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TOP 3 Anonymous Cryptocurrencies
Last year Bitfury’s multidisciplinary Blockchain specialists announced the possibility of revealing the identities of more than 16% of all owners of Bitcoin addresses. Several years ago, a team of CryptoLux developers, having conducted a study of transaction privacy on the Bitcoin network, concluded that 60% of all addresses can be deanonymized. Summarizing all this, it’s worth highlighting three existing methods that can successfully deanonymize private transactions.
The easiest way to cluster (link Bitcoin addresses) is by analyzing transactional networks. In other words, this is a method that allows finding several inputs combined in one transaction. The second clustering method is “distribution analysis”. It allows calculation the percentage of cryptocurrency at the certain address that comes from another specific address and it becomes clear whether these addresses are connected by one direct transaction or a chain of transactions or not.
It consists of quantitative and temporal analyzes. Quantitative analysis studies not certain transactions, but amounts. Time analysis tracks specific periods.
Memory Pool Method
When a transaction is made through the user’s wallet, the input nodes send information about the transaction to the Blockchain network. The purpose of this method is to identify the set of input nodes through the wallet and the user. In this case, the IP address of the client can be associated with its transactions. There are certain private cryptocurrency-leaders which are popular and trusted among users. Using one feature-privacy, they have different ways of functioning.
Basic principles of work: anonymous cryptocurrencies (Monero, Dash, Zcash)
The platform focuses on privacy and decentralization. The coin uses three levels of protection: • Ring signatures, that hide the origin of the sender by mixing the user’s address with the addresses of other group members. • Ring confidential transactions, which hide the amount of the transaction. • Stealth addresses, that allow a user to hide the recipient’s address. Such way guarantees the privacy of the sender and the recipient. Monero can be bought on Poloniex, Bitfinex, Livecoin, and Kraken crypto exchanges. It is possible to store Monero via an online wallet. More secure is its computer wallet. Due to its privacy, the popularity of the coin is expected to grow, so it makes sense to add a coin to an investment portfolio. Advantages • Increased privacy. Cryptocurrency is suitable for those who are afraid of deanonymizing network transactions. • Unlimited and difficult mining. • It takes less time to find blocks. • Resistance to the centralization of mining capacities. Disadvantages • Resources. All currency protection technologies require impressive machine performance for normal operation. The Monero block size is constantly growing, and this requires additional resources of network participants. • The popularity in the dark web leads to problems in working with regulatory authorities, exchanges often delist it. Speaking of reputation, Monero’s reputation is far from the best. The coin is often used on the dark web as payment for various illegal services. It happens to almost all crypto coins that provide privacy. • Large transaction sizes. Since Monero Blockchain is five times larger than the Bitcoin Blockchain in terms of one transaction. • Problems with scalability.
The Dash platform is a classic decentralized Blockchain-based payment system and the most technologically advanced cryptocurrency. It implements multi-off-chain money transfers without loss of reliability and overall security of the Blockchain. Its confidentiality is rather an additional option that can be used optionally. In the case of anonymity, it is possible to send a hidden transaction, but at a more expensive cost, which also requires additional time. Dash developed a hashing algorithm with eleven cryptographic functions-X 11 for the first time. The coin developers have released apps for other platforms. Today it is possible to use Dash for IOS, Zeal for Linux, LovelyDocs for Android and Velocity for Windows. As well known, the CoinJoin is an anonymization method for crypto transactions, which is used by Dash as an improved version called the PrivateSend. Its mixing sessions are limited to 1,000 DASH for each session and will require multiple mixing sessions to anonymize a large amount of money. Advantages • High transaction speed. It is achieved via InstantX technology, which enables the confirmation of operations in less than 4 seconds. • Law transaction fees. • Energy consumption. Unlike Monero, it does not require a lot of power or high commission costs. Disadvantages • “Transparency” of the network. Without triggering the “mixing” mechanism, the directions of transactions and their balances are publicly visible to everyone. • Lack of proper cryptographic technologies that provide privacy, but can provide a sufficiently high level of protection. • Transaction visibility to the founders and the team.
An open-source decentralized cryptocurrency that provides users with maximum privacy. Zcash is the first private cryptocurrency, using cryptographic protocol zk-SNARKS, a zero-knowledge security layer. It allows users to make hidden and open transactions. Mathematically guaranteed privacy is something cryptocurrency can not be proud of. This fact makes the currency specific. All Zcash coins are identical, it means that interchangeable coins do not contain information about past use created. In this regard, the connection of coins with their history on the Blockchain is broken, which makes them universal and identical to each other. Zcash blocks are generated 4 times faster than Bitcoin. The currency trades on Huobi, Bitfinex and Binance exchanges, and after purchase, it can be stored on the exchange’s internal wallet, as well as transferred to Jaxx, Cryptonator and Coinomi multi-currency wallets. Coins can also be stored on hardware wallets like Ledger and Trezor. Advantages • Privacy. Since no information except the time stamp, is recorded in the Blockchain, transactions cannot be tracked, and the identity of the sender and recipient is almost impossible to establish. • Interchangeability. Due to interchangeability, all coins have a “clean” history. This means that it is practically impossible to determine which transactions coin was used. • Security. Lack of information about user keys, which protects user wallets and the network.Mining energy efficiency. Zcash mining hardware consumes less electricity than Bitcoin mining ASICs. • The difficulty of mining. Zcash is beneficial for those who want to get coins for block creation. Bitcoin mining becomes more and more complicated, so miners cannot earn enough money via their computers with high capacity. Disadvantages • 6 users can decide to leave the transferred data completely open. • It takes a lot of calculations to complete a transaction. • Insecurity. There are fears that the system could be hacked, or users may accidentally open the data. • Legally ZCash is supported only by Linux, however, it provides users with wallets for other platforms: Jaxx, Ledger, Trezor, Trust, Zecwallet, Ibitcome, Exodus, Guarda, Coinomi, Cobowallet, and Bitgo. Private cryptocurrencies are necessary for anyone who values the privacy and confidentiality of financial transactions. Privacy can generate more value, than danger, as Eric Hughes says: “Privacy is necessary for an open society in the electronic age. Privacy is not secrecy. A private matter is something one doesn’t want the whole world to know, but a secret matter is something one doesn’t want anybody to know. Privacy is the power to selectively reveal oneself to the world”.
I'm trying to put together a list of what's coming out this year. Have this very simple list so far. Anyone care to add anything or suggest some better dates?
Latest News (most recent first) - Instant channels enable safe Lightning payments with unconfirmed funding Beta - Feb 10, 2019 - Voyager, New trading app from Uber & E-Trade execs announce launch date - Feb 9, 2019 - bumi/blockstream_satellite ruby gem for the Blockstream Satellite API - Feb 8, 2019 - New Zap Desktop 0.3.4 is out. New features, massive performance - Feb 8, 2019 - New release: @lightning desktop app v0.4.0-alpha - Feb 8, 2019 - valerio-vaccaro/Liquid-dashboard - Feb 7, 2019 - Japanese SBI Holdings will allow trading of coins - March 2019 - lnd v0.5.2-beta released - Feb 6, 2019 - Koala studios launches online LN gaming platform - Feb 6, 2019 - Independent Reserve has become the first #crypto exchange in Australia to be insured, with coverage underwritten by Lloyd's of London. - Feb 6, 2019 - Coinbase announces BTC support for their mobile (keep your own keys) wallet - Feb 6, 2019 - Blockstream published a new open source Proof of Reserves tool. - Feb 5, 2019 - RTL release v0.1.14-alpha - Feb 5, 2019 - dr-orlovsky/typhon-spec spec for new trestles side chain published - Feb 5, 2019 - Payment requests coming soon to BTCPay. - Feb 5th, 2019 - Kraken Acquires Futures Startup In Deal Worth At Least $100 Million - Feb 5th, 2019 - Next Blockchain cruise scheduled for June 9-13 - Feb 4, 2019 - Work on a GoTenna plugin to Electrum wallet in progress - Feb 4, 2019 - Bitcoin Candy Dispensers being open sourced - Feb 4, 2019 - New release of JoinMarket v0.5.3 - Feb 4, 2019 - Prime Trust won’t charge its clients to custody digital assets any longer. - Feb 4, 2019 - nodogsplash/nodogsplash wifi access using LN - Feb 3, 2019 - @tippin_me Receive tips using Lightning Network adds message feature - Feb 3, 2019 - Bitcoin-for-Taxes Bill in NH Unanimously Approved by House Subcommittee - Feb 3, 2019 - Full support for native segwit merged into bitcoinj - Feb 3, 2019 - Bitfury is partnering with financial services firm Final Frontier! - Feb 2, 2019 - Now you can open #LightningNetwork channels in @LightningJoule - Feb 2, 2019 - Integrating Blockstream’s Liquid payments on SideShift AI - Feb 1, 2019 - Wyoming legislature passes bill to recognize cryptocurrency as money - Feb 1, 2019 - Casa is open sourcing the code for the Casa Node - Feb 1, 2019 - Casa Browser Extension released - v0.5.2-beta-rc6 of lnd, full release getting very close now - Feb 1, 2019 - Tallycoin adds subscriptions and paywall features in bid to rival Patreon - Jan 31, 2019 - Static channel backup PR merged into LN - Jan 31, 2019 - The NYDFS grants another Bitlicense to ATM operator - Jan 31, 2019 - @pwuille currently proposing the “MiniScript” language to describe BTC output locking conditions for practical composition - Jan 31, 2019 - Fidelity is in the “final testing” phase for its new digital asset business - Jan 31, 2019 - Hardware wallet PR #109 just got merged so that @Trezor no longer requires user interaction for PIN - Jan 31, 2019 - CBOE, VanEck & SolidX filed a new & improved bitcoin ETF proposal. - Jan 31, 2019 - Casa Node code is now open sourced - Jan 31, 2019 - Next Bitoin halving in roughly 497 days - Jan 31, 2019 - BTCPay released 126.96.36.199 - Jan 31, 2019 - @binance now lets users purchase cryptos using Visa and Mastercard credit. - Jan 31, 2019 - Bitfury to Launch Bitcoin Operations in Paraguay - Jan 31, 2019 - Coinbase introduces very generous affiliate program - Jan 30, 2019 - DOJO Trusted Node bitcoin full node. Coming Early 2019 - Jan 30, 2019 - FastBitcoins.com Enables Cash-for-Bitcoin Exchange Via the Lightning Network - Jan 30, 2019 - TD Ameritrade says clients want cryptocurrency investment options - company plans major announcement in 'first half of 2019' - Jan 30, 2019 - Storage component of Fidelity's @DigitalAssets live, with some assets under management, @nikhileshde - Jan 29, 2019 - lightning mainnet has reached 600 BTC capacity - Jan 29, 2019 - Drivechain shows picture of Grin side chain and suggests might be ready in 2 month - Jan 29, 2019 - Lightning labs iOS neutrino wallet in testing stage now - Jan 29, 2019 - Aliant offering cryptocurrency processing free-of-charge - Jan 29, 2019 - Chainstone’s Regulator product to manage assets on the way - Jan 29, 2019 - Fidelity Investments’ new crypto custody service may officially launch in March. - Jan 29, 2019 - Gemini's becomes FIRST crypto EXCHANGE and CUSTODIAN to complete a SOC 2 Review by Deloitte - Jan 29, 2019 - Iran has lifted the ban on Bitcoin and cryptocurrency - Jan 29, 2019 - Confidential Transactions being added into Litecoin announcement - Jan 28, 2019 - http://FastBitcoins.com Enables Cash-for-Bitcoin Exchange Via the Lightning Network - Jan 28, 2019 - Germany’s largest online food delivery platform now accepts btc - Jan 27, 2019 - Launching a Bitcoin Developers School in Switzerland - Jan 27, 2019 - RTL release v0.1.13-alpha Lightning Build repository released - Jan 27, 2019 - The first pay-per-page fantasy novel available to Lightning Network. - Jan 27, 2019 - Numerous tools become available to write messages transmitted with Blockstream Satellite - Jan 26, 2019; - BTCPay 188.8.131.52 released - Jan 26,2019 - WordPress + WooCommerce + BTCPay Plugin is now live - Jan 25, 2019 - Juan Guaido has been promoting #Bitcoin since 2014 is new interim president of Venezuela - Jan 25, 2019 - Morgan Creek funds @RealBlocks - Jan 25, 2019 - Coinbase integrates TurboTax - Jan 25, 2019 - Robinhood received Bitlicense - Jan 25, 2019 - Anchor Labs launches custody - Jan 25, 2019 - NYSE Arca files w/ @BitwiseInvest for BTC ETF approval - Jan 25, 2019 - South Korea, Seoul, Busan & Jeju Island currently working to create pro crypto economic zones. - Jan 25, 2019 - valerio-vaccaro/Liquid-dashboard - Jan 25, 2019 - Bermuda to launch crypto friendly bank - Jan 25, 2019 - Mobile Bitcoin Wallet BRD Raises $15 Million, Plans for Expansion in Asia - Jan 25, 2019 - BullBitcoin rolling out alpha access of platform - Jan 25, 2019 - Electrum Wallet Release 3.3.3 - Jan 25, 2019 - Bitrefill, purchase Bitcoin and have it delivered directly over LN - Jan 25, 2019 - South Korean crypto exchange Bithumb looking to go public in USA - Jan 24, 2019 - Bitcoin Exchanges Don’t Need Money Transmitter Licenses in Pennsylvania - Jan 24, 2019 - US; New Hampshire Bill Aims to Legalize Bitcoin for State Payments in 2020 - Jan 24, 2019 - Robinhood, LibertyX Receive Licenses from New York Regulators - Jan 24, 2019 - Bakkt Bitcoin futures contract details released - Jan 24, 2019 - Blockstream CryptoFeed V3 now includes 30+ venues and 200M+ updates per day - Jan 24, 2019 - Binance Jersey – The Latest Binance European Exchange - Jan 2019
Bitfury Rolls Out Lightning Peach, Its Own Suite of Lightning Tools - Jan 24, 2019
Good news. v3.6.2 just hit the play store for Android. - Jan 24, 2019
Bitrefill - LN now accounts for more payments than alts - Jan 24, 2019
proofd.app allows you to store a checksum of a doc on the blockchain - Jan 24, 2019
487 days until bitcoin halving - Jan 23, 2019
New #GalaxyS10 coming with ‘Samsung Blockchain KeyStore’- Jan 24, 2019
Proof-of-Reserves tool for Bitcoin github.com/stevenroose/reserves - Jan 24, 2019
Lightning Network Pac-Man Arcade introduced - Jan 23, 2019
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In case you missed it: Major Crypto and Blockchain News from the week ending 12/14/2018
Developments in Financial Services
A cryptocurrency exchange-traded product (ETP) that trades on Switzerland’s Six Exchange saw record trading volumes on Thursday and Friday last week, suggesting that institutional investors may be buying the dip in cryptocurrencies. Four major cryptocurrencies underlie the HODL ETP, including Bitcoin (BTC), Ripple (XRP), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). While HODL ETP’s one-month average daily trading is 20,000 shares, on Thursday, December 6th, and Friday, December 7th, 53,233 shares and 62.986 shares were traded, respectively.
A report published last week by global anti-money laundering policymaker, the Financial Action Task Force (FATF), indicates that cryptocurrency exchanges in the United Kingdom pose a, “low risk,” for money laundering and terrorist financing activities. The report, however, does highlight that such activities on UK cryptocurrency exchanges are an, “emerging risk,” although there is not yet enough evidence to suggest that these activities are occurring through cryptocurrency exchanges. In its report, the FATF urged UK regulators to, “Continue to develop an understanding of emerging risks (such as virtual currencies) and intelligence gaps, and take appropriate action.”
Andreas Utermann, CEO and CIO of Allianz Global Investors, called on global financial regulators to ban cryptocurrencies while speaking at a panel discussion in London. According to a report by Reuters, Utermann said, “You should outlaw it,” while participating in a panel alongside Andrew Bailey, the head of Britain’s Financial Conduct Authority. Bailey responded by saying that Utermann’s comments were, “quite strong,” before adding that cryptocurrencies have, “no intrinsic value.”
Basis, a major US-based stablecoin project, is shutting down its operations and returning most of its funds to investors, according to a report by crypto news outlet The Block. The report by The Block cited, “multiple people with direct knowledge of the situation,” in claiming that the algorithmic stablecoin project, which generated UDS$133mm of funding through private investments in April, will return funds to investors. According to the Co-Founder and CEO of competing stablecoin project Nevin Freeman, Basis’ shutdown is due to regulatory concerns around one of its token types. Freeman explained, highlighting that algorithmic stablecoins implement a “secondary token”, known as a “bond token”, to help maintain the primary token’s peg. In many cases, regulators like the US Securities and Exchange Commission (SEC) consider these secondary tokens to be securities.
Binance, the world’s largest cryptocurrency exchange by daily trading volume, announced that it has added Circle’s US dollar-pegged stablecoin, USD Coin (USDC), to its combined Stablecoin Market. Circle, a company backed by Goldman Sachs, first released its stablecoin in September of this year. Binance’s combined Stablecoin Market features other notable stablecoins, like Tether (USDT), that trade against cryptocurrencies as interchangeable base pairs.
Coinone, a South Korea-based cryptocurrency exchange, has officially launched Cross, a cross-border payments application that leverages Ripple’s xCurrent product to increase efficiencies. The application, released by Coinone’s payments subsidiary, Coinone Transfer, targets unbanked or underbanked South Koreans by enabling the transfer of funds to Thailand or the Philippines at a low cost.
Gemini, a cryptocurrency exchange heralded by the Winklevoss twins, released an official company blog post this weekend announcing that the firm will support Bitcoin Cash (BCH) custody and trading. The exchange will support only the Bitcoin Cash ABC network at this time, adding that they, “are continuing to evaluate Bitcoin SV over the coming weeks or months, and we may or may not choose to support withdrawals and/or trading of Bitcoin SV in the future.” Additionally, the company detailed that its listing of BCH is pending regulatory approval by the New York State Department of Financial Services.
Gemini, the cryptocurrency trading platform founded by the Winklevoss twins, announced the launch of a mobile crypto trading application in an official blog post today. Accompanying the launch of the crypto trading app is a new investment vehicle, dubbed, “The Cryptoverse,” that is comprised of a basket of cryptocurrencies weighted by market capitalization. While speaking to Bloomberg today, Cameron Winklevoss said that, “A lot of our decisions have perhaps given off a perception that we’re more institutional-based. The reality of the situation is that we have a diverse customer base. And the retail story is just beginning.” The Winklevoss twins went on to detail of a goal to expand reach to Asian markets by 2019’s end.
Good Money, a US neo-banking platform, has closed its Series A investment round that generated USD$30mm led by cryptocurrency-focused merchant bank Galaxy Digital and the founder of EOS (EOS) Block.one. Good Money aims to provide a variety of banking service and certain financial instruments to US account holders while exploring innovative changes to traditional banking practices. “Modern banking is a primary driver of so many issues we as a society face – from economic inequality, institutional racism, environmental destruction to political corruption,” said Good Money founder Gunnar Lovelace. Specifically, Good Money eliminates ATM fees while offering each bank user equity in the company.
Kraken, a notable cryptocurrency exchange, is seeking to raise funding with a USD$4bn valuation for the company and a USD$100,000 investment minimum, according to CoinDesk. In an email to investors, Kraken CEO Jesse Powell wrote, “There is presently a limited time opportunity available to a very small select number of clients to purchase shares.” The email goes on to detail that the exchange will close its offer on December 16th.
OKEx, the second-largest cryptocurrency exchange by daily trading volume, will begin listing Bitcoin Cash ABC under the original Bitcoin Cash ticker (BCH), as per an official announcement Tuesday. Additionally, OKEx will change the Bitcoin Cash SV ticker from BCHSV to BSV. The announcement by OKEx comes after other notable cryptocurrency exchanges have made the same switch, including Coinbase and Gemini.
PayPal, an online payments portal, has launched its own internal private blockchain platform that will allow staff to trade and exchange tokens while generating ideas and participating in programs to foster innovation, as per a report by news outlet Cheddar. The private blockchain network, which was built by 25 PayPal employees in just 6 months, will allow employees to earn more for enrolling in learning and development programs. The PayPal tokens are not tradeable, or worth anything for that matter, outside PayPal’s blockchain.
PricewaterhouseCoopers (PwC), a big four consulting firm, is partnering with Bitfury Group, a large blockchain software and mining firm, to develop a blockchain accelerator specific to Russian businesses. As per an official press release by PwC, the partnership will leverage Exonum, Bitfury’s open source framework to build blockchain applications, for educational courses and seminars. The partnership aims to meet the, “current needs,” of PwC’s enterprise clients in Russia.
Revolut, a digital banking alternative with an in-application cryptocurrency exchange, announced that it has been awarded a European banking license. Seeking to become the, “Amazon of banking,” the license will allow Revolut to offer traditional banking services alongside its current cryptocurrency offerings to European customers. Nikolay Storonsky, Founder and CEO of Revolut, said in regards to the newly acquired license that, “With the banking license now secured, commission-free stock trading progressing well, and five new international markets at final stages of launch, we are living up to our reputation as the ‘Amazon of Banking’. Our vision is simple: one ap with tens of millions of users, where you can manage every aspect of your financial life with the best value and technology.”
Shinhan Bank, the second-largest commercial bank in South Korea, is launching a new project to implement blockchain technology in its internal processes with a goal of eliminating human error. According to a report by news outlet The Korea Times, Shinhan also recently completed a training program for its staff to increase their knowledge of blockchain technology across various applications. After Shinhan implemented blockchain technology for interest rate swap transactions on November 30th, South Korea’s second-largest bank is now aiming to apply the technology in its record-keeping process to enhance overall efficiencies.
SolarisBank, Germany’s second-largest and Europe’s ninth-largest stock exchange, is partnering with Stuttgart Exchange Group, a German fintech company, to jointly develop a cryptocurrency exchange. As per a report by Cointelegraph Germany, the joint cryptocurrency exchange venture, “is scheduled to launch in the first half of 2019.” This news comes after SolarisBank announced plans to launch a zero-fee cryptocurrency trading application this past May.
The Canadian city of Calgary is becoming the first city in Canada to launch a digital version of its local currency, according to a report by the Global News. Dubbed as the Calgary Digital Dollar, the digital currency will be exclusive to Calgary and operate alongside the country’s Canadian Dollar. Calgary-based businesses will now be required by law to accept at least 10% of a payment in digital currency, although they are allowed to accept up to 100%.
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is launching a pilot of its Global Payment Initiative (GPI) to combat growing blockchain and fintech solutions, according to an official announcement last week. Currently, the SWIFT Network is used by global financial institutions to conduct global financial payments and cross-border transfers of fiat currency. Although the project is still in its early stages, the GPI pilot hopes to, “build the foundation of a new integrated and interactive service that will significantly improve efficiencies in the payments process and which will ultimately be made available to all 10,000 banks across the SWIFT network.”
The United Arab Emirates’(UAE) central bank is partnering with the Saudi Arabian Monetary Authority (SAMA) to develop a cryptocurrency to facilitate cross border transactions between the two countries, according to a report by news outlet GulfNews. In a meeting pertaining to global banking standards and regulation in the Arab region, Mubarak Rashed Al Mansouri, the governor of the UAE’s central bank, said, “This is probably the first time ever that witnesses the cooperation of monetary authorities from different countries on this topic and we hope that this achievement will foster similar collaboration in our region.” The prospective digital currency will be used by both central banks and financial institutions in the countries.
TokenSoft, a security token offering (STO) startup, has acquired a 20% stake in regulated broker-dealer Marpine Securities LLC in order to launch its own regulated broker-dealer. After acquiring the 20% stake, TokenSoft will launch its new regulated broker-dealer entity, called TokenSoft Global Markets, that will be registered through the Financial Industry Regulatory Authority (FINRA). The new regulated broker-dealer entity will allow TokenSoft to advise token issuers through every step of the Initial Coin Offering (ICO) process. Additionally, TokenSoft will now be able to legally operate in services related to insurance and management.
Tom Lee, co-founder of Fundstrat Global Advisors and a notable cryptocurrency pundit, believes that the current fair value of Bitcoin (BTC) is between USD$13,800 and USD$14,800, according to a note published on Thursday. Lee arrived at this valuation by taking into account the number of active wallet addresses, usage per account, and other supply and demand metrics. Additionally, Lee forecasted that the fair value of BTC will reach USD$150,000/coin once BTC wallets account for 7% of Visa’s 4.5bn account holders.
UAE Exchange, an exchange based in the United Arab Emirates (UAE), is partnering with Ripple to launch a blockchain-based cross-border remittances platform by 1Q2019, as per a Reuters report on Thursday. The report details further that Finablr, a payments and foreign exchange company that owns UAE Exchange, observes a high level of remittance inflows from expatriate workers in the Middle East region. “We expect to go live with Rippel by Q1, 2019 with two other Asian banks,” said Finablr CEO Promoth Manghat, adding, “This is for remittances to start with, from across the globe into Asia.”
De Nederlandsche Bank, the Netherlands’ central bank, will soon require domestic cryptocurrency providers to obtain a license from the regulator to operate, as per a report by Dutch news outlet DeTelegraaf. The Netherlands' central bank is taking these measures in the hope that it will, “prevent such cryptocurrencies from being used to launder money obtained through crime or to fund terrorism.” In order to receive a license, cryptocurrency firms must maintain Know-Your-Customer procedures and report any suspicious activity to the Dutch central bank.
Eddie Hughes, a conservative member of the United Kingdom’s Parliament, suggested that Bitcoin (BTC) should be accepted as legal tender for tax and utility payments, according to news outlet Express.co.uk. The article discusses that Hughes, who is a self-described, “crypto enthusiast with amateur knowledge,” recently met with the Royal National Lifeboat Institution, which accepts cryptocurrency donations. This news comes after the US state of Ohio announced that it would begin accepting BTC as legal tender for tax payments.
Following a case in Canadian courts that resulted in a ruling ordering mistakenly sent crypto funds to be returned to their owner, a blog post from the University of Oxford Faculty of Law is noting that there could be repercussions with the case potentially setting a precedent for lost or stolen cryptocurrency claims. The Canadian court case’s ruling will require defendant Brian Wall to return USD$370,482 worth of Ethereum (ETH) tokens to the plaintiff, Copytrack. The blog post from the University of Oxford Faculty of Law reads, ‘This precedent may have major repercussions for the enforcement of claims regarding lost or stolen cryptocurrencies,” adding that the ruling allows the plaintiff to recover tokens, “in whatsoever hands those Ether Tokens may currently be held.”
Japan’s government is considering plans to ease cryptocurrency taxes in an effort to revitalize the domestic cryptocurrency and blockchain industry. This week, Japanese Congressman Takeshi Fujimaki proposed four significant changes to taxation requirements pertaining to digital assets, which include: a reduction on the cryptocurrency gains tax from 55% to 20%; elimination of taxes on crypto-to-crypto payments; elimination of taxes on miniscule cryptocurrency payments; and an adjustment that would allow cryptocurrency investors to carry forward losses across quarters and years, effectively until cryptocurrencies are ‘cashed’ out.
Jay Clayton, Chairman for the United States Securities and Exchange Commission (US SEC), said during a speech that Initial Coin Offerings (ICOs), “can be effective,” for fundraising, but that, “securities laws must be followed.” Clayton went on in his speech to comment on the US SEC’s work regarding distributed ledger technology (DLT), digital assets, and ICOs, saying that it is an, “area where the Commission and staff have spent a significant amount of time,” and, “that this trend will continue in 2019.”
Jay Clayton, the Chairman of the US Securities and Exchange Commission (SEC), expressed his optimism for distributed ledger technology’s potential impact on traditional financial markets in a testimony before the US Senate Committee on Banking, Housing, and Urban Affairs yesterday. According to a transcript published on the SEC’s website, Clayton said, “I am optimistic that developments in distributed ledger technology can help facilitate capital formation, providing promising investment opportunities for both institutional and Main Street Investors.” Additionally, Clayton highlighted that the SEC is, “Focusing a significant amount of attention and resources on digital assets and initial coin offerings (ICOs).”
Maxim Akimov, the Deputy Prime Minister of Russia, announced that no significant changes will be made to the draft of a bill concerning cryptocurrency regulation in the country, as per news outlet Finmarket. The bill was already approved by Russia’s parliament, the State Duma, in May 2018, although the bill has generated substantial discussion since. Since approval of the bill, all cryptocurrency and token-related terminology have been removed and replaced with the term “digital rights”. At the beginning of December, Pavel Krasheninnikov, Chairman of Russia’s State Duma, said that the bill needed to be, “significantly,” changed.
Pan Gongsheng, a deputy governor of the People’s Bank of China, highlighted that Security Token Offerings (STOs) in China are illegal while speaking at a summit in Beijing. As per a report by news outlet the South China Morning Post, Gongsheng told the summit that, “illegal financing activities through STOs and ICOs were still rampant in the mainland despite a nationwide clean-up of the cryptocurrency market last year.” In citing reasoning for the continued ban on STOs, Gongsheng explained that, “Virtual money has become an accomplice to all kinds of illegal and criminal activities.”
Pantera Capital, a blockchain and cryptocurrency-focused investment firm and hedge fund, is warning investors that as much as a quarter of their ICO project could potentially be violating US securities laws, according to a Bloomberg report. In a newsletter to clients, Pantera Capital warned, “While we believe the vast majority of the projects in our portfolio should not be affected, approximately 25% of our fund’s capital is invested in other projects with liquid tokens that sold to US investors without using Regulation D or Regulation S”
Russia has no intention of implementing Venezuela’s state-backed digital currency, the Petro, into commercial operations, according to a report by news outlet RIA Novosti. While speaking to reporters this week, Russian Deputy Finance Minister Sergey Storchak said, “Representatives from our tax service and central bank... got acquainted with the cryptocurrency Venezuela is introducing,” adding, “But no more than that. As for payments, they’re not happening yet.”
South Korea’s representative body, the National Assembly, held its first official meeting with seven of the country’s largest cryptocurrency exchanges on Monday. The purpose of the meeting was to debate cryptocurrency regulation between stakeholders of South Korea’s cryptocurrency industry. Cryptocurrency exchanges Bithumb, CobitCoin, Coinone, Upbit, Gopax, Coinplug, and Hanbitco were among the attendees of the debate, which reportedly focused on Anti-Money Laundering (AML) customer protections and Know Your Customer (KYC) procedures.
The United Kingdom’s Financial Action Task Force (FATF), an intergovernmental financial security body, is calling on the country’s government to increase monitoring of cryptocurrency markets. According to an official report last week, the UK must overhaul its Anti-Money Laundering (AML) and combat terrorist financing (CFT) efforts in order to prevent illicit activities with cryptocurrencies. “Virtual currency exchange providers are not yet covered by AML/CFT requirements,” the report details, adding, “this is an emerging risk and there is not yet evidence to suggest that broad scale ML/TF is occurring in the UK through this relatively small sector.”
The United States Commodity Futures Trading Commission (CFTC) is interested in learning more about the Ethereum (ETH) network, its technology, and the markets build around it. On Tuesday, the CFTC published a Request for Input (RFI) that requests the public’s feedback on different questions concerning Ethereum. The RFI explains that its goal is to inform the CFTC about Ethereum and similar emerging technology, saying, “The input from this request will advance the CFTC’s mission of ensuring the integrity of the derivatives market as well as monitoring and reducing the systematic risk by enhancing legal certainty in the markets. The RFI seeks to understand the similarities and distinctions between certain virtual currencies, including here ether and bitcoin, as well as ether-specific opportunities, challenges, and risks.”
The United States Securities and Exchange Commission (US SEC) is ordering that cryptocurrency asset manager CoinAlpha Advisors LLC pay a USD$50,000 fine, alleging that the firm conducted an unregistered securities sale. After forming in October 2017, CoinAlpha raised more than USD$600,000 from investors to invest in digital assets. In an official release, the US SEC said that CoinAlpha did not file a Notice of Exempt Offering of Securities, meaning that the firm breached securities laws by soliciting securities investors. Additionally, the firm allegedly did not adhere to proper know-your-customer procedures to verify that investors were accredited.
Venezuela is reportedly beginning to convert its citizens’ monthly pension payments into Petros, Venezuela’s controversial state and oil-backed cryptocurrency, according to a report by local economics blog the Caracas Chronicles. The conversion of Venezuelan pensioners’ payments into Petros came after the country already sent pensioners their monthly payment in the form of a check for Venezuelan Bolivars -- normally, upon receiving their check, pensioners would deposit their funds into a bank account where they could then withdraw fiat from local branches. The Venezuelan government, however, converted pensioners’ fiat payments into the Petro upon their deposit into a bank. In the first few weeks of the Petro’s existence, its value has risen from 9,000 to more than 15,000.
Warren Davidson, an Ohio Congressman and notable advocate of blockchain and digital assets, is floating blockchain technology as a solution to fund US President Donald Trump’s prospective US-Mexico border wall. While interviewing with NPR, Congressman Davidson suggested, “the American people, or whomever should choose to donate,” could pay for the border wall, adding, “you could do it with sort of like a crowdfunding site or you could do a blockchain and you could have WallCoins.”
“The long-term value of Bitcoin (BTC) is more likely to be USD$100 than USD$100,000,” says Kenneth Rogoff, a former Chief Economist for the International Monetary Fund (IMF) and the current Harvard University Professor of Economics and Public Policy. While writing an article for major UK news outlet The Guardian, Rogoff highlighted that, because BTC’s use is limited to transactions, it makes the digital asset more vulnerable to a bubble-like collapse. Rogoff also cited that BTC’s energy-intensive verification processes is, “vastly less efficient,” than systems that leverage, “a trusted central authority like a central bank.”
A new report by PeckShield, a blockchain security company that monitors various cryptocurrency ecosystems, details that decentralized applications (DApps) on the EOS (EOS) blockchain have lost as much as USD$1mm in hacks since July 2018. The report details further that DApps on the EOS network have sustained 27 breaches since July, which are responsible for the up to 400,000 EOS that have been compromised from hacks. Guo Yonggang, a blockchain security expert cited in a report on the matter by crypto media firm Blockchain Truth, believes that the hacks can be attributed to security problems with the DApps themselves, rather than with the EOS network.
A new study published by the Cambridge Centre for Alternative Finance on Wednesday finds that the number of unique ID-verified cryptocurrency users nearly doubled in in the first 3 quarters of 2018. The study details that total ID-verified users increased to 35mm in the first three quarters of 2018 from 18mm at the end of 2017, representing an increase of 94%. As per an analysis of the study by Bloomberg, the growth of crypto’s userbase despite the market decline, “could signal that an eventual recovery could be coming.”
Amid the continued cryptocurrency sell-off, only two cryptocurrency mining machines remain profitable, according to real-time data from ASICMinerValue.com. ASICMInerValue.com, which calculates the profitability of Application-Specific Integrated Circuit (ASIC) miners, indicates that only indicates that only the Ebank Ebit E11++ and ASICminer 8 Nano 44Th mining models are profitable for mining cryptocurrencies based on the SHA-256 hash function -- notable cryptocurrencies like Bitcoin (BTC) and Bitcoin Cash (BCH) use this has function.
Bitmain, a large Chinese cryptocurrency mining firm, announced that it is closing its development center in Israel, citing current cryptocurrency market conditions. In closing Bitmaintech Israel, the crypto mining giant was forced to fire all 23 employees. Among the employees let go is Gadi Glikberg, head of Bitmain’s Israeli branch and Vice President of International Sales, who said on the recent market turmoil, “The crypto market has undergone a shake-up in the past few months, which has forced Bitmain to examine its various activities around the globe and to refocus its business in accordance with the current situation.”
Busan, a major South Korean city, will be the beneficiary of the South Korean government’s plan to spend 4bn Korean won (USD$3.5mm) to establish a blockchain-enabled virtual power plant (VPP). As per a report by South Korean news outlet Yonhap News Agency, the project will be angled as a national competition in 2019, hosted by South Korea’s largest electric utility, Korea Electric Power Corporation (KEPCO). The VPP will integrate the idle capacities of multiple energy resources through a cloud-based distributed ledger in order to optimize power generation and decrease costs.
Church’s Chicken, a large international fast food franchise, is partnering with Dash Venezuela to accept cryptocurrencies in its Venezuelan locations. According to an official press release, 13 Church’s Chicken establishments will begin accepting Dash (DASH) as payment following, “extensive and rigorous days of training,” staff to understand cryptocurrencies. With the addition of Church’s Chicken, more than 2,200 establishments in Venezuela accept DASH as payment.
Crypto.com, a Hong Kong-based cryptocurrency payments platform, announced the appointment of former PayPal executive Tyson Hackwood to serve as the firm’s Vice President and Head of Global Merchant Acquisition in an official press release today. Crypto.com aims to increase cryptocurrency adoption by both merchants and consumers through their point-of-sale (PoS) transaction terminals. Crypto.com CEO Kris Marszalek believes that Hackwood will be integral in furthering this goal, saying, “As we develop the Crypto.com Chain to fulfill the current industry need to pay and be paid in crypto, Tyson will play an important role in expanding the number and quality of merchants that are part of our network.”
Hyperledger, a notable blockchain consortium, is continuing its robust expansion after announcing the addition of 16 new members at the Hyperledger Global Forum in Basel, Switzerland. Among the notables to join the consortium are, Alibaba Cloud, Citigroup’s Citi Ventures arm, and Deutsche Telekom. The latest addition of 16 members brings the total membership of Hyperledger to more than 260 different companies. In a public statement, Hyperledger Executive Director Brian Behlendorf said that, “The growing Hyperledger community reflects the increasing importance of open source efforts to build enterprise blockchain technologies across industries and markets. The latest members showcase the widening interest in and impact of DLT and Hyperledger."
Jeremy Henrickson, the former Chief Product Officer at Coinbase, has departed the US-based cryptocurrency exchange after serving since July 2016. “Jeremy’s contributions to Coinbase over the past two years were invaluable,” said a Coinbase spokesperson, adding that, “he helped to build our scrappy startup team into a high-functioning product and engineering organization -- overseeing a 5x+ growth of the team.” Henrickson’s departure comes after long-term Coinbase executives Adam White and Hunter Merghart left the US-based cryptocurrency exchange in recent months.
LinkedIn’s, “2018 U.S. Emerging Jobs,” report released on Thursday ranks the role of blockchain developer as the fastest growing job in the United States. The report by LinkedIn indicates that blockchain developer jobs have increased 33-fold in the past 12 months alone. San Francisco, New York City, and Atlanta are among the cities with the highest demand for blockchain developer jobs.
Orbs, a unique hybrid blockchain platform, raised more than USD$15mm in cryptocurrencies to fund its development of a public blockchain, according to a company blog post. South Korean application provider Kakao lead the fundraising efforts with a representative telling CoinDesk that the company, “always seeks to invest and support innovative startups, and Orbs is a good example.” In total, Orbs raised 139,000 Ether (ETH) and 892 Bitcoin (BTC), amounting to roughly USD$15.4mm. Orbs aims to build a public blockchain with this funding that is, “universal,” and, “scalable,” for decentralized applications (DApps) with the, “liquidity of a base layer.”
Samsung has reportedly filed patent applications for three different blockchain-related trademark requests that all pertain directly to smartphones, according to news outlet Galaxy Club. Specifically, the patents named “Blockchain KeyStore”, “Blockchain Key Box”, and “Blockchain Core” all pertain to cryptocurrency custody capabilities on smartphones. This news comes amid the release of HTC’s Exodus 1 and Sirin Labs’ FINNEY, both of which are being marketed as blockchain smartphones with cryptocurrency custody capabilities.
01-24 12:23 - 'I'm trying to put together a list of what's coming out this year. Have this very simple list so far. Anyone care to add anything or suggest some better dates?' (self.Bitcoin) by /u/kolinHall removed from /r/Bitcoin within 7433-7443min
''' Latest News (most recent first)
Bitfury Rolls Out Lightning Peach, Its Own Suite of Lightning Tools - Jan 24, 2019
Good news. v3.6.2 just hit the play store for Android. - Jan 24, 2019
Bitrefill - LN now accounts for more payments than alts - Jan 24, 2019
proofd.app allows you to store a checksum of a doc on the blockchain - Jan 24, 2019
487 days until bitcoin halving - Jan 23, 2019
New #GalaxyS10 coming with ‘Samsung Blockchain KeyStore’- Jan 24, [link]2 - Jan 24, 2019
Lightning Network Pac-Man Arcade introduced - Jan 23, 2019
Shower thought - Bitcoin miners that are in bed with Core will have an advanced notice of new POW algorithm so they can get a headstart after POW change
Miners that are laying in bed with Core currently are doing so because they want a headstart with the POW change that Core is threatening (attacking) the community with. This gives them an unfair advantage over other honest miners that are sticking with Nakamoto consensus (longest chain). I wonder what all the miners who have millions of dollars sunk into mining rigs will do with their newly bricked machines? Core literally wants to destroy your millions invested into mining overnight. The only advantage I can think of where a miner who has millions invested who could lose it overnight would be a POW that they can game in advance so they can make boat loads more while everyone else is playing catchup. Who makes sells/makes chips again? Isn't it Bitfury and Bitmain basically, the two top ASIC chip sellers? EDIT: Now Core developer and Blockstream CTO Greg Maxwell is saying they will change POW to only target SPECIFIC hardware (Bitmain!)
Buratino Blockchain Solutions: we have found new solutions to old problems
The market of the mining equipment continues to develop strenuously contrary to adverse conditions on the crypto exchanges. Technologies are constantly improving, increasing growth of mining profitability at the reduction of energy consumption and partly compensating negative dynamics of cryptocurrencies rates. However, it automatically increases the complexity of production of new digital coins that form request for creation of more powerful equipment. Industry is constantly changing and miners need to be able to understand modern trends of the branch. Let’s discuss market tendencies, new technology solutions capability to affect the efficiency of this business, and how exactly our team is ready to help miners. Mining market today Lets begin with the general review of the market, with emphasis on forecasts of the authoritative research companies. Analysts of the American consulting company Coherent Market Insights are convinced: in the medium term (5–10 years) mining will be profitable. Demand for the new equipment will remain high even during the crypto -markets depression. According to the last forecast of the company, by 2025 mining industry will exceed the capitalization level of $16,3 billion. The indicator of cumulative average annual growth rate (CAGR), according to experts, will grow by 18,68% from 2017 to 2025. At the time of posting, the greatest share of computing capacities has been concentrated in Asia. Experts from other large consulting company Technavio consider that the Pacific Rim will take 51% of the general growth of the industry in 2018–2022. Then the share of the Pacific Rim will be reduced below 50% level. The cause is a hard governmental line of China in relation to crypto industry. It makes miners migrate to other countries of North and South America and Eastern Europe. According to the Technavio, 33% of the market is now in the New World, but the share of the USA will grow, forcing out China. Coherent Market Insights experts are solidary with colleagues, and also give the future world leadership to North America. Improvement of production technologies of cryptocurrencies and increase in productivity of the hardware remains a key tendency of the current market. Along with it large producers of microelectronics, such as Samsung and United Microelectronics Corporation are entering the market as suppliers of hi-tech accessories. The large manufacturing companies (Bitmain Technologies, BitFury, Advanced Micro Devices, etc.) actively develop ASIC systems with bigger energy efficiency and the increased hashrate coefficients. It is important for providing the more effective mining. However alternation of generations in available lines of the equipment happens slowly that opens opportunities for new players, such as our company. According to the Coinshares company, hashrate of the only one Bitcoin network grows by 300% annually, the efficiency of chips increases by 80%, and their cost falls on average on 50%. So the profitability of digital coins production grows even in conditions of crypto rate instability with the introduction of new technologies in ASIC-mining . 74% of the mining market is the share of ASIC of all configurations in 2017. It is expected that they will continue to dominate. The process of improvement of the hardware leads to the growth of volumes of the mined coins. But the more is mined, the quicker the algorithm of generation of new blocks in the network complicates. As a result — miners need capacities to grow. Escalating levels of complexity become nearly the main factor of mining equipment market growth in the medium term. For example, analysts of Technavio predict the increase in growth rates for 2018 by 9,04%. Increase in productivity as natural selection To be a successful miner means always to work proactively. Anyone who first manages to use more productive mining systems also remains in a prize or at least in the market. The Forbes.ru magazine describes how the market of a mining is affected by the generation of more productive machines. All of us remember the last year's agiotage around the first ASIC systems for Dash cryptocurrency. Before it was mined only on video cards and brought the monthly income of $1-1,5 thousand from one farm. New miner (DM11G from iBeLink, Antminer D3 from Bitmain and DR-100 from Pinidea) promised income from $5 thousand from each installation. Those who the first have managed to connect ASIC to Dash network succeeded the most. Their monthly income has made about $6 thousand, but it was not for a long time. The rapid growth of the number of ASIC devices in the network has provoked the same fast increase in complexity of calculations. Therefore the payback period of one ASIC system has increased from 3-4 to 12 months. As a result, by the end of 2017, the profitability of Dash mining has decreased almost by 3 times (in comparison with September of the same year). In completion to everything, the Dash rate has fallen off in spring 2018. Production of cryptocurrency is favorable only to those who quickly reacts to the production of the new hardware. Only being guided by new generation equipment or modernizing old ones it is possible not to lose. Recent leaders VS perspective beginners BitFury and Bitmain remain recognized leaders in the global market in summer 2018. BitFury generally specializes in providing mining decisions under specific projects. Bitmain, on the contrary, is guided by production and sale of the ready-made mining systems. Today the market is rather highly consolidated and more than a half of all computing capacities belongs to largest companies. Nevertheless, Coherent Market Insights analysts consider that in the near future deconsolidation of branch due to the appearance of new players is expected. This segment is also interesting to us. With the support of the community on ICO, we will be able to impose market competition to the acting leaders. Just because present devices have a number of problems which are still not solved by anyone except for us. Support of the only one cryptocurrency, the impossibility of the partial modification, high noise level, high costs of cooling and a lot of things still. Everything remains unresolved. We plan to put on the market the multi-mining system of the new generation Papa Carlo. The equipment surpasses competitors in all key indicators: energy efficiency, productivity, customizability, the number of coins, etc. With our development, it will be not just ASIC anymore, but the first real multi-miner, allowing to get fifteen digital currencies on the most popular algorithms SHA-256 and SCRYPT. It is difficult to overestimate the potential of such a product. Papa Carlo is capable to take the worthy place in the market of the CIS and the whole world. It is enough to compare our technological product to the acting leader of sales - Antminer s9, to estimate all range of advantages of Papa Carlo. Compare several key indicators of Papa Carlo and Antminer s9: hashrate of Papa Carlo – 26 Th/s, Antminer s9 – 13,5 Th/s; Papa Carlo processors – 10 nanometers, Antminer s9 – 16 nanometers; the number of Papa Carlo chips – 210, Antminer s9 – 189; energy efficiency of Papa Carlo – 0,065 J/Gh, Antminer s9 – 0,1 J/Gh; Papa Carlo noise level – 35-45 dB, Antminer s9 – 75-80 dB. Conclusion Papa Carlo is a high-performance equipment which can compete with leaders of the market. Our Buratino Blockchain Solutions company provides its development and service. The issue of own token will allow attracting the capital for scaling of business and distribution our multi-miner. Everyone who wishes to receive exclusive privileges from the producer at a stage of the closed sales can join our tokensale.
Want to invest in Bitcoin? Buy them, not mining rigs! Bitcoin mining has become a gamble.
Mining is becoming profitable only for the hardware manufacturers. The demand for mining rigs remains frantic, despite that most current ASICs will not ROI once backorders are filled. It is a gamble whether or not your order will be fulfilled first, and even if you do ROI, you are most likely looking at a 10-20% profit over the course of 12 months. Miners are trying to resell their miners for MORE than they paid for it AFTER mining on the machine for over a month. Invest in Bitcoin directly. Buy and hold if you are looking for long term profit. Money is being pumped away from the Bitcoin economy and straight into the pockets of hardware manufacturers. This is truly a case where the shovel sellers are ripping off the prospectors. I am a miner myself and the current state of mining is painful to bear. Consider getting into Bitcoin in ways other than mining. I am not posting this for any personal gain, but because the community needs to WAKE UP and realize that BFL, Bitfury, Avalon etc are not free easy money. The low hanging fruit has been picked. I wrote this quickly and this problem seems to be ignored on Reddit in hopes to insight discussion into a topic that I feel is being ignored in this subreddit. Thanks for reading, StringTheory
It's time we had a talk about mining and markets... and scams... and other nonesuch...
Hello Bitcoiners. My name is Joshua Unseth. I'm not an economist you've ever heard of. I'm not really anybody. But I've been doing this for a long time, and I keep seeing the same thing happen again and again and again with regard to new entrants into the Bitcoin space. So, I thought it might be time to sit down with me in front of the proverbial fireplace, and have a little talk about markets, mining and all other sundry topics. Why you ask? Very simple. I'm of the opinion that you ain't a Bitcoiner until you've been scammed. Everyone gets scammed. And almost always, it's a giant slap in the face reminding you of your hubris... and trust me, you are full of hubris. Before we start, let me give you an illustration that characterizes how the rest of this little article will go: If you walked into a room with no prior experience and said that you were going to be the greatest basketball player of all time, everyone in that room would rightly laugh at you. Likewise, if you walk into Bitcoin and think that you will be a successful miner, don't be taken back when you get laughed at. Like everything that people develop expertise in, there are those whom are good at mining and there are those whom are bad at mining. Before you begin down the long path of Eureka moments regarding Bitcoin, economies, the nature of money and everything else, let's get out of our system a few base rules that I think most of you will agree with: 1) deep markets are efficient, 2) scammers suck, 3) regulation is a bitch, 4) I'm an idiot... and so am you. The most important of these assumptions is #1 and #4. If you want to understand why, I highly recommend you read my super boring blog post about why deep markets being efficient and you being an idiot are so important. Here's the thing about mining. Everyone who comes to Bitcoin thinks that they have things figured out. You can buy this money-printing machine called an ASIC, and voila, you will have yourself some bitcoins. But that just ain't how it works. I know, I know, you've run the numbers. You know that the miner that you're buying will pay for itself in 3.46 months, and everything thereafter is ka-ching ka-ching profit baby. I know. You're wrong. How do I know you're wrong? Well, it's very simple. I know you're wrong because deep markets are efficient. And while Bitcoin itself may be a woefully shallow market, mining is competitive. Very competitive. Very very hyper super competitive. And because of that, I know that you are wrong. But how could that be? You've run the numbers? Why am I disagreeing with your math? It's math right? It can't lie... No, math is math is math is math. The problem with new to Bitcoin people is that while math may be math, I know something that you don't know, and it's simply that the implications of something like markets being efficient is that in a world where there is a highly commoditized good or service, the profit of that good or service will move toward $0. That's right, $0. What's more, as people who actually have some specialized knowledge of that good or service begin providing service in the market, it's likely that profits for the average person who does not have knowledge will move to -$n. Moreover, if we believe in the fundamental rationality of humans, that they will act in their own economic interests, you have to consider the fact that the calculation you did to show these miners will pay back in under four months is the same calculation that these ASIC manufacturers are doing. Wait what? So the miner makers know that they are selling you an object that you will run for 6-8 months knowing that your pay-off is in 4 months? Really? You believe this? Here's the thing, in a world where you pay $10k for a miner (let's go with base 10 because it's easy), and you will make all of that back in 4 months, that miner will make between $15k and $20k. So in a year, you will do something like double your money. This is the equivalent of earning something like 6%/month on the stock market. Earnings of this sort are impossible. Madoff was returning 15% or so each year. So those earnings are off the charts. So here's the simple math behind mining. If a company is producing miners that can pay you back and then some at a rate of 6% per month, the very simple thing for them to do is go to raise funding. Showing those earnings to a VC or an Angel Fund would basically guarantee that you walk out the door with a check for like a $100 million. Here's the thing, while VC's or bankers are often referred to as smart money (though I hate to give them the satisfaction of the title), you and your stupid wallet are probably what are called dumb money. Smart money is the money of seasoned, researched, veterans of finance. Dumb money is the opposite. While it won't be the case 100% of the time, chances are if you are reading this at home in your undies, and are just shaking at the indignity of my characterizing you as probably dumb money, then you are almost certainly dumb money. Dumb money always thinks it's smart money. But, riddle me this very simple question: in a world where a company can nearly promise 6ish% risk-free returns per month, why is it that they are selling to the dumb money investors instead of the smart money investors? Maybe those returns aren't so risk-free. And if those returns aren't risk-free, show me where in your calculated returns you are accounting for that risk. Do you understand net present value? Are you accounting for the opportunity cost of not purchasing the miner and just buying bitcoin or maybe just buying broad-based, risk-mitigating ETFs? Do you have a good handle on where Bitcoin prices are going. If you're answer to these questions is yes, yes and yes, then you are lying to yourself. If your answer to these questions are no, yes, and yes, then you are lying to yourself. if you're answer to these questions are no, no, and yes, then you are lying to yourself. If you're answer to these questions respectively is anything but .*, .*, and no, then you are lying to yourself. You have no idea where prices are going, and neither do I. How do I know you know nothing about prices? Well, because markets are efficient. And while I'll acknowledge that BTC is a fairly shallow market, it is still the case that even in shallow markets prices are generally pretty indicative of what a thing is valued. It is to say, the price of Bitcoin right now has every inch of risk and outcome baked into the price. Unless you have special knowledge of Bitcoin and her players, you know nothing more than this very simple tautology: the price is the price. So back to the question, why do miners sell equipment to dumb money instead of smart money? The answer is very simple: mining manufacturers, cloud mining operations, people who are promising what amounts to risk free return, they are scamming you. If they think they can provide you with miners that will outperform your wildest expectations, I promise you, they are scamming themselves and also scamming you. And, to be honest, you're scamming yourself when you buy your miner. Why do I say that? Because if you actually believed you could earn an almost guaranteed 6% per month, then you would spend all of your money on all the miners, and you would go to the bank and get a loan, you'd get your parents to mortgage their house, and you would buy all the miners you could. You don't do that because your gut is telling you correctly that there is something wrong here. And before you get all huffy and tell me that a scam isn't a scam until it's revealed, there are some things that are so inordinately off-kilter, that you can know with (near) certainty before they plummet into the dark pit of irrelevancy. @ 6% per month, you're telling me that with an investment of $10k, you will make $320k (I'm not doing real math, just kind of winging it over here... it might be ever more, so if someone feels like coming up with the right number, I'll change tip you a few cents.) over the next 5 years. That just isn't reasonable. And if you think it is reasonable, you're greed is getting in the way of your brain. So who should mine? People with a specialized knowledge of the Bitcoin mining space. BitFury is a great example of this. They make their own ASICs too. Why? Because they are trying to gain a competitive edge in an industry filled with very competent competition. To them, you are an irrelevant pissant. Who else should mine? People with a specialized need for virgin coins. When does it make sense to sell mining contracts? In the case that you are a large scale mining operation and you want to normalize costs such that your returns are less subject to the whims of randomness, you might want to sell contracts. How would you price those contracts? When you sell a contract like that as a big mining operation, you're externalizing the risk presented by the random swings of winning the hashing algo. To institutional miners, externalizing this risk is probably a smart business move. Very simply, they will calculate the Net Present value of having the money they would theoretically win through hashing over the course of the next 6 months or year or some other term, and they will sell contracts at a rate slightly below that to someone who is more desirous of taking on the risk. The gap between the NPV and the price of the contract is essentially a market-based insurance premium. It is the cost of risk-mitigation. So it begs the question (not in the philosophical sense), doesn't that mean that mining contracts - like those in cloud mining - are not scams? Good question. Well, here's the thing, you probably won't be offered contracts from institutional miners with good track records. Because just like there are people who are good at mining and people who are bad at it, there are people who are good at buying bundled risk and people that are bad at it. You, sir; yes you reading this article; you are bad at it. So don't do it. Why? Because markets are efficient, and you're an idiot. So now that you've read this, go ahead, buy those miners, do your thing. But when you find out that I'm right and that you have been scammed, the only thing you will hear from me is "welcome to Bitcoin, you're finally part of the club."
Manic Bitcoin Miners. The equipment now available in Bitfury’s online store, includes the Bitfury Clarke ASIC chips, Bitfury Tardis Mining Rigs, and even its BlockBox AC mobile mining units.. Bitfury Clarke 14nm ASICs cost $2500 plus tax for a minimum lot of 1000 pieces. Antminer S9 13.5TH/s ASIC SHA256 Bitcoin 7 DAY CLOUD MINING RENTAL Bitmain Lease. $21.50. Was: Previous Price $27.00. Bitmain S17 AntMiner Rental 56TH ASIC Bitcoin Mining 24Hour Cloud Hashing SHA256. $14.25. Was: Previous Price $19.00. Bitmain S17 AntMiner Rental 53TH ASIC SHA-256 Bitcoin CLOUD MINING Lease 48 Hour. You can buy this machine from Redbag, the official seller of this ASIC bitcoin miner. Below is the image depicting the returns from Innosilicion T3. BitFury Tradis (Eight Boards) Bitfury Tardis is another bitcoin mining hardware you can purchase to build passive income. This is a powerful ASIC Miner used to mine bitcoin. Coming in at 49TH it is making $500 a month as of July 2019. ROI is 3 months at this current rate. Bitfily is one of the largest manufactures and miners in the world. This is a an all inclusive machine with built in power supply. Bitfury is one of the first companies to start producing Bitcoin miners. Bitfury themselves mine coins on their equipment. Large data centers are located in Canada, Norway, Iceland, Georgia. The range includes ASIC mining chips, servers, and portable data centers. Bitcoin USB Miners Comparison. USB miner is not high-performance equipment.
Bitfury 16nm ASIC Demo - Part 1 of 3 - Duration: 5:21. The Bitfury Group 47,168 views. ... Red Fury ASIC BitCoin Miner Setup With BFGMiner - Duration: 2:59. TingaWinga5 18,353 views. Miner is built on two "5GH" 55nm BitFury ASIC chips. Device was produced by Polish ICT company FPITM in late 2013. FPITM manage sale and finish it in early 2015 when devices went out of stock. This is the second video of our 3 video series about our new 16nm Bitcoin Mining ASIC. In this video we demonstrate the high power performance of the chip with the help of a heat sink. Visit my Amazon store: https://www.amazon.co.uk/shop/tingawinga5 I'm not done with BitCoin Mining its just too interesting. This is another USB ASIC: The Ice... The chip shown is a Bitfury 5GHash bitcoin mining ASIC chip (hashes at 2-2.5GH/s). It is soldered using reflow-soldering with solder paste and tack flux and a weller wha-900 hot air tool with a ...