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In case you haven’t heard — especially from him – Donald Trump’s first year in office has been great for the stock market … but 3 companies in particular have benefited bigly from their association with the Prez. TMZ did some research, and…
2017 was once again one of the hottest years on record, ranked as the second-warmest by NASA and third-warmest by the National Oceanic and Atmospheric Administration.
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Can the teeth of 10 people solve a centuries-old mystery? According to a study published Monday in Nature Ecology and Evolution , perhaps. Its authors suggest that an epidemic that killed as many as 17 million people over the course of two outbreaks in the 16th century and had a hand…
This weekend marks a milestone for bitcoin as 80 percent of the currency has now been mined into circulation, this means there’s only 20 percent left to mine. Satoshi Nakamoto’s protocol was one of the first to introduce digital scarcity and soon enough the digital asset will become even harder to obtain.
There Are Only 4.2 Million Bitcoins Left to Mine
So far on January 13, 2018, 16,800,000 BTC have been mined and there’s only 20 percent left for miners to acquire. When Satoshi Nakamoto introduced the bitcoin protocol to the public by launching the codebase in 2009, the cryptocurrency came with a capped supply. The supply will never be increased and Nakamoto set the number to 21 million bitcoins ever to be found. So far the creator’s plan and miners securing the network have successfully secured this rule from changing with hashpower. Theoretically, however, skeptics believe there could be a way to increase the supply through manipulative tactics such as a 51 percent or Sybil attack. As the digital asset’s life approaches a decade no one has been able to break the rules of 21 million supply cap.
Solving the General’s Problem
This has given individuals reason to believe that Satoshi solved one of the hardest computational equations, the Byzantine General’s problem, a security flaw that had plagued computer scientists for decades. Essentially the problem exists with distributed networks as the issue brings certain faults or security flaws making it easy to attack. This, in turn, makes it hard for protocols to prove something because there is an unsolvability proof within the network.
With Satoshi’s Proof-of-Work in the original bitcoin protocol, the economic measure makes it difficult to attack by making threats to the network costly, and time-consuming. For the first time ever in the world of digital computing, Satoshi introduced an asset that couldn’t be copied or double spent. And at the same time, he limited the supply which also introduced digital scarcity like no other technology before it.
Digital Scarcity and the Next Halving
Because there are only 21 million bitcoins the cryptocurrency’s limited availability make the asset harder to acquire the more scarce it becomes. In most cases when an asset is limited and resources are harder to come by, the supply causes demand for the market. The supply of bitcoin shows a significant gap between how many there are and those who want to obtain some. A great majority of bitcoiners believe digital scarcity will make bitcoin more valuable over time, and with 16.8Mn mined so far it will get harder.
In addition to the difficulty in accessibility miners themselves are going to have to up their processing power constantly. In two years or less depending on hashrate speed, the next miner reward halving is approaching. This means instead of miners getting 12.5 BTC for every block they mine they will get 6.25 BTC in two years time. This network consensus agreement of a halving every four years will make bitcoins more difficult to obtain even for the large warehouses all over the world filled with data processors. Every one of them and ASIC technology itself will have to progress for mining operations to continue profiting. Of course, the price per bitcoin should also be higher than the cost to mine the currency as well.
Unlike Ripple’s 100 Billion There Will Only Be 21 Million Bitcoins
Another thing to consider while observing the vast blockchain environment is that Satoshi’s creation unlike the 1,300 other cryptocurrencies in existence has only 21 million. Other digital currencies have billions already in circulation and billions more to come using other less tested consensus mechanisms like Proof-of-Stake. So in essence bitcoin’s inventor created something unique and different than the digital goods we all swap today. Unlike your MP3s or digital movies, bitcoins cannot be copied, and this weekend 16.8 million of them have been mined, hoarded and a large number of them have been lost. To many cryptocurrency investors, this makes Satoshi’s invention a very valuable digital asset, unlike anything the world has ever seen.
What do you think about 80 percent of the bitcoins being mined into existence this weekend? Let us know what you think in the comments below.
Images via New Line Cinema, WingNut Films, Pixabay, bitcoinblockhalf.com, the bitcoin white paper, and blockchain.info.
The post 80 Percent of the Total Bitcoin Supply Have Now Been Mined appeared first on Bitcoin News.
President Trump’s schedule has been steadily shrinking over his year in office, and it now includes a lot of “Executive Time,” which is often code for watching TV and using Twitter in his residence, according to Jonathan Swan at Axios , who says he has seen copies of Trump’s private schedule….
There’s a case brewing in DC, and the DOJ is on it. Actually, it’s an old case being given new life, seeking potential illegal activities tied to the Clinton Foundation while Hillary Clinton was secretary of state. The Hill first reported Thursday on the reinvigorated inquiry, with a witness and…
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On December 28th, one of the main hard forks took place in Bitcoin history, Segwit2X, which revealed acute problems in the work of crypto-exchanges, wallets, and decentralization in general. Why ordinary users are left with less and less choice and how to solve this problem?
Recall that after the announcement of the Segwit2X project, the price of B2X futures increased 3-fold, and the day before the fork, the price for them rose by another 75%. Right after the start, the most powerful support for Segwit2X was provided by the miners. The aggregate capacity of friendly mining pools accounted for more than 300 Th/s. All these facts point to the importance of BITCOIN Segwit2X for the crypto-community!
This unanimous support for ordinary users is due to the technologies that B2X offers. It is able to get rid of high commissions for transactions and low speed of the Bitcoin network itself. Furthermore, Bitcoin is no longer decentralized, since the main production capacities are concentrated in the hands of several pools.
And how it feels to live in a world without freedom of choice, where everything is predetermined in advance? Everyone agrees, that such state of events is terrible. And it’s terrible that the crypto-world with its idea of decentralization and independence from official structures is becoming more centralized. Some cryptocurrency exchanges and electronic wallets try to impose their ideology on users, deciding whether to list a coin or not, as well as whether to accrue B2X to their users! At the same time, this ideology is dictated by nothing other than the number of zeros. Thus, companies deprive their clients of the right to choose and monopolize the market. And this will never have good consequences in the long run.
Understanding that they became the hostages of the situation, users initiated the creation of a petition at Change.org to support the fork of BITCOIN Segwit2X, which was already signed by more than 50 thousand people. And one of the users even left a meaningful comment: “The entire decentralized community needs Segwit2X. If we do not decide to be a fork or not, then there is no decentralized community”. Their support was especially valuable to the project team, which from the very first day faced unprecedented pressure and threats on their way since someone thought that BITCOIN Segwit2X has an impact on the Bitcoin rate.
Despite all these obstacles, the fork of BITCOIN – Segwit2X was successfully launched, thereby proving that the freedom of choice in the modern crypto-market is more urgent than ever!
More information about the project can be found on the official website and in social networks:
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Freezing temperatures and below-zero wind chills socked much of the northern United States on Wednesday, even setting a record in a Minnesota city so cold it’s called the Icebox of the Nation. Forecasters warned of hypothermia and frostbite from arctic air settling in over the central US and spreading east….
It comes with little surprise that promoters of new altcoins and ICO tokens use every tool at their disposal to gain an advantage in the ever-crowded cryptocurrency market. While the positive marketing approaches are well known and widely talked about, like sponsorship deals with rappers, sport stars and other celebrities, the negative side of the business is no less important. This includes employing smear campaigns to hurt competitors and adversely affect the psychology of investors.
Terms like fake news, FUD and FOMO are too freely and frequently thrown around in cryptocurrency forums, but some people have indeed successfully weaponized these tactics. Writing in Psychology Today, Bobby Azarian, Ph.D., a cognitive neuroscientist, explains how the natural cycle of fear and greed has been hijacked to promote certain interests.
Azarian writes: “During this cycle, spreaders of FOMO and FUD are engaged in psychological and information warfare as they compete for the attention of the curious investor, who is intrinsically vulnerable owing to being always on the lookout for insightful opinions that could inform better investment decisions. It’s a bit ironic that in the crypto-world, taking the time to hear the opinions of others can actually hurt more than it helps.”
No Holds Barred High Stakes Game
With a total market capitalization of over half a trillion dollars, and a daily trading volume higher than some national stock exchanges, cryptocurrency promoters are now playing in the big leagues. Additionally, as the market is unregulated and ethical standards have yet to be established, tactics that would get you banned or in jail in other markets are seen as fair game. Considering this, its up to investors to remember that it isn’t just normal haters, contrarians and trolls who might be spreading rumors but also business people with lots of money to spend on PR and big commercial interests at stake.
Besides competing for the same investors and resources, cryptocurrency promoters may have more reasons to hurt a rival. One simple to understand motive is wanting to make sure no other token passes yours by total value, capturing its place on Coinmarketcap. A more complex situation to follow is the interwoven community politics, wherein someone might attack a project not because it is a direct competitor but because a supporter of it is a rival in another field.
“While the FOMO-FUD cycle might be entertaining to watch, it is important to remember that this isn’t a game, even though it’s being played like one. These fear campaigns have real financial consequences for investors,” Azarian explains to the Psychology Today readers.
Triggering Our Fear Systems
Azarian zeroed-in on one recent example, the reporting on the IOTA Microsoft partnership, to make his case. He details in great length how the cycle unfolded across the internet, Reuters, and CNBC. He calls out in particular one anti-IOTA story by a “mainstream media fact checker” (conspiracy) website for being an “unabashed, grade-A, FUD fodder. The fact that the article appears to be well-investigated on the surface gave FUD spreaders the ultimate weapon to add to their arsenal.”
The psychology expert concludes that cryptocurrency traders must be skeptical not only of sensationalized statements, but also of skeptical statements themselves. “We must be aware of how easily we are manipulated when our fear systems are triggered, and adjust our investing behavior accordingly.”
Has any negative psychology tricks affected your trading? Let us know in the comments section below.
Images courtesy of Shutterstock.
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The post The Psychology of the Cryptocurrency FOMO-FUD Cycle Has Been Weaponized appeared first on Bitcoin News.
For three quarters of a century, the same Christmas card featuring a Scottish man in a kilt has made its way through the mail either to or from a Nebraska woman. It began in 1941, reports the Kearney Hub , when Lois Margaret Frandsen of Dannebrog sent the card to her…