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2018 doesn’t seem to give a sign of relief to the cryptocurrency community as a latest press release by the RBI (Reserve Bank of India) has stirred up an unrestrained response, which is leading the cryptocurrency enthusiasts in a panic. RBI has been releasing warnings to the crypto-community related to the cryptocurrency in India and its risks, including:

  • Potential financial risks
  • Operational risks
  • Legal risks
  • Customer protection
  • Security related risks

cryptocurrency in indiaComing off the haze about the stance of government in distinguishing the ability of Blockchain technology and discovering its usage for abetting digital economy, the Finance Minister of Hon’ble in his ‘budget’ speech specified that cryptocurrencies are not identified as a legitimate tender, leaving an inexplicable uncertainty. Many in the crypto-community hailed the indication of “crypto” in the speech and took it to be an indirect sign for sanctioning the cryptocurrency trading, while others were nervous on the investment’s fate.

Risks Involved with Cryptocurrencies

Subsequently, the fury of RBI has stumbled now, and the crypto community has caught in another swirl of legal haphazard. The RBI’s press release accredited the potential of Blockchain in developing the efficacy of the financial system, though, at the same time it highlighted the perils that are involved with cryptocurrencies, such as:

  • Consumer protection
  • Market integrity
  • Money laundering

Furthermore, the RBI notified that the entities controlled by it will be prohibited from offering facilities to business entities or individuals, dealing with cryptocurrencies. Therefore, cryptocurrency investors won’t have the ability to transfer currency from their bank accounts to cryptocurrency trading wallets such as:

  • Zebpay
  • Coinsecure
  • Unocoin

Restriction on Banks

If it is supposed that the RBI pursues to save the over-all public from such perils, then it must specify the related reasons which turned out to be ground for issuing such a draconian direction. Quite the reverse, the RBI has put a total restriction on the banks to deal with business entities as a whole. The direction of the RBI pursues to paint all the entities in the cryptocurrency trade with the same brush, which can’t withstand the test of legitimate authenticity.

It is usually believed that the such encounters give escalation to the chances of development. At this current stage, the cryptocurrency community is required to keep patience and wait for the regulation to take its particular course as per other regions where the cryptocurrency is struggling to survive. The relating events will surely bring out the innovative avenues for the crypto-world in India.

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The blockchain immutability myth

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The blockchain immutability myth

Immutability…. We use this word in daily routine to signify a thing, which can never change. Whereas, in the blockchain, this word is referring to the worldwide transactions. Which is adjust by the participants. Here, the basic approach is, once the block blockchain transactions are complete, it cannot replace or reverse by other transactions.

So, the theory goes. Because

Saint Augustine states, “The highest good, than which there is no higher, is the blockchain. And consequently it is immutably good, hence truly eternal and truly immortal.”

Two prominent examples are,

  1. Under certain conditions, through some necessary adjustment transactions, history can change itself. Here, the question is arises, it easy to bring new changes in the content of the blockchain? Is it really easy?
  2. According to cryptocurrency advocates, immutability achieves only in case of decentralization of economic mechanism. Which is not proper fall at the private sector of the blockchain. Because, they totally depend on the collective behavior of a known group of validators, who are not trustworthy.

Above two circumstances are totally wrong. Because in blockchain there is no immutability thing exist. The proper question is,

Under which circumstance the blockchain will or will not change? And,

Do those conditions match with the problem, we are trying to solve?

Instead, the chain’s behavior depends on the network of a computer system. Before we get into the detail of how we ‘ll summarize the basics of blockchain first.

Brief discussion on Blockchain  

A blockchain system is running onto the different set of nodes. Which may be in control of different companies. There is no individual node who control the others. While nodes are connecting with each other through a proper network. These nodes generate and propagate transactions and rapidly spread to other nodes via digital operations in some kind of database.

Every new upcoming transaction is verified by an independent node. Following are some terms of verification;

1.it is totally in obedience of blockchain rule and regulations.

2. it is completely a digital structure

3. If any transaction passes the test of nodes. It will enter to the local list of not confirm transactions means directly in the memory pool. While others will enter in the orphan pool. In addition, pass transactions will be forward to its peers.

With some intervals, a node which contains the set of as-yet unconfirmed transactions on the network generates a new block. Each block contains the hash (32-byt). Therefore, by creating a little block chain, each block includes the timestamp. Accordingly, link to the previous block via its hash.

Validation Process

Blocks move and verified by nodes across the network like transactions. For the acceptance by the nodes, a block must contain proper transactions including no conflict with other ones. Whereas, with the confirmation of the test, it is entering into the local blockchain and transactions are confirm. Any transaction which conflict with others will discard immediately. Whether they are in memory pool or orphan pool.

Participation of the chain, make the strategy to ensure the generation of blocks.   This ensures indicates that any kind of node. whether it is an individual or a group has no ability to take hold of the blockchain’s content.

Authentication and testing

Proof-of-work a public blockchain allow its users to generate block who has the ability to solve the tricky and fiendishly mathematical puzzle. Whereas, to prevent minority control in private blockchains, blocks are signed by authorized members. In order to create a lawful chain, a product needs to legalize validator by using mining diversity.

Two different validator nodes can generate conflicting blocks when both have the same previous points. However, fork happens. While different blocks are seen by nodes and leading them to have the different opinion about the chain’s history. These forks are resolved on the arrival of new blocks on branches by a blockchain software.

Shorter branch’s node spool back its last block and replay these two blocks on the longer one. Unfortunately, if you are unlucky and both branches will extend. Then the conflict will be resolved by the third and so on. In addition, with the increase in fork’s length, the probability of a fork persisting drops increases. After a small number of the blocks, it can be reduced to zero in private blockchain.

Here, the most important thing to remember is, each node is controlled by a particular person. Where blockchain has not authority to ask some changes in transactions. The main purpose of the chain is to help in sync. But, if participants want to change the rule, no one has authority to stop them.

That is why we need to stop asking about the immutability of blockchain. Because the answer is “no”. Arguably, we consider the conditions under which it needs changes.

 

 

The blockchain immutability myth

Public chain’s mutability

Let’s start with the above mention two examples. We will take the start with the claim that authorization process. Which used in blockchain cannot bring true immutability by public chains. e.g.

Ethereum blockchain faces a devastating situation in June 2016. “the DAO”, loophole found by someone. In which, $250 million were invested and start draining its speed. Which distract the both investor and creator’s intentions. After few days, the ethereum software updated to prevent from hackers. It was publicly supported by Vitalik Buterin that ethereum users will control their own computer system. As a result, a large number of users, blockchain comes with the new name and rules is ethereum. Whereas, minority reject this idea and keep going with ethereum classic. There were more choices for names like ethereum compromise or ethereum pure. Whatever, democracy is the democracy, and everyone has their own rights voice. In addition, ethereum is ten times more than ethereum classic.

Now, we will take a common way, in which blockchain’s immutability will be dilute. Recall that mining of bitcoin and ethereum uses proof of work scheme. Where you get a reward for solving a tricky puzzle. In addition, this reward increases the potential of the users and they solve the relating issues more efficiently. Network continually adjust the rate of block creation. In addition, 10 minutes in bitcoin or 15 seconds in

Immutability of blockchain

Bitcoin has faced the factor difficulty of 350,000x from last 5 years. Today, bitcoin mining is on hardware devices with cheap electricity and in cold weather. Antminer S9 mines the block 10,000 faster than a desktop system. Which burns 10 times more electricity than a system with cost $1089.

To undermine the immutability of bitcoin blockchain, you need to install more mining capacity, then the other network creating 51% attack first. Secondly, through proper testing and approval, mine your own secret branches. Finally, at desired time, release your secret branch to the network anonymously. Then, the whole process of a transaction will be without any scams or hacking issue. It is not easy to install a huge program. It needs a lot of money and electricity as well. And a common man or country who has the shortage of both. Unfortunately, are not able to adopt this way for immutability of bitcoin blockchain.

Let’s estimate the cost of a 51% attack which reverses a year of bitcoin transactions. At the current bitcoin price of $1500 and reward of 15 bitcoins (including transaction fees) per 10-minute block. Miners earn around $1.2 billion per year ($1500 × 15 × 6 × 24 × 365). Reasonably, they are not losing money. So, the total expense should be in the same range.

Rewriteable private chains

Now, let’s have a ride to private blockchains. Which was established for the needs of government and well-reputed organizations. According to the organization’s perspective, immutability is the commercial, legal and regulatory non-starter. Because it allows attacking the network anonymously. whereas, immutability can also be ashore in good behavior of other institutions. With whom, they have authority to sue or sign a contract. It is a bonus because private blockchains are less costly to run. Since blocks need just a node’s approval and digital signature. When a number of validators follow the rules. As a result, you get cheaper and stronger immutability than other digital currencies offer. Furthermore, the percentage of immutability may decrease when participants in chain decide to do so together.

Immutability is nuanced

People who don’t like the traditional banking system and government’s currency are perfect to use proof of work blockchain. Whose immutability rely on economic terms instead of participants. It may be an expensive operation. when parties agree to live with government or wealthy actors and bringing down the network. Accordingly, they believe that cryptocurrency technology and its value continue to grow and it will get more secure.

Finally, for most permission blockchain use cases. We probably don’t want validator nodes to be able to easily and cheaply substitute old blocks in the chain. As Dave Birch says “the way to correct a wrong debit is with a correct credit”. Rather than pretending that the debit never took place. Nonetheless, for those cases where we do need the extra flexibility, chameleon hashes help make blockchains a practical choice.

Good luck!

 

 

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Bitcoin Value Drops Back Down to Below $4000

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While Bitcoin had experienced a decent climb since the fork took place. It experienced a $150 drop on August 22, where it is now being traded at $3894.

Everyone has observed this rally quite extensively and some traders have started to believe that this rally might even be reaching its peak.

Organizer of the trading group Whale Club, BTC VIX, commented that he is slowly losing confidence in the rally. Since the price has dipped four times since crossing that $4000 mark, he thinks it’s a sign that the market doesn’t want to push the price higher.

On the other hand, market spectators predict that bitcoin might stabilize around the $4000 mark.  We are unaware of whether it’d rise back up or drop down lower. We do know that the next big date that’s marker on our calendars is Segwit2x in November.

 

News credits: coindesk.com

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Darknet Market Exit Scams – How Can You Avoid Them As A User?

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Darknet marketplaces are known to have accepted cryptocurrencies since quite some time now. With the majority of platforms accepting Bitcoin while others experimenting with Ethereum and Monero. However, the darknet markets are in for a bit of trouble as many portals are disappearing overnight in what’s being referred to as “exit scam.”

Here we’ve outlined three most recent incidents of to clear this point.

EVOLUTION:

The Evolution marketplace is one that made several headlines on the media, as it was one of the largest darknet marketplaces worldwide. In March 2015, over 40k bitcoins kept in escrow were stolen and they’ve never been retrieved ever since. The coins were worth around $12 million but no one is certain if they were stolen by the administrator or someone who hacked into the platform. Nonetheless, it is still one of the biggest exit scams since 2015.

OASIS:

Oasis is one of the first darknet markets to support payments made with Monero. Although, this portal went totally dark in 2016 when many users were scammed right before the platform vanished. The result was loss of at least 150 bitcoins while the amount of XMR was never disclosed. While everyone believed that Oasis could’ve been one of the main black markets on the deep web today.  Unfortunately, that was not the case which gives everyone on the darknet a warning when it comes to trusting such marketplaces.

EAST INDIA COMPANY:

With a reputation that was usually fluctuating, East India Company was known to be one infamous darknet market before it disappeared in early 2016. To start off with, it was hacked back in August 2015 and lost around 30 bitcoins. It did take them a while to get back on feet as the users gradually made their way back. It was in January 2016, when the platform became inaccessible for a few days, which lead to users having their wallets drained and no response from the admins. No one knows as to how much funds were stolen from the market but it was one of the biggest exit scams over the last couple of years.

Now, if you’re hesitant towards trusting a darknet market but are still curious to know more of the deep web then we’ve got a safer option for you.

A Solution Against Exit Scams – BERMUDA:

Opposite to all the aforementioned markets, Bermuda is there to stay. Despite of being relatively new in the darknet world, Bermuda has got all the attributes to provide the darknet users with a platform where everything – from kids’ toys to adults’ stuff, and prescriptions medications – is available.  Moreover, Bermuda is firmly against the sale of stuff such as:

  • Assassinations or any other services which may be intended to cause harm to others.
  • Live action stuff/hurt/murder audio/video/images
  • Weapons of mass destruction: chemical, biological, explosives, etc.
  • Child pornography
  • Weapons
  • Poisons

Trading a potion/all of the above-mentioned stuff is what primarily causes the law and enforcement to ban most the darknet markets. On the other hand, Bermuda has it stated in its market policy to never become part of any activity that promotes the prohibited stuff.

Now, one might think: “If Bermuda only deals in regular stuff, why go on the deep web? Why not just your normal browsers/search engines?”

Well, the majority of online buyers prefer to stay anonymous and buy the desired stuff without revealing their identity. But sadly, this is not possible on surface web marketplaces such as Amazon, eBay, etc. So, to achieve that anonymity, they head to dark marketplaces.

However, most the dark markets are involved in illegal trades in addition to selling the routine stuff and most of the time end up getting axed by the government. This ultimately leaves the clients with very limited and often inconsistent options.

Bermuda’s goal is to address this issue and provide dark-web users with a platform that won’t ever go down or get axed by the government so they have a marketplace on their fingertips every time they need to buy some stuff. Some of the key features of Bermuda are:

  • Payments through both Bitcoin and Fiat are available
  • Incredibly fast support
  • Disabled JavaScript and easy html5 design for an easy on-site navigation
  • Free vendor ships;

And much more! Visit the site at  http://bermudagslgcoamz.onion/ and get registered right now for an amazing dark market experience.

You can also put forward your queries to Bermuda through Reddit’s DM feature at /r/Bermudator.

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Easiest And Fastest Way To Buy Bitcoin Online From Btcwonder.com

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Bitcoin is a cryptocurrency without any delegates or banks required to direct transactions. It was built as open-source software in 2009 by an individual or a group referred to as Satoshi Nakamoto with the idea to limit transaction costs and deregulate money. There are many ways of buying Bitcoin. Here we are going to discuss the easiest way to buy Bitcoin.

fastest way to buy bitcoin

Buy Bitcoin Through Wallets:

The easiest way to buy bitcoins is through digital wallets. CoinBase is the most renowned wallet. All you need to use this wallet is sign up for an account and link your bank account.

The reason why it is considered the easiest way to get bitcoins is because it allows the option of buying bitcoin through Visa and Master Card.

Other Ways to Purchase Bitcoin:

Another fastest way to buy Bitcoin is buying it through local bitcoins. Here you go to localbitcoins.com and setup a meetup with a local Bitcoin seller in your area. Make sure that the meetup is kept at a public area or somewhere you are completely familiar with. Local Bitcoin deals have a history of taking unpleasant turns so you must take every precaution before making the transaction.

Bitcoin faucets are also considered the fastest way to buy bitcoins. Bitcoin faucets are programs that are designed to distribute bitcoins in fractions to the visitors to claim. There is a time interval between each Bitcoin batch that is released and the visitors must wait through it.

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Amazon to Accept Bitcoin by October

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A newsletter from The James Altucher Report stated that Amazon to accept Bitcoin soon. It is said that this will be officially announced on October 26th during their earnings conference call.

So, will Amazon really begin accepting Bitcoin?

There are still some speculations on this statement, however, since eBay and PayPal already accept bitcoin and with Google recently joining the community. It’s only a matter of time until Amazon follows the same path.

Back in 2013, Amazon Web Services partnered up with Digital Currency Group i.e. one of the major investors in bitcoin and blockchain firms in order to:

“… provide such a service so the blockchain providers in DCG’s portfolio can work in a secure environment with clients who include financial institutions, insurance companies and enterprise technology companies.”

Basically, Amazon’s aim is to be the intermediary between DCG’s portfolio and their customers while transacting cryptocurrency.

According to Altucher’s newsletter:

Amazon is “working with financial institutions and [crypto experts] to spur innovation and facilitate frictionless experimentation.”

If Altucher happens to be right about this then once this news is announced, it could cause a massive boost to the cryptocurrency’s price.

We’ll have to wait to wait until October to find out what’s in store for us.

Story Credits: steemit.com

Image Credits: change.org

Tags: Amazon Bitcoin, amazon bitcoin payment

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