690 Best B1TCOiN images Bitcoin, What is bitcoin mining ...

Weekly news review (July 6-12)

Weekly news review (July 6-12)
Hello, dear Community!
Are you ready for last week's news review? Say no more!
https://preview.redd.it/gt5gpz5sifa31.png?width=1200&format=png&auto=webp&s=d4e6f35f85a2628d81177083669ac38dfb64eeda
The European Central Bank (ECB) doubled down on its dismissive stance on bitcoin (BTC) July 9, refusing to recognize it as currency in a Q&A session.
“Bitcoin is not a currency, it rather is an asset and it is very volatile,” officials wrote quoting chief economist, Philip Lane.
In May this year, a report dubbed “Crypto-Assets: Implications for financial stability, monetary policy, and payments and market infrastructures” concluded the entire phenomenon had little impact on the traditional economy.
Previously, the European Union’s reserve bank had also come out bearish on the idea of issuing a digital currency of its own, in contrast to noises now coming from China and several other states.

Cybersecurity researchers have revealed eye-opening details about a widespread Android malware campaign wherein attackers silently replaced installed legitimate apps with their malicious versions on nearly 25 million mobile phones.
According to researchers at Check Point, attackers are distributing a new kind of Android malware that disguises itself as innocent-looking photo editing, adult entertainment, or gaming apps and available through widely used third-party app stores.
Dubbed Agent Smith, the malware takes advantage of multiple Android vulnerabilities, such as the Janus flaw and the Man-in-the-Disk flaw, and injects malicious code into the APK files of targeted apps installed on a compromised device and then automatically re-install/updates them without the victims' knowledge or interaction.
Researchers initially encountered the Agent Smith malware in early 2019, which was primarily being found targeting Android devices in India (with 15 million infected devices) and other nearby Asian countries like Pakistan, Bangladesh, Indonesia, and Nepal.

Donald J. Trump tweeted Thursday that he is “not a fan” of cryptocurrencies, saying they were “not money” and referencing their price volatility relative to the dollar in his first public comments on crypto since becoming president of the United States.
In his tweets Thursday, Trump took aim at the potential for using cryptocurrencies in illegal activities, citing drug trafficking in particular.
“Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity,” he said.

Tyler and Cameron Winklevoss, co-founders of the New York-based crypto exchange Gemini, may soon join the Libra Association, the consortium governing Facebook’s proposed cryptocurrency.
Joining Libra might be a surprise move to some, considering the Winklevoss brothers’ legendary fight over control of Facebook with its CEO Mark Zuckerberg, their former Harvard classmate. But they now want to be “frenemies” with a mutual goal of promoting mainstream crypto adoption.
Plus, the twins are aiming to diversify Gemini’s token offerings by 2020. They recently applied for a broker-dealer license through the Financial Industry Regulatory Authority, which would allow Gemini to list digital securities.
So far, only one crypto exchange, Coinbase, has joined the Libra Association, whose ranks also include traditional financial players such as PayPal, Visa and Mastercard and VC firms such as Union Square Ventures and Andreessen Horowitz. (Crypto custodian Xapo is also a member.)

Bitcoin (BTC) bolstered its already bullish technical setup with a move above $13,000 on Wednesday.
The top cryptocurrency by market capitalization rose to $13,154 in the Asian trading hours, the highest level since June 27, according to Bitstamp data.
With the move to two-week highs, BTC has recovered 85 percent of the sell-off from $13,880 to $9,614 seen in seven days to July 2.

Have anything to say? Make sure to leave your comment in the comments section down below!
submitted by rokkex to Rokkex [link] [comments]

A few thoughts - Friday, July 18, 2014

Good afternoon! Yesterday was the darkest day in at least the recent history of bitcoin, perhaps ever. I'll get into why yesterday was more significant than Mt. Gox and China later, but the end point of this post is going to be that these proposed regulations are a breathtaking expansion of government power into areas of commerce that have never traditionally been regulated. If this passes, we may well find ourselves fighting against bitcoin acceptance.

Some basic truth about The Law

First, it's important to eliminate a common misunderstanding in /bitcoinmarkets. Some users are arguing that this law (lowercase letters) isn't that bad because while it covers a broad range of activity, it is only intended as a tool to fight money laundering (or some other goal, depending on the user). People need to understand that the long arm of The Law (capital letters) does not care what laws were actually intended to do. You either violate them, or you do not. A judge isn't going to allow a business to operate based on the argument that this law was intended for a different purpose.
As you make your evaluation of the effects of this law, you need to consider every possible activity that could be illegal under it. You can't write off certain activities because they were unintentionally added to the law. The Law is not compassionate and does not allow people to get away with things because the creators were trying to prevent some other behavior. There are many examples of poorly-designed laws that have had devastating unintended consequences.

Some examples

Now that we are clear that the intent of the law doesn't matter, I thought it would be worth sharing how a few examples of bitcoin-related activities in New York will work. This section includes three rows each. The first is the activity, the second is an example of what I would consider some reasonable regulations, and the third is the actions needed for compliance under this law. Since there are an absurd number of requirements for each case, I only listed one or two of the most ridiculous for each.
Activity: Operating a tipping bot that sends $0.25 tips to residents of New York that holds balances
Reasonable: Require the tips to be backed with 100% reserve in the tipped currency
Lawsky: Collect personally identifiable information about all people ever tipped, retain it for 10 years, and submit paperwork to the department when tips qualifying as "suspicious activity" are sent
Activity: Changing a variable in the bitcoin code and creating a new blockchain for testing a proposed feature
Reasonable: No regulation
Lawsky: Register with the NYDFS, payi thousands of dollars, wait 90 days, and undergo a background check with the FBI
Activity: Operating the Elgius mining pool, which adds PPLNS payouts to its own blocks, so that users never have outstanding balances
Reasonable: Allow people to take civil action if their payouts don't match what they are owed
Lawsky: Register as a money transmission service, develop compliance programs, and conduct "intrusion prevention" tests against the nonexistent wallets
Activity: Running a business like blockchain.info, which does not hold any balances whatsoever in dollars and pays all employees and vendors in bitcoins
Reasonable: Require recordkeeping of profits and expenses similar to current laws
Lawsky: This business model is expressly prohibited; no business is allowed to take profits in bitcoins
Activity: Operating an altcoin exchange, which takes untraceable litecoins and exchanges them for untraceable nanotokens
Reasonable: Prohibit fractional reserve banking and require that reserves be kept in the currencies they are backing
Lawsky: Requires altcoin exchanges to back its reserves in dollars and to associate every altcoin address with a username. If there is a bubble, the business goes under because it is no longer able to back customers' deposits.
Activity: Being a one-time arbitrator, where two parties trade something and use a multisignature transaction with you as the decider in the case something goes wrong
Reasonable: At most, require background checks on the arbitrator to verify his integrity
Lawsky: File paperwork with security plans, a list of anyone who might help you with collecting evidence to make the decision (even if you are never called upon to do so), and obtain background checks and fingerprints for all of them; pay thousands of dollars to register, wait 90 days to be approved, file suspicious activity report if the transaction is over $3k regardless of whether you are called upon to arbitrate or not
Activity: Modify your mining pool's pay-per-share algorithm to prevent block withholding attacks, or introduce a new algorithm like PPLNS, without branching out into other business areas
Reasonable: No paperwork necessary
Lawsky: File new request with the Department and wait 90 days for the new model to be approved before rolling out the feature, while competitors in other states launch immediately

Businesses no logner possible to be served to New York residents

In addition to the regulation requirements, there are also some types of business models that simply cannot overcome the regulations at all. Here are some of those types of businesses:
Arguably, the following business types could also not operate in New York because of cost concerns:
The greatest problem with these regulations is simply that there is no clause for the amount of money the company has to control. While we plan to take all possible security measures, our pool's greatest security measure is that we automatically pay out balances that are too large, so that we will never owe more than $10k in customer funds. If there were to be a hack, then we would simply eat the cost of less than $10k from personal funds because it is a small amount. The reason this works is because it would cost more than $100k to provide the sort of professional infrastructure that Lawsky is requiring, so even if the site were hacked ten times, and even if we never fixed the security holes, we would still be ahead.
That's why this legislation is irreparably flawed and cannot be salvaged. It makes sense for people holding a billion dollars to be subject to strict regulations. It is nonsensical to require people who hold $5k in customer funds to spend $200k/yr in compliance measures, given that taking 40 hacks are still preferable to such ridiculous regulations.

The likely outcome of these regulations is less protection

Now that we know the local effects on certain types of businesses, we should ask what the end result is going to be a year from now, should these regulations not be completely overhauled. I propose that the end outcome of these regulations is going to be less consumer protection and more crime. The only businesses able to operate in New York will be huge banks and hedge funds. While the banks charge excessive fees and rip customers off, they already are far more trustworthy than Mark Karpeles ever was. They already practice good security anyway because they understand (unlike Mt Gox) that customer service is important. The law isn't going to have much impact on them. Furthermore, these guys aren't even into the bitcoin business yet, so (at least at first), the only people the law effects are the small guys.
Meanwhile, everyone else other than the banks is going to do exactly what we may be forced to do: milk the system by applying for licenses and waiting as long as possible, and then, on the day before compliance is required, ban New York residents from our service and avoid doing business with anyone in New York. However, it will be impossible for us, or anyone else, to eliminate every single New York resident from our system no matter how hard we try or how good our intentions are. Because there is no minimum funds limit, New York residents are going to find that they are excluded from the use of nearly every altcoin, mining pool, exchange, open source project, wallet service, auction site, escrow system, and so on.
They key here is that by making the regulations too hard to comply with, every site is going to be equalized. If the cost of compliance were low, then honest businesses would have no problem complying. When the cost of compliance is high, there is no distinction between honest and scam businesses because New York residents will have to do business illegally. This leads to more scams and losses of money. Whereas now a New York resident who uses a service available in New York can sue the provider of a scam, they have no recourse in this proposed new world. After all, the New York resident was engaging in illegal activity by using a non-licensed business. This allows scammers to directly target people who live in New York because they have fewer legal protections than do people who live in other states.
I'm very glad that I do not live in New York right now, and I actually feel sorry for what those who have been in bitcoins since the beginning and who live in New York are going to be unable to take part in the future.

About money laundering

One of the reasons we got into this mess is because the Federal government ignored consumer protection. While they were issuing regulations about money laundering, people like Mark Karpeles were able to take advantage of a complete lack of attention to consumer protection. The Federal government wasted millions of dollars in its cases against bitcoin_charlie, who is not accused of stealing any money or participating in any violent behavior, while ignoring real consumers who were being ripped off by exchanges operating as fractional reserves like Mt Gox and Vircurex. BenLawsky is now able to seize upon the Federal government's inaction and make himself look like a hero of consumer protection because New York will do what the Feds didn't do.
Proponents of anti-money laundering regulations argue that terrorists have been significantly hindered by restrictions in moving money. Terrorism is a great excuse for many things. Consider the case of airport x-ray screening devices. Every time a person goes through one of those devices, he has a 1 in 30 million chance of developing cancer as a direct result of the x-ray exposure pushing that person over the cumulative radiation exposure threshold at which cancer would develop. The risk of dying in a terrorist attack on the plane before the machines were installed was also about 1 in 30 million. Therefore, we spent hundreds of millions of dollars on machines that kill as many people as the terrorists do. Not only that, but anyone would rather die in a terrorist attack than go through chemotherapy and years of pain in a long, excruciating death.
People seem to accept that money laundering rules are necessary, and are pushing the bar of regulation lower and lower every day. How much would your risk of death really increase if money laundering regulations were loosened? If you have a 1 in 1 million greater chance of death but vastly more freedom in your finances, wouldn't you take that? In a perfect world where people didn't die, that would be an unacceptable compromise. In our world, however, people do die. It is ludicrous that people allow themselves to become obese and then live in fear of a terrorist attack.

The creation of a new kind of criminality?

There were some shameful comments from people like the Winklevoss twins yesterday about how they appreciate regulation of the industry. For those guys, it's all about getting rich, which isn't surprising given how their wealth is largely based on winning lawsuits rather than actually creating stuff. Few people seem to be reading the text of the document and understanding how this goes beyond bitcoins. This is a breathtaking expansion of government power that has never been seen before in the financial world. The regulations in this document expand the scope of financial oversight into industries far removed from anything that is covered by existing financial regulations, like open source development. For the first time, they dictate how businesses may pay out profits and promote inefficiency by requiring a bitcoin -> dollar -> bitcoin conversion, widening the pockets of Coinbase. They signal the creation of a huge bureaucracy that will require ever more taxpayer dollars to process millions of "suspicious activity reports," licenses, and minute software changes.
But most importantly, they require recordkeeping and information gathering of unprecedented scope, and trust so many entities to gather these records that they will be leaked to everyone. People running small mining pools that pay out $0.30 per day will be retaining passport numbers. Some people are viewing this as the "government" collecting information on people, but the government already has all this information. What will happen is that these records will be so prevalent because so many people are mandated to collect them that every hacker in the world will have a copy. In what other area of business are so many people required to keep huge databases of passport photos, utility bills, and other documentation that enables all sorts of criminal activity? These records will exist for at least 10 years, be copied in mergers and acquisitions, and leaked to the media and to the criminals, who will pay record sums for them.
The criminals and rogue insiders can use the data not only to perform identity theft, but to learn everything you ever bought, who your contacts are, where you live, how much you earn, what time of day you are away from your house, and what sites you use. They can phish for passwords at just the sites you use, arrange a theft when they recognize you are on vacation, threaten to phone your employer with false allegations of rape unless you pay up, use stolen wallets to frame you by purchasing child pornography with them, and contact repressive governments to have you arrested for associating with a known dissident.
That brings me back to the opening sentence in these thoughts for today. If these regulations pass and spread to other jurisdictions, we may actually find ourselves opposing the uptake of bitcoins. If more states adopt these regulations and people start adopting, then the stage will be set for an increase in government power to track everything about everyone, and a corresponding increase in criminal activity.
I said in the past that bans on bitcoins would not have an impact on the technology because people would go somewhere else, so they were not a change to the fundamentals. Few anticipated such a dramatic expansion of government power like we saw yesterday. Using the technology to procure unprecedented amounts of data would be a change to the fundamentals which even Nakamoto probably didn't intend.

Other

submitted by quintin3265 to BitcoinThoughts [link] [comments]

[Table] IAmA: I am Cameron Winklevoss and I love me some Bitcoin AMA!

Verified? (This bot cannot verify AMAs just yet)
Date: 2013-12-15
Link to submission (Has self-text)
Questions Answers
How can we be sure you're not Tyler Winklevoss? You can't. Sometimes I'm not even sure.
You went to quite a number of very good schools. What's your take on elitism and classism? Do you think that the networking possibilities there are more worth than the actual education? Elitism and classicism are for people who can't get by on merit alone.
So, do you have a facebook account? Yes.
Winklevosses, or Winklevii? WinkleBOSS.
Thank you for taking the time for this AMA. Where do you see Bitcoin in the future? How will it remain a viable currency? Small bull case scenario for Bitcoin is a 400 billion USD dollar market cap, so 40,000 USD a coin, but I believe it could be much larger. When this will happen, if it happens, I don't know, but if it happens, it will probably happen much faster than anyone imagines.
Have you sold any of your bitcoin? I have yet to sell a single bitcoin.
I just started rowing for my college, any tips? One of best ways to get gains is 90min steady state 3-6 times a week, HR @ ~150 BPM (75% of 220 minus your age)
We all learned of bitcoin at different times and in different ways. How did you learn of bitcoin? Partying on a beach in Ibiza, where else?
You know what's cool? A single bitcoin.
What has been the most defining experience you have had to date? So far, I would say rowing in the Olympic Games for the USA.
Do you ever wish Pacific Rim was real? Yes. Tyler and I would be be able to drift in Jaegers and beat down on Kaijus. Is that you Eli?
IPhone or Android? Both, however, Android is much more Bitcoin friendly.
Whats your favorite purchase made using Bitcoin thus far? Sriracha bacon lollipops.
What did you think of your portrayal in the Simpsons? Would you be a guest star if given the opportunity? Huge fan of the show, but didn't feel our portrayal was particularly clever, a missed opportunity for them but flattered nonetheless.
Favorite video game? Age of Empires.
Are you actively trading your bitcoin or are you just holding on to them? Do you think you can really predict price movements? Holding, Spartans hold. No, my crystal ball is broken ATM.
Cameron, what was the highlight of your time at Oxford? Dining with Harry Potter.
What is your favorite book? I have a couple, to name a few, Isaac Asimov's Foundation, Frank Herbert's Dune, Daniel Mason's The Piano Tuner...
What do you say to people who think your right hand is fake in your photo proof? Link to www.youtube.com
Thanks for taking the time to do this AMA. Do you have any good resources for learning the ins-and-outs of Bitcoin? Link to trybtc.co is a good starting point for setting up a wallet, etc. Link to thegenesisblock.co is an incredible resource.
Do you believe in BTC as a currency or only as a speculative vehicle? I view Bitcoin as commodity money.
Can I be you? No, but you can be Tyler.
Hi Cameron, I feel like watching a movie right now. Do you have any suggestions of what I should watch? Toy Story 1,2,3. (A did this marathon earlier today).
Do you see BTC 'replacing' currencies we have today, or being used alongside them? I view BTC more as an alternative to fiat currencies than a replacement.
Have you invested in any altcoins, if so, which and why? I have not invested in any altcoins because I don't believe that any of the "problems" or issues that they address can't be addressed by Bitcoin itself.
Do you think the unequal distribution of bitcoin / big gains of early adopters will be a deterrent in a more widespread adoption of bitcoins? No. Early adopters get bigger gains (as they should) because they take on bigger risk. A bitcoin can be divided into 100 million pieces, so I don't see divisibility or distribution as a problem.
Biggest regret outside of anything facebook related? That I haven't formed a band yet.
I understand that your ETF is only available to accredited investors. Why? Was this a decision on your part, or an SEC rule? Are you planning on opening it up to all people, not only accredited investors? Due to gun-jumping rules I can't speak about the Winklevoss Bitcoin Trust, however, ETP's and ETF's are NOT exclusive to accredited investors, any investor can purchase shares.
Considering your huge position in bitcoin and the huge volatility of the price, how does it feel riding the massive swings? Some days I don't even look at the price. I'm in this for the long-haul. Spartans hold.
Favorite Album? 80s Def Leopard: Hysteria 90s Smashing Pumpkins: Siamese Dream, RadioHead: Ok Computer, Alice in Chains: Dirt...
How good do you and your brother understand Bitcoin from a technical perspective? Like very specifically how certain aspects of it work (E.g: Proof-Of-Work, Cryptographic Hashing, etc)? Additionally, what are the biggest problems you see with bitcoin going forward? Pretty well. I've spent a lot of time self-educating on crypto, etc.. The beauty of open-source is that it adapts and evolves so I am confident it will do so as needed.
What is your Christmas wish this year? A triplet.
People have been asking you about the future of Bitcoins, but what do you see for the future of the US dollar? Will it be affected by all this quantitative easing? I'm not sure about the US dollar and nobody I talk to is either. What everyone is sure about, however, is that we are in completely unchartered waters. In the last 4 years alone the Fed has quadrupled the money supply. At some point the music has to stop?
What do you eat for breakfast? Egg white omelette usually. High protein.
How would you recommend someone should go about starting a Bitcoin group on a college campus? Looking for ways to do this but I can't think of any 'goal' or ways to entice people. Check out Link to bitcoin.stanford.edu
What is the biggest difference between you and your brother? I'm the goofy twin.
I think what he is saying is that people who are not smart or talented or hard working use family name, race, money, etc as a crutch to prop themselves up because otherwise, they are worthless. Correct! Perfect explanation. So much of what I love about rowing is how merit-oriented it is. The boat you're in doesn't care who you are, and what you have, only what you do.
Damn! This was my only chance to talk to a famous person! Hi Tester! Tyler says "hi" too.
I am honored! As am I. Thanks for taking the time out to join me.
I am a twin, me and my twin both did crew in high school, and we both have invested in Bitcoin. Just want to say that we both look up to you guys :) twin power! #Twinning!
I just really like the username you chose. That's all, have a good day. Merci.
Last updated: 2013-12-18 22:16 UTC
This post was generated by a robot! Send all complaints to epsy.
submitted by tabledresser to tabled [link] [comments]

The Winklevoss twins talk Bitcoin futures and fears Bitcoin entrepreneurs Tyler and Cameron Winklevoss. - YouTube The Winklevoss Twins Just Became Bitcoin Billionaires ... The Winklevoss Twins Discuss Facebook, Bitcoin, Successes, and more on Keenan LIVE! Maria Bartiromo on Bitcoin With The Winklevoss Twins - YouTube

Cómo los gemelos Winklevoss, que demandaron a Mark Zuckerberg "por haberles robado Facebook", se convirtieron en los primeros milmillonarios del bitcoin The Winklevoss twins – Tyler and Cameron believe that Bitcoin and cryptocurrencies, in general, will eventually become bigger than social media giant; Facebook.. These comments come as a renewed wave of optimism among cryptocurrency bulls begins to emerge with prices gaining significant ground after a difficult year which saw declines of more than 80 percent. Bitcoin has been highly volatile since its 2009 debut, with few institutional investors seeing it as a viable long-term bet. (AP) (AP) The New York-based firm was founded by Tyler and Cameron Winklevoss, who after claiming Mark Zuckerberg took their idea for a social-networking website to start Facebook Inc., moved on to become entrepreneurs in the digital-asset industry. Tyler Winklevoss is the co-founder and CEO of Gemini, a next-generation Bitcoin exchange. He graduated from Harvard University with a degree in Economics and earned an MBA from Oxford University. In 2008, he represented the United States at the 2008 Olympics Games in Beijing, China, placing 6th. Winklevoss has been an angel investor and entrepreneur in emerging technologies since 2003. Winklevoss twins develop a new app that monitors Bitcoin prices in real time 24 Oct, 2014, 03.40 PM IST. Last week, the brothers launched an app, WinkDex, that helps users monitor the average price of a bitcoin in real time. Users can also calculate Bitcoins to USD instantly.

[index] [13040] [39500] [3151] [46010] [32409] [45692] [26169] [27256] [45713] [12626]

The Winklevoss twins talk Bitcoin futures and fears

In an interview with Fox Business Monday, Tyler and Cameron Winklevoss, whose holdings in bitcoin are now worth more than $1 billion, say it could reach well above $300,000 a coin. Currently, the ... Cameron and Tyler Winklevoss sit down with John Biggs to discuss Wall Street's attitude toward bitcoin, their new bitcoin exchange, and their bitcoin-based e... The Winklevoss twins explain the future of Bitcoin including how it compares to gold and how there is still so much more potential for growth. They became famous as the privileged pair of Harvard athletes who believe Mark Zuckerberg stole their idea for Facebook. Now, entrepreneurs Cameron and Tyler... The Winklevoss Twins make the case for Bitcoin's future value and compare it to Gold. Interesting interview with Maria Bartiromo.

#