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| June 23, 2018

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Alice Marie Johnson thanks Trump for ‘second chance,’ tells Fox News faith kept her strong

June 8, 2018 |

Alice Marie Johnson, the woman whose life sentence was commuted by President Trump this week, promised the commander in chief: “I will make you proud.”
FOX News

Solo Slows Down Over Second Weekend

June 3, 2018 |

Solo: A Star Wars Story is losing momentum quickly at the box office, the AP reports. After an underwhelming launch , the space saga fell 65% in weekend two with $ 29.3 million from North American theaters, according to studio estimates on Sunday. Solo has now earned $ 148.9 million domestically….

Second Act for Corporate Titans: Startup Whisperers

June 2, 2018 |

Cisco’s John Chambers and other former big-name executives are turning to venture capital, where they can put their business acumen to work in counseling startups, in their post-corporate careers. US Business

With a successful second powered flight, Virgin Galactic could take paying customers to space in a year

May 29, 2018 |

Less than two months after the first rocket-powered test flight of its suborbital spaceplane, Richard Branson’s Virgin Galactic on Tuesday completed another test and moved closer to its goal of regular tourist flights into space.

A four-engine craft with twin booms lifted off from the Mojave Air…

L.A. Times – Business

Second Class Citizens or a False Narrative? The Non-Mining Node Debate Heats Up

May 29, 2018 |

Second Class Citizens or a False Narrative? The Non-Mining Node Debate Heats Up

Over the past few months, there has been an ongoing theoretical and ideological debate concerning the difference between mining nodes and non-mining nodes, and whether or not one set of nodes is more important than the other. The ongoing argument between BCH proponents and BTC supporters often leads to the node debate as to which group of nodes is stronger. The dispute has even led some BTC luminaries to state that users who don’t run a fully validating node are merely ‘second-class citizens’ in the land of cryptocurrency.

 Also read: The Exahash Era: SHA-256 Mining is a Significant Achievement in Computer Engineering

The Ongoing Debate Over the Importance of Non-Mining Nodes

Nodes. A lot of people from within the BTC and BCH camps are talking about cryptocurrency enthusiasts who swear by the importance of non-mining nodes and the discussion has leaked into other digital asset communities as well. Non-mining nodes are basically a complete record of the blockchain and some people also believe non-mining nodes enforce a cryptocurrency’s protocol rules, while others believe these groups are mere spectators.

Second Class Citizens or a False Narrative? The Non-Mining Node Debate Heats Up

Mining nodes are also considered nodes but they possess the ability to process blocks and mint new coins. Just today on the Reddit forum r/bitcoin, users argued about the fundamental difference between mining nodes and non-mining nodes. The debate showed the glaring difference of opinion between both sides of this argument.   

“Nodes do play a very important part to the system — They enforce the rules. Each person who runs a node has a ruleset they wish to follow — If enough nodes all agree to these rules they come to a consensus,” explains one commenter on the Reddit post.  

If a miner or a pool decides to break these rules of consensus within 100 blocks they will lose the mining reward. Nodes can also ban other nodes for not following the consensus too.

Nodes Do Nothing But Decide for Themselves Whether the Rules Are Observed

However, immediately after the person’s comment, another user disagreed with the statement.  

“Can an ASICs mine or generate blocks without a node?” asked the user who disagrees that non-mining nodes actually enforce rules. “No! Can a non-mining-node generate blocks? No! Who writes the chain further, if not the mining nodes? Certainly not the non-mining node — Which power decides which blocks are valid? Which power builds the other valid blocks?” the commenter continues, asking:  

The nodes do nothing but decide for themselves whether the rules are observed. If they are not met, they split off from the network and wait for valid blocks that will never come because there are no miners to generate the blocks. Or you have a mining node, then you try to generate the next valid block by yourself. Pool nodes are of course very important, but they have mining power behind them — Your raspberry pi doesn’t have any power at all.

‘Second-Class Bitcoin Citizens’

The conversation got interesting about a month ago when BTC developer Jameson Lopp tweeted a controversial statement about fully validating non-mining nodes.

“If you don’t run a fully validating node, you’re a second-class Bitcoin citizen. If you don’t hold your own private keys, you’re a third class Bitcoin citizen,” Lopp stated on March 31, 2018.

Second Class Citizens or a False Narrative? The Non-Mining Node Debate Heats Up
Jameson Lopp defending the ‘second-class Bitcoin citizen’ position on Twitter.

The tweet didn’t go over so well as it sparked a vitriolic debate about the perceived importance of non-mining nodes. One Twitter user responded to Lopp’s tweet, writing “Why bring the bs hierarchical social scale to Bitcoin? This has to be one of the most pretentious statements I’ve heard in the Bitcoin community.” But Lopp answered back by saying:

It’s not so much about social scale as it is about self-sovereignty.  

Three Powerful Misconceptions That Bolster Non-Mining Node Nonsense

On April 29, 2018, on the We Are All Satoshi network hosted by the founder of the Pirate Party, Rick Falkvinge, the host debunked the concept that cryptocurrency investors who don’t run fully validating nodes are second class, and called the statement “nonsense.” In fact, Falkvinge explained that non-mining nodes are merely “direct spectators” who can only watch the rules, not enforce them. Falkvinge says nodes that are originally described in Satoshi Nakamoto’s white paper were “mining nodes.” The Pirate Party founder says that people who promote the belief that non-mining nodes are rule enforcers are being nonsensical and usually bolster “three powerful misconceptions — users without nodes are second class, nodes have network power, and nodes decentralize the network.

Second Class Citizens or a False Narrative? The Non-Mining Node Debate Heats Up
Rick Falkvinge discusses the three powerful misconceptions involved with the non-mining node discussions.

“Users without nodes are second-class citizens — No they are not, 99.999 percent of users will not be running nodes and in fact, that’s completely fine, and required for mass scale adoption,” Falkvinge explains in his video ‘Rick Reacts: The Nonsense about Bitcoin Nodes’ video. “Nodes have network power — No that’s nonsense they don’t. The network will proceed regardless of the presence or nonpresence of certain non-mining nodes — They have no influence whatsoever.”

Nodes decentralize the network — Well yes if your talking about Bangladesh goat farmers capable of renting a server, capable of gigabyte sized blocks, then you might get some decentralization. But this is used as a battering ram for hammering home the point somebody must be able to run a full node on a shitty Comcast connection — which is just atrocious — these three statements are all false narratives.

The non-mining node debate has become a very contentious conversation among cryptocurrency advocates and the argument is discussed regularly on forums and social media these days. The non-mining node discussion is now at the heart of the ongoing scaling debate that seems to never end.

What do you think about the debate regarding non-mining nodes? Do you think non-mining nodes are important? Let us know your thoughts on this subject in the comments below.

Images via Pixabay, Shutterstock, Youtube, and Twitter.  

Now live, Satoshi Pulse. A comprehensive, real-time listing of the cryptocurrency market. View prices, charts, transaction volumes, and more for the top 500 cryptocurrencies trading today.

The post Second Class Citizens or a False Narrative? The Non-Mining Node Debate Heats Up appeared first on Bitcoin News.

Bitcoin News

Verge Struck by Second PoW Attack in as Many Months

May 23, 2018 |

Verge Struck By Second PoW Attack in as Many Months

Accident-prone altcoin verge has been crippled by yet another mining attack. A little over a month after being subjected to a 51% attack, the network is once again at the mercy of a malevolent attacker who is rejecting blocks and profiting handsomely off the carnage caused. The repeat attack illustrates the risks faced by low hashrate Proof of Work coins.

Also read: Verge Is Forced to Fork After Suffering a 51% Attack

Verge Does a Verge Special

Verge Struck By Second PoW Attack in as Many Months
The 51% attack in action

On the morning of May 22, Suprvona, one of the largest altcoin mining pools, informed its 19,000 Twitter followers that verge was suffering yet another 51% attack, causing all blocks to be rejected. The attack was spotted by the same individual who uncovered the previous attack in April. In a post on the Bitcointalk forum, “ocminer” wrote: “Since nothing really was done about the previous attacks (only a band-aid), the attackers now simply use two algos to fork the chain for their own use and are gaining millions”.

The entity responsible was coining in $ 1,000 a minute and is believed to have made $ 1.7 million already from the attack. Predictably, verge’s fans assigned the attacker’s motivations to “an act of hate” designed to FUD their altcoin. This theory gained short shrift on the Bitcointalk forum, with one commenter retorting: “Verge is being targeted because it has shitty coding and an incompetent developer. This hack is the result of the terrible job he did ‘patching’ the previous hack.” The original attack involved exploiting one of the five hashing algorithms verge uses (most cryptocurrencies such as bitcoin only use one). This time around the attacker is believed to have used two algos after renting power from a service such as Nicehash and then using it to find all the new blocks.

Followers of the official Verge Twitter account, meanwhile, will have had no idea why their coin is dumping, because the team doesn’t like to share bad news:

As understatements go, that tweet is right up there with the account’s previous one in relation to last month’s attack.

Verge: Good for Porn, Bad for Everything Else

Verge (XVG) has had a roller-coaster year to say the least. Despite pumping off the news of a major paid partnership, which transpired to be with Pornhub, it’s been rocked by mining attacks. As one redditor quipped on r/Cryptocurrency, the attacker “is securing his lifetime porn hub membership”. Only days ago, a Chinese agency ranked verge’s blockchain level with bitcoin itself, placing it joint 13th out of 28 cryptocurrencies.

Verge Struck By Second PoW Attack in as Many Months

The price of XVG has dropped significantly since the attack came to light, mirroring that of bitcoin gold, which was hit by an almost identical attack four days ago, leading to double spend attacks and forcing the BTG team to issue a warning to exchanges to be alert to large fraudulent deposits being made. Incidents such as these illustrate the difficulty of securing smaller PoW chains. It is not inconceivable that a time might arrive when only BTC, BCH, and a handful of other chains of note are secured by PoW, with lesser altcoins forced to migrate to Proof of Stake to mitigate 51% attacks.

Do you think 51% attacks on lower hashrate coins are inevitable? Let us know in the comments section below.

Images courtesy of Shutterstock.

Need to calculate your bitcoin holdings? Check our tools section.

The post Verge Struck by Second PoW Attack in as Many Months appeared first on Bitcoin News.

Bitcoin News


Mario Batali Under NYPD for a Second Rape Case

May 21, 2018 |

Mario Batali is under investigation for an alleged rape at another one of his restaurants, one a woman claims happened the year before the alleged Spotted Pig incident … TMZ has learned. A Texas woman claims she was raped by Batali on Jan. 29,…

World’s Second Largest Search Engine Bans Crypto Ads

May 16, 2018 |

World’s Second Largest Search Engine Bans Crypto Ads

Melissa Alsoszatai-Petheo, of Microsoft’s Bing search engine, announced its advertising arm is banning all cryptocurrency advertisements. This follows market leaders such as Google, Facebook, and Twitter either severely restricting crypto ads or banning them altogether.

Also read: Ethereum Futures in US One Step Closer as CME Deal is Struck

Microsoft’s Bing Search Engine Bans Crypto Ads

Advertiser Policy Manager, Melissa Alsoszatai-Petheo, posted an update to Microsoft’s Bing search engine ad policy. Bing Ads to Disallow Cryptocurrency Advertising is the title of the company’s rather obvious move. “We are always evaluating our policies to ensure a safe and engaging experience for our Bing users and the digital advertising ecosystem,” Ms. Alsoszatai-Petheo began. “Because cryptocurrency and related products are not regulated, we have found them to present a possible elevated risk to our users with the potential for bad actors to participate in predatory behaviors, or otherwise scam consumers.”

World’s Second Largest Search Engine Bans Crypto Ads

Bing has consistently ranked a very distant second behind the Google juggernaut, which gobbles up better than 60% of search traffic on the internet. Google at the beginning of 2018 announced a far more specific series of cryptocurrency related prohibitions, down to defining contract for difference (CFDs) products.

It wasn’t too much later when Facebook followed, as we reported at the end of January, with “a new ruling issued on January 30, ‘ads must not promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings, or cryptocurrency.’” Twitter too, a mere two months later, presented its new advertising policy, severely restricting initial coin offering (ICOs) and token sales.

World’s Second Largest Search Engine Bans Crypto Ads

Protection is the Pretext

“To help protect our users from this risk,” the notice from Bing continued, “we have made the decision to disallow advertising for cryptocurrency, cryptocurrency related products, and un-regulated binary options. Bing Ads will implement this change to our financial product and services policy globally in June, with enforcement rolling out in late June to early July.”

Other than seeking a press cycle of promotion, it does appear “scams” were a bit of a problem during 2017, according to Bing’s annual report. “Tech scams are widely used by bad actors and we rejected 25 million ads in this category in 2017,” they insisted. And under the banner of misleading ads, Bing noted how last “year, we took down 30 million such ads, 20,000 such websites and 43,500 bad actors.”

Do you think crypto ad bans will have a negative impact? Share your thoughts in the comments section below. 

Images courtesy of Shutterstock.

Do you agree with us that Bitcoin is the best invention since sliced bread? Thought so. That’s why we are building this online universe revolving around anything and everything Bitcoin. We have a store. And a forum. And a casino, a pool and real-time price statistics.

The post World’s Second Largest Search Engine Bans Crypto Ads appeared first on Bitcoin News.

Bitcoin News

North Korea Follows One Threat With a Second

May 16, 2018 |

North Korea is ratcheting up its threats—and potentially inching away from the table. After canceling high-level talks with South Korea planned for Wednesday and warning the US it could cancel Kim Jong Un’s meeting with President Trump over joint military exercises between the US and South Korea, another wrinkle….