netidee 2017: From Digital Games to Selfish Mining

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Vietnam is a country that is surrounded by maybe even more confusion regarding the Bitcoin situation, than Russia or China. Though relatively small in area, Vietnam has a large population of almost million and a fast growing economy. The potential for Bitcoin remittance market is huge, with more than 4 million living overseas, as well as other opportunities. So I was extremely curious to explore more about the real situation in Vietnam. As we shall see, it is not as bad as it seems, not worse than China and possibly even better.

I started by visiting Yolo, the only bar in Hanoi that was accepting Bitcoin but then stopped. It just ended by me participating in a drinking game and losing to a chubby Vietnamese guy who was an obvious champion.

I got a contact of the owner who explained that the reason was that his partner who was running the Bitcoin payments left. They also have good steak!

From left to right: Kien runs a large parenting website, Hoai studied in Belgium and has a web design company, Thao established Cao Lo Engineering company and Thanh is his cofounder. Kien runs a large parenting website that has aboutvisitors per day. He uses Bitcoin for advertising contracts.

How he came to like Bitcoin is an interesting story in itself. Some time ago his servers were hacked and the attacker installed a mining operation on them. When Kien found out, he read more about Bitcoin, liked the technology and started using it. So you could say he was lucky. Apart from the Internet services, I found it interesting that also a number of physical goods and services can be paid with Bitcoin in Vietnam.

From salmon baby food to metal casings. Apparently, there is a large Bitcoin transaction volume between companies that is taking place behind the scenes. Bitcoin mining is also strong, Thao estimates that there are about people involved. I am not sure about the electricity prices, but possibly they are as cheap as in China or cheaper, which would explain the mining incentive.

Recent news regarding 3 Vietnamese Bitcoins miners had a positive resolution, and it seems rule of law is being followed in Vietnam despite some arbitrary police action. As Thao explains, the government issued a press release regarding Bitcoin, but not an official law. On the right is Dominik, a German guy and his girlfriend. Thao and his partner Thanh already have a network of kiosks that can be used to purchase credits for online games, mobile phones etc.

A prototype of a two-way BTM with a sleek design that will be made in Vietnam that Thao is working on. It will be priced at about 3, USD making it by far the cheapest on the market. Thong is selling salmon baby food for BTC and also ran a large mining farm. It is a snake, but prepared in the most interesting fashion.

First, the throat is cut and blood collected in a glass. Then, the still-beating heart is taken out to be eaten fresh and followed by blood mixed with rice spirit.

In the meantime, the rest of the snake is prepared. Master's degree in information and communication technology. Currently working as software developer at Ericsson Nikola Tesla. Interested in the future of technology. Login form protected by Login LockDown. Vietnam Part 1 — The North Vietnam is a country that is surrounded by maybe even more confusion regarding the Bitcoin situation, than Russia or China.

Blood is collected from the snake…. The heart is taken out…. Vidreven Master's degree in information and communication technology. Leave A Reply Cancel Reply. Don't have an account? A password will be e-mailed to you.

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After Thursday's massive hike in Bitcoin's value, the cryptocurrency fell 15 percent on Friday on profit-taking. The volatility has been put down to a decision by US regulators to allow Bitcoin trade on major exchanges.

Every other commodity has natural sellers," he added. The increased interest has been driven by growing acceptance among traditional investors of an innovation once considered the preserve of computer nerds and financial experts.

Yet, while the financial world still reverberates with repeated warnings, it is clear that nothing about the future of Bitcoin, whether positive or negative, is certain. Bitcoin, cryptocurrencies - how do they work?

Last week, US regulators gave the green light for Bitcoin futures to be traded on the Chicago Mercantile Exchange CME , the world's biggest futures center, while on Thursday, the Australian Securities Exchange ASX confirmed it would start using the blockchain technology behind Bitcoin to replace its current system for the clearing and settlement of equities, becoming the first major exchange to commit to the often-derided technology.

That is despite the warnings from various financial figures and institutions becoming equally pronounced — just last week the Bank of France said the cryptocurrency had "no economic basis". Despite the latest gains, and the news regarding the increasing regulatory acceptance of Bitcoin, market analysts remain highly skeptical.

Why Bitcoin is valued in Zimbabwe. Cryptocurrencies such as bitcoin use a technology known as blockchain, which records transactions that are updated in real time on an online ledger. Transactions happen when heavily encrypted codes are passed across a computer network.

The announcement on Thursday by the ASX that it will now use blockchain technology for its clearing and settlement system is not insignificant in the current 'bitcoin bubble' debate, given that it is the first major exchange to commit to the technology that essentially underpins the now world-famous cryptocurrency. Venezuela announces new 'petro' cryptocurrency.

An essential attraction of bitcoin and blockchain technology is its potential to reduce the need for a central financial authority and for financial intermediaries, reducing the costs of transactions in the process. Yet whether it is bitcoin or blockchain, many twists and turns remain ahead on the road to either ruin or acceptance. Cryptocurrencies have grabbed a lot of attention in recent days as the value of bitcoin skyrocketed to hit record highs and Venezuela announced plans to create a digital currency called "petro.

The Venezuelan president has announced plans to create a cryptocurrency backed by oil, gas, gold and diamond reserves. He said the "petro" will help combat the US' "blockade" against the oil-rich country.

Has bitcoin finally hit the ceiling many have predicted it would? For the first time, a portion of the bitcoin trading market will take place on major US exchanges. None of the new trading options involve ownership of the cryptocurrency but will be based on derivatives contracts. The French central bank has entered the fray — they say it is not a currency and has no economic basis.

This year has seen cryptocurrency bitcoin shatter all growth expectations, continuing to defy dark predictions. In Zimbabwe, its growth has been particularly striking, all the more so amid recent political turbulence. Some of the world's biggest auto companies have teamed up with tech providers and startups to form a consortium aimed at developing automotive uses for blockchain, the database technology known from cryptocurrencies.

ATMs in multiple Indian states aren't dispensing cash anymore. While the government scrambles to pinpoint the cause for the crisis, PM Narendra Modi's demonetization move in November is back under the spotlight. Vietnam has launched an investigation into a multi-million-dollar cryptocurrency scam, ordering a crackdown on trading in the highly-popular iFan and Pincoin digital currencies in its lightly regulated market.

Mexico's new partnership - EU overhauls trade deal with Mexico. Britain's royal family has released two official pictures of newly born Prince Louis. One of the photos shows the little prince being cuddled by his three-year-old sister Princess Charlotte. Nuclear plant operator EDF Energy is hoping to restart a reactor it had to close because of new cracks. Experts have warned against extending the lives of old reactors, saying operators are "gambling with public safety.

Conservatives and Social Democrats are trying to iron out legislative differences by meeting at the top of mountain. But will they be able to overcome their many conflicts of interest? Change it here DW. COM has chosen English as your language setting. COM in 30 languages. Germany Germany's Cold War chemical weapons: Military planned to stockpile arsenal in s In Depth War reporters — the great silence Business Bitcoin plunges after strong gains After Thursday's massive hike in Bitcoin's value, the cryptocurrency fell 15 percent on Friday on profit-taking.

Bitcoin's popularity on the rise. Share What is a blockchain? What is a blockchain? Venezuela's Nicolas Maduro announces 'petro' cryptocurrency pegged to oil and gold The Venezuelan president has announced plans to create a cryptocurrency backed by oil, gas, gold and diamond reserves. Bitcoin value falls dramatically in 48 hours Has bitcoin finally hit the ceiling many have predicted it would? US approves Bitcoin derivatives trading on major exchanges For the first time, a portion of the bitcoin trading market will take place on major US exchanges.

Why bitcoin is valued in Zimbabwe This year has seen cryptocurrency bitcoin shatter all growth expectations, continuing to defy dark predictions. Send us your feedback. Print Print this page Permalink http: From VW to Julian Assange: How does extradition work?

First days at home: UK royals release Prince Louis photos. UK's aging nuclear reactors have 'reached threshold limit'. Angela Merkel's coalition parties hold high-elevation summit.