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An MIT accomplished on why distributed ledgers and cryptocurrencies have the potential to affect every industry.

By Zach Church | May 25, two thousand seventeen

Why It Matters

Like the internet in its early years, blockchain technology is hard to understand and predict, but could become ubiquitous in the exchange of digital and physical goods, information, and online platforms. Figure it out now.

Blockchain is a term widely used to represent an entire fresh suite of technologies. There is substantial confusion around its definition because the technology is early-stage, and can be implemented in many ways depending on the objective.

“At a high level, blockchain technology permits a network of computers to agree at regular intervals on the true state of a distributed ledger,” says MIT Sloan Assistant Professor Christian Catalini, an experienced in blockchain technologies and cryptocurrency. “Such ledgers can contain different types of collective data, such as transaction records, attributes of transactions, credentials, or other chunks of information. The ledger is often secured through a clever mix of cryptography and game theory, and does not require trusted knots like traditional networks. This is what permits bitcoin to transfer value across the globe without resorting to traditional intermediaries such as banks.”

On a blockchain, transactions are recorded chronologically, forming an immutable chain, and can be more or less private or anonymous depending on how the technology is implemented. The ledger is distributed across many participants in the network — it doesn’t exist in one place. Instead, copies exist and are at the same time updated with every fully participating knot in the ecosystem. A block could represent transactions and data of many types — currency, digital rights, intellectual property, identity, or property titles, to name a few.

“The technology is particularly useful when you combine a distributed ledger together with a cryptotoken,” Catalini says. “Suddenly you can bootstrap an entire network that can achieve internet-level consensus about the state and authenticity of a block’s contents in a decentralized way. Every knot that participates in the network can verify the true state of the ledger and transact on it at a very low cost. This is one step away from a distributed marketplace, and will enable fresh types of digital platforms.”

How is blockchain related to bitcoin?

Bitcoin, with a market cap of more than $40 billion, is the largest implementation of blockchain technology to date. While a lot of media attention has shifted from bitcoin to blockchain, the two are intertwined.

“When The Economist put blockchain on the cover in 2015, it wasn’t truly about its use to support a digital currency anymore. It was all about the other applications this technology will release within the next five to ten years,” Catalini says. “For example, in finance and accounting there is excitement about the capability to lodge and reconcile global transactions at a lower cost using the technology. In logistics the attention is all on how you can use the immutable audit trail generated by a blockchain to improve the tracking of goods through the economy. Others are fascinated by the possibility to use this as a better identity and authentication system.”

There are two types of costs blockchain could reduce for you: the cost of verification and the cost of networking.

So what’s the big deal? In a latest paper, Catalini explains why business leaders should be excited about blockchain — it can save them money and could upend how business is conducted.

Every business and organization engages in many types of transactions every day. Each of those transactions requires verification. In many cases, that verification is effortless. You know your customers, your clients, your colleagues, and your business playmates. Having worked with them and their products, data, or information, you have a pretty good idea of their value and trustworthiness.

“But every so often, there’s a problem, and when a problem arises, we often have to perform some sort of audit,” Catalini says. “It could be actual auditors coming into a stiff. But in many other cases, you’re running some sort of process to make sure the person claiming to have those credentials did have those credentials, or the rock-hard selling you the goods did have the certification. When we do that, it’s a costly, labor-intensive process for society. The marketplace slows down and you have to incur extra costs to match request and supply.”

“The reason distributed ledgers become so useful in these cases is because if you recorded those attributes you now need to verify securely on a blockchain, you can always go back and refer back to them at no cost,” he says. “It’s costless verification. So when you think about why bitcoin works, it’s because it can cheaply verify that the funds are actually there. You can transfer value from here to anywhere on the globe at almost zero transaction cost. Sending secure messages that carry value does not require a bank or PayPal in the middle anymore.”

In brief: Because the blockchain verifies trustworthiness, you don’t have to. And the friction of the transaction is diminished, resulting in cost and time savings.

Using a blockchain can also reduce the cost of running a secure network. This will happen over a longer timeline, Catalini says, perhaps a decade. The internet has already permitted for a quicker, less stilted exchange of goods and services. But it still needs intermediaries, however efficient they may be — think eBay, Airbnb, and Uber.

“Those intermediaries are costly and earn rents for processing payments, maintaining a reputation system, matching request and supply,” Catalini says. “This is where blockchain technology, combined with a cryptotoken, permits you to rethink an entire value chain from the ground up. That’s where incumbents should be slightly worried, because in the long run the way you may be delivering value to your customers and contesting against other companies could be fundamentally different.”

Blockchain technology could mean greater privacy and security for you and your customers.

Catalini calls it data leakage. When you give a bartender your driver’s license, all that person needs to know is your age. But you’re exposing so much more — your address, your height, whether you’re an organ donor, etc.

The same thing happens in commercial transactions.

“As your business fucking partner, I need to know that you’re trustworthy and reliable, but for plain transactions I don’t truly need to know many other things about you,” Catalini says. “Information disclosure is increasingly becoming a cost because of data breaches. We can’t keep our data private and it’s becoming increasingly sophisticated to do so within large organizations. So imagine a model where you can verify certain attributes are true or false, potentially using a decentralized infrastructure, but you don’t have to expose all these attributes all the time.”

In a business transaction context, Catalini says, a blockchain could be used to build a reputation score for a party, who could then be verified as trustworthy or solvent without having to open its books for a utter audit.

“Reputation scores both for businesses and individuals are today siloed into different platforms, and there is very little portability across platforms. Blockchain can improve on this,” he says.

Which industries could blockchain disrupt?

“All of them,” Catalini says. “The technology is what economists call a general purpose technology, and we will see many applications across different verticals.”

Here are a few to keep an eye on.

Central banks: Many central banks — including those in Canada, Singapore, and England — are studying and experimenting with blockchain technology and cryptocurrencies. The potential applications include lower settlement risk, more efficient taxation, swifter cross-border payments, inter-bank payments, and novel approaches to quantitative easing. Imagine a central bank stimulating the economy by delivering digital currency automatically to citizens. Don’t expect big moves from big countries soon. The risk is too high, Catalini says. But expect to see smaller, developed countries with a high tolerance for technology experimentation lead the way and possibly experiment with a fiat-backed, digital currency for some of their needs.

Finance: The busiest area of application so far, blockchain is being used by companies seeking to suggest low cost, secure, verifiable international payments and settlement. Ripple is one of the leaders in this space on the banking side. Meantime, companies like Digital Asset and Chain seek to create a swifter, more efficient financial infrastructure for tracking and exchanging financial assets of any type.

Money transfer: In 2014, two MIT students raised and distributed $100 worth of bitcoin to every MIT undergraduate. They desired to see what would happen and generate interest on campus. Catalini, together with Professor Catherine Tucker, designed the experiment and studied the results. While eleven percent instantly cashed out their bitcoin, forty nine percent were still holding on to some bitcoin. Some students used the funds to make purchases at local merchants, some of whom accepted bitcoin. Others traded with each other. Meantime, startups around the world competed to become the consumer trading application for bitcoin. Then PayPal bought Venmo, a payment platform that trades cash. PayPal’s own mobile app permits for peer-to-peer transactions, as well. The bitcoin-based consumer payment industry cooled down. But the application of blockchain remains attractive because of the lower costs it could suggest parties in global, peer-to-peer transactions. Rapid payment company Circle, which advertises itself as “Like a text packed with cash,” stopped permitting users to exchange bitcoin last year, but is building a protocol that permits digital wallets to exchange value using a blockchain.

Web browser company Plucky uses a blockchain to verify when users have viewed ads and, in turn, pays publishers when those same users consume content.

Micropayments: What if, instead of subscribing to a news site online, you paid only for the articles you read? As you click through the web, your browser would track the pages and record them for payment. Or what if you could get puny payments for doing work — completing surveys, working as a freelance copy editor — for a diversity of clients. By reducing the cost of the transaction and verifying the legitimacy of parties on either end, blockchain could make these micropayments, fresh types of cross-platform subscriptions, and forms of crowdsourcing possible and practical. A company called Plucky is already attempting this, with potential ramifications for the digital advertising industry.

Identity and privacy: In October 2013, the arrest of the founder of Silk Road, a deep web marketplace where users paid for illegal goods with bitcoin, demonstrated just how anonymous bitcoin indeed wasn’t. Nor was it ever intended to be — bitcoin addresses function much as a pseudonym does for a writer, Catalini says. Users can never fully mask their transactions. But others are attempting. Zcash promises to be a fully private cryptocurrency. There are significant downsides to the anonymity a blockchain could suggest, such as the capability to fund terrorism or facilitate money laundering. But there are many virtuous applications too — Google’s DeepMind is attempting to use blockchain to layer privacy and security in electronic health care records.

Wise contracts: This application is still in the early stages, Catalini says, but by recording information on a blockchain, contracts could use that information to make themselves self-executing if certain conditions are met. This idea backfired last year when code was exploited to steal $60 million from The DAO, a blockchain-based venture capital stiff.

Provenance and ownership: A blockchain could be used to record details about physical products, helping to verify authenticity and prevent fraud and counterfeiting. London-based EverLedger is tracking diamonds and envisions doing the same for fine wines. At the same time, for all these applications, a blockchain is only as useful as the quality of the information recorded on it in the very first place.

Internet of things, robotics, and artificial intelligence: Your appliances are already talking to each other — think clever home technologies like Nest thermostats and security systems. What if they could barter or acquire resources? What if a highway could verify the identity of and accept payment from a self-driving car, opening up a pay-per-use prompt lane to commuters in a rush? At the outer edge of application, but not outside the field of possibility, Catalini says.

When will this disruption happen?

Over a period of more than ten years. Catalini is coaxed blockchain has internet-level disruption potential, but like the internet it will come over a multi-decade timeline with fits and starts, and occasional setbacks. Some industries, especially finance, will see drastic switch soon. Others will take longer.

“A lot of the work in this space is experimental,” Catalini says. “We are at the infrastructure building stage. Bitcoin has a market capitalization of $42 billion, which is nothing compared to the mainstream financial platforms and exchanges that budge trillions of dollars every day. But the technology is maturing and growing. At some point, one of the startups in this space may expose itself to be the Netscape of cryptocurrencies. What would go after is something we have seen play out many times before in history.”

Fresh research, writing, and movies from Catalini and other MIT Sloan faculty members is available at blockchain.mit.edu. Sign up there to receive updates with the latest and most significant MIT work about blockchain.

Christian Catalini is the Fred Kayne (1960) Career Development Professor of Entrepreneurship, and Assistant Professor of Technological Innovation, Entrepreneurship, and Strategic Management at MIT Sloan. He is an accomplished in blockchain technology and cryptocurrencies, equity crowdfunding, the adoption of technology standards, and science and technology interactions. He is one of the principal investigators of the MIT Digital Currency Investigate, which gave all MIT undergraduate students access to bitcoin in Fall 2014. He is also part of the MIT Initiative on the Digital Economy. His work has been featured in Nature, the Fresh York Times, the Wall Street Journal, the Economist, WIRED, NPR, Forbes, Bloomberg, the Chicago Tribune, the Boston Globe, and VICE News, among others.

Blockchain, explained

Newsroom

Press Releases

Expertise Guide

RSS Feeds

An MIT accomplished on why distributed ledgers and cryptocurrencies have the potential to affect every industry.

By Zach Church | May 25, two thousand seventeen

Why It Matters

Like the internet in its early years, blockchain technology is hard to understand and predict, but could become ubiquitous in the exchange of digital and physical goods, information, and online platforms. Figure it out now.

Blockchain is a term widely used to represent an entire fresh suite of technologies. There is substantial confusion around its definition because the technology is early-stage, and can be implemented in many ways depending on the objective.

“At a high level, blockchain technology permits a network of computers to agree at regular intervals on the true state of a distributed ledger,” says MIT Sloan Assistant Professor Christian Catalini, an accomplished in blockchain technologies and cryptocurrency. “Such ledgers can contain different types of collective data, such as transaction records, attributes of transactions, credentials, or other lumps of information. The ledger is often secured through a clever mix of cryptography and game theory, and does not require trusted knots like traditional networks. This is what permits bitcoin to transfer value across the globe without resorting to traditional intermediaries such as banks.”

On a blockchain, transactions are recorded chronologically, forming an immutable chain, and can be more or less private or anonymous depending on how the technology is implemented. The ledger is distributed across many participants in the network — it doesn’t exist in one place. Instead, copies exist and are at the same time updated with every fully participating knot in the ecosystem. A block could represent transactions and data of many types — currency, digital rights, intellectual property, identity, or property titles, to name a few.

“The technology is particularly useful when you combine a distributed ledger together with a cryptotoken,” Catalini says. “Suddenly you can bootstrap an entire network that can achieve internet-level consensus about the state and authenticity of a block’s contents in a decentralized way. Every knot that participates in the network can verify the true state of the ledger and transact on it at a very low cost. This is one step away from a distributed marketplace, and will enable fresh types of digital platforms.”

How is blockchain related to bitcoin?

Bitcoin, with a market cap of more than $40 billion, is the largest implementation of blockchain technology to date. While a lot of media attention has shifted from bitcoin to blockchain, the two are intertwined.

“When The Economist put blockchain on the cover in 2015, it wasn’t truly about its use to support a digital currency anymore. It was all about the other applications this technology will whip out within the next five to ten years,” Catalini says. “For example, in finance and accounting there is excitement about the capability to lodge and reconcile global transactions at a lower cost using the technology. In logistics the attention is all on how you can use the immutable audit trail generated by a blockchain to improve the tracking of goods through the economy. Others are fascinated by the possibility to use this as a better identity and authentication system.”

There are two types of costs blockchain could reduce for you: the cost of verification and the cost of networking.

So what’s the big deal? In a latest paper, Catalini explains why business leaders should be excited about blockchain — it can save them money and could upend how business is conducted.

Every business and organization engages in many types of transactions every day. Each of those transactions requires verification. In many cases, that verification is effortless. You know your customers, your clients, your colleagues, and your business fucking partners. Having worked with them and their products, data, or information, you have a pretty good idea of their value and trustworthiness.

“But every so often, there’s a problem, and when a problem arises, we often have to perform some sort of audit,” Catalini says. “It could be actual auditors coming into a rigid. But in many other cases, you’re running some sort of process to make sure the person claiming to have those credentials did have those credentials, or the rock hard selling you the goods did have the certification. When we do that, it’s a costly, labor-intensive process for society. The marketplace slows down and you have to incur extra costs to match request and supply.”

“The reason distributed ledgers become so useful in these cases is because if you recorded those attributes you now need to verify securely on a blockchain, you can always go back and refer back to them at no cost,” he says. “It’s costless verification. So when you think about why bitcoin works, it’s because it can cheaply verify that the funds are actually there. You can transfer value from here to anywhere on the globe at almost zero transaction cost. Sending secure messages that carry value does not require a bank or PayPal in the middle anymore.”

In brief: Because the blockchain verifies trustworthiness, you don’t have to. And the friction of the transaction is diminished, resulting in cost and time savings.

Using a blockchain can also reduce the cost of running a secure network. This will happen over a longer timeline, Catalini says, perhaps a decade. The internet has already permitted for a quicker, less stilted exchange of goods and services. But it still needs intermediaries, however efficient they may be — think eBay, Airbnb, and Uber.

“Those intermediaries are costly and earn rents for processing payments, maintaining a reputation system, matching request and supply,” Catalini says. “This is where blockchain technology, combined with a cryptotoken, permits you to rethink an entire value chain from the ground up. That’s where incumbents should be slightly worried, because in the long run the way you may be delivering value to your customers and contesting against other companies could be fundamentally different.”

Blockchain technology could mean greater privacy and security for you and your customers.

Catalini calls it data leakage. When you give a bartender your driver’s license, all that person needs to know is your age. But you’re exposing so much more — your address, your height, whether you’re an organ donor, etc.

The same thing happens in commercial transactions.

“As your business fucking partner, I need to know that you’re trustworthy and reliable, but for ordinary transactions I don’t indeed need to know many other things about you,” Catalini says. “Information disclosure is increasingly becoming a cost because of data breaches. We can’t keep our data private and it’s becoming increasingly elaborate to do so within large organizations. So imagine a model where you can verify certain attributes are true or false, potentially using a decentralized infrastructure, but you don’t have to expose all these attributes all the time.”

In a business transaction context, Catalini says, a blockchain could be used to build a reputation score for a party, who could then be verified as trustworthy or solvent without having to open its books for a utter audit.

“Reputation scores both for businesses and individuals are today siloed into different platforms, and there is very little portability across platforms. Blockchain can improve on this,” he says.

Which industries could blockchain disrupt?

“All of them,” Catalini says. “The technology is what economists call a general purpose technology, and we will see many applications across different verticals.”

Here are a few to keep an eye on.

Central banks: Many central banks — including those in Canada, Singapore, and England — are studying and experimenting with blockchain technology and cryptocurrencies. The potential applications include lower settlement risk, more efficient taxation, quicker cross-border payments, inter-bank payments, and novel approaches to quantitative easing. Imagine a central bank stimulating the economy by delivering digital currency automatically to citizens. Don’t expect big moves from big countries soon. The risk is too high, Catalini says. But expect to see smaller, developed countries with a high tolerance for technology experimentation lead the way and possibly experiment with a fiat-backed, digital currency for some of their needs.

Finance: The busiest area of application so far, blockchain is being used by companies seeking to suggest low cost, secure, verifiable international payments and settlement. Ripple is one of the leaders in this space on the banking side. Meantime, companies like Digital Asset and Chain seek to create a swifter, more efficient financial infrastructure for tracking and exchanging financial assets of any type.

Money transfer: In 2014, two MIT students raised and distributed $100 worth of bitcoin to every MIT undergraduate. They wished to see what would happen and generate interest on campus. Catalini, together with Professor Catherine Tucker, designed the experiment and studied the results. While eleven percent instantaneously cashed out their bitcoin, forty nine percent were still holding on to some bitcoin. Some students used the funds to make purchases at local merchants, some of whom accepted bitcoin. Others traded with each other. Meantime, startups around the world competed to become the consumer trading application for bitcoin. Then PayPal bought Venmo, a payment platform that trades cash. PayPal’s own mobile app permits for peer-to-peer transactions, as well. The bitcoin-based consumer payment industry cooled down. But the application of blockchain remains attractive because of the lower costs it could suggest parties in global, peer-to-peer transactions. Rapid payment company Circle, which advertises itself as “Like a text packed with cash,” stopped permitting users to exchange bitcoin last year, but is building a protocol that permits digital wallets to exchange value using a blockchain.

Web browser company Plucky uses a blockchain to verify when users have viewed ads and, in turn, pays publishers when those same users consume content.

Micropayments: What if, instead of subscribing to a news site online, you paid only for the articles you read? As you click through the web, your browser would track the pages and record them for payment. Or what if you could get puny payments for doing work — completing surveys, working as a freelance copy editor — for a multitude of clients. By reducing the cost of the transaction and verifying the legitimacy of parties on either end, blockchain could make these micropayments, fresh types of cross-platform subscriptions, and forms of crowdsourcing possible and practical. A company called Courageous is already attempting this, with potential ramifications for the digital advertising industry.

Identity and privacy: In October 2013, the arrest of the founder of Silk Road, a deep web marketplace where users paid for illegal goods with bitcoin, showcased just how anonymous bitcoin truly wasn’t. Nor was it ever intended to be — bitcoin addresses function much as a pseudonym does for a writer, Catalini says. Users can never downright mask their transactions. But others are attempting. Zcash promises to be a fully private cryptocurrency. There are significant downsides to the anonymity a blockchain could suggest, such as the capability to fund terrorism or facilitate money laundering. But there are many virtuous applications too — Google’s DeepMind is attempting to use blockchain to layer privacy and security in electronic health care records.

Brainy contracts: This application is still in the early stages, Catalini says, but by recording information on a blockchain, contracts could use that information to make themselves self-executing if certain conditions are met. This idea backfired last year when code was exploited to steal $60 million from The DAO, a blockchain-based venture capital rigid.

Provenance and ownership: A blockchain could be used to record details about physical products, helping to verify authenticity and prevent fraud and counterfeiting. London-based EverLedger is tracking diamonds and envisions doing the same for fine wines. At the same time, for all these applications, a blockchain is only as useful as the quality of the information recorded on it in the very first place.

Internet of things, robotics, and artificial intelligence: Your appliances are already talking to each other — think brainy home technologies like Nest thermostats and security systems. What if they could barter or acquire resources? What if a highway could verify the identity of and accept payment from a self-driving car, opening up a pay-per-use rapid lane to commuters in a rush? At the outer edge of application, but not outside the field of possibility, Catalini says.

When will this disruption happen?

Over a period of more than ten years. Catalini is wooed blockchain has internet-level disruption potential, but like the internet it will come over a multi-decade timeline with fits and starts, and occasional setbacks. Some industries, especially finance, will see drastic switch soon. Others will take longer.

“A lot of the work in this space is experimental,” Catalini says. “We are at the infrastructure building stage. Bitcoin has a market capitalization of $42 billion, which is nothing compared to the mainstream financial platforms and exchanges that budge trillions of dollars every day. But the technology is maturing and growing. At some point, one of the startups in this space may expose itself to be the Netscape of cryptocurrencies. What would go after is something we have seen play out many times before in history.”

Fresh research, writing, and movies from Catalini and other MIT Sloan faculty members is available at blockchain.mit.edu. Sign up there to receive updates with the latest and most significant MIT work about blockchain.

Christian Catalini is the Fred Kayne (1960) Career Development Professor of Entrepreneurship, and Assistant Professor of Technological Innovation, Entrepreneurship, and Strategic Management at MIT Sloan. He is an accomplished in blockchain technology and cryptocurrencies, equity crowdfunding, the adoption of technology standards, and science and technology interactions. He is one of the principal investigators of the MIT Digital Currency Explore, which gave all MIT undergraduate students access to bitcoin in Fall 2014. He is also part of the MIT Initiative on the Digital Economy. His work has been featured in Nature, the Fresh York Times, the Wall Street Journal, the Economist, WIRED, NPR, Forbes, Bloomberg, the Chicago Tribune, the Boston Globe, and VICE News, among others.

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Blockchain Week in Review – May 26, two thousand seventeen – Virtual Currency Report

Virtual Currency Report

Blockchain Week in Review – May 26, two thousand seventeen

Below is a summary of some of the significant legal and regulatory deeds that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of publicly-reported news that may be of particular interest.

Vermont Law Recognizes Digital Currency as a Permissible Investment

Earlier this month, Vermont Governor Phil Scott signed a bill into law which made clear that bitcoin and other digital currencies are considered permissible investments under the state money transmitter licensing requirements. The fresh law defines eligible digital currency as “stored value that can be a medium of exchange, a unit of account or a stored value; has an equivalent value in money or acts as a substitute for money; may be centralized or decentralized; and can be exchanged for money or other convertible [digital] currency.” VT H.182

Florida to Enact Law Adding Digital Currency to Money Laundering Act

The Florida Legislature unanimously approved an amendment to the state’s criminal money laundering statue, which clarifies the statute’s definition of “virtual currency” and makes it a criminal offense to use virtual currency in laundering criminal proceeds. The legislation is presently with Florida’s governor awaiting signature. Assuming the bill is signed by the governor, the statute is scheduled to take effect July 1, 2017. HB one thousand three hundred seventy nine Text; HB one thousand three hundred seventy nine History; Four.28.17 Week-in-Review; Source.

West Virginia Lawmakers Finish Bill Criminalizing the use of Cryptocurrencies for Money Laundering

The West Virginia legislature has ended work on a bill that would make it a felony to use cryptocurrency for money laundering. The purpose of the bill is to “create criminal offenses relating to money laundering.” WV HB2585 Summary The bill defines “cryptocurrency” as “digital currency in which encryption mechanisms are used to regulate the generation f units of currency and verify the transfer of funds, and which operate independently of a central bank.” The bill also adds the term cryptocurrency into the definition of “monetary instruments.” Any property or monetary instruments involved with violating the freshly proposed bill would be subject to forfeiture. WV HB2585 Text HB2585 passed both the House and the Senate in West Virginia. The governor approved the bill, and the House added the statute’s text to Chapter fifty seven of its Regular Session Acts this week. WV HB2585 History

Congress Considers Bill Requiring Investigation of the use of Virtual Currency and Terrorism

Representative Kathleen Rice (D-NY) introduced HR two thousand four hundred thirty three to the House of Representatives this month, a bill that would direct the Secretary of Homeland Security for Intelligence and Analysis to develop and disseminate a threat assessment regarding terrorist use of virtual currency. The investigation would need to evaluate the actual and potential threat posed by individuals using virtual currency to carry out activities in furtherance of an act of terrorism.

Fresh York Files Lawsuit against OCC Fintech Charter

The Fresh York Department of Financial Services (“NYDFS”) filed an independent lawsuit challenging the OCC Fintech Charter. This lawsuit comes on the high-heeled shoes of another lawsuit challenging the legality of the proposed OCC Charter, filed by the Conference of State Bank Supervisors (“CSBS”). Four.28.17 Week-in-Review. NYDFS Superintendent Maria T. Vullo announced that lawsuit, filed in NY federal court, challenged “the decision of the Office of the Comptroller of the Currency (OCC) to grant special-purpose national bank charters to undefined ‘fintech’ companies.” The NYDFS complaint seeks “to stop the OCC from granting charters to institutions subject to Fresh York State law that provide financial services to Fresh York consumers based on the OCC’s unidentified and sweeping array of commercial ventures never before authorized or regulated by the OCC.” The NYDFS release describes the OCC’s charter decision as “lawless, ill-conceived, and destabilizing of financial markets that are decently and most effectively regulated by Fresh York and other State regulators.” NYDFS Press Release May 12, 2017. The CSBS issued a statement in support of NYDFS’s lawsuit against the OCC. CSBS May 12, two thousand seventeen Statement.

Congress Questions the IRS’s John Doe Subpoena for Coinbase

Last week, senior Republicans in Congress sent a letter to the Commissioner of the Internal Revenue Service, which suggested that the agency had overstepped its powers by requesting information about the IRS’s strategy for digital currency and latest events surrounding the IRS’s summons to Coinbase. The letter points out that the IRS issued guidance in two thousand fourteen indicating that digital currency would be treated as property for tax purposes, but by 2016, the agency had not yet developed a comprehensive digital currency tax strategy. In late 2016, however, the IRS issued a summons to the digital currency exchange Coinbase, which required the records of all American Coinbase customers who conducted transactions in convertible digital currency from 2013-2015. Sen. Orrin Hatch (R-UT), Rep. Kevin Brady (R-TX), and Rep. Vern Buchanan (R-FL) signed the letter, where the legislators “strongly” questioned “whether the IRS has actually established a reasonable basis to support the mass production of records for half a million people.” Fearing that the summons sets a “dangerous precedent for companies facilitating virtual currency transactions that could be subject to a similar summons,” the legislators also remarked that based “on the information before us, this summons seems overly broad, utterly burdensome, and very intrusive to a large population of individuals.” Members of the Senate Committee on Finance and House Committee on Ways and Means requested a briefing from the IRS on these issues. Letter from Congress to IRS, dated May 17, 2017; Two.Trio.2017 Week in Review; 12.Two.2016 Week in Review.

CFTC Announces Plans to open an Office for Fintech Innovation

The U.S. Commodity Futures Trading Commission (“CFTC”) announced its plan to open LabCFTC. This office will be the “focal point for the CFTC’s efforts to promote responsible Fintech innovation and fair competition for the benefit of the American public.” LabCFTC will provide a dedicated point of contact for Fintech innovators to engage with the CFTC, learn its regulatory framework, and obtain feedback and information about implementing technology ideas into the market based on existing law, CFTC regulation, and policy. To do this, the CFTC plans to: proactively engage with the innovator community to better understand how innovations interact with the regulatory and supervisory framework, collaborate with the industry and market participants to coordinate responsible innovation, participate in studies to foster responsible innovation, cooperate with financial regulators at home and overseas, monitor trends to ensure the regulatory framework does not stifle innovation, as well as engage with academics, students, and professionals to share information about the industry. LabCFTC will be located in Fresh York and is intended to “bridge the gap” inbetween today’s regulations and regulations for the 21st century for today’s digital markets. LabCFTC

Dubai Regulators Announce Special Testing License for Fintech Startups

The Dubai Financial Services Authority (“DFSA”) released plans detailing its Innovation Testing License (“ITL”) on Wednesday. Under this plan, Fintech startups in Dubai will be permitted to test their products under a restricted financial services license for 6-12 months, a period which can be extended by the DFSA. Successful applicants would then be required to obtain a total financial services license to proceed formally operating, and firms that fail to meet the required outcomes will have to cease activities. This fresh license creates, in essence, a regulatory sandbox that will permit startups to experiment with fresh ideas with a improvised exemption from the standard regulatory requirements that regulated companies face. Source; Source

Indian Government Requests Public Comment on Virtual Currency Regulation

The Indian Government invites constituents to comment and make suggestions on the use of virtual currency within India. The Indian Ministry of Finance made the announcement via its Twitter account on May 20, 2017, which invited public involvement in the future of virtual currency regulation. The Ministry is accepting input until May thirty one and is specifically looking for input on the following questions: (1) whether virtual currencies should be banned, regulated or observed? (Two) if virtual currencies should be regulated, how should India treat consumer protection, promote the development of virtual currency, and which institution should monitor? And (Three) if virtual currencies should not be regulated, how should they be self-regulated effectively and what measures should be taken to ensure consumer protection? Since 2013, the Indian government has issued several warnings to the public to be aware of the risks of virtual currencies. However, since the country has been demonetizing, many citizens have been using virtual currencies as an alternative to the Rupee. Source

Regulators in Gibraltar Propose Fresh Government Regulatory Framework for Digital Currency

The government of Gibraltar announced its purpose to establish itself as a hub of the Fintech sector and that it has made a public commitment to widely consult with the private sector and other interested parties to achieve that objective. The HM Government of Gibraltar, Ministry for Commerce, issued a paper entitled Proposals for a DLT Regulatory Framework, which investigates a regulatory treatment for the country to take that (1) provides regulatory certainty while meeting the challenge of regulating firms using the rapidly evolving technology, (Two) permits firms to grow and adapt while ensuring it does so securely, (Three) protects consumers and Gibraltar’s reputation, (Four) leverages Gibraltar’s standing as a quality financial center, (Five) does not compromise Gibraltar’s regulatory environment, (6) supports fresh firms seeking to embark up in Gibraltar, (7) encourages overseas enterprises to establish operations in Gibraltar, and (8) recognizes the need for “speed to market” in the authorization process of these firms. The paper establishes nine principles the country will require DLT firms to go after to ensure that the plan’s regulatory outcomes are achieved. The Minister for Commerce, Hon. Albert Isola, stated that he was delighted to publish the proposals for widespread public consumption and that he looked forward to receiving comments from the public. Public comments on the plan are due by June 6, 2017. Press Release; Proposals for a DLT Regulatory Framework

Related video:

Bitcoin technology launches a Swiss start-up scene – SWI

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Main Features

Bitcoin is the most prominent example of so-called cryptocurrencies: digital currencies that use encryption technics for generating and verifying transactions.

Bitcoin may have fallen victim to volatility, but Switzerland has become fertile ground for start-ups banking on a different, digital future for currencies. And the Swiss franc’s latest activity has only added fuel to the fire.

When the Swiss National Bank (SNB) announced it had un-pegged the Swiss franc from the euro on January 15, sending the franc’s value skyrocketing, bitcoin enthusiasts took to the Web to say “I told you so”.

While the mainstream media had basically proclaimed bitcoin dead outward link after it lost 400% of its value since its height in November two thousand thirteen and was embroiled in a series of security scandals, the community supporting such digital currency – or cryptocurrency – witnessed the SNB’s stir as validation that a de-centralised monetary system is the way forward.

Outer Content

Yesterday the Washington Post said bitcoin needs a central bank to stabilize the currency. Today a decision by t. https://t.co/QrPZqIPgVU

Johann Gevers hails from South Africa but now lives in Switzerland where he goes a start-up called Monetas. He was “very blessed to see” the SNB’s budge which he eyed as unsustainable. The budge, he says, exposes the flaws in the idea of having a few people calling the shots at a central bank, which runs “completely counter” to his business’s philosophy of providing individual citizens control over their financial lives.

Cryptocurrency: a glossary

Bitcoin: The most-used type of digital currency, invented in two thousand eight by a person with the moniker Santoshi Nakamoto. Accepted by hundreds of online vendors worldwide, including Amazon and Cherry.

Cryptocurrency: A form of money that uses cryptography to control its creation and management

Blockchain: The public digital ledger keeping track of all bitcoin transactions

Monetas, in a nutshell, is a global payment system that can transfer any currency or commodity to another person anywhere in the world through a phone app, without a central authority controlling the transaction. To do so, it relies on the underlying technology behind bitcoin transactions. Its ultimate objective is what Gevers calls “the democratisation of finance” across borders and currencies.

On the other side of Switzerland, in the French-speaking city of Neuchâtel, Adrien Treccani is also hard at work on three bitcoin-related companies at another soon-to-be-launched cryptocurrency start-up hub known as Bitcoin Factory. A doctoral student in mathematical finance at the Swiss Finance Institute, Treccani is at home in two surroundings: the high-risk start-up culture surrounding cryptocurrency and the traditional Swiss financial world. When the euro peg was liquidated, he also believed the national bank’s policy had an expiration date and supported the decision – but he found reactions differed depending on which environment he was in.

“I was in favour of leaving the peg and I witnessed that many people in the bitcoin community had the same feeling, but not many people around me [in the finance world] agreed,” he says, chalking up the difference in opinion to cryptocurrency enthusiasts’ dislike of “the central bank’s cheating with the currency”.

Gevers would like to take things further and work directly with central banks “to have them see that the course they have been following so far is simply unsustainable and very dangerous to the social fabric”. For starters, one of his company’s goals is to talk to central banks about using the Monetas system and the cryptocurrency technology behind it in order to more sustainably issue currency.

However, former UBS chief historian Robert Vogler puts that idea in the category of “wishful thinking” and the Swiss National Bank did not comment on its preparedness to entertain such a concept.

For Vogler, the current cryptocurrency investment craze has shades of other movements in history following financial crises. He points to Silvio Gesell’s theories about issuing money at a constant value in the wake of a depression in Argentina in the late 1800s, or the WIR independent currency system that was founded in Switzerland in the 1930s and now also functions as an electronic currency. For him it’s no surprise that ideas for such fresh currencies always pop up following major financial and economic crises.

“These aspirations to eliminate oneself from reality have become a bit symptomatic, believing you can avoid certain dangers in the current system,” Vogler believes.

Outward Content

The following content is sourced from outer playmates. We cannot ensure that it is suitable for the visually or hearing impaired.

And as Boston University finance and management professor Zvi Bodie pointed out to the PBS NewsHour outward link , part of the trouble with bitcoin is that it’s not backed or ensured by any government, third party (like a credit card company) or physical, independently valuable entity (like gold).

No one is denying that bitcoin is volatile or the fact that it’s an enormously high-risk investment, says Treccani. That’s one of the three main things he thinks are holding it back from becoming more mainstream, the others being its accessibility and its security.

Right now, when compared to use of other payment methods like credit cards, bitcoin remains a niche; according to the Financial Times, the bitcoin system processes about 100,000 transactions a day, versus one hundred fifty million for Visa.

But Treccani points out that the cryptocurrency itself and the system it brings with it are two different things.

“You have to separate the bitcoin currency from bitcoin technology,” he says. “Then you begin eyeing the real value in the underlying innovation.”

That’s the innovation fuelling start-ups like those populating Crypto Valley and Bitcoin Factory. And Treccani sees more of his colleagues in the financial sector coming around to the technology.

“They might still not know why it is useful or different from the current system, but they see that bitcoin is a credible next step in financial innovation,” he says. Recently, the surest sign of the traditional financial world’s growing interest in cryptocurrency may have been the $75 million investment investment by the Fresh York Stock Exchange and other playmates in Coinbase, a major online marketplace for trading and storing bitcoin.

Outer Content

Pleased to share we've raised $75M led by @dfjgrowth @USAA @nyse @bbva @docomo and others. Focused on helping #bitcoin grow in two thousand fifteen & beyond

Mike Hearn, a freelance cryptocurrency software developer based in Switzerland, thinks bitcoin-related companies suggest a specific kind of investment chance that’s hard to find these days.

“If you look around in the technology sector there aren’t a lot of areas with high risk, high growth potential,” he says. “But bitcoin began from nothing with one fellow and now it’s this global phenomenon, everybody has heard about it and it’s grown a lot. So why not take a gamble on that?”

But Hearn doesn’t think such large-scale investments as the NYSE’s would have happened in Europe, where he believes people are much less likely to put lots of money into a venture linked to bitcoin’s volatile reputation.

Fabio Federici agrees. The gun-shy investor culture was one reason why he incorporated his start-up in Silicon Valley instead of in Switzerland, where he grew up and went to school. His company is designed to let merchants, investors and others have effortless access to the information stored in the bitcoin blockchain, the digital ledger of all bitcoin transactions.

But Gevers, Treccani and others working to develop the Swiss cryptocurrency start-up sector would argue Switzerland has more working for it than against it when it comes to being an attractive place to launch a company.

For one, the Swiss government and the Swiss National Bank issued a report outward link on regulating bitcoin last year, defining bitcoin as a means of payment like any other currency, outlining guidelines for merchants and traders. “At least they eyed bitcoin coming and have given a clear statement to start-ups and companies about how to deal with this technology,” Treccani says.

It amounts to a clearer regulatory environment for cryptocurrency in Switzerland, Treccani argues, compared with a certain degree of uncertainty in neighbouring countries or in the United States.

Cryptocurrency’s unpredictability is also the most intoxicating thing about it for investors. For now, that makes its future anything but certain and has led its enthusiasts to take its erraticism in their stride.

“I wish bitcoin were more stable, but you never know when even very stable national currencies can abruptly go crazy,” says Hearn.

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Related video:

Bitcoin platform review: Details, cost, pros, cons

CEX.IO bitcoin marketplace review

If you’re looking into using bitcoin to send money to someone, you will need a cryptocurrency platform.

CEX.IO might be on your list of candidates — it’s a London-based exchange founded in two thousand thirteen that lets you buy, sell and trade cryptocurrencies. In a sea of competitors, CEX.IO’s claim to fame is that it permits withdrawals to credit cards.

The question, of course, is whether CEX.IO is a good choice for money transfers. Let’s find out.

  • Fees: Varies by transaction
  • Supported countries: Worldwide
  • Payment methods: Wire, Credit/Debit, AstroPay
  • No commission for bank deposits and competitive fees for withdrawals.
  • Exchange rates typically within 0.5% to 2% of mid-market rate.
  • High maximum transfers with verified account.
  • Supports US dollars, euros and rubles only.
  • Bitcoin-based money transfers can be complicated.
  • High fees for buying and selling bitcoin.
  • Bank withdrawals can be expensive.

How are CEX.IO’s exchange rates?

Exchange rates on CEX.IO are based on the platform’s market activity. Traders on CEX.IO buy and sell bitcoin; at the same time, the exchange rate will fluctuate.

However the exchange rate can switch, you’ll typically find that it’s within 0.5% to 2% of the mid-market rate.

Use the mid-market rate as a baseline to compare against the rates provided by your bank or transfer service. With it, you’ll detect which companies suggest the best rates.

Overall, CEX.IO’s exchange rate is reasonable compared with other bitcoin exchanges. It’s more significant to look at CEX.IO’s fees for buying and selling bitcoin, which are fairly high.

How much will I pay to send money with CEX.IO?

Buying bitcoins

You very first need to deposit fiat currency — government-issued money like US dollars or euros — onto CEX.IO. Here is what you’ll pay to buy bitcoin.

Next, you need to purchase bitcoins. Buying bitcoins comes with a 7% transaction fee, and you may lose a bit of value on your fiat currency from the exchange rate.

Sending the bitcoins to your recipient

Next, you’ll transfer the bitcoins to your recipient. To do that, you can use CEX.IO’s voucher system at no cost.

Selling the bitcoins

When your recipient sells the bitcoins, they’ll be charged a 7% transaction fee. They may also lose a bit of value on their bitcoins from the exchange rate.

Withdrawing the fiat currency

Now that your recipient has sold the bitcoins for fiat currency, they need to get the money from CEX.IO.

Here are the fees for fiat currency withdrawals.

How do I send money through CEX.IO?

A bitcoin-based money transfer involves a series of steps.

  • You use fiat currency to buy bitcoins.
  • You send the bitcoins to your recipient’s bitcoin address.
  • Your recipient sells the bitcoins for fiat currency.
  • Your recipient withdraws the fiat currency to their bank account or credit card.

Here’s a hypothetical money transfer through CEX.IO for sending $1,000 to someone in Germany.

$1,000 to Germany

According to the mid-market rate at the time of this writing, $1,000 is worth about 0.78 XBT.

Case examine analysis

  • In the case investigate, your $1,000 buys you 0.72 XBT. That means you lose 0.06 XBT — about $76 — from the purchase. Most of the loss comes from CEX.IO’s 7% transaction fee.
  • According to the mid-market rate, 0.72 XBT is worth about eight hundred sixty eight euros. But when your recipient sells the bitcoins, they receive eight hundred ten euros. Again, most of the loss comes from the transaction fee.
  • After all is said and done, your recipient is left with eight hundred six euros, which is about $853. Via the accomplish money transfer, you’ve lost almost $150.

Minimum transfer amounts and available countries

When buying bitcoins on CEX,IO, you need to purchase a minimum of 0.01 XBT with a maximum of ten XBT. The boundaries are the same for selling bitcoins.

You can withdraw an unlimited amount in bitcoins — this means you can send as many bitcoins to your recipient as you’d like. The minimum transfer amount is 0.01 XBT.

For fiat currencies, there are different deposit and withdrawal boundaries depending on which type of account you have:

  • Basic account. Maximum of $500 daily and $Two,000 monthly
  • Verified account. Maximum of $Ten,000 daily and $100,000 monthly
  • Verified Plus and Corporate accounts. No limit

Because of these rules, the amount you can send to your recipient will be limited by the type of account you have.

Bitcoin platform review: Details, cost, pros, cons

CEX.IO bitcoin marketplace review

If you’re looking into using bitcoin to send money to someone, you will need a cryptocurrency platform.

CEX.IO might be on your list of candidates — it’s a London-based exchange founded in two thousand thirteen that lets you buy, sell and trade cryptocurrencies. In a sea of competitors, CEX.IO’s claim to fame is that it permits withdrawals to credit cards.

The question, of course, is whether CEX.IO is a good choice for money transfers. Let’s find out.

  • Fees: Varies by transaction
  • Supported countries: Worldwide
  • Payment methods: Wire, Credit/Debit, AstroPay
  • No commission for bank deposits and competitive fees for withdrawals.
  • Exchange rates typically within 0.5% to 2% of mid-market rate.
  • High maximum transfers with verified account.
  • Supports US dollars, euros and rubles only.
  • Bitcoin-based money transfers can be complicated.
  • High fees for buying and selling bitcoin.
  • Bank withdrawals can be expensive.

How are CEX.IO’s exchange rates?

Exchange rates on CEX.IO are based on the platform’s market activity. Traders on CEX.IO buy and sell bitcoin; at the same time, the exchange rate will fluctuate.

However the exchange rate can switch, you’ll typically find that it’s within 0.5% to 2% of the mid-market rate.

Use the mid-market rate as a baseline to compare against the rates provided by your bank or transfer service. With it, you’ll detect which companies suggest the best rates.

Overall, CEX.IO’s exchange rate is reasonable compared with other bitcoin exchanges. It’s more significant to look at CEX.IO’s fees for buying and selling bitcoin, which are fairly high.

How much will I pay to send money with CEX.IO?

Buying bitcoins

You very first need to deposit fiat currency — government-issued money like US dollars or euros — onto CEX.IO. Here is what you’ll pay to buy bitcoin.

Next, you need to purchase bitcoins. Buying bitcoins comes with a 7% transaction fee, and you may lose a bit of value on your fiat currency from the exchange rate.

Sending the bitcoins to your recipient

Next, you’ll transfer the bitcoins to your recipient. To do that, you can use CEX.IO’s voucher system at no cost.

Selling the bitcoins

When your recipient sells the bitcoins, they’ll be charged a 7% transaction fee. They may also lose a bit of value on their bitcoins from the exchange rate.

Withdrawing the fiat currency

Now that your recipient has sold the bitcoins for fiat currency, they need to get the money from CEX.IO.

Here are the fees for fiat currency withdrawals.

How do I send money through CEX.IO?

A bitcoin-based money transfer involves a series of steps.

  • You use fiat currency to buy bitcoins.
  • You send the bitcoins to your recipient’s bitcoin address.
  • Your recipient sells the bitcoins for fiat currency.
  • Your recipient withdraws the fiat currency to their bank account or credit card.

Here’s a hypothetical money transfer through CEX.IO for sending $1,000 to someone in Germany.

$1,000 to Germany

According to the mid-market rate at the time of this writing, $1,000 is worth about 0.78 XBT.

Case examine analysis

  • In the case examine, your $1,000 buys you 0.72 XBT. That means you lose 0.06 XBT — about $76 — from the purchase. Most of the loss comes from CEX.IO’s 7% transaction fee.
  • According to the mid-market rate, 0.72 XBT is worth about eight hundred sixty eight euros. But when your recipient sells the bitcoins, they receive eight hundred ten euros. Again, most of the loss comes from the transaction fee.
  • After all is said and done, your recipient is left with eight hundred six euros, which is about $853. Via the finish money transfer, you’ve lost almost $150.

Minimum transfer amounts and available countries

When buying bitcoins on CEX,IO, you need to purchase a minimum of 0.01 XBT with a maximum of ten XBT. The thresholds are the same for selling bitcoins.

You can withdraw an unlimited amount in bitcoins — this means you can send as many bitcoins to your recipient as you’d like. The minimum transfer amount is 0.01 XBT.

For fiat currencies, there are different deposit and withdrawal thresholds depending on which type of account you have:

  • Basic account. Maximum of $500 daily and $Two,000 monthly
  • Verified account. Maximum of $Ten,000 daily and $100,000 monthly
  • Verified Plus and Corporate accounts. No limit

Because of these rules, the amount you can send to your recipient will be limited by the type of account you have.

Bitcoin platform review: Details, cost, pros, cons

CEX.IO bitcoin marketplace review

If you’re looking into using bitcoin to send money to someone, you will need a cryptocurrency platform.

CEX.IO might be on your list of candidates — it’s a London-based exchange founded in two thousand thirteen that lets you buy, sell and trade cryptocurrencies. In a sea of competitors, CEX.IO’s claim to fame is that it permits withdrawals to credit cards.

The question, of course, is whether CEX.IO is a good choice for money transfers. Let’s find out.

  • Fees: Varies by transaction
  • Supported countries: Worldwide
  • Payment methods: Wire, Credit/Debit, AstroPay
  • No commission for bank deposits and competitive fees for withdrawals.
  • Exchange rates typically within 0.5% to 2% of mid-market rate.
  • High maximum transfers with verified account.
  • Supports US dollars, euros and rubles only.
  • Bitcoin-based money transfers can be complicated.
  • High fees for buying and selling bitcoin.
  • Bank withdrawals can be expensive.

How are CEX.IO’s exchange rates?

Exchange rates on CEX.IO are based on the platform’s market activity. Traders on CEX.IO buy and sell bitcoin; at the same time, the exchange rate will fluctuate.

However the exchange rate can switch, you’ll typically find that it’s within 0.5% to 2% of the mid-market rate.

Use the mid-market rate as a baseline to compare against the rates provided by your bank or transfer service. With it, you’ll detect which companies suggest the best rates.

Overall, CEX.IO’s exchange rate is reasonable compared with other bitcoin exchanges. It’s more significant to look at CEX.IO’s fees for buying and selling bitcoin, which are fairly high.

How much will I pay to send money with CEX.IO?

Buying bitcoins

You very first need to deposit fiat currency — government-issued money like US dollars or euros — onto CEX.IO. Here is what you’ll pay to buy bitcoin.

Next, you need to purchase bitcoins. Buying bitcoins comes with a 7% transaction fee, and you may lose a bit of value on your fiat currency from the exchange rate.

Sending the bitcoins to your recipient

Next, you’ll transfer the bitcoins to your recipient. To do that, you can use CEX.IO’s voucher system at no cost.

Selling the bitcoins

When your recipient sells the bitcoins, they’ll be charged a 7% transaction fee. They may also lose a bit of value on their bitcoins from the exchange rate.

Withdrawing the fiat currency

Now that your recipient has sold the bitcoins for fiat currency, they need to get the money from CEX.IO.

Here are the fees for fiat currency withdrawals.

How do I send money through CEX.IO?

A bitcoin-based money transfer involves a series of steps.

  • You use fiat currency to buy bitcoins.
  • You send the bitcoins to your recipient’s bitcoin address.
  • Your recipient sells the bitcoins for fiat currency.
  • Your recipient withdraws the fiat currency to their bank account or credit card.

Here’s a hypothetical money transfer through CEX.IO for sending $1,000 to someone in Germany.

$1,000 to Germany

According to the mid-market rate at the time of this writing, $1,000 is worth about 0.78 XBT.

Case probe analysis

  • In the case examine, your $1,000 buys you 0.72 XBT. That means you lose 0.06 XBT — about $76 — from the purchase. Most of the loss comes from CEX.IO’s 7% transaction fee.
  • According to the mid-market rate, 0.72 XBT is worth about eight hundred sixty eight euros. But when your recipient sells the bitcoins, they receive eight hundred ten euros. Again, most of the loss comes from the transaction fee.
  • After all is said and done, your recipient is left with eight hundred six euros, which is about $853. Across the finish money transfer, you’ve lost almost $150.

Minimum transfer amounts and available countries

When buying bitcoins on CEX,IO, you need to purchase a minimum of 0.01 XBT with a maximum of ten XBT. The boundaries are the same for selling bitcoins.

You can withdraw an unlimited amount in bitcoins — this means you can send as many bitcoins to your recipient as you’d like. The minimum transfer amount is 0.01 XBT.

For fiat currencies, there are different deposit and withdrawal boundaries depending on which type of account you have:

  • Basic account. Maximum of $500 daily and $Two,000 monthly
  • Verified account. Maximum of $Ten,000 daily and $100,000 monthly
  • Verified Plus and Corporate accounts. No limit

Because of these rules, the amount you can send to your recipient will be limited by the type of account you have.

Related video:

Bitcoin Mining Software

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MultiMiner is a desktop application for crypto-coin mining and monitoring on Windows, Mac OS X and Linux. MultiMiner simplifies switching individual devices (GPUs, ASICs, FPGAs) inbetween crypto-currencies such as Bitcoin and Litecoin. MultiMiner uses the underlying mining engine (BFGMiner) to detect available mining hardware and then presents an intuitive screen for choosing the coins you’d like to mine.

  • Screenshots
  • All
  • Mining
  • Settings
  • MobileMiner
  • Development

Features

End-to-end mining features

MultiMiner was designed from day-one to cater to both fresh miners and power users. From the Getting Commenced wizard to MultiMiner Remoting, you can be certain you’ve found the Bitcoin mining software to fit your needs.

In fact, many of the more advanced features in MultiMiner require no configuration, such as the automatic detection of Network Devices as well as the remote monitoring and control of MultiMiner equipments on your network – both from your PC and your smart-phone.

The Fresh User

  • A Getting Began wizard means getting mining quickly
  • A familiar, intuitive interface permits users to get up-to-speed
  • Automatic updates make keeping MultiMiner and BFGMiner updated ordinary
  • Notifications alert you of profitable coins to consider mining

The Power User

  • Configurable strategies for automatically mining currencies
  • A built in Stratum Proxy permits you to point other miners at MultiMiner
  • Integration with online services means information on available coins is always up-to-date
  • Direct access to underlying mining engine arguments and API settings

The Coin Farmer

  • Automatically detect, monitor, and control standalone miners on your network (such as those from AntMiner, Avalon, and KnC)
  • Remotely monitor, configure and control any MultiMiner equipment on your network
  • Monitor all of your equipments at a glance on your mobile phone or browser using MobileMiner
  • Install updates for MultiMiner and BFGMiner to all miners on your network with one click

It’s totally brilliant. I think it’s the only viable GUI mining software, and the stats and the API implementation with current pricing and profitability is entirely outstanding.

Downloads

MultiMiner downloads

MultiMiner requires an installation of Mono to run on both Mac OS X and Linux, and requires an installation of Xquartz on Mac OS X. The only pre-requisite on Windows is version Trio.Five of the .NET Framework.

Releases

Click Here to download the latest version of MultiMiner.

Releases for MultiMiner are available both as installers and zip files and are made available regularly on the GitHub Releases Page for MultiMiner.

Click Here for more details instructions for installing MultiMiner on Mac OS X and Linux.

Drivers

Depending on your OS and the mining devices you plan on using you will need one or more of the following drivers / kernel extensions installed:

Source Code

Click Here to view and download the current source code at the official GitHub repo.

As an Open Source project, the source code for MultiMiner is publicly available and regularly updated. Scroll down to find out how you can help contribute to MultiMiner development.

Contribute

Contribute to MultiMiner development

MultiMiner is an Open Source project with a permissive MIT license. Whether helping with features, bugs, or documentation, forking and contributing to MultiMiner is always welcome and encouraged.

The source code for MultiMiner is publicly available and regularly updated. You can download and compile the source code for MultiMiner using any of the following free devices:

MultiMiner source code

The source code for MultiMiner is structured in such a way that makes it effortless to use and re-use for other projects.

The source on GitHub also includes a ordinary example that illustrates the basic functionality such as mining and monitoring mining progress.

Related video:

Bitcoin is the Most Stable Store of Value in History

Bitcoin is the Most Stable Store of Value in History

You know how the story goes: Bitcoin is wild, violent, unstable. It makes a hurricane day on the VIX look like a slow waltz. You can’t trust it. Don’t put “real money” in it or the Boogie Man will get it.

In an infamous hit lump from 2013, poisoned-penned pop economist Paul Krugman wrote “Bitcoin is Evil” and “it’s fully unclear why Bitcoin should be a stable store of value.” Famed Futurist Ray Kurzweil said the same thing just last week: “Currencies like the dollar have provided reasonable stability. Bitcoin has not. The never bashful billionaire Mark Cuban called Bitcoin a big bubble poised to pop.

All of the folks I mentioned are amazingly brainy and successful and yet they’ve missed one of the most visible long term patterns in history.

Yes, Bitcoin is unstable in the brief term.

Don’t believe me? Let’s take a quick stroll down memory lane.

Pizza, Pizza

Every year we feast Bitcoin Pizza day on May 22, to commemorate the very first time someone persuaded someone to take funny money for something real-world tangible. Back in 2010, Laszlo Hanycz traded Ten,000 Bitcoins for two large, medium topping pizzas.

At the time the price for those Ten,000 bitcoins was $41 bucks.

Now every year someone writes a variation on the story “How much are those pizzas worth now?” A few years ago those Ten,000 Bitcoins were worth $7 million USD. Today they’re worth about $27 million. In another decade they might be worth $1 billion if famed Andreessen Horowitz VC Chris Dixon is right and Bitcoin rockets to $100,000 a coin.

$41 to $27 million.

Can you honestly think of any asset in the entire history of man with that kind of ROI, in that brief a time span?

Pattern Recognition

So how is it that others see only violent swings while some see the long term pattern?

A number of cognitive quirks in our brains hold us back from watching the real world. They’re like bugs in our mental software. They’ve been there so long we think they’re features.

They ain’t features.

The Bad News Bears

The very first is that we’re wired with a negativity bias. We’re ultra sensitive to bad news.

We see threats and horror everywhere. Doomsday is always around the corner. You see it every day on the web with bombastic replies to posts. If this law passes or this person gets appointed or we don’t adopt this policy or that one it’s all over. Only a appalling collapse and global chaos waits for us. Yet stop for a 2nd and look outside. Are the birds still chirping? Is the sun still in the sky? Is the sky indeed falling?

That’s why when Bitcoin goes up 10X everyone concentrates on the inescapable 30% drawdown after months of a bull run. It makes no sense but we do it anyway.

This negativity bias was useful for staying alive when we lived in tribes on the open plains but it’s not so useful for dealing with modern life.

Sometimes we’re right about the big cataclysmic event, like when a world war savages the planet, but mostly history is a slickly average peaceful blur. Master contrarian Nicholas Taleb writes in his book Skin the Game/Incerto: “History is largely peace punctuated by wars, rather than wars punctuated by peace.”

The thing is, peace ain’t a good story.

What’s drama without conflict? You literally can’t write a novel without conflict. People have attempted. It doesn’t work.

Oh and you can’t write history without conflict either. So history books are packed with page after page of doom and destruction, coups, mass slaughter, murder and intrigue. It’s the stuff of Shakespeare and High School History one hundred one textbooks.

The only problem is, that’s only something like 5% of history.

How many times do you see a blessed story in the news, a puppy saved, someone rescued from a searing building, a fantastic act of selfless goodness and then leave behind it five minutes later only to concentrate back on the constant battle inbetween left and right and the debt crisis and whatever else you’re worried about?

That fact is, we’re fear based creatures and it downright warps our sense of reality.

Missing the Forest for the Trees

The 2nd cognitive bug is this:

Humans suck at long term pattern recognition.

We’re absolutely terrible at it. I mean, abysmal. We’re wired to see big, flashy, instant threats.

Take a good long look at this chart from this Reddit post:

Most people think the two lil’ dots on the far right, terrorism and war, kill the vast majority of people. Maybe during brief periods of time, like in WWII, but for the rest of time, not even close.

Those big dots on the left, heart disease and cancer kill one in four humans.

Want to know how much we spend on fighting the two fattest killers?

A measly $Ten billion a year.

How is it that we spend $Ten billion dollars fighting something that picks off 25% of us and two trillion, a whopping $125 billion dollars a year, on something that slightly touches any of us? Oh and that doesn’t even count normal military spending.

It’s because we’re not very good at assessing risk or dealing with it.

We lightly spot the snake moving rapid through the grass, but we totally miss the threats that leisurely chip away at us across the course of our lives.

The Endless Movie in Our Goes

We think we see how things are but mostly we don’t. Our biases are there to keep us alive not to help us save for a rainy day.

Most of us are just walking around with a movie in our head that we perceive as reality but when you indeed shove and prod that movie doesn’t hold up to the light. There’s a disconnect inbetween what’s actually happening and what we think is happening. That disconnect is the source of agony and discomfort and violence and sadness in the world.

That’s how numerous people can say with a straight face that Ten,000 units of an asset that went from $41 to $27 million dollars in seven years is “unstable.”

We can’t help it.

We’re just wired that way.

But it doesn’t have to work like that.

All we have to do is take a little step back and open our eyes and see reality as it actually is, not as we imagine it to be.

Thanks for reading.

NOTE: If you’re planning to send me the literal definition of the word “stable” please note that I too have dictionary.com and Google. Please check out this definition for “creative license.”

DISCLAIMER: Be a big boy or female and make your own decisions about where to put your hard earned money. I am not a financial adviser and this is not financial advice and if I indeed need to tell you this then it’s best to keep your money in your pocket anyway.

If you love the crypto space as much as I do, come on over and join DecStack, the Virtual Co-Working Spot for CryptoCurrency and Decentralized App Projects, where you can knead elbows with numerous projects in the space. It’s totally free forever. Just come on in and socialize, work together, share code and ideas. Make your ideas better through feedback. Find fresh friends. Meet your fresh family.

If you liked this article, I’d love it if you could hit the little heart to recommend it to others. After that please feel free email the article off to a friend! Thanks much.

A bit about me: I’m an author, engineer and serial entrepreneur. During the last two decades, I’ve covered a broad range of tech from Linux to virtualization and containers.

You can check out my latest novel,an epic Chinese sci-fi civil war saga where China throws off the chains of communism and becomes the world’s very first direct democracy, running a very advanced, artificially intelligent decentralized app platform with no leaders.

Bitcoin is the Most Stable Store of Value in History

Bitcoin is the Most Stable Store of Value in History

You know how the story goes: Bitcoin is wild, violent, unstable. It makes a tornado day on the VIX look like a slow waltz. You can’t trust it. Don’t put “real money” in it or the Boogie Man will get it.

In an infamous hit lump from 2013, poisoned-penned pop economist Paul Krugman wrote “Bitcoin is Evil” and “it’s fully unclear why Bitcoin should be a stable store of value.” Famed Futurist Ray Kurzweil said the same thing just last week: “Currencies like the dollar have provided reasonable stability. Bitcoin has not. The never timid billionaire Mark Cuban called Bitcoin a big bubble poised to pop.

All of the folks I mentioned are exceptionally brainy and successful and yet they’ve missed one of the most evident long term patterns in history.

Yes, Bitcoin is unstable in the brief term.

Don’t believe me? Let’s take a quick stroll down memory lane.

Pizza, Pizza

Every year we feast Bitcoin Pizza day on May 22, to commemorate the very first time someone persuaded someone to take funny money for something real-world tangible. Back in 2010, Laszlo Hanycz traded Ten,000 Bitcoins for two large, medium topping pizzas.

At the time the price for those Ten,000 bitcoins was $41 bucks.

Now every year someone writes a variation on the story “How much are those pizzas worth now?” A few years ago those Ten,000 Bitcoins were worth $7 million USD. Today they’re worth about $27 million. In another decade they might be worth $1 billion if famed Andreessen Horowitz VC Chris Dixon is right and Bitcoin rockets to $100,000 a coin.

$41 to $27 million.

Can you honestly think of any asset in the entire history of man with that kind of ROI, in that brief a time span?

Pattern Recognition

So how is it that others see only violent swings while some see the long term pattern?

A number of cognitive quirks in our brains hold us back from watching the real world. They’re like bugs in our mental software. They’ve been there so long we think they’re features.

They ain’t features.

The Bad News Bears

The very first is that we’re wired with a negativity bias. We’re ultra sensitive to bad news.

We see threats and horror everywhere. Doomsday is always around the corner. You see it every day on the web with bombastic replies to posts. If this law passes or this person gets appointed or we don’t adopt this policy or that one it’s all over. Only a appalling collapse and global chaos waits for us. Yet stop for a 2nd and look outside. Are the birds still chirping? Is the sun still in the sky? Is the sky truly falling?

That’s why when Bitcoin goes up 10X everyone concentrates on the unavoidable 30% drawdown after months of a bull run. It makes no sense but we do it anyway.

This negativity bias was useful for staying alive when we lived in tribes on the open plains but it’s not so useful for dealing with modern life.

Sometimes we’re right about the big cataclysmic event, like when a world war savages the planet, but mostly history is a sleekly average peaceful blur. Master contrarian Nicholas Taleb writes in his book Skin the Game/Incerto: “History is largely peace punctuated by wars, rather than wars punctuated by peace.”

The thing is, peace ain’t a good story.

What’s drama without conflict? You literally can’t write a novel without conflict. People have attempted. It doesn’t work.

Oh and you can’t write history without conflict either. So history books are packed with page after page of doom and destruction, coups, mass slaughter, murder and intrigue. It’s the stuff of Shakespeare and High School History one hundred one textbooks.

The only problem is, that’s only something like 5% of history.

How many times do you see a blessed story in the news, a puppy saved, someone rescued from a searing building, a fantastic act of selfless graciousness and then leave behind it five minutes later only to concentrate back on the constant battle inbetween left and right and the debt crisis and whatever else you’re worried about?

That fact is, we’re fear based creatures and it fully warps our sense of reality.

Missing the Forest for the Trees

The 2nd cognitive bug is this:

Humans suck at long term pattern recognition.

We’re absolutely terrible at it. I mean, abysmal. We’re wired to see big, flashy, instant threats.

Take a good long look at this chart from this Reddit post:

Most people think the two lil’ dots on the far right, terrorism and war, kill the vast majority of people. Maybe during brief periods of time, like in WWII, but for the rest of time, not even close.

Those big dots on the left, heart disease and cancer kill one in four humans.

Want to know how much we spend on fighting the two largest killers?

A measly $Ten billion a year.

How is it that we spend $Ten billion dollars fighting something that picks off 25% of us and two trillion, a whopping $125 billion dollars a year, on something that hardly touches any of us? Oh and that doesn’t even count normal military spending.

It’s because we’re not very good at assessing risk or dealing with it.

We lightly spot the snake moving rapid through the grass, but we totally miss the threats that leisurely chip away at us across the course of our lives.

The Endless Movie in Our Goes

We think we see how things are but mostly we don’t. Our biases are there to keep us alive not to help us save for a rainy day.

Most of us are just walking around with a movie in our head that we perceive as reality but when you truly thrust and prod that movie doesn’t hold up to the light. There’s a disconnect inbetween what’s actually happening and what we think is happening. That disconnect is the source of agony and discomfort and violence and sadness in the world.

That’s how numerous people can say with a straight face that Ten,000 units of an asset that went from $41 to $27 million dollars in seven years is “unstable.”

We can’t help it.

We’re just wired that way.

But it doesn’t have to work like that.

All we have to do is take a little step back and open our eyes and see reality as it actually is, not as we imagine it to be.

Thanks for reading.

NOTE: If you’re planning to send me the literal definition of the word “stable” please note that I too have dictionary.com and Google. Please check out this definition for “creative license.”

DISCLAIMER: Be a big boy or dame and make your own decisions about where to put your hard earned money. I am not a financial adviser and this is not financial advice and if I truly need to tell you this then it’s best to keep your money in your pocket anyway.

If you love the crypto space as much as I do, come on over and join DecStack, the Virtual Co-Working Spot for CryptoCurrency and Decentralized App Projects, where you can fondle elbows with numerous projects in the space. It’s totally free forever. Just come on in and socialize, work together, share code and ideas. Make your ideas better through feedback. Find fresh friends. Meet your fresh family.

If you liked this article, I’d love it if you could hit the little heart to recommend it to others. After that please feel free email the article off to a friend! Thanks much.

A bit about me: I’m an author, engineer and serial entrepreneur. During the last two decades, I’ve covered a broad range of tech from Linux to virtualization and containers.

You can check out my latest novel,an epic Chinese sci-fi civil war saga where China throws off the chains of communism and becomes the world’s very first direct democracy, running a very advanced, artificially intelligent decentralized app platform with no leaders.

Related video:

Bitcoin Ingot: Plastic Bitcoin Wallet by xmbrst

Bitcoin Ingot: Plastic Bitcoin Wallet

Thing Apps Enabled

Remixed From

Liked By

If you print this Thing and display it in public pridefully give attribution by printing and displaying this tag.

Thing Statistics

Bitcoin cold storage that’s more durable than a paper wallet. Use the public address on top to receive Bitcoin. Spin the wallet open to spend with the concealed private key.

The qr_models.py python script generates models from your own bitcoin address and private key. See "Instructions" for more finish instructions.

Note: That’s not a real private key in the photo — it’s just a duplicate of the address. The address is real, however. Feel free to use it. 🙂

Instructions

You will need:

A printer that can print in two colors, or some way to color the top of the model black. I used an Afinia and switched the filament from white to black when the QR code commenced printing.

The qrcode and qr2scad python libraries:

The address and private key for a Bitcoin wallet, in text form. For example, to get the address and key from a MultiBit wallet:

  • Select "Request" and click the copy button next to the address to copy the address to the clipboard.
  • Select "Export private keys" from the "Implements" menu, check "Do not password protect export file, and click the "Export private keys" button. Then find the exported file and copy the private key out of the file.

To generate and print the stl files:

Save all of the files for this Thing in a directory.

Generate scad files for the QR codes by cd’ing to this directory and executing:

Open btc_wallet_public.scad in OpenSCAD, choose "Compile and Render" from the "Design" menu, and then choose "Export as STL" from the Design menu. btc_wallet_public.scad includes the address QR code scad file generated by qr_models.py.

Print the STL, using white for the bottom portion and black for the upper layers that display the QR code. I recommend using Six pack filament.

Open btc_wallet_private.scad in OpenSCAD. Repeat steps three and four for this file.

Snap the address plaque onto the private key plaque: align the bumps on the address plaque masculine joint with the grooves on the private key plaque female joint and press together.

  • Delete the private key export, key.scad, and the stl file for the private key plaque.
  • To use the wallet:

    Send Bitcoin to the wallet by scanning the Address plaque with Bitcoin wallet software. Hold the QR code under direct bright light when scanning.

    If you have an Android phone, use the private key and the Mycelium app to spend from the wallet. Choose "Cold storage" from the Mycelium menu, click the "QR Code" button, and scan the Private Key plaque. Hold the QR code under direct bright light when scanning.

    If you don’t have an Android phone, import the private key into a software wallet, or transfer the entire balance to another wallet or account. See https://en.bitcoin.it/wiki/Paper_wallet#Redeeming_Keys_and_Withdrawing_Funds for tips on how to do this.

    Significant: Most wallet software does not support spending just part of the balance in a cold storage wallet. If you do not import the key into a software wallet or transfer the entire balance, you may lose any remaining balance. Mycelium does support partial spending from cold storage.

    Related video:

    http://www.youtube.com/watch?v=kfHaULbKe3Q

    Bitcoin Gambling Investments Three

    Bitcoin Gambling Investments Trio/12

    It has now been three months since we began our Bitcoin Gambling Investments experiment and we have now made a 16.9% comeback on a Bitcoin basis and a 37.43% come back on a USD basis. In aggregate our initial five Bitcoin Investment is now worth Five.83987 Bitcoins, or on a USD basis our $3000 investment is now worth approximately $4123.

    So albeit our total Bitcoin Investment dropped in value slightly from the previous month the rise in the value of Bitcoin has helped the investment grow significantly.

    In the third month we did some further investigation into Satoshi Dice and MoneyPot and determined to discontinue our Bitcoin investments on their sites. We will go into further details on this decision later in this article (focusing on Satoshi Dice this time).

    With the Bitcoins we took out from these sites we invested more Bitcoins into SafeDice and we also added Bitvest to our list of investments.

    A summary of the investment comebacks on the current Bitcoin Gambling sites held is tabulated below:

    Bitcoin Gambling Comes back After three Months

    If you have been following the posts from the commence of this experiment you will know that MoneyPot and Satoshi Dice have been very disappointing. If you have missed the last posts they are below:

    Why Pull Out Of Satoshi Dice?

    Even however other sites have been up and down, Satoshi Dice has been plane or negative the entire time. The Bankroll is well over Three,500 Bitcoins however the amount wagered over the last three months is approximately one thousand five hundred Bitcoins. With a house edge of 1.9% you would expect 28.Five Bitcoins in Profit over the three months and half of that for investors at 14.25 Bitcoins.

    14.25 Bitcoins in profit from a bankroll of Trio,500 Bitcoins gives a theoretical comeback of approximately 0.4% or 1.6% over a year. Absolutely not worth the risk in our opinion. With no sign that the site will improve we determined to pull out of Satoshi Dice.

    What Happened To Satoshi Dice?

    Satoshi Dice was the very first successful Bitcoin business the team at BGR had become aware of. When Erik Voorhees was promoting the site and when it was eventually sold for 126,315 Bitcoins in early 2013, we had to delve further.

    We were so affected by the site, its was provably fair (a game changer for online gambling), it had a low house edge and was the most popular Bitcoin site around.

    Hop forward almost three years from the sale of Satoshi Dice and they have been overtaken by their competitors on most of the competitive advantages they had just three years earlier. Satoshi Dice has now become the Myspace of business – overtaken by competition and left behind.

    Such a petite amount of Bitcoins get wagered with regards to the size of the bankroll at Satoshi Dice that the comes back real or theoretic, make it one of the worst Bitcoin gambling sites to invest in presently.

    Today Satoshi Dice has the worst house edge of all Dice sites. It has been down for uncountable days over the last month as constant DDOS attacks question the security of the site. It does not even suggest investors and players 2FA which is the low tech requirement for security these days. To top it off the Customer service can be very slow and vague on the Bitcoin Talk Forums.

    While our frustration is pretty demonstrable in Satoshi Dice in this post, the issues it is having are very lightly motionless and we used to love Satoshi Dice, so we want to see a switch! I’m sure most of the fixes to make it popular again could be done in a day and to make it one of the best Bitcoin dice sites around again, arguable within a month.

    These would include making the house egde 1%, adding 2FA, add better customer service, and to get the big high rollers in, give investors the capability to leverage their investment (making the max win compare to other sites). Add some good old marketing and you have a solid Bitcoin gambling site again.

    If anyone from Satoshi Dice is reading this article – think about it

    Bitcoin Gambling Investments Three/12 Summary

    Overall the total comeback after three months of 37.43% on a USD basis has been exceptional, even tho’ the third month was slightly down on the 2nd one (on a Bitcoin basis). With our latest portfolio switch removing Satoshi Dice and MoneyPot and adding Bitvest we believe we are even better placed for the next nine months of growth. That is assuming one of the sites does not go down!

    Related video:

    Bitcoin one year chart – Bitcoints

    bitcoin one year chart

    Information about bitcoin one year chart

    Bitcoin

    Bitcoin is a payment system invented by Satoshi Nakamoto, who published the invention in two thousand eight and released it as open-source software in 2009. The system is peer-to-peer; users can transact directly without needing an intermediary. Transactions are verified by network knots and recorded in a public distributed ledger called the block chain. The ledger uses its own unit of account, also called bitcoin. The system works without a central repository or single administrator, which has led the US Treasury to categorize it as a decentralized virtual currency. Bitcoin is often called the very first cryptocurrency, albeit prior systems existed. Bitcoin is more correctly described as the very first decentralized digital currency. It is the largest of its kind in terms of total market value.

    Bitcoins are created as a prize for payment processing work in which users suggest their computing power to verify and record payments into the public ledger. This activity is called mining and the miners are rewarded with transaction fees and freshly created bitcoins. Besides mining, bitcoins can be obtained in exchange for different currencies, products, and services. Users can send and receive bitcoins for an optional transaction fee.

    Bitcoin as a form of payment for products and services has grown, and merchants have an incentive to accept it because fees are lower than the 2–3% typically imposed by credit card processors. Unlike credit cards, any fees are paid by the purchaser, not the vendor. The European Banking Authority and other sources have warned that bitcoin users are not protected by refund rights or chargebacks. Despite a big increase in the number of merchants accepting bitcoin, the cryptocurrency doesn’t have much momentum in retail transactions.

    The use of bitcoin by criminals has attracted the attention of financial regulators, legislative figures, law enforcement, and media. Criminal activities are primarily centered around black markets and theft, tho’ officials in countries such as the United States also recognize that bitcoin can provide legitimate financial services.

    A year is the orbital period of the Earth moving in its orbit around the Sun. For an observer on the Earth, this corresponds to the period it takes the Sun to accomplish one course across the zodiac along the ecliptic.

    In astronomy, the Julian year is a unit of time, defined as 365.25 days of 7004864000000000000♠86400 SI seconds each (no leap seconds), or 7007315576000000000♠31557600 seconds total.

    Due to the Earth’s axial tilt, the course of a year sees the passing of the seasons, marked by switches in weather, the hours of daylight, and consequently vegetation and fertility. In temperate and subpolar regions, generally four seasons are recognized: spring, summer, autumn and winter, astronomically marked by the Sun reaching the points of equinox and solstice, albeit the climatic seasons lag behind their astronomical markers. In some tropical and subtropical regions it is more common to speak of the rainy (or moist, or monsoon) season versus the dry season.

    A calendar year is an approximation of the Earth’s orbital period in a given calendar. A calendar year in the Gregorian calendar (as well as in the Julian calendar) has either three hundred sixty five (common year) or three hundred sixty six (leap year) days. The average length of the year in the Gregorian (modern) calendar is 365.2425 days (taking account of the century rule for leap years). In an informative annex, the International Standard ISO 80000-3 proposes the symbol a (for Latin annus) to represent a year of either three hundred sixty five or three hundred sixty six days. In English the abbreviations y and year are used.

    The word “year” is also used of periods loosely associated but not stringently identical with either the astronomical or the calendar year, such as the seasonal year, the fiscal year or the academic year, etc. By extension, the term year can mean the orbital period of any planet: for example, a “Martian year” or “Venusian year” is the time in which Mars or Venus completes its own orbit. The term is also applied more broadly to any long period or cycle, such as the “Excellent Year”.

    Chart

    A chart, also called a graph, is a graphical representation of data, in which “the data is represented by symbols, such as bars in a bar chart, lines in a line chart, or slices in a pie chart”. A chart can represent tabular numeric data, functions or some kinds of qualitative structure and provides different info.

    The term “chart” as a graphical representation of data has numerous meanings:

    A data chart is a type of diagram or graph, that organizes and represents a set of numerical or qualitative data.

    Maps that are adorned with extra information (map surround) for a specific purpose are often known as charts, such as a nautical chart or aeronautical chart, typically spread over several map sheets.

    Other domain specific constructs are sometimes called charts, such as the chord chart in music notation or a record chart for album popularity.

    Charts are often used to ease understanding of large quantities of data and the relationships inbetween parts of the data. Charts can usually be read more quickly than the raw data that they are produced from. They are used in a broad multiplicity of fields, and can be created by palm (often on graph paper) or by computer using a charting application. Certain types of charts are more useful for presenting a given data set than others. For example, data that presents percentages in different groups (such as “pleased, not sated, unassured”) are often displayed in a pie chart, but may be more lightly understood when introduced in a horizontal bar chart. On the other mitt, data that represents numbers that switch over a period of time (such as “annual revenue from one thousand nine hundred ninety to 2000”) might be best shown as a line chart.

    ^ Cary Jensen, Loy Anderson (1992). Harvard graphics Three: the finish reference. Osborne McGraw-Hill ISBN 0-07-881749-8 p.413

    ^ Howard Wainer (1997) ‘Visual revelations: graphical tales of fate and deception from Napoleon Bonaparte to Ross Perot,Lawrence Erlbaum Associates, Inc. ISBN 0-8058-3878-3 p.87-90

    Bitcoin one year chart – Bitcoints

    bitcoin one year chart

    Information about bitcoin one year chart

    Bitcoin

    Bitcoin is a payment system invented by Satoshi Nakamoto, who published the invention in two thousand eight and released it as open-source software in 2009. The system is peer-to-peer; users can transact directly without needing an intermediary. Transactions are verified by network knots and recorded in a public distributed ledger called the block chain. The ledger uses its own unit of account, also called bitcoin. The system works without a central repository or single administrator, which has led the US Treasury to categorize it as a decentralized virtual currency. Bitcoin is often called the very first cryptocurrency, albeit prior systems existed. Bitcoin is more correctly described as the very first decentralized digital currency. It is the largest of its kind in terms of total market value.

    Bitcoins are created as a prize for payment processing work in which users suggest their computing power to verify and record payments into the public ledger. This activity is called mining and the miners are rewarded with transaction fees and freshly created bitcoins. Besides mining, bitcoins can be obtained in exchange for different currencies, products, and services. Users can send and receive bitcoins for an optional transaction fee.

    Bitcoin as a form of payment for products and services has grown, and merchants have an incentive to accept it because fees are lower than the 2–3% typically imposed by credit card processors. Unlike credit cards, any fees are paid by the purchaser, not the vendor. The European Banking Authority and other sources have warned that bitcoin users are not protected by refund rights or chargebacks. Despite a big increase in the number of merchants accepting bitcoin, the cryptocurrency doesn’t have much momentum in retail transactions.

    The use of bitcoin by criminals has attracted the attention of financial regulators, legislative bods, law enforcement, and media. Criminal activities are primarily centered around black markets and theft, however officials in countries such as the United States also recognize that bitcoin can provide legitimate financial services.

    A year is the orbital period of the Earth moving in its orbit around the Sun. For an observer on the Earth, this corresponds to the period it takes the Sun to finish one course via the zodiac along the ecliptic.

    In astronomy, the Julian year is a unit of time, defined as 365.25 days of 7004864000000000000♠86400 SI seconds each (no leap seconds), or 7007315576000000000♠31557600 seconds total.

    Due to the Earth’s axial tilt, the course of a year sees the passing of the seasons, marked by switches in weather, the hours of daylight, and consequently vegetation and fertility. In temperate and subpolar regions, generally four seasons are recognized: spring, summer, autumn and winter, astronomically marked by the Sun reaching the points of equinox and solstice, albeit the climatic seasons lag behind their astronomical markers. In some tropical and subtropical regions it is more common to speak of the rainy (or raw, or monsoon) season versus the dry season.

    A calendar year is an approximation of the Earth’s orbital period in a given calendar. A calendar year in the Gregorian calendar (as well as in the Julian calendar) has either three hundred sixty five (common year) or three hundred sixty six (leap year) days. The average length of the year in the Gregorian (modern) calendar is 365.2425 days (taking account of the century rule for leap years). In an informative annex, the International Standard ISO 80000-3 proposes the symbol a (for Latin annus) to represent a year of either three hundred sixty five or three hundred sixty six days. In English the abbreviations y and year are used.

    The word “year” is also used of periods loosely associated but not stringently identical with either the astronomical or the calendar year, such as the seasonal year, the fiscal year or the academic year, etc. By extension, the term year can mean the orbital period of any planet: for example, a “Martian year” or “Venusian year” is the time in which Mars or Venus completes its own orbit. The term is also applied more broadly to any long period or cycle, such as the “Fine Year”.

    Chart

    A chart, also called a graph, is a graphical representation of data, in which “the data is represented by symbols, such as bars in a bar chart, lines in a line chart, or slices in a pie chart”. A chart can represent tabular numeric data, functions or some kinds of qualitative structure and provides different info.

    The term “chart” as a graphical representation of data has numerous meanings:

    A data chart is a type of diagram or graph, that organizes and represents a set of numerical or qualitative data.

    Maps that are adorned with extra information (map surround) for a specific purpose are often known as charts, such as a nautical chart or aeronautical chart, typically spread over several map sheets.

    Other domain specific constructs are sometimes called charts, such as the chord chart in music notation or a record chart for album popularity.

    Charts are often used to ease understanding of large quantities of data and the relationships inbetween parts of the data. Charts can usually be read more quickly than the raw data that they are produced from. They are used in a broad multitude of fields, and can be created by mitt (often on graph paper) or by computer using a charting application. Certain types of charts are more useful for presenting a given data set than others. For example, data that presents percentages in different groups (such as “sated, not sated, uncertain”) are often displayed in a pie chart, but may be more lightly understood when introduced in a horizontal bar chart. On the other forearm, data that represents numbers that switch over a period of time (such as “annual revenue from one thousand nine hundred ninety to 2000”) might be best shown as a line chart.

    ^ Cary Jensen, Loy Anderson (1992). Harvard graphics Trio: the accomplish reference. Osborne McGraw-Hill ISBN 0-07-881749-8 p.413

    ^ Howard Wainer (1997) ‘Visual revelations: graphical tales of fate and deception from Napoleon Bonaparte to Ross Perot,Lawrence Erlbaum Associates, Inc. ISBN 0-8058-3878-3 p.87-90

    Related video:

    Bitcoin (BTC) price crashed because of notices issued by the People s Bank of China

    China’s central bank is behind bitcoin’s falling price

    Obsession
    Written by

    A latest bull run for bitcoin has turned dramatically, with the price of the digital currency registering double-digit percentage drops on several days already in 2017.

    The comedown traces back to latest comments from the People’s Bank of China, which met with representatives of major bitcoin exchanges in China prior to issuing a pair of notices. The notices set off a swirl of fresh rumors that Beijing is planning further regulatory act regarding mainland bitcoin exchanges, which account for the majority of global bitcoin trading volume.

    What happened, exactly?

    On Jan. Five, the People’s Bank issued two notices, one from its Beijing headquarters (link in Mandarin), and another from its Shanghai branch (Mandarin). In essence, the notices said the same thing: that bitcoin is a commodity, not a currency, and organizations and individuals trading are responsible for the risks associated with the investment.

    The bank said it called meetings with the exchanges because of bitcoin’s latest price fluctuations, and urged “self-examination” on the part of the exchanges to ensure everything was onside with regulations, and that risk was being managed. The bank issued a similar statement in 2013, when bitcoin’s price spiked dramatically and Chinese investors very first began to take notice of the currency.

    Later that day it emerged that China’s foreign exchange regulator, SAFE, was looking at whether bitcoin was being used to avoid the country’s capital controls. Evasion of capital controls has long been cited as a major reason for bitcoin’s popularity on the mainland. The detail was very first reported by Tencent Finance, citing an anonymous source close to the regulator.

    More information from the central bank’s meeting with regulators was published in a report from financial news service Caixin. It said the government desired to bar exchanges from mentioning the yuan’s depreciation in marketing bitcoin as an asset class.

    So what’s the upshot for bitcoin exchanges in China?

    Beijing is now reportedly looking at making exchanges use escrow services, according to a report from the China Securities Journal (link in Mandarin). The article, based on an anonymous source, says the central bank will convene experts to discuss how to manage bitcoin services, or to set up an escrow platform for the exchanges. Plans for some sort of regulated escrow service would represent a significant increase in government oversight for Chinese exchanges.

    (Update: OKCoin CEO Starlet Xu told us he was the source of the discussion of an escrow service during the Jan. Six meeting with the central bank. He brought up the idea of bitcoin exchanges using a “third-party custodian-like platform” to enhance customer protection, similar to those used by stock brokerages, for example. Xu says this was “simply an idea” suggested for further discussion.)

    However, exchange operators are painting the central bank’s engagement as a routine matter. “BTCC regularly meets with the People’s Bank of China and we work closely with them to ensure that we are operating in accordance with the laws and regulations of China,” said Samson Mow, BTCC’s chief operating officer.

    It’s worth noting that albeit bitcoin is significantly down on news of Beijing’s intervention, it’s still up more than dual compared to a year earlier.

    Enlargened engagement from Beijing with bitcoin exchanges is a double-edged sword. On one forearm, it legitimizes the cryptocurrency as an asset class worth regulating. On the other arm, it increases the compliance cargo for these startup exchanges. What is clear from this latest scene is that bitcoin’s price, at least in the brief term, is at the grace of officials in Beijing.

    This story was updated with details of discussion around a proposed custodian platform.

    Related video:

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