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| February 17, 2019

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CNN

Wild Oats XI Takes Line Honours Sydney Hobart Race

January 1, 2019 |

In one of the closest finishes in race history Wild Oats XI takes line honours, subject to protest.
CNN.com – RSS Channel – World

CNN

India’s economy had a wild 2018. Will next year be better?

December 28, 2018 |

Narendra Modi swept into power in 2014 with promises to take the Indian economy to new heights and to create jobs for millions of young people.
CNN.com – RSS Channel – World

U.S. stocks add to rebound as wild week winds down; oil rises

December 28, 2018 |

U.S. stocks rose for a third day as markets opened Friday, continuing a rebound from the brink of a bear market as investors speculated the three-month rout had gone too far.

The S&P 500 opened higher, with traders on alert for wild swings after a roller-coaster session that saw the biggest upward…


L.A. Times – Business

Ethereum Studio Consensys’ Wild Ideas and Squandered Funds Led to Major Layoffs

December 21, 2018 |

Ethereum incubator Consensys is to cut 50 to 60 percent of its employees. The blockchain software company has already laid off 13 percent of its workforce in order to survive the bear market. According to one source, lack of product, wild ideas and an inability to sell technologies has made Consensys’ position financially precarious. As a result, Consensys will need to make further cuts.

Also read: Thai SEC Plans to Relax ICO Regulation

Consensys Spinning Projects Without Financial Support

Consensys co-founder and crypto billionaire Joseph Lubin is aiming to transition the firm into “Consensys 2.0”, a scaled down version of the company believed to have had around 1,200 employees until recently. The Verge reports it has reviewed term sheets showing that at least two incubated startups within the company show Consensys is beginning to spin out its large portfolio of blockchain projects without the financial support they require to find outside funding and succeed.Consensys’ Wild Ideas and Squandered Funds Has Led to Major Layoffs

The current bear market has been difficult for many firms. The key question is what else may have contributed to the downfall of Consensys – careless planning? Mismanagement? Overzealousness? According to one source, for all the money Consensys raised, its lack of marketable products, overly ambitious ideas, and attempt to sell technologies that were not yet fully realized may all have hastened its downfall.

“Raising Money for Projects Proved to Be an El Dorado”

Ștefan Neagu, the co-founder of Persona, said: “Back in 2013, I was in Silicon Valley, trying to raise funds for a project I’ve been working on. I was talking with Tim Draper and he was willing to invest $ 500,000 in our project at the time. The due diligence was in the range of months, with cap table, pre-money valuation and a lot of legal work. There is no such thing that exists within crypto projects.  Raising money for crypto projects proved to be an “El Dorado”, in which every project was over-funded.” Consensys’ Wild Ideas and Squandered Funds Has Led to Major Layoffs

In 2017, projects started to spend Consensys’ money with reckless abandon. “In my opinion, we reached this moment when projects are shutting down because of a combination of lack of skills or inexperienced management and a lot of overspending,” opined Neagu. “There were projects funded that were decentralizing everything, from bananas to sending the North Korean President into space. I think that this “purge period” is similar to the dotcom crisis, and only those projects that have a real value proposition and represent ‘a win for the masses’ will succeed to survive.”

As further evidence of the downsizing trend, Steemit has also recently laid off 70 percent of its staff. Harsha Cuttari, CTO of AQUA Intelligencesays that the layoffs at Consensys are not out of the ordinary when considering the steep shift in prices for cryptocurrencies amid the recent fork. Cuttari believes the situation is similar to the 90s dot-com boom and subsequent decline, leaving companies like Consensys at the mercy of market forces.

Do you think that Consensys mismanaged funds? Let us know in the comments section below.


Images courtesy of Shutterstock.


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

The post Ethereum Studio Consensys’ Wild Ideas and Squandered Funds Led to Major Layoffs appeared first on Bitcoin News.

Bitcoin News

Bitcoin History Part 5: A Wild Altcoin Appears

December 19, 2018 |

Bitcoin History Part 5: A Wild Altcoin Appears

It’s hard to imagine a time before cryptocurrency exchanges were stocked with hundreds of digital assets. A time before the pejorative “shitcoin” had been coined and there was no such metric as bitcoin dominance. But travel back to late 2010 and that’s exactly what you’d have found: a cryptosphere in which BTC was the only coin in town. But all that was about to change.

Also read: Bitcoin History Part 4: Casascius Creates Physical Bitcoins

Namecoin Is First Out the Blocks

Bitcoin History Part 5: A Wild Altcoin AppearsThe first altcoin to emerge following bitcoin wasn’t litecoin, peercoin or dash. Rather, it was a now obscure cryptocurrency called namecoin (NMC). It was unveiled on the Bitcointalk forum on April 18, 2011, with a mandate that read quite differently from that of BTC. Compared to the many identikit alts that sprung up in the months to follow, NMC began life with novel intentions. “Namecoin is a naming system based on bitcoin with a few modifications,” explained its [announce] thread, utilizing a formula that is today known as an [ANN]. “This is a new blockchain, separate from the main Bitcoin chain. Name/value pairs are stored in the blockchain attached to coin … Names expire after 12000 blocks unless renewed with an update.”

Curiously, but perhaps not surprisingly, the inspiration for Namecoin came from Satoshi himself, though he had no hand in its development. Four months earlier, Bitcoin’s creator had essentially conceived the idea of Namecoin, writing, in a thread titled “BitDNS and Generalizing Bitcoin,” “While you are generating bitcoins, why not also get free domain names for the same work? If you currently generate 50 BTC per week, now you could get 50 BTC and some domain names too.” Satoshi went on to explain a technical proposal involving merkle trees that would eventually form the basis for Namecoin.

Moreover, Namecoin’s goal of serving as a decentralized domain registration system may have been partially inspired by Satoshi’s own experience of purchasing the bitcoin.org domain in 2008. With no anonymous cryptocurrency with which to pay, he was forced to use anonymouspeech.com, which enables services to be acquired using gift cards.

Bitcoin History Part 5: A Wild Altcoin Appears
In April 2013, namecoin was the fourth largest cryptocurrency based on market cap.

What’s in a Namecoin?

Bitcoin History Part 5: A Wild Altcoin AppearsToday, namecoin is effectively a dead coin, despite still being listed on Poloniex and Livecoin. In its seven-year history, NMC has had its moments of glory, like the time it pumped to $ 15.41 per coin or 0.014 BTC in Nov. 2013. Or the time it hit $ 8.64 in January of this year, one final burst of nostalgia at a time when every shitcoin under the sun was pumping. By then, namecoin was already a dead coin, with its bitcoin value reaching just 0.0006 BTC per coin. Today, its 24-hour trade volume stands at $ 15,000 and Namecoin’s DNS naming system is dead in the water. That’s not to say NMC has been an outright failure, however.

With over 2,000 cryptocurrencies now vying for supremacy, Namecoin can be credited with either starting the stampede or instigating the rot. Whatever one’s assessment of Namecoin and the plethora of altcoins that followed, NMC was pivotal in demonstrating that there is space in the cryptosphere for more than just one digital asset. Today there are multiple bitcoins and a panoply of shitcoins, but at a 97 percent reduction from its all-time high, Namecoin embodies the fate of all altcoins to date. As the history books show, Bitcoin is easily emulated but never bettered.

Bitcoin History is a multipart series from news.Bitcoin.com charting pivotal moments in the evolution of the world’s first and finest cryptocurrency. Read part four here.


Images courtesy of Shutterstock and Coinmarketcap.


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

The post Bitcoin History Part 5: A Wild Altcoin Appears appeared first on Bitcoin News.

Bitcoin News

Wisdom, the world’s oldest wild bird, lays another egg at 68

December 8, 2018 |

Wisdom, the oldest known wild bird in the world, recently laid an egg at age 68.
FOX News

Dem Gavin Newsom’s wild victory party in LA features controversial rapper Common

November 8, 2018 |

California’s Democratic Lt. Gov. Gavin Newsom topped off his gubernatorial win Tuesday night with a wild victory party at a Los Angeles nightclub, which included rapper and activist Common as the Governor-Elect’s opening act.
FOX News

Oldest Figurative Painting Depicts Wild Cow

November 8, 2018 |

A wild cow that wandered what is now Indonesian Borneo tens of thousands of years ago is the subject of what is believed to the the oldest figurative painting ever found. The image was discovered in the 1990s in a network of limestone caves on the eastern edge of the…
Newser

Kim Kardashian says despite ‘wild, sexual’ persona, she ‘more conservative’ in the bedroom

October 20, 2018 |

The mother of three reveals that despite always posing without clothes, she is actually “more conservative” in the bedroom. 
FOX News

Astronaut Describes ‘Wild Ride’ After Failed Launch

October 16, 2018 |

For the first two minutes, everything was going “great.” Then, he started getting shaken side to side “fairly violently.” Soon, an alarm and warning lights made it clear there was an emergency. “It went from normal to something was wrong pretty quick,” NASA astronaut Nick Hague tells NBC News days…
Newser