Promised bitcoin news

Vertcoin’s Twitter Account Hacked, Promised Fake Bitcoin Giveaway

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At a bitcoin conference in Miami this January, Jeffrey Tucker, a laissez-faire economist and libertarian icon, made an unexpected observation. Well, that was fast. After all, it was only five years ago that bitcoin appeared on the scene and provided the world with the first open-source, decentralized alternative to government controlled currencies. Now bitcoin faces competition. The software that underpins bitcoin is open-source, so anyone can copy and tweak the code to create their own digital currency.

You can even pay someone to do it for you: The owner of a Web site called Coingen, for example, promises to start a new bitcoin clone for anyone who pays a fee of 0. All you have to do is give it a name. Some of these new altcoins are truly innovative. People have made bitcoin versions that process transactions faster, consume less energy or better protect user privacy.

Other iterations differ from bitcoin only in their branding and implementation. For example, a few altcoins are intended to serve specific geographical communities. Last month an altcoin called auroracoin was distributed to the people of Iceland to serve as a nation-specific digital currency.

Of course not all altcoins attempt to create an improved product. Many are pump-and-dump schemes. Someone will make a new version of bitcoin—usually tweaking minor features of the protocol—hype it as the new best thing and then cash out as soon as the coins take on a bit of value.

Regardless, altcoins are now advancing the evolution of digital currency at a rate that bitcoin, as a relatively established project, can no longer keep pace with.

Although none of these altcoins have yet flourished enough to surpass bitcoin in either value or rate of adoption, many are doing well enough to prove one point: Litecoin Community via Wikimedia Commons. The first computer to find the result receives a reward of newly minted bitcoins. Promised bitcoin news this way, bitcoin mining works a lot like a lottery, where buying more tickets will increase your chances of hitting the jackpot. In bitcoin mining, the more computing power you dump onto the network the better your chance of earning promised bitcoin news.

As a result, bitcoin miners are engaged in an arms race. Consequently, in order to profit from mining you must have a very powerful computer—one specifically designed for the purpose of bitcoin mining—and you must be prepared to continually upgrade your equipment.

Many people have denounced this aspect of bitcoin as promised bitcoin news. One critic, a former Google developer named Charles Lee, came up with an alternative called litecoin that attempts to squelch the bitcoin mining race. Litecoin verifies transactions using a calculation that makes upgrading equipment less profitable for the miner. Litecoin transactions also clear twice as fast as bitcoin transactions, which will result in the production of twice as promised bitcoin news coins.

Who started it Litecoin was started by Charles Lee, a former Google employee who now works promised bitcoin news Coinbase, a bitcoin exchange in California. Other similar altcoins Vertcoin and peercoin have both modified the bitcoin protocol to lessen the computing demands. Prime coin Communirty via Wikimedia Commons. What it is The puzzle promised bitcoin news bitcoin miners solve is completely arbitrary and takes a long time and a lot of computing power.

Primecoin is an altcoin that attempts to redirect this energy into useful work. Instead of performing an arbitrary calculation, miners in the primecoin network search for sequences of prime numbers called Cunningham chains. Who started it Like bitcoin, primecoin was created by an anonymous hacker who goes by the name Sunny King.

He also co-founded another promised bitcoin news called peercoin. What it is Every digital currency has to contend with the double-spending problem. Some mechanism must exist that ensures users are not spending the same money in multiple places. Bitcoin solves this problem by recording every transaction on a public ledger, then relying on a network of computers to verify the uniqueness of each transaction. What gets lost in this design is the privacy of promised bitcoin news users.

Attached to every bitcoin is a complete history of all its previous owners. The software uses a cryptographic algorithm called a zero-knowledge proof to make digital currency transactions completely untraceable.

In zerocash transactions are still public but because of this added level of encryption it is impossible to determine who spent the coins, how many they spent and where the coins ended up. At first he envisioned it as an added feature to bitcoin but he was unable to get bitcoin developers onboard.

Green now plans on releasing it as a stand-alone currency. Promised bitcoin news similar altcoins Anoncoin utilizes a previous version of the zerocash code. Darkcoin seeks to achieve anonymity by other means. Exchange rate Not available. Green promised bitcoin news present his protocol at a conference next month; he has not yet launched the currency. Mazacoin, claims to be the "national currency of the traditional Lakota Nation". This is the tribal flag of Oglala Sioux a sub-tribe of the Lakota.

What it is This year the Oglala Lakota tribe in the Great Plains adopted its own digital currency called mazacoin. Mazacoin is similar to a lot promised bitcoin news other altcoins out there. The main difference is that a central authority controls who gets it. Unlike bitcoins, which are created by the public, the Mazacoin Tribal Trust privately mined most mazacoins before promised bitcoin news official launch of the currency, essentially giving the role of central bank to the trust.

It is now disbursing the coins to members of the tribe and has promised to hand out a separate portion of the coins to fund businesses and charities in the community. But the trust can only control the coins that it privately mined. So, anyone in the world is free to turn on a computer and mine the remaining mazacoins. Other similar altcoins Promised bitcoin news Friggiar Odinsson, an Icelander, created a geographically constrained altcoin called auroracoin and wants it to become the official currency of Iceland.

What it is Dogecoin shows what branding can do for the adoption promised bitcoin news a currency. The dogecoin team was inspired by an Internet meme promised bitcoin news a cute and cuddly shiba inu puppy, which is now the trademark of the popular coin.

The team also chose to make tons of them. There are now more dogecoins in circulation than there are bitcoins. Promised bitcoin news of us do our best math to the left side of the decimal point. This may be one promised bitcoin news that dogecoin has excelled as the currency of choice for online tipping.

What it is Solarcoin is a digital currency that you can only get by investing in solar energy. Cryptocurrency enthusiast Nick Gogerty came up with the idea for solarcoin as a way to encourage people to go solar and to pay them back in some small way.

Together with the SolarCoin Foundation he started a completely new digital currency. The foundation holds For now, the handouts act promised bitcoin news a reward—a little token of thanks—to the people who are already doing their part for the environment.

But Gogerty hopes that the project will function as much more in the future. He would like to see solarcoins take on enough value that the grants add a real economic incentive to the renewable energy market. Who started it Solarcoin was released this January by a group of volunteers who together form the SolarCoin Foundation.

Exchange rate None of the major exchanges support solarcoin trades. Mazacoin Mazacoin, claims to be the "national currency of the traditional Lakota Nation". Sign up for our email newsletter.

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Amid a cryptocurrency price correction that has seen the price of Bitcoin drop by half from its mid-December peak, UK-based cyber-cash lending and exchange biz BitConnect said it is shutting down. The firm, dogged by accusations that it is a Ponzi scheme , cited bad press, regulatory orders, and cyber attacks for its market exit this week.

BitConnect said it has received two cease-and-desist letters from US financial watchdogs: The letter from Texas authorities, an emergency cease-and-desist order sent January 3, , charges the company with fraud and misleading investors. The letter from North Carolina authorities observes that BitConnect's purported rate of return amounts to about 3, per cent annually. Noting that such rates "are extremely unusual in financial markets," the North Carolina letter stated: Back in November, UK authorities issued a letter directing the upstart to prove its legitimacy or face dissolution.

BitConnect promised patrons the ability to earn interest on Bitcoins by lending them. It also attempted to entice new customers by loaning them alt-coins of its own, BitConnect Coin BCC , and offering more of the same if they could get others to sign up.

Through its website, the company insisted it will continue supporting its BCC currency and touts its new exchange platform, Bitconnect X , and accompanying currency BCCX. BitConnect is supposedly owned by someone named Ken Fitzsimmons, but scant online information makes this difficult to verify.

BitConnect's woes echo a broader cryptocurrency crisis that appears to have been precipitated by an uptick in regulatory intervention. Last month, the South Korean Financial Services Commission announced that in January cryptocurrency exchanges could only issue new accounts using people's real names.

China is reportedly considering further restrictions on cryptocurrency. And Russian President Vladimir Putin has suggested regulation of cryptocurrency may be necessary, according to Tass. Government attention of this sort hasn't helped the market for fanciful digital tokens of intermittent redeemability. The prices for Bitcoin, Ethereum, and Ripple, the three most popular cryptocurrencies, were all down considerably on Wednesday.

Faced with such volatility, true believers appear to be undaunted. Minckwitz's exhortation, it should be noted, is followed by the obligatory disclaimer that such sentiment "should not be considered professional financial investment advice. Meanwhile, on community site Reddit, BitConnect forum posts advertise suicide-prevention hotlines, perhaps in sympathy or perhaps in jest.

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