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| May 26, 2019

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Despite a booming economy, many U.S. households are still just holding on

May 23, 2019 |

Many U.S. households find themselves in a fragile position financially, even in an economy with an unemployment rate near a 50-year low, according to a Federal Reserve survey.

The Fed’s 2018 report on the economic well-being of households, published Thursday, indicated “most measures” of well-being…


L.A. Times – Business

Bolivia’s Morales begins bid for 4th term despite complaints

May 19, 2019 |

Cheered by thousands of supporters in Bolivia’s coca-growing Chapare region, President Evo Morales began his campaign for his third consecutive re-election Saturday amid opposition assertions the constitution prohibits him from running again.
FOX News

TMZ

Britney Spears Conservatorship is Business As Usual Despite ‘Free Britney’

May 18, 2019 |

Britney Spears may be in the eye of a social media firestorm, but her conservatorship is working 24/7 and it’s business as usual. Sources with knowledge of the conservatorship tell TMZ … Britney and her dad, conservator Jamie Spears, talk at least…

TMZ.com

Despite $100K Pledged to Charity, Adam Back Remains Silent Over Proposed Debate

May 9, 2019 |

Despite $  100K Pledged to Charity, Adam Back Remains Silent Over Proposed Debate

There’s over $ 100,000 on the line that could be given to charity for about an hour of Adam Back’s time. If he chooses to debate Bitcoin Unlimited’s Peter Rizun over why he thinks it’s a bad idea to scale with larger blocks, Paxful’s Ray Youssef‏ has pledged $ 100K in addition to Roger Ver’s initial $ 10K offer.

Also read: Schnorr Signatures Await Bitcoin Cash as the Next Upgrade Draws Near

The Initial Debate Challenge

On April 27, the CEO of Blockstream, Adam Back, compared people arguing for gigabyte blocks to flat earthers, citing that a majority of protocol experts agree that syncing full nodes is already too heavy. Following the tweet from Back, Bitcoin Unlimited Chief Scientist Peter Rizun told people to remember Back’s commentary when gigabyte blocks are no more impossible than a streaming video is today. Rizun detailed that there’s really no laws of physics that will prevent the Bitcoin Cash (BCH) protocol from scaling globally. “In fact, no technological breakthroughs are required — just continued state-of-the-art engineering,” Rizun asserted. Following Rizun’s tweet, Back replied stating that it is the “wrong architecture” to follow this route and said he has offered “some design outlines to some of the big blockers.”

Despite $  100K Pledged to Charity, Adam Back Remains Silent Over Proposed Debate

Then Rizun decided to challenge Back to a debate on Peter McCormack’s show on the merits of scaling bitcoin onchain versus offchain. “If Peter McCormack is willing, he can moderate and use the recording as a podcast,” Rizun remarked. Another person participating in the Twitter discussion between the two individuals posted a survey which asked: “Do you want to see Peter Rizun debate Adam Back moderated by Peter McCormack on scaling bitcoin on-chain versus offchain?” Around 650 people responded and 63% responded “Yes” they would like to see this debate. The following day, Bitcoin.com’s CEO Roger Ver offered to donate $ 10K worth of crypto to a charity of Adam Back’s choice if he agrees to debate. Ver predicted Back won’t debate because the only way his ideology has gained traction is through using censorship on r/bitcoin. “It can’t stand up to scrutiny,” Ver emphasized.

Despite $  100K Pledged to Charity, Adam Back Remains Silent Over Proposed Debate

Paxful’s CEO Ups the Ante With $ 100,000 for the Built With Bitcoin Charity

Back never replied to the initial offer or even stated why he couldn’t debate Rizun on the merits of keeping blocks small. Then, on May 8, the CEO of the peer-to-peer bitcoin exchange Paxful, Ray Youssef‏, decided to make things more enticing by offering additional funds to charity. Youssef responded to a Tweet from Ver and stated:

Let’s up the ante to $ 100K. I will match it and we can build two schools for 1200 children in Kenya. Built With Bitcoin BCH helped build the last two schools and it can help build the next.

Despite $  100K Pledged to Charity, Adam Back Remains Silent Over Proposed Debate
Paxful’s Built With Bitcoin project has already constructed two schools.

Youssef‏ also asked Binance CEO Changpeng Zhao (CZ) to pledge and reminded people that social good is the magical use case for crypto which showcases how this technology was “invented for helping the lil’ guy.” Paxful’s Built With Bitcoin initiative has already shown the power of crypto when the team used funds to build schools in the Kasebigege Village in Rwanda, Africa. A simple debate between two people could elevate this charity to new heights, giving a lot of value to those in need. Still, Back hasn’t responded to the offer and being an expert who has given ideas to big blockers, debating Peter Rizun shouldn’t be much of an issue.

The Sound of Crickets Verses Successful Testing, Papers, Lectures and Calculations

However, Back may have an issue debating when there’s a lot of data out there from experts showing that big blocks and even gigabyte-sized blocks can scale indefinitely. One example of larger blocks performing well was last September when BCH processed 2.4 million transactions in one day without much difficulty. Blocks were quite smaller than 1 gigabyte during last September’s stress test, but there’s been many experiments and papers on how it is quite possible to process gigabyte blocks going forward after some clever engineering.

Despite $  100K Pledged to Charity, Adam Back Remains Silent Over Proposed Debate

Rizun is also known for being quite knowledgeable on the subject of gigabyte blocks after he presented the subject at Scaling Bitcoin in Milan. Alongside this, he successfully propagated a 1.0001 GB block on a blockchain testnet on Oct. 12, 2017 with Andrew Stone. Or maybe Back doesn’t want to discuss the cost associated with procuring a full node, because this also seems to be a non-issue for a society in the midst of enormous technological growth. One month ago, the blockchain engineer Corentin Mercier did some calculations on how much the cost would be for a Bitcoin node handling 1GB blocks cost today. Mercier’s calculations show the cost to run a full node with 1GB blocks in the future is quite meager compared to the price quoted by those who have said only mega data centers could run a node under such conditions. Moreover, despite the conspiracy theories, the cost of bandwidth and disk space has declined every year over the last decade.

Back could debate these subjects with Rizun, proving his expertise and at the same time help bolster a charitable effort. The offer seems like a win-win situation if Back’s argument holds weight. Over the last few years, stubborn developers have relied on propaganda and censorship tactics to make it seem like scaling is a much bigger problem than it actually is.

What do you think about the $ 100K on the line for Adam Back to debate Peter Rizun about onchain and offchain scaling and gigabyte blocks? Let us know what you think about this subject in the comments below.


Image credits: Shutterstock, Twitter, Paxful, and Pixabay.


At Bitcoin.com there’s a bunch of free helpful services. For instance, check out our Tools page!

The post Despite $ 100K Pledged to Charity, Adam Back Remains Silent Over Proposed Debate appeared first on Bitcoin News.

Bitcoin News

TMZ

‘Varsity Blues’ Ringleader Rick Singer Still Living Large Despite Bribery Plea

May 8, 2019 |

Rick Singer, the man who pulled all the strings in the massive college admissions bribery case, is living the Porsche lifestyle while the clients he ratted out face years in prison. Shirtless Rick was chillin’ at a public pool Tuesday in St.…

TMZ.com

TMZ

Jussie Smollett’s ‘Empire’ Costars Want Him Back Despite Fox’s Decision

May 6, 2019 |

Jussie Smollett’s “Empire” costars aren’t satisfied with Fox’s plan to keep the actor’s character off the upcoming season and are lobbying network execs to bring him back full-time.  Sources on the show tell us cast members — including Taraji…

TMZ.com

Despite Its 5% Yield, This Energy Giant's Stock Isn't Worth Owning

April 28, 2019 |

Despite Its 5% Yield, This Energy Giant's Stock Isn't Worth OwningA high-dividend yield is enticing, but there are too many negatives surrounding Italian oil giant ENI. Here's what they are, and here are two alternatives.



Yahoo News – Latest News & Headlines

CNN

Oil workers reveal a Venezuelan region crumbling despite its resources

April 16, 2019 |

Venezuela oil workers say that the money intended to maintain PDVSA’s equipment ended up elsewhere. They point to the thick layer of polluting oil sludge blanketing the shoreline of evidence of neglect.
CNN.com – RSS Channel – Regions – Americas

Aussie Banks Still Cold to Cryptocurrency Businesses Despite Regulation

April 14, 2019 |

Aussie Banks Still Cold to Cryptocurrency Businesses Despite Regulation

Despite increasing regulation in the cryptocurrency sector, Australia’s major banks maintain cautious policies when it comes to cryptocurrencies. While cryptocurrency businesses appear to challenge Australian banks’ appetite for risk, many institutions permit cryptocurrencies to be purchased using credit cards.

Also Read: Lithuania to Adopt Crypto Regulations Even Stricter Than the EU’s

Credit Card Cryptocurrency Purchases Permitted by Many Australian Banks

A spokesperson for Westpac, Australia’s second-largest bank by capitalization, stated that the company “does not restrict [the] use of accounts or credit cards in relation to purchasing cryptocurrency as long as the transaction complies with our legal obligations and terms and conditions.” The policies extend to Westpac-owned St George Bank, Bank of Melbourne, and Bank SA.

The country’s third-largest bank, Australia and New Zealand Banking Group (ANZ), also does not prohibit its customers from purchasing cryptocurrencies, with an ANZ representative stating that the bank “does not prohibit customers buying digital or cryptocurrencies, or accepting them as a form of payment.” However, the spokesperson added that the bank “monitor[s] transactions for unusual behavior to protect against potential fraud and in line with our regulatory responsibilities.”

Aussie Banks Still Cold to Cryptocurrency Businesses Despite Regulation

The Commonwealth Bank of Australia (CBA), Australia’s largest bank, however, revised its policies 14 months ago to prohibit virtual currency purchases via credit card. Despite this, a Commonwealth Bank spokesperson stated that “customers are still able to buy and sell cryptocurrencies using their CBA transaction accounts and debit cards.” CBA subsidiary Bankwest shares the same policies.

Few Banking Options Available to Australian Cryptocurrency Businesses

News.Bitcoin.com was unable to find an Australian financial institution that expressed a willingness to bank cryptocurrency businesses.

Of the major banks, while CBA and Westpac declined to comment on the matter, an ANZ spokesperson indicated that the company’s policy “is to not bank businesses that operate as issuers, dealers or exchanges of digital or crypto-currency as they are outside of our risk appetite.” A spokesperson for regional bank Suncorp also indicated that the company does not provide “services to cryptocurrency businesses.”

The country’s credit union also appears to hold policies that are cold to cryptocurrency businesses, with a Newcastle Permanent spokesperson indicating that the entity does not partner with crypto companies, nor does it permit cryptocurrency purchases using its credit cards.

Aussie Banks Still Cold to Cryptocurrency Businesses Despite Regulation

A spokesperson for Heritage Bank, one of Australia’s largest credit unions, stated: “Due to the high risk and anonymous nature of cryptocurrency trading, Heritage has made the decision not to transact with business accounts that trade in cryptocurrencies.”

Do you operate a business in the cryptocurrency sector? Have you encountered difficulties in securing banking partners? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Aussie Banks Still Cold to Cryptocurrency Businesses Despite Regulation appeared first on Bitcoin News.

Bitcoin News

Barr hammered for stating ‘spying did occur,’ despite confirmation of Trump team surveillance

April 11, 2019 |

Attorney General Bill Barr ran into a buzz saw of criticism from Democratic lawmakers and media figures for testifying Wednesday that “spying did occur” against the Trump campaign in 2016. But despite the backlash, Barr appeared to be referring to intelligence collection that already has been widely reported and confirmed.
FOX News