Ethereum [ETH] becomes the biggest gainer a day before Constantinople hard fork

Ethereum [ETH]’s up and down movement on the cryptocurrency chart has caught the attention of a lot of users in the cryptosphere. The main point of focus has been Ethereum’s constant battle with XRP to claim the number two position on the cryptocurrency charts. One thing that has helped Ethereum in this quest is the […]
Source: bitcoinwarrior
Ethereum [ETH] becomes the biggest gainer a day before Constantinople hard fork

Satoshi’s Vision ‘Not a New VISA’ But An Alternative to Banks, Says Dan Held

bitcoin

Bitcoin creator Satoshi Nakamoto wanted it to be an “alternative to banks,� not a “new VISA,� cryptocurrency veteran and former Blockchain executive Dan Held has said.


What’s In A ‘Vision’?

In a series of tweets January 14, Held became the latest well-known figure to take issue with pundits who claim Bitcoin’s intended purpose is primarily as a currency for payments.

They, he argues, especially those who champion the concept of “Satoshi’s vision,� do not take into account the full implications of the Bitcoin whitepaper Nakamoto published in 2008.

“Satoshi’s Vision… is a silly endeavor, as it doesn’t matter what it was, we are where we are now,â€� he began.

However, those pushing the ‘Bitcoin was first made for payments’ narrative insist on cherry-picking sentences from the white paper and forum posts to champion their perspective.

https://platform.twitter.com/widgets.js

World ‘Needed’ A Banking Alternative

As Bitcoin price 00 has fallen almost continuously since December 2017, the largest cryptocurrency has faced multiple votes of no confidence, mostly from mainstream economists and proponents of altcoins such as Bitcoin Cash (BCH).

Amid issues involving volatility and acceptance, many sources have queried where Bitcoin’s place will ultimately lie in tomorrow’s market.

Gold Litecoin's Charlie Lee: Buy At Least 1 Bitcoin... Before Litecoin

For Held, this is undeniably as a store of value (‘SOV’), rather than an alternative to payment processing networks such as VISA and MasterCard which critics complain surpass Bitcoin in terms of speed and transaction capacity.

“With the 2008 financial crisis, trust had been lost in a world that ran on trust. Bitcoin was launched in a time of absolute necessity, Satoshi planted the seed at precisely the right moment,� he continued.

The world didn’t need a new VISA, they needed an alternative to banks.

As Bitcoinist reported, the mainstream media tone around Bitcoin appeared to change over the new year.

Two conspicuous articles – from TIME Magazine and this week from the Spectator – both argued Bitcoin had fundamental use cases for the global community which no other asset could rival.

In terms of capacity, however, Bitcoin will ultimately offer better options than credit card networks via off-chain processing on the Lightning Network – millions of transactions per second compared to VISA’s 45,000.

What do you think about Dan Held’s perspective on Bitcoin? Let us know in the comments below!


Images courtesy of Shutterstock

The post Satoshi’s Vision ‘Not a New VISA’ But An Alternative to Banks, Says Dan Held appeared first on Bitcoinist.com.


Source: bitcoinist
Satoshi’s Vision ‘Not a New VISA’ But An Alternative to Banks, Says Dan Held

How the Blockchain Is Changing Money and Business

Description: Discover how the blockchain is changing money and business. Learn more about the transfer of money – direct and inexpensive payments. The blockchain revolution will change pretty much everything around you, so read about it in this article! Blockchain technology has been able to revolutionise the world of money transactions. This technology remains grossly […]
Source: bitcoinwarrior
How the Blockchain Is Changing Money and Business

European Banking Regulators Call for Unity in Crypto Regulations

<br /><br /> <br /><br /> Last week, two of the largest banking regulators within the European Union released reports calling for uniformity in the regulations of crypto assets and Initial Coin offerings (ICOs) across the continent.The EBA Calls for Pan-EU Crypto RegulationsOn January 9, 2019, the European Banking Authority (EBA) published its assessment of crypto laws. The document, which examines the sustainability of EU laws to cryptocurrencies, analyzed the use of digital assets within the EU, as well as some of the pan-EU laws that currently govern them.In the report, the EBA decried the lack of uniformity in crypto laws. It stated that this lack of equilibrium means that companies can move operations to “crypto havensâ€� and face less-stringent regulations.Essentially, this could create an uneven competitive playing field. Certain countries such as Malta and Gibraltar have been known to enforce crypto-friendly rules. However, the EBA is looking to achieve a uniform regulatory environment in the zone.Adam Farkas, executive director of the EBA, said, “The EBA calls on the European Commission to assess whether regulatory action is needed to achieve a common EU approach to crypto assets.â€�The ESMA Discourages Crypto LegitimizationOn the same day, the second regulator, the Europe Securities and Markets Authority (ESMA) also published its advice to various EU-based banking institutions on ICOs and crypto assets.The regulator pointed out that the crypto industry is quite small and presents little threat to traditional financial stability. However, it also expressed some concern over the risks posed to market integrity and the protection of investors.The ESMA said, “Wider regulation of crypto-assets and related activities may have trade-offs, such as risking legitimizing crypto-assets and encouraging wider adoption.â€�In addition, the report recommended that cryptocurrencies shouldn’t be legitimized, while also claiming that all digital assets should be subjected to anti-money laundering legislation.The regulator warned about the significance of protecting the capital markets. Also, investors should be warned against buying crypto assets that aren’t financial instruments, as excess regulation could bring them “into a similar regulatory remit as the one for crypto-assets that are financial instruments.â€�Gemini’s Viral AdThe sentiments of the two regulators seem to echo those of Gemini Inc., the crypto exchange owed by the Winklevoss twins.Just last week, the company engaged in a viral, city-wide advertising campaign. Buses, taxi tops and bus stops carried signs with messages such as “Crypto Needs Rulesâ€� and “Crypto Without Chaosâ€� being boldly displayed.At the time, Chris Roan, head of marketing at Gemini, said, “We believe that investors coming into cryptocurrency deserve the exact same protections as investors in more traditional markets, adhering to the same standards, practices, regulations and compliance protocols.â€�Also, while speaking about their ad campaign in an interview with Fortune, Tyler Winklevoss added, “The idea is that companies that build on top of things like Bitcoin should have a regulation that’s thoughtful and that doesn’t stifle innovation … People believe in the dream of crypto. They just don’t know how to engage in it without getting burned. We’re here to say Gemini’s a place you can do that.â€�The Gemini ad campaign generated some to-be-expected reactions from the Bitcoin community, with many pointing out the folly in its approach to regulation.In a tweet, Jesse Powell, CEO of Kraken, said, “Saying crypto needs rules is like saying the poor need sanctions. Here’s a rule: no more rules.â€�Nick Foley, a former support staffer at Coinbase, also stated that the rules required by crypto are already there — and based in mathematics. Foley took to Twitter to downplay the prospect of bringing complex regulations to the crypto space, calling most of these regulations unnecessary.<br /> Rules like mathematics? Sure. Crypto needs that. Rules like &quot;KYC AML licencing taxation Patriot Act bitlicense bullshit?&quot; No. Crypto doesn’t need that. pic.twitter.com/8azzqCKlwa&mdash; Nick Foley (@BookofNick) January 4, 2019<br /><br /><br /><br /><br /><br /> <br /><br /> This article originally appeared on Bitcoin Magazine.
Source: worldnewsoffice
European Banking Regulators Call for Unity in Crypto Regulations

A Former Congressman Calls On SEC to Declassify Crypto as Securities – Cryptocurrency Regulation – Altcoin Buzz

A Former Congressman Calls On SEC to Declassify Crypto as Securities – Cryptocurrency Regulation&nbsp;&nbsp;Altcoin BuzzA former Congressman believes that American regulators should create favorable conditions for cryptocurrencies and blockchain in the country.
Source: worldnewsoffice
A Former Congressman Calls On SEC to Declassify Crypto as Securities – Cryptocurrency Regulation – Altcoin Buzz

Cashshuffle Developer Says Privacy Project Nears Completion

Cashshuffle Developer Says Privacy Project Nears Completion

One of the Cashshuffle development team contributors, Josh Ellithorpe, revealed on Jan. 14 that the BCH-focused privacy shuffling protocol is near completion. The developers are planning to run a security audit on the code and have launched a fundraiser on the Bitbacker.io platform to help secure funding for the audit.

Also read: Crypto Luminary Impersonation Scammers on Social Media Raked in Millions in 2018

Cashshuffle Crowdfunds Security Audit on Bitbacker.io

Cashshuffle Developer Says Privacy Project Nears CompletionThe Cashshuffle protocol is an open source project being developed by the Electron Cash programmers and other well-known BCH developers. Cashshuffle is a client-server mixing application that allows servers to coordinate with users in order to shuffle bitcoin cash (BCH) UTXOs. After the coins are shuffled it is difficult for law enforcement and blockchain surveillance entities to track coin movements. News.Bitcoin.com has reported on the project’s roadmap on multiple occasions, and the project is nearing completion according to Cashshuffle contributor Josh Ellithorpe. A few hours ago, Ellithorpe launched a Bitbacker.io fundraiser to help raise BCH for the security check. So far there’s a slew of people who have donated $5-10 increments of BCH over the last 24 hours.  

“Getting ready for the Cashshuffle security audit from Kudelski Security — Can’t wait to finally release a mature privacy solution for BCH,â€� reads Ellithorpe’s fundraiser post.

The Cashshuffle concept was first announced back in 2017 and has seen steady development since then. Initially, there was the pre-release version launch and people experimenting with the plugin for the BCH wallet Electron Cash. “Privacy and fungibility go hand in hand and are vital for cryptocurrency — free people living in a free society should have a right to privacy without fearing the state peering into their personal finances,� Electron Cash developer Jonald Fyookball told news.Bitcoin.com at the time. Once the funds are raised, Ellithorpe believes Kudelski’s audit may take anywhere between three weeks to a month to finish.

Cashshuffle Developer Says Privacy Project Nears Completion
The free and open source protocol has its own website, Cashshuffle.com, which hosts the current plugin repository, the Cashshuffle server specification, and other documentation.   

Cashshuffle and Protocols Like It Will Increase Privacy

After the audit and a further code polish, the Cashshuffle protocol will likely become a default installation on the Electron Cash wallet, in contrast to the plugin available today, and it may see the light of day on mobile versions of the light client as well. The Cashshuffle team has been upfront about the project’s progress and development since the protocol’s plugin was launched. Last summer Ellithorpe and Fyookball detailed that Coinshuffle testing was going very well and they couldn’t wait to release it to the public.

Cashshuffle Developer Says Privacy Project Nears Completion
The Cashshuffle plugin.

At the time developers were working on solving a critical issue with cryptocurrency-centric tumbling and shuffling platforms — liquidity. Cashshuffle engineers designed a proof-of-concept automated liquidity bot that could provide shuffles if insufficient participants are online. The team had also discussed developing some kind of incentivization program similar to the join market protocol. Further, because the shuffle platform is open source, the Cashshuffle protocol can be implemented into other BCH light clients like the Bitcoin.com Wallet. Lots of Bitcoin Cash community members were thrilled to hear about the fungibility concept getting closer to being finished. A few BCH supporters also commented on Ellithorpe’s Bitbacker page.  

“Love fungibility features and building onchain — Thank you guys, keep up the great work,� the anonymous person wrote, while donating $5 in BCH to the security audit fundraiser.

What do you think about the Cashshuffle developers planning a security audit for the platform? Let us know what you think about this project in the comments section below.


Images credits: Shutterstock, Electron Cash, Cashshuffle website.


Need to calculate your bitcoin holdings? Check our tools section. 

The post Cashshuffle Developer Says Privacy Project Nears Completion appeared first on Bitcoin News.


Source: bitcoin.com
Cashshuffle Developer Says Privacy Project Nears Completion