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The head of the Consumer Financial Protection Bureau formally called on Congress to sharply reduce his agency’s authority. Among the suggestions he delivered Monday: Any major new rules the bureau makes should be subject to lawmakers’ approval.
Mick Mulvaney — who has been an outspoken critic of…
XXXTentacion is pulling a DMX and asking a judge to let him off house arrest so he can make some cash … TMZ has learned. XXX’s legal team filed docs, obtained by TMZ, asking a Florida court to remove the rapper’s ankle monitor and let him out of…
U.S. Customs and Border Patrol agents have increasingly searched digital devices carried by travelers on international flights, as they look for data in cellphones, laptops and other electronic gadgets that can provide clues to possible terrorist attacks.
Now, the American Civil Liberties Union…
Julie Bowen’s estranged husband wants her to pay up in their divorce case. Scott Phillips filed legal docs and said he wants her to pay spousal support. That could be a hefty payout for Scott if he gets it — Julie is reportedly making $ 500k…
Trump administration officials made the request to Liu He, the main architect of China’s economic policy, last week, according to people familiar with the matter.
WSJ.com: What’s News Asia
This week the owner of the web portal Bitcoin.org and Bitcointalk, a pseudonym called Cobra wrote an open letter to the bitcoin community asking them to think about changing the Bitcoin core network’s Proof-of-Work algorithm.
Bitcoin.org Owner ‘Cobra’ Says Bitcoin Mining Is Controlled By One Man and His Company
The owner of two well-known bitcoin websites has sparked controversy once again as he’s written an open letter to the community asking for a Proof-of-Work (PoW) consensus change. Cobra says bitcoin is slowly becoming less decentralized and he blames mining centralization. In fact, Cobra points to “one man and his company,” and that individual is Jihan Wu, the owner of the Chinese based Bitmain Technologies. Cobra says that the security of the Bitcoin core network depends solely on trusting that one company will be honorable.
“As long as they [Bitmain] control the majority of the hashrate, the only way to keep the network secure is the threat of a hard fork to a new PoW, but this will only work for as long the community is reasonably small and still overwhelmingly shares the same morals for a decentralized Bitcoin,” explains Cobra’s open letter.
Cobra: ‘Hashrate Has Already Been Abused’
Further Cobra says the community is always talking about new entrants jumping into the global mining space, but he believes it is impossible for them to compete with Bitmain. Because Bitmain took in $ 4Bn in profit last year, Cobra thinks they are light years ahead. Cobra states in his plea to the community:
“That $ 4 billion dollar profit will be used to build even better hardware, allowing them to further dominate mining for the foreseeable future and likely buy stakes in their competitors,” Cobra emphasizes.
The hashrate has already been abused to give political support to reckless and dangerous hard fork attempts. They have questionable allegiance to Bitcoin at best, seeming more interested in supporting bitcoin cash, undermining the very network that employs them. Even more dangerously, they are based in China, a country with a long track of human rights abuses, censorship, and generally evil behaviour.
Cobra goes on to say that PoW provides very little security if it’s not effectively distributed among a variety of individuals and businesses. But now the mining distribution in his opinion is overwhelmingly being monopolized by Jihan Wu. Cobra says letting this centralization happen is as crazy as letting an individual press a gun to your head and you say, “he is incentivized to not shoot me because of the threat of jail.”
Jihan Wu Responds: Cobra Is Too Busy Playing Political Games While Other Blockchains Innovate
The anonymous website owner who has made other controversial statements in the past recently asked members of the community to re-write certain sections of Satoshi Nakamoto’s white paper. Cobra’s latest comments declare that the “mining problem is the root cause of all of bitcoin’s problems.” He says the community must get rid of them as they are no longer useful elements of the community.
Bitmain’s Jihan Wu has responded to Cobra’s very opinionated statements over Twitter following the PoW change publication.
“That is cool — When you achieved it, bitcoin’s market share in the cryptocurrency economy will fall under 10%. Good luck,” Jihan Wu says to Cobra in response.
While ethereum is discussing erc-20 improvement proposals and lots of other new blockchains are testing aggressive innovations, Bitcoin.org’s controller is busying with political games like changing the PoW, the future of bitcoin looks not good.
What do you think about Cobra’s open letter to the community? Do you agree with him that the PoW should be changed? Or do you think this is an absurd request? Let us know your thoughts in the comments below.
Images via Shutterstock, Pixabay, Twitter, and GI Joe.
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The post Bitcoin.org Owner Asks the Community to Change Bitcoin’s Central PoW Algorithm appeared first on Bitcoin News.
Venezuela’s president Nicolas Maduro has authorized all savings banks in the country to mine and use the recently launched national cryptocurrency, the petro. Union leaders are outraged by the suggestion, calling the petro a scam, accusing Maduro of abusing his power, and declaring the idea unconstitutional.
Savings Banks Asked to Mine & Use Petro
Maduro has “authorized all savings banks in the country to join the cryptocurrency production system and acquire the petro to contribute the benefits to their workers,” according to the government’s website. He explained that:
The proposal came after several meetings held by the superintendent of the Venezuelan cryptocurrency, Carlos Vargas, with more than 1,400 savings banks in the country.
His announcement, which was broadcasted nationwide, proposes that “savings banks could develop mining farms throughout the national territory to increase the benefits for more than six million workers,” the website states.
According to Maduro, savings banks can mine the cryptocurrency using the state-provided petro container.
Union Leaders Outraged
Following the president’s announcement that savings banks could “develop mining farms” and “acquire petros for [their] workers”, El Nacional reported on Thursday that “Union leaders rejected the use of the petro in savings banks.”
Ana Yanez, the national coordinator of the National Union of Workers (Unete), told the publication that “there is a total disagreement within the union regarding the use of cryptocurrencies in savings banks.” Citing that everything “imposed by the Executive to the workers is null and void for the unions,” he detailed:
That seems to us an abuse of power and a totalitarianism. In addition, it [the petro] is a virtual currency that violates the Constitution. As workers, we disagree that this cryptocurrency is imposed on us.
Servando Carbone, the national coordinator of the National Federation of Public Sector Workers (Fntsp), told the news outlet that “the petro is a scam,” and they “strongly reject the use of cryptocurrencies in savings banks.”
He added that “the petro is an invention of the government to launder drug money” and warned that “if they are forced to use the petro, they will go out to the streets to protest,” the news outlet conveyed.
Furthermore, the secretary general of the union representing oil workers in Falcon state, Iván Freites, showed his disapproval for the petro, “mainly for the use of oil reserves to sustain it,” the publication noted and quoted him explaining:
We who are oil workers know what the cost of bringing a barrel of oil means. That [Marudo’s action] is a dictatorial measure that is taken against the Venezuelan workers.
Do you think savings banks should mine and use the petro? Do you think Maduro will force them to? Let us know in the comments section below.
Images courtesy of Shutterstock and the Venezuelan government.
Need to calculate your bitcoin holdings? Check our tools section.
The post Maduro Asks Venezuela’s Banks to Mine and Use Cryptocurrency – Unions Outraged appeared first on Bitcoin News.
The invention of cryptocurrency is a revolution in modern finance but it has far reaching implications in many other fields as well. For example, a new initiative by UNICEF harnesses the power of mining to create a new form of philanthropy.
Mining for Charity
On February 2nd, The United Nations Children’s Fund (UNICEF) has launched a new fundraising program meant to help finance the needs of protecting Syrian kids. Called Gamer Chaingers, it uses cryptocurrency mining as a method to raise funds without asking for monitory donations.
People who wish to participate in the innovative UNICEF program can visit its website, download the mining software and receive simple instructions on how to operate it. According to the displayed statistics on the site, the program already has 249 mining participants as of the time of this writing.
The website explains to those unfamiliar with the field that: “Today, humanitarian collections often solicit the same people with the same methods, but cryptocurrencies and their revolutionary approach are an opportunity to raise funds differently. Have you heard of Bitcoin? Ethereum is the same, except that you can more easily ‘mine’ the Ethereum coins via your computer and that money will go directly into the UNICEF wallet.”
PC gamers are not exactly the usual crowd that charities target for fundraising and donations, but they now hold a valuable resource thanks to the invention of cryptocurrency mining. Powerful graphics cards are used to render games faster and with higher resolutions, but they can also be used to generate cryptocurrencies.
While professional GPU miners have their systems running without any down time as much as possible, gamers have to eat, study, sleep and work once in a while, and thus have plenty of spare cycles to contribute. UNICEF hopes they will be willing to lend their powerful gaming rigs (and the associated electricity costs of running them) during their down times and thus support the charity without having to make a single money transfer.
What other new forms of philanthropy are made possible with cryptocurrency? Tell us what you think in the comments section below.
Images courtesy of Shutterstock.
The post UNICEF Asks Gamers to Mine Cryptocurrency for Syrian Children appeared first on Bitcoin News.
James Franco was one of the “ladies and remaining gentlemen” Seth Meyers welcomed to the Golden Globes on Sunday—but he has been facing accusations of sexual misconduct ever since. During the awards show, Ally Sheedy called out the actor/director in a now-deleted series of #MeToo tweets, wondering why he…
It’s being called “the most historically significant automobile ever offered for public sale”: the 1939 “Super Mercedes” once occupied by a standing Adolf Hitler. The AFP reports just four of the Mercedes-Benz 770K Grosser models were built, and the one being put up for sale in Arizona on Jan. 17…