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Cryptocurrencies

After being spooked by the massive digital tokens crackdown, cryptocurrencies got another pushback by the feds recently. The Securities and Exchange Commission in the U.S has decided to gun down all the cryptocurrencies, especially Ethereum under regulatory scrutiny to whether consider it as security or commodity. After a remarked high range in digital currency world, this bull to bearish reversal is the result of investor anxiety gushes over the squabble between Securities and Exchange Commission (SEC) and Commodities Futures Trading Commission (CFTC).

ethereum icos

The second most popular digital currency after Bitcoin in the charts, Ethereum is considered under the category of security will have hard consequences. Not only for Ethereum cryptocurrency, but all digital currencies crowdfunded through ICOs, that is Initial Coin Offerings.

Coming under increased regulatory scrutiny by the U.S government, all these cryptocurrencies are viewed as securities due to their speculative nature all around. Regulators have already declared bitcoin as security. But undermining the liquidity of this second popular cryptocurrency can prove out to be disastrous for it and also the cryptocurrency economy. Though the basic mechanism working behind these two digital currencies is not merely same, but they contribute majorly to the cryptocurrency world.

Initial coin offering

Until the mid-2017, selling transaction of these tokens was not much of an exhausting task. A team would emerge through these blockchains and present their purpose of tokens in a ‘white paper’. They would then arrange an Initial Coin Offering Service, ICOs where they would offer coins to nearly anyone who would exchange them for cash or Bitcoins.

The main idea or theory behind this ICO was to fund and support the construction of that newly emerging online service. But later in a few cases, these ICOs were proved to be scams. Absconding of these organizers created an upthrust, where SEC fired a warning claiming that tokens sold in ICO may be considered as securities and their declaration will be mandatory. SEC values Ethereum similar to any public Company who strives every act to value their stock.

Now the developers are concerned that due to the fact that Ethereum ICOs investors bought the tokens in hope that their value will increase in the near future, it could be classed as security. But the plethora of issues is not that straight and easy here.

Ethereum co-founder denies

The whole dilemma was observed and addressed by the co-founder of Ethereum, Joseph Lubin in a conference. He says that the scrutiny doesn’t upset him. According to him and the developers, this does not meet the requirements of security and doesn’t have to be regulated, therefore. There were no concerns about the potential issues about the cryptocurrency. he further said, he never considered and identified the system as security ever.

The Howey Test

A case resided between the SEC and WJ Howey Co in 1946. In this case, the foundation to determine the event to be a commodity or a security was set. It is now known as the Howey Test.

In simpler terms, Howey Co. sold a part of their citrus farm to some investors. Their idea behind it was to gain profits from the operations performed on the farm. It was considered as a securities contract by the judge explaining that the scheme focuses on the idea to obtain profits from the efforts and labor of others.

Basically, in simpler terms, this test helps to determine if a transaction or profit is obtained solely by the hard work and labor of one party and not by the other party, combined in an agreement. This Howey Test has been greatly talked and argued about in the regard of these cryptocurrencies and ICO. As the basic phenomena in Ethereum ICOs reside the same. The investor expects profits primarily from others hard work and efforts.

Securities classification arguments

According to wall street journals, the future of the cryptocurrencies is under debate, whether it would be identified as security or not. Commodities and securities under which the legislation falls are regulated by different authority bodies. They are regulated and operated in different markets and agencies. These differences will greatly affect the investors, sellers, and buyers in the cryptocurrency market.

Despite all the fuss and controversy about the issue, a lot of experts are very positive and hopeful about the future and growth of Ethereum cryptocurrencies. Many have come up suggesting that Ethereum and such cryptocurrencies may be considered as unregistered securities after a continues refusal by the founders of them being never entertained as security. The growing market capitalization of Ethereum cryptocurrency has shown that this is not going anywhere this soon!

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Why Audi Is Also Interested In Blockchain?

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blockchain startups

Thanks to Bitcoin and all the related cryptocurrencies, blockchain startups no more a mystery. All those who are somehow related to the crypto market know that the blockchain technology is infact a decentralized technology that keeps the record of digital transaction and has so far its use been specific for the crypto transactions. To be more precise and accurate we can state that a global network of computers uses blockchain technology to jointly manage the database that records Bitcoin transactions. Blockchain is considered to be invincible because it can continuously replicate itself on multiple computers and databases.

So far Blockchain had been used in case of cryptocurrency transactions only but with the passage of time its use expanded for example in determining identity of digital assets, smart contracts, digital voting and distributed storage etc. Porsche can be considered a pioneer who for the first time decided to utilize Blockchain technology in car manufacturing. Let us see how they did it.

First Use of Blockchain in Automobile industry

With the help of  Berlin-based XAIN, Porsche has become the very first automobile manufacturer to successfully test blockchain in its cars. Blockchain technology based digital processes are both secure and super fast than anything that has come before. Test which was carried by the manufacturer of Porsche included locking and unlocking of the vehicle via an app, access authorisations and encrypted data logging. It is a part of further planning to improve autonomous driving functions of Porsche with the help of Blockchain technology.

What is the Plan of Audi?

For the time being Audi is planning to use Blockchain technology for its physical and financial distribution processing. In short Audi is just making an innovative effort to make its global supply chain more transparent and foolproof. For this purpose the car manufacturer also released a Proof-of-Concept (PoC) of its Blockchain system last year. As a result of positive feedback the manufacturer has now decided to advance the project beyond the PoC stage.

Moreover, the management of Audi is further researching on Blockchain in order to improve the process of data transfer and make it more safe and effective.

Interest Shown by other Car Manufacturers

Like Porsche other German car manufacturers such as BMW and Mercedes have also hit the news with announcements of their interest and expected experiments with Blockchain technology. According to authentic reports, BMW is planning to expand its portfolio by partnering with a Blockchain startup. Mercedes Benz has even took a step forward and has announced that it may issue its own cryptocurrency by the name of MobiCoin. According to the initial announcements Mobican will be used to reward drivers for their environmentally cautious driving.

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A huge rally of the bitcoin

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Bitcoin’s record-breaking rally has enchanted markets. Companies raised millions in minutes or even in seconds, means investors are desperate to adopt the new digital technology startup. At the start of this month, Mozilla’s co-founder Brendan Eich earn $35 million of attention token within 30 seconds. Whereas, its unit of exchange is the company’s brave browser.

This year, digital token’s price is more than double. While the companies continually using this technology by selling Bitcoin and invest them in different projects, instead of resorting traditional method of finance.

These token’s development is at the early stage. In addition, TaaS sell the coin, double in price in five weeks.

Coins have risen over 100 percent. While, when they start trading, there was 13 percent on average offering to U.S this year. The chairman of the wall street blockchain alliance Ron Quaranta says that coin irresistible demand. In addition, a huge part of it is involving in the conjecture. Whereas, traders are trying to make money in a short time period. Luckily, essential drivers are also here, this is an expectation that digital market is getting mature.

Coin’s startup bypass

Storj labs Inc. raise $30 million in the early round of financing by selling coins at 50 cents a piece. Within few days, a large number of people get to sign up for the sake of a piece. Unfortunately, there is a clasp, like traditional investment, token don’t consult an entitlement on Storj’s future.

Moreover, token’s value is calculated by providing the direct approach to data on the distributed ledger. Basically, this is the new ledger of the digital currencies, where coins unlock endless apps in the digital world. Whereas, the coin is tradeable on a large number of online exchanges. And, demand for these coins is continually growing.

Discussion

According to the research of the Crown and Smith, forty-four coins have been issued. Whereas, a token issued by the Edgeless on 30th March, get 500 percent jump, a huge gain ever. Accordingly, acceptance of the blockchain technology is increasing with the passage of time as more bitcoin discussions take place.

President of the Kingsbridge wealth management David Dunn was the first person who introduces bitcoin concept in companies in 2014 and made his investment in blockchain linked companies. David adds, “I’d rather invest in the companies using the technology themselves. The speculators might end up being right, and this becomes a solid investment because of the power of the technology, but we’re not at that stage.”

Goodluck!

 

Tags: bitcoin price prediction, bitcoin speculation

 

 

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How To Set Up A Bitcoin Miner – A Guide For Beginners

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How To Set Up A Bitcoin Miner

Bitcoin mining is done through a hardware called bitcoin miner. The hardware can be divided into three main categories, each more expensive and powerful than other.

Here, we have explained each category and described how to set up a Bitcoin miner.

While setting up a bitcoin miner, the first thing you will need to do is to choose the hardware, and there are two main things to particularly think about: hash rate and energy consumption.

Hash Rate:

Hash rate is the number of calculations per second performed by the miner to crack the mathematical problems in Bitcoin mining setup.

They are measured in Megahashes (MH/sec), Gigahashes(GH/sec), and Terahashes (TH/sec) per second.

The higher your hash rate, the easier it is to solve a transaction block.

Energy Consumption:

Mining equipment is unfathomably powerful and chews up a gigantic amount of electricity, which, ultimately results in higher costs.

While searching for the equipment, make sure its energy consumption is in watts. You need to ensure that you don’t wind up spending the majority of your cash on electricity bills to mine coins that won’t be worth what you paid.

In case you need to work out how many hashes you are getting for each watt of electricity, divide the hash tally by the number of watts consumed.

For instance, a device with 500 GH/sec that takes 400 watts of electricity, then you’re getting 1.25 GH/sec per watt.

You can also use several online electricity price calculators to figure out the value in traditional currency.

Types of Mining Hardware:

Bitcoin Mining pc comes in three major categories, GPU/CPU, FPGA, and ASIC.

GPU/CPU:

The least powerful consuming machine to mine Bitcoin is your very own regular PC. Theoretically, you can use a regular PC for mining purpose, but its processing is so slow, there is no point in using it.

To enhance the processing power i.e. hash rate, add a graphics hardware to your PC. The hardware features graphical processing units (GPUs).

GPUs are intended for overwhelming mathematical lifting which is utilized as a part of computing all the complex polygons required in the top of the line computer games.

This ability makes them great at the SHA hashing mathematics which is essential for solving transaction blocks.

FPGA Mining:

FPGA (Field Programmable Gate Array) empowers a mining equipment producer to purchase the chips in volume, and afterward customize them for Bitcoin mining before placing them into their own particular gear.

Due to the fact that they are customized for mining, they offer enhanced performance as compared to CPUs and GPUs.

ASIC Bitcoin Miners:

Application Specific Integrated Circuit (ASIC) is where all the action takes place. ASICs are particularly manufactured perform only one task: mine bitcoins at mind-squashing speeds, with lower power consumption.

Because ASICs are designed specifically for high-speed mining, they are expensive and time-consuming to produce. However, the speeds are unbelievably fast.

The current units can reach the hash rates between 5-500 Gigahashes/sec, and the future units are promised to go even higher.

All Set? Join a Pool:

When you have Bitcoin mining set up, your next stride is to join a mining pool. Bitcoin miners put their assets and share their hashing power in these pools. Once the mining completes, the individuals from a pool get a reward which is then split among all the members, based on the number of hashes shared by an individual.

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Gates on Bitcoin Shorting Spree

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In a recent interview, the estimated $90 Billion worth, second richest man on earth tried to knock Bitcoin again. Bill Gates was later met with great criticism by the early Bitcoin investor, Tyler Winklevoss. In a recent tweet after listening to the Gates interview, Winklevoss dared him to short Bitcoin as he claims.

Bill gates bitcoin

Its almost a decade Bitcoins have been around, but the Bitcoin came widely under the mainstream not before until late 2017. After a steep rise of Bitcoins’ value from $5,800 to nearly $20,000 within four weeks, it showed people around that this is the ‘new wave of future’.

Despite the huge interest in this digital, electronic alternative to government-issued money, their acceptance in the system has been slower. They are still not used as consistently and reliably for buying services and goods as frequently. People are more prone to hold this cryptocurrency as a digital asset than as means of a transaction. High volatility, minimal adoption, and high transaction fees have slowed down the Bitcoin’s embracement and adoption as a regular form of money.

‘Greater Fool Theory’ Investment

Bill Gates has always come up with strong criticism and disapproval regarding this Bitcoin. On several occasions, he opted for the opportunity and bashed the cryptocurrency. Bill Gates accuses Bitcoins to be worthless and ‘greater fool theory’ type of investment. He further there is nothing being produced or generated here so, you shouldn’t expect anything to rise high in the regard.

Gates has come up with very strict and naïve views about the currency lately. Regarding the misuse of the digital currency in illegal and unlawful dealings in drugs and other things, he directly alleges the Bitcoin to be responsible for the deaths and menace.

Joining the hatred league, other big names of the wall street has also some serious and grave remarks for Bitcoin. Names like Warren Buffet called Bitcoin ‘rat-poison squared’, while his partner Charlie Munger associates trading Bitcoins as trading ‘feces’.

Despite saying the cryptocurrencies, ‘crazier, speculative things’, Gates acknowledges the importance and worth of the Blockchains. After a continuously lambasting Bitcoin, it is very much clear that Bill Gates is not on the Bitcoin bandwagon, nor is he becoming one any time sooner.

Gates also states that he at some time back received Bitcoins on his birthday, and later sold them understanding and realizing they were of no such use and credibility.

Crypto ‘Twin Guard’

The early Bitcoin holder twin and the founder of cryptocurrency exchange– Gemini, sour heartedly took the whole incident. After the harsh statement, Tyler Winklevoss bashed Bill Gates in a direct tweet. Winklevoss pointed out the claim that it is easy to short Bitcoin and he should put his money where his mouth is.

It is not the first time Tyler has bashed and dared someone to short Bitcoins. The CEO of JPMorgan Chase, Jamie Dimon was dared before too, to short Bitcoins before after he claimed Bitcoin to be a fraud. Jamie Dimon later expressed his regret for making that statement.

Being very critical about the Bitcoins and the whole scenario, Winklevoss twins hold strong statements against these wall street titans spilling negating about Bitcoin and other cryptocurrencies. The twins see this whole scenario as the failure of imagination by these wall street personals. They believe they are too old to understand the whole Bitcoin phenomena and their emergence. According to the twins, these Bitcoin opponents are very small ‘privileged minority’ who have an easy access to their resources, money and bank accounts.

Last year, respective Bitcoin futures market was launched by Chicago based CBOE and CME. This enabled a short selling for Bitcoin. This process may be a little less straightforward than a more traditional asset, but technically there are others ways too. Maybe Gates understood it.

According to another assumption, maybe Bill Gates wasn’t really clear on the way to short Bitcoins and he finds it too naïve and awkward to follow. Or maybe he just doesn’t really follow the whole protocol behind this cryptocurrency and Bitcoin gig.

Still, that doesn’t seem to stop and refrain the noted Bitcoin bull twins for striking and daring back these wall street personalities, which are all bashing cryptocurrencies and all these gaudy vocal detractors of Bitcoin happen to consist of the richest names in the world.

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What Happens With Bitcoin When The Owner Dies?

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An interesting story came out earlier this year when the death of a young Colorado man left his family with the daunting task of sorting out his state. Only for them to discover that their beloved had been investing in bitcoin, a digital currency which cost as low as $13/BTC back in 2013 and recently cruised past the $14,000 mark.

The grieving family was in for a fortune – but only if they could find and access this little crypto treasure.

Bitcoin is a digital currency secured with some unbreakable cryptography, an attribute makes bitcoin a great medium to store wealth. However, there’s one downside to it. When the owner dies, the digital fortune goes off map, rotting behind a piece of code for good. And this is probably the biggest problem for the relatives of those putting resources into this crypto worth about $245,355,661,320 at the time of writing this article.

Bitcoins are stored in a virtual wallet. Every wallet utilizes a string of arbitrary characters called “public key,” visible to anybody, as an address for sending and receiving the digital currency. The “private key” enables the owner to access the wallet’s contents.

In the event that a Bitcoin owner passes away without passing on the private key, his beneficiaries may find his wallet just to realize that they will never access the riches inside. To avoid this, the owner just needs to ensure that somebody gets a duplicate of the private key by recording it or securing it on a hard drive.

But some of these strategies accompany their own particular risks. Suzanne Walsh, a wills and estate attorney with Murtha Cullina, says agents and beneficiaries may fail to perceive a private Bitcoin key for what it is and wind up discarding it.

Putting in a nutshell, the only way for bitcoins to be passed on to someone is if they are listed in a will or the owner discloses the private key to someone they want to have their coins. If neither of the two happens, then bitcoins are susceptible to what attorneys call “probate by truck”— where beneficiaries walk off with the assets by claiming that “he would have wanted me to have it.”

Story credits: fortune.com

 

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