Bitcoin Magazine

A neutral and balanced presentation of the Bitcoin revolution
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  • Ruben Alexander

Combining Gold Assets With the Blockchain: Britain’s Royal Mint and Vaultoro Dec 15, 2016

News of the recent collaboration between Britain's Royal Mint and Chicago-based derivatives exchange CME Group has renewed conversations regarding the intersection between blockchain technology and gold assets. This relationship has led to the creation of an innovative and cost-effective approach to the trading, executing and settling of gold transactions worldwide.Scheduled to launch in 2017, Royal Mint Gold (RMG), as it is known, will provide an alternative to the physical spot-cost model of gold investing that levies management fees and ongoing storage charges. Once fully operational, RMG’s model will offer its customers a blockchain-based digital record of gold ownership that allows...

By Ruben Alexander Vote1 0

Ethereum Classic Forges New Path; Revamped Monetary Policy Could Be Next Dec 14, 2016

Born as a rebellion against Ethereum’s hard fork to retrieve funds from The DAO after it was "hacked" last summer, Ethereum Classic has increasingly formed a unique identity since.The continuation of the “original,” pre-fork Ethereum project seems to be letting go of plans as established by the Ethereum Foundation, and instead navigates a distinct path forward. The development community around the smart contract platform is growing, the project developed its own policy on hard forks, and as opposed to Ethereum, Ethereum Classic will probably not switch to (full) proof-of-stake mining anytime soon.And, in the biggest deviation since the hard fork yet, Ethereum Classic could steer toward a...

By Ruben Alexander Vote1 0

Which Altcoins Are Implementing SegWit? Dec 13, 2016

SegregatedWitness (SegWit) — the proposed upgrade to the Bitcoin protocol developed by the Bitcoin Core developers — is still far from activation. Requiring 95 percent of hash power to signal support for the solution, miner-adoption has seemingly stagnated at around 25 percent for now.But, of course, SegWit’s open source code is out there. As such, altcoins based on Bitcoin’s codebase can take the code and implement the solution. Indeed, at least two altcoins are adopting SegWit: Litecoin and Viacoin.And it looks as if SegWit may activate on one of these altcoins before it’s live on the Bitcoin network.Soft ForkWhile most agree that SegWit is generally...

By Ruben Alexander Vote4 0

Spells of Genesis Soft Launch Pairs Enhanced Gameplay With Advantages of Blockchain Tech Dec 10, 2016

The world of gaming is changing, with many games now integrating digital currencies into their platforms using the blockchain. One example is Spells of Genesis (SoG), a blockchain-based mobile card trading game, that is scheduled to soft launch in Canada and Switzerland this month.In October, creators of Spells of Genesis, the Swiss-based EverdreamSoft, teamed up withAll 4 Games, the mobile video game arm of Channel 4 Television based in Glasgow. The partnership has contributed “significant and welcome improvements to Spells of Genesis” thanks to the “experience with mobile games and attention to detail” of All 4 Games, said Shaban Shaame, CEO...

By Ruben Alexander Vote1 0

Book of Orbs Wallet Promotes “True Ownership” of In-Game Assets on the Blockchain Dec 9, 2016

Trading card games and the digital world are becoming a huge market for game players searching for a place to legally trade their in-game assets — so much so that Tokyo-based IndieSquare and Swiss-based EverdreamSoft have released their Book of Orbs, a mobile Counterparty wallet that is optimized for game item collection and trading.IndieSquare, which provides developers with digital token management features to save them the task of running their own Bitcoin and Counterparty systems, along with EverdreamSoft, which specializes in the development of online trading card games for smartphones, are together tapping into this potentially large market.In a recent Fortune article, in-game...

By Ruben Alexander Vote1 0

Cash Still Trumps Mobile Payments and Bitcoin in Africa Dec 8, 2016

According to the World Bank’s Global Financial Inclusion Index, Africa has the highest mobile money adoption rate in the world. Worldwide, only 2 percent of the population possesses a mobile money account; in Africa, 12 percent of the population uses mobile money.Africa’s affinity for mobile money is one of the main reasons why many members of the Bitcoin community believe that the region is fertile ground for bitcoin adoption, especially to meet the needs of the large underbanked population that often relies on mobile money to send and receive payments.However, the reality is that African mobile money and e-payments adoption is...

By Ruben Alexander Vote1 0

What to Do if Your Bitcoin Transaction Gets "Stuck" Dec 7, 2016

The number of transactions on the Bitcoin network has steadily increased over the years. This means more blocks are filling up. And as not all transactions can be included in the blockchain straight away, backlogs form in miners’ “mempools” (a sort of “transaction queue.”)Miners typically pick the transactions that pay the most fees and include these in their blocks first. Transactions that include lower fees are “outbid” on the so called “fee market,” and remain in miners’ mempools until a new block is found. If the transaction is outbid again, it has to wait until the next block.This can lead...

By Ruben Alexander Vote3 1

EU State-By-State Regulation: What Are the Implications? Dec 6, 2016

The European Commission’s recent decision to delay new anti-money laundering legislation by six-months is the latest in a string of new developments impacting digital currencies in the EU. This proposed directive which will now be pushed back to June 2017, proposes stricter controls around corporate entity structures and virtual currencies, with greater powers granted to tax authorities to investigate crimes. A January 25, 2017 vote of the European Parliament’s Economic and Monetary Affairs has been scheduled before it moves on to a wider vote by the European Parliament.Terrorist acts in Brussels and Paris, along with tax evasion concerns following the...

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Ross Ulbricht Reflects on Life in Prison; New Proof of Evidence-Tampering by Law Enforcement Dec 3, 2016

Today, in a breaking development, Ross Ulbricht’s defense team has revealed that on November 18, 2013, someone logged into accounts on the Silk Road forum associated with “Dread Pirate Roberts” (DPR) while Ulbricht was already in custody following his arrest on October 1. Along with evidence that evidence-tampering may have taken place, this fact was documented in a discovery letter this week by his legal team.The revelation follows last year’s conviction of Drug Enforcement agent, Carl Mark Force IV, and Secret Service / NSA agent, Shaun Bridges, both of whom were Silk Road investigators. Both used pseudonyms to pilfer bitcoins...

By Ruben Alexander Vote1 0

WikiLeaks’ Public Donation Address Receives 4000th Bitcoin Dec 2, 2016

WikiLeaks’public donation address recently received its 4000th bitcoin. The nonprofit whistle blower site, which to a large extent relies on donations, reached this milestone on November 12, with well over 25,000 incoming transactions over five years time. The total amount of bitcoins WikiLeaks received is even higher, as the media organization also lets usersgenerate custom Bitcoin addresses if they prefer not to donate to the public address.Digital currency has proven vital for WikiLeaks’ survival over the past years. Shortly after the release of classified U.S. diplomatic cables in November 2010, all donations to WikiLeaks wereblocked by major payment providers, including...

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Hyperledger Project Hits 100 Members With Addtion of China's SinoLending, Gingkoo, ZhongChao Dec 1, 2016

Hyperledger Project, an open source blockchain initiative hosted by the Linux Foundation, has hit a major milestone of 100 active members. Several new members from China have joined the project, including Dianrong (formerly SinoLending), Shanghai Gingkoo Financial Technology and ZhongChao Credit Card Industry Development Company."As a fintech company, Dianrong has always been at the forefront of applying emerging technologies to finance," Peng Bi, Vice President of Engineering, said in a statement. "While our core business is connecting lenders and borrowers on our peer-to-peer lending platform, blockchain inherently applies to our business model since it can enable anonymous transactions between two...

By Ruben Alexander Vote2 0

Smart Contract Symposium to Convene in Times Square as “Completely New U.S. Government” Looms Nov 30, 2016

The inaugural Smart Contract Symposium convenes December 5 in Times Square, not far ahead of the seating of the 45th President of the United States and thousands of new appointees, most of whom are untutored in blockchain technology, digital currencies and related innovations.The Symposium, presented by the Smart Contract Alliance of the Chamber of Digital Commerce, is continuing to take advance registrations for the event, hosted at Microsoft’s Technology Center in the heart of New York City.Uncertainty regarding what the next administration brings to the industry adds to the timeliness of next week's unprecedented gathering, which is expected to draw...

By Ruben Alexander Vote1 0

Bitcoin Companies Gear Up to Give Back on Bitcoin Giving Tuesday Nov 29, 2016

Social and philanthropic use cases involving bitcoin have increased over the years, helping to push its adoption. This year, the bitcoin community is aiming to demonstrate once again how important bitcoin is as an opportunity for charitable giving with Bitcoin Giving Tuesday.Held each year after Black Friday, Bitcoin Giving Tuesday — an extension of the global #GivingTuesday — is when charities, companies and individuals raise money for their favorite causes. Taking place this year on November 29, Bitcoin Giving Tuesday is a new global movement that aims to raise the awareness of charities and individuals about the digital currency.Woodrow Rosenbaum is Executive...

By Ruben Alexander Vote1 0

Bitcoin Black Friday Deals for the Digital Currency Enthusiasts Nov 26, 2016

On the day after American Thanksgiving, bitcoiners (along with everyone else) will begin their holiday shopping in earnest, with Bitcoin Black Friday sales competing for shopping dollars by offering big discounts. In conjunction with mainstream Black Friday, merchants in the space will offer exclusive discounts to digital currency users. Here are a few options for anyone looking to get a good deal on some crypto-friendly merchandise this weekend.Hardware WalletsHardware wallet manufacturers including Trezor, Ledger and OpenDime have officially announced various exclusive deals they will offer on Bitcoin Black Friday.Ledger, known for its popular hardware wallets, Ledger Nano and Nano S,...

By Ruben Alexander Vote2 0

IRS vs Coinbase: Massive Implications for Bitcoin, Digital Currencies Nov 24, 2016

Coinbase’s Taxing Saga With the IRS: What Does It Really Mean?The recent Internal Revenue Service request to Coinbase, seeking records of customers who purchased virtual currency from 2013 to 2015, has led to a flurry of media attention both in the U.S. and worldwide. This action affecting America’s largest Bitcoin exchange — arguably the most comprehensive sweep of virtual currency for the purpose of identifying lawbreakers — has massive implications for the future of financial privacy and taxation.  Documents filed by the IRS signal the agency’s intent to pursue both egregious tax evaders, as well as small, everyday users who...

By Ruben Alexander Vote2 1

The Status of the ‘Hong Kong Hard Fork’: An Update Nov 23, 2016

Last February, in the midst of Bitcoin’s long-lasting block size dispute, a group of Bitcoin Core developers, Bitcoin miners, and representatives from the Bitcoin industry met in Hong Kong. Sealing their position with a signed letter, the attendees agreed to run only Bitcoin Core-compatible consensus software for the “foreseeable future.” This avoided a potential hard fork as proposed by Bitcoin Classic or Bitcoin Unlimited — at least temporarily.On their own behalf, the Bitcoin Core developers present at the meeting — Cory Fields, Johnson Lau, Luke Dashjr, Matt Corallo, and Peter Todd — agreed to propose a block size hard fork, with a deadline set...

By Ruben Alexander Vote4 0

Op-Ed: China's Mining Subsidies Create Tension With Free Trade Rules Nov 22, 2016

If the only tool you have is a hammer, it's tempting to treat everything as a nail. Thus, most people in the technically-oriented Bitcoin community treat the specter of mining centralization as a problem to be solved chiefly by technical means. However, a substantial cause of mining centralization is Chinese government policy, which distorts the digital currency mining market. There are creative arguments that China is violating its international trade obligations. Given the consequences for mining centralization, government subsidy for digital currency mining might be added to the list of banned activities for World Trade Organization members.In international trade, "dumping"...

By Ruben Alexander Vote3 0

Gates Foundation Grant Boosts Factom's Blockchain-Based Medical Record Development Nov 19, 2016

Factom, an Austin-based blockchain technology company offering data management and record keeping support for business, announced it is the recipient of a Bill and Melinda Gates Foundation grant. The intent of this funding is to address one of the world’s most urgent problems — the maintenance of medical records that are secure, readily accessible and reliable.Prevailing medical record systems are typically paper-based and stored in hard copy files. This system becomes a problem, particularly in the developing world, when people relocate or if a region becomes politically or economically unstable. Creating an infrastructure for medical records  that is individual-based and...

By Ruben Alexander Vote2 0

Why ViaBTC Rejects SegWit Soft Fork in Favor of Block Size Hard Fork: Interview With Haipo Yang Nov 18, 2016

Set to offer an effective block size limit increase, a transaction malleability fix and more, SegregatedWitness (SegWit) could soon go live on the Bitcoin network. Starting tonight, miners can signal support for the proposed centerpiece of Bitcoin Core’s scalability roadmap. The soft fork will activate if 95 percent of hash power agrees.But Chinese mining pool ViaBTC, currently representing some 8 percent of hash power on the Bitcoin network, has indicated it will not support SegWit activation. Instead, the mining pool favors a hard fork to remove the one megabyte block size limit, as proposed by Bitcoin Core fork Bitcoin Unlimited.To learn more about ViaBTC’s motivation, Bitcoin Magazine reached...

By Ruben Alexander Vote1 0

Is Bitcoin Mining Destined for Data Centers? Nov 17, 2016

For many, Bitmain’s recent announcement of the realization of a major data center in northwestern China served as a reminder of the level of mining centralization in Bitcoin. Although the Beijing-based company will not own the entire complex, and the whole facility will not necessarily be dedicated to bitcoin mining, in theory over half of all hash power securing the Bitcoin network could be concentrated in a single data center.For some, this is reason for concern. If bitcoin mining is dominated by one or even several data centers, these could represent a single point of failure — something Bitcoin was specifically designed...

By Ruben Alexander Vote2 0

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