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On the Bitcoin network, whether it is a transaction worth $ 100 or $ 1 million, it costs the same miner’s fee to process the payment. On October 16, a $ 194 million payment was moved on the Bitcoin network with a mere $ 0.1 fee nearly instantaneously. Through legacy banking systems, weeks of paperwork, days of settlement system, … Continued
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One of the central pillars of Bitcoin and cryptocurrency in general is that the system is decentralized, ensuring no single point of failure for adversaries to attack. However, new research has found the majority of assets in the ecosystem today to be highly centralized.
Also Read: Crypto Hedge Fund Launches Retail Public Offering in Japan
Cryptocompare, the cryptocurrency market data aggregator, has published a Cryptoasset Taxonomy Report. The nearly 80-page document is designed to provide investors, regulators and the industry with an independent classification of coins and tokens to help differentiate from a long list of ever-growing options.
Nouriel Roubini, a proclaimed critic of the crypto sector, characterized decentralization as a myth, claiming that no system, currency, or protocol can exist in a peer-to-peer ecosystem. “Decentralization in crypto is a myth. It is a system more centralized than North Korea: miners are centralized, exchanges are centralized, developers are centralized dictators (Buterin is ‘dictator
The post Roubini Calls Buterin a Dictator, Falsely Claims Crypto is Centralized appeared first on CCN
New York University (NYU) economist Nouriel Roubini is scheduled to testify later this week during a U.S. Senate hearing on blockchain and cryptocurrency technology, and the noted bitcoin basher appears to be preparing for his testimony by trying out some new criticisms of the nascent asset class. Ethereum Co-Creator a ‘Dictator for Life’ Writing on
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Researchers from the University of Pennsylvania have found that a significant number of ICOs retained centralized control through undisclosed code.
The full paper, titled Coin-Operated Capitalism and published on July 18, is an “interdisciplinary effort spanning law, economics, and computer science,” according to University of Pennsylvania Law Professor David Hoffman.
The researchers looked at the top fifty ICOs which raised a total of $ 2.6 billion USD in revenue with the notional initial market cap of $ 3.8 billion. “We looked at the top fifty ICOs from 2017 taking into account every white paper, T&C and prospectus, every available piece of code, and every social media post we could get our hands on,” says Hoffman.
Cryptocurrency exchanges are a vital aspect of this industry. Although they make it more convenient for consumers to embrace this new form of money, there are a lot of concerns associated with these centralized platforms. Vitalik Buterin is convinced that these companies are a problem and should burn in hell.
The world of cryptocurrency is about decentralization at its core. As such, one would expect the entire cryptocurrency ecosystem to be as decentralized as possible. Sadly, that is not the case as of right now, as this industry is mainly centralized due to mining pools and trading pools. The increase in decentralized exchange platforms may help change that situation in the future, but for now, no real changes are happening.
Exchange hacks are becoming the new normal. Just two weeks after Conrail’s $ 37.2 million hack, it was time for Bithumb’s $ 31 million hack, with the difference being that Bithumb is the world’s sixth largest cryptocurrency exchange based on CoinMarketCap data, far larger than Coinrail. Last December, another South Korean exchange called Youbit filed for bankruptcy after suffering hacks. Of course, these hacks are still much smaller than the infamous Mt. Gox hack. With such a terrible track record, why would anyone still work with crypto exchanges?
Gab, a social network messaging platform that describes itself as a place “where people, free expression, and individual liberty come first,” has announced that its Coinbase account was suddenly closed by the popular US-based crypto exchange.
Gab is a relatively young social networking platform launched in August 2016 as a response to censorship controversies involving major social media companies — such as Facebook and Twitter — which founder and CEO Andrew Torba calls “the entirely left-leaning Big Social monopoly.”
Peer-to-peer finance is heralding an economic revolution, and Paxful is leading its charge against centralized financial institutions.
The world is changing despite the fact that a large percentage of the populace is unaware of this fact. An economic revolution is taking place online through the auspices of P2P finance that features the buying and selling of cryptocurrency, especially Bitcoin. Paxful, the innovative cryptocurrency exchange, is helping to lead this decentralized revolution against traditional financial institutions.
This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.
Pioneering Bitcoin developer Nick Szabo has described Bitcoin Cash (BCash) as “centralized sock puppetry” as analysts voice concern over its network.
Retweeting findings by software architect Sondre Bjellås, Szabo, who is considered one of the most likely candidates to have created Bitcoin, was candid in his opinion of the controversial Bitcoin hard fork.
"Bitcoin Cash" is centralized sock puppetry. https://t.co/OJJo5vwEfn
— Nick Szabo (@NickSzabo4) December 21, 2017
BCash has embarked on a marketing effort to attract investment on a huge scale this month, with promotional activities by Bitcoin.com CEO Roger Ver in particular gaining notoriety as he entered the mainstream press.
Whenever you try to explain Bitcoin to someone, it’s always good to compare the monetary aspect to traditional payment methods. One of the comparisons people like to refer to is the difference between Paypal and Bitcoin payments, despite Paypal allowing for Bitcoin payments through their Braintree subsidiary. But, there are other reasons why Bitcoin is a far better alternative, especially if you are a content creator.
If you have taken a look at most online payment processing companies, there is one very noticeable trend that always happens, sooner or later. Every single one of these companies become so popular, they turn their back on the customers who helped build up the company brand. In this case, Paypal is going after content creators.
