Op-Ed: The Biggest Problem Bitcoin has are bitcoins
Here’s a revolutionary technology and using it requires stepping on pebbles in a market with a 5 billion dollar capitalization but 1/500th the liquidity and depth of a stock with a similar market cap. There is no question, and you don’t have to be an expert to verify this - it is intuitive: No matter how pretty the interface, no matter how canny the copy, if your product is an easy way for people to buy a highly speculative financial instrument that might pay or cost them over the hour it takes to move across the blockchain and sell elsewhere, then you are going to find a limited audience.....
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We all know that bitcoin miners spend their time earning money by computing the huge number of sums that secure the bitcoin network. The problem is that this sizeable resource doesn't have any other use. It also takes a lot of energy to run. However, there are alternatives to this way of working, offering more intrinsic purpose to all that computational power. The latest one comes from a research team that wants to use a cryptocurrency network to store archival data. Say hello to permacoin. What is proof of work? Bitcoins are 'mined' using computing power, in a process known as 'proof of....
Do you know where your bitcoins are right now? Hopefully they're still in your wallet where you left them, but the history of bitcoin is littered with human error, poorly implemented software and heists that would make even the most hardened of Wild West outlaws tip their hat in respect. Bitcoin is a man-made, open-source technology - not a gift handed down from the heavens. Just to drive that point home, here are the nine biggest screwups in bitcoin history. 9. That time someone hacked 92 billion BTC into existence. On 8th August 2010 bitcoin developer Jeff Garzik wrote what could be....
We have a problem. There is a problem with cryptocurrency, How do we police crypto? A big problem, and that problem is that many members of the general public see it as just another scam. Why do they believe this? Well, the fiasco at Mt Gox is one reason, the well publicised losses at Fortress are another, Flexcoin and Poloniex are just two more and then there are the cryptocoins they can buy on sites such as eBay, completing the transaction just days before the value drops and yet another pump and dump scheme reaches its climax. Crypto is certainly getting bad press and to be fair it does....
14 hours ago, users began reporting about the "biggest sell wall I've ever seen": a 31 000 bitcoin sell wall appeared mysteriously at 300 USD per bitcoin on Bitstamp. I must agree, this is the biggest sell wall I've ever seen. One thing that amazes me is how little the market has moved in those 14 hours since the Sell Wall of Death. 31 000 bitcoins is Now 15 000 bitcoins. Not only has the market refrained from panic selling below 300 USD per btc (where 275 USD became the lowest point), people are even chomping the Bitcoin sell wall. If you watch the order book and the live trades you can....