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| January 24, 2018

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LAPD spent millions on ‘green’ electric BMWs used for joyrides to nail salons, day lunches: report

January 18, 2018 |

Two years after the LAPD touted a multimillion-dollar purchase a fleet of eco-friendly electric BMWS, officers are mostly using the cars for personal trips to grab lunch and, in one case, visit a nail salon, according to a local report.
FOX News

$450M Mega Millions Winner Is Just 20 Years Old

January 12, 2018 |

America’s newest multi-millionaire is just 20 years old and credits “the power of positive thinking.” Florida’s Shane Missler was announced Friday as the winner of last week’s $ 450 million Mega Millions jackpot—the 10th largest lottery jackpot in US history, the AP reports. And while he didn’t come forward until…
Newser

Coinbase Accused of Technical Incompetence After Hoarding Millions of UTXOs

December 23, 2017 |

Coinbase Accused of “Technical Incompetence” After Hoarding Millions of UTXOs

The Coinbase development team has been accused of “technical incompetence” after amassing millions of UTXOs through careless housekeeping. Unspent Transaction Outputs, or UTXOs, are the change that’s left after sending a bitcoin payment. Wallet providers are supposed to sweep these crumbs up and bundle them in with future transactions. Coinbase, it transpires, has been hoarding its, creating an expensive digital mess, and raising questions as to its readiness to implement scaling solutions.

Also read: A Ledger X Bitcoin Contract is Still Pegged for $ 50K Amid This Week’s Price Decline

Coinbase: Dust Collectors Par Extraordinaire

Unspent Transaction Outputs aren’t something individuals generally have to worry about. Every time a user sends a transaction, the wallet is supposed to package up the shrapnel in the most efficient way possible. Smart use of UTXOs is like using the change in your pocket to buy a beer. Conversely, if you were to break a $ 20 bill every time you bought a drink at the bar, you’d finish the night with pockets weighed down with change.

Coinbase seems to have accumulated an insane amount of UTXOs, which is consequently taking its toll on the bitcoin blockchain. The more UTXOs there are, the bigger the size of the transaction in bytes. This was well explained in a piece Jameson Lopp published on The Challenges of Optimizing Unspent Output Selection. In it, the Bitgo engineer wrote:

Although a bitcoin transaction can contain hundreds of inputs and hundreds of outputs, this comes at a cost. The more inputs and outputs a transaction has, the larger the data size of the transaction.

Lopp lists four reasons why it’s beneficial to optimize UTXOs: preventing blockchain bloat, supporting high transaction volume, privacy, and minimizing transaction fees. Inefficient use of UTXOs leads to fuller blocks, further exacerbating the scaling problems that have been blighting bitcoin. Coupled with Coinbase dragging its heels over Segwit, this latest revelation has caused some controversy.

Segwit’s defining feature is its ability to compress transaction data, thereby reducing fees by between 30 and 40%, but Coinbase has been conspicuously absent from the Segwit party. There’s been talk of them implementing Segwit in 2018, but that’s about as precise as they’ve got.

Coinbase Accused of “Technical Incompetence” After Hoarding Millions of UTXOs
Each bitcoin transaction is made up of inputs and outputs.

Going OTT with UTXOs

Coinbase has one wallet containing 265 BTC with 1.5 million UTXOs, and on several occasions in the past year has sent transactions where the fee was greater than the coins. One data analyst, LaurenMT, opines that neither Segwit nor Lightning Network would help here – the best solution, he advocates, is bigger blocks. That’s the model most famously used by bitcoin cash, and as anyone who’s been following the scaling debate knows, Coinbase isn’t big on big blocks.

To have over a million Unspent Transaction Outputs associated with one address – regardless of the amount of bitcoins it contains – is astonishing. LaurentMT pointed out that this would mean the combined transaction fees for all of the UTXOs would cost more than the value of the coins in the wallet.

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Podcaster Trace Meyer was particularly scathing of Coinbase and its failure to batch transactions and consolidate UTXOs, concluding: “Bitcoin needs less whining & more competent coding”.

Coinbase has had a tough week, what with accusations of insider trading and the ire of traders who lost money when Gdax shutdown as bitcoin cash hit an all-time high. It is an exchange that moves at its own pace. This cautious approach often makes Coinbase last to the races: last to add Segwit, last to distribute bitcoin cash, and last to add altcoins.

“By being thoughtful blockchain engineers we can at least prevent the UTXO set from growing faster than is needed,” wrote Jameson Lopp in 2015. Coinbase seems to have missed the memo, and this failure to clean up its digital dust is costing the company money – while doing nothing for the blockchain that everyone relies on. Before Coinbase can look at Segwit, it needs to examine its existing codebase and put its house in order.

Do you think Coinbase has an engineering problem or are people over-reacting? Let us know in the comments section below.


Images courtesy of Shutterstock.


Express yourself freely at Bitcoin.com’s user forums. We don’t censor on political grounds. Check forum.Bitcoin.com.

The post Coinbase Accused of Technical Incompetence After Hoarding Millions of UTXOs appeared first on Bitcoin News.

Bitcoin News

He’s 6 Years Old and Makes Millions on YouTube

December 17, 2017 |

Meet Ryan. He’s 6 years old, likes to play with toys, and has just been listed as one of Forbes’ highest-earning YouTube celebrities. Per Business Insider , the young entrepreneur, who hosts his family’s Ryan ToysReview channel on the video-sharing site, helped his household bring in about $ 11 million in pretax…
Newser

The Force Behind Bitcoin’s Meteoric Rise: Millions of Asian Investors

December 13, 2017 |

Unlike past financial frenzies such as the dot-com bubble of the late 1990s, individual investors have been first to the party, fueling bitcoin’s 1,600% rise this year.
WSJ.com: What’s News Asia

French President Gives US Climate Scientists Millions

December 11, 2017 |

French President Emmanuel Macron is making good on his plans to turn France into a “second homeland” for American climate scientists who feel unappreciated and underfunded in Donald Trump’s America, the Washington Post reports. Six months after Trump announced that the United States would be withdrawing from the Paris Agreement,…
Newser

PR: Crycash Gaming ICO Announces Its Token Sale and Partners with Crytek Immediately Bringing Cryptocurrency to Millions of Gamers

December 11, 2017 |

Crycash Gaming ICO

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

CRYCASH, the revolutionary token for gamers, will run its token sale through December, 12, 2017 – January, 15, 2018

December 7, 2017 – СRYCASH, an independent decentralized ecosystem of products for gamers fueled by its CRYCASH token, announces its crowdsale will start December 12. In preparation for this token sale, CRYCASH has already established its first partnership with Crytek, the videogame developer and publisher of the legendary original FarCry and Crysis franchise. Within this cooperation Crytek will use the CRYCASH platform as an advertising service to attract new players to its current and future products and implement CRYCASH as one of the payment methods in the CRYENGINE Marketplace. Also, Crytek will integrate the CRYCASH token into its online games where suitable, starting with Warface Turkey.

Wachtang Budagaschwili, CRYCASH CEO, said: “The gaming industry lacks effective tools for players to monetize their game time, collaborate and communicate. On the other side, game developers are also challenged by high customer acquisition costs and comparatively long time to market. CRYCASH solves these problems by introducing revolutionary custom-tailored products for players and developers. We’re proud to start our token sale having Crytek as our first partner which will allow us to immediately bring CRYCASH to millions of players”.

Crytek Managing Director Faruk Yerli said: “Already several times Crytek has revolutionized video gaming industry with its award-winning products such as the original FarCry, Warface, Crysis Franchise, and Ryse: Son of Rome and that have been enjoyed by more than 50 million players around the world. Being a trendsetter in gaming, our strategy is to introduce the benefits of new technologies before they become mainstream. We’ve been looking into blockchain for a while now and, having reviewed various cooperation proposals, we finally chose CRYCASH as a technological partner. We were impressed by the team’s innovative approach to creating products that can add great value to players, and for Crytek it’s a new business opportunity to attract additional gamers.”

The CRYCASH Ecosystem will offer four major components:
1) Plink – the first application for gamers designed for collaboration and communication among players and receiving CRYCASH tokens for completing tasks from game developers and advertisers. Plink will also be used as a wallet for CRYCASH holders;
2) Marketplace for CRYENGINE community with built-in SDK of the blockchain-based CRYCASH platform where CRYCASH token holders can pay for in-game assets and services;.
3) Advertising platform for game developers;
4) CyberSports platform for gaming tournaments, eSports betting, and events.

The CRYCASH ecosystem will utilize its own CRYCASH token. To ensure its seamless flow within the ecosystem and secure its stability, CRYCASH will apply its BuyBack model which implies spending up to 80% of profits for buying the CRC token at exchanges to reward users for completing tasks set by game developers.

CRYCASH (CRC) will start its token sale on December 12, 2017, 19:00 UTC, and run it through January, 15, 2018, 18:59 UTC. Early birds will receive a 15% bonus within the first 120 hours of the token sale. Then the bonus amount melt by 1% each 24 hours until 18:59 UTC on December 31, 2017. The initial price is set 0.001 ETH per 1 CRC. There’s a 20% ‘big fish’ bonus throughout the whole token sale for those willing to contribute 200+ ETH. Currencies accepted: BTC, ETH, BCH, LTC, DASH. All contributors will receive a chance to be the first to test Plink – the revolutionary application for gamers.

Register at http://crycash.io/ to buy CRYCASH, follow us on https://twitter.com/cry_cash

About CRYCASH Ecosystem
CRYCASH is a decentralized ecosystem of custom-tailored products for gamers consisting of Plink, a dedicated mobile application for players’ communication and collaboration and a wallet for CRYCASH earned for completing game tasks; a marketplace for virtual items trading; Cyber Sports platform for eSports betting and events; and an advertising platform for game developers. The CRYCASH ecosystem utilizes its own CRYCASH token with already confirmed partnership with game developer and publisher Crytek, whose games are enjoyed by millions of players around the world. Visit CRYCASH to learn more.

Media contacts
media@crycash.io
Supporting Link
https://crycash.io/

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. Bitcoin.com 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.

The post PR: Crycash Gaming ICO Announces Its Token Sale and Partners with Crytek Immediately Bringing Cryptocurrency to Millions of Gamers appeared first on Bitcoin News.

Bitcoin News

Truck Carrying Millions of Dollars in Millions of Bees Crashes

November 4, 2017 |

“There were bees everywhere,” Auburn Police Sgt. Tucker Huey tells the Sacramento Bee *. KTXL reports a semi-truck carrying millions of bees worth between $ 1 million and $ 2 million crashed Thursday night in California. The driver told police he had to swerve onto a freeway off ramp when traffic suddenly…
Newser

Ikea recalled millions of dressers that were killing toddlers. This family found out too late

October 22, 2017 |

Shortly after Jozef Dudek had been put down for a nap at home in Buena Park, his father went to check on him and found the 2-year-old crushed under an Ikea dresser. He could not be revived.

The toddler’s death on May 24, the details of which were released for the first time this week, was at least…


L.A. Times – Business