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Category Archives: Cryptocurrency
The rise of cryptocurrency (and what the heck it even is) – The American Genius
Posted: March 31, 2017 at 6:41 am
Coins unlike the ones you find in your couch
Whats an Initial Coin Offering?
While it sounds like the beginning of an intrepid relationship with a metal-loving deity, turns out ICOs have nothing to do with actual coins.
ICOs, aka token sales, are part of blockchain technology fundraising. An ICO is essentially a crowdfunded cryptocurrency.
Tokens for new cryptocurrency are sold as a fundraising effort for technical development.
Whenever a new cryptocurrency is born, its startup parents arbitrarily decide its worth.
After supply and demand smack it around for a bit, participants in the price dynamic testing then settle on a value.
Instead of a central government, the network of participants determines how much the cryptocurrency is worth.
Unlike Initial Public Offerings, acquiring a token does not mean owning stakes in the company.
Although venture capitalists have been giving ICO the cold shoulder, things are starting to look up.
Cryptocurrency investors made bank last year, with some doubling their investments.
Investors see returns more quickly with ICOs due to the liquidity of cryptocurrencies.
Instead of waiting for a startup to playout via an IPO or acquisition, investors can bail if things arent going well.
Its easy to pull fundsor profits, if things did work out. All investors have to do is use a cryptocurrency exchange to pull their profits, then use an online service to convert this to real people money.
If this sounds sketchy, youre not alone. Traditional investors arent really fans of the regulatory uncertainty.
The world of ICO can be full of scams and schemes, with little control over financials and strategy.
U.S. Securities and Exchange Commission and friends are still investigating ICOs. But technically ICOs fall outside legal frameworks.
ICOs dont offer equity in startups, and only give cryptocurrency discounts before they release them to the exchanges.
Additionally, ICOs are global, not national. Theoretically, anyone can invest on a semi-anonymous level. Oh, and theyre not funded by central authorities or banks either.
Criminal activity is now mostly self-regulated within the community via crowdsourcing and external groups.
Some companies are even working to establish Know Your Customer frameworks and make ICOs Anti-Money Laundering compliant.
Those who support ICOs argue traditional methods of investing only benefit those already dominating the system.
Investing outside of the system provides more freedom, especially for startups.
ICOs mean startups can raise funds without worrying too much about looming stakeholders. Non-profits can also benefit if they want to build open source software to raise capital.
From their humble beginnings, bitcoins are now worth around $1,120. Bitcoins market cap is around twenty billion.
Allegedly, half of that is owned by bitcoin whales, a group of less than one thousand people who bought into bitcoin early.
Bitcoin whales have a huge impact on most ICOs. Most live in China, but some investment and hedge funds also have huge stakes in bitcoin. Fortunately, some of the bitcoin whales profits are reinvested in innovation.
Overall, ICOs are dominating in crowdfunding, with most top raises coming in as cryptocurrency.
Though its still kind of murky and mysterious, blockchain technology is starting to be seen as more legitimate. Initial Coin Offerings demonstrate the success of industry. As more investors become comfortable with ICOs, blockchain innovation will continue creating new possibilities.
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Ledger grabs $7 million for its cryptocurrency hardware wallets … – TechCrunch
Posted: at 6:41 am
Things are going incredibly well for Ledger these days. People find bitcoins, ethers and other cryptocurrencies exciting again. And the French startup just raised a $7 million Series A round to make hardware security devices ubiquitous.
MAIF Avenir, XAnge, Wicklow Capital, GDTRE, Libertus Capital, Digital Currency Group, The Whittemore Collection, Kima Ventures, BHB Network and Nicolas Pinto participated in todays funding round.
If youve been following cryptocurrencies for a while, you know that you shouldnt trust bitcoin and ethereum startups that centralize everything. There have been many hacks, there will be more hacks. And you dont want to trust some startups security team when you can do it yourself.
Sure, you can run your own bitcoin wallet on your computer. But hackers could still access your computer and your bitcoin wallet, so its still a point of failure.
Ledger makes hardware wallets for multiple currencies. These tiny devices have a secure element. You might not even realize it, but your smartphone also has a secure element to handle fingerprint readers or NFC payments, such as Apple Pay or Android Pay.
Ledger runs some tasks directly on the secure element, making it much more secure than running an app on your phone or your computer exclusively. This way, you can easily protect your bitcoins without a lot of security knowledge. Nobody can access the private keys on the device. And the device constantly checks the integrity of the firmware.
The company also makes sure that nobody can compromise the device during the manufacturing process. When we manufacture the devices, all chips receive a Ledger certificate, co-founder and CEO Eric Larchevque told me. When the device boots up, the computer sends a security challenge and the device answers.
The Ledger Nano S is the companys most popular device. Its the size of a USB key and has a tiny display. After initiating a transaction from your computer, youll have to confirm the transaction on the device itself and enter your PIN code. This way, even if your computer has been compromised, the transaction order wont go through on the device and you wont be able to confirm the transaction.
The company also makes a high-end device with a built-in touch screen called the Ledger Blue. The Ledger Nano S costs around 70 while the Blue costs 275.
Ledger has sold more than 50,000 wallets so far, and the last few months have beat the companys expectations by a wide margin. But cryptocurrency wallets are just the first step.
By running a secure operating system on a secure element, there are other potential applications. For instance, Ledger could sell chips so that companies working in sensitive industries can make sure their servers werent compromised. You can imagine hedge funds and financial institutions using Ledger products. Energy suppliers could also use Ledgers technology to make sure that the consumption level is legit. Thats why the company is raising money to go beyond hardware wallets and find those industrial clients.
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ShapeShift raises $10.4 million to grow its cryptocurrency exchange … – VentureBeat
Posted: March 29, 2017 at 10:52 am
ShapeShift, a cryptocurrency exchange platform that converts between blockchain-based tokens, has raised $10.4 million in a series A round led by Earlybird Venture Capital, with participation from Lakestar, FundersClub, Blockchain Capital, Pantera Capital, and Access Venture Partners.
Founded out of Switzerland in 2014, ShapeShift is a simple concept it allows anyperson or non-person (such asa trading bot) to convertbetween cryptocurrencies such asbitcoin and ethereum, with no user accounts required.
Above: ShapeShift
The company had previously raised around $2.4 million, and it says its latest cash injection will be used forfurther expansion of the team to keep up with its rapid growth, according to a statement, which also announced it now manages 50,000 bitcoinseach month. The company says it willalso release two groundbreaking exchange productslater this year.
ShapeShift founder and CEO Erik Voorheeswas an early cryptocurrency adopter, and hesold his gambling site SatoshiDice in 2013 for 126,315 bitcoins, a value of $11.47 million back then. This was touted at the time as the first big bitcoin acquisition.
When we started ShapeShift, a future world of natively digital assets was very theoretical, said Voorhees, in a statement issued to VentureBeat. Yet this world is quickly arriving; one in which millions of forms of digital value, from access keys to tokenized derivative contracts to video game items, will trade between people and machines all over the world, every second of every day. Just as information has gone natively digital, so too now goes value. Bitcoin taught a skeptical world how to do it, and the gold rush is on.
There are many exchanges out there already, including the likes ofPoloniex,which is arguably ShapeShifts biggest direct competitor, but Voorhees says that where it differs from traditional exchanges it that its the actual buyer and seller of coins, rather than a peer-to-peer marketplace. So when you come to the site and you have bitcoins, and want ethereum, we sell you our ethereum, he said.This is different from a traditional exchange which pairs you with other buyers and sellers. We are kind of like a vending machine.
ShapeShift says it currentlysupports more than 40 digital currencies and assets, including bitcoin, litecoin, ethereum, and dash.
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My Experience as a Cryptocurrency Developer The Merkle – The Merkle
Posted: at 10:52 am
Cryptography, its all around us, and its here to stay. My name is Carsen Klock, I am a developer, designer, and crypto entrepreneur. I want to share several things Ive learned about developing cryptocurrency with you.
Back in 2013 and 2014, I created a plethora of altcoins, aka. cryptocurrencies based off the Bitcoin Core source. Specifically at that point in time, version 0.8. Going into crypto I saw a lot of coins that were just blatant copies of Bitcoin, Litecoin, with no new innovation.
During this time, I saw a gap in the cryptocurrency industry. A very large gap between; innovation, and scams. I decided to create several coins that helped to change the industry for the better. I had invented the X13, X14, X15, and FRESH (NIST5) hashing algorithms and python mining modules. Unfortunately a lot of coins that I had implemented these features with, were more so small projects to test these new algorithms.
With the PoW consensus methods, most of my coins failed due to a lack of consistent development on my end and a huge amount of FUD within the Bitcoin community. I had also created the first working PoS transition hybrid coin where after a set amount of blocks the coin would transition from a Proof Of Work consensus to a Proof Of Stake. These consensus methods are still very controversial, PoW or PoS? We can see this now with the crypto called Ethereum. In my opinion the PoS consensus method is flawed, the rewards are low, miners are cancelled out, and the rich get richer.
The point of cryptocurrency to me is for decentralization and wealth transfer. I do still believe the PoW consensus method is the best, as long as ASIC miners arent able to mine that particular hashing algorithm. To this day the FRESH algo I had created, does not support ASIC mining, however the X series of hashing algos can be mined with an ASIC.
A couple of tips. Invest small first, Diversify your crypto holdings, and invest in innovation. It is a rough industry and very hard to tell what is what. So these are the top coins that I think currently have a great chance of going to the moon: DASH, Monero, Ethereum, and Lisk.
I am starting to come back into the crypto industry, you can find my old coin projects and my recently created Ethereum Block Explorer at my GitHub at http://github.com/carsenk
If you liked this article, follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin, cryptocurrency, and technology news.
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6 Cryptocurrency Blockchains For the Design and Application of … – Live Bitcoin News
Posted: at 10:52 am
Smart contracts are forms of computer programs that can be executed by a network of trustless nodes, without having to rely on any third partys arbitration process. Due to their resistance to tampering, smart contracts are attractive solutions throughout many scenarios, especially those that rely on transferring a given amount of money to respect a group of pre-agreed rules. Throughout the past few years, several platforms for creating and executing smart contracts have been designed, and many of these have been actually deployed and used. Throughout this article, I will discuss the cryptocurrency blockchains that permit the usage of smart contracts.
Bitcoin:
Even though the main goal for innovating bitcoin was to create a decentralized currency, the immutability and transparency of its blockchain protocol have inspired the creation of protocols that deploy, a rather limited form of, smart contracts. Bitcoin offers a non-Turing programming language, which permits redeeming of a transaction, under specific predefined conditions. The programming language is of rather limited capabilities, as it only features a group of basic logical, arithmetic and crypto operations (e.g. hashing and validation of digital signatures).
Ethereum:
Ethereum is the second biggest cryptocurrency by market capitalization. Just like bitcoin, ethereums blockchain is immutable, with a consensus procedure that resembles that of bitcoin. Ethereums blockchain features its own cryptocurrency, ether (ETH). Smart contracts are coded using a stack based bytecode programming language, which is a Turing-complete programming language, apart from bitcoins. There are several high level programming languages, the most popular of which is Solidity, which can be compiled into the bytecode language. Users create smart contracts and customize their functions via sending cryptocurrency transactions to the blockchain, whose effects are then verified by the nodes across the network. Both users and smart contracts can store coins and send and/or receive ETH to other users or smart contracts.
Counterparty:
Counterparty is a platform without a special blockchain. Instead, it embeds its data in transactions across bitcoins blockchain. Even though nodes across bitcoin network ignore data embedded in such way, Counterpartys network nodes identify and interpret them. Smart contracts can be coded using the same language used when coding smart contracts for ethereums network. Nevertheless, oppositely to ethereum, the results of computation processes are not validated by a consensus protocol. Counterparty has its own cryptocurrency, that can be transacted between users, and spent when smart contracts are executed.
Stellar:
Stellar has a public blockchain with its own cryptocoin, which is governed by a consensus algorithm that relies on federated Byzantine agreements. Oppositely to ethereum, there is no specific language for scripting smart contracts, yet it is possible to collectively gather some transactions and then store them atomically in the blockchain. This can be utilized to deploy some basic forms of smart contracts.
Lisk:
Lisk is a cryptocurrency that has its own blockchain that relies on a delegated proof-of-stake consensus protocol. To be more precise, 101 active delegates, so each one elected via the stakeholders has the authority to create blocks. Stakeholders can participate in the electoral process. Lisk is compatible with the execution of Turing-complete smart contracts which are either scripted Node.js or JavaScript. Unlike ethereum, determination of the pattern of execution of contracts is not ensured by the programming language; the programmers must handle it.
Monax:
Monax supports the execution of Ethereums smart contracts, without having a special cryptocurrency. Monax allows users to build private blockchains and to define specific authorization policies for accessing these blockchains.
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Danish Firms Partner On Cryptocurrency Security For Banks – PYMNTS.com
Posted: at 10:52 am
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As far as cryptocurrencies have come in recent years, a number of security and fraud risk elements still remain. But developers are working to bring the seedier side of bitcoin to a close.
Anti-money laundering and blockchain analysis software developer Chainalysis and Danish electronic payments provider Nets have reportedly teamed up to create solutions for Nordic banks that will validate bitcoin transactions and help financial institutions comply with regulations.
Nets reportedly provides payment services to over 240 financial institutions in the Nordic countries, including Danske Bank, DNB and Nordea. Chainalysis collaborates with Europol to link digital identities to digital currency, helping banks and law enforcement investigate suspicious activity.
We can make risk assessments and analyze blockchain activities, Chainalysis CEO Michael Gronager told Reuters. And banks are interested in being able to risk-score customers, so they do not end up being used for money laundering . If a banks customer is a risk, the financial institution can choose to send a suspicious transfer report to the authorities, which can use our tools to trace and identify the customer.
This isnt the only cryptosecurity news to come out of Denmark as of late. Recently, the nations cybercrime police unit claimed to have successfully prosecuted drug traffickers based on bitcoin transaction information sourced by a specialized software developed by the Danish National Cyber Crime Center.
All bitcoin transactions by design are recorded in a permanent public ledger accessible to anyone. While transaction are openly traceable and wallet addresses are public, they are not directly tied to any personally identifying information, which has led to the adoption of the cryptocurrency by crime syndicates and hackers. The ability to reliably tie cryptocurrency transactions to individuals could be a game changer for law enforcement.
Police chief Kim Aarenstrup was quoted by Berlingske as saying, The potential of this is groundbreaking. The investigation can now proceed from where it used to stop before . We are in dialogue with a number of other nations right now to develop additional methods and teach them how we do it here.
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Follow the Leader: Analyzing Cryptocurrency Price Correlations – CoinDesk
Posted: at 10:52 am
Is there a correlation between the price movements of bitcoin and other cryptocurrencies and crypto assets?
The answer to that question varies quite a bit based on which asset and which time period you look at, according to a recent CoinDesk analysis of CryptoCompare data through February 2017.
In some cases, the answer is relatively simple. Cryptocurrencies have repeatedly entered periods where several have moved in tandem.
For example, alternative protocol assets rallied following the SEC's 10th March rejectionof a proposed bitcoin ETF, after suffering widespread losses roughly one month earlier.
Yet in other instances, bitcoin's losses have resulted in gains for alternative cryptographic assets.
One key factor analysts have cited as influencing these price relationships is major events in the cryptocurrency space, like the rise and fall of distributed organization The DAO or the SEC'sETF rejection.
Leading up to this event, bitcoin prices surpassed $1,300, reaching an all-time high, according to the CoinDesk Bitcoin Price Index (BPI). Following the ruling, bitcoin prices plunged nearly 30%, while other digital currencies experienced a rally that pushed some to fresh, all-time highs.
Ether, for example, surged more than 200% in the week or so after the SEC shot down the proposed fund, according to CoinMarketCap. Likewise, the price of monero rose more than 100% since the ruling at points, while ether classic also saw notable gains.
But how do they compare on a longer timeline? Let'sreview the findings from our data:
The most objective way to examine the price relationship that exists between bitcoin and other digital currencies is to examine the available data. Using this information, market observers can get a far better sense of exactly what these relationships look like.
For some currency pairs, looking at quarterly data is sufficient, as doing helps convey a strong sense of the relationship between the two digital assets in question.
BTC/LTC (litecoin) is agreat example, as price data reaching back to the final quarter of 2013 shows six quarters where the pair's correlation surpassed 0.7, and three quarters where it exceeded 0.8.
This strong, positive relationship makes sense, as litecoin is to some extent a 'spin-off' of bitcoin,using similar technologies and designs.
It's important to keep in mind that bitcoin and litecoin prices have not always had a strong relationship, as their correlation has at times broken down. ARK Invest's Chris Burniske has noted that leading up to the SEC's decision on the proposed Winklevoss ETF, the two digital currencies moved in different directions.
Another example of a currency pair with a relatively straightforward relationship is BTC/XRP, whose correlation remained below 0.2 during every quarter in 2015 and 2016.
When averaging all available price data, the currency pair's correlation falls to 0.02.
The two currencies are quite distinct, a situation noted by cryptocurrency fund manager Jacob Eliosoff, and this situation might help explain their weak price relationship. Bitcoin and litecoin have differing value propositions and target separate audiences from XRP.
Miguel Vias, head of XRP markets at Ripple, offered a different take on BTC and XRP's price relationship.
"I think that markets view XRP as a very stable digital asset, so they feel safe parking funds in XRP when they exit other assets. If someone wants to get out of BTC, but doesn't want to necessarily move into fiat, he or she moves the value into XRP," he said.
For other digital currencies, a deeper dive is needed to understand the situation.
While quarterly price data for BTC/ETH (ether) shows some modest correlations as high as 0.57, looking at seven-day averages paints a more vivid picture.
When viewed through this more short-term lens, correlations have reached as much as 0.98 during some periods. In the seven-day period 1st7th August, 2016, the BTC/ETH price relationship remained above 0.90.
However, the correlation between these digital currencies fell sharply at times, reaching as little as 0.04 during seven-day periods in August and October 2015.
Ether classic is another cryptocurrency that has had a varied relationship with bitcoin. The correlation between the two has fallen to as little as 0.004 and risen to as much as 0.96, according to CryptoCompare data ranging back to July 2016.
The BTC/ETC pair displayed a particularly strong relationship early this year, surpassing 0.90 during several seven-day periods in January. However, their correlation has repeatedly fallen to very low levels, declining below 0.1 on many occasions and reaching as little as 0.004 in January 2017.
The BTC/XMR pair has had a similar story to that of BTC/ETH and BTC/ETC, as its seven-day price correlation has approached zero and surpassed 0.9 repeatedly.
This weekly relationship became particularly strong earlier this year, surging to 0.94 in January. In contrast, the pair hit a patch in February 2016 where five straight seven-day sessions produced an average below 0.2.
These two digital currencies have largely different situations. While bitcoin was the first cryptocurrency to scale, monero has focused far more on ensuring the privacy of its users. While bitcoin was originally designed to offer users privacy in their transactions, its pseudonymous nature has made its users vulnerable to identification.
Monero, on the other hand, has done a far more effective job of providing user anonymity through ring signatures and stealth addresses.
As a result, this digital currency isbuilding widespread adoption on the darknet.
The digital currencies examined in this article have highly dynamic price relationships. Sometimes they move in tandem, while other times they move in opposite directions. In certain cases, their correlation is very low.
In certain instances, the markets develop clear trends where many cryptocurrencies move either higher or lower over specific periods of time. During others, these digital currencies may display little or no price correlation.
As the cryptocurrency space becomes more mature, however, the individual digital assets that compose this market may very well progress in terms of carving out their own individual niches, a development that could cause their price determinants to change over time.
Should these digital currencies successfully differentiate themselves in the eyes of traders, their correlations could deteriorate further.
Follow the leader image via Shutterstock
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Dedicated Cryptocurrency Fund TaaS Starts its Initial Coin Offering … – Finance Magnates
Posted: at 10:51 am
TaaS, a tokenized closed end fund dedicated to blockchain assets, haslaunched its Initial Coin Offering (ICO) today, which will last untilApril 27, 2017.The venture will issue tokens built on a profit-sharing smart contract where token owners receive 50% of the quarterly profits.
TaaSco-founder Dimitri Chupryna said: TaaS model solves the major problems faced by early adopters of cryptocurrencies, issues that make it impossible for institutional or traditional investors to access the worlds fastest growing market. We have designed the TaaS platform to reduce the risks and barriers faced by investors when entering the surging blockchain and cryptocurrency space.
Experts from across the world have declared that blockchain technology will shake up many industries in the coming years, and those looking for a trusted access to this extraordinary market will be able to invest through TaaS during our crowdsale.
To provide transparency into non-Ethereum token investments, TaaS has built in-house Cryptographic Audit technology, which is a set of autonomous auditing techniques that track, record and timestamp trading activity. The developers say this technology ensures that all profits are properly recorded, money flow is transparent, and the company is in possession of all declared funds.
As we previously reported, the TaaS team is also developing Kepler, a Bloomberg-like portfolio management and analytics platform for cryptocurrencies. Kepler is meant to cover the entire spectrum of the investment process, providing market research, due diligence and order management as well as risk exposure and performance forecasting.
TaaS hopes to deliver significant and long-term changes in the blockchain industry and cryptocurrency market. We believe the vision and technology underpinning TaaS and Kepler will transform digital currency investments and we are eager to see its progress, concluded Chupryna.
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6 of the Largest Cryptocurrency Premines in History – The Merkle
Posted: March 27, 2017 at 4:28 am
There have been several dozen premined cryptocurrencies throughout the past few years. Not all of these projects amounted to much, although some of them successfully gained some traction in one way or another. Below are six currencies with significant premines, although not all of them used this concept for nefarious purposes.
It has to be said, the Gulden project had a 10% premine reserved for development, marketing, and other miscelaneous expenses. With a premine of 10% 170 million coins out of a total 1.68 billion there is somereason for concern. Despite the premine, however, Gulden ticker NLG has managed to gain some traction in the real world, although its success is limited to The Netherlands. Gulden is still under active development to this very day, according to their bitcointalk thread. Gulden has a US$8.655m market cap with 342,46 million NLG in circulation
FuelCoin is a fully premined coin for redistribution. The bitcointalk thread mentions how the 50 million coins were held by a trusted third-party for a fair distribution. 10 million of those coins wereused for charity donations, the remaining 40 million coins were to be used for marketing efforts. Fuelcoin also maintains a 2% annual inflation through its proof-of-stake system. It appears Fuelcoin is no longer actively developed, even though the currency still has a US$272,000 market cap with over 100million coins in circulation.
Startcoin is the second project to be linked to Max Keiser, who is quite a popular figure among cryptocurrency enthusiasts. Unfortunately, Startcoin also came with a 50% premine, which immediately raised a red flag. Despite developing the StartJOIN platform which uses StartCoin the currency never amounted to much. It is anything but surprising to see Startcoins market cap drop to US$164,488 with over 45 million START in circulation.
When Auroracoin was first introduced, a lot of people seemed to be on board with the idea. The cryptocurrency is designed to serve as a new currency for anyone living in Iceland. Its 50% premine was distributed through an airdrop in 2014, which put AUR into the hands of every Iceland resident. Even though most recipients decided to sell their Auroroacoin right away, the currency still holds some value today. Its market cap sits at US$1.244 million, with 8,658,439 AUR in circulation.
Curecoin is a very different project from the rest, as it is an effective reward for protein-folding. This process is used to aid scientists in researching cures for diseases and other illnesses. A total of 28,692,524.32 coins will be in circulation, of which 23,226,284.65 were premined. These coins are distributed to all participants, regardless of the mining hardware used. Close to 95% of all coins are issued to folders, whereas the rest of the funds areused forproject development donations and developers. Curecoin has a market cap of US$1,485,223 with 26,431,310 CURE in circulation.
Perhaps the biggest scamcoin of all time is Paycoin. It is not surprising to find out Paycoin also had a significant premine, as 12 million coins were kept in control of the developers. Considering there were only 12.5 million XPY to be issued at it speak, it was evident this project would not get very far. Paycoin was involved in many different controversiesand eventually turned into a complete scam. Despite this rocky history, the currency still has a US$28,176 market cap with 11,671,263 XPY in circulation, quite surprising to say the least.
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Bitcoin’s civil war threatens to blow up the cryptocurrency itself – Quartz
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PYMNTS.com | Bitcoin's civil war threatens to blow up the cryptocurrency itself Quartz It is not uncommon for a new technology still finding its footing to undergo periods of tumultwitness the long ago war over videotape formats VHS and Betamax. Bitcoin, the cryptocurrency growing in popularity, turns out to be no different. For the ... What is Ethereum, and could it actually replace Bitcoin? Bitcoin Tracker: Tale Of Two Bitcoins Bitcoin slumps as traders' fears of a "hard fork" deepen |
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Bitcoin's civil war threatens to blow up the cryptocurrency itself - Quartz
Posted in Cryptocurrency
Comments Off on Bitcoin’s civil war threatens to blow up the cryptocurrency itself – Quartz