaining as bitcoin or BTC.
Norms and conventions are not easily enforceable, but they have power because non-adherence leads to chaos. If the president, for example, does not uphold a judicial ruling, he risks revolution.
Likewise, if some exchanges call a minority chain as bitcoin, then the entire currency is put into question, risking its complete downfall, not to mention the ensuing chaos.
As such, adhering to simple norms and conventions would be in the interest of everyone, including the minority chain, which can happily operate on its own network and fairly compete in the market, instead of risking its own downfall and that of bitcoin.
The 30% of miners who have not decided, therefore, should get on with it. After now two years of endless arguing, and after some 70% have decided, there is no excuse for the other miners to keep sitting on the fence.
Just signal for segwit or Bitcoin Unlimited and lets end this constant arguing, stagnation, transaction delays, increased fees, etc.
Disclaimer: The views expressed in the article are solely that of the author and do not represent those of, nor should they be attributed to CCN.
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How Does Bitcoin Reach a Decision? - CryptoCoinsNews
The Good Fight Season Finale Ends with Return of ‘Bitcoin Creator’ – CryptoCoinsNews
Bitcoin and cyber-terrorism are on prime time once more thanks to the most recent season finale of The Good Fight. As well, the digital currencywill soon be featured in the My Money episode of Dark Net.
Last week,in the first season finale of The Good Fight, an American legal and political drama, Bitcoin took center stage. The episode, calledChaos, could be an important part of the shows next season after the series was renewed for a second in March.
Technology lawyer and Bitcoin creator Dylan Stack, played by Jason Biggs, asks show star Diane to represent him. He is the creator of Bitcoin. He tells her he believes he is being framed for an upcoming cyber attack against Chicagos power grid.Stack has appeared as the bitcoin on The Good Wife,from which The Good Fight spun off.
The law firm Reddick, Boseman, & Kolstad, known for its police brutality cases, represents Stack. Eventually, however, the malware infects the governments computers and blocks access to the power grid. The Fedssuspect the law firm had a role.
Stack doesnt come forward to authorities. He works instead to uncover who planted the malware on his computer, suspecting it was someone he chats with on 4chan (since the creator of Bitcoin chats on 4chan). Stack the founder of Bitcoin is ultimately arrested by the FBI. The blackout hits at the same time.
The episode, called Chaos is set amid bi-annual reviews at law firm Reddick, Boseman and Kolstad. Lucca receives good reviews.
The Good Wife featured a Bitcoin episode, as well. In Season 3 Episode 13, Bitcoin for Dummies, the show dedicated awhile to explaining the digital currency technology based on the blockchain. The Good Fight doesnt take this path, focusing in on the action instead. In The Good Wifeepisode, bitcoin featured three inventors. In that episode, Biggs character assures he is Bitcoins representative.
Bitcoin recently appeared will appear in an upcoming episode of Dark Net. The episode, which will be named My Money, could have gone in several different directions, as that showsproducers discussed the possibility of showcasing Venezuela Bitcoin miners.
We originally wanted to interview bitcoin miners in Venezuela who are really risking a lot to mine for bitcoin because money there is so worthless and bitcoin still retains value. So it was a really, really interesting story of survival that you wouldnt think of because bitcoin is typically associated with the darknet and illicit activities, and this was a completely different take on it, Adi Kochavi, president of Vocativ Films and executive producer for Dark Net, said. Im definitely holding onto this idea.
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The Good Fight Season Finale Ends with Return of 'Bitcoin Creator' - CryptoCoinsNews
The Need for Bitcoin Evangelists and How to Be One – The Merkle
The Merkle | The Need for Bitcoin Evangelists and How to Be One The Merkle If Bitcoin stands any chance of growing, it needs to be known. This is where Bitcoin evangelists come in, who are responsible for promoting a wider scale adoption and use of the cryptocurrency. The initial signs are promising as the crypto's awareness ... Mysterious Bitcoin Founder Possibly Worth Over $1 Billion |
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The Need for Bitcoin Evangelists and How to Be One - The Merkle
Top 4 Bitcoin Subunits Everybody Should Know – The Merkle
One of the common questions people have about bitcoin is how one would pay small amounts with this cryptocurrency. Unlike traditional money, bitcoin is divisible by up to eight digits past the decimal. This creates some interesting subunits of bitcoin, all of which will sooner or later become an integral part of the bitcoin ecosystem. Especially if bitcoin become more valuable, subunits will become the new primary denominations for smaller payments.
Depending on how people want to label this denomination, 0.01 bitcoin can refer to both a bitcent since its a cent according to fiat currency denominations or a megabit. This latter option may confuse a lot of people, even though it is technically a correct alternative denomination for the same amount.
To put this into perspective, the megabit refers to the fact we are talking about 1,000,000 Satoshi (see below). Similarly to how one megabyte is often -wrongfully labeled at 1,000,000 bytes, one could call the same amount of Satoshi a Megabit. After all, the name MegaSatoshi would not exactly feel right when talking about a bitcoin subunit. Bitcent or even Centibitcoin sounds a lot better and causes less confusion for mainstream consumers.
Considering how bitcoin provides 8 digits after the decimal, some new subunits may have to be created as more time progress. A subunit that already exists today is called a millibit, which represents 0.001 BTC. Similarly to how milliseconds are denominated 0.001 second the same denomination can be used when talking about one-thousandth of a bitcoin. This unit is also known as mBTC, which represents the exact same value.
If there is a Millibit, we also need to have a microbot. This unit refers to 100 Satoshi, or one millionth of a bitcoin. In some circles, people also refer to this as 100 bits, although the bit subunit is far less common compared to Satoshi. While there may seem little use for microbit right now, this unit will become more important once bitcoin surpasses the five-digit value mark, should that ever happen. At one point in the distant future, we may effectively use our coffee makers to buy local beans in microbits.
Perhaps the best-known unit of a bitcoin after bitcoin itself. One Satoshi or one bit refers to the smallest denomination of bitcoin we have today. To be more precise, it represents 0.00000001 bitcoin. The unit is called Satoshi as an homage to the infamous creator of bitcoin, an individual or group going by the name of Satoshi Nakamoto. So far, no one knows for sure who is responsible for creating bitcoin, and we may never find out.
The Satoshi unit is quite valuable in the bitcoin world, even though it represents a very small value at the current bitcoin price. People who earn their first Satoshi usually by visiting a bitcoin faucet effectively become part of the cryptocurrency community. While one Satoshi is worth about one-thousandth of a US Dollar Cent right now, the unit should not be dismissed so easily. If bitcoin can challenge traditional fiat currencies, it will be good to have 8 digits after the decimal. Some merchants may even price their goods on Bitcoin or Satoshi when it happens.
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Top 4 Bitcoin Subunits Everybody Should Know - The Merkle