Category Archives: Cryptocurrency

Monero

Monero Logo

Monero (XMR) is an open source cryptocurrency created in April 2014 that focuses on privacy, decentralisation and scalability. Unlike many cryptocurrencies that are derivatives of Bitcoin, Monero is based on the CryptoNote protocol and possesses significant algorithmic differences relating to blockchain obfuscation.[1] Monero has ongoing support from the community,[2] and its modular code architecture has been praised by Wladimir J. van der Laan, a Bitcoin Core maintainer.[3] Monero's market capitalization was multiplied by 30 during the year 2016,[4] going from $3.7 million on 3 December 2015 to $111 million on 3 December 2016, partly due to adoption by major darknet market AlphaBay at the end of summer 2016.

Monero was launched on 18 April 2014 originally under the name BitMonero, which is a compound of Bit (as in Bitcoin) and Monero (literally meaning coin in Esperanto). Five days later the community opted for the name to be shortened just to Monero. It was launched as the first fork of CryptoNote-based currency Bytecoin, however was released with two major differences. Firstly, the target block time was decreased from 120 to 60 seconds, and secondly, the emission speed was decelerated by 50% (later Monero reverted to 120 seconds block time while keeping the emission schedule by doubling the block reward per new block). In addition, the Monero developers found numerous incidents of poor quality code that was subsequently cleaned and re-constituted.[citation needed]

A few weeks after launch, an optimized GPU miner for CryptoNight proof-of-work function was developed.[5]

On 4 September 2014, Monero recovered from an unusual and novel attack executed against the cryptocurrency network.[6]

Monero is an open-source pure proof-of-work cryptocurrency. It runs on Windows, Mac, Linux and FreeBSD.[7]

Its main emission curve will issue about 18.4 Million coins to be mined in approximately 8 years.[8][9] (more precisely 18.132 Million coins by ca. end of May 2022[10][11]) After that, a constant "tail emission" of 0.6 XMR per 2-minutes block (modified from initially equivalent 0.3 XMR per 1-minute block) will create a sub-1% perpetual inflation (more precisely [see ref. above] starting with 0.87% yearly inflation around May 2022) to prevent the lack of incentives for miners once a currency is not mineable anymore.[12] The emission uses a smoothly decreasing reward with no block halving (any block generates a bit less monero than the previous one, formula: Emission per 2-minutes block = max(0.6,floor((MA)219)1012) XMR, with M=2641 and A=1012 times the amount of XMR already emitted). The smallest resolvable currency unit is 1012 XMR. The proof-of-work algorithm, CryptoNight, is AES-intensive and "memory heavy", which significantly reduces the advantage of GPU over CPU.

Monero daemon uses the original CryptoNote protocol except for the initial changes (as the block time and emission speed). The protocol itself is based on "one-time ring signatures"[13] and stealth addresses. Underlying cryptography is essentially Daniel J. Bernstein's library for Ed25519, which is Schnorr signatures on the Twisted Edwards curve. The end result is passive, decentralised mixing based on heavily-tested algorithms.[14]

However, several improvements were suggested by Monero Research Labs (a group of people, including core developers team), which covered the proper use of ring signatures for better privacy.[15] Specifically, the proposals included "a protocol-level network-wide minimum mix-in policy of n = 2 foreign outputs per ring signature", "a nonuniform transaction output selection method for ring generation" and "a torrent-style method of sending Monero output".[16] These changes, which were implemented in version 0.9.0 "Hydrogen Helix",[17] can help protect user's privacy in a CryptoNote-based currency according to the authors.

As a consequence, Monero features an opaque blockchain (with an explicit allowance system called the viewkey), in sharp contrast with transparent blockchain used by any other cryptocurrency not based on CryptoNote. Thus, Monero is said to be "private, optionally transparent". On top of very strong privacy by default, such a system permits net neutrality on the blockchain (miners cannot become censors, since they do not know where the transaction goes or what it contains) while still permitting auditing when desired (for instance, tax audit or public display of the finances of an NGO).[18] Furthermore, Monero is considered by many to offer truly fungible coins.[19][20][21]

Monero developers are also working on implementing a C++ I2P router straight in the code. This would complete the privacy chain by also hiding the IP addresses.[22]

"Monero is powered strictly by Proof of Work, but specifically, it employs a mining algorithm that has the potential to be efficiently tasked to billions of existing devices (any modern x86 CPU)."[23] Monero uses the CryptoNight Proof of Work (PoW) algorithm, which is designed for use in ordinary CPUs.[24]

The smart mining forthcoming feature will allow transparent CPU mining on the user's computer, far from the de facto centralization of mining farms and pool mining, pursuing Satoshi Nakamoto's original vision of a true P2P currency.[25]

Monero has no hardcoded limit, which means it doesn't have a 1 MB block size limitation preventing scalability. However, a block reward penalty mechanism is built into the protocol to avoid a too excessive block size increase: The new block's size NBS is compared to the median size M100 of the last 100 blocks. If NBS>M100, the block reward gets reduced in quadratic dependency of how much NBS exceeds M100. E.g. if NBS is [10%, 50%, 80%, 100%] greater than M100, the nominal block reward gets reduced by [1%, 25%, 64%, 100%]. Generally, blocks greater than 2*M100 are not allowed, and blocks <= 60kB are always free of any block reward penalties.

The Monero Core Team also released a standard called OpenAlias,[26] which permits much more human-readable addresses and "squares" the Zooko's triangle. OpenAlias can be used for any cryptocurrency and is already implemented in Monero, Bitcoin (in latest Electrum versions) and HyperStake.

XMR.TO allows to make payments to any Bitcoin address with the strong privacy provided by Monero.[27]

Since it is not based on Bitcoin, Monero cannot take advantage of the Bitcoin technological ecosystem, like GUI wallet or payment processors. As a consequence, everything has to be written from scratch.[28] Presently (as of March 2015), Monero doesn't have feature parity with Bitcoin. Notably, there is no support to multisignature and no Monero payment processor (but in April 2015 it was announced on bitcointalk.org one is in the works by a member of The Monero Core Team).

Monero transactions take up more space on the blockchain than Bitcoin transactions, and transactions will be even larger with RingCT added.[29] This makes it more expensive to run a full node.

Without RingCT implemented, it is still possible to deanonymize Monero transactions in some situations by analyzing the transaction amounts.[30]

CryptoKingdom is a MMORPG that uses Monero for entry into its economy.[37]

MoneroDice is a dice gambling game that uses cryptography for provably fair randomness.[38]

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Monero (cryptocurrency) - Wikipedia

Digital currency or digital money is an Internet-based medium of exchange distinct from physical (such as banknotes and coins) that exhibits properties similar to physical currencies, but allows for instantaneous transactions and borderless transfer-of-ownership. Both virtual currencies and cryptocurrencies are types of digital currencies, but the converse is incorrect. Like traditional money these currencies may be used to buy physical goods and services but could also be restricted to certain communities such as for example for use inside an on-line game or social network.[1]

Digital currency can be defined as an Internet-based form of currency or medium of exchange distinct from physical (such as banknotes and coins) that exhibits properties similar to physical currencies, but allows for instantaneous transactions and borderless transfer-of-ownership. Both virtual currencies and cryptocurrencies are types of digital currencies.[2]

Origins of digital currencies date back to the 1990s Dot-com bubble. One of the first was E-gold, founded in 1996 and backed by gold. Another known digital currency service was Liberty Reserve, founded in 2006; it let users convert dollars or euros to Liberty Reserve Dollars or Euros, and exchange them freely with one another at a 1% fee. Both services were centralized, reputed to be used for money laundering, and inevitably shut down by the US government.[3] Q coins or QQ coins, were used as a type of commodity-based digital currency on Tencent QQ's messaging platform and emerged in early 2005. Q coins were so effective in China that they were said to have had a destabilizing effect on the Chinese Yuan or RMB currency due to speculation.[4] Recent interest in cryptocurrencies has prompted renewed interest in digital currencies, with bitcoin, introduced in 2009, becoming the most widely used and accepted digital currency.

According to the European Central Bank's "Virtual currency schemes a further analysis" report of February 2015, virtual currency is a digital representation of value, not issued by a central bank, credit institution or e-money institution, which, in some circumstances, can be used as an alternative to money. In the previous report of October 2012, the virtual currency was defined as a type of unregulated, digital money, which is issued and usually controlled by its developers, and used and accepted among the members of a specific virtual community.

According to the Bank For International Settlements' "Digital currencies" report of November 2015, digital currency is an asset represented in digital form and having some monetary characteristics. Digital currency can be denominated to a sovereign currency and issued by the issuer responsible to redeem digital money for cash. In that case, digital currency represents electronic money (e-money). Digital currency denominated in its own units of value or with decentralized or automatic issuance will be considered as a virtual currency.

As such, bitcoin is a digital currency but also a type of virtual currency. Bitcoin and its alternatives are based on cryptographic algorithms, so these kinds of virtual currencies are also called cryptocurrencies.

Most of the traditional money supply is bank money held on computers. This is also considered digital currency. One could argue that our increasingly cashless society means that all currencies are becoming digital (sometimes referred to as electronic money), but they are not presented to us as such.[5]

A virtual currency has been defined in 2012 by the European Central Bank as "a type of unregulated, digital money, which is issued and usually controlled by its developers, and used and accepted among the members of a specific virtual community". The US Department of Treasury in 2013 defined it more tersely as "a medium of exchange that operates like a currency in some environments, but does not have all the attributes of real currency". The key attribute a virtual currency does not have according to these definitions, is the status as legal tender.

A cryptocurrency is a type of digital token that relies on cryptography for chaining together digital signatures of token transfers, peer-to-peer networking and decentralization. In some cases a proof-of-work scheme is used to create and manage the currency.[6][7][8][9] See also list of cryptocurrencies.

Virtual currencies pose challenges for central banks, financial regulators, departments or ministries of finance, as well as fiscal authorities and statistical authorities.

On 20 March 2013, the Financial Crimes Enforcement Network issued a guidance to clarify how the US Bank Secrecy Act applied to persons creating, exchanging and transmitting virtual currencies.[10]

In May 2014 the U.S. Securities and Exchange Commission (SEC) "warned about the hazards of bitcoin and other virtual currencies".[11]

In July 2014, the New York State Department of Financial Services proposed the most comprehensive regulation of virtual currencies to date, commonly called BitLicense.[12] Unlike the US federal regulators it has gathered input from bitcoin supporters and the financial industry through public hearings and a comment period until 21 October 2014 to customize the rules. The proposal per NY DFS press release ... sought to strike an appropriate balance that helps protect consumers and root out illegal activity".[13] It has been criticized by smaller companies to favor established institutions, and Chinese bitcoin exchanges have complained that the rules are "overly broad in its application outside the United States".[14]

As of 2016, over 24 countries are investing in distributed ledger technologies (DLT) with $1.4bn in investments. In addition, over 90 central banks are engaged in DLT discussions, including implications of a central bank issued digital currency.[15]

The Bank of Canada have explored the possibility of creating a version of its currency on the blockchain.[16]

The Bank of Canada teamed up with the nations five largest banks and the blockchain consulting firm R3 for what was known as Project Jasper. In a simulation run in 2016, the central bank issued CAD-Coins onto a blockchain similar Ethereum.[17] The banks used the CAD-Coins to exchange money the way they do at the end of each day to settle their master accounts.[17]

A deputy governor at the central bank of China, Fan Yifei, wrote that the conditions are ripe for digital currencies, which can reduce operating costs, increase efficiency and enable a wide range of new applications..[17] According to Fan Yifei, the best way to take advantage of the situation is for central banks to take the lead, both in supervising private digital currencies and in developing digital legal tender of their own.[18]

The Danish government proposed getting rid of the obligation for selected retailers to accept payment in cash, moving the country closer to a "cashless" economy.[19] The Danish Chamber of Commerce is backing the move.[20] Nearly a third of the Danish population uses MobilePay, a smartphone application for transferring money.[19]

The Dutch central bank is experimenting with a bitcoin-based virtual currency called DNBCoin.[17][21]

Government-controlled Sberbank of Russia owns Yandex.Money - electronic payment service and digital currency of the same name.[22]

South Korea plans national digital currency using a Blockchain.[23] The chairman of South Koreas Financial Services Commission (FSC), Yim Jong-yong, announced that his department will Lay the systemic groundwork for the spread of digital currency.[23]

In 2016, a city government first accepted digital currency in payment of city fees. Zug, Switzerland added bitcoin as a means of paying small amounts, up to SFr200, in a test and an attempt to advance Zug as a region that is advancing future technologies. In order to reduce risk, Zug immediately converts any bitcoin received into the Swiss currency.[24]

Swiss Federal Railways, government-owned railway company of Switzerland, sells bitcoins at its ticket machines.[25][25]

The Chief Scientific Adviser to the UK government advised his Prime Minister and Parliament to consider using a blockchain-based digital currency.[26]

The chief economist of Bank of England, the central bank of the United Kingdom, proposed abolition of paper currency. The Bank has also taken an interest in bitcoin.[17][27] In 2016 it has embarked on a multi-year research programme to explore the implications of a central bank issued digital currency.[15] The Bank of England has produced several research papers on the topic. One suggests that the economic benefits of issuing a digital currency on a distributed ledger could add as much as 3 percent to a countrys economic output.[17] The Bank said that it wanted the next version of the banks basic software infrastructure to be compatible with distributed ledgers.[17]

The National Bank of Ukraine is considering a creation of its own issuance/turnover/servicing system for a blockchain-based national cryptocurrency.[28] The regulator also announced that blockchain could be a part of a the national project called "Cashless Economy".[28]

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Digital currency - Wikipedia

Main TERM B

By Vangie Beal

Bitcoin is a digital payment currency that utilizes cryptocurrency (a digital medium of exchange) and peer-to-peer (P2P) technology to create and manage monetary transactions as opposed to a central authority. The open source Bitcoin P2P network creates the bitcoins and manages all the bitcoin transactions.

Often referred to as "cash for the Internet," Bitcoin is one of several popular digital payment currencies along with Litecoin, Peercoin and Namecoin. When the word Bitcoin is capitalized, it usually refers to the software and systems used for bitcoin (in lowercase it means the actual currency).

Bitcoin is considered the biggest cryptocurrency. It was first introduced in 2009 and is the most widely-traded cryptocurrency. Bitcoin as an implementation of the cryptocurrency concept was described by Wei Dai in 1998 on the cypherpunks mailing list. Dai suggested a new form of money that uses cryptography to control its creation and transactions, rather than a central authority. In 2009, the Bitcoin specification and proof of concept was published in a cryptography mailing list by Satoshi Nakamoto. As noted in the Official Bitcoin FAQ, Satoshi Nakamoto left the project in late 2010 without revealing much about himself.

Payments are made via a Bitcoin wallet application that resides on a user's computer or mobile device, and a person only needs to enter the recipient's Bitcoin address information and payment amount before pressing send to complete payment.

New bitcoins are created by a competitive and decentralized process called "mining". Bitcoin miners are processing transactions and securing the network using specialized hardware and are collecting new bitcoins in exchange. The Bitcoin protocol ensures new bitcoins are created at a fixed rate, making the process of bitcoin mining a very competitive business.

According to eWeek, efforts to improve Bitcoin mining are now under way, working under the basic assumption that the cheaper you can mine Bitcoins, the more money you can make.

While attackers are going after Bitcoin-related sites, there is an important distinction between the security of the Bitcoin network and the Bitcoin exchanges. According to InternetNews.com, no one has ever found a critical vulnerability within the Bitcoin protocol itself that would allow a user within the Bitcoin network to fraudulently create coins or forge transactions. That said, there have been compromises of various Bitcoin exchanges throughout the virtual currency's lifetime, and as the value of a Bitcoin increases, so does the risk in using exchanges.

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What Is Bitcoin Cryptocurrency? Webopedia Definition

Digital Asset Holdings has announced it intends to open-source DAML, the smart contracting language it acquired from startup Elevence earlier this year. Though no date has been set for the transition, the Blythe Masters-led blockchain startup credited its bid to advance industry adoption of the tech as the impetus for the move. However, Digital Asset said work needs to be done to increase DAMLs functionality and documentation so that it is ready for use outside the startup. The company wrote: By making DAML more widely available, we intend to enable clients, partners and other vendors to develop, modify and extend DAML Libraries for use with the Digital Asset Platform or other platforms, fostering a vibrant ecosystem of vendors and...

Advertised sites are not endorsed by us. They may be unsafe, untrustworthy, or illegal in your jurisdiction. After experimenting the payment of bus tickets with virtual currency, Bitcoin, since 2 August 2016, a French companyhas become the first in its sector to set up this type of payment across Europe. Isilines is a new offering of the leading long-distance passenger transport by bus operator in Europe, Transdev Group, a French-based international private public transport group. Isilines lines is growing to cover the entire French territory. Transdevs other subsidiary is Eurolines, a private transporters association created in 1985. The grouphas more than 30 years of experience in this market, offering easy access, safe and environmentally...

The number of attacks on computers is increasing almost exponentially these days. The latest one to make news is the Rex Linux Trojan. This Swiss knife of a malicious program is a piece of work capable of running DDoS attacks, hold the infected computer for ransom (ransomware) and even mine Bitcoin without the users knowledge. Built on Googles Go platform, the Trojan was first identified by cyber security firms three months ago. The earlier version of Rex Linux Trojan was much weaker and it was found targeting Drupal websites. Security experts were able to defeat the ransomware easily. However, Rex Linux Trojan as evolved since then to become a considerable threat. According to reports, the malware uses peer to peer communication...

Advertised sites are not endorsed by us. They may be unsafe, untrustworthy, or illegal in your jurisdiction. E-commerce giant Rakutenhas acquired the IP assets of the Bitnet payment platform and opened a blockchain lab in Belfast, U.K. Rakuten Blockchain Lab (RBL) will be a research and development organization focused on blockchain technology and its applications tofintech and e-commerce. Rakuten invested in Bitnet Technologies Ltd., a blockchain-powered digital payments platform, in 2014. Rakuten began accepting bitcoin payments last year using Bitnet, CCN reported. Rakuten.com is similar to Amazon in that it serves as a platform for multiple merchants, all of whom have been able toaccept bitcoin through theBitnet partnership. Bitnet Veterans To...

It is Tuesday morning, and time to take a look at the bitcoin price for the first time today. Action overnight was pretty weak, as it has been for the majority of the last few days, and we didnt really get any opportunity to get in and out the markets as we would have liked. This doesnt mean that we arent going to see any action today, but it may weaken our key levels purely because we havent had any recent breakouts. As has been pretty standard so far this week, we are going to stick with a really tight range, and try to go at price on a breakout of our range, entering scalp positions towards relatively tight targets. This way we get to keep our risk management tight, but still get the opportunity to draw a small profit from the market on...

The Bundy Ranch has had its PayPal accounts blocked. The Bundys, a US family of cattle ranchers in Nevada, rose to fame (notoriety?) in 2014 for refusing to pay the federal government for grazing rights on federal lands. This conflict resulted in an armed standoff between federal agents and supporters of the Bundys, many of them members of private militias from across the country. The standoff ended without violence, and members of the Bundy family had been receiving donations in support of their plight through PayPal. The Facebook page run to support the Bundy family and their struggle against the federal government posted the bad news early on Tuesday morning: Another nail in the coffin of traditional payment systems as a reliable donation source The refusal of...

The way we vote relies on a system that has undergone little to no changes over the past few decades. Some countries switched from paper ballots to electronic voting, but the process remains the same. Over in Australia, the postal service indicated they want to use blockchain technology for digital voting. This should improve efficiency and provide more transparency. A recent submission was made to the Victorian Electoral Matters Committee regarding blockchain-based voting. The current voting process is cumbersome, far from efficient, and rather costly. By embracing blockchain solutions, all of these concerns would be alleviated, while improving the counting of votes at the same time. The Blockchain is A Versatile Technology Many people know the blockchain as the...

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Learn More About CryptoCurrency - Everything About ...

Cryptocurrencyis conquering the world of currencies and finance in a way wecould not even imaginefive years ago

In this next video, Wences Casares, the founder and CEO of Xapo, a Swiss-based Bitcoin wallet and vault company takes us through a short but compelling history of money. In less than 15 minutes you will hear what is so special and monumental about Bitcoin and real cryptocurrency like YOcoin.

Take notes on the videos belowthey couldhave a big impact on your financial future!

Click this linkfor information on how toset up your Ethereum Wallet!

Once you have your wallet set up, you will want toregister in anexchange. Watch the video below for more information on this!

A step-by-step guideinto setting up your new Ethereum wallet

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Digital bank WB21 announced that it has added Bitcoin as a method for its customers to transfer and deposit funds to their checking accounts.

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YO Clubs first promotion just might send you on a trip to Dubai!

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The Bitcoin is skyrocketing but at the expense of gold.

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The Bitcoins market capitalization surpassed the $9 billion mark.

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YOcoin A new open-source cryptocurrency distributed by you!

We're running the first summer school on blockchains and cryptocurrencies. We welcome students, researchers and professionals with an interest in cryptocurrencies and blockchains to join us.

We have a great program lined up for 2016. We're excited to welcome the leading experts on blockchains from industry and academia.

Boston University, USA

University of Innsbruck, AT

Stanford University, USA

Coin Center, USA

IBM Research, CH

Carnegie Mellon University, USA

University College London, UK

University of Edinburgh, UK

University College London, UK

ETH Zurich, CH

Rensselaer Polytechnic Institute, USA

Foteini is a postdoctoral researcher in the BU Security group at Boston University.

Aggelos is a Professor at the University of Edinburgh.

Sarah is an Assistant Professor in the departments of Computer Science and Security and Crime Science at UCL.

Bitcoin school is not-for-profit. We are accepting donations in bitcoin to help us run the school.

Thank you for your generosity!

We welcome diversity and are striving to offer equal opportunities to all students. We are dedicated to providing a harassment-free conference experience for everyone, regardless of gender, sexual orientation, disability, physical appearance, body size, race, or religion.

All stipends are now allocated. Thanks to NSF, IOHK and INTEL for their sponsorship.

The school will be hosted at the Corfu Imperial Hotel.

Participants that wish to stay at the school venue can book their rooms using the code SUMSCH at the discounted rate of 150/night for double- and 130/night for single-occupancy (taxes and breakfast included).

By plane

The best way to reach Corfu is by plane. Aegean Airlines has daily service between Athens and Corfu (3-4 flights per day) and Ryanair flies between Athens and Corfu every Sunday and Friday. Astra-airlines flies from Thessaloniki to Corfu 4 times a week.

Corfu is directly connected to various European cities via charter flights. Ryanair and EasyJet, also provide direct connection with multiple European airports.

By bus and ferry

You could also reach Corfu by bus and boat. The KTEL bus service provides 3 daily connections to Corfu from Athens. The total trip will be around 8 hours.

Corfucoin is the cryptocurrency of the summer school for attendees to play around with, mine and share!

Getting the Corfucoin wallet

Address registry

If you would like to share your Corfucoin address with the other attendees, you may use the address registry.

Mining Corfucoin

Corfucoin is a fork of Litecoin, which uses a scrypt proof-of-work scheme. Corfucoins can be mined by using cpuminer.

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Bitcoin Summer School 2016 - Blockchain Technologies

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Bitcoin is a digital asset and a payment system invented by Satoshi Nakamoto, who published the invention in 2008 and released it as open-source software in 2009. The system is peer-to-peer - users can transact directly without an intermediary.

Ethereum is a cryptocurrency and a blockchain platform with smart contract functionality. It provides a decentralized virtual machine. Ethereum was proposed by Vitalik Buterin in late 2013 and the network went live on 30 July 2015.

Dash (formerly known as Darkcoin and XCoin) is an open source peer-to-peer cryptocurrency that uses a system called Darksend to add privacy to transactions. It was rebranded from "Darkcoin" to "Dash" on March 25, 2015, a portmanteau of "Digital Cash".

Litecoin is a peer-to-peer cryptocurrency and open source software project released under the MIT/X11 license. Inspired by and technically nearly identical to bitcoin (BTC), Litecoin creation and transfer is based on an open source protocol and is not managed by any central authority.

Dogecoin is a cryptocurrency featuring a likeness of the Shiba Inu dog from the "Doge" Internet meme as its logo. It was introduced on December 8, 2013. Started as a "joke currency" in late 2013, Dogecoin quickly developed its own online community and reached a capitalization of USD 60 million in January 2014.

GBCGoldCoin is a cryptocurrency of Scrypt algorithm. The way you get PoS is that extra coins can be obtained thanks to the ones available. GBC Gold Coin provides 60% return P.A. per balance. GBCGoldCoin 100% PoS cryptocurrency.

BlackCoin is a peer-to-peer cryptocurrency. BlackCoin uses a proof-of-stake system and is open-source. BlackCoin was created by the developer Rat4, with the goal of proving that BlackCoins way of disabling proof-of-work is stable and secure.

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President Barack Obama and Vice President Joe Biden on Thursday mourned the dead and comforted families and survivors in the wake of the massacre at a gay nightclub in Orlando, Fla. Obama urged senators to "rise up and do the right thing" and pass new gun laws. Photo: AP

Scientists have gotten one step closer to answering one of biologys greatest mysteries with the first discovery of a chiral molecule in interstellar space. WSJ's Monika Auger reports. Photo: Brett A. McGuire

A Florida sheriff said the body of a 2-year-old boy has been found, after he was dragged into the water by an alligator Tuesday night at Walt Disney World. Photo: AP

CIA Director John Brennan said Thursday that a two-year campaign by the U.S. and coalition forces to defeat ISIS has seen gains on the battle field but it has failed to disrupt its capability to carry out terrorist attacks. He also said that Omar Mateen, the shooter in the Orlando attack, had no direct link to ISIS. Photo: AP

John and Tina Novogratz restored the Park Slope, Brooklyn home first owned by chewing gum mogul Thomas Adams, Jr. They live in the four-story building with their five children. Photo: Dorothy Hong for The Wall Street Journal

Virtual reality is drawing a huge amount of attention at the worlds largest video-game trade show, E3, which according to organizers has seen the number of VR exhibitors double compared with last year. Mark Kelly reports. Image: Zuma

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Cryptocurrency a Response to Financial Crisis, Says CEO

On Wednesday night, Feb. 11, we were part of a special night at the Museum of American Finance on Wall Street, a discussion on digital currency and the future of finance featuring former Treasury Secretary Lawrence Summers that took a look at the ways in which bitcoin and cryptocurrencies are going to effect, and be absorbed and adapted by, the financial system.

Nearly 300 people (the event sold out very quickly) filled the museums main exhibition hall to hear Summers, us, and a panel of experts talk about the future of finance, and digital currencys place in that future.

The museum occupies the old Bank of New York headquarters, a grand old Greek revival building on the corner of Wall and Williams street, a block away from Federal Hall and the New York Stock Exchange. That location and history made for a dramatic backdrop to what was decidedly a 21st century night of questions and discussions.

The media coverage ranged from the mainstream New York Times, which took a very straightforward angle with this write-up of Summers comments, to this decidedly cynical take from Animal New York. On Wednesday night, the Establishment wasnt afraid, Peter Yeh wrote. It was excited. Its members swarmed the CEOs after the panel ended to exchange business cards. Nothing is more traditional finance than that.

There was something to that take. This was one of the first times, if not the first, that the upstart cryptocurrency world met the staid traditional finance world on its own turf, and engaged it on its own terms. The night was less about disruption and more about evolution, and it seemed to us at least that at some point soon, theres going to be something in the museum to represent bitcoin, something that extends the line of history just one step further.

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Publication Day!

Jan. 27 has arrived, and with it, the publication of The Age of Cryptocurrency (and a massive blizzard thats about to dump two feet of snow on the east coast, but thats another story). We are extremely excited to have finally made it to this day. The reception so far has been really quite positive, and were anxious to see how the book does now that its on bookshelves.

Our weekend essay in the Wall Street Journal is a good primer on the promise of bitcoin and cryptocurrencies, if you havent read the book yet. It will give you a taste of the direction were going in.

Also over the weekend, the Washington Post gave the book a very strong review. To their ample credit, Paul Vigna and Michael J. Casey, veteran Wall Street Journal reporters, resist the common temptation to hype their trendy subject, the finance writer Daniel Gross said. Theyve written a reported explainer that patiently documents bitcoins rise, acknowledges its flaws and highlights its promise. Smart and conscientious, The Age of Cryptocurrency is the most thorough and readable account of the short life of this controversial currency.

Heres an excerpt from our Journal essay:

No digital currency will soon dislodge the dollar, but bitcoin is much more than a currency. It is a radically new, decentralized system for managing the way societies exchange value. It is, quite simply, one of the most powerful innovations in finance in 500 years.

If applied widely to the inner workings of our global economy, this model could slash trillions in financial fees; computerize much of the work done by payment processors, government property-title offices, lawyers and accountants; and create opportunities for billions of people who dont currently have bank accounts. Great value will be created, but many jobs also will be rendered obsolete.

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The book doesnt arrive for another two weeks, but today we published our trailer on YouTube. For this, we performed a relatively simple experiment: we went out into Times Square, and asked people, what is bitcoin? You can see for yourself what they said.

Yes, that is Mike Casey making an ever so brief cameo toward the end.

The Economist this week came out with its review of The Age of Cryptocurrency, saying, essentially, that its a serious book worth reading, one that digs deep into the reasons that bitcoin is significant as a topic, beyond all the manic stuff you read in the media.

Heres a clip, though wed recommend reading the whole thing:

For any book on bitcoin to be worth reading, though, it has to delve further: into the crypto-currencys ideological and technical roots, for instance, or what it adds to the narrative of money, or even what its economic and political impact may be. The currencys dollar price may be three-quarters down on its peak, but the underlying technology also provides plenty of intellectual fodderand is unlikely to go away. So there is plenty to write about if you are serious.

Paul Vigna and Michael Casey, two journalists at the Wall Street Journal, are certainly serious.

The tone is somewhat dismissive of bitcoin (The rise and fall of the crypto-currency is good news for authors at least), and it treats some of the other bitcoin books out there harshly. But it does highlight many of the big-picture issues we explore: the debate about the nature of money, and where cryptocurrencies lie within that; the potential to bootstrap the unbanked into the modern world, a slow-rolling revolution in finance. All in all, its a very positive review and were really pleased to get our first notice from such an august name.

Mike and I both received our first copies of the U.K. version of our book in the mail today, from our publisher The Bodley Head.

Our editor at Bodley Head, Stuart Williams, cut the title down to simply Cryptocurrency, (you can see the Random House page here) but otherwise its the same book. And, yes, that is a bullet on the cover. They really went for a statement with the title and imagery, which we like.

Weve seen a couple of the galleys of our U.S. edition, but this is the first actual copy Ive had in my hands. We put in an awful lot of work between the day we signed the contract and today. It feels very good to have the book arrive, to see the culmination of all that work here sitting next to me.

Here is the book on Amazons U.K. site. One nice little touch on the dust jacket is that they priced it in pounds, and bitcoin.

Cryptocurrency is available in the U.K. beginning Jan. 29 (and Jan. 27 here in the U.S.)

Publishers Weekly gave The Age of Cryptocurrency a starred review; heres what they had to say:

While many readers understandably have a hard time wrapping their heads around the concept of non-government-backed currency, journalists Casey (Ches Afterlife) and Vigna, who blog about cryptocurrency at the Wall Street JournalsMoneyBeat blog, here use their considerable expertise to make the Bitcoin phenomenon accessible.

They take a thorough, multidisciplinary approach to the topic, including a fascinating examination of the origin of money. The authors are appropriately cautious, warning that despite increased public awareness of Bitcoin, it remains a niche product, and the jury is still out on how far and how quickly it and other digital currency will spread.

However, newcomers will gain a better understanding of the revolutionary potential of digital currency, especially for the roughly 2.5 billion people from Afghanistan to Africa to even America who have been shut out of the modern finance system. And the explication of the non-currency applications of the concepts behind Bitcoinsuch as tamper-proof records of verified informationwill be valuable to any reader. Agent: Gillian McKenzie, Gillian McKenzie Agency. (Jan.)

Anyone who doubts that bitcoin and its imitators are at the early stage of altering fundamentally the global payments systemif not the nature of money itselfwill find it difficult to resist Michael Casey and Paul Vignas admirably clear and judicious account. If the word blockchain makes you want to call a plumber, or if you think Satoshi is some kind of raw fish, you need to read The Age of Cryptocurrency today. If youre already a bit-convert, youll still learn a lot. Niall Ferguson, author of The Ascent of Money

Anyone who views bitcoin as a voodoo concept must read this totally comprehensible narrative outlining the history of money and how bitcoin might become a new and better currency. For those confused by bitcoin concepts, this clearheaded and readable book sets forth credible reasons why bitcoin might or might not be an evolving economic miracle. Arthur Levitt, 25th Chairman of the United States Securities and Exchange Commission

An invaluable book: a fascinating field guide to the phenomenon in which three of the most powerful forces shaping our world todaythe reform of finance, technological innovation, and the rejection of traditional politicsmeet. Felix Martin, author of Money: The Unauthorized Biography

The Age of Cryptocurrency not only demystifies and explains bitcoin, but also shows where it fits into the cultural zeitgeist and where its pointed, and what that may mean for our financial system. John Mauldin, New York Times bestselling author of Endgame

The thought-provoking Age of Cryptocurrency was a pleasure to read. The authors have successfully demystified cryptocurrencies like bitcoin so that even a traditionalist like myself can understand them and embrace their potential. And the references to money were so spot-on, they even taught this old dog some new tricks. Edmund C. Moy, 38th Director of the United States Mint, 2006-2011

Vigna and Casey unlock the mysteries of cryptocurrencies and their implications for the future of financial transactions in an engaging, lucid, and thought-provoking account. The technological developments described in this book will someday affect every one of us and I can think of no better guide to what the future holds. Eswar Prasad, author of The Dollar Trap

Even to a bitcoin skeptic like myself, Vigna and Caseys book is a fascinating journey into the cast of characters and oddballs behind the movement into the digital currency realm. Barry Ritholtz, CIO, Ritholtz Wealth Management

Thorough, multidisciplinary approach to the topic, including a fascinating examination of the origin of money newcomers will gain a better understanding of the revolutionary potential of digital currencyAnd the explication of the non-currency applications of the concepts behind Bitcoinsuch as tamper-proof records of verified informationwill be valuable to any reader. PublishersWeekly, starred review

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The Age of Cryptocurrency | How Bitcoin and Digital Money are ...

On Wednesday night, Feb. 11, we were part of a special night at the Museum of American Finance on Wall Street, a discussion on digital currency and the future of finance featuring former Treasury Secretary Lawrence Summers that took a look at the ways in which bitcoin and cryptocurrencies are going to effect, and be absorbed and adapted by, the financial system.

Nearly 300 people (the event sold out very quickly) filled the museums main exhibition hall to hear Summers, us, and a panel of experts talk about the future of finance, and digital currencys place in that future.

The museum occupies the old Bank of New York headquarters, a grand old Greek revival building on the corner of Wall and Williams street, a block away from Federal Hall and the New York Stock Exchange. That location and history made for a dramatic backdrop to what was decidedly a 21st century night of questions and discussions.

The media coverage ranged from the mainstream New York Times, which took a very straightforward angle with this write-up of Summers comments, to this decidedly cynical take from Animal New York. On Wednesday night, the Establishment wasnt afraid, Peter Yeh wrote. It was excited. Its members swarmed the CEOs after the panel ended to exchange business cards. Nothing is more traditional finance than that.

There was something to that take. This was one of the first times, if not the first, that the upstart cryptocurrency world met the staid traditional finance world on its own turf, and engaged it on its own terms. The night was less about disruption and more about evolution, and it seemed to us at least that at some point soon, theres going to be something in the museum to represent bitcoin, something that extends the line of history just one step further.

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Publication Day!

Jan. 27 has arrived, and with it, the publication of The Age of Cryptocurrency (and a massive blizzard thats about to dump two feet of snow on the east coast, but thats another story). We are extremely excited to have finally made it to this day. The reception so far has been really quite positive, and were anxious to see how the book does now that its on bookshelves.

Our weekend essay in the Wall Street Journal is a good primer on the promise of bitcoin and cryptocurrencies, if you havent read the book yet. It will give you a taste of the direction were going in.

Also over the weekend, the Washington Post gave the book a very strong review. To their ample credit, Paul Vigna and Michael J. Casey, veteran Wall Street Journal reporters, resist the common temptation to hype their trendy subject, the finance writer Daniel Gross said. Theyve written a reported explainer that patiently documents bitcoins rise, acknowledges its flaws and highlights its promise. Smart and conscientious, The Age of Cryptocurrency is the most thorough and readable account of the short life of this controversial currency.

Heres an excerpt from our Journal essay:

No digital currency will soon dislodge the dollar, but bitcoin is much more than a currency. It is a radically new, decentralized system for managing the way societies exchange value. It is, quite simply, one of the most powerful innovations in finance in 500 years.

If applied widely to the inner workings of our global economy, this model could slash trillions in financial fees; computerize much of the work done by payment processors, government property-title offices, lawyers and accountants; and create opportunities for billions of people who dont currently have bank accounts. Great value will be created, but many jobs also will be rendered obsolete.

Continue reading

The book doesnt arrive for another two weeks, but today we published our trailer on YouTube. For this, we performed a relatively simple experiment: we went out into Times Square, and asked people, what is bitcoin? You can see for yourself what they said.

Yes, that is Mike Casey making an ever so brief cameo toward the end.

The Economist this week came out with its review of The Age of Cryptocurrency, saying, essentially, that its a serious book worth reading, one that digs deep into the reasons that bitcoin is significant as a topic, beyond all the manic stuff you read in the media.

Heres a clip, though wed recommend reading the whole thing:

For any book on bitcoin to be worth reading, though, it has to delve further: into the crypto-currencys ideological and technical roots, for instance, or what it adds to the narrative of money, or even what its economic and political impact may be. The currencys dollar price may be three-quarters down on its peak, but the underlying technology also provides plenty of intellectual fodderand is unlikely to go away. So there is plenty to write about if you are serious.

Paul Vigna and Michael Casey, two journalists at the Wall Street Journal, are certainly serious.

The tone is somewhat dismissive of bitcoin (The rise and fall of the crypto-currency is good news for authors at least), and it treats some of the other bitcoin books out there harshly. But it does highlight many of the big-picture issues we explore: the debate about the nature of money, and where cryptocurrencies lie within that; the potential to bootstrap the unbanked into the modern world, a slow-rolling revolution in finance. All in all, its a very positive review and were really pleased to get our first notice from such an august name.

Mike and I both received our first copies of the U.K. version of our book in the mail today, from our publisher The Bodley Head.

Our editor at Bodley Head, Stuart Williams, cut the title down to simply Cryptocurrency, (you can see the Random House page here) but otherwise its the same book. And, yes, that is a bullet on the cover. They really went for a statement with the title and imagery, which we like.

Weve seen a couple of the galleys of our U.S. edition, but this is the first actual copy Ive had in my hands. We put in an awful lot of work between the day we signed the contract and today. It feels very good to have the book arrive, to see the culmination of all that work here sitting next to me.

Here is the book on Amazons U.K. site. One nice little touch on the dust jacket is that they priced it in pounds, and bitcoin.

Cryptocurrency is available in the U.K. beginning Jan. 29 (and Jan. 27 here in the U.S.)

Publishers Weekly gave The Age of Cryptocurrency a starred review; heres what they had to say:

While many readers understandably have a hard time wrapping their heads around the concept of non-government-backed currency, journalists Casey (Ches Afterlife) and Vigna, who blog about cryptocurrency at the Wall Street JournalsMoneyBeat blog, here use their considerable expertise to make the Bitcoin phenomenon accessible.

They take a thorough, multidisciplinary approach to the topic, including a fascinating examination of the origin of money. The authors are appropriately cautious, warning that despite increased public awareness of Bitcoin, it remains a niche product, and the jury is still out
on how far and how quickly it and other digital currency will spread.

However, newcomers will gain a better understanding of the revolutionary potential of digital currency, especially for the roughly 2.5 billion people from Afghanistan to Africa to even America who have been shut out of the modern finance system. And the explication of the non-currency applications of the concepts behind Bitcoinsuch as tamper-proof records of verified informationwill be valuable to any reader. Agent: Gillian McKenzie, Gillian McKenzie Agency. (Jan.)

Anyone who doubts that bitcoin and its imitators are at the early stage of altering fundamentally the global payments systemif not the nature of money itselfwill find it difficult to resist Michael Casey and Paul Vignas admirably clear and judicious account. If the word blockchain makes you want to call a plumber, or if you think Satoshi is some kind of raw fish, you need to read The Age of Cryptocurrency today. If youre already a bit-convert, youll still learn a lot. Niall Ferguson, author of The Ascent of Money

Anyone who views bitcoin as a voodoo concept must read this totally comprehensible narrative outlining the history of money and how bitcoin might become a new and better currency. For those confused by bitcoin concepts, this clearheaded and readable book sets forth credible reasons why bitcoin might or might not be an evolving economic miracle. Arthur Levitt, 25th Chairman of the United States Securities and Exchange Commission

An invaluable book: a fascinating field guide to the phenomenon in which three of the most powerful forces shaping our world todaythe reform of finance, technological innovation, and the rejection of traditional politicsmeet. Felix Martin, author of Money: The Unauthorized Biography

The Age of Cryptocurrency not only demystifies and explains bitcoin, but also shows where it fits into the cultural zeitgeist and where its pointed, and what that may mean for our financial system. John Mauldin, New York Times bestselling author of Endgame

The thought-provoking Age of Cryptocurrency was a pleasure to read. The authors have successfully demystified cryptocurrencies like bitcoin so that even a traditionalist like myself can understand them and embrace their potential. And the references to money were so spot-on, they even taught this old dog some new tricks. Edmund C. Moy, 38th Director of the United States Mint, 2006-2011

Vigna and Casey unlock the mysteries of cryptocurrencies and their implications for the future of financial transactions in an engaging, lucid, and thought-provoking account. The technological developments described in this book will someday affect every one of us and I can think of no better guide to what the future holds. Eswar Prasad, author of The Dollar Trap

Even to a bitcoin skeptic like myself, Vigna and Caseys book is a fascinating journey into the cast of characters and oddballs behind the movement into the digital currency realm. Barry Ritholtz, CIO, Ritholtz Wealth Management

Thorough, multidisciplinary approach to the topic, including a fascinating examination of the origin of money newcomers will gain a better understanding of the revolutionary potential of digital currencyAnd the explication of the non-currency applications of the concepts behind Bitcoinsuch as tamper-proof records of verified informationwill be valuable to any reader. PublishersWeekly, starred review

Original post:
The Age of Cryptocurrency | How Bitcoin and Digital Money are ...