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Beyond The Bitcoin Bubble

Beyond The Bitcoin Bubble

Credit Photo illustration by Delcan & Company. Balloons by Jenue & Laura Ortega. Yes, its driven by greed but the mania for cryptocurrency could wind up building something much more important than wealth. layer innocent nothing argue pottery winner cotton menu task slim merge maid The sequence of words is meaningless: a random array strung together by an algorithm let loose in an English dictionary. What makes them valuable is that theyve been generated exclusively for me, by a software tool called MetaMask. In the lingo of cryptography, theyre known as my seed phrase. They might read like an incoherent stream of consciousness, but these words can be transformed into a key that unlocks a digital bank account, or even an online identity. It just takes a few more steps. On the screen, Im instructed to keep my seed phrase secure: Write it down, or keep it in a secure place on your computer. I scribble the 12 words onto a notepad, click a button and my seed phrase is transformed into a string of 64 seemingly patternless characters: 1b0be2162cedb2744d016943bb14e71de6af95a63af3790d6b41b1e719dc5c66 This is whats called a private key in the world of cryptography: a way of proving identity, in the same, limited way that real-world keys attest to your identity when you unlock your front door. My seed phrase will generate that exact sequence of characters every time, but theres no known way to reverse-engineer the original phrase from the key, which is why it is so important to keep the seed phrase in a safe location. That private key number is then run through two additional transformations, creating a new string: 0x6c2ecd6388c550e8d99ada34a1cd55bedd052ad9 That string is my address on the Ethereum blockchain. Ethereum belongs to the same family as the cryptocurrency Bitcoin, who Continue reading >>

This Is What Happens When Bitcoin Miners Take Over Your Town

This Is What Happens When Bitcoin Miners Take Over Your Town

The Friday Cover is POLITICO Magazine's email of the week's best, delivered to your inbox every Friday morning. By signing up you agree to receive email newsletters or alerts from POLITICO. You can unsubscribe at any time. Patrick Cavan Brown for Politico Magazine This Is What Happens When Bitcoin Miners Take Over Your Town Eastern Washington had cheap power and tons of space. Then the suitcases of cash started arriving. EAST WENATCHEE, WashingtonHands on the wheel, eyes squinting against the winter sun, Lauren Miehe eases his Land Rover down the main drag and tells me how he used to spot promising sites to build a bitcoin mine, back in 2013, when he was a freshly arrived techie from Seattle and had just discovered this sleepy rural community. The attraction then, as now, was the Columbia River, which we can glimpse a few blocks to our left. Bitcoin miningthe complex process in which computers solve a complicated math puzzle to win a stack of virtual currencyuses an inordinate amount of electricity, and thanks to five hydroelectric dams that straddle this stretch of the river, about three hours east of Seattle, miners could buy that power more cheaply here than anywhere else in the nation. Long before locals had even heard the words cryptocurrency or blockchain, Miehe and his peers realized that this semi-arid agricultural region known as the Mid-Columbia Basin was the best place to mine bitcoin in Americaand maybe the world. The trick, though, was finding a location where you could put all that cheap power to work. You needed an existing building, because in those days, when bitcoin was trading for just a few dollars, no one could afford to build something new. You needed space for a few hundred high-speed computer servers, and also for the heavy-duty cooling system t Continue reading >>

Blockchain Beyond The Hype

Blockchain Beyond The Hype

Brace yourself for the hype cycle around blockchain. Instead of indulging in the hype, I suggest we focus on the technologys characteristics and how it might be applied to specific use cases. Meanwhile, broad-ranging discussion of governance issues and standards development must proceed apace. I make these statements as an avid participant in exploring this technologys capabilities and potential, through my involvement with the IEEE Special Interest Group on Blockchain. As a novel approach to traditional security challenges on the internet, blockchain likely will have many useful applications that benefit ordinary people. But the excitement it is generating needs to be tempered with a sober discussion of how its characteristics may be applied in the real world and the limits of its applications. That said, its certainly safe to also say that blockchain possesses some fantastic characteristics, which have never been seen before. These characteristics, if properly understood, will indeed bring value to all users of the internet. There are a multitude of discussions about blockchains characteristics and potential use cases, and I urge readers to search for these sources themselves. The IEEE Special Interest Group on Blockchain involves a range of interested stakeholders, from technical experts to keen experimenters. We aim to help provide a technical audience with some idea of this technologys potential, sans the hype. Blockchain is a technology that originated in the financial services area, most famously as the underlying mechanism for the digital known as bitcoin. Blockchain allows identical information to be presented or stored at multiple locations without a single point of control. It therefore provides confidence that identical information sits in multiple places w Continue reading >>

10 Blockchain Technology Magazines.

10 Blockchain Technology Magazines.

Blockchain technologies are definitely disrupting the global economic order. Many people would like to be part of the exciting Blockchain community. Fortunately, there are some leading minds in the Blockchain world who are ready to share their knowledge on the future of these disruptive technologies. If you really want to acquire significant Blockchain information, check out for the following 10 Blockchain technology magazines: Bitcoin Magazine is dedicated to giving a neutral and balanced presentation of the Bitcoin. The magazine is the most established and oldest source of information, news and expert commentary on Blockchain. Since 2012, the magazine has provided research, analysis, education thought leadership at the intersection of technology and finance. Forklog magazine is an information resource that focuses on Blockchain and Bitcoin. Since 2014, the magazine provides Bitcoin price analysis, Cryptocurrency events and all the news about Bitcoin. Based in the UK, this magazine provides financial systems and technology coverage for the banking industry. Although Banking Technology does not only feature Blockchain technologies articles, it is packed with analysis, news, insight, research, and expert analysis that are important for Blockchain technologies. Backfeed Magazine provides information for decentralized cooperation, enabling large groups to create and share the value of Blockchain technology. The goal of the magazine is to enable anyone to effectively cooperate with their peers without having to erect fixed hierarchies and rigid structures. NXTER is an online magazine that covers cryptocurrency features and development. The magazine has one of the most active communities. Last year, the magazine was the Platinum sponsor of Mind the Gap crypto money expo. yB Continue reading >>

Distributed Event Series And The Let's Talk Bitcoin Network Present:

Distributed Event Series And The Let's Talk Bitcoin Network Present:

Distributed Event Series and the Let's Talk Bitcoin Network Present: May 07, 2018, 06:01:35 PM EDT By Bitcoin Magazine, Bitcoin Magazine In partnership with the Distributed Event Series and the Let's Talk Bitcoin Network , "Distributed Dialogues" gives listeners a detailed look into the cryptocurrency and enterprise blockchain ecosystem by giving voice to the people, ideas and projects that make it possible. Jennifer O'Rourke on the Illinois Blockchain Initiative and the "correct" digital identity solution. This first episode of "Distributed Dialogues" features an interview with Jennifer O'Rourke, former business liaison with the Illinois Blockchain Initiative. The Initiative took a three-pronged strategy to quickly gain knowledge, facilitate development of the technology ecosystem and actively experiment with blockchain technology. The strategy focused on education, events and the state's own attempt to create roadmaps for five pilot projects using a blockchain: land title registry, academic credentials, health title registries, energy credit marketplaces and digital identity solutions. The state's exploration into digital identity solutions using a blockchain allowed them to pin point what they believe is the best model for a digital identity on the blockchain. (Above: Proof of Identity Infographic from white paper by Australia Post and Boston Consulting Group.) "We were able to see there was a very particular type of distributed ledger best suited for this type of a use case," said O'Rourke. "And that is the model of decentralized IDs and verifiable claims, because it allows that information to be securely transmitted without actually being etched to a blockchain itself." O'Rourke believes creating a holistic, blockchain-based identity solution i Continue reading >>

Bitcoin Is Ridiculous. Blockchain Is Dangerous

Bitcoin Is Ridiculous. Blockchain Is Dangerous

Bloomberg the Company & Its Products Bloomberg Anywhere Remote LoginBloomberg Anywhere Login Bloomberg Terminal Demo Request Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Illustration: Jonathan Djob Nkondo for Bloomberg Businessweek Bitcoin Is Ridiculous. Blockchain Is Dangerous The true believers wont stop until theyve remade the world. Some of it will be thrilling. Some of it will keep us up at night. On the days when Bitcoin crashes, a holiday atmosphere takes over in my corners of the internet. People tweet screengrabs of Reddit fights. Its always good fun to watch strangers grieve as their digital nonsense nickels melt into slag. Its not that I want Bitcoin holders to suffer, really. As a technologist and entrepreneur, Im sympathetic to and admiring of risk takers. But as a writer, I enjoy the sheer human-condition-revealing sport. Im happy to watch other people play video games without playing myself. Ill watch poker, but Ive never bought a deck of cardsand when I watch football, I keep the official NFL rulebook open on my phone. For whatever reason, I tend to like the rules more than the game. Bitcoin is at some level just a set of rules, defined by software, that has become one of the worlds weirdest games. And people who invest in an unmanageable abstraction, then panic when it underperforms, are very entertaining. Everyones so excited and having such a good time, the sort of time you have right before they invade Paris. W Continue reading >>

Bitcoin: A Stock Photo Cryptocurrency Primer

Bitcoin: A Stock Photo Cryptocurrency Primer

Bitcoin: A Stock Photo Cryptocurrency Primer Bitcoin, cryptocurrency, blockchainthese things are huge, right? Still unsure if you should invest your time or money? Don't know the difference between a Satoshi and a gigahash? Well, stock photography is here to help give us a sense of the inner workings, background, and the dos and don'ts of the bitcoin ecosystem. Because there's nothing better than images of collectible coins, stage props, miniatures, and professional models to convey the intricacies of a distributed, decentralized, encrypted digital asset functioning as a virtual currency. Stock photographers have made many creative attempts to illustrate these tricky virtual concepts, often using golden novelty coins (that have no actual bitcoin value), sometimes with delicious results. First, while bitcoin might be used to purchase a plush toy or comfortable blanket for your kitten, the collectible coin itself (which has no actual bitcoin value but is just a novelty desk toy) is a poor substitute. Based on current valuation and prices, one bitcoin could purchase 1,230 fleece cuddle blankets for Mittens here. # Now, time to get richha ha! Bitcoins are made on a farm. Wait, no, they are mined. Yes, mined. Made by miners in server farms. Or is it servers in bitcoin mines? Apparently there is digging, lots of old-timey digging. Digging to get out of that blockchain, see? Wait, no, mining adds to and secures the blockchain, right? (Do we mine for blockchains here?) And hashing! Lots of hashing! Build a set of rigs with the most gigahashes per second and you'll be driving that Lamborghini home in no time. (I don't know what a hash is.) # Clocckwise: Mark Agnor, Morrowind, Beeboys, EamesBot / Shutterstock Get comfortable with the new world of cryptocurrency. Learn about your Continue reading >>

Coindesk - Leader In Blockchain News.

Coindesk - Leader In Blockchain News.

David Marcus, vice president of messaging products at Facebook and ex-PayPal president, has joined the board of directors at Coinbase. The SECs analysis of DAO tokens being securities will have what sort of impact on token sales going forward? (select all that apply) Token sales will fall in quantity but rise in quality More token sales will start requiring accreditation More token sales will start excluding potential U.S. investors Investors will be more cautious and diligent on the token sales they invest in Exchanges will not list tokens as quickly and nonchalantly Venture capital funding will rise relative to token sale funding None of the above, token sales will continue similarly to how they have been I would like to receive the following emails: CoinDesk Weekly - Insights for the week ahead CoinDesk Daily - Our snapshot of the day's news Subscribe to our free newsletter and follow us Continue reading >>

Bitcoin - Bitcoin Wiki

Bitcoin - Bitcoin Wiki

Bitcoin is a decentralized digital currency created by developer Satoshi Nakamoto . It does not rely on a central server to process transactions or store funds. There are a maximum of 2,099,999,997,690,000 Bitcoin elements (called satoshis), which are currently most commonly measured in units of 100,000,000 known as BTC. Stated another way, no more than 21 million BTC can ever be created. As of April 2014 [update] , it is the most widely used alternative currency, [1] [2] now with the total market cap over 6 billion US dollars [3] . Bitcoin has no central issuer; instead, the peer-to-peer network regulates Bitcoins, transactions and issuance according to consensus in network software.Bitcoins are issued to various nodes that verify transactions through computing power;it is established that there will be a limited and scheduled release of no more than 21 million BTC worth of coins, which will be fully issued by the year 2140. Internationally, Bitcoins can be exchanged and managed through various websites and software along with physical banknotes and coins. [4] [5] A cryptographic system for untraceable payments was first described by David Chaum in 1982. [6] In 1990 Chaum extended this system to create the first cryptographic anonymous electronic cash system., [7] which became known as ecash. [8] In 1998 Wei Dai published a description of an anonymous, distributed electronic cash system which he called "b-money". [9] Around the same time, Nick Szabo created bit gold. [10] [11] Like Bitcoin, Bit gold was a currency system where users would compete to solve a proof of work function, with solutions being cryptographically chained together and published via a distributed property title registry. A variant of Bit gold, called Reusable Proofs of Work, was implemented by Hal Continue reading >>

Bitcoin Stealing Malware Distributed On Download.com For Nearly A Year

Bitcoin Stealing Malware Distributed On Download.com For Nearly A Year

Bitcoin stealing malware distributed on download.com for nearly a year Bitcoin stealing malware distributed on download.com for nearly a year ESET researchers found three trojanized applications hosted on download.cnet.com, 163th most visited site in the world. Bitcoin stealing malware that swaps user accounts with that of the attacker was found to be hosted on Download.com servers for nearly a year. ESET researchers found three trojanized applications hosted on download.cnet.com, the163th most visited site in the world according to Alexa rankings, and estimated that as of March 13, the attacker managed to steal the equivalent of $80,000 USD, according to a recent blog post. The malware had been hosted on download.com since May 2, 2016 and that it had been downloaded from CNET, the original creator of the domain, more than 4,500 times in total, the post said. The malware has since been removed, although researchers don't know the exact date of the removal they speculate it may have been around March 2017. Researchers were alerted to the malware after a Reddit user posted how they tried to copy and paste their Monero address as usual and suddenly started receiving notifications that the address was refused for being invalid as the address was a Bitcoin address not a Monero address. The mismatched addressed prevented this user from being scammed but the attack wouldn't have been as easy to catch had the user tried to pasted their Bitcoin address instead. The source of the malware was a trojanized Win32 Disk Imager application downloaded from download.com. Upon inspection, researchers learned the malware intercepts wallet addresses that are copy and pasted in the clipboard and replaces them with the attackers own hardcoded bitcoin wallet address. By searching the attacker Continue reading >>

A 200-year-old Idea Offers A New Way To Trace Stolen Bitcoins

A 200-year-old Idea Offers A New Way To Trace Stolen Bitcoins

A 200-Year-Old Idea Offers a New Way to Trace Stolen Bitcoins A 200-Year-Old Idea Offers a New Way to Trace Stolen Bitcoins Cambridge researchers point to an 1816 precedent that could fundamentally change how "dirty" Bitcoins are tracked. A 200-Year-Old Idea Offers a New Way to Trace Stolen Bitcoins Cambridge researchers point to an 1816 precedent that could fundamentally change how "dirty" Bitcoins are tracked. Bitcoin's blockchain provides inalterable evidence, stored on thousands of computers, of every Bitcoin transaction that's ever taken place. Many of the transactions recorded on that distributed ledger are crimes: Billions of dollars in stolen funds, contraband deals, and paid ransoms sitting in plain sight, yet obscured by unidentifiable Bitcoin addresses and, in many cases, tangles of money laundering. But a group of Cambridge cybersecurity researchers now argues that one can still distinguish those contraband coins from the legitimate ones that surround them, not with any new technical or forensic technique, but simply by looking at the blockchain differentlyspecifically, looking at it more like an early 19th century English judge. In a paper published last week, the Cambridge team argues for a new way of tracing tainted coins in the blockchain, particularly ones that have been stolen or extorted from victims and then sent through a series of transactions to hide their ill-gotten origin. Rather than try to offer any new detective tricks to identify the source of a Bitcoin transaction hiding behind a pseudonymous address, their idea instead redefines what constitutes a dirty bitcoin. Based on a legal precedent from an 1816 British court decision, they posit that the first coin that leaves a Bitcoin address should be considered the same coin as the first one th Continue reading >>

A Sidelined Wall Street Legend Bets On Bitcoin

A Sidelined Wall Street Legend Bets On Bitcoin

A Sidelined Wall Street Legend Bets on Bitcoin Michael Novogratz is searching for redemption in cryptocurrencies. Michael Novogratz calls himself the Forrest Gump of bitcoin, citing his luck at being in the right place at the right time. A Sidelined Wall Street Legend Bets on Bitcoin Michael Novogratz is searching for redemption in cryptocurrencies. Michael Novogratz calls himself the Forrest Gump of bitcoin, citing his luck at being in the right place at the right time. Audio: Listen to this story. To hear more feature stories, download the Audm app for your iPhone. Michael Novogratz was in a good mood. It was the thirtieth reunion of Princetons class of 1987, and the on-again, off-again billionaire was getting a lot of respect. I want to hit you up about something, a two-star general said. Those are the freshest kicks, a young bro in a dressing gown observed, complimenting Novogratzs black patent shoes with orange piping and matching tassels. (Its all about peacocking, Novogratz later told me, of his sartorial extravagance.) He huddled with Joseph Lubin, a former roommate and one of the co-founders of the hit cryptocurrency platform Ethereum. It was a warm June day, last year, and the Princetonians were amiably crushing cans of Bud amid chants of Tiger, tiger, tiger, sis sis sis, boom boom boom, ah! The alumni parade, known as the P-rade, started to wind through the neo-Gothic campus, its mob of participants marching past signs for a symposium entitled Can America Still Lead? As we joined the P-rade, we heard shouts of Novo! Novo! Novo! He stopped by a gaggle of young wrestlers, all of whom seemed monumentally drunker than the rest of Princetons populationa notable distinction. Novogratz, formerly the captain of the colleges wrestling team, slapped a half-naked man o Continue reading >>

Bitcoin Magazine - Wikipedia

Bitcoin Magazine - Wikipedia

Bitcoin Magazine is one of the original news and print magazine publishers specializing in Bitcoin and digital currencies . Bitcoin Magazine began publishing in 2012, and was co-founded by Vitalik Buterin and Mihai Alisie. [1] It is currently owned and operated by BTC Media in Nashville, Tennessee. Richtopia listed Bitcoin Magazine as #8 on its "Top 100 most influential companies in blockchain." [2] Vitalik Buterin became interested in bitcoin in 2011, and co-founded the periodical Bitcoin Magazine with Mihai Alisie, who asked him to join. [3] [4] [5] Buterin was writing for a blog when his writing captured the attention of Alisie, and they subsequently decided to start the magazine. [6] Buterin took the role of head writer as a side project to his attendance of university. [6] In 2012, Bitcoin Magazine began publishing a print edition and has been referred to as the first serious publication dedicated to cryptocurrencies. [7] The magazine was mailed to subscribers worldwide, sold at Barnes & Noble , bookstores and published online. [8] Bitcoin magazine was the first magazine dedicated to crypto currency. [8] The magazine was available in 2012 for $9 per month, although many of its articles were also available online for free. [9] Buterin noted he spent 10-20 hours per week writing for the publication. [10] Bitcoin Magazine is now owned by BTC Media, which is the media and publishing subsidiary of BTC Inc., who acquired the magazine in 2014 from Coin Publishing LLC. [8] BTC Media also publishes yBitcoin, Lets Talk Bitcoin and Distributed. [11] [12] Bitcoin Magazine today is under the BTC Media Group umbrella. [13] Bitcoin Magazine ceased publication of their print magazine and currently posts content online. In its place, BTC Media created yBitcoin.[ citation needed ] Continue reading >>

Money20/20 - David Bailey, Btc Media

Money20/20 - David Bailey, Btc Media

The Rise of Initial Coin Offerings: Sustainable Game-Changer or Risky Proposition? Aschief executive officer of BTC Media LLC, David Bailey is an industry leader inthe digital currency and blockchain space. By overseeing the delivery ofbreaking, in-depth and instructive content, he has championed the growth of thefield at its highest level. After founding yBitcoin in 2013, the worldsleading publication on digital currency, David launched BTC Media, a corporategroup that has grown to include several dynamic publications, reaching millionsof readers worldwide and representing over 150 fintech advertisers, frominnovative startups to multi-billion-dollar, Fortune 500 companies. In additionto yBitcoin, a digital and print primer to the bitcoin ecosystem, BTCs mediaholdings include Bitcoin Magazine, the worlds first information outlet andnews desk dedicated to digital currency; Distributed, a leading source forbanking and corporate information on distributed ledger technology; and LTBNetwork, a group of audio resources for information and developments in theBitcoin space. David also oversees BTC Medias Distributed conference series,which has brought blockchain-focused keynotes, panels and workshops to centersfor healthcare, financial services and trade around the country. Davidsprevious entrepreneurial ventures include two long-only equity funds and ForzaFinancial, a microfinance nonprofit he cofounded at the University of Alabama.He has also served on the advisory board of Lend for America, the BlockchainEducation Network, the Bitcoin Foundation, the publicly traded BitcoinShop andthe University of Alabamas Community Affairs Board of Advisors. David servesas the entrepreneur in residence at 402 Digital Partners, the leading digitalcurrency investment fund in the southeaster Continue reading >>

Bitcoin Is Permanently Superior To Paper Money In Ways: German Business Magazine

Bitcoin Is Permanently Superior To Paper Money In Ways: German Business Magazine

Bitcoin is Permanently Superior to Paper Money in Ways: German Business Magazine Join our community of 10 000 traders on Hacked.com for just $39 per month. Thorsten Polleit; image taken from authors website While many mainstream media personalities and analysts remain skeptical about bitcoin (and often rehash misinformation ), others are beginning to give cryptocurrency an honest appraisal. The latest comes from leading German business magazine Wirtschafts Woche, which recentlypublished an article praising bitcoin .The Revolution of Cryptocurrency, written by economist Thorsten Polleit, argues that the advent of cryptocurrency set off a monetary revolution that could eventually supplant fiat national currencies. Public fiat money, he explains, possesses four inherent flaws: Polleit states that cryptocurrencies avoid these and other flaws due to market competition. As long as no currency has a state-mandated economic monopoly, consumer demand should favor better coins. However, it should be noted that not all cryptocurrencies resist the flaws Polleit finds in fiat money. Many cryptocurrencies are inflationary, although their rate of inflation is generally fixed rather than variable. Cryptocurrency distribution models can also exhibit inequality, and there is much debate about what constitutes a fair coin/token dissemination method. That said, by divorcing monetary policy from the national government, one will avoid the final two flaws of public money. Polleit believes consumer demand for bitcoin will likely increase as fiat money loses purchasing power and national governments reduce or even eliminate cash transactions. He foresees the potential for blockchain-based currencies to makeFiat money worthless. Despite this bullish tone, Polleit urges investors to approach cr Continue reading >>

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