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Looks like the hash rate went back to normal after that spike this week.

Looks like the hash rate went back to normal after that spike this week. : Bitcoin

Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. Unlike traditional currencies such as dollars, bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. As such, it is more resistant to wild inflation and corrupt banks. With Bitcoin, you can be your own bank.

If you are new to Bitcoin, check out We Use Coins and Bitcoin.org. You can also explore the Bitcoin Wiki:

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Do not use URL shortening services: always submit the real link.
Begging/asking for bitcoins is absolutely not allowed, no matter how badly you need the bitcoins. Only requests for donations to large, recognized charities are allowed, and only if there is good reason to believe that the person accepting bitcoins on behalf of the charity is trustworthy.
News articles that do not contain the word “Bitcoin” are usually off-topic. This subreddit is not about general financial news.
Submissions that are mostly about some other cryptocurrency belong elsewhere. For example, /r/CryptoCurrency is a good place to discuss all cryptocurrencies.
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Please avoid repetition — /r/bitcoin is a subreddit devoted to new information and discussion about Bitcoin and its ecosystem. New merchants are welcome to announce their services for Bitcoin, but after those have been announced they are no longer news and should not be re-posted. Aside from new merchant announcements, those interested in advertising to our audience should consider Reddit’s self-serve advertising system.
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Bitcoin Core is the the backbone of the Bitcoin network. Almost all Bitcoin wallets rely on Bitcoin Core in one way or another. If you have a fairly powerful computer that is almost always online, you can help the network by running Bitcoin Core. You can also use Bitcoin Core as a very secure Bitcoin wallet.

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The CSS used by this subreddit is the Erdune Theme modified by /u/Annihilia and /u/konkedas. Logo design by /u/Annihilia. Check out his other work here.

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We previously collected donations to fund Bitcoin advertising efforts, but we no longer accept donations. The funds already donated will be spent on some sort of advertising, as intended. As of now, 10.35799117 BTC was spent out of 22.51357574. If you have ideas for the remaining BTC, make a post about it. The BTC must be used to somehow advertise Bitcoin or /r/Bitcoin.

Blockchain

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May 29, 2016 at 12:33PM

The DAO Mathematics: 1+1 is Actually More Than 2

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The DAO Mathematics: 1+1 is Actually More Than 2

Backfeed, an open-source startup that develops a social operating system for decentralized organizations, suggests possible solutions for DAO problems.

Julian Feder of Backfeed writes:

“We felt about DAO’s the same way normal people feel about unicorns and UFO’s, and at last, contact is established, disclosure may begin.”

DAO’s potential failures

Backfeed is a young organization that has been working resiliently on developing effective models of conducting the Distributed Autonomous Organization.

They have put a lot of work into proving to the whole world that a decentralized organization can be just as agile, just as efficient and profitable as the traditional ones with one central point of control, or even more than them. Has Backfeed succeeded?

According to Backfeed, soon it’ll be submitting a proposal with solutions to the DAO’s potential failures brought up by concerned individuals.

Solving the problems

The event will take place at the DAO’s token holders’ audition and there will also be a press-release about it. To give you a quick taste of what is happening next week, take a look at the equations below and find out why ‘The DAO ≥ Traditional Organization’ is possible.

Problem 1. The DAO ≠ solving of complex problems

The DAO relays on shareholder democracy which can cause not-so-good results and double-dealing attempts.

Solution: supportive, rewarding governance scheme + reinforce of the influence = amazing results.

Problem 2. Money = influence

Invested capital represents the amount of risk one is taking. The bigger investment, the more power.

Solution: public reputation system = reinforcing positive influence + preventing leakage of funds, money dictatorship and discouragement.

Problem 3. No encouragement → no participation

If the system does not incentive shareholders to participate in decision making processes, any resolution will be rarely achieved.

Solution: public reputation system + incentive mechanisms (see Backfeed protocol).

Problem 4. Curator board = centralized control?

Right now, there is a board of highly trusted members of the Ethereum community performing curating tasks in the DAO. Will the curator board preserve the nature of The DAO in the way it was meant to be?

Solution: Curator board < algorithmical and decentralized human web of trust.

Is crowd wisdom our future?

Alex North concludes in his article “The DAO: are we taking “The Wisdom of the Crowd” too far?”:

“The wisdom of the crowd won’t reach any optimal investment decision unless the crowd has investment wisdom. Needless to say, after coming to terms with the need for proper advice, theDAO will immediately face another big question: how do you choose the experts? In my opinion, some degree of trust and centralization is the only answer.”

Looking at the wider picture, Backfeed is striving to find a general prototype for the decentralized cooperation. Is crowd wisdom really our future?

Blockchain

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May 29, 2016 at 12:13PM

Opinion: Ethereum Price Virtually Unchanged Despite Bitcoin Bull Rush

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Now that the Bitcoin price has been on the rise again, the discussion ultimately turns to how Ethereum is doing. Albeit Ethereum has been losing some of its value compared to the Bitcoin trading price, the Ethereum price in USD remains virtually unaffected.

Trading in the world of cryptocurrency is an exciting experience, as there are so many things taking place at once. Now that the Bitcoin price is rocketing over the past few days, there is usually a significant impact on the value of all alternative cryptocurrencies. Traders are keeping a very close eye on the Ethereum price as Bitcoin is going up in value, but so far, the impact seems to be minimal.

Ethereum Price is Not Dropping Per Se

Depending on how one wants to look at the charts, the Ethereum price is either dropping like a stone or remains virtually unchanged. As the Bitcoin price keeps going up, it is only normal to see the ETH/BTC trading markets taking a hit. So far, this market segment has taken a nosedive over the past few days, which does not come as a complete surprise.

However, a lot of people may have expected a far bigger price dip, which has not occurred just yet. Trading volume for Ethereum seems to be holding its own as well, with over 71,830 Bitcoin in trading volume over the past 24 hours. That being said, it is not unlikely the downward Ethereum price trend will continue while Bitcoin remains bullish.

NewsBTC_Ethereum Price USD 29th

Looking at the Ethereum price in the USD segment very little has changed over the past few days. In fact, one might argue the Ethereum price has only seen a marginal dip over the past few days. This is a significant factor to keep in mind when talking about the Ethereum price, as the value in fiat is not following the same trend as the Bitcoin trading markets so far.

Will This Trend Hold?

The Ethereum market cap is holding its own fairly well too, so far. Albeit the total market cap has dipped slightly below US$1bn once again, this is not a significant change compared to a few days ago. It is important to keep in mind the market cap for Ethereum is expressed in USD as well, so it makes sense to see the value not drop by much.

NewsBTC_ETH Market Cap 29th

That is the central question for Ethereum traders right now. While it is good to see the currency being very resilient during this bullish Bitcoin price trend, it is impossible to tell if this trend will continue. What is worth noting is how this seems to confirm earlier claims of how Bitcoin and Ethereum are not competing with one another.

Source: Coinmarketcap

Header image courtesy of NewsBTC

The post Opinion: Ethereum Price Virtually Unchanged Despite Bitcoin Bull Rush appeared first on NEWSBTC.

Blockchain

via NEWSBTC http://www.newsbtc.com

May 29, 2016 at 12:02PM

Bitcoin Price Hits Six-Month High Amid 5% Surge

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Bitcoin rates rose even more compared to 5% in the very early hrs of 27th May, to get to a greater than six-month high.

< a rel="nofollow" href="http://ift.tt/1TQboeO; > CoinDesk

Blockchain

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May 29, 2016 at 11:58AM

TIL that in Uzbekistan, 30 million population country, people stay in line to get their wages. Throughout few months I spoke with 10 different experts from Uzbekistan and here’s what I found…

http://ift.tt/1sFjBb7

Their country have something like 30 or more banks. And their banking system until February 2016 and all those quantity of banks still haven’t figured out how to provide people ability to send money from 1 city to other city within the country (Even with mPesa in Africa you can do this with mobile phone).

Their capital is called Tashkent (population 2 million) – its the only place where people can buy e-gold type of currency called webmoney (wmz) which is under Russian jurisdiction – these type of electronic money is being sold with 5% extra fee, because people who sell this "WMZ" (1 WMZ equivalent of 1 U.S. dollar) have to bring it from Moscow city (Russia), there is no official way of buying it inside of country.

Uzbekistan government is so oppressive, that they have banned the Skype, Play Market, WhatsApp (being banned by company called Beeline which is international company and huge shame to them).

Their Internet is a little bit cheaper in Tashkent, but all other 28 million people have to pay for their carrier plan 50 megabytes of the Internet-traffic would cost you $2.

The only messenger that works in Uzbekistan is Telegram. Since 2015 I’m developing a Telegram group there http://ift.tt/1qU2PE3 you can join it, most Uzbek people know English.

ATM machines in Uzbekistan take 10% fee even if you want to take your own money. People wait their salaries FOR MONTHS to be transferred from employer to employee between their banking accounts. That’s why their families is always hungry.

Official government in Uzbekistan lie to everyone about their dollar rate (3000 UZS according to official rates), they blame black dollar market for their internal banking crisis. While the black dollar market (7000 UZS according to real street rate) is the only way for a citizen to acquire U.S. dollars (because you have to wait in line for 6 months to get dollars at 3000 UZS rate which is 2 times cheaper)

I have opened a forum topic at Russian Bitcoin forum where I asked Russian audience to take action towards Bitcoin adoption in Uzbekistan http://ift.tt/25tHW5y but these Russians seem very ignorant and not supportive at all, their moderation team is a shame (this forum also known as BTCsec it is run by a guy named Ivan Tikhonov) put my topic into the "off-topic" section (like its not important at all – also they are censoring almost everything) while they have all the payment tools to help Uzbek people to start trading.

I am myself spending almost all my spare time to figure out solutions.

Problems with salary could be solved through Bitcoin, because people could get their salary faster if payment could go P2P between their users through LocalBitcoins or through @BTC_CHANGE_BOT which is has the same functionality as LocalBitcoins, but much more economically reasonable, because Uzbek people always have small amount of very expensive bandwidth.

submitted by /u/blksz
[link] [comments]

Blockchain

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May 29, 2016 at 11:33AM

Bitcoin Market Cap Above $8 Billion as Price Crosses $520 – Finance Magnates

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Finance Magnates

Bitcoin Market Cap Above $8 Billion as Price Crosses $520
Finance Magnates
The total capitalization of all bitcoins in existence is now well over $8 billion again, a benchmark not seen since July 2014. For comparison, the market capitalization of online money transfers firm Paypal (NASDAQ:PYPL) is about $45 billion, already …
Bitcoin Hits That $500 Sweet Spot!Live Bitcoin News

all 3 news articles »

Blockchain

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May 29, 2016 at 11:27AM

Evictions in Ireland by Big Banks Revive Famine Memories

http://ift.tt/24exXLt

As thousands of people now face evictions via their distressed loans being sold to vulture funds, word on the ground is that things are about to hot up. New York based ‘Irish Central’ have an article drawing parallels between famine and bankster evictions. They ran this highly disturbing video. This is life under bankster occupation in all it’s grimness.