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The American Dream - understanding Money and the Bank

this is why Satoshi Nakamoto remain Hidden

all Deflation Currency the good one must have hidden creator

its very good movie so funny and easy to understand  Cicicute please everyone watch this and spread

Read More Read More, Posted by: lidya.fransisca
Hi administrator, i'm so sory if i'm wrong make this thread, i think this forum need make mobile web version, cause this site its very fat/big/ or low bandwith and easy to crash if i access from browser my android. Please launch in next month mobile version , thank you.

Read More Read More, Posted by: tumere
'Professor bitcoin' and the rise of crypto-currencies
John Shinal, Special for USA TODAY8:02 a.m. EST December 6, 2014

[Image: 1403008354000-AP-Bitcoin-Majority-Threat.jpg]
SAN FRANCISCO —Gregory Maxwell, a co-founder of the digital currency startup Blockstream, sat in front of a crowded room of Bitcoin experts and investors in a conference room of San Francisco's Kabuki Hotel this week and answered a question that many came to hear:
Should development of "blockchains"—the globally-distributed encryption technology at the core of the Bitcoin currency—remain united?
Or is it better to have many so-called "sidechains," each with its own rules?
While the latter approach could boost Bitcoin innovation, it might also result in competing standards, slowing the commercialization and adoption of the currency.

Quote:“The price of trust just fell to pennies --”
Andrew Barriser

A wide range of startups are now developing products based on the Bitcoin protocols, on the hope that it will compete with other global payment systems.
These new software companies and their future rivals look likely to do more than transform online payments.
They may one day transform stodgy business processes such as escrow, insurance and incorporation.
All thanks to a core Bitcoin principle: When a business or a person can run machine learning software on a massive computer network to prove that a financial transaction occurred, they won't need to pay humans to guarantee that it did.

In the view of crypto-currency believers, trust is an anachronism of the analog age, ill-suited to digital commerce.
"The price of trust just fell to pennies," said Andrew Barriser, a proponent of a unified currency approach who sat to Maxwell's right on the panel, and spoke just before him.
Money is now pouring into this disruptive software innovation, with some coming from traditional venture capital investment and much of it from crowdfunding.
Ethereum, founded by Vitalik Buterin as a teenager, raised the equivalent of $15 million worth of Bitcoin in a crowdfunded campaign reported in September.

Its software research has led to the notion of "smart contracts," which could guarantee digital transactions quickly and at little cost.
Then there's ChangeTip, a peer-to-peer, social-media-based tipping service that raised a $3.5 million seed round led by San Francisco's Pantera Capital on Dec. 2.
Pantera invests exclusively in Bitcoin startups, says CEO Dan Morehead, who expects total Bitcoin investment to exceed $300 million this year.
Last month, Blockstream raised a huge seed investment round of $21 million.
The sidechains that Blockstream and others are developing could be efficient platforms for conducting fast, low-cost, secure transactions over the Internet.
But the competing efforts also risk Bitcoin splitting into multiple competing currencies.
That could slow its adoption rate and open the door for any of the dozens of other digital currencies out there, including a notable one from Ripple Labs.
Back in Japantown, Maxwell was treated with noticeable deference by attendees.

His reputation for finding security holes in Bitcoin code of all types has earned him a reputation one attendee described as "Professor Bitcoin."
In the end, he told Bitcoin fans in the audience what they wanted to hear: Support for a standardized approach.

Bitcoin "should be THE blockchain," and not one of many, Maxwell pronounced.

While that may calm the Bitcoin faithful, those are fighting words to rival crypto-currency camps.

Ripple Labs operates an online exchange where currency traders can swap many types of digital currencies.

The software platform doesn't rely on the core Bitcoin technology.

That means acquiring it doesn't require the massive computing power to "mine" a currency, or find and prove ownership of Bitcoins through a confirmed blockchain transaction.

A key hurdle to Bitcoin's broad acceptance is that mining it has become more expensive and thus concentrated in the hands of those who can afford to.

That in turn could allow bad actors who accumulate a majority of the currency to manipulate its inflation rate, by changing blockchain rules, and thus manipulate the value of Bitcoin.


Ripple's currency unit, the XRP, is capped at 100 billion units by its founding protocol, according to the company.

Yet another digital currency came this year from the Stellar Foundation, which is using a philanthropic model of creating a currency and giving away grants of it to non-profit charities.

Whether Bitcoins or Stellars or XRPs or some other future currency will emerge as an enduring alternative to paper is an unknown right now.

The same goes for exchanges like Coinbase, BitPay and GoCoin, all of which signed processing agreements with eBay's PayPal unit in September.

But winners will eventually emerge, with their underlying technologies quite likely to shake up the world of digital finance over the next 10 years.

Read More Read More, Posted by: hokkybejo
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Read More Read More, Posted by: Forum IT
Bitcoin Pizza Day: Celebrating the Pizzas Bought for 10,000 BTC

Grace Caffyn (@GCaffyn) | Published on May 22, 2014 at 19:16 BST

[Image: shutterstock_47338990-300x185.jpg]
Today, bitcoiners the world over will celebrate the anniversary of the most expensive pizzas in history.

Bought on 22nd May 2010 by Laszlo Hanyecz, the programmer paid a fellow Bitcoin Talk forum user 10,000 BTC for two Papa John’s pizzas. Back then – when the technology was just over a year old – that equated to roughly $25, but is $5.12m by today’s exchange rate.

At bitcoin’s all-time high last December, the pizzas would have been worth an eye-watering $11.47m, making them likely candidates for the most expensive pizzas of all time.
Now widely recognised as the first real-world transaction with bitcoin, May 22nd has come to celebrate 'Bitcoin Pizza Day', with cryptocurrency enthusiasts raising a slice to Hanyecz’sinfamous hunger pangs that paved the way for early merchant adoption.

Then and now
"It wasn’t like bitcoins had any value back then, so the idea of trading them for a pizza was incredibly cool," Hanyecz told Nick Bilton in a recent interview with The New York Times. "No one knew it was going to get so big."
Yet, the picture today is vastly different. Worldwide, there are more than 70,000 merchants accepting the young currency, with block chain transactions now averaging over 57,000 per day.
In addition, data from indicates that more than 100 brick-and-mortar stores currently accept bitcoin for pizza – and this number is on the rise.
Business tie-ins
Retailers are getting in on the action, too. eGifter, the popular gift card platform is giving away extra points to customers purchasing Domino's, UNO and Papa John’s gift cards using either bitcoin, litecoin or dogecoin.
The company is also providing a 10,000-point prize in honour of the 10,000 BTC used in Hanyecz's transaction.
E-commerce platform provider snapCard is similarly commemorating Bitcoin Pizza Day by giving away 150 cheese pizzas for $0.99. At press time, the company was reporting an enthusiastic response, with roughly 30 orders placed in the first 10 minutes of the offer going live.
Closer to CoinDesk's headquarters, lets UK customers choose from over 7,500 listed restaurants for home delivery, many of which may not even realise they are accepting the currency (albeit indirectly). After a quick postcode search for 'pizza' outlets, we decided to put the service to the test.
Surely enough, Papa John's – Hanyecz's brand of choice – came top.

A few clicks and a Blockchain web wallet workaround later (a drawback of using iOS) the pizzas were on their way.
How will you celebrate Bitcoin Pizza Day? Why not head to your local joint and raise a slice to Laszlo Hanyecz, whose late-night escapade changed bitcoin forever.

Who knows, maybe one day your pizzas could be worth $5.12m too.

Read More Read More, Posted by: Forum IT
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you can
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Read More Read More, Posted by: Forum IT
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Stellar / Lumens 
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Claim until October 5, 2016.

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Quote:There is still no announcement for the XRP (Ripple) giveaway,
but this time only a small amount of Lumens (3Billion) was given away to bitcoin holders to test the process.
Terharu There will be a much bigger Lumens giveaway (17Billion) for bitcoin holders after this one. Taunt

Read More Read More, Posted by: Rufus
Your complete A-Z guide to cryptocurrencies
By The Kernel

Anybody can create their own cryptocurrency. The fact that Bitcoin is open source means that anyone can tinker with it, slap a new own name on top, and create their own version. That’s led to a glut of hundreds, if not thousands, of so-called altcoins. Who can keep track of them all?

We’ve compiled a glossary of some of the important, creative, and just plain weird cryptocurrencies you’ve been wondering about.


“Your business is none of our business” is Anoncoin’s mantra. Released in 2013 to capitalize on cyrptocurrency fans’ taste for exchanging money without credit cards and bank accounts, Anoncoin’s developers call it the first cryptocurrency to support the I2P and Tor anonymous networks.

But they want to go a step farther now. Its development team has announced plans to implement something called Zerocoin, a project designed to sure up perceived privacy issues with Bitcoin’s public blockchain. Anoncoin’s value took a significant hit in October, when the developers said Zerocoin implementation would be delayed. Since there’s still no firm date for its release, privacy advocates are, for now, stuck with Anoncoin. Or any of the other altcoins that promise better privacy. —Fran Berkman

[Image: anoncoin.jpg]


BitShares makes use of Bitcoin’s blockchain technology, but it eschews mining, which its developers view as a drain on resources.

Without a mining system that completes proof of work to authenticate transactions, BitShares relies on something it calls a delegated proof-of-stake system, in which 101 delegates oversee construction of the blockchain. Users pick the delegates through Reddit-style upvotes, so a delegate can quickly lose the position if it’s not handled properly.

Bitshares itself is not even really a cryptocurrency. It’s more of a software that launches and maintains what’s called Decentralized Autonomous Companies. The first of these launched this summer. Called BitShares X, it’s an exchange that ties digital entities to real-world assets, such as dollars, gold, and oil. Skeptical? Confused? Some people sure buy it. It’s quickly captured investors’ attention, as it’s currently in the top five of all cryptocurrencies when it comes to market cap. —F.B.


Counterparty’s life started with the destruction of nearly $2 million worth of Bitcoin in what it described as a “proof-of-burn” in January 2014. How’s that for making an entrance?

Developers told anyone interested in investing in Counterparty to send Bitcoin to a virtual wallet for which no one possesses the key. Those investors were rewarded with a proportional amount of XCP—confusingly, the counterparty unit—which would become the foundation of Counterparty’s service. Developers say those bitcoins were not retained, both to avoid regulatory complications and to make the process as fair as possible to all investors.

This service now allows users to set up their own financial assets that operate on top of Bitcoin’s blockchain. Setting up an asset is marketed as creating a “Custom Token” on Counterparty’s website, and the assets are based on XCP.

Essentially, users can take advantage of Bitcoin’s cryptographic security to make assets they can control and distribute. —F.B.


Contrary to some popular belief, Bitcoin isn’t anonymous. Like a clever screen name, it’s pseudonymous: You’re consistently identified by your wallet address, though no one has to know the real-life name behind that address unless you want them to. That, of course, never stopped Bitcoin from being the go-to currency for online black market transactions. But Darkcoin could change that.

Like Anoncoin, Darkcoin aims for genuine anonymity. It’s otherwise pretty similar to Bitcoin, and its transactions are still recorded on a blockchain. But Darkcoin transactions can go through an anonymizer, called DarkSend, making it “impossible,” according to the coin’s creators, to track where a given transaction came from. In theory, it’s the next step in wiring money if you don’t ever want to be watched. —Kevin Collier

[Image: darkcoin.jpg]


Ethereum developer Vitalik Buterin doesn’t imagine his creation as just another cryptocurrency. His dreams are much bigger. Though largely modeled on Bitcoin, Ethereum is an entirely separate platform that allows for the creation of custom digital currencies and auto-executing smart contracts that its boosters believe could replace everything from bookies to lawyers to the World Wide Web itself.

At the core of Ethereum is the idea that it’s possible to create programmable money that can be told how to behave all on its own. Smart contracts allow coins to be told ahead of time to transfer themselves depending on an event’s outcome: to Bob’s account if the Broncos win the Super Bowl, for example, or to Alice’s if the Cowboys come out on top. Since a cryptocurrency can represent anything, from the deed for a house to a vote in an election, and the instructions can be complicated as the programmer wants to make them, there may be no limit to what Ethereum-created contracts can facilitate.

Buterin’s company conducted an initial presale of Ethereum last year and hopes to begin mining the currency in the coming months. —Aaron Sankin


In theory, Fuelcoin is educational. Its anonymous founder so desperately wants people to get into cryptocurrency, he says he’ll sponsor Fuelcoin parties—think Tupperware, but for pretend Internet money that you send with your phone. There’s a slight hitch to that, though: No such thing has been announced on the Fuelcoin’s site, or on its Twitter account, in the eight months since Fuelcoin’s creation.

The coin’s nevertheless doing moderately well for itself despite a lack of much identify. Its value soared in October, then plateaued in December, and currently boasts cryptocurrency’s 14th-biggest market cap: $4,249,351. To quote Fuelcoin’s borderline-nonsensical slogan, “Fuel Your Dreams!” —K.C.


A cryptocurrency created by the Freemasons, designed to be used for charity? It sounds like something your conspiracy-minded uncle who doesn’t understand Bitcoin made up, besides maybe the charity part. But that is, at least ostensibly, the idea behind GCoin.

Its developer, who claims to be a Freemason, says the idea was born of a conversation with his mentor, who asked, “What have you done lately to make the world a better place.” That gave him a wild idea: another Bitcoin clone, but this one can be used to give money to charity!

Notwithstanding the fact that dogecoiners have given substantially to charity and bitcoiners continue to do so, GCoin isn’t an official Freemason project, according to a group spokesperson, though that admittedly would have been fascinating. GCoin’s unnamed developer has repeatedly tried to convince other masons on Reddit to use his coin, and they’ve repeatedly shunned him, asking for Freemason credentials that he refuses to provide. Conspiracy! —K.C.


Traditionally, a “hobo nickel” is a piece of folk art, a physical coin carved into tiny, circular bas relief. In the world of cryptocurrency, however, HoboNickels attempts to be one of the fastest coins available, though in reality, there’s little besides its name distinguish it from other altcoins.

The name reportedly came about because of who the coin was made for, a user named “cryptohobo.” As befitting a coin bearing the name of the less fortunate, HoboNickels are geared toward charities, with a few of them being listed on the coin’s site as being open to donations like the children’s charity Songs of Love Foundation and Bitcoin Utopia Aquaponics, which funds science projects. And hey, Hobonickels do the service of reminding  us of how cool old, actual hobo nickels are. —K.C.

[Image: hobonickels.jpg]


A key feature of Bitcoin is that only a finite number of them can be mined, meaning that one day—more than a century from now, say some calculations—the well will run dry. Come that day, we’ll have to make due with the bitcoins we have.

Contrary to its name, Infinitecoin asks the big question: What if that end date comes really soon?

Infinitecoin gets its name from the fact that mining Infinitecoin produces a huge amount of coins—more than 90 billion already. It’s on pace to be “one of the first to be completely mined out,” according to its website.

Don’t mistake Infintiecoin’s prevalence for wealth, though: at $ 0.000004, one of them is still only a fraction of a value of a dogecoin, which is already the shining example of a currency being practically worthless. —K.C.


The early spring of 2014 saw the rise of cryptocurrencies designed to supplement the currencies of small nations: AuroraCoin in Iceland, and Mazacoin for South Dakota’s native American Oglala Lakota Nation. Somewhere, a juggalo—a fan of the rap group Insane Clown Posse, probably dressed like a goth clown and possibly confused by magnets—nodded in solidarity.

In theory, Juggalocoin would allow juggalos of all stripes to easily pay each other back if they were, say, cashless and wanted to bogart a fellow fan’s Cheetos or Faygo or low-quality marijuana. But It’s not clear if Juggalocoin ever really got off the ground. It’s still not traded on any cryptocurrency charts we could find, but maybe it’s more a political statement than something people would use day-to-day. As the coin’s official site actually says, “You don’t have to be black to support Civil Rights, and you don’t have to be a Juggalo to support the Juggalo Family.” —K.C.


The genius of Dogecoin, before its community was taken for a ride by shady entrepreneurs, was simple. Take Litecoin (see below) but bring an air of silliness and generosity to the coin, and emphasize that by branding it with the silly Doge meme. The idea of Kittehcoin is that maybe you could do the same thing with Namecoin (featured below) and cats.

Speaking in LOLcat, someone who helped start Kittehcoin introduced it on the popular cryptocurrency forum Bitcointalk: “Some mangy Doge has been getting an awful lot of attention on the netz lately, and Kitteh is not pleased.” Right.

Unfortunately for those who wanted a new way to buy cheezburgers, lead developer Dan Wasyluk stepped down in December to work on Syscoin, and the kitteh’s been pretty lifeless since. —K.C.


Created in his spare time by former Google engineer Charlie Lee in 2011, Litecoin was built for speed. Due to the structure of the Bitcoin network, it takes about 10 minutes for any transaction to be processed. While Bitcoin users have developed workarounds, Lee realized if a competing cryptocurrency could improve on that transaction time, it would have a shot of grabbing some of Bitcoin’s market share. By constructing Litecoin with a transaction time of just a quarter of Bitcoin, he had a hit. Though it was recently surpassed by Ripple, Litecoin spent years as the second biggest cryptocurrency on the market.

While Lee, who now works at leading Bitcoin wallet service Coinbase, once said that “adding gimmicks does not help a currency succeed,” last year Litecoin joined forces with Dogecoin, the king of gimmicky cryptocurrencies, for merged mining. Lee saw that as a way to increase the security of both currencies. —A.S.

[Image: litecoin.jpg]


Last winter, developer Payu Harris created Mazacoin for a poverty-stricken Native American nation in South Dakota. At that time, some outlets reported that the Oglala Lakota tribe made Mazacoin its official currency, which would have made it the first sovereign nation to adopt a cryptocurrency. But tribal politics proved to be a roadblock for Mazacoin, and it was never officially adopted.

Harris has continued to promote the cryptocurrency in and around the Oglala Lakota’s Pine Ridge reservation. He’s presenting it as a tool the tribe can use to move toward financial independence from the United States government, and one that could help alleviate the extreme poverty that plagues the reservation.

Never lacking optimism, Harris told the Kernel that a new president and tribal council took office on Jan. 2, and the new leaders have expressed interest.

“We’re expecting a lot of movement on Mazacoin here in the next few weeks,” he said. —F.B.


Despite being called a “coin,” Namecoin doesn’t have all that much to do with monetary exchange. Instead, it’s focused on the transfer of data.

That data can be a myriad of things: email, encryption keys, or even other Bitcoin addresses.

But importantly, because all of this data is stored publicly on a blockchain and enjoys all of the benefits that come with a decentralized, peer-to-peer system, Namecoin data is resistant to censorship. This in turn means that Namecoin may help to “protect free-speech rights online,” according to coin’s website.

As the first fork of Bitcoin, it is naturally also the brainchild of a pseudonymous creator. Whereas Bitcoin had its Satoshi, Namecoin owes its existence to the mysterious “Vinced.” —Joseph Cox

[Image: namecoin.jpg]


You’ve heard Bitcoin fanatics talk about how its real genius is the blockchain technology, right? Enter Opal.

Opal is a cryptocoin, sure. But it also spans a wide array of other blockchain-focused projects.

There’s Opal Drive, an encrypted cloud storage service, and Opacity+, a secure messaging protocol, which, in addition to servicing anonymous communication, also allows financial transactions. There’s also the Opal Marketplace, a platform to buy and sell digital products in exchange for Opal coins. —J.C.


In theory, Paycoin is designed to be practical. Merchants who already accept Bitcoin will be compatible with Paycoin too, and instead of trying to completely undermine the financial systems already in place, it attempts to work with them because it’s designed to work with established credit card hardware.

It’s also backed by a reserve of U.S. dollars, which “shields early adopters from risk and increases acceptance by large institutions,” according to Paycoin’s website.

But it’s run into a few hitches, namely that many have turned on Paycoin, calling it a “clear scam” and alleging that some of its coins were deceitfully premined. —J.C.


With a playful jingle playing in its tutorial video, Quarkcoin wants to convince people that cryptocurrencies are as big a revolution to finance as email was to communication.

Although it doesn’t seem to have much of an unique selling point except claiming to be faster and more secure than Bitcoin, Quarkcoin’s developers of the coin claim that it is one of the most secure cryptocurrencies and is “protected by 9 rounds of hashing from 6 different hash functions,” according to the Quarkcoin website. And hey, that ukulele sound nice. —J.C.


Of every public figure that could conceivably serve as the namesake for a cryptocurrency, Ron Paul is the least surprising. The former Texas congressman is the godfather of America’s libertarian movement. That movement is in turn is largely responsible for bringing cryptocurrencies from being the exclusive province of propellerhead code jockeys into the consciousness of the general public. Bitcoin is, after all, basically a libertarian ideal: money backed by high-level math rather than the full faith and credit of a government. It allows its users to transact securely without the need for regulation or even any third-party whatsoever.

In a 2014 interview on CNBC, Paul said he does support the RonPaulCoin, even though he didn’t have anything to do with its creation. “I think that [support is] why they named it the RonPaulCoin; I’m advocating competing currencies because I’m not too high on our own currency,” he said.

Paul’s push for the use of non-dollar currencies is based on his opposition to the Federal Reserve’s ability to print money at will, and its inclination to do so at a record rate in the wake of the financial crash. Following in Paul’s spirit of promoting scarcity to prevent inflation, the total number of RonPaulCoins in existence is capped at one-tenth the total supply of Bitcoin. —A.S.

[Image: ronpaulcoin.jpg]


While bankrupt Bitcoin exchange Mt. Gox will forever be associated with Mark Karpelès, the man whose leadership drove it into the ground, it was originally created by Jed McCaleb as an online hub for trading Magic: The Gathering cards. After selling the site to Karpelès, McCaleb helped create Ripple, now the second largest cryptocurrency after Bitcoin, then another cryptocurrency platform, called Stellar.

Stellar’s goal, supported by the platform’s associated nonprofit foundation, is to act as a payments mechanism for people around the world with limited access to traditional financial institutions. The network allows users to interchangeably send each other digital currencies like Bitcoin or its own eponymous coin and physical currencies like the U.S. dollar or Europrean euro. Fortune called it “a sort of all-inclusive online money exchange.”

Stellar’s own currency is primarily doled out through social media, with users getting free coins just for signing up online and learning about how it works. However, this distribution system did create some problems: people used Amazon’s Mechanical Turk human labor marketplace to pay workers tiny amount of money to sign up for Stellar and then turn over their free coins. —A.S.


It’s the rule 34 of digital money: If there’s a cryptocurrency out there, there’s probably a porn version of it. Enter Titcoin, the Bitcoin alternative that’s intended exclusively for XXX producers and consumers. With its tongue-in-cheek name and naked lady logo, Titcoin is about as subtle as a Mack truck. But it has the advantage of being more efficient and discreet than traditional forms of payment. Because Titcoin transactions won’t show up on a credit card bill, you don’t need to worry about a snooping significant other seeing them. —E.J. Dickson

[Image: titcoin.jpg]


Unobtanium is playing the long game.

Think of Unobtanium as the opposite of Infinitecoin, which deliberately aims to produce a glut of its currency. There are currently 193,000 unobtainiums in existence, and by design, it will max out at 250,000. But as it grows, it’s exponentially more difficult to mine new ones. According to the coin’s community manager, who mysteriously goes by FallingKnife, it’ll take about 300 more years before Unobtanium is mined out. Early reports indicate it’s working: In the past nine months of its year-long existence, Unobtanium’s been remarkably stable. Maybe we’ll look back fondly on it 300 years from now. —K.C.


A fork of Bitcoin—surprise!—Viacoin promises that it’s the “future of cryptocurrency.” They all promise that, of course, but at least Viacoin is trying a few new ideas. With the hiring of Bitcoin Core developer Peter Todd in July, Viacoin gained access to a couple of his technologies that operate differently than the standard Bitcoin protocol.

Viacoin uses its own protocol, called ClearingHouse, which the company says “allows the building of fully decentralized exchanges, issuing of new currencies, asset tracking, betting, digital voting, reputation management and even form the basis of fully decentralized market places.”

Todd has clout in the cryptocurrency world, so this may be bigger than just another altcoin, especially given his big ideas. But given the complexity of what the company is trying to do, the Viacoin team still has its work cut out for it. —Andrew Couts

[Image: viacoin.jpg]


Worldcoin encourages users to “think outside the banks”—a call to action that virtually anyone in the virtual currency world can get behind. Unfortunately for the Worldcoin folks, few have become enlightened to the ways of Worldcoin, with a mildly active forum and an almost completely inactive Reddit community.

Another derivative of Bitcoin, Worldcoin is essentially like any other generic altcoin out there. If the coin survives until long enough—not saying it won’t—a total of 265 million coins will ultimately be created. That’s hundreds of millions more than Bitcoin’s 21 million mining total, which means it’s even less likely that a Worldcoin stash will ever be worth much of anything. Of course, it could suddenly see an uptick in popularity. But as you can see, there are a lot of other options to choose from. —A.C.


Built on Blockchain 2.0 technologies, XCurrency’s big selling point is privacy and security. The company launched this year a “trustless mesh network,” which basically means it’s harder for people to figure out who paid who using the XCurrency application because the information is split into parts and all mixed up.

XCurrency developers have big plans for all types of other applications that they say will allow for things like private Web browsing, encrypted chat apps, and other security tools that make use of a mesh network like XCurrency’s.

While it’s hard to say whether the XCurrency team’s ideas will all come to fruition, the company is one of many in the cryptocurrency world trying to find something more to do with this technology than simply buy stuff. —A.C.


Unlike a lot of coins out there, YBCoin is actually worth an amount of money you could hold in your hand: $1.04. Also unlike many other coins out there, YBCoin is specifically targeted for the Chinese market, the central hub of cryptocurrency mining if there ever was one. Notably, the Chinese market has largely banned Bitcoin.

The YBCoin team built this virtual currency on the source code of its predecessor, YACoin, but reduced the number of total coins that will be created to 200 million. The team has published their white paper in English. But beyond that, there is not a lot of information about YBCoin available for English-only readers. Of course, you can always just watch the charts. —A.C.


Earlier this year, Zetacoin became the coin to watch. A developer known as “Konen” promised that a “major” third-party had big plans to invest in Zetacoin (basically just a Bitcoin clone) and deploy it in East Africa. The rumors about this investment got the cryptocurrency world into a greedy froth, which boosted the price of Zetacoin some 500 percent—meaning anyone who’d invested in Zetacoin early was enjoying returns beyond their wildest dreams.

Of course, all that third-party investment stuff was a lie. We’ll let the Zetacoin community do the talking: “A game changing announcement, by the leader of ZBAD and an individual known as ‘Konen,’ promised to take Zetacoin to the people of East Africa. Excitement brewed, prices soared and the community grew. But months of promised deadlines passed and warnings from outside the community were ever present. Based on information ‘Konen’ and the leaders of the Zetacoin community claimed to have had, many people believed and helped promote what we all now know to have been nothing but lies.”

The remaining Zetacoin crew promises to recover from the pump-and-dump scheme and move on to a “fresh start” with a “better and stronger team.” So, uh, good luck with that. —A.C.
- See more at:

Read More Read More, Posted by: Rufus
Bitcoin, Stellar and Sidechains Feature at Future of Money Summit

Daniel Cawrey (@danielcawrey) | Published on December 3, 2014 at 11:04 BST
[Image: futureofmoneyfeat1-600x370.jpg]
The fifth annual Future of Money & Technology Summit brought together both bitcoin believers and traditional financial industry experts at the Hotel Kabuki in San Francisco on Monday.
Organizer Brian Zisk said more than 500 people in total came to the event to learn more about how innovation, both within the bitcoin ecosystem and beyond, is changing the finance industry.
While primarily focused on traditional financial technology, the summit featured a dedicated digital currency track that saw discussion on issues as diverse as bitcoin mining centralization and sidechains – a system for experimentation within bitcoin itself.

Overall, the conference proved to be an interesting mix of traditional finance expertise and those looking to build platforms to innovate in distributed ways, with conversations that reflected the ever-evolving space of digital currencies and entrepreneurship.
Importance of emerging markets
The most popular cryptocurrency-related session was one simply titled 'Bitcoin'.
The panelists taking part were Boost VC’s Adam Draper, 500 Startups’ Sean Percival, dogecoinfounder Jackson Palmer and BitPay Chief Commercial Officer Sonny Singh. Moderating was Mark Rogowsky, a tech journalist at Forbes.
Draper conceded that bitcoin would need emerging markets to really take off, because the US doesn’t need digital currency innovation because of its strong banking system.
Draper told the audience:
“The US is the worst place for bitcoin to take off. But that is not true in all parts of the world.”
He noted that places where bank account adoption is only 10% but cellphone adoption is 90% are ripe for cryptocurrency adoption.
Even so, it’s just not that easy to get bitcoin in those places yet, as BitPay’s Singh pointed out. “It’s got to be easier to use bitcoin, and for people to get bitcoin. It’s much harder in developing countries to get bitcoin.”
Palmer, whose dogecoin alternative cryptocurrency creation is nearing its one-year milestone, believes younger generations will pick up on digital money with relative ease.
“I think it’s about changing the mindshare. The older generation is attached to hard, cold cash,” Palmer said.
Focus on the blockchain and Stellar
Two other panels that featured interesting digital currency discussions focused on blockchain technology and Stellar – a virtual currency forked from Ripple Labs.
The blockchain panel placed an emphasis on the further consolidation of the mining industry.
Bitcoin core developer and Blockstream co-founder Gregory Maxwell conceded that the consolidation of bitcoin mining is simply part of the economics of cryptocurrencies. ”There are some advantages of scale in mining,” he told the audience.
An entire panel was dedicated to Stellar, launched this summer and still just three months old.
Moderated by investor Dan Rosen, the panelists were Stripe CTO Greg Brockman and Stellar founders Joyce Kim and Jed McCaleb.
Brockman, whose company Stripe invested $3m in Stellar, believes bitcoin has some issues that need to be worked out, something he outlined earlier this year on his company’s official blog.
“I think there’s a lot of good stuff in the bitcoin community, [but] I think there are some shortcomings,” he told the audience.
The future of money
The conference’s one-day schedule concluded with a panel that featured investors talking about where monetary technology might be headed.

Called 'Visions of the Future of Money', the panel included investor and BitFury board member Bill Tai, Ribbit Capital’s Nick Shalek and Pantera Capital CEO Dan Morehead. John Shinal from USA Today moderated the session.

[Image: visionpanel.jpg]

(L-R) Shinal, Tai, Shalek and Morehead
Morehead, whose Pantera Capital invests solely in digital currency startups, was bullish on the concept of sidechains as a way to enable new cryptocurrency developmental projects.
Although Pantera did not invest, sidechains is a project being spearheaded by Blockstream, which recently raised $21m.
“Sidechains is one of the most important innovations in bitcoin,” Morehead said. “There’s billions of dollars in bitcoin, you can’t just throw things at the wall and hope they stick.”
While there were many portions of The Future of Money devoted solely to financial technology, the presence of a room dedicated solely to digital currencies is a sign that bitcoin is increasingly being seen as intriguing by members of the financial community, and potentially influencing the industry.
Shalek, the Ribbit Capital partner, told the audience during the closing panel:
“Bitcoin has this promise of enabling innovation. There are already 10 million people or more using bitcoin.”

Read More Read More, Posted by: Rufus
The Ultimate List of Bitcoin and Blockchain White Papers

16 Dec 2014
By : William Mougayar

Want to (really) understand Bitcoin and the blockchain? 
Read these 30 White Papers.

Bitcoin and the blockchain are fascinating developments that are capturing the imagination of developers, entrepreneurs, investors, governments and consumers. But it’s still made-up of complex pieces.

You can be a passive or active actor in Bitcoin’s future. If you want to be passive, just wait til it develops further. But if you want to be an active actor, you need to understand as many of these pieces as possible, because each one of you is a potential developer, investor, inventor, creator or innovator in the crypto-based ecosystem that is dominated by Bitcoin and its blockchain technology.

In established markets, you need develop new products to gain market attention, and sometimes you do start with a Minimum Viable Product (MVP), and evolve from there. But when the field is uncharted, and the market is undefined, innovation needs to be manufactured by multiple visionaries. So, these visionaries write a White Paper first, (as a sort of MVP) where they describe their vision, and get feedback. Then, they embark on delivering a product later. That’s almost exactly what all Bitcoin and blockchain technology companies have done, including the original creator of Bitcoin, Satoshi Nakamoto.

I’ve been a student of Bitcoin and blockchain technologies for the past 18 months, and still read a fair share of content about it on an on-going basis, in addition to regularly interacting with some of the key innovators that are leading its development and deployment. I can’t emphasize enough that my understanding has deepened the more I read (and often re-read) several of the seminal white papers that pepper this space.

So I’ve compiled a list of the foundational papers and resources that are serving as the basis for the innovation that’s taking place in this segment. Behind each one of these papers, there is either a protocol, an idea, a platform, a product, a service, a marketplace or a dream.

Most of the Protocol related papers require a degree of technical knowledge if you’d like to fully understand them, but you don’t need to be a software developer in order to at least capture some partial understanding. The three categories are presented in descending order of technical content difficulty, so if you’d like to start less technical, start from the bottom of the list.

The Protocols

Bitcoin: A Peer-to-Peer Electronic Cash System (Satoshi Nakamoto, Bitcoin’s inventor)
This is the key paper that started the whole crypto revolution. Even if you only understand 10% of it, you’ve got to read it. It’s like a rite of passage, and it will give you a context for what has happened since this paper was published in 2008.

A Next Generation Smart Contract & Decentralized Application Platform (Vitalik Buterin, Ethereum’s creator)
Arguably, this might be the second most important paper, after Nakamoto’s. Unsatisfied with the original Bitcoin premise, Vitalik Buterin set the bar higher on what cryptography can do to computer science and decentralized applications, and he painted a compelling vision in this seminal paper. Think of Ethereum as a new computing environment with its own stack that’s been optimized for decentralized apps, and you’ll appreciate the future significance of this paper.

Enabling Blockchain Innovations with Pegged Sidechains (Blockstream team)
There are high expectations around sidechains, another key concept that’s supposed to drive innovation around the Bitcoin blockchain, without disturbing its core principles. This paper was authored by nine notable authors and proposes a solution that enables bitcoins and other ledger assets to be transferred between multiple blockchains. Also, see this “Simple Explanation of Bitcoin Sidechains for a less technical interpretation to the same paper.

Ethereum: A Secure Decentralized Generalized Transaction Ledger (Gavin Wood, Ethereum’s co-founder)
A technical paper that takes deeper dives at describing how Ethereum will build and deliver their technology.

The Counterparty Platform (Counterparty)
Counterparty is a platform that’s focused on the financial aspects of a peer-to-peer financial platform that extends Bitcoin’s functionality.

Mastercoin (Mastercoin)
Mastercoin is a protocol layer on top of the Bitcoin network that enables anyone to build their own currency.

Ripple (Ripple Labs)
Ripple is a payment protocol that supports fiat and cryptocurrency, and allows transactions to be settled without the need for a centralized clearing house.

NXT is attempting to build an ecosystem based on its own blockchain, and focused on trustless financial transactions. It includes its own (computing) client and online wallets.

Tendermint (Jae Kwon)
Tendermint is a decentralized  consensus engine that runs on its own blockchain.

Pebble (Pebble)
Pebble is an open source project to launch a  decentralized cryptocurrency that can support economies for microtransactions and up.

Permacoin: Repurposing Bitcoin Work for Data Preservation (Miller, Juels, Shi, Parno, Katz) A proposal that repurposes Bitcoin mining resources to achieve distributed storage of archival data.

Colored Coins: here are 2 papers to understand this concept, Overview of Colored Coins (Meni Rosenfeld, 2012), and this one.

Decentralized Apps and Middlelayers (sometimes including an underlying protocol)

Assembly Coins Whitepaper (Andrew Barisser)

Codius Architecture (Codius)

La’Zooz open source collaborative transportation ecosystem (La’Zooz)

Stellar (Stellar)

Factom Project  (Factom)

Making Sense of the Whole Thing

The Blockchain Application Stack (Joel Monegro)

The General Theory of Decentralized Applications, DApps (David Johnston)

The Value of App Coins (David Johnston)

The dawn of trustworthy computing (Nick Szabo)

The Second Wave of Blockchain Innovation (Joel Dietz)

An architecture for the Internet of Money (Meher Roy)

Crowdsale Best Practices (David Johnston)

Some Interesting Add-Ons

A Note on Cryptocurrency Stabilisation: Seigniorage Shares (Robert Sams)

Bitmarkets: Private decentralized marketplaces (Bitmarkets)

The Decerver and Thelonious (Eris Industries)

And to end this list, two books. The Anatomy of a Money-Like Informational Commodity: A Study of Bitcoin, by Tim Swanson. And the much anticipated book authored by Andreas Antonopoulos, due to be released on December 27, 2014. It is oriented for the technical reader, but some of its chapters are approachable for business readers:
Mastering Bitcoin: Unlocking Digital Cryptocurrencies (Andreas Antonopoulos). Here’s a free excerpt from Chapter 1.

One more thing. If you’d like to track Bitcoin developments on an on-going basis, you can also follow my Bitcoin collection on Feedly. It includes 55 sources that regularly cover this topic, and it is already being followed by about 4,300 users. Just “add” the collection to your Feedly account with one-click, and it’s yours.

I will continue updating this page with new essentials, as they get published.
Happy reading. The holidays are around the corner!

Read More Read More, Posted by: Stroopy
Breaking the cryptocurrency stigma: Epiphyte

28 October 2014

[Image: dec6cb3b-37b1-4a1a-a493-9b4f361c16d2.jpg]
"It's a sensitive space, people still associate it with criminality and dubious activities - like the internet in the early days"

When Finextra wrote a story about Epiphyte winning the Innotribe startup award - it was received with scepticism by some of our readers. When you're talking about cryptocurrencies and banks - you're bound to get people nervous.

In the shadow of last year's Mt. Gox exchange shutdown and the raid of online drugs haven, Silk Road, bitcoin has had a difficult time keeping its reputation clean and an even harder time getting banks interested in its potential.

I spoke to Edan Yago, CEO of Epiphyte about how his startup and software could change the way banks and their customers do business forever.

In short - Epiphyte started two years ago, as a technology that allows financial institutions to talk to crypto-financial networks. Using Epiphyte's cBridge technology, banks and institutions are able to integrate with cryptocurrencies over traditional protocols like Swift.

Despite the fearmongering around cryptocurrencies - authentication, KYC, security and risk are priorities for Epiphyte.

'The myth is that these transactions are anonymous, in actuality they are the most transparent and tracked transactions in the world'

says Edan. He goes on to explain the distributed ledger and how it maintains a complete history of every transaction performed and also how an individual, after being KYC'ed by a bank, can be tied to a transaction.

Epiphyte isn't just about bitcoin. It's about the power of the distributed ledger.

'We do this across all the different protocols, we don't know which protocol is going to win, or necessarily if one will. There's bitcoin, there's ripple, there's stellar, there's hyperledger - we integrate with all of them and do the heavy lifting for the backend.'

The benefits to banks is the speed of the transaction. It'll be close to real time and, crucially, it will work within the existing regulatory framework making it a far more attractive proposition to banks who must maintain a sensible relationship with the regulators.

The software generates sales contracts and protects the buyer from counterparty risk by providing payment upon successful completion of the trade. All of this takes place without the banks needing to be in possession of any cryptocurrency.

I sensed that aside from getting institutions to see the benefits of their technology, Epiphyte also had to battle against cryptocurrencies' image problem.

'The stigma against cryptocurrencies is something you still feel but it's not something we are necessarily plagued by - like the internet, initially it's new and scary - but kinks get worked out and over time people will realise the benefits to it and they'll seal up the vulnerabilities'

'There's no way you could utilise our technology for dark-web type activities - it is unquestionably the most traceable, most transparent financial system that has ever been devised,' adds Edan.

'The banks aren't built for it, it's not yet a core competency to know how to engage with smaller companies and certainly not innovative technologies'

'But with that said, we've turned it into a core competency of ours - we've spent a lot of time understanding what their needs, concerns and language was,' adds Edan.

What you might not know about Epiphyte is that it started life as a consultancy, mingling with banks, building relationships and learning how they work to be better poised when launching a product.

Now, Epiphyte is a team of eight. Edan, who previously spearheaded the virtual currency iniatives at Zynga, has recruited ex-Zynga product manager and current CTO of Dating Ring Katie Bambino to assist in development.

They've signed tier 1 banks (who still can't be named) and smaller, more innovative banks too with their sights set on further funding to go fully live.
With time and knowledge, the stigma surrounding cryptocurrencies is diminishing. Technologies like Epiphyte aren't just helping banks to benefit from a business opportunity, they're also enabling a cultural and mindset shift.

Read More Read More, Posted by: Stroopy

We’re excited to announce that we’ve launched a new, freeWooCommerce Stellar Gateway extension.

There are over three million people Stellar Facebook authorisations, but very few are selling via the Stellar protocol or in the Stellar cryptocurrency.

The WooCommerce Stellar Gateway is a way for non-developers to sell with Stellar.

If you can set up WordPress and WooCommerce, you can sell with Stellar.


Stellar has only been around since July 31, 2014 and it already has a whopping 3.4 million Facebook authorisations.

There are very few merchants offering a way for these 3 millionpeople to use their stellars. You can now become one of the first.


While it’s still early days, the Stellar dream—of having one protocol for transacting in all currencies—is becoming a reality as more gateways add support for new currencies to the Stellar network.

You can use the WooCommerce Stellar Extension to sell digital or physical goods (depending on your ability to ship) to people internationally and they can pay using their own currency (if they have setup trust lines for that currency).


Your transaction fees will also be virtually nothing as a merchant when you use the WooCommerce Stellar Extension, because each stellar transaction only burns 10 microstellars—or 0.00001 stellars. (It does this to prevent spam).

That’s certainly less than the transaction fees charged by most other payment gateways.


Check out our WooCommerce Stellar Gateway video for a demonstration of how to install and use the extension.

Want to try it out? Check out our snazzy online demo store.
All proceeds from the store will be donated to the Stellar Foundation.
If you want to contribute to the extension, join us on Github.
Please note: this post has been updated from its original version.

[img=63x0][/img]October 27th, 2014 Kirby Prickett

Read More Read More, Posted by: Stroopy
Stellar Forks and Decides to Create a New Consensus System.

[Image: stellar-price-rise.png]

Written by: Alberto Mata 2014/12/12 4:00 PM

On December 5, Stellar Executive Director Joyce Kim disclosed news of a ledger fork related to a failure of their consensus system. The consensus system used by both Stellar and Ripple have never been used at the scale Stellar is implementing, and the system failed to reach consensus causing a fork in the ledger. Stellar has about 140,000 active accounts per week, and over 3 million total accounts. The maximum number of total accounts the Stellar consensus mechanism has previously supported is 2.88 million.

“On Tuesday night, the nodes on the network began to disagree and caused a fork of the ledger. The majority of the network was on ledger chain A. At some point, the network decided to switch to ledger chain B…We are completing our review of the impact, but early reports indicate that the impact was not major.”
— Stellar Executive Director Joyce Kim

A few hours of transactions rolled back on chain A, and Stellar tried replaying them on chain B, but some transactions were not able to be replayed. Stellar is reaching out and offering assistance to gateways and exchanges that may have been affected by the consensus failure.
“We are still investigating the triggers for this consensus failure, but believe it is caused by the innate weaknesses of the Ripple/Stellar consensus system outlined above compounded by the number of accounts in the network. “
— Stellar Executive Director Joyce Kim

The risk of failure was predicted by Head of Stanford’s Secure Computing Group Professor David Mazières, and Stellar set out to create a new consensus mechanism. On September 18, a roadmap on Stellar’s github listed creating a new consensus algorithm as a milestone set for November 2014. The roadmap has since been updated, and the new consensus algorithm is currently being built. Stellar has mitigated the risk of ledger forks in the future by running only one validating node until the new consensus system is built.
Early Stellar roadmap outlines building new consensus algorithm by November.

“Given this real world occurrence of the consensus system’s previously theoretical risks, it is clear that we must prioritize the development of the new Stellar consensus algorithm and move away from the legacy consensus system to increase safety. The new Stellar consensus algorithm will not only be provably correct but also prioritize safety and fault tolerance over guaranteed termination. We believe this is a better choice since it is preferable for the system to pause than to enter divergent and contradictory states. ” 
— Stellar Executive Director Joyce Kim

Stellar is a gateway based network and a hard fork of Ripple that was launched in August 2014. Like Ripple, the Stellar protocol enables transactions in any currency pair for which gateways and market makers exist. For example, Alice can send 10 bitcoins to a gateway, the gateway will issue Alice a 10 bitcoin IOU on Stellar, and Alice can then choose to send 10 bitcoins worth of US dollars to Bob. Stellar will connect Alice to a market maker that accepts bitcoins and sells dollars, automatically execute the transaction, and deliver 10 bitcoins worth of USD to Bob. The effect is that Alice and Bob can use Stellar to instantly and globally transact in any currency pair.
What do you think about Stellar’s moves?

Read More Read More, Posted by: Stroopy


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