Research Associate: Conversations Around Bitcoin and Energy Have Been Oversimplified

In the almost decade long existence of Bitcoin, the network has repeatedly come under fire for the large amount of electricity required to secure it.

However, one researcher believes that the current discussion on energy use is largely redundant since it doesn’t take into account how the electricity itself is sourced or how technology evolves to become more efficient over time.

Banking Uses More Energy Per Year than Bitcoin Mining

It is no secret that the Bitcoin network uses a lot of electricity.

The tens of thousands of specialised hardware units constantly working to unlock new units of the digital currency are estimated to get through more power than a small nation such as Ireland every year.

Statistics like these have been used for years now to discredit the network. Some have even claimed that the experiment in decentralised money is a pending “environmental disaster.” However, one researcher from the University of Pittsburgh argues that such high power consumption needn’t be a cause for concern.

Katrina Kelly-Pitou outlined her position in an article posted to The Conversation earlier today. The research associate is well qualified to speak on such matters being as her field of expertise is electrical and computer engineering. She claims that the “conversation around Bitcoin and energy has been oversimplified.”

Firstly, she argues that new technology often starts out as being grossly inefficient. She cites data centres, computers, and automobiles as examples here, before reasoning that as technology progresses, more efficient solutions are found.

Kelly-Pitou then addresses the importance of renewable energy systems in terms of Bitcoin mining. She highlights that none of the research into the electricity demands of mining have taken into account whether the energy comes from green, renewable sources or whether it is from fossil fuels.

According to the research associate, Bitcoin mining is currently in the process of relocating from areas in which non-renewable energy is favoured – such as China – to places with much cleaner resources – Iceland and the Pacific Northwest.

During the article, it is also highlighted that the banking industry uses far more electricity per year than the Bitcoin network. Since this is the industry Bitcoin is most likely to disrupt, this observation is an interesting one.

Of course, Bitcoin doesn’t serve as many people as banking does yet, but the network’s current hashing power would allow it to remain just as secure if the number of users suddenly rose dramatically to match or exceed those using legacy banking infrastructure.

Based on these figures, a future financial system based around Bitcoin could actually be more energy efficient than the banking industry is at present. Granted, with the current infrastructure and limitations of the technology, this is a long way off. However, many other world-changing innovations were equally crude in their earliest forms. This is no reason to dismiss a technology.

In concluding, Kelly-Pilou states:

“So perhaps people should quit criticising bitcoin for its energy intensity and start criticising states and nations for still providing new industries with dirty power supplies instead.”

Featured image from Shutterstock.

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Create Your Own Crypto Token With BCH-Powered Cryptonize It

A BCH-Fueled Colored Coins Desktop Wallet Launches

Over the past few months, the idea of Bitcoin Cash powered token assets has been at the forefront of a lot of conversations. So far over the last few weeks, we’ve seen a slew of representative token creation platforms like Bitmain’s Wormhole, and Bitprim’s Keoken. Now, this week the developers at Cryptonize.it have launched a BCH-fueled Colored Coins multi-signature desktop wallet.

Also read: Powerful Cryptocurrency Firms on the Road Towards Becoming Banks

A BCH Colored Coins Wallet Released

This week the developers of the platform Cryptonize.it and Cashpay wallet have released a new colored coins protocol that makes it easy for anyone to create tokenized assets using the BCH protocol. With tokenized assets, users can issue tokens that represent nearly anything including precious metals, dollars, stocks, and coupons. For example, with the launch of the Colored Coins wallet, the Cryptonize team plans to issue a token called Cryptonized Cash (CC) and holders can use CC tokens to get discounts on exclusive products on Cryptonize.it. CC will be deployed when it’s integrated into Cashpay in the coming weeks the protocol’s lead developer tells news.Bitcoin.com.

A BCH-Fueled Colored Coins Desktop Wallet Launches
The Colored Coins wallet created by Cryptonize.it.

A Battle-Tested Token Creation Protocol

Since the launch other members of the community have been playing around with the platform issuing tokens. One of the administrators for the Slack channel bchchat, Joel Dalais, explained he issued some tokens called ‘Bchchat Slack Tokens’ and is using the tokens for people to gain entrance into the chat room. Further, there is now a coin called ‘Lightning Network Tokens’ (LNT) thanks to some other BCH proponents. Interestingly enough the newly created LNT tokens can operate on-chain and are lightning fast.

A BCH-Fueled Colored Coins Desktop Wallet Launches
BCH proponents create on-chain powered Lightning Network Tokens.

News.Bitcoin.com briefly chatted with Cryptonize founder and developer, Ari, who explains that even though there are a variety of other token asset platforms using bitcoin cash the Colored Coins wallet protocol is ‘battle-tested.’ Ari states the protocol is being implemented into the Cashpay wallet and his team is working with “existing SDK/service providers to include colored coins to make it super easy and lightweight.” The Cryptonize creator details that Copay based wallets already have colored coin plugins and wallet operators could easily integrate the implementation.

“We appreciate all the token efforts and are looking forward to all of them, but something this easy and effortless while battle-tested is hard to beat,” Ari explains to news.Bitcoin.com.   

A BCH-Fueled Colored Coins Desktop Wallet Launches
News.Bitcoin.com creating Posternut Power Tokens (PPT) on August 20.

Testing the Colored Coins Wallet and Creating Our Own Tokens

Furthermore, news.Bitcoin.com tested the Colored Coins wallet to see how easy it was to issue, receive, and store BCH-powered tokens. We deposited 1,832 bits ($1USD) worth of BCH into the wallet after backing up the wallet by writing down the 12-word mnemonic seed phrase. After the funds are deposited users can issue a token for an estimated fee of around 23 bits. We created 100 of our own ‘Posternut Power Tokens (PPT)’ in less than a minute after our funds registered into the desktop wallet. When issuing a token, users can add an icon or logo for the token, the token’s name, issuer’s name, the total number of tokens created, and some custom metadata as well. Additionally, we were sent some newly created ‘Ninja Cash’ tokens issued by the Ninja Association.

A BCH-Fueled Colored Coins Desktop Wallet Launches
Our first collection of BCH tokens includes Ninja Cash which was sent to us today for tetsing purposes.

Overall the Colored Coins wallet designed by the Cryptonize.it developers is fairly simple to use if you already know how to use any BCH wallet. Unlike Wormhole the platform has a friendly GUI and token creation takes less than a few minutes. However just like Wormhole and some of the other token creation platforms the project currently lacks compatibility with a friendly SPV client like a mobile wallet. Further, you can create and issue a token using the wallet but can’t do a change of issuance with the minted tokens. However, the Colored Coins wallet works very well, and if it can tether Cashpay compatibility and work with other SPV clients in the future the project could very well catch on.

What do you think about the BCH-powered Colored Coins wallet created by the Cryptonize.it team? Let us know what you think in the comment section below.


Images via Shutterstock, the Colored Coins wallet, and Jamie Redman


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH, and other coins, on our market charts at Satoshi Pulse, another original and free service from Bitcoin.com.  

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EP 103: Platforms Virtual Reality Now Accepting bitcoin!

On today's show I am privileged to be speaking with Luke Arthur Sykes, the co-owner of Platforms Virtual Reality and Gaming Cafƒ right here in Nashville, Tennessee. Luke helps bring us up to speed about what a VR/Gaming Cafƒ has to offer and about how it's much, much more than most people think it is. He also invites the Nashville community to come try a VR experience and a great selection of craft beers on tap. Bring your paper money, your plastic, or better yet '" pay the modern way with bitcoin. That's right, BTC, the modern way to pay at Platforms Virtual Reality and Gaming Cafƒ here in Nashville!

CREDITS & VALUABLE LINKS:

Platforms Virtual Reality & Gaming Cafƒ801 2nd Ave S.Nashville, TN 37210

Owners: Luke Arthur Sykes & Aidan Jones

Website:www.platforms.games

Facebook:www.facebook.com/platforms.games

Instagram:@platforms.games

Twitter:@platforms_games


Ode To Satoshi

https://www.youtube.com/watch?v=zEQ2nPSL5-0

Ode to Satoshi lyrics & melody by John BarrettCopyright 2014 RJM Publishing - BMI Nashville.

Lead Vocal, Harmony Vocals, Harmonica, Snare Drum: John BarrettHarmony vocals: John Barrett, Connie Sinclair and Lij ShawGuitar: Jonathan BrownMandolin: Ben MillerBass Guitar: Michael Rinne

Initial tracks recorded by Mark Thornton of Sidekick Sound Studios, Madison, TN. All other tracks Recorded, Mixed and Mastered at The Toy Box Studio, Nashville, TennesseeEngineer: Lij Shaw. Assistant to engineer: Don 'œThe Don' BatesProduced by John Barrett & Elijah 'œLij' Shaw

Special thanks to Alan Baird for his dobro, guitar and mandolin playing on many of the shows. Now that's some pickin man! Thanks also to Alex Munoz Guijarro for his excellent pedal steel playing on many of our shows.

Interviews for this episode were recorded and edited by John Barrett at The Tree House Studio - Nashville, Tennessee. All shows are produced by John Barrett with the moral support of his trusty sidekick Maxwell Rascalnikov CoyoTe Rex, aka Max.

Questions or Comments?

Email me to say Howdy!: howdy@bitcoinsandgravy.com

Visit the Website: BitcoinsAndGravy.com

Bitcoins and Gravy Tipping Addresses:

Bitcoin: 14RbXduu2sXKNHtKtRVAx8xQyGAubjY1dA

Litecoin: LgqYgxLTBPgr8C1JGLLJVLK4ZN1fveprAp

And if you don't feel like contacting me, just kick back, relax and enjoy the show.I hope you enjoy listening to my guests as much as I enjoy talking with them!

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Major Crypto Exchanges Collaborate to Create Self-Regulatory Organization

Four major cryptocurrency exchanges are teaming up develop a self-regulatory organization (SRO) that would work cohesively to develop rules, regulations, and to set new regulatory standards for the cryptocurrency and blockchain industry.

News of the potential SRO comes several months after the idea was first proposed by Cameron Winklevoss, co-founder of the Gemini exchange.

The self-regulatory organization is called the Virtual Commodity Association Working Group. It will be working to draft, and lobby, sets of regulatory measures that would reduce the amount of fraud and scams within the industry.

It would also help world governments to implement common sense and “do no harm” regulation to the crypto industry. If taken seriously by regulatory authorities, the group could become a powerful SRO group that could change the cryptocurrency markets for the better.

Self-Regulatory Organization Long in the Works

The four exchanges that have signed onto the Virtual Commodity Association Working Group are Gemini, Bittrex, Bitstamp, and bitFlyer USA.

Although unconfirmed, it is likely that the Winklevoss brothers, the two men at the head of the Gemini exchange, are the ones behind the creation of this group, as this has been a long-held idea by the brothers.

The news of the group comes five months after Cameron Winklevoss explained a very similar concept in a personal Medium post, where he outlined his idea, citing the proposed group’s purpose as:

“Foster financially sound, responsible, and innovative virtual commodity markets through a system of industry sponsored standards, sound practices, and oversight that promotes price discovery, efficiency, and transparency…Incentivize the detection and deterrence of manipulative and fraudulent acts and practices, including partnering with regulators and particularly the CFTC to share or refer information, as appropriate.”

The concept is not unconventional, as it is modeled off of similar organizations that exist within equities and securities markets. These groups are very similar conceptually in that they develop industry standards and work closely with regulators in order to reduce fraudulent practices while still allowing for innovation.

While speaking to Business Insider, the founder of CoinRoutes, Dave Weisberger, discussed the new group, saying:

“It is a great sign that multiple competing exchanges have recognized that working together, to improve the overall industry, in their mutual self-interest…Institutions are genuinely skeptical today over the fairness and data quality in the crypto market. At CoinRoutes, even though we help our clients consolidate the data, there is a lot of concern over the quality of the exchange data we aggregate as well as underlying manipulation. An industry SRO is a great start towards ameliorating those concerns.”

Winklevoss Twins Continue Moving Forward Despite Several Setbacks 

The development of a self-regulatory group is a win for the Winklevoss twins, who have been hit hard by several setbacks over the course of 2018.

Following the bull run at the end of 2017, Gemini exchange has seen declining trading volume ever since.  The brothers also have seen a drop in value of their personal cryptocurrency holdings, which supposedly account for a large portion of their net worth.

The worst setback for the brothers, however, was the denial of their exchange’s proposed ETF by the U.S. Securities and Exchange (SEC). This denial not only closed the chances for Gemini becoming the first issuer of a Bitcoin ETF, but it also negatively affected market sentiment, leading to a brief market sell-off.

Featured image from Shutterstock.

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BCH Stress Testers Will Put Pressure on the Network in Two Weeks

BCH Stress Testers Will Put Pressure on the Network in Two Weeks

On September 1, 2018, Bitcoin Cash ecosystem participants have plans to conduct a network stress test which will involve individuals and groups sending millions of transactions throughout the course of one day. With the BCH stress test day approaching soon, BCH proponents have been testing sending large amounts of small transactions at one time and have built tools that fan out hundreds of microtransactions at once.

Also read: Japan Roundup: Public Companies Unveil New Mining Plan, Exchange, Token Fund

Stress Testers Unite Hoping to Light Up the Bitcoin Cash Network with Millions of Transactions on September 1

In about two weeks, the Bitcoin Cash network will be tested for strength and reliability with the first of many stress tests planned. On September 1, 2018, BCH network participants plan on slamming the peer-to-peer system with a vast amount of transactions in a small period of time. Supporters of the community-driven stress test day are hoping to broadcast millions of transactions that day and some people have decided to practice early by lighting up the network with roughly 687,000 transactions in one day on August 1.

BCH Stress Testers Will Put Pressure on the Network in Two Weeks
August 1, 2018, 687,000 Bitcoin Cash transactions.

Scale.cash and Memo Games

Stresstestbitcoin.cash promoters want everyone to participate on September 1st, so a few individuals and groups have created transaction broadcasting tools to accelerate the process, and even some Memo.cash games. For example, the Twitter handle @SpendBCH_io has created a tool called Scale.cash that lets people send thousands of on-chain transactions all at once in a very simple way.

BCH Stress Testers Will Put Pressure on the Network in Two Weeks
Bitcoin.com’s Scaling Bitcoin Cash walkthrough.

The platform powered by Bitbox provides users with the ability to create a new wallet or import funds from an existing wallet. Users can simply deposit 15,000 to 1,300,000 satoshis to use the tool and the wallet can be backed up with a WIF, mnemonic, and proof of tx signature. Fan-out transactions require one confirmation to start broadcasting the rest, and after the first confirmation the platform will fire off in batches of 20 at 500txs per minute. The BCH developer and Bitbox creator Gabriel Cardona has written a step-by-step walkthrough for Scale.cash which can be found at Bitcoin.com’s developer portal.

BCH Stress Testers Will Put Pressure on the Network in Two Weeks
Scale.cash platform.

Users can also follow @StressTestBCH on Twitter for up-to-date information concerning September stress test day. Users can also play games on memo.cash if they want to participate that day. For instance, Yobits is throwing a challenge where users can guess the total number of transactions on stress test day. The guessing game is only 10,000 satoshis to play and the reward will go to the closest guess.

BCH Stress Testers Will Put Pressure on the Network in Two Weeks
Memo.cash guessing games.

Stress Test Preparations Have Propelled Record Breaking Transactions in One Day, While Also Invoking Very Large Blocks

Since June 29, transactions on the Bitcoin Cash chain have spiked considerably since people have been preparing for the stress test on September 1. Following that day the chain has seen transaction daily spikes of around 40,000- 100,000 tx per day and as mentioned above, cracked 687,000 on August 1. Stress testers are still continuously experimenting by sending hundreds of transactions at a time in preparation for the first of September and on August 19 the network processed 128,000 tx.

BCH Stress Testers Will Put Pressure on the Network in Two Weeks
August 19, 2018, 128,000 Bitcoin Cash transactions.

Meanwhile, as BCH participants throw thousands of transactions at the network, BCH miners have been occasionally processing very large blocks to clear the mempool. The day bitcoin cash shattered bitcoin core’s (BTC) daily transaction record, an unknown mining pool and Viabtc processed 3MB, 6MB, and 8MB blocks. On August 19, BCH miners such as BTC.com, Viabtc, and Coingeek processed a bunch of blocks between 1.5MB – 4.7MB clearing transactions in one fell swoop. Bitcoin Cash supporters are looking forward to September 1 so they can see millions of transactions thrown at the network, because they truly believe the protocol can handle the throughput. As the saying goes, the best way to find out is for supporters to put their money where their mouth is, by pushing the network to the limit.

What do you think about the BCH network stress test planned for September 1? Do you plan on participating? Let us know what you think about this subject matter in the comment section below.


Images via Shutterstock, Bitinfocharts, Memo.cash, and Bitcoin.com. 


Need to calculate your bitcoin holdings? Check our tools section. 

 

The post BCH Stress Testers Will Put Pressure on the Network in Two Weeks appeared first on Bitcoin News.

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BCH Stress Testers Will Put Pressure on the Network in Two Weeks

BCH Stress Testers Will Put Pressure on the Network in Two Weeks

On September 1, 2018, Bitcoin Cash ecosystem participants have plans to conduct a network stress test which will involve individuals and groups sending millions of transactions throughout the course of one day. With the BCH stress test day approaching soon, BCH proponents have been testing sending large amounts of small transactions at one time and have built tools that fan out hundreds of microtransactions at once.

Also read: Japan Roundup: Public Companies Unveil New Mining Plan, Exchange, Token Fund

Stress Testers Unite Hoping to Light Up the Bitcoin Cash Network with Millions of Transactions on September 1

In about two weeks, the Bitcoin Cash network will be tested for strength and reliability with the first of many stress tests planned. On September 1, 2018, BCH network participants plan on slamming the peer-to-peer system with a vast amount of transactions in a small period of time. Supporters of the community-driven stress test day are hoping to broadcast millions of transactions that day and some people have decided to practice early by lighting up the network with roughly 687,000 transactions in one day on August 1.

BCH Stress Testers Will Put Pressure on the Network in Two Weeks
August 1, 2018, 687,000 Bitcoin Cash transactions.

Scale.cash and Memo Games

Stresstestbitcoin.cash promoters want everyone to participate on September 1st, so a few individuals and groups have created transaction broadcasting tools to accelerate the process, and even some Memo.cash games. For example, the Twitter handle @SpendBCH_io has created a tool called Scale.cash that lets people send thousands of on-chain transactions all at once in a very simple way.

BCH Stress Testers Will Put Pressure on the Network in Two Weeks
Bitcoin.com’s Scaling Bitcoin Cash walkthrough.

The platform powered by Bitbox provides users with the ability to create a new wallet or import funds from an existing wallet. Users can simply deposit 15,000 to 1,300,000 satoshis to use the tool and the wallet can be backed up with a WIF, mnemonic, and proof of tx signature. Fan-out transactions require one confirmation to start broadcasting the rest, and after the first confirmation the platform will fire off in batches of 20 at 500txs per minute. The BCH developer and Bitbox creator Gabriel Cardona has written a step-by-step walkthrough for Scale.cash which can be found at Bitcoin.com’s developer portal.

BCH Stress Testers Will Put Pressure on the Network in Two Weeks
Scale.cash platform.

Users can also follow @StressTestBCH on Twitter for up-to-date information concerning September stress test day. Users can also play games on memo.cash if they want to participate that day. For instance, Yobits is throwing a challenge where users can guess the total number of transactions on stress test day. The guessing game is only 10,000 satoshis to play and the reward will go to the closest guess.

BCH Stress Testers Will Put Pressure on the Network in Two Weeks
Memo.cash guessing games.

Stress Test Preparations Have Propelled Record Breaking Transactions in One Day, While Also Invoking Very Large Blocks

Since June 29, transactions on the Bitcoin Cash chain have spiked considerably since people have been preparing for the stress test on September 1. Following that day the chain has seen transaction daily spikes of around 40,000- 100,000 tx per day and as mentioned above, cracked 687,000 on August 1. Stress testers are still continuously experimenting by sending hundreds of transactions at a time in preparation for the first of September and on August 19 the network processed 128,000 tx.

BCH Stress Testers Will Put Pressure on the Network in Two Weeks
August 19, 2018, 128,000 Bitcoin Cash transactions.

Meanwhile, as BCH participants throw thousands of transactions at the network, BCH miners have been occasionally processing very large blocks to clear the mempool. The day bitcoin cash shattered bitcoin core’s (BTC) daily transaction record, an unknown mining pool and Viabtc processed 3MB, 6MB, and 8MB blocks. On August 19, BCH miners such as BTC.com, Viabtc, and Coingeek processed a bunch of blocks between 1.5MB – 4.7MB clearing transactions in one fell swoop. Bitcoin Cash supporters are looking forward to September 1 so they can see millions of transactions thrown at the network, because they truly believe the protocol can handle the throughput. As the saying goes, the best way to find out is for supporters to put their money where their mouth is, by pushing the network to the limit.

What do you think about the BCH network stress test planned for September 1? Do you plan on participating? Let us know what you think about this subject matter in the comment section below.


Images via Shutterstock, Bitinfocharts, Memo.cash, and Bitcoin.com. 


Need to calculate your bitcoin holdings? Check our tools section. 

 

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BitConnect’s Alleged Ringleader Arrested in India: Local Reports

BitConnect Ringleader Arrested in India: Local Reports

Nearly eight months to the day after the ponzi scheme BitConnect exit scammed, the sins of the project have caught up to one of its figureheads.

Divyesh Darji, the alleged leader of BitConnect’s Asian team, was arrested this Saturday, August 18, 2018, in the Delhi airport by the Gujarat Criminal Investigation Department (CID). In cooperation with the country’s immigration task force, the authorities booked Darji after he arrived from Dubai, United Arab Emirates, his place of residence.

According to P. G. Narwade, a CID inspector involved in the case, “[a] look-out circular was issued against [Darji],” leading to the Immigration Department’s tip that he was en route to India from Dubai.

“The accused held seminars, events in India and other countries promising high interest — daily interest rate of 1 per cent — on investment in BitConnect coins. The cost of one BitConnect coin on January 16, 2018, when the company shut down, was USD $362,” Narwade said.

The CID’s report on the incident claims that BitConnect ran off with roughly $14.5 million worth of investor funds when the platform went down. In the weeks before the exit scam, BCC, BitConnect’s coin, peaked at an all-time high of $472. A week after the platform shuttered its services, the price of BCC had plummeted to below $15. Now, with a price of $0.67, the coin has no active markets.

Since its inception in 2016, U.K.-registered BitConnect operated as a lending service that promised 1 percent interest daily, and the platform itself featured its own exchange and wallet. Upon going defunct in January of 2018, BitConnect’s team — who, during its operation and in the aftermath of its cessation, never revealed themselves — told investors that they would keep wallet services running despite closing the exchange and lending platform.

In addition, all bitcoin invested in the lending platform was transferred into BCC at an exchange rate of $363.62 and returned to their respective investors. Given the subsequent depreciation of BCC following the service’s closure, these funds did not come out to cover these users’ original investments, resulting in enormous losses.

In the since-removed blog post explaining their reasoning for shutting down the platform, the BitConnect team insisted that bad press and pressure from international governments forced their hand. Cease-and-desist orders from British, South Carolinian and Texan officials began piling up in the beginning of 2018. These notices seemed to corroborate the suspicions of crypto community members, including Vitalik Buterin and Charlie Lee, that insisted the service was a classic pyramid scheme.

The fallout of the service’s closure confirmed these concerns, and a handful of class action suits have surfaced to seek recompense for damages.

This article originally appeared on Bitcoin Magazine.

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