12/4/18

Intel: Green light for Bitcoin loophole mining patent

Chip giant Intel received a patent for energy-efficient Bitcoin mining on 27 November. According to the company, this will reduce electricity costs and the size of the chips by up to 15 percent.

After Intel had already filed an application for a patent to optimize Bitcoin mining in March of this year, the company can now claim another success for itself. On November 27, the United States Patent and Trademark Office gave the chip manufacturer the go-ahead for a patent application filed in 2016. The patent details show how mining can be made more energy-efficient.

Increased efficiency by fixing Bitcoin loophole parameters

The mining process is one of the pillars that gives Bitcoin loophole its decentralised character and ensures consensus within the network of the Bitcoin loophole scam. The miners solve a puzzle in a CPU-intensive process in which the SHA-256 hash of an input value must be smaller than a certain target value. ASICs, dedicated Bitcoin Mining hardware, are able to perform a large number of these hashing operations in parallel.

The designs published in the patent now divide the ASIC hashing process into several stages. This saves checking the hashes after each increase of the “nonce”. In this way, miners should be able to determine earlier whether an input value is suitable for the solution. According to Intel, this has the advantage that power consumption and chip size can be reduced by an estimated 15 percent.

The miners have reason to be happy

Developments such as these are particularly welcome in times when Bitcoin’s share price is comparatively low. A low price exerts great pressure on the miners as they can no longer mine profitably. According to an estimate by Mao Shixing, the operator of the Chinese mining pool F2Pool, 600,000 to 800,000 miners have ceased mining since mid-November alone.

This is understandable if one considers the estimates of real mining costs from the recently published report by CoinShares Research. According to this, the costs for mining from a Bitcoin are around 6,000 euros, based on electricity costs of 5 cents per KWh and a hardware lifetime of 18 months. This means that mining is currently only profitable under very specific conditions, such as even lower electricity prices. It is therefore to be welcomed that further chip manufacturers are entering the market and that the market for mining hardware is no longer in the hands of a few players.

12/1/18

Hash Wars: Bitcoin SV strikes the news spy

In a Hard Fork not so far away… raves the Hash War. Opposite are Bitcoin Cash ABC (ABC) and Bitcoin Cash Satoshi Vision (SV). The two sides have been fighting each other for a week now. Who is in the lead?

Bitcoin Cash (BCH) was created on August 1, 2017 – as a hard fork from Bitcoin (BTC). A good year later another Hard Fork was on the agenda, but the Bitcoin Cash community broke apart. Since the evening hours of November 15th, the Hash War has started and is still going on.

Hash Wars on the news spy

To use a Star Wars analogy: Currently, Bitcoin Cash ABC would be considered the news spy, thanks to a higher hash rate. Bitcoin Cash SV is the underdog, the news spy – even if Craig Wright’s personality is more reminiscent of Darth Vader. Enough of the poor comparisons, let’s take a look at the hard numbers of the two Bitcoin cash chains.

The two versions are illustrated on cash.coin.dance: The hash rate was dominated by ABC with a few exceptions. Roger Ver, the operator of Bitcoin.com and mining pool of the same name, was accused of cheating his pool customers. Instead of mining the more profitable Bitcoin (BTC), Hashpower was used on Bitcoin Cash ABC. For example, the mining pool Bitcoin.com sometimes had over 50 percent of the hash power on the ABC version of BCH. A state of emergency that is probably justified by the war. If one would sound the alarm under normal circumstances and point out the 51 percent attack, the end justifies the means. Meanwhile ABC has a healthier distribution in the hash rate. Time of writing Bitcoin.com “only” takes up about 40 percent of the cake.

The situation is different at Bitcoin SV

The mining pool of billionaire Calvin Ayre, Coingeek, accounts for over 60 percent of the total SV hash rate. Ayre is the financial force behind “Satoshi Vision” and thus supports Craig Wright. The majority hash rate in itself does not necessarily mean that a 51 percent attack will happen. However, it is said that such an attack would probably be successful. Of course the question arises why Ayre should attack his own coin (SV).

Another interesting graph is called “Totaler Proof of Work pro Netzwerk”. The solution of all PoW puzzles is added and weighted according to difficulty. ABC clearly has the edge here. Depending on the definition “the true Bitcoin (Cash)” is the one with the most accumulated Proof of Work. This is therefore ABC.

And indeed, the ABC version has been able to claim the name “Bitcoin Cash” and the ticker symbol BCH for many Exchanges. “The opposition shouts “Fraud” and refers to the stolen hash power. In addition, Bitcoin Cash has installed ABC for fear of a 51 percent attack by Bitcoin Cash SV Checkpoints. This means that a reorganisation of the blockchain is only possible to a limited extent. If that’s not cheating, then at least a massive centralization of a supposedly decentralized protocol.

11/28/18

Bitcoin scaling on the blockchain? About off-chain, on-chain and hardened fronts

Bitcoin Cash wants to use Bitcoin Unlimited to scale the blockchain on-chain. Since the fronts between Bitcoin Cash and Bitcoin are hardened, one side sees this as the only solution, while the other side wants to scale off-chain. But what can you say for and against either solution?

Bitcoin Cash is planning a hard fork to increase the block size once again. The debate over Bitcoin’s scaling has become more drastic in recent years. Accordingly, there are now two “Bitcoin blockchains”. Many wonder what has more potential – which can lead to passionate debates. Whether the pros and cons of Bitcoin Cash and Bitcoin are to be weighed up, the two solutions of Bitcoin Cash and Bitcoin are presented.

Scaling on the Bitcoin secret Baselayer

Bitcoin’s “Baselayer” is the blockchain. Or rather, the most fundamental level on which the Bitcoin secret network is based. It is no secret that the blockchain is slow and expensive. Space in a block is tight, so broadcasters have to compete with their transaction costs. Bitcoin Unlimited’s approach is to eliminate this scarcity and leave the choice of block size to the miners. Read more about it: https://www.onlinebetrug.net/en/bitcoin-secret/

In principle the blockchain can be scaled. It is also the simpler solution and at first glance closer to what Satoshi Nakamoto had in mind. However, this is only a stage win. Let’s assume an average transaction size of one kilobyte and increase the block size to reach the transaction rate of VISA. VISA processes, conservatively estimated, 1,500 transactions per second. Within 10 minutes, that’s 900,000 transactions. With an average transaction size of one kilobyte, you would get a block size of just under one gigabyte.

Other crypto currencies rely on optimizing the block time in addition to the block size. Ethereum has a block time of 15 seconds. This means that forty times as many blocks are generated as with Bitcoin or Bitcoin Cash. Firstly, this short block time still requires a block size of 23 megabytes to process as many transactions as VISA. Secondly, a short block time cannot guarantee that all nodes are aware of a transaction before it is integrated into a block.

In addition, the on-chain solution overlooks the fact that this is counterproductive for the decentralization of the network, whether it is through a short block time or a large block size. Smaller mining pools will be able to produce larger blocks with even less probability, and the block chain will grow faster. This will exclude private node hosters de facto.

Scaling by Second Layer

The alternative solution to the so-called “on-chain scaling” is the – who would have thought it – “off-chain scaling”. In other words, the solution is the Lighning Network. An additional layer is spanned with software across the blockchain, enabling instantaneous and inexpensive transactions. The Lightning Network is comparable to the Internet itself: You can connect to it by opening a payment channel and then send transactions to anyone on the network. The transactions in the Lightning Network are rarely actually written into the blockchain. This saves costs! Nevertheless, the Lightning Network inherits Bitcoin’s security and can interact with it quickly. It is therefore not surprising that other crypto currencies such as Litecoin or Ethereum also deal with such systems.

The Lightning Network is still in its infancy. Users lost their money and some critics are worried that Lightning Nodes is creating a new form of trusteeship. As with the big blocks, decentralization would be sacrificed.

11/16/18

Über Zhao Cai Jin Bao

Bereiten Sie sich auf eine Reise in den Fernen Osten vor, denn Playtechs Zhao Cai Jin Bao Slot bringt die Spieler nach China, wo sie einige der Glückssymbole erleben können, die in der chinesischen Kultur weit verbreitet sind, und gleichzeitig die Möglichkeit haben, große Geldpreise zu gewinnen.

Gute Grafiken im Playtech Casino

Zhao Cai Jin Bao ist ein Videospielautomat mit 5 Walzen und 9 Gewinnlinien, der in seiner Mechanik extrem einfach ist, aber einige schöne Grafiken auf den Walzen enthält, die unglaublich komplex und unterhaltsam anzusehen sind, wie hier: https://www.onlinebetrug.net/casino/playtech/. Das Spiel schafft es, eine Reihe von chinesischen Glückssymbolen mit klassischen Slot-Symbolen zu mischen, die von westlichen Wettpublikum im Playtech Casino als Glück angesehen werden können. Die Spielsymbole im Spiel sind wie folgt (von niedrig bis hoch zahlend): 9, 10, Bube, Dame, Königsass, zwei Koi-Fische in einem Teich mit Lotusblüten, ein Pfau, ein Glücksdrache in den Wolken, ein goldener Löwe und ein Chinese mit einem verzierten Gewand.

Feature-mäßig ist Zhao Cai Jin Bao ein sehr einfaches Spiel in Bezug auf das, was es den Spielern bietet, da das Spiel nur die üblichen Joker- und Scatter-Symbole enthält. Abgesehen davon ist das einzige bemerkenswerte Merkmal, dass es Gewinnlinien sowohl von rechts nach links als auch von links nach rechts bezahlt. Um den Mangel an Features im Spiel auszugleichen, hat der einen RTP von 96%, was für einen modernen Playtech-Spielautomaten ungewöhnlich hoch ist.

Ich habe eine Weile Zhao Cai Jin Bao gespielt und fand die Einfachheit des Spiels heraus, um meinem Vergnügen nicht im Wege zu stehen, da das Spiel schnell spielt und Ihnen viele kleine Gewinne bringt, die entweder knapp über oder knapp unter Ihrem eingesetzten Betrag liegen. Für mich hielt mich das dazu an, die Walzen zu drehen, und ich wurde nicht frustriert über den Mangel an Features, die treffen, da ich wusste, dass sie nicht da waren. Wenn du mit unkompliziertem Gameplay umgehen kannst, empfehle ich dir dringend, Zhao Cai Jin Bao zu besuchen.

Virtue Fusion wurde 1999 gegründet und hat sich zu einem der liquidesten Bingo-Netzwerke der Branche entwickelt

Mit einem Spitzenverkehr von mehr als 6.000 gleichzeitigen Spielern. Zusätzlich zu seinem Kernmarkt Großbritannien verfügt Virtue Fusion über eine wachsende internationale Präsenz in anderen europäischen Ländern und mehr als 20 Lizenznehmer, darunter bekannte Marken wie Mecca, William Hill, Ladbrokes, Virgin, Sky, Bet365, Paddy Power und Crown Bingo.

Virtue Fusion bietet seinen Lizenznehmern sowohl eine integrierte als auch eine schlüsselfertige Lösung. Die Betreiber können dem Netzwerk beitreten oder sich für eine End-to-End-Bingo-Lösung “White Label” entscheiden. Alle Bingo-Produkte sind in mehreren Währungen und Sprachen erhältlich.

Die Gründer und Schlüsselpersonen von Virtue Fusion haben einen Vertrag abgeschlossen, um mindestens zwei Jahre im Unternehmen zu bleiben.

11/10/18

SegWit was successfully activated on the Bitcoin Blockchain

It’s done, the long awaited Bitcoin Upgrade Segregated Witness (SegWit) was activated with block 481.824 at 01:57 (UTC) and may end a long lasting debate about scaling Bitcoin. The block was scooped by the BTCC mining pool. Users can now benefit from the advantages of the new technology.

SegWit was first introduced in 2015 by Pieter Wuille (Bitcoin Core developer) as part of Bitcoin’s scaling debate. The network became noticeably slower with increasing utilization, and transactions took hours or days depending on the transaction fee. Some of them were not executed at all. Only transactions with a lavishly equipped and constantly increasing transaction fee had a chance to be processed quickly.

Why wasn’t the Bitcoin formula implemented much earlier?

A good question, but there was a big conflict of interest in the Bitcoin formula community. Read more about it here: onlinebetrug.de In short, many Miner manufacturers and mining pools were accused of deliberately preventing the introduction of SegWit and playing off their power. The community on the other hand started a revolt and everything ended in a big political debacle. There were many approaches to scaling Bitcoin, but SegWit was eventually to prevail. There was much discussion, insult and rush. A debate that would last several years and keep the network away from much needed scaling.

This all seems to have come to an end now: SegWit went live after a Miner agreement and a long activation period.

But what are the most important SegWit key features?

SegWit distributes the data per block more efficiently, far more transactions can be processed per block. SegWit increases capacity and is compatible with older software versions
SegWit prevents transaction corruption, a bug that nipped many Bitcoin projects in the bud
In addition to an increased transaction flow, the last point in particular will have a major impact on the further development and mass acceptance of Bitcoin. Until now it was not possible to activate so-called Lightning Networks without SegWit. Lightning Networks consist of transaction channels that handle Bitcoin transactions away from the blockchain and can thus increase the number of transactions to several million per second.

However, since no one could really guarantee that SegWit would ever be activated for Bitcoin, only a handful of developers took care of the development of such networks. Now that Segregated Witness has also been activated for Bitcoin after Litecoin, this development will certainly pick up speed – the first developers are already working on a fusion of both blockchains.

Other developments such as MAST (complex Bitcoin Smart Contracts), Schnorr signatures (a further increase in transaction capacity) and TumbleBit (a network for anonymizing transactions) are also already in the starting blocks.

11/7/18

Steemite: Bitcoin news or snowball system?

A few years ago, personal data was only a by-product of business relationships, but today it has become a valuable currency in its own right. Many companies, especially in the digital industry, regard customer data as their most important resource. Heavyweights such as Facebook and Google define their business model and their high market capitalization in the stock markets through their ability to retrieve and analyze unimaginably large amounts of data from users. The analysis of customer data has moved to the center of the digital industry and enables a completely new business model.

Whoever manages to gain as much customer data as possible for himself and to evaluate it efficiently can become extremely rich in a very short time – Mark Zuckerberg sends his greetings. The users of these platforms or services, on the other hand, do not participate in the profits, although each individual user supplies the corresponding resources, i.e. data, for the profit of the digital companies. It therefore seems logical to look for fairer alternatives that give consumers back control over their data and compensate them financially when publishing their data.

In order to achieve this, the blockchain can be used as it offers not only autonomous data management but also smart contracts for payment transactions. The blockchain would therefore function as the Robin Hood of Internet users, protecting data from access by the rich and powerful Silicon Valley corporations, while at the same time returning a piece of the big pie to each one. The extent to which this noble motif can really be realized cannot yet be assessed.

Steemit, a cross between Bitcoin news and Reddit

The first blockchain-based social media Bitcoin news platform, Steemit, has made an attempt to change the Bitcoin news in this review, and we have already described how it works in the following article: BTC-ECHO now also on Steemit.

Behind the platform are Daniel Larimer, founder of Bitshares and Ned Scott, a former financial analyst. With Steemit, they want to give people an opportunity to create their own content, promote it or comment on other content while earning money.

To what extent Steemit manages to assert itself in the long run and to offer users, due to paid content and data autonomy, a real alternative to existing social networks cannot be seriously predicted. At first glance, Steemit seems like a mixture of Facebook and Reddit.

The opportunity to monetize your published content on the net without passing the data on to large companies is undoubtedly very attractive. In addition to many euphoric voices, there are also sharp critics of the platform. The main accusation lies in the distribution of steem, 90% of which is owned by a few insiders (whales). They theoretically have the possibility to use the social network, similar to a snowball system, and let it drive against the wall after sufficient self-enrichment.

Proof-of-Stake – a disadvantage?

A problem or accusation that many blockchain applications have to struggle with. Even at Bitcoin it didn’t look any different during the development phase, since the inventor, known under the pseudonym Satoshi Nakamoto, owned practically 100% of all Bitcoins at the beginning. However, Bitcoin’s so-called proof-of-work concept allowed a redistribution over time to take place. If a blockchain uses the proof-of-work concept, a very high effort is required to calculate the blocks. As a result, increasingly higher hardware capacities and energy costs are required to mine the corresponding crypto currency. Since a single person or group normally does not have the sufficient capacities to operate mining in the long term as the only actor, mining is distributed among several investors or operators of mining.

Exactly this possibility does not exist with Steemit, since the so-called proof-of-stake principle is applied here, which we have already described in the above mentioned article. The revenues are not primarily generated by the mining activity, but are defined by the ownership structure of the respective currency holders. Simplified this means that a redistribution is more difficult, because there is no possibility to change the ownership by mining. Consequently, there is the accusation that this is a less than fair platform and that there are corresponding risks of power asymmetries and abuse.

11/4/18

The first C³ Crypto Trader Conference in Berlin

Germany’s largest conference on crypto currencies and blockchain to date invites the community and interested parties to on-stage presentations, Expo and interactive workshops in Berlin. There it is possible to meet the international crypto community in the heart of Europe.

“Berlin invites the world to an exciting event at which international blockchain experts meet people interested in crypto to promote the crypto-currency ecosystem and strengthen the community with new impulses, explains Dennis Weidner, CEO of the crypto agency Paranoid Internet and initiator of the C³ Crypto Conference.

The event is both an Expo and a crypto trader conference

The Expo is all about the ecosystem, while the crypto trader conference focuses on applications and future technology developments. The aim is to open the door to new blockchain technologies from 5 to 6 April. Workshops for beginners and professionals will ensure the transfer of basic and expert knowledge in order to navigate more competently through the crazy crypto trader world.

On two days one gets deep insights into different topics and areas of the crypto world: ICOs, crypto exchanges and Smart Contracts are only some of the hotly discussed trends at the conference. Leading crypto experts, investors, blockchain start-ups, lawyers, developers and anyone interested in crypto currencies and blockchain technology will gather here. Thoroughbred Blockchain fans can debate with other enthusiasts, deepen their knowledge and exchange technical information. In addition to many keynotes from prominent players in the crypto scene, live trading sessions will also be held.

The C³ Vision

We can already see at Bitcoin that Blockchain is changing the world. Estonia uses the technology for the nationwide database, Russia and Venezuela have set up a blockchain variant of their national currency. Amir Takis’ “Academy” offers Syria economic stability during the war.

Blockchain technologies have the potential to change industrial sectors in elementary or even revolutionary ways. They offer new innovative perspectives towards a decentralized digital society. Those who would like to attend the conference can focus on exciting topics such as “Making Decentralized Technologies Marketable” or “ICO Success Factors: How you can achieve your fundraising goal”. In addition, more than 20 interactive workshops with the latest and most intelligent investment advice will be offered at the Expo, e.g. “Buy low, sell high: investment strategies for crypto portfolios”. In contrast to this, the conference will look beyond the horizon.

Key data and tickets
The C³ Crypto Conference will take place on 5 and 6 April at the STATION Berlin Messe Zentrum. According to Weidner, the event is deliberately scheduled for Thursday and Friday so that participants can stay until the weekend and enjoy Europe’s vibe in Berlin’s technology metropolis.

Tickets are available on the C³ website. Early bookers of the conference benefit from the Early Bird discount. It starts at €299 for start-ups and ends at €1295 for investors. Visitors pay 29 € for a day ticket and 49 € for both days. There is a 20% discount when paying with Bitcoin or Altcoins. When entering the coupon code BTCECHO, BTC-ECHO readers also receive a 15% discount.

More information can be found on the official C³ website here.

10/29/18

Bitcoin Price Analysis (BTC/EUR) – Breakout from Downward Trend

After a test of the long-term support, the Bitcoin course with two courageous pumps has risen to 5,700 Euros. A large part of the losses of the last two weeks were thus undone. With this pump, the Bitcoin share price rose above the downward trend that has been followed since the beginning of 2018.

The Bitcoin price rose this week

With pumps on June 29th and July 2nd, the Bitcoin price rose above the two exponential moving averages EMA50 and EMA100 as well as the downward trend that has continued since the beginning of the year.

Overall, a neutral price assessment is reached. The most important support is 5,509.57 euros, the first interesting resistance is 5,838.59 euros.

Since yesterday’s market analysis, the Bitcoin price has continued to develop positively. With another pump, the price could now rise above the exponential moving average EMA100. The price almost rose to the plateau, which the price passed through between 18 and 22 June. As before the pump, the price is now moving sideways.

With the described pumps, the price was able to lift above the downward trend pursued so far:

The MACD in the four-hour chart (second panel from above) is positive and rising. The MACD line (blue) is above the signal (orange). The RSI is at 70 and is therefore bullish and even slightly overbought.

Looking at the price, trend, indicators and trading volume, one comes to a rather bullish assessment. The outlook would be completely bullish if the RSI were not overbought. In the short term, a plateaus formation or a slight consolidation is to be expected, in the long run the bullish sentiment could be pursued further.

Support and Resistance

The first support is at 5.509,57 Euro and thus approximately on the level of the EMA100. Another support is 5,272.81 Euros and is defined by the plateau between 21 and 28 June.

The first resistance is 5,838.59 Euros and thus at the level of the plateau between 18th and 22nd June. Should the Bitcoin price overcome this level, another resistance would be found at the level of the plateau at the end of June at 6,190.01 euros.

Entry Points, Stop Losses and Targets
The rather bullish assessment motivates to a long position – you can dare it. Careful ones can use the first Resistance with 5.383, 59 euro as entrance point, riskjoyful ones immediately enter. The first support at 5,509.57 Euros is a stop loss and the first target is 6,190.01 Euros. A second target would be around 6,500 Euros, i.e. at the height of the plateau which the Bitcoin price passed through at the beginning of June.

If the price falls below the first support, a short position is the best choice, where the stop loss is at the level of this first support, the entry point at the level of the EMA50 at 5,444.25 Euro and the first target at the level of the second support at 5,272.81 Euro.