When new blockchain products are created, designers and developers seem to be faced with one very significant dilemma, do they remain fully decentralised, or do they give up some of that decentralisation, in the pursuit of innovation? Now, this isn’t to say that decentralised products can’t be innovative, however I am suggesting that sometimes, decentralisation can get in the way of some aspects of innovation, depending on exactly what it is that the project aims to achieve. Therefore, this comes to a head within the eternal blockchain battle, decentralisation vs innovation. What does Decentralisation mean? In order to address this battle, developers must ask themselves exactly what sort of decentralisation they are tackling. In February 2017, Vitalik Buterin, the co-founder of Ethereum posted a blog on Medium that discusses the three main types of decentralisation. Buterin states the following: Architectural Decentralisation “How many physical computers is a system made up of? How many of those computers can it tolerate breaking down at any single time?” Political Decentralisation “How many individuals or organizations ultimately control the computers that the system is made up of?” Logical Decentralisation “Does the interface and data structures that the system presents and maintains look more like a single monolithic object, or an amorphous swarm? One simple heuristic is: if you cut the system in half, including both providers and users, will both halves continue to fully operate as independent units?” Often, some aspects of this decentralisation have to be sacrificed in order to make a project more innovative. For example, let’s look at political decentralisation, a project is more decentralised if it requires decisions to be made by numerous entities and people. If there is no central control or no central system that runs the operation, it is more decentralised by nature. However, some projects require a strong leadership (usually from a funding group) that have to be able to make decisions to ensure the project moves forward (so that you don’t get fallout, as we see within projects like Bitcoin Cash). Therefore, in this instance, some projects need to be politically centralised (by Buterins definition) in order to ensure growth and in order to ensure the right people are contributing to the project. The same goes for architectural decentralisation and logical decentralisation too. The other approach to take in this instance is to reduce that option for fast decision making and constant growth, by adding more entities to the upper level of control, thus improving decentralisation but also putting the project at risk of slowing down, whilst decisions are debated and fought about, rather than built upon.
Cryptocurrency exchange OKEx has added 7 new crypto pairs to its perpetual swap product, in addition to BTC/USD
The TRON Foundation hopes this move will lead to mass adoption among BitTorrent’s 100 million users.
The U.S Securities and Exchange Commission [SEC] has been in the center point ever since Bitcoin [BTC] and other cryptocurrencies hit their all-time high. This was mainly due to the ICO boom during the same timeframe, which led to several investors stepping into the cryptocurrency space. This also resulted in the regulatory body becoming an […] The post Ethereum based Paragon coin pump-and-dump despite SEC’s scrutiny appeared first on AMBCrypto.
AMBCrypto: Bitcoin [BTC/USD] Technical Analysis: Market stagnates with arrival of first block’s 10-year anniversary
Bitcoin is celebrating its 10-year anniversary of the generation of its first block, called the Genesis Block today i.e., January 3, 2019, with prices trading at $3,888 and a 24-hour price change at 1.31%. Proof-of-Keys is an event that is to take place today, and the community speculates that this could introduce liquidity into the […] The post Bitcoin [BTC/USD] Technical Analysis: Market stagnates with arrival of first block’s 10-year anniversary appeared first on AMBCrypto.
The early Bitcoin community in San Francisco was originally comprised of revolutionaries: Individuals who believed in the freedom and opportunity that a permissionless distributed system would bring the world.We were widely regarded as unsavory and unpopular. Most people associated bitcoin with drugs, money laundering, and the dark web. On dates, dinner parties at friends houses or holidays with families, we were ridiculed and belittled. To believe in Bitcoin at that time, you had to be a rebel, someone who thought critically about what could be. A true believer.That all changed in early 2013.When I went to my first Bitcoin meetup in San Francisco in January 2013, it was a very modest space, carved out of the newly refurbished 20Mission. Some of the inhabitants, including the owner Jered Kenna, created a video halfway through the demolition which shows its initial state. Since 2011, Bitcoin meetups had only been hosted by himself and his company, Tradehill.At that time, there were very few people who were interested enough in Bitcoin to show up in person to the meetup. To put this in perspective, on January 31, 2013, people RVSP’ed to come and only about a dozen showed up.This was finally a place where like-minded individuals could connect and bounce ideas off of each other. We could share the faith together. The early attendees started some of the most successful companies and funds in the space.Jed McCaleb - Mt.Gox, Ripple, Stellar FounderJesse Powell - Kraken CEOCharlie Lee - Litecoin CreatorJered Kenna - Tradehill CEO (first U.S. Bitcoin exchange)Brian Armstrong - Coinbase co-founderFred Erhsam - Coinbase co-founderOlaf Carlson Wee - Polychain FounderBryan Vu - Lightning LabsRyan Singer - Chia co-FounderIn May 2013, after the price spiked from $10 to $260 (the first 2013 “bubble”), there was a new wave of interested people which drew the attention of mainstream journalists. The meetup in April was even called the “$100 party” with a 100+ RSVPs. I distinctly remember one VC, David Chen from Lightspeed, handing out business cards. It was in that moment that I realized Bitcoin wasn’t just a hobby anymore — it was going mainstream!A journalist, Kashmir Hill, well-known from her articles with Forbes, made her name in the space by living on bitcoin for a week. At the end of the week, she had received so many tips in bitcoin that she invited the community out for a sushi dinner. Forbes brought a film crew out and, when it came time to pay the bill, I was able to demo my product ZeroBlock, which was the only real-time market data mobile product at the time. In addition to real-time market data, ZeroBlock had the first aggregated news feed. Since the space was so new (Bitcoin Magazine was still a print publication), we would scrape r/bitcoin’s “hot” RSS feed. Ryan Selkis had started his “Two Bit Idiot” blog around this time, and he reached out to me to ask if I could add it to the feed.Also in May, there was the San Jose Bitcoin conference, which was the biggest Bitcoin conference that had ever been held. The Winklevoss twins were the headliners at the conference. To the best of my knowledge, they were the first “mainstream popular” people to associate themselves with Bitcoin. And to put things in perspective, Roger Ver’s tweet about the conference only had three retweets.Early 2013 distinctly marked the birth of the Bitcoin industry and mainstream adoption. The early members of the San Francisco Bitcoin community built many key companies and propagated the message of Bitcoin among the tech community. The San Francisco Bitcoin community helped the Bitcoin seed grow and mature into a mighty organism.This is a guest post by Dan Held. Opinions expressed are his own and do not necessarily represent those of Bitcoin Magazine or BTC Inc. This article originally appeared on Bitcoin Magazine.
A court ruling has exonerated Bithumb from liabilities totaling around 400 million Korean won after a client lost his funds due to crypto hacking. The post S.Korea Crypto Hacking Victim Denied Compensation After Court Ruling appeared first on CoinCentral.
Ethereum (ETH) has rallied aggressively the past few days on news regarding its Constantinople upgrade. The market seems to unanimously believe that the upcoming upgrade is going to result in a major price boost for ETH/USD. This may be true but the recent reaction to the news has been more of an overreaction and the price has now reached a point where it has to make way for a minor correction to the downside. As the 4H chart for ETH/USD shows, the price has already bounced back towards the bottom of the ascending channel after running into the 61.8% Fibonacci retracement level. Previously, the 38.2% Fibonacci retracement level served as an important support which the price strongly defended. RSI for the above chart also shows that the price has now ample room to retrace and afterwards continue to trade sideways. This sideways movement will give Ethereum (ETH) time to think whether it is supposed to break past the 61.8% Fib resistance or is it supposed to break below the ascending channel to complete the bullish gartley pattern. The more likely scenario is that Ethereum (ETH) will retrace to find enough bullish momentum to break past the 61.8% Fib resistance. This will pave the way for a rally past $200 in the weeks that follow. That being said, Ethereum (ETH) is likely to retest the previous market structure during its upcoming rally which will now serve as a strong resistance. This would see the price fall back towards $83 but it is extremely unlikely to fall below it. Chart for ETH/BTC (1W) Ethereum (ETH) like most other coins has already completed its correction. The capitulation phase is over as well and the bear market of 2018 is going to come to an end in the next few weeks. After that, the price is not going to continue to decline further but it is going to find the strength to rise. Imagine the large number of people who are currently holding at big losses. The majority comprises of first time investors who don’t understand market cycles have already given up and they would be happy to just break even. This is nothing new, it happens in every market after a bear trend. So, soon as the price reaches the levels they bought it, they are going to sell. This is the reason the price is going to trade sideways for a long time now. So, one might ask, “If all of these people are trying to breakeven, how is the price going to rise?” Well, the next few months are about accumulation. This means that the smart money is going to buy from the weak hands. Every time an investor holding at a loss sells just before the beginning of a bull market, smart money is more than happy to accumulate. The reason we are not going to see a rally anytime soon is because there are too many of such investors who are looking to break even. Smart money knows this which is why it keeps buying all the weak hands. When the weak hands have been fully bought out, new investors start getting into the market and the price begins to rally.
As tax season is rapidly approaching, some states, like Ohio, have decided to set a new standard for the rest of the country to follow. Back in November, Ohio became the first state in the U.S. to announce that it would now be possible to pay taxes using bitcoin.While Ohio is first in actually implementing this for its business residents, it’s certainly not the first one to try. Other U.S. states, like Illinois, Arizona, and Georgia have previously attempted to pass legislation allowing state taxes to be paid with cryptocurrency; however, such attempts have been rejected by state lawmakers or have not yet taken final form.State of Ohio Treasurer, Josh Mandel, told Bitcoin Magazine that he’s been a crypto-enthusiast since 2014. Implementing his vision today, Ohio business owners are now able to register and resolve their tax disputes and/or liabilities online, with their payments processed by a designated cryptocurrency payment service provider.Bitcoin Magazine spoke with Mandel about why Ohio’s decision to embrace these new technologies is a step toward the state becoming a leader for the rest of the country. Why Is This Good for Ohio?With this announcement, Ohio has announced to the rest of the country that it is at the forefront of new technologies, specifically as it pertains to blockchain technology and cryptocurrency. By opening up its doors to entrepreneurs and businesses dabbling in these digital realms, Ohio hopes to welcome new types of ventures across its state lines.“Our biggest motive here was to give taxpayers more options in paying their taxes,” Mandel explained. “Secondly, we wanted to project to the rest of the country that Ohio is embracing technology and is a place that is welcoming software developers and entrepreneurs who want to build a blockchain business here in the State of Ohio. By launching Ohiocrypto.com, we are planting the flag here in the state, and showing that we are a leader.”Mandel said that he and his office have been working on launching Ohiocrypto.com for a good portion of this year, emphasizing that this new system will yield many positive reverberations for years to come.You Don’t Have to Be a Computer Whiz or Crypto Expert to ParticipateThe good news is, you don’t have to be a computer expert or a crypto expert in order to use Ohiocrypto.com.One benefit, according to Mandel, “will obviously be providing business taxpayers with another option in which to settle their taxes, which is easy and intuitive for them to use.”However, it’s important to note that this is only available to Ohio business owners — not individuals — to settle their private taxes.Phase OnePhase I of Ohiocrypto.com, according to Mandel, allows Ohio businesses to pay 23 different business taxes in cryptocurrency, specifically with bitcoin. Here is a sample of the most commonly paid business taxes, which are part of the Ohiocrypto.com system:Cigarette/Other Tobacco ProductsCommercial Activity Tax (CAT)Petroleum Activity (PAT)Public Utilities Tax (PUT)Sales Tax (ST)Withholding Tax (WHT)Interest on Lawyer’s Trust Accounts (IOLTA)Motor Vehicle Fuel (MVFT)Phase Two“In Phase II, we hope to expand Ohiocrypto.com to include individual personal taxes, and also to expand beyond just bitcoin and include other cryptocurrencies as well. We thought the most intuitive and responsible way to begin this initiative, because it’s the first time it’s ever been done in America, is to start it off right — and that is by only allowing businesses to pay with bitcoin, and expand it out from there.”A New, Inexpensive Way to Pay Your TaxesNot that any of us enjoy coughing up the green each year, but Mandel emphasized that one of the major benefits to the Ohio taxpayer is that, by using Ohiocrypto.com, the state is providing a cost-cutting mechanism when taxpayers go online.“Prior to the launching of Ohiocrypto.com, the state allowed for taxpayers to pay their taxes in different ways — you could pay via check with no processing fee; you could pay via ACH with no processing fee; or you could pay via credit card with a 2.5 percent processing fee. But, the fee to pay via cryptocurrency, e.g. bitcoin, is only going to be 1 percent, which is less than paying via credit card.”OhioCrypto.comMandel emphasized that Ohiocrypto.com is an initiative open to taxpayers of all different ages, stripes and geographic parts of the state. Once the taxpayer is successfully registered on the site and has entered their tax payment information, the amount of cryptocurrency in the compatible wallet that is used to pay the invoice is immediately converted from bitcoin to U.S. dollars and processed through BitPay.“Most likely, I think we will see heavier use by smaller/medium size companies, privately owned, and probably some taxpayers in the younger demographic,” the Ohio Treasurer added.“But, ultimately, as awareness builds, we will see widespread use — from a mom-and-pop diner to Fortune 500 companies. We are excited about the launch of this and we have a great partner in this initiative with BitPay.”Mandel told us that BitPay has been very responsive to its office, bending over backwards in order to ensure that the site is developed in a way that is extra safe and extra secure so that taxpayer money is protected at all costs.“We are thrilled to see Josh and State of Ohio taking this initiative,” Stephen Pair, co-founder and CEO of BitPay, told Bitcoin Magazine.“One of the things we’ve done at BitPay over the years is to talk to companies in the blockchain industry help them work with their vendors to sign up and pay their bills with crypto. For example, an exchange has to pay vendors and suppliers. They would obviously prefer to pay their bills via crypto, which helps to grow the ecosystem and benefits their own exchange business. Similarly, all these businesses have to pay taxes as well and we are thrilled to help Ohio businesses pay their taxes this way.”It should be noted that at no point will the Ohio Treasurer’s office hold cryptocurrency, mine it, or invest in it.Ohio Is Looking to Host a Blockchain and Cryptocurrency-Friendly EnvironmentThe state also hopes to benefit by branding itself as a place that is blockchain friendly, cryptocurrency friendly, and open for business when it comes to technology.According to Mandel, this first step has put Ohio on the map in becoming a leader in the blockchain technology and cryptocurrency space.Mandel, in addition to selected representatives from the treasurer’s office, recently attended the four-day Blockland Conference in Cleveland, where software developers, entrepreneurs and business leaders came together to learn how to inspire entrepreneurs and showcase the region as a potential hub for new technologies and a national leader in blockchain technology. The lineup of speakers featured Beth Mooney, CEO at Cleveland-based KeyCorp; AT&T Communications CEO, John Donovan; Jerry Cuomo, an IBM vice president focused on the blockchain; Oracle Corp. CEO, Mark Hurd; and Wikipedia co-founder, Larry Sanger.What Challenges Lie Ahead?It would seem that in a year filled with data breaches and security incidents with major players like Facebook, Equifax and other institutions, that this would seem all the riskier.Bitcoin Magazine also spoke with Ari Lewis, cryptocurrency advisor to the State of Ohio Treasurer’s office, on this matter.“We spent a lot of time and effort in extensively vetting payment processors,” Lewis emphasized. “We were extremely confident in choosing BitPay because they were first in class in security and in guaranteeing taxpayer monies would be safe. So, for us, this was not a trial and error, and we see this as a program where we feel confident that taxpayer money is secure and all the transactions occurring are secured through the payment system.”Photo Credit: Josh Mandell / State of Ohio Treasurer’s Office This article originally appeared on Bitcoin Magazine.
2018 was massive for cryptocurrency and blockchain technology. As a community, we have welcomed more new members than ever before. Across the markets, thousands of new products and technologies have been created, and, most importantly, 2018 has seen a surge in interest from a female population. Finally, cryptocurrency has realised that it needs women too. Traditionally, investment and finance is a man’s world. Add technology into the mix and what you get is a male dominated arena, rife with misogyny and male privilege. The only way to tone this down to remove it completely and make the space more democratic, and, more inclusive is to invite more women into the industry. Why has it taken so long? As stated, traditionally, investment has always been a male dominated industry and therefore it has been made very difficult for women to actually get involved in cryptocurrency and technology, despite their being a need for the skills and abilities of the many intelligent women who now work in this space. Through 2018, more and more projects have realised this as the industry becomes more mainstream. Plus, we also have to consider that a big shift has taken place with regards to the type of people involved in this industry, regardless of gender. Through 2018, cryptocurrency fanatics have become more liberal and thus, far more accepting of everybody, regardless of race, creed or gender. Gender discrimination As you should know, gender discrimination still exists within many professional industries which is why our industry needs to start leading by example. If blockchain and cryptocurrency becomes the go to professional arena for skilled and talented female workers, other industries will follow on too. We have the chance to set a trend here that will ensure problems like gender pay gaps are reduced to nothing and that finally, for the first time in history, women are given equal rights to their male counterparts, as will anybody else who identifies as otherwise. Thanks to 2018, the blockchain community finally has a chance to make a difference. Blockchain technology doesn’t just disrupt finance, it has the ability to disrupt the very core of our sociological fabric. Women have made a big impact in 2018 Through 2018 we have seen women make a huge impact, in all aspects of cryptocurrency from legislation within the SEC, to leading the many blockchain and crypto startups that have swung into the markets this year. According to Sarah Austin of Entrepreneur.com, women are already making a splash: “Even though crypto is male dominated, some women are involved and using their talents to further open up the space. Maria Prusakova, for instance, is a lawyer and former Russian Olympian. Like anything, balance is often the best approach, and the concept covers the importance of creating a male/female ratio in cryptocurrency that's as close as possible to 50/50.” This splash isn’t one that aims to make women take the lead within crypto, rather, this is a splash that finally hopes to see equality, where all members of the industry are treated fairly and given access to the same opportunities, regardless of gender.