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Initiative Archives -

Anaheim’s ‘living wage’ initiative is expected to pass. A business advocate calls it a ‘tragic outcome’

November 13, 2018 |

Anaheim voters appear to have approved a ballot initiative that requires some hospitality businesses to pay workers at least $ 15 an hour, with 51.5% of ballots counted as of Monday cast in favor of the measure.

The Orange County Registrar of Voters warned, however, that more than 302,000 ballots…


L.A. Times – Business

Disney appears to gain a friendly majority in Anaheim City Council. The ‘living wage’ initiative is still too close to call

November 8, 2018 |

After butting heads for two years with the Anaheim City Council, Walt Disney Co. appears to have won a favorable majority on the panel as candidates backed by the media giant were well ahead in a wide field of hopefuls.

Three City Council candidates, including the mayor, who received campaign support…


L.A. Times – Business

Is Initiative Q the Next Bitcoin?

November 6, 2018 |

Is Initiative Q the Next Bitcoin?

If you’ve been anywhere near social media in the past fortnight, or even used your favorite messaging app, there’s a good chance you’ve been shilled a referral link to Initiative Q. A mate probably forwarded it to you or tagged you in a post offering an invite to the first five responders. Maybe you FOMO’d in, or maybe you scrawled a one-word response — “Bitconeeeeect!” — and gave it a wide berth. For those who are still on the fence, here’s what you need to know about Initiative Q.

Also read: Stop Looking for the Next Bitcoin

Scheme or Scam?

Is Initiative Q the Next Bitcoin?Billed as “tomorrow’s payment network” and “the payment network of the future,” Initiative Q exists as little more as an idea right now, but a viral idea that has captured the attention of your mom, dad, mailman, partner and pet over the past month. It’s not a cryptocurrency and yet, as the resident bitcoin expert in your social circle, you’ve probably been doorstepped by acquaintances fielding the same question: Is Initiative Q the new Bitcoin?

Betteridge’s law of headlines holds that any headline ending in a question mark can be answered in the negative. Therefore, the short version of this article runs as follows: No, Initiative Q is definitely not the next Bitcoin. The slightly longer version goes like this: Any new monetary system that is (a) centralized and (b) acquired with an expectation of profit will be shut down faster than you can say “Liberty Reserve.”

Is Initiative Q the Next Bitcoin?
Google Trends shows the explosion in interest in Initiative Q

Here’s What’s Good…

Is Initiative Q the Next Bitcoin?
Saar Wilf

Before Initiative Q is completely written off, it is worth acknowledging what the project has gotten right: Not only is it a monetary idea that has managed to avoid using the term “blockchain,” but its virality is the envy of marketers the world over. No payment protocol, or however Initiative Q can be described, has come close to matching its runaway success. You might be sick of hearing about it, but the fact that you are sick of hearing about it is testament to the nous of its savvy founder, Saar Wilf.

…And Here’s What’s Bad

While Bitcoin’s founder operated under a pseudonym, Initiative Q’s is using his real name. Yes, Saar Wilf is a real guy who’s soliciting recruits based on the premise of his currency, Q, being akin to “getting free bitcoin seven years ago.” Sign up today and you’ll be entitled to free Qs that could one day be worth $ 34,000. If that sounds like an expectation of future profits, you’d be absolutely right. If that sounds like the sort of scheme the SEC could shut down in a heartbeat, you would be equally correct. If you really want to capitalize on the next big thing, there’s this payment system you should really check out. It’s called Bitcoin.

Is Initiative Q the Next Bitcoin?
Actual message a friend sent just after I’d finished this article.

What are your thoughts on Initiative Q? Let us know in the comments section below.


Images courtesy of Shutterstock.


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The post Is Initiative Q the Next Bitcoin? appeared first on Bitcoin News.

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8 Surprising Findings from New York’s Virtual Markets Integrity Initiative

September 19, 2018 |

8 Surprising Findings from New York’s Virtual Markets Integrity Initiative

A lot of cryptocurrency traders are sick of hearing about “manipulation”. They just want to buy and sell bitcoin in peace, without Twitter accounts such as Bitfinexed banging on about unnatural market movements. It was thus with some dismay that New York’s Virtual Markets Integrity Initiative was greeted. The report, which dropped yesterday, predictably contains allegations of market manipulation. But it also contains some fascinating ancillary insights.

Also read: US Confiscates Millions in Cryptocurrencies in Alphabay Forfeiture Case

New York’s Fact-Finding Mission Throws Up Some Surprises

In April 2018, the New York State Office of the Attorney General (OAG) sent an extraordinarily detailed questionnaire to every cryptocurrency exchange that traded in the state. Some platforms, such as Kraken, rebuffed it, rightly interpreting the initiative as a fishing exercise designed to further regulate an already tightly regulated industry. Other exchanges, such as Coinbase, predictably bent over backwards to dot every ‘i’ and cross every ‘t’.

The results of that survey are now in, and while the headlines can largely be ignored – “Bitstamp, Itbit and Kraken raise red flags on manipulation” wrote Bloomberg – the report is an impressive body of work. Even if one takes aversion to the intent behind its commission, it’s hard not to be swayed by the level of detail and quality of presentation to be found within its 42 pages. Here are eight interesting tidbits that the OAG’s Virtual Markets Integrity Initiative reveals.

10 Surprising Findings from New York’s Virtual Markets Integrity Initiative
The OAG report includes a handy table detailing fee policies for the exchanges featured.

20% of All Trades on Coinbase Are Filled by Coinbase Themselves

While Coinbase isn’t the only exchange to trade against its customers, it fulfills more orders than any of the other platforms profiled, serving as a market maker and liquidity provider.  In comparison, the OAG report found that “Circle reported that it accounted for less than one percent of the executed volume on its platform Poloniex during the most recent time period reviewed. Bitflyer USA indicated that its own activity accounted for approximately ten percent of the executed volume on its platform.”

No One Knows Where Gate.io Is Located

The OAG wrote: “The location of the operator of Gate.io – which transacts tens of millions of dollars’ worth of virtual currency per day – is unclear from public sources. The company, however, represented in writing to the OAG that the platform is based primarily in China.”

10 Surprising Findings from New York’s Virtual Markets Integrity Initiative

Bitstamp and Poloniex Block VPN Access

VPNs are a legitimate and recommended tool for increasing security, particularly when logging into a cryptocurrency exchange from public wifi. While they also have the potential for abuse, the fact that Bitstamp and Poloniex block VPN access, according to the OAG, is baffling.

Darknet Markets: Learning How to Get There is Half the Battle

Bittrex Staff Are Allowed to Trade Two Days Each Quarter

Some cryptocurrency exchanges allow their employees to trade on their platform; others don’t. Bittrex takes an usual stance, allowing them to trade a total of just eight days a year. In addition, “Gemini and Bittrex require regular disclosures from each employee concerning their trading history and current virtual asset holdings…Bitfinex, Itbit, and Tidex [don’t] provide any restrictions on employee trading.”

10 Surprising Findings from New York’s Virtual Markets Integrity Initiative

Some Exchanges Don’t Use Pen Testing

Penetration testing involves enlisting a third party security team to probe your platform for weaknesses. Most of the platforms surveyed by the New York State Office of the Attorney General claimed to use pen testing as a means of fortifying their defenses, but two don’t:  Bittrex and Tidex.

If You Value Your Privacy, Trade On HBUS or Tidex

Huobi’s US Partner Exchange HBUS

The OAG’s report predictably presented exchanges that didn’t enforce full KYC as bad apples. Purveyors of privacy, however, may wish to take a reverse approach, singling these platforms out for their willingness to facilitate trading with few questions asked. HBUS requires only a name, address and email, while Tidex requests name, email and phone number.

High Volume Traders May Receive Secret Discounts

It’s no secret that many exchanges single out high volume traders for higher discounts on trading fees. The OAG report reveals, however, that several exchanges offer valuable traders off-the-record deals, writing: “Bitflyer USA, Bitstamp, Gemini, HBUS, and Itbit disclosed to the OAG that certain traders may receive different, and presumably preferential, pricing according to the terms of confidential bilateral agreements.”

Just One Exchange Claims to Charge Coin Listing Fees

Exchange listing fees can run into the millions of dollars, and yet just one of the exchanges surveyed – HBUS – conceded to having done so. It admits that it “charges a fee tied to the market capitalization of the virtual asset”. It is already known that exchanges such as Coinbase don’t charge listing fees; hence Ripple’s attempt to secure a listing with the aid of a $ 100 million sweetener failing. It is unclear, however, whether all of the other exchanges surveyed were being entirely frank in claiming not to levy listing fees.

Finally, one exchange the OAG spoke to – Tidex – gave an ambiguous answer when pressed over whether it uses cold storage to minimize losses in the event of a hack.

New York’s Virtual Markets Integrity Initiative fails to reveal anything new about market manipulation that wasn’t already known, and it does not create a compelling case for greater oversight of exchanges. The tidbits uncovered by its meticulous research, however, make fine morsels for cryptocurrency traders to lap up.

What do you think of the OAG’s report? Let us know in the comments section below.


Images courtesy of OAG.


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The post 8 Surprising Findings from New York’s Virtual Markets Integrity Initiative appeared first on Bitcoin News.

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Anaheim City Council votes to put ‘living wage’ initiative on its November ballot

June 20, 2018 |

After emotional statements from Disneyland workers and Anaheim business owners, a divided Anaheim City Council voted Tuesday to put on its November ballot a measure that would require hospitality operations that accept a city subsidy to pay a “living wage.”

The council narrowly rejected a proposal…


L.A. Times – Business

Initiative to give Disneyland workers a ‘living wage’ qualifies for the ballot in Anaheim

June 14, 2018 |

Unions that represent workers at the Disneyland Resort in Anaheim are one step closer to requiring the theme park to pay its employees a “living wage.”

The Orange County Registrar of Voters has certified that a petition to force major Anaheim employers who get city subsidies to boost their workers’…


L.A. Times – Business

Nchain & Coingeek Reveal ‘Miners Choice’ Initiative for BCH Dust Limit and Fees

June 7, 2018 |

Nchain & Coingeek Reveal 'Miners Choice' Initiative for BCH Dust Limit and Fees

On Tuesday the blockchain firms Nchain and Coingeek announced a ‘Miners Choice’ initiative that aims to promote lowering minimums for mining fees and transaction values. The company’s mining operations plan to lead the effort by adjusting their pool’s settings in order to remove the minimum ‘dust limit’ as well as accept some zero mining fee transactions in their blocks.

Also Read: IMF Says Bitcoin Could Create Less Demand for Regular Debt-based Fiat Money

The ‘Miners Choice’ Initiative Proposed by Coingeek and Nchain

Nchain & Coingeek Reveal 'Miners Choice' Initiative for BCH Dust Limit and FeesThe two BCH-centric blockchain companies Coingeek and Nchain have started an initiative called ‘Miners Choice’ which aims to lower the mining fee for some transactions to zero while also removing the current minimum dust limit of 546 satoshis. Both of these ideas could make on-chain platforms like Memo, Blockpress and many others even more suited to performing a plethora of actions. Removing the dust limit would allow people to send as little as 1 Satoshi (one hundred millionth of a single BCH coin) via a transaction.

Secondly, the companies believe BCH mining pools could designate a certain amount of space per block for free transactions that don’t require a network fee. Again, similarly to the aforementioned instance above, free transactions would allow BCH applications, especially ones focused on micropayments, to become even more robust. The two pools (Coingeek and Nchain’s BMG Operations) plan to publish a technical article on the benefits of removing the dust limit and accepting a fraction of zero-fee transactions.

Nchain’s Chief Scientist: “Miners Choose What is Profitable”

Nchain & Coingeek Reveal 'Miners Choice' Initiative for BCH Dust Limit and Fees
Dr. Craig Wright

Some people within the BCH community are skeptical with this plan. The CEO of Cointext, Vin Armani, asked Nchain’s Chief Scientist Dr. Craig Wright whether mining nodes accepting 1 satoshi outputs could be “a recipe for instant spam attack?” Dr. Wright responded to the question by stating:

Funny how people see some free and start to jump on MUST be all — Well, mine and not accept it if this is what you dislike, but, we mine for profit and this means more.  

Nchain & Coingeek Reveal 'Miners Choice' Initiative for BCH Dust Limit and Fees

News.Bitcoin.com briefly spoke with Nchain’s Dr. Wright and asked him why he thinks miners should opt in on this initiative to remove the dust limit and accept some free transactions.

“I proposed it to Calvin [CEO of Coingeek] and convinced him,” Dr. Wright explains.

The [‘Miners Choice’] initiative stops this centrally planned BS — Miners choose what is profitable. Tokens are easy — Back to Bitcoin circa 2013.

Fostering BCH Adoption and Creating More Use Cases

The two companies believe that these initiatives could spark more BCH usage while also giving miners choice to “set more fee level ranges, from zero to small amounts.” Further, the firms believe the initiative also bolsters BCH users’ freedom to decide how much they want to pay and how fast they want the transaction to arrive.

[The ‘Miners Choice’ initiative] fosters a healthy competitive fee marketplace among miners, which will keep fees low for users and support BCH growth,” Coingeek and Nchain emphasize.

What do you think about the ‘Miners Choice’ initiative? Let us know your thoughts on this subject in the comment section below.


Images via Shutterstock, Twitter, and Pixabay. 


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The post Nchain & Coingeek Reveal ‘Miners Choice’ Initiative for BCH Dust Limit and Fees appeared first on Bitcoin News.

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The Cash Consortium Launches Open Standard Initiative for Bitcoin Cash

May 12, 2018 |

The Cash Consortium Launches Open Standard Initiative for Bitcoin Cash

This week a Bitcoin Cash organization was founded called the Cash Consortium (C2) that aims to be a technical group framed off of the World Wide Web Consortium’s (W3C) open standards. C2 is an international community that intends to bolster open standard development in order to provide long-term Bitcoin Cash growth.

Also read: Upgrade Time: Bitcoin Cash 32MB Fork Activates Tuesday

The Cash Consortium: Open Standards for Bitcoin Cash

The Cash Consortium Launches Open Standard Initiative for Bitcoin CashMuch of the cryptocurrency community understands what open source or open standard development is, and most of them embrace the idea. Furthermore, organizations like the W3C and other believers of open standards welcome the sharing of open sourced code that allows anyone the rights to study, change, and distribute OSS protocol for any purpose. Open standards also allows other developers to review a protocol’s design in order to prevent flaws and bugs within the software by coming up with sets of development standards that everyone agrees to and uses. The Cash Consortium will have engineers from leading companies to work together to build Bitcoin Cash (BCH) development standards much like how developers build on the open web with shared concepts like HTML.

“The C2’s mission is to lead Bitcoin Cash to its full potential by developing protocols and guidelines that ensure the long-term growth of the blockchain,” explains the C2 website.

Bitcoin Cash is the soundest money the world has ever known. It has scarcity, fungibility, divisibility, durability and transferability. It’s our intention that it remain the soundest money the world has ever known — Bitcoin Cash enables smart contracts/property, colored coins, tokens, ICOs and much more. We intend to standardize these emerging technologies in a way that plays to Bitcoin Cash’s strengths.

The Cash Consortium Launches Open Standard Initiative for Bitcoin Cash

A Formal Bitcoin Standards Body

At the moment organizations that are listed as members of C2 include Cointext, Atlantis Labs, Akari Global Foundation, the Bitcoin Cash Fund, Bitbox, Blockpress, Centbee, and the social network Yours. Last night news.Bitcoin.com spoke with the creator of the Cash Consortium, Carlos Cardona, who is also the lead developer of Bitbox, the open source development toolkit for Bitcoin Cash. Cardona tells us he is a firm believer in open standards and explains why he initiated the C2 organization.  

“When I was in college I was a member of the W3C’s HTML5 Working Group. There were engineers from Apple, Google (who I was with), Microsoft, Firefox and many more meeting up regularly in working groups to flesh out the next generation of technical specs for the web (HTML/CSS etc),” Cardona tells news.Bitcoin.com. “When the spec was nearing completion the teams would each implement it. Some open source like Firefox. Some closed source like Internet Explorer. But both implementing technical specs which were created together.”

When I joined the blockchain space several years ago it surprised me that there was no formal Bitcoin standards body. 

The Cash Consortium Launches Open Standard Initiative for Bitcoin Cash
The Cash Consortium will affirm and adhere to the Principles in support of The Modern Paradigm for Standards—cooperation, due process, broad consensus, transparency, balance, and openness.

Huge Forces at Play Are About to Phase the Blockchain Industry

Then Cardona says he started thinking about the upcoming Bitcoin Cash upgrade that will not only increase the block size by 4X but the fork will also add Satoshi OP_Codes that can enable the ability to create color coins and smart contract features on the BCH network.  

“With the new OP_Codes coming I had recently been thinking again about how to best standardize on new transaction types and then Memo/Blockpress happened,” Cardona emphasizes. “Having recently updated Bitbox’s block explorer to support both Memo and Blockpress I was struck with the same feeling I had during IE6/FF days — writing code twice with slightly different APIs because there was no standard. With OP_RETURN going from 80 bytes to 220 bytes we’re just seeing the start of OP_RETURN prefixed protocols — That got me thinking again about a standards body.”

In my opinion our industry spent many years fighting the Blockstream wars and became complacent — Things which I would expect in any other nearly decade old tech industry (such as a tech consortium) doesn’t exist in our space. The final part which caused me to move on it was when I found out Zuckerberg created a blockchain division last week. To me that is just a sign that HUGE forces are at play which are about to phase shift our entire industry.

Cardona Believes the Opportunity to Move Quick and be Proactive is Now

The C2 website explains that if you work with a company that develops with Bitcoin Cash then they can feel free to fork this repo or reach out to Cardona to see how you can get involved.  

“I believe we have the opportunity to move quick, be proactive, build bridges and standardize or some much larger player will step in an do it for us,” Cardona adds.

What do you think about the Cash Consortium (C2)? Do you think its a good idea for BCH developers to initiate open standards for protocol and application development? Let us know what you think about this subject in the comments below.


Images via Bitcoincash.org, Pixabay, The Cash Consortium, and Open Stand logos. 


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The post The Cash Consortium Launches Open Standard Initiative for Bitcoin Cash appeared first on Bitcoin News.

Bitcoin News

Airlines propose long list of rules to kill or revise as part of Trump deregulation initiative

March 18, 2018 |

Nearly an hour after her American Airlines flight was scheduled to leave Honolulu International Airport, passenger Lisa Hill heard the pilot announce that a maintenance problem would delay the takeoff.

The pilot gave fliers the option of getting off the plane but Hill, who was flying to Boston…


L.A. Times – Business

Coingeek Funds Terabyte Block Initiative for Bitcoin Cash With 3.6M Euro

January 15, 2018 |

Coingeek Funds Terabyte Block Initiative for Bitcoin Cash With 3.6M Euro

On January 15 the cryptocurrency media outlet and blockchain company Coingeek owned and operated by the financial tycoon Calvin Ayre announced funding an initiative called the ‘Terab Project’ with 3.6 million euro. Coingeek alongside its partners Nchain and Lokad, plan to massively scale the bitcoin cash blockchain to terabyte (1 million MB) size blocks which could allow 7 million transactions per second.

Also read: Kraken Exchange Returns After Longest Downtime Since 2013

Coingeek Plans to Fund Research and Development for Terabyte Sized Blocks

Coingeek Funds Terabyte Block Initiative for Bitcoin Cash With 3.6M Euro
Coingeek funds the Terab Project with 3.6Mn euro.

Coingeek.com has revealed to the public that it is funding the open source development of 1 terabyte blocks for the bitcoin cash (BCH) protocol. The company is collaborating with the French quantitative supply chain technology provider, Lokad, as well as support from Nchain and its chief scientist Craig Wright.

“The legacy Segwit bitcoin has shackled its own progress by refusing to allow the current block size cap (1MB) that only allows for 3-4 transactions per second to be lifted and thus has fated the coin to the dustbin of cryptocurrency history,” explains Coingeek’s announcement.  But last October, the BCH community welcomed news that a 1 gigabyte (GB) block was successfully mined and propagated through the ‘Gigablock Testnet Initiative,’ the collaboration between Bitcoin Unlimited and Nchain.”

Seven Million Transactions Per Second

Lokad founder, Joannes Vermorel has recently researched and explained that terabyte-size blocks are viable on the BCH chain. By funding the Terab Project with 3.6 million euro, Coingeek believes this type of scaling could improve transaction throughput exponentially stating during the announcement:        

A single terabyte block (added every 10 minutes) can contain about 4 billion Bitcoin transactions, and provide capacity of 7 million transactions per second — The scale of a network with 1 TB blocks would be immense, and enable BCH to power not just monetary transactions but machine-to-machine data transactions of many types.

The Terab Project Is Only Meant for a Peer-to-Peer Electronic Cash System

Coingeek Funds Terabyte Block Initiative for Bitcoin Cash With 3.6M Euro
Coingeek.com owner Calvin Ayre.

Coingeek says that Nchain’s chief scientist Craig Wright will work closely with the Terab Project, and Lokad will hire and manage a team to develop the Terab software. The Terab Project and its features will only be built for the BCH chain. Coingeek’s owner, Calvin Ayre believes this type of development is meant to be applied to Satoshi’s vision a “peer-to-peer electronic cash system.”  

“The criticisms of cryptocurrencies are very useful as they help us see what hurdles we have to take down in order to achieve low-fee micro-transactions They are a few more which we will be addressing in due course but rest assured we will prove that BCH is the one true chain,” Ayre details during the Coingeek announcement.

Additionally, Coingeek reveals that it plans to fund more projects that are focused on enabling the growth and adoption of the bitcoin cash network. The company says that if developers within the open source community have ideas or applications they would like to create for BCH they can contact Coingeek for possible funding.

What do you think about the Terab Project and terabyte-sized blocks for the bitcoin cash blockchain? Let us know what you think in the comments below.


Images via Jon Morishita, Coingeek, and Calvin Ayre.


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The post Coingeek Funds Terabyte Block Initiative for Bitcoin Cash With 3.6M Euro appeared first on Bitcoin News.

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