Cryptocurrencies ‘could drop to near-zero at any time,’ Ethereum founder warns
- Cryptocurrencies are a nascent asset class and could fall violently at any time, the founder of blockchain network Ethereum warned on Saturday.
- Cryptocurrencies have recovered slightly from a severe sell-off which saw the market lose as much as $100 billion in market value in a single day.
- Bitcoin recovered to a price above $10,000 last week after falling as low as $5,947.40 the week before.
- Ethereum is a blockchain network; blockchain is the technology that underpins cryptocurrencies.
- It maintains a continuously growing record of cryptocurrency transactions across a decentralized network.
- Buterin is one of many popular figures who has been impersonated on Twitter by scammers promoting questionable cryptocurrency offers.
- These accounts often ask users to send an amount of cryptocurrency in exchange for a larger amount.
- The Ethereum co-founder warned users not to trust people offering cryptocurrency on Twitter.
- Christopher Giancarlo, have been impersonated on Twitter by such scammers.
Why Decentralization Matters
- During the second era of the internet, from the mid 2000s to the present, for-profit tech companies — most notably Google, Apple, Facebook, and Amazon (GAFA) — built software and services that rapidly outpaced the capabilities of open protocols.
- The bad news is that it became much harder for startups, creators, and other groups to grow their internet presence without worrying about centralized platforms changing the rules on them, taking away their audiences and profits.
- Cryptonetworks combine the best features of the first two internet eras: community-governed, decentralized networks with capabilities that will eventually exceed those of the most advanced centralized services.
- Early internet protocols were technical specifications created by working groups or non-profit organizations that relied on the alignment of interests in the internet community to gain adoption.
- Cryptonetworks fix these problems by providing economics incentives to developers, maintainers, and other network participants in the form of tokens.
Why Edward Snowden supports anonymous cryptocurrencies
- With the exception of anonymous cryptocurrencies, the lack of privacy measures on most leading public blockchain networks is a real cause for concern.
- Lead developer at Monero — the first multi-billion dollar trading platform in the cryptocurrency market — Riccardo Spagni, argued that privacy is crucial for a number of reasons.
- By market valuation, Dash and Monero remain the leading anonymous cryptocurrencies, with the latter receiving high praise for its secure technology and active developer community.
- Last year Jaxx, a cryptocurrency wallet which supports a variety of digital currencies, including Zcash and Dash, announced that it had canceled its integration of Monero for technical reasons.
- Technical difficulties integrating Monero has led public blockchain networks to choose Zcash over Monero as a means of improving privacy measures.
- It is very unlikely that this will to lead to technical issues when it’s integrated by other public blockchain networks, including Ethereum.
Bitcoin Mining Facility Interferes With T-Mobile’s LTE Network
- US Federal Communications Commission (FCC) revealed in an official “notification of harmful interference” document that a bitcoin mining facility based in Brooklyn, New York interfered with T-Mobile’s LTE network by sending harmful radio emissions to the telecom’s 700 MHz band.
- The FCC emphasized continuous interference with the telecom’s mobile network through the utilization of bitcoin miners is against federal laws, and the failure to cease operations or prevent the device in question from emitting harmful radio emissions to the LTE network of T-Mobile is in violation of an FCC regulation.
- Most bitcoin mining facilities and centers are based in regions with cold climate and cheap sources of electricity.
- Miners seldom base their operations in cities like New York, due to expensive land, resources, and electricity.
- Hence, cryptocurrency miners do not normally based their operations or establish mining facilities in the state of New York.
How Machinima plotted its strategic rebranding across platforms
- Warner Bros.’s digital video site Machinima rebranded this week as it makes a bigger push to expand beyond its YouTube roots to all the new platforms where gamers celebrate their culture.
- One is taking the opportunity to look at Machinima’s future path and tighten our focus, message our forward direction, but also to celebrate the integration of Machinima into Warner Bros., which happened about a year ago.
- Warner Bros., when they first acquired Machinima, I think there was an awareness along the lines of, “We don’t know what we don’t know in the landscape of digital media.” The team has done a great job of becoming a partner to different divisions across the company, whether it’s been working with Warner Bros.
- The way we’re reaching out to your talent network and our influencers, we’ve selected some of our top influencers to get a bit of counter-programming to Valentine’s Day. We think gamers need love, so we’re sending them giant boxes of chocolates with the new Machinima branding.
Crypto is forcing banks to innovate for the first time in 40 years
- Domestic bank transfers in the Land of the Free typically transact through an electronic network known as ACH… another slow and cumbersome platform that often takes 2-5 days to transfer funds.
- And beyond the US and Australia, there are other examples of banking systems around the world joining the 21st century and making major leaps forward in their payment system technologies.
- The rapid rise of Bitcoin and other cryptocurrencies proved to the banking system that it's possible to conduct real-time [or near-real-time] transactions, and not have to wait 2-5 days for a payment to clear.
- Combined with other new technologies like Peer-to-Peer lending platforms, fundraising websites, etc., consumers are now able to perform nearly every financial transaction imaginable- deposits, loans, transfers, etc.- WITHOUT using a bank.
- So, now that banks have finally figured out how to conduct thousands of transactions per second in real-time, they clearly have superiority.
Waymo granted a permit to operate as a Transportation Network Company in Arizona
- On Friday, we discovered that Waymo, the self-driving Google spinoff, has been granted a permit to operate as a Transportation Network Company in the state of Arizona.
- This means that it can launch an official ride-hailing service and start charging customers for their journeys.
- It also confirms the findings of a recent report that put Waymo at the front of the autonomous vehicle pack, meaning my colleague Tim Lee was right when he said the launch of a commercial operation by Waymo in Arizona was imminent.
- Arizona has become a popular state for autonomous vehicle programs.
- In recent months, self-driving cars have become commonplace in the city.
- Waymo has been running a pilot program that lets people hail rides in its cars, at first with safety engineers riding in the driver’s seat, but fully driverless since November 2017.
Leveraging Bitcoin to Solve Venezuela’s Hyperinflation
- We intend to raise at least $300 million worth of real hard-earned Bitcoin capital, and electronically airdrop a large portion of it onto Venezuelans.
- I’m fully aware that we may not be successful for a multitude of reasons, but nothing can possibly be worse than what is already happening in Venezuela, so it’s worth a try.
- Every Bitcoiner I’ve spoken to has indicated that they would be happy to donate 1% of their holdings for the cause, knowing that if the mission is successful, that this will likely increase the value of the remaining 99% of their holdings, due to a massive uptick in real-world utility and attention, and thus demand.
- PS: If you want to know why I think Bitcoin is the best long-term store of value the world has ever seen, just check out the supply curves in the below right hand column.
Cisco staffers have an inside joke that shows how badly the 34-year-old company is trying to re-invent itself
- Cisco is betting that this cloud offering, along with its subscription-based revenue model, will pave the way forward from its legacy hardware business.
- Cisco's latest release, the Catalyst 9000 series of switches, was announced in June with a subscription model in which customers buy the switch hardware, and separately subscribe to software offerings for a set period of time.
- It's a model familiar to most consumer tech users, where the customer pays to access the latest version a software for a set period of time, and keeps paying to retain access.
- Cisco's old model, and the one that most of its legacy products still use, is a licensing model, where customers buy editions of software.
- That software is theirs to use until the end of time, but if they want the latest updates, they have to license a new edition.
Facebook ordered to delete illegally collected data by Belgian court
- The court ruled on Friday that Facebook had broken privacy laws by tracking people on third-party sites in the latest salvo in a long-running battle between the Belgian commission for the protection of privacy (CPP) and the social network.
- The battle between Belgium and Facebook has been running since 2015, when the CPP commissioned a report by researchers from the University of Leuven, which found that Facebook’s tracking of all visitors without explicit consent using cookies breached EU law.
- The CPP, which does not have powers to directly penalise companies, took Facebook to court later that year for its alleged “trampling” over Belgian and EU privacy law after failing to come to an agreement with the social network following the report’s findings.
- Facebook also disputed the use of English in the ruling including the words “browser” and “cookie”, which the social network said was against Belgian law that stipulates only Dutch, French or German may be used.