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PR: Triggmine – AI, Blockchain, and Email Marketing – the Newest Mix in the Crypto World

March 25, 2018 |

Triggmine - AI, Blockchain, and Email Marketing

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. does not endorse nor support this product/service. is not responsible for or liable for any content, accuracy or quality within the press release.

Email automation SaaS Triggmine upgrades its services with the latest tech solutions. For the very first time, the whole email marketing industry will go beyond simple mail distribution.

Triggmine is going to revolutionize old-fashioned email marketing. E-commerce entrepreneurs no longer need to segment databases and craft email campaigns – all of this will be handled by an intelligent system based on user data. Triggmine will also help business owners communicate effectively with their customers, leading them from first purchase to continuing loyalty.

To implement the above mechanism, SaaS upgrades with proven tech trends:

Artificial Intelligence. Triggmine will analyze a large quantity of data: demographic characteristics, interaction history, degree of sensitivity to discounts, and interests in relation to product categories. As a result, AI-based campaigns will be highly personalized and work better than traditional email marketing.

Smart Contract. For the very first time, email marketing software takes financial responsibility for users’ business results. Triggmine guarantees improved email marketing performance if the user follows special recommendations, based on benchmarks, business stages, industry specifics, etc. All guidance will be based on the detailed AI analysis.

Blockchain Platform. Ethereum blockchain will be used for executing smart contracts, making data storage safe, and facilitating decentralization. The technology will also be used to guarantee 100% quality of AI-based email automation.

For Triggmine, cryptocurrency is not about raising money, but about developing unique solutions.

The primary goal of a Presale is to raise sufficient funds for the development of the Smart Contract. For users, it means that Triggmine will back up their business financially. The goal of a Main Token Sale is to raise funds for the development of the AI-driven neural network to help users launch highly personalized email campaigns.

Check out the Whitepaper to learn more about the product. Token sale starts 1 day early for all whitelisted users. You can also benefit from a 20% discount on TRG for the first 48 hours of the token sale.

If you’re looking for a promising AI-driven project to invest in, this is the time to make a choice!

More information about Triggmine


Contact Email Address
Supporting Link

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Hydro-Quebec Turns Down New Applications for Crypto Mining Operations

March 25, 2018 |

Hydro-Quebec Turns Down New Applications for Crypto Mining Operations

The premier of the Canadian province of Quebec, Philippe Couillard, has temporarily halted the approval of new mining operations partnering with the province’s state-owned power company, Hydro-Quebec.

Also Read: Dutch Court Rules That Bitcoin Has “Properties of Wealth” 

Hydro-Quebec Halts Approval of New Mining Operations From Offshore Applicants

Hydro-Quebec Turns Down New Applications for Crypto Mining OperationsThe company states that “Although [it has] a large volume of electricity to meet the different needs of customers in the territory,” it will not be able to accept all mining applicants, adding that “In recent months, we have received [proposals for] projects representing several thousand megawatts.”

“Hydro-Quebec Distribution will not be able to supply the totality of the installations targeted by the projects which have been presented to it. currently being analyzed, in particular, because of their impact on demand during winter peaks.”

The company states that it is currently “working to develop guidelines to determine which of the projects received in the blockchain sector can be accepted, as well as the tariffs and conditions applicable to this sector.”

Sources State Government Intervention Spurred Hydro-Quebec’s Decision

Hydro-Quebec Turns Down New Applications for Crypto Mining Operations
Quebec Premier, Philippe Couillard

Hydro-Quebec’s decision to temporarily halt new partnerships with offshore mining companies has been met with surprise, as the company had recently made efforts to double its revenues to $ 30 billion by 2030 – with commercial strategies targeting the blockchain and cryptocurrency industries comprises a major source of the anticipated revenue.

According to local media citing an anonymous source close to company, “Hydro-Québec had the management of the cryptocurrency market confiscated” and received “an order to wait quietly for new instructions from the government.”

Quebec cabinet member, Pierre Moreau, addressed the clampdown on new large-scale mining operations, stating that “The objective of the government is to assure all Quebecers that during winter peaks, Hydro-Quebec does not say, ‘well, listen, I can not provide because we are in the process of mining cryptocurrency.‘”

Domestic Mining Operations Proliferate

Hydro-Quebec Turns Down New Applications for Crypto Mining OperationsThe founder of a Montreal-based bitcoin consulting firm, Jonathan Hamel, has stated that the Couillard administration’s decision “is not surprising considering the government’s hostility to technological change.” Mr. Hamel states that the Couillard government previously “attempt[ed] to ban Uber,” and has pushed for stronger “taxation of the giants of the web,” adding “Mr. Couillard seems to be inspired by regulatory surges in the European Union, a strategy that has the effect of scare investors.”

The number of local mining operations in the province appears to have rapidly proliferated, with Hydro-Quebec indicating that it has received supply requests from individuals consuming 5,000% more power than the average home.

Do you think that Hydro-Quebec will again accept applications for new mining operations from offshore companies? Share your thoughts in the comments section below!

Images courtesy of Shutterstock, Wikipedia

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Bitcoin Ransomware Attack Halts Major American City’s Government and Police

March 25, 2018 |

Bitcoin Ransomware Attack Halts Major American City’s Government and Police

Many government services in Atlanta, Georgia, a major metropolitan US city, were brought to a halt this week. Ransomware appeared on municipal computers, urging a payment of $ 51,000 in equivalent bitcoin, otherwise vital city functions would be shut down. The hackers made good on their threat, and services all over the city were impacted, including police. Into the weekend, the issue has not yet been resolved.

Also read: Bitcoiners Demand More Crypto CFDs and Spread-Betting in the UK

Atlanta Ransomware Attackers Demand Bitcoin

National Broadcast Corporation (NBC) television Atlanta, Georgia affiliate, 11 Alive, broke the story early Thursday morning: The city of Atlanta’s computers are being held hostage. The anchors announced police departments, courts, and just about every single department was impacted by the ongoing cyber attack. The attacker(s) demanded the curious sum of $ 51,000 in the equivalent of bitcoin as ransom.

At 5:30am city employees received an official email about an issue critical enough to order computers powered down and unplugged from the wall. At roughly the same time, employees were also seeing a demand for bitcoin on their screens. To be able to get back into their systems, they’d have to pay. Initially the city claimed it to be a computer outage, but leaks from various departments told another story to local media. All indications pointed to what’s known as a ransomware attack.

Bitcoin Ransomware Attack Halts Major American City’s Government

It’s not the first for a US city: Sarasota, Florida (a demand for 33 million USD was avoided by an alert worker who yanked cords from the wall); Leeds, Alabama (which paid upwards of $ 12,000 to get back into their computers); Hinesville, Georgia; Farmington, New Mexico (still do not have access to their computers); Englewood, Colorado (shut down the entire city’s computer infrastructure).  

Federal Bureau of Investigations (FBI) and Department of Homeland Security (DHS) teams have taken up the case. The seriousness of the situation is evidenced by a rumor the city would shut down government offices the following business day if need be. Perhaps the most maddening aspect of the whole affair was not knowing the extent of the compromise. The city’s famous international airport, evidently, wasn’t impacted. Police, however, were sent back two decades technologically, resorting to writing reports and filing them by hand (it seems this effort was taken out of caution rather than due to the hack).

Still Nothing Definitive

By mid-afternoon, city water customers were not allowed to pay water bills online, and so local government asked users to be particularly proactive in case personal data was stolen. City workers openly worried about timesheets and pay, which is all done via computer. Officials assured everyone would be paid, even if physical checks must be cut. “We don’t know the extent of the attack,” announced mayor Keisha Lance Bottoms. She urged patience, “We want to make sure we don’t put a Band-Aid on a gaping wound. We don’t know the extent or if anyone’s personal data or bank accounts will be compromised. All of us are subject to this attack.”

Bitcoin Ransomware Attack Halts Major American City’s GovernmentAnd while there is never a good time to have such an attack, it does come at a particularly touchy moment for Atlanta. It’s said to be on the short list for an Amazon facility, it’s set to host March Madness basketball events, and a giant gun control rally was scheduled for Saturday.

Despite multiple requests, the mayor has refused to answer whether the city will pay the bitcoin ransom.  

Should the city pay a ransom? Let us know in the comments!

Images via Pixabay, Twitter, NBC. 

At we do not censor any comment content based on politics or personal opinions. So, please be patient. Your comment will be published.

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Bitcoin News

‘Gold Bug’ Peter Schiff’s Company Now Accepts Bitcoin Cash

March 25, 2018 |

'Gold Bug' Peter Schiff's Company Now Accepts Bitcoin Cash

This week the bitcoin cash community was surprised to hear that the infamous ‘gold bug’ Peter Schiff is now accepting bitcoin cash, joining a number of precious metals businesses that accept BCH. 

Also Read: Study: 70% of Crypto Exchanges Allow Weak Passwords

The Guy Who Calls the Bitcoin Economy ‘Digital Beanie Babies’ Now Accepts Bitcoin Cash

'Gold Bug' Peter Schiff's Company Now Accepts Bitcoin CashThe economist and notorious ‘gold bug’ Peter Schiff has been a ‘bitcoin hater’ for quite some time. Schiff believes that bitcoin is worthless and considers the cryptocurrency to be much like the tulip or Beanie Babies hype. This past summer Schiff debated Max Keiser and said that “cryptocurrency market signals are wrong.” At the time Schiff stated:   

“[Bitcoin] is being created but there is no real value in bitcoin; it’s all based on faith. If somebody doesn’t want your bitcoin there’s nothing you can do with it, right?” asks Schiff during the debate with Keiser.

However, even though Schiff hates bitcoin he still accepts the cryptocurrency through the payment processor Bitpay. During the Libertycon conference in Washington, DC, Schiff told the audience that he immediately cashes out into fiat during his debate with’s Communications Ambassador Sterlin Lujan.

'Gold Bug' Peter Schiff's Company Now Accepts Bitcoin Cash
Peter Schiff

Schiff Gold Supports Any Free Market Approach to Money and Barter

Now the economist’s bullion company Schiff Gold accepts the decentralized cryptocurrency bitcoin cash (BCH). Although Schiff Gold accepts BCH through the payment processor Bitpay the company says the firm believes precious metals is the best solution for a safe-haven asset.

“We strongly recommend physical precious metals as the best long-term, safe-haven assets and caution our clients to avoid speculative investments,” explains the company’s website.

However, we also support any free market approach to money and barter and recognize bitcoin as a valid payment system — We are proud to work with Bitpay to process your transaction in bitcoin.

Bitcoin cash supporters were pleased to hear about Schiff Gold accepting BCH, as there are now many precious metals businesses that accept BCH as well. Currently, bullion dealers who accept bitcoin cash include JM Bullion, Silvergoldbull, and Apmex.

What do you think about Schiff Gold accepting bitcoin cash for precious metals? Let us know in the comments below.  

Images via Pixabay, and Github. 

Do you agree with us that Bitcoin is the best invention since sliced bread? Thought so. That’s why we are building this online universe revolving around anything and everything Bitcoin. We have a store. And a forum. And a casino, a pool and real-time price statistics.

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Bitcoin News

Toronto Stock Exchange Operator Launches Crypto Brokerage

March 25, 2018 |

Toronto Stock Exchange Operator Launches Crypto Brokerage

TMX Group, the operator of the Toronto Stock Exchange, has announced it’s launching a cryptocurrency brokerage platform. The service will be offered through its Shorcan Digital Currency Network subsidiary and focused on bitcoin and ethereum. The project will be implemented in partnership with the local fintech startup Paycase Financial Corp.

Also read: Israeli Crypto Companies Banned From Stock Exchange Indices

Trading Bitcoin and Ethereum

Toronto Stock Exchange Operator Launches Crypto BrokerageThe owner of the Toronto Stock Exchange, TMX Group Ltd., will offer its customers the opportunity to buy and sell two of the most popular cryptocurrencies – bitcoin and ethereum. That will be accomplished through the launch of its Shorcan Digital Currency Network subsidiary. Support will expand if clients demand additional cryptocurrencies.

The TSE owner also announced the brokerage service would be made available through partnership with Paycase Financial Corp. The Toronto-based fintech startup specializes in decentralized financial services and operates a mobile-based remittance platform.

“As the first ever public crypto brokerage desk by an exchange, this deal represents the true institutionalization of cryptocurrencies as an asset class,” said Paycase CEO Joseph Weinberg. He went on to describe the project as building “the first major bridge between the crypto world and the traditional financial markets”.

TMX says the brokerage is a significant step in the execution of its digital strategy. According to John Lee, Managing Director of Enterprise Innovation & Product Development, the company is looking for new ways to address the needs of its clients in both traditional and non-traditional markets.

The Group’s management hopes that Shorcan DCN will allow to establish links between TMX and the cryptocurrency space. Shorcan is expected to debut in the second quarter of this year. “We are excited to enter into this agreement with Paycase, an industry leader with an innovative and entrepreneurial spirit”, said the subsidiary’s President Peter Conroy, quoted in a TMX press release.

Tapping Into Billion Dollar Market

The partnership with the payments provider Paycase will create cryptocurrency benchmarks based on consolidated data from the world’s leading crypto exchanges. The initial goal is to cover 2 to 5 percent of the global “over the counter” market, currently estimated at $ 4 – 9 billion worth of cryptocurrency, Conroy explained. Banking services will be provided by one of Canada’s largest banks – Bank of Montreal.

Toronto Stock Exchange Operator Launches Crypto Brokerage

Toronto headquartered TMX Group operates cash and derivative markets, as well as clearing houses for multiple asset classes through its subsidiaries across North America. It also controls the Montréal Exchange, the Canadian Depository for Securities and the Canadian Derivatives Clearing Corporation. TMX Group companies provide listing markets, trading markets, clearing facilities and other financial services.

In February, the Canadian Stock Exchange announced plans to launch a blockchain platform for clearing sales of tokens qualified as securities. Cryptocurrencies were also referred to as securities in its listings. CSE offered companies the opportunity to issue traditional shares and debt securities as “security token offerings”, which could be sold to investors.

Do you think TMX’s announcement represents a positive development in regards to mainstream adoption of cryptocurrencies? Share your thoughts in the comments section below.

Images courtesy of Shutterstock.

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IRS Reminds Taxpayers to Report Virtual Currency Earnings

March 24, 2018 |

IRS Reminds Taxpayers to Report Virtual Currency Earnings

The United States Internal Revenue Service (IRS) recently published a document reminding taxpayers that income derived from virtual currency transactions must be reported on income tax returns. The IRS states that taxpayers who fail to report virtual currency earning may be audited or made liable for “penalties and interest.”

Also Read: Bitcoin Adoption Grows in Ugandan Capital City of Kampala 

IRS Reminds U.S Crypto Investors of Tax Obligations

With the U.S tax deadline of April 17 fast approaching, the United States Internal Revenue Service has sought to remind citizens profiting from virtual currency transactions of their looming tax obligations.

The IRS states that “Virtual currency, as generally defined, is a digital representation of value that functions in the same manner as a country’s traditional currency.” The regulator notes that “Because transactions in virtual currencies can be difficult to trace and have an inherently pseudo-anonymous aspect, some taxpayers may be tempted to hide taxable income from the IRS.”

Undisclosed Crypto Income May Incur Penalties

IRS Reminds Taxpayers to Report Virtual Currency EarningsThe IRS states that “income from virtual currency is reportable on […] tax returns,” adding that “Virtual currency transactions are taxable by law just like transactions in any other property”. Should taxpayers fail to accurately report income earned in the form of virtual currency “can be audited for those transactions and, when appropriate, can be liable for penalties and interest”.

The IRS states that in “extreme situations, taxpayers could be subject to criminal prosecution for failing to properly report the income tax consequences of virtual currency transactions.” Said criminal charges “could include tax evasion and filing a false tax return”. The IRS added that “Anyone convicted of tax evasion is subject to a prison term of up to five years and a fine of up to $ 250,000,” and “Anyone convicted of filing a false return is subject to a prison term of up to three years and a fine of up to $ 250,000.”

Due to its tax status as property, “virtual currency is subject to information reporting to the same extent as any other payment made in property” in the U.S.

Do you think that the U.S tax regime for cryptocurrencies is fair? Share your thoughts in the comments section below!

Images courtesy of Shutterstock

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Slush Pool Mines the First ASIC Boost Block Sparking More Debate

March 24, 2018 |

Slush Pool Mines the First ASIC Boost Block Sparking More Debate

On March 24, the mining operation Slush Pool announced it had mined a block using the controversial ASIC Boost protocol and did so using a Halong Miner. The news follows the pool revealing it was compatible with ASIC Boost which sparked up a heated debate just recently.

Also read: What is Asicboost? — An Interview With Developer Jeremy Rubin

Slush Pool Mines Block 514882 Using ASIC Boost Technology and a Halong Miner

Slush Pool Mines the First ASIC Boost Block Sparking More Debate According to a recent announcement over Twitter form the mining operation Slush Pool they have mined a block using ASIC Boost technology. Further, the pool had stated they mined block 514882 using Halong Mining equipment. Halong Mining is also a contentious subject as a lot of skeptics believe the mining company and its devices are fabricated. However, Slush Pool says they got about “16 TH/s” of hashrate using the equipment created by the tendentious company.   

“Our block 514882 is the first-ever block mined using the active version-rolling aka overt ASIC Boost,” explains Slush Pool.

According to the available evidence, it was mined by Halong Mining hardware. Congrats to the lucky miner from Guangdong, China.

Slush Pool Mines the First ASIC Boost Block Sparking More Debate
A Halong Miner. Currently, most of the public is skeptical of this company because machines are not widely available for public review. Some believe Dragon Mint machines are a fabrication. Slush Pool, however, states that block 514882 was mined with a Halong mining device. The mining pool’s leaders denied having any affiliation with Halong when the company first announced launching. 

Core Supporter’s Bitmain Hate Continues

After the announcement, the news went viral on social media platforms like Twitter and Reddit forums. Of course, bitcoin core supporters were pleased to hear the news and most seemed to forget about how controversial this technology was just a few months ago. Most of the proponents of core stated that they didn’t appreciate Bitmain using ASIC Boost because they may have been mining with it covertly. Ironically enough being covert no one can prove that anyone had used the protocol back then and it has never been proven that Bitmain used the technology. In many respects, core supporters were thrilled to see another operation be competitive towards Bitmain.  

“Great to see competition in this space — Anything that hits Bitmain is a good news,” explains one core proponent.

However, one person confused by the comment writes:  

Not sure what you mean — One of the reasons the anti-Bitmain sentiment grew so large was because of AsicBoost itself — Are you happy that there’s competition in the ASIC Boost space? Or just the mining space, even though the competitor is also implementing ASIC Boost?

Slush Pool Mines the First ASIC Boost Block Sparking More Debate
Even though it was never proven that Bitmain used ASIC Boost covertly, many core supporters still believe Bitmain is their enemy.

The Community Now Waits to See if This Technology Affects the Mining Space

On the other side of the hand, bitcoin cash (BCH) supporters thought the excitement from core proponents was extremely contradictory from when most of them called ASIC Boost and “attack or an exploit.” A lot of hateful words and malice was directed at Bitmain during the time even a core supporter from Israel vandalized the Bitmain offices located in the region. One bitcoin cash supporter writes after Slush’s announcement, “ASIC Boost is good but not Jihan ASIC Boost.” Still, the argument is combated by the ‘covert’ part of the discussion, where many core supporters believe the technology is evil when used secretly. Moreover, fans of Slush using ASIC Boost also stated that covert ASIC Boost was incompatible with Segregated Witness (Segwit) which created another topical scaling discussion at the time. But again BCH proponents were very skeptical of the announcement and think the current actions are hypocritical.

No one quite knows exactly what the use of ASIC Boost will bring to the global arena of mining competition. ASIC Boost is a method of optimization that makes mining operations more efficient by 20-30 percent according to estimates.

What do you think about Slush mining the first ASIC Boost block on BTC mainnet? Do you think the action is hypocritical or do you think its ok to use the technology non-secretively? Let us know your thoughts on this subject in the comments below.

Images via Shutterstock, Pixabay, Bitmain, Halong Mining, and Slush Pool logos.

Need to calculate your bitcoin holdings? Check our tools section.

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Bitcoin News

ICOs Are Keeping More of the Pie to Themselves

March 24, 2018 |

ICOs Are Keeping More of the Pie to Themselves

With diminishing returns, increased demand, and pre-sales muscling out public sales, profiting from ICOs in 2018 is a tall order. Just to add to investors’ woes, the percentage of tokens allocated for public sale is also on the decline. On average, ICOs now keep more of the pie to themselves and dole out increasingly slender pieces to the public.

Also read: Game of Thrones Bitcoin Hacker Included in Broader Iranian Sanctions

Public Token Allocations Are Down 12% in Three Months

Dfinity, an ICO to create a decentralized world cloud computer, came in for flak this week after details of its public sale were revealed. It was reportedly seeking to raise $ 350 million from the public in return for 10% of the tokens. This would effectively value the company, which has yet to create a working product, at $ 3.5 billion. To add insult to injury, the public would be paying 200x the rate that Dfinity had charged their friends and family for tokens during the private sale round.

ICOs Are Keeping More of the Pie to Themselves
ICO public token allocations dropped from 55% to 43% on average between November and February

Dfinity has promised to release an official statement on the matter, presumably in a bid to justify its valuation and deep discounting. If these figures are confirmed to be accurate, they represent an extreme case, but are indicative of a more gradual trend: ICOs are selling less tokens to the public and keeping more to themselves and their advisors. has tracked average public token allocations since 2017, and found that this figure has dropped steadily since November. In February, the public received just 43% of all tokens issued on average, down from 55% in November.

Less Pie for the People

When the concept of the Initial Coin Offering was born, the notion was that the bulk of the tokens would be sold to the public and the project team would keep a small percentage to themselves to cover their wages for the next couple of years while they set about building the platform. Then, last year, some crowdsales started keeping an additional portion of tokens to incentivize dApp development or as a fund for onboarding new users. Instead of those costs coming out of the money raised by the crowd, they were now being counted as a separate deductible, leaving less tokens for the public. examined the token allocation for 105 ICOs, each of which raised over $ 20 million. ICOs above that threshold tend to have more hype and thus can get away with issuing a lower percentage of tokens to the public. The average public token allocation for all 105 ICOs comes to 49%, a figure which includes pre-sale allocations that were open to the public. The actual percentage offered from project to project differs wildly. Some crowdsales, such as Elastos, 0Chain, and Fusion offered less than 25% of all tokens to the public, while EOS, Crypto20, Polybius, and Envion all sold more than 80%.

ICOs Are Keeping More of the Pie to Themselves

Because the average amount raised per ICO has been increasing, prior to November 2017 the sample set (based on crowdsales that raised >$ 20m) is too small to draw any meaningful conclusions. Between November 2017 and February 2018, however, the data is clear: the public’s average allocation has been dropping every month. Less pie for the people. More pie for the projects.

Do you think ICOs that issue less than 30% of their tokens are being greedy, or are they justified in keeping the majority of tokens back? Let us know in the comments section below.

Images courtesy of Shutterstock.

Need to calculate your bitcoin holdings? Check our tools section.

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PR: EtherSpin – The Gambling Platform ICO for Long Term Investors

March 24, 2018 |

EtherSpin - The Gambling Platform ICO

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. does not endorse nor support this product/service. is not responsible for or liable for any content, accuracy or quality within the press release.

Gambling can be exciting. That’s what EtherSpin is here, to offer the next wave of cryptocurrency enthusiasts. EtherSpin offers tons of advantages over existing platforms such as universal cryptocurrency gambling.

But if you’re an investor, it’s much cooler to see your investments take off and make huge returns. The best time to join is before the herd. The EtherSpin public ICO has just started today.

EtherSpin’s Success

EtherSpin already has hundreds of active players trying the live platform before their public ICO. The game is open to the public, decentralized and provably fair. The dev team is working on developing more features to the platform.

The problem with other casinos is that they don’t accept cryptocurrencies besides Bitcoin and Ethereum. With EtherSpin, players can play with all cryptocurrencies! The EtherSpin development team is introducing gambling games for all cryptocurrencies on the market. This is the first of its kind.

Investing in EtherSpin

Trying to predict the next 100x cryptocurrency move is risky. No one knows what the next big cryptocurrency will be, so EtherSpin will introduce all cryptocurrencies onto the platform.

Since EtherSpin is designed for every cryptocurrency, an investment in EtherSpin is an investment in the whole cryptocurrency sector. As the crypto industry grows, so will EtherSpin as it adopts new cryptocurrencies onto their platform.

EtherSpin will also be the first casino to add small cryptocurrencies first before they get big, which means they will have a monopoly in the gambling sector with a huge first mover advantage.

EtherSpin’s public ICO has just started today, and the first token buyers this week will get a discount of 60% on all tokens. To participate in this exciting ICO, visit

Contact Email Address
Supporting Link

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Wendy McElroy: The Satoshi Approach to Privacy

March 24, 2018 |

The Satoshi Approach to Privacy

The Satoshi Revolution: A Revolution of Rising Expectations
Section 2: The Moral Imperative of Privacy
Chapter 6: Privacy is a Prerequisite for Human Rights

The Satoshi Approach to Privacy. (Chapter 6, Segment 5)

The traditional banking model achieves a level of privacy by limiting access to information to the parties involved and the trusted third party. The necessity to announce all transactions publicly [the blockchain] precludes this method, but privacy can still be maintained by breaking the flow of information in another place: by keeping public keys anonymous. The public can see that someone is sending an amount to someone else, but without information linking the transaction to anyone. This is similar to the level of information released by stock exchanges, where the time and size of individual trades, the “tape”, is made public, but without telling who the parties were.

Satoshi Nakamoto

The Case For Privacy” is an excellent essay by the Austrian economist and legal scholar David D. Friedman. It opens: “An old science fiction novel features a device that surrounds its bearer with an impenetrable bubble of force.” The novel is Shield (1963) by Poul Anderson. It presents a dystopian world in which a neoconservative, militaristic, and repressive United States dominates the globe, with the exception of China.

Then a game changer occurs. An idealistic astronaut, Peter Koskinen, returns from Mars, with a new technology that has been developed in tandem with indigenous Martians. A portable force field protects the wearer from almost every attack, but it allows light to penetrate freely. It is the ultimate defensive device for individuals. Koskinen wrestles with himself about which political faction to gift with the force field. After a murder attempt, he realizes that no one should have a monopoly on the technology. Friedman sketched Koskinen’s solution. “He writes out an explanation of how the shield works and spends two days distributing the information to people all over the world. By the time Military Security-the most formidable of his pursuers-catches up with him, it is too late. The cat is out of the bag.”

Friedman’s brilliance is to draw an immediate parallel between the force field and privacy. Anderson’s brilliance was to foreshadow Satoshi’s strategy regarding release of the blockchain.

Satoshi’s Solution to the Privacy Problem

The transparency of online communication, according to some, is the death knell of privacy because unwanted others can easily eavesdrop. The government is the biggest snoop of all, of course, especially when it comes to the most demonized personal information of all–financial data.

With apologies to Mark Twain, reports of privacy’s death have been greatly exaggerated. With the possible exception of science designed for global warfare, technology always benefits individuals as much as or more than it benefits government. Digital technology has enhanced the individual’s ability to control his own life, including the flow of information and how to protect sensitive data that could be used against him.

Privacy is stepping into new territory. This is predictable. The concept of privacy exists only because of social relationships, only because people connect with others. Dangers are hidden among the vast advantages of participating in society. One of the dangers is that government or other criminals will use information to harm the person or property of participants. Social interaction has shifted dramatically due to online communication, and it would be amazing if privacy had not done the same.

There is no one path to privacy. The strategies employed depend on variables such as an individual’s personality and the circumstances. But the Satoshi approach should be considered seriously, if not preferred. For Satoshi, the transparency of the blockchain was not only salutary but it also allowed for genuine privacy—a privacy that rested on keeping the public key anonymous and never linking it to a true identity. In other words, protecting a True Name was the privacy. And the first line of protection for a True Name was the use of anonymity, pseudonymity, or polynymity (multiple personas). Past that point, there were and are constantly evolving tools to separate an identity from a transaction, without compromising the transparency of the latter.

Why is transparency salutary? A visible timeline and a public ledger promotes confidence in the honesty of transactions; it provides an immutable reference to arbitrate disputes. But the main reason to value transparency is also the reason it was built into the blockchain to begin with. An open ledger solves the problem of double spending and fraud. Double spending refers to paying for more than one transaction with the same coin, often by using the same coin in rapid succession for different transactions. “Bitcoin Whitepaper: A Beginner’s Guide” observed,

A timeline and public history of all transactions prevents double-spending because later transactions would be considered an invalid, or perhaps fraudulent, payment from the same coin. Each coin has a unique timestamp and the earlier transaction would be accepted as the legitimate payment. One coin, one payment…Here we see the emerging structure of the blockchain. The timestamps are key to preventing double-spending and fraud. It’d be virtually impossible to send duplicate coins because each coin contains different, chronologically-ordered timestamps.

That’s the main advantage of transparency, just as the main advantage of the properly-administered public key is privacy, especially in the face of government. Friedman commented:

Privacy includes the ability to keep things secret from the government….I might be keeping secret my weakness for alcohol, or heroin, or gambling or pornography and so preventing the government from stepping in to protect me from myself….If you view government as a benevolent super being watching over you-a wise and kindly uncle with a long white beard-you will and should reject much of what I am saying. But government is not Uncle Sam or a philosopher king. Government is a set of institutions through which human beings act for human purposes. Its special feature-what differentiates political action from the other ways in which we try to get what we want-is that government is permitted to use force to make people do things.

The human purposes served through government institutions include power-seeking, greed, status, and the imposition of moralistic rules. Crypto users have reason to be particularly private. A recent news story declared, “NSA Has Been Tracking Bitcoin Users Since 2013, New Snowden Documents Reveal.”

An abundance of caution is not paranoia. It is never paranoia when they actually are out to get you.

Data Evolves as a Weapon of Oppression

Governments are developing new ways of using databases to repress average people. A headline in Reuters (March 16, 2018) read, “China to bar people with bad ‘social credit’ from planes, trains.”

Social credit (xinyong) is a long-standing moral concept within the Chinese tradition, which indicates the level of a person’s honesty and trustworthiness. The Chinese government now extends the moral concept to include loyalty to the state and social honesty; it proceeds to assign an official rank to each person. Then, social control is imposed on those with low scores by denying them privileges, such as traveling by plane or train. Other social-credit offenses include using expired tickets to board a train or smoking while on it, buying “too much” alcohol, watching porn, returning a rented bike in a tardy manner, “not showing up to a restaurant without having cancelled the reservation, cheating in online games, leaving false product reviews, and jaywalking.”

The trivial offenses may seem puzzling or even funny. But they serve an important and frightening purpose. The Chinese government is able to isolate anyone it wishes by barring them from travel. The trivial offenses hand the government a blank check.

Social credit is not a uniquely Chinese phenomenon. Governments around the world impose their own forms of it on citizens and foreigners alike. In the U.S., passports are denied to those who are sufficiently behind in child support or tax payments; former felons find it difficult to travel abroad. Foreigners who tell a U.S. border guard that they have smoked marijuana, whether the occasion was legal or not, will be refused entry. Global News, a Canadian outlet, explained, “they’re…told to go back to Canada, and told they are inadmissible for life. This is a lifetime ban.”

In the UK, three activists were recently denied entry, allegedly due to their anti-Islamic views.

Increasingly, social credit is used to deny basic rights to “low scorers,” with the ability to travel being only one example. Government’s voracious appetite for data is growing. For example, the 2,232-page ‘‘Consolidated Appropriations Act, 2018,’’ which is now before the US Congress, contains many “poisoned riders.” On page 2201, there is the Cloud Act, which allows police access to online data without a warrant. Such access happens now in a covert manner, but the bill allows visible and aggressive intrusions as standard and sanctioned procedure. It means the data would be admissible in court.

Many of the reasons used to deny basic rights are financial, such as back taxes, back child support, expired train tickets, unpaid debts, or such “incorrect” purchases as porn and alcohol. No wonder people want to cloak their online financial transactions. Shielding the transactions themselves can be difficult or impossible, however. Once information is released to the wind of the Internet, it becomes vulnerable. Even encrypted data can be broken open, and encryption  draws the suspicion of law enforcement whenever it is used. Various projects are in progress to cloak transactions in an effective manner. They should be applauded as another privacy option, but it is far from clear that they will succeed.

It is far more practical to cloak privacy at the source of the transactions, to break the connection between a True Name and an exchange, however transparent the latter may be. The participant has much more control over his public key than he has over transmitted financial data.

Conclusion: Choose Your Privacy Strategies Wisely

People should choose the approach to privacy with which they are comfortable, and their approach will hinge on circumstances.

A key circumstance: all information is not equal; some information is more equal than others. Everyone has at least three kinds of personal data, each of which demands different treatment. First, there are facts that people want to broadcast widely, such as a new novel or an employment resume. This data requires the opposite of privacy: marketing. Second, there are facts that are harmless to disclose, such as a favorite color or a preference in potato chips. The disclosure may draw unwanted solicitations, but these are minor annoyances that do not jeopardize rights. Third, there are facts that can be vectors of oppression, such as financial data. They can be used to harm people’s rights, wealth, and well-being.

Each type of information may require a different privacy strategy, including the strategy of doing nothing at all. Whenever privacy needs to be shielded, however, the Satoshi solution should be seriously considered.

[To be continued next week.]

Reprints of this article should credit and include a link back to the original links to all previous chapters

Wendy McElroy has agreed to ”live-publish” her new book The Satoshi Revolution exclusively with Every Saturday you’ll find another installment in a series of posts planned to conclude after about 18 months. Altogether they’ll make up her new book ”The Satoshi Revolution”. Read it here first.

The post Wendy McElroy: The Satoshi Approach to Privacy appeared first on Bitcoin News.

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