Archiv des Autors: bitauction

Unpacking Fed’s Smoke and Mirrors in Jacksonhole – FED 62

Unpacking Fed’s Smoke and Mirrors in Jacksonhole – FED 62

Hosts: Christian Keroles and Ansel Lindner

In this episode of Bitcoin Magazine’s ‚œFed Watch‘ podcast, we respond to Chairman Powell’s comments at Jackson Hole on 27 August. We listen to several important sound bites and discuss it along the way. Powell was expected to announce a Fed taper, where they begin to shrink their monthly purchase of securities in QE.

We have often said that Powell is somewhat of a straight shooter relative to other central banks of the past and present. We also are hesitant to ever agree with a Federal Reserve Chairman, but in this case, we find many points to agree on.

Bitcoin is beginning to naturally fit into every discussion on central banks and the international financial system. We touch on bitcoin throughout this episode.



Quelle: OpenPR

Unhashed Podcast – Cardano State Machines

Unhashed Podcast – Cardano State Machines

In this week’s episode, the tit is moving (again) so Ruben Bryan and Colin walk through the finer points why DeFi insurance DAOs also need insurance, we give another toot to El Sal legal tender law, Tips on Twitter, and, finally, an analysis of the first live Dapp on Cardano testnet! Look out!

  1. From CoinTelegraph, In a candid open letter, the lead contributor of Cover and Ruler Protocol, ‚œDeFi Ted,‘ announced the protocol will close its virtual doors in the near future, citing a mass developer exit as the primary reason for the project’s conclusion. Launched earlier this year, the Ethereum-based decentralized finance (DeFi) insurance marketplace enabled users to stake Cover tokens as collateral and receive insurance payouts if their assets in other DeFi protocols are hacked or rug-pulled. In December 2020, the Cover protocol suffered a catastrophic exploit when a hacker minted 40 quintillion tokens, stratospherically increasing the token supply and effectively rendering the project valueless, a hypothesis confirmed with the consequential 97% price plummet. in a drastic turn of events becoming more commonplace in the market, the hacker consciously returned the funds, and attached the stern message, ‚œNext time, take care of your own shit.‘ Despite the compassionate return of funds, serious damage was inflicted on the protocol both in terms of tokenomics value and cultural reputability.

  2. From FastCompany.com, On Sept. 7, 2021, El Salvador will become the first country to make bitcoin legal tender. The government even went a step further in promoting the cryptocurrency’s use by giving $30 in free bitcoins to citizens who sign up for its national digital wallet, known as Chivo, or ‚œcool‘ in English. Foreigners who invest three bitcoins in the country'“currently about $140,000′“will be granted residency. Legal tender refers to money'“typically coins and banknotes'“that must be accepted if offered in payment of a debt. The front of every U.S. banknote states, ‚œThis note is legal tender for all debts public and private.‘ This statement has been enshrined in federal law in various forms since the late 1800s.

  3. In celebration of the El Sal law, a grassroots twitter effort has started to gain momentum for a market buy of $30 per person. From Michael Saylor, ‚œOn September 7, El Salvador will officially begin using #Bitcoin as its national currency alongside the U.S. dollar. Every cyber hornet I know is planning to buy $30 in BTC tomorrow in solidarity with the people of #ElSalvador and their leader @nayibbukele. Will you join us?

  4. Twitter is now testing the ability to tip users in Bitcoin through Jack Maller’s lightning network app Strike, according to The Block and a post on MacRumors. According to The Block, the new lightning service will be Strike enabled and also support Square’s forthcoming hardware wallet. The company also lists Blue Wallet and Wallet of Satoshi as examples of custodial wallets and Breez, Muun, Phoenix and Zap as examples of non-custodial wallets. Twitter will also use Strike to produce Bitcoin invoices. For now, Twitter users will need a Strike account to receive tips in Bitcoin. „We use Strike to generate Bitcoin Lightning invoices so you’ll need to connect your account to accept Bitcoin tips,‘ the instructions read. The Bitcoin developments at Twitter follow through with promises by CEO Jack Dorsey made in July. It was implied then that Bitcoin would be enabled in the Tip Jar service. He suggested also that Bitcoin

  5. From @Sassal0X on twitter, The first dapp went live on Cardano today and ADA fanboys are finally discovering that you can’t peer review your way out of fundamental issues. From the r/Cardano reddit, ‚œLooks good, but when i try to swap things, all im getting is ‚œTransaction Fail: UTXOs are being used this block. Please wait 20-40 seconds and try again‘ Reply : Unfortunately, and I hate to say it because it might be a bit painful, critic have been discussing this for years trying to understand how in the world Cardano is going to implement smart contracts with a UTXO model (which effectively means an app like Uniswap can only handle one TX per block). They’ve yet to an answer to this question. ‚ People need to ask such stuff to Charles on his YouTube AMA streams, rather than his thoughts on Afghanistan or something. Reply: They did and he laughed it off. Said people should learn more about eUTXO and it’s a non-issue. — Reply from @LarsBrunjes, the ‚œDirector of Education at @InputOutputHK‘ and PhD in Pure Mathematics ‚œYou are right, this is an issue. But our scientists are already thinking of ‚œconcurrent state machines‘ that can address this.

  6. The Securities and Exchange Commission is investigating the startup behind one of the biggest cryptocurrency exchanges, as regulators probe further into parts of the digital-asset market that have resisted oversight, according to people familiar with the matter. Regulators are examining Uniswap Labs, the main developer of the world’s largest decentralized exchange, called Uniswap, the people said. Enforcement attorneys are seeking information about how investors use Uniswap and how it is marketed, the people said. A spokesman for Uniswap Labs said the company is ‚œcommitted to complying with the laws and regulations governing our industry and to providing information to regulators that will assist them with any inquiry.‘ An SEC spokeswoman declined to comment, saying the agency doesn’t confirm or deny investigations. The developers often say they no longer control the protocols, which could diminish their liability under securities laws. SEC Chairman Gary Gensler has said DeFi projects aren’t immune from regulatory scrutiny. They may still be controlled by developers or middlemen that benefit from incentives such as trading fees and digital tokens that give holders governance rights over the program, he has said. ‚“ https://archive.is/ewYN



Quelle: OpenPR

Bitcoin Magazine Podcast – Making Bitcoin Successful in El Salvador with Jose Lemus

Bitcoin Magazine Podcast – Making Bitcoin Successful in El Salvador with Jose Lemus

Today CK sits down with Jose Lemus, the founder of IBEX Mercado, to talk about the exciting developments in the El Salvadorian Bitcoin space! At the time of this recording, Bitcoin is about to be announced as legal tender in the country, and so by the time you listen to this conversation, that will be official! While this is exciting news for El Salvador, its people, and future, there is still some way to go before Bitcoin and the Lightning Network will be able to truly spread in the country and impact its economy on a massive scale. Jose shares some of his insider perspectives on the El Salvadorian situation and we talk about some of the potential hurdles, Bitcoin’s scalability, the vision for IBEX, and the forthcoming months following the big announcement about Bitcoin becoming legal tender. Jose is dedicated and passionate about the spread of this technology and his long-term perspective and big picture mentality are hugely inspiring. For all this, be sure to listen in with us today!



Quelle: OpenPR

Meet the Taco Plebs – Bitcoin Doesn’t Have to be Complicated with Nameless

Meet the Taco Plebs – Bitcoin Doesn’t Have to be Complicated with Nameless

Bitcoin can be a daunting thing to learn about. It involves the study of several different fields, from computer science to economics. At Bitcoin Magazine, we always hope to be able to educate our readers on the basics of Bitcoin. We offer a guides section, and have a large selection of books in our store. One of my parts about the magazine are contributor articles designed to simplify complex ideas. Nameless, one of our contributors here at the magazine, has sent in several of these articles, including ‚œA Gentle Introduction To The Lightning Network,‘ ‚œSo, What Are Bitcoin Miners Actually Doing?‘ and ‚œAn Overview Of Bitcoin’s Cryptography.‘

All of these articles are extremely high quality, and they take some of the more difficult to grasp subjects in Bitcoin and simplify them for the reader.



Quelle: OpenPR

Bitcoin Audible – Read_554 – Finding Financial Freedom in Afghanistan [Alex Gladstein]

Bitcoin Audible – Read_554 – Finding Financial Freedom in Afghanistan [Alex Gladstein]

‚œFarzan and her family traveled by foot, car and train thousands of miles through Iran and Turkey, finally making it to Germany in 2017. Along the way, dishonest middlemen and common thieves stole everything they brought with them, including their jewelry and cash. At one point, their boat crashed, and more belongings sank to the bottom of the Mediterranean. It’s a tragic story familiar to so many refugees. But in this case, something was different. Through it all, Farzan was able to keep her bitcoin, because she hid the seed to her Bitcoin wallet on a piece of tiny, innocuous-looking paper. Thieves could not take what they could not find.‘ – Alex Gladstein

You don’t want to miss another excellent piece in the incredible ongoing works by Alex Gladstein. Thanks to Bitcoin Magazine for this incredible work and continuing to put out so much incredible stuff for the Bitcoin space!

Check out the article below for links to dig further and a huge collection of other excellent works at Bitcoin Magazine:

https://bitcoinmagazine.com/culture/bitcoin-financial-freedom-in-afghanistan

Huge thanks to the amazing Bitcoin Magazine & LTBNetwork for the incredible content they produce in the Bitcoin space!

Don’t forget to check out our awesome sponsors!

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Quelle: OpenPR

Unhashed Podcast – No Tendies for BTC in China

Unhashed Podcast – No Tendies for BTC in China

On this episode of the Unhashed Podcast, we talk Coinbase 2FA slipups, the normalization of Ethereum consensus failures, anti-bitcoin protests in El Salvador, and IMF & CCP critiques of bitcoin. Lastly, we encourage Colin to stop farting on people on planes.

  1. Customers of leading United States crypto exchange Coinbase have spent the weekend panicking after the exchange mistakenly sent emails to users stating that their two-factor authentication (2FA) settings had been changed. On Friday, Coinbase accidentally sent the email to 125,000 of its customers, resulting in widespread public backlash. Coinbase took to Twitter on Sunday to apologize for the mishap, stating, ‚œWe’re laser-focused on building trust and security into the crypto community so that the open financial system we all want is a reality. We recognize that issues like this can hurt that trust.‘ Despite Coinbase’s apology, many of its users reported taking significant measures in response to the email while fearing that their accounts were being targeted by hackers, including overhauling security settings and liquidating their crypto holdings. Comments on the exchange’s social media also suggest that numerous customers were unable to access the Coinbase app for several days after the incident. ‚œWe will continue to work to gain back the trust of every one of our customers who was impacted by those notifications,‘ Coinbase added. The firm also announced it is reimbursing users with $100 worth of Bitcoin (BTC). ‚“ https://cointelegraph.com/news/users-panic-after-coinbase-mistakenly-sends-2fa-reset-notices-to-customers

  2. Ethereum experienced a chain split due a number of network validators, also called nodes, failing to upgrade their software. On Aug. 24, the developer team behind the popular Ethereum software client Geth released an emergency hotfix to a security vulnerability in its code that would have prevented certain users from producing blocks. The Go Ethereum team had disclosed a vulnerability on Aug. 18, saying they would release a patch, but did not specify the exact nature of the vulnerability in an effort to prevent an attack: ‚œThe exact attack vector will be provided at a later date to give node operators and dependent downstream projects time to update their nodes and software,‘ wrote Ethereum team lead Pƒter Szilƒgyi in Aug. 24 GitHub patch notes. However, it would seem some users identified the exploit that was hotfixed by the Geth team and are currently exploiting older versions of the Geth software. Though the Geth team emphasized that all users should upgrade their software immediately, only about 30% of users upgraded to the latest version, according to data from ethernodes.org. As background, Geth is the most relied-upon software to connect to the Ethereum blockchain, being run by roughly 75% of the users. This is not the first time Ethereum has experienced a chain split due to users running outdated versions of Geth. In November, the Ethereum network saw a similar disturbance after users failed to upgrade to the latest Geth release, version 1.10.X. At the time, Geth developers said the event was due to a lack of communication about the urgency of the upgrade. ‚“ https://www.coindesk.com/tech/2021/08/27/ethereum-faces-chain-split-as-node-operators-fail-to-update-geth-hotfix/

  3. Hundreds of protesters took to the streets of El Salvador to raise their voices against President Nayib Bukele’s decision to make Bitcoin (CRYPTO: BTC) legal tender. What Happened: On Sept 7, Bukele will introduce the much-debated Bitcoin Law in the country. According to the text of this Law, all economic agents must accept Bitcoin along with the dollar as a means of payment. Bukele says that the Bitcoin Law will benefit the people and save close to $400 million in remittance commissions. In addition, it will guarantee instant and more secure financial transactions. But the people of El Salvador are not entirely convinced with it. Hundreds of protesters, including workers, veterans, and pensioners, marched through San Salvador to voice their concerns about the use of cryptocurrency. They are worried that with the law, they will be paid in crypto for their pensions and welfare instead of the US dollar. There is also a concern that people don’t understand the technology needed to use crypto-currency. „We know this coin fluctuates drastically. Its value changes from one second to another, and we will have no control over it,“ Stanley Quinteros, a member of the Supreme Court of Justice’s workers‘ union, told Reuters. Protesters are wary that the introduction of Bitcoin may encourage corruption which is already seen within its borders. However, as per the law, it does not mean that everyone has to conduct their transactions in the cryptocurrency.

  4. The International Monetary Fund (IMF) heavily criticized El Salvador’s decision to adopt Bitcoin (CRYPTO: BTC) as a legal tender. Alongside a blog post published on Sunday, the IMF tweeted that the risk of „privately issued crypto assets like Bitcoin“ makes it so that „making them equivalent to a national currency is an inadvisable shortcut.“ In its blog post, the IMF admits that digital assets „have the potential to provide cheaper and faster payments, enhance financial inclusion, improve resilience and competition among payment providers, and facilitate cross-border transfers.“ Still, the institution points out that creating the „requires significant investment as well as difficult policy choices.“ For this reason, the IMF considers adopting Bitcoin to be a shortcut on El Salvador’s part: it adopted a preexistent system instead of creating a custom-made one. The institution admits that many cryptos are secure, easy to access, and cheap to transact but claims that „in most cases risks and costs outweigh potential benefits.“ For instance, the post claims that crypto’s „value is just too volatile and unrelated to the real economy.“ The IMF also warned that the widespread adoption of a crypto asset such as Bitcoin could hurt macroeconomic stability. The regulator claims that „if goods and services were priced in both a real currency and a crypto asset, households and businesses would spend significant time and resources choosing which money to hold as opposed to engaging in productive activities.“ Furthermore, adopting crypto exposes exchange rate risk if taxes were quoted in advance in it, while expenditures remained mostly priced in fiat currency or the reverse. Lastly, the IMF raises concern that Bitcoin mining consumes „an enormous amount of electricity“ and consequently, „the ecological implications of adopting these crypto assets as a national currency could be dire.“

  5. This week, the People’s Bank of China said Bitcoin has no value. Bitcoin, and other cryptocurrencies „are not legal tenders and have no actual value support,“ Deputy Director of the Financial Consumer Rights Protection Bureau of the People’s Bank of China, Yin Youping, said in the local Chinese language press on August 27. And China is not the only one. On August 13, Russia’s Central Bank called it a ‚œtechnological financial pyramid scheme.‘ First Deputy Governor of the Bank of Russia, Sergey Shvetsov, likened buying Bitcoin to „entering a minefield“ and said the local stock exchange should not list any companies that trade in Bitcoin (think the local version of Coinbase). UK central bankers said the same a month earlier, on July 18, when the Bank of England’s FinTech Director, Tom Mutton, said ‚œBitcoin, given its performance shortcomings and energy inefficiency, is in no way a relevant comparison for the sort of technology we might use in a central bank digital currency,‘ Coindesk reported him saying. And also…the US – On July 16, Jerome Powell said during testimony to Congress that the Fed’s ongoing research into a digital dollar would probably just render Bitcoin obsolete. ‚œYou wouldn’t need stablecoins, you wouldn’t need cryptocurrencies, if you had a digital dollar,‘ he said. And finally, Japan in late May, Bank of Japan governor Haruhiko Kuroda said Bitcoin was basically a casino chip used for highly speculative gambling – ‚œNo one really uses Bitcoin as a means of settlement.‘

  6. Market Rebellion ‚“ $DOGE accounted for 17% of Robinhood’s transactional revenue in Q2 ‚“ https://twitter.com/MarketRebels/status/1428177769855336449

  7. Tascha ‚“ If you make a NFT of a real diamond, and the diamond itself gets destroyed in a fire tomorrow, you still have the same asset. Because the token still exists and is in limited supply just as before. Nothing has changed. What NFT is doing to the concept of asset, few understand. ‚“ https://twitter.com/RealNatashaChe/status/1429576700346748938

  8. Mikeinspace ‚“ Ethereum has been engineered to thrive in a permissive regulatory environment while Bitcoin has been engineered to thrive in a restrictive regulatory environment. So the „big bet“ on the future of crypto hinges on one’s perspective on the future of the regulatory environment. ‚“ https://twitter.com/mikeinspace/status/1429986344487591940

  9. a void (leaks) ‚“ Wow. Craig Wright is paying for his litigation by taking out a loan against the ‚œTulip Trust‘ coins, to be paid back to Calvin Ayre. Coins for which Craig has testified (and his lawyer confirmed) he does not have the private keys. ‚“ https://twitter.com/Tak_Horigoshi/status/142985715743289344



Quelle: OpenPR

The Anita Posch Show – Team Satoshi: Sports and the Road to Bitcoin

The Anita Posch Show – Team Satoshi: Sports and the Road to Bitcoin

My guests today are Vitus Zeller and Richard Taylor my team mates at Team Satoshi, a decentralized sports team. We’re talking about the interconnections between Bitcoin and sports and how you can participate in this movement.

  • Introduction Vitus and Richard
  • What is Bitcoin for you?
  • Why are you active in the Bitcoin space?
  • What is Team Satoshi and its goal
  • Bitcoin and sports – where is the connection
  • How do you stay healthy? Mental fitness
  • First adventure of Vitus, Satoshi Freeathlon
  • Road to Bitcoin
  • Icebathing
    Shownotes on the episode page



Quelle: OpenPR

Unhashed Podcast – Mario Shills His Bags

Unhashed Podcast – Mario Shills His Bags

After a special guest runs into an unexpected event, Colin Bryan and Mario are left wondering what they should talk about. It’s a good thing Bitcoin is never boring. In this weeks UNSCRIPTED episode, we let Mario shill all his bags, including Blockstream’s $3.2B valuation, Ledn’s Proof of reserves, Coinbase’s new phone support line and how a drug dealer got his BTC back from Swedish authorities using this one weird trick.

  1. Discussion on Blockstream $3.2 B valuation, going to start mining

  2. Discussion on Ledn Proof of reserve

  3. Coinbase has announced a new support phone line for customers who believe their account has been compromised by outside actors. Users will be able to speak to a live support agent, who can kick off an investigation immediately. In an industry where support tickets and emails are the standard method of communication, Coinbase expects that this implementation could help users save valuable time when dealing with this type of crisis.

  4. Man bites dog, crypto edition The Swedish government has been forced to return over $1.5 million in bitcoin to a drug dealer after its value surged while he was in custody. Authorities in Sweden seized 36 BTC from the drug dealer, worth just under $150,000 at the time of his prosecution two years ago, according to a report Friday by U.K. newspaper The Telegraph. By the time the Swedish Enforcement Authority came to auction off the bitcoin, its value had appreciated to the extent that only three needed to be sold for the original value to be recouped. The authority must now return the remaining 33 bitcoin to the drug dealer, which prosecutor Tove Kullberg has described as ‚œunfortunate.



Quelle: OpenPR

Meet the Taco Plebs – Being Optimistic About The Future Of Bitcoin with Josef T’tek

Meet the Taco Plebs – Being Optimistic About The Future Of Bitcoin with Josef T’tek

Austrian economics is a very common topic of discussion and study within the bitcoin community. Being the base economic theory upon which we find bitcoin resting, it makes sense that understanding this would be a primary lead for someone to get into bitcoin. Josef T„’tek, one of our regular contributors here at Bitcoin Magazine, is an example of this.

T„’tek has written some fantastic articles for us, including ‚œYour Financial Data Is Not Private, Bitcoin Can Fix That,‘ ‚œHere’s Why Bitcoin Will Rejuvenate Your Hope In Life,‘ and ‚œBitcoin Is The Sustainable Money Europe Deserves.‘ Bullish on both bitcoin and on life, T„’tek maintains an optimistic outlook that bears witness to the good bitcoin is capable of doing.

In our interview, we discussed how his foundations in Austrian economics lead him to Bitcoin, and how the reverse is often true of bitcoiners. We then discussed how Bitcoin has impacted his life, both in personal preferences and in his career. We touched on what he believes is the most important part of people’s bitcoin education ‚“ in his opinion, an understanding of fiat. Finally, we discussed what he is looking forward to in the space, and his bullish price thoughts. He said, ‚œin the short term, we are usually too optimistic. In the long term, we are too pessimistic.“

Check out the podcast above and be sure to read our written interview.



Quelle: OpenPR

Bitcoin Magazine Podcast – Operating a Business on Bitcoin with Chris Gimmer

Bitcoin Magazine Podcast – Operating a Business on Bitcoin with Chris Gimmer

Fiat cash, aka government-issued currency, may be singing its swan song. The good news? Bitcoin and free markets have the potential to help people claim back their sovereignty. Chris Gimmer joins us on the show to talk about why the state of markets is so dismal, how government intervention has played a major role in this demise, and why Bitcoin is the way forward through the mess. Chris is the Co-founder of Snappa, a top-of-the-range design and templating SaaS product, as well as the creator of the bitcoin dashboard, Bitbo.io. In this episode, Chris dives into how we can transition from a fiat frame of mind into a Bitcoin-centered system. Discussing how Snappa is using BTC as their reserve asset, we hear first hand how this has enabled them to weather the economic downtown caused by COVID-19. In an ever-evolving global situation, Chris shares about why he’s moving from Canada to the U.S., and how using a divisible, portable currency allows both brands and individuals to break out of the limitations provided by fiat currency, despite their geographical location. Tune in as we explore why we should be considering a bigger, future-oriented picture by investing in BTC.



Quelle: OpenPR