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This IEO Crypto Token is Up 800% After Binance DEX Launch

Crypto figures were urging caution June 1 after the first token to trade on both Binance and Binance DEX saw suspiciously high trade volume.


Harmony Outperforms BNB Crypto Token

Harmony (ONE), which constitutes Binance’s latest initial exchange offering (IEO), saw over $600 million in volume in the 24 hours to press time, according to data from CoinMarketCap.

The token is the first to debut on both Binance’s regular platform and its newly-launched decentralized exchange, Binance DEX.

Executives had generated considerable buzz around the move through a concerted publicity campaign prior to the launch, which included a giveaway to promote ONE among prospective investors.

Analyzing the trade figures, however, veteran crypto social media voices appeared less than impressed.

“It’s up by 800%+ from (the) IEO. Wouldn’t recommend chasing this,” the Twitter account known as Squeeze summarized, noting ONE/USD trading at $0.025.

“I’ve been eyeing this for a while. This has very huge hype. But not gonna buy at this price. Will wait for dips in the coming weeks. If it moons hard, I don’t mind missing this. Plenty of other choices.”

Binance DEX Whirlwind

Harmony was little known before its Binance hook-up, with the launch of the DEX having already sparked major excitement among traders.

As CoinMarketCap confirms, Binance’s decentralized platform saw larger volumes in five hours than its biggest competitor, IDEX, achieved in 24.

“By tomorrow it will have done more volume than all DEX’s combined,” trader and journalist Dan Clarke forecast Saturday.

As Bitcoinist reported, Binance itself has seen a broad turnaround in its recent fortunes since recovering from a $41 million hack at the start of May.

Following a week of downtime, full functionality resumed May 15, with the platform’s in-house token, Binance Coin 00, forming the basis of a separate giveaway to reward users who stayed loyal during the platform’s difficulties.

BNB subsequently outperformed, reaching new all-time highs against the US dollar this week as it passed $35 for the first time.

The token, which can also be used against discounted trading fees on Binance, is now the seventh-largest cryptocurrency by market cap. 24-hour volume at press time was $560 million – still just short of ONE.

Separately, the exchange’s own research this week announced a changing trend in the crypto industry more broadly. After over a year of low appeal, non-crypto lay consumers were finally beginning to pay attention to Bitcoin 00 and altcoins again.

In addition, institutional investor interest was developing much more quickly, analysts said, a phenomenon which itself was contributing to the base of new Binance traders.

What do you think about Binance DEX and Harmony? Let us know in the comments below!


Images via Shutterstock, Tradingview.com

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Kvě 18

These 13 Bitcoin Lightning Network Upgrades Will Solve Its ‘Biggest’ Hurdles

The Bitcoin Lightning Network will overcome some of its “biggest hurdles to use” in the near future as new features roll out from developers.


From Experiment To Bitcoin Killer App

That was according to Guy Swann, the presenter of the Cryptoconomy podcast, who this week dedicated two episodes to introducing Lightning and analyzing its upcoming changes.

As Bitcoinist has frequently reported over the past year, Lightning represents the ‘next level’ of payments using Bitcoin, and is widely considered to be the way in which the largest cryptocurrency will scale up to meet the needs of billions of future users.

Readers can find more information on the protocol, which debuted on the Bitcoin mainnet at the start of 2018, here.

Looking forward, Swann presented a list of no fewer than thirteen upcoming improvements to Lightning which he says will boost its mainstream appeal.

The basis for the list came from a blog post by Bitcoin business Bitrefill, which offers a range of products and services payable using Lightning.

Top on the list for Swann was Atomic Multipath Payments (AMPs) – or breaking a single payment down into several smaller ones, and sending them over multiple Lightning channels.

“Payments become much more reliable, no longer limited to 1 channel capacity,” he summarized.

[AMP] Removes the biggest (in my opinion) hurdles to payment issues, single channel capacity & liquidity.

Swann is by no means alone in being concerned about those aspects of using the network. As Bitcoinist reported last year, despite its rapid growth, the vast majority of Lightning payments worth more than several US cents failed.

Not Just Lightning Atomic Swaps

Due mostly to its age, Lightning remains a highly-technical tool which lacks a user-friendly interface. Developers are still working on making its base layer suitably robust, themselves stressing the fledgling ecosystem is still an experiment.

Activity is gathering pace, however, and soon for example, Lightning will offer not just major efficiency gains for Bitcoin users, but those of other coins at the same time – via Atomic Swaps.

“Channels don’t have to only send (Bitcoin). Any blockchain… with (Lightning) can connect payments across blockchains. Useful for decentralized swapping of coins, & sending bitcoins to pay invoices in multiple cryptocurrencies,” Swann explained.

Other improvements focus on more specific weak areas in the current Lightning setup. The full list is as follows:

  • Atomic Multipath Payments (AMPs)
  • Atomic Swaps
  • Channel Factories
  • Dual-Funded Channels
  • Eltoo
  • Neutrino
  • Rendezvous Routing
  • Sphinx
  • Splicing
  • Submarine Swaps
  • Trampoline Payments
  • Turbo Channels
  • Watchtowers

As Bitcoinist reported, despite its technical level, Lightning gained significant publicity in 2019 thanks mainly to a public outreach project by Bitcoin user Hodlonaut.

A form of transaction relay, the project, Lightning Torch, raised money for the plight of Venezuela’s citizens using Bitcoin, ultimately seeing participation from well-known figures both within and outside the cryptocurrency industry.

What do you think about the Lightning Network? Let us know in the comments below!


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‘Shocked He Went There:’ Crypto Takes Sides On Binance’s Alleged Bitcoin Reorg Plan

Cryptocurrency’s best-known figures continue to debate exchange Binance’s handling of its $40 million hack amid claims executives planned to undo past Bitcoin transactions. 


Binance CEO Rejects Reorg

In a lengthy debate still playing out on social media, Binance received mixed reviews after CEO Changpang Zhao appeared to suggest there was a plan to conduct a reorganization (‘reorg’) of the Bitcoin blockchain. The step would theoretically allow the transactions involving the bitcoins hackers stole from Binance May 7 to no longer fall under their control.

At the same time, an entire day’s worth of user transactions would become void.

Reorgs to fix erroneous transactions are extremely difficult to do for decentralized blockchains — and, in the case of Bitcoin’s, de facto impossible due to the consensus demands required.

As Bitcoinist previously reported, more centralized blockchains can conduct similar activities more easily. EOS, for example, reversed transactions late last year in an episode which likewise attracted negative attention.

While Zhao subsequently explained that the idea remained hypothetical following discussions and that Binance would not pursue any form of the reorg, some reactions criticized him for mentioning the topic.

Mike Novogratz, the Galaxy Digital CEO and major Bitcoin bull, vented rare comments on the topic after Zhao drew a comparison between his plan and efforts by Ethereum (ETH) developers several years ago.

“I am shocked that (Zhao) even went there. Talk of forking or reorganizing the blockchain is close to heresy,” he wrote on Twitter. “When the (Ethereum) community did it the project was like 5 months old. A baby. Bitcoin now has $100 (billion) market cap and is a legitimate store of wealth.”

Back: Reorg ‘Not Happening’

Ethereum co-founder Vitalik Buterin also added a rebuttal, arguing Ethereum’s actions did not constitute a reorg.

“Ethereum did a surgical irregular state change. We never even considered actually rolling back the chain to undo the hack; the collateral damage from that (reverting a day of *everyone’s* transactions) would have been huge and possibly fatal,” he tweeted.

Binance’s back-up fund will cover losses endured by users, while the event appeared to have little impact on buoyant cryptocurrency markets, Bitcoin price shedding $200 but subsequently rebounding.

Mentioning the press handling of the hack as complicating perceptions, veteran cryptographer and Hashcash inventor Adam Back meanwhile took the opportunity to reiterate the difficulty of manipulating the Bitcoin blockchain.

“A Bitcoin reorg is just not happening, and I doubt any Bitcoin industry, miners nor developers considered it either,” he summarized, referencing previous, considerably larger, exchange hacks which came and went without such measures coming to pass.

What do you think about Binance’s remedial measures? Let us know in the comments below!


Images courtesy of Shutterstock, Twitter.

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Kvě 01

No Cash For Sale: In World First ‘Bitcoin’ City

The UK’s Sun newspaper is touting the ‘World’s first Bitcoin city’ today, where all cash is banned. Backers of the venture hope that Melaka Straits City in Malaysia will attract 3 million crypto-tourists per year.


Take Me Down To The Bitcoin City…

Visitors will be able to exchange their normal money for digital currency when they arrive.

proclaims The Sun. Or “just use the digital currency they already own,” you might suggest – but you’d be wrong.

Melaka isn’t so much a ‘Bitcoin City’, as a ‘Crypto City’, and a ‘One Horse Crypto City’ at that. The digital currency you will (be forced to) change your ‘normal money’ into, is the DMI coin. Through Android, iOS, and PC apps, tourists will use these to pay for public services with their phones and computers.

DMI is a company that provides mobile enterprise, business intelligence, and cybersecurity services. It collaborated on this project to develop the DMI platform and coin.

…where the Cash is Banned…

The Chinese government-backed development will convert 835 acres of the Malaysian state of Malacca into the ‘tourist blockchain-destination of the future’. As well as the 3 million annual tourists it hopes to attract, Melaka will host businesses and education services.

It is not the only project of this type currently in development, either as a new city or the implementation of a crypto-economy in and existing city. Amongst others, these include so-called libertarian city, Liberstad in southern Norway, although the changes aren’t always for tourism reasons.

…it’s a Bit Like Disney?

While a true ‘Crypto City’ could do wonders to demonstrate the Bitcoin economy working at a holistic level, this does not seem to be it. It is hard to see how this is any different to exchanging your cash for Disney Dollars to spend while in the resort.

It also seems interesting that the Chinese government is backing this venture, as they’ve been coming across as ever-so-slightly anti-crypto. Perhaps it’s just a case of ‘not in their own back yard’?

Will this new crypto city succeed? Share your thoughts below!


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Dub 27

How Legit Are Bitcoin Lotteries, Really?

Some websites have begun offering Bitcoin lotteries. If you’re thinking about trying your luck with them, here are some things to know first.


The Legality Varies Based on Where You Live

Bitcoin is still largely unregulated. However, many countries started setting rules to regulate Bitcoin gambling, including lotteries. It’s smart to see what the laws in your country are before getting started.

Look for Bitcoin Lotteries Offered By Regulated Gambling Sites

Prior to entering a Bitcoin lottery, read the website’s fine print and determine whether you’re dealing with a regulated provider. If so, that means the site must follow the gambling regulations of the respective company, and it might give you some recourse if something goes wrong when attempting to collect winnings.

One of the questions most often on people’s minds is whether Bitcoin lotteries are legitimate. You’ll have better luck finding a regulated one if you look for regulated providers. Keep in mind, though, that many Bitcoin gambling sites get regulated in Curaçao, a place with looser regulations than many other nations.

A Bitcoin lottery site called Kibo Lotto took that approach in late 2018. Crypto-Games.net also operates a lottery site that appears to have ties to Curaçao based on a logo in the site’s footer, as does Bitplay Club. One potential advantage to Bitplay Club is that it promises “provably fair” games through algorithms that show transparency.

There are also sites, like Yet Another Bitcoin Lottery (YABTCL) with no indication of regulation. Playing there arguably raises the risks.

Most Bitcoin Lotto Games Have Familiar Instructions

In states that have traditional lottery programs, such as Virginia, it’s easy to find databases that give people the information they need to know to start playing.

For example, Virginian adults can play daily lotto games, as well as jackpot games. There are also instant-win games, such as scratcher cards. Most of the Bitcoin lottery sites provide similar offerings. So, you shouldn’t need to spend much time learning how to play.

Lottoland Launches World’s First Regulated Bitcoin Lottery

In 2017, a gambling site called Lottoland attracted attention for creating what it advertised as the first regulated Bitcoin jackpot. When playing the Pick 6 game offered at Lottoland, people have a 1-in-7 chance of winning a prize. The system set up there is a good example of a well-known lottery game structure. People mark their chosen numbers on an electronic ticket.

Play the World’s Biggest Lotteries with Bitcoin at LottoPark

Few Long Established Sites

While researching Bitcoin lottery sites, it becomes clear they often don’t have staying power. Three sites mentioned in media sources (BTCFreeLotto.com, 10XBTC and World Super Lotto) have since stopped operating. Similarly, Kibo Lotto, the site mentioned earlier, is still in the coming-soon stage according to its website.

There’s also a mobile lottery ticket app site called Jackpocket that reportedly started offering Bitcoin as a method of paying for lottery tickets in 2016. However, there are no newer mentions of that option in the media or within the Jackpocket homepage or help database. In that case, Jackpocket itself is more established but seems to have moved away from dealing with Bitcoin.

Play With Caution

The information here emphasizes why you should be exceptionally careful when playing Bitcoin lotteries. Plus, watch out for related social media posts. In one recent incident, hackers took over the official Twitter feed of the South African cricket board and used it to try and interest people in a Bitcoin lottery.

Lotteries require people to weigh the risks with the possible rewards, and doing that is especially necessary with the Bitcoin varieties.

Have you tried any of the Bitcoin lotteries or is simply holding BTC the best strategy? Let us know below!


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Dub 20

Binance CFO Talks About His ‘Exciting’ Journey in Exclusive Interview

It was the last hour of the final day at Paris Blockchain Week Summit. The charismatic Binance CFO Wei Zhao had been speaking back to back. Yet, despite the time and the fact that he must have repeated himself over and over for two solid days, he seemed undeterred. Wearing jeans and a Binance hoodie, he bounded up to meet me, vigorously shaking my hand, clearly enjoying being the man of the moment.


If this were a celebrity party, Binance would be the VIP guest. Changpeng Zhao (CZ)’s creation seems unstoppable. Every project wants to be on Binance, from regular token listings to holding IEOs on the Binance LaunchPad. The Binance Chain has just launched, its native BNB token is climbing in price, and the company has the power to influence the entire community and delist tokens at will.

Binance Won’t Be Leaving Malta Any Time Soon

Minister for Digital Affairs Cedric O later said in a press conference that one of their goals was attracting Binance to France. Yet Zhao confessed to me that he had no idea the French had pushed forward new regulation until now.

With a rather high taxation rate for crypto companies at 30 percent, regulations around ICOs (that no one’s doing anymore) and a lot less flexibility than Malta, it looks unlikely that Binance will move to France anytime soon. Although I wasn’t privy to any backroom chats.

binance cfo wei zhao

My interview was with Wei Zhao, the man partially responsible for Binance’s epic growth. “I help companies to scale and to grow,” he tells me. Binance now has over 400 people in 30 countries. That’s “a decent sized organization.”

One thing that I have helped to launch is our fiat to crypto offering. In January, we launched our fiat to crypto, pound to BTC. We’re also doing Singapore. Last year, we launched in Uganda… My approach has been basically to build up our presence in the regulated world and build up more fiat.

Bridging the Traditional Financial World with Crypto

With a background of working in traditional finance, and grooming companies to go public, it’s unsurprising that another major focus of Zhao is institutional investors.

“I worked in Hong Kong, so I’ve been CFO for about four different companies, two of which went public. So, I am quite adept in dealing with bankers, and working with bankers, I am a banker myself. I helped to launch our OTC trading services, Binance off-exchange services. I help bring people from traditional bond traders and that type of trader to cryptocurrency.”

Indeed, the surge in Binance’s OTC trading drove the company’s near $80 million first-quarter profits.

What It’s Like Working at Binance

I ask why he made the leap from traditional finance to crypto. He says he would not have done it for any other company than Binance.

I think we are really different from other companies. Most are just exchanges, but we really fiercely want to make an impact in the world… The journey has been awesome so far and I’m in it for the long haul.

One of the best things about his job? Traveling to different places. “I flew around the world four or five times already,” he laughs.

It does speak to the borderless nature of cryptocurrencies. Yes, it’s a digital business but at the end of the day, it’s still a human business, it’s a very human business. The reason this industry is growing so much is that people in this industry travel so much. Like 10 times more than in any other industry.

There’s nothing like human interaction, face to face human talking about things, that’s how you can really impact change.

Does the Recent Leap in Bitcoin Mean the Bear Market Is Over?

It’s not a decisive “yes” when I ask if the bear market is over. Zhao pauses and leans back in his chair. There’s a short silence before he forms his answer, leading me to believe the opposite may be true. But with the most profitable exchange in crypto, bear market or no, nothing’s stopping Binance. He says:

I think there’s generally a lot more interest across the board despite adverse regulation and other adversities. You see general interest in bitcoin from traditional industries, and the rest of the world is showing interest in projects and I think all of it will contribute to the continued growth of the market. The fact that people are thinking “how is this going to impact my business?” Facebook JPMorgan… it lends credibility to the space.

I ask if companies like JPMorgan and Facebook lending “credibility” is rather ironic, considering how Bitcoin was born. He replies:

You need a push which is driven by guys like Facebook and JPMorgan, that gets people thinking about how that’s going to impact institutions and the market. It lends credibility, mindshare, and shows that our actions are getting noticed, that’s what it takes.

What It’s Like Working with CZ

So, what’s it like working with one of crypto’s biggest personalities? “Awesome, it really is awesome!” he enthuses, “he’s extremely transparent, diligent and extremely honest, he’s also extremely intelligent, and very patient.”

changpeng zhao cz binance

I ask if he was in complete agreement about the recent delisting of Bitcoin SV, to which he nods his head. Presumably, he’s been fielding questions on the subject all day long and his answer is extremely diplomatic.

“We have a very rigorous delisting process, and we also have a regular quarterly review. This quarter a lot of the comments we’ve written out our rationality… I don’t have any other comments on that.”

Finally then, who does Zhao believe that Satoshi Nakamoto is? Clearly, not Craig Wright.

“I think its a community,” he replies. “It’s like ‘I am Bitcoin’, you know that movie? ‘I am bah, blah blah’? It’s like that with Bitcoin. It’s a community. And we’re surviving… I believe that every day that you survive extends your survival… There is a reason why he or she wants to remain anonymous, because it’s not important, it’s a community.”

What do you think of Zhao’s comments? Let us know your thoughts below!


Images via Shutterstock

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Dub 15

Mexico Sets New Bitcoin Volume Record After Trump’s Remittance Threat

Bitcoin price remaining above $5000 resulted in new trading highs for several countries worldwide last week, the latest data shows.


Mexico, Venezuela Post Record Localbitcoins Volumes

According to monitoring resource Coin Dance, which tracks trading volumes on peer-to-peer exchange platforms Localbitcoins, Paxful and Bisq, certain markets continued to see spikes in Bitcoin activity.

As Bitcoinist reported, the moves form part of a trend which accelerated in many places in line with Bitcoin price climbing steeply earlier this month.

As with the previous week, it was Venezuela, Peru, Mexico, Kazakhstan and others leading the way over the past seven days, Localbitcoins data confirms.

The period to April 13 was especially successful for Mexico, which set a new all-time trading record of 10.67 million pesos ($568,000) on Localbitcoins.

The peak contrasts sharply with the previous week, in which 8.6 million changed hands, and just clipped the previous record of 10.62 million set in March 2018.

Topping the list of motivations for the behavior remains US foreign policy, president Donald Trump threatening to target traditional fiat-based remittance channels. This, Bitcoinist explained, opens up the door to Bitcoin as an alternative.

A glance at other jurisdictions tracked by CoinDance tells a similar story, while Venezuela joined Mexico in beating all its previous weekly records.

In terms of the country’s highly-volatile fiat currency, the Sovereign Bolivar (VES), last week saw the equivalent of 30 billion units trade across Localbitcoins, beating the previous all-time high of 26.4 billion set the week before.

Kazakhstan, Tanzania Get Taste For Bitcoin

Beyond South America, as before, Kazakhstan continued its trading boom, also setting higher volumes last week than ever before – 55 million tenge ($145,000).

The uptick accompanies political upheaval in the Central Asian country, after veteran president Nursultan Nazarbayev unexpectedly quit his office last month.

In a fresh wave of interest, Tanzania also produced recent highs, with 165 million shillings ($71,000) across Localbitcoins. The country’s all-time high of 294 million from April last year, however, remains intact.

As Bitcoinist noted, the Bitcoin price surge also led to the reemergence of other Bitcoin financial phenomena. Focused on Asia, both Chinese and South Korean buyers began paying fiat premiums for cryptocurrency this month.

In China, over-the-counter purchasers of stablecoin Tether (USDT), from which they can diversify into other assets, faced higher CNY prices than their USD counterparts.

South Korean exchanges meanwhile saw the return of the so-called ‘Kimchi Premium,’ a mark-up for Bitcoin and other assets in won terms which last week averaged around 1.5 percent.

According to data from CoinMarketCap, overall 24-hour trading volumes for Bitcoin on regular exchanges totalled approximately $10.9 billion Monday. Adding altcoins, the figures reaches just over $38 billion.

What do you think about last week’s Localbitcoins volumes? Let us know in the comments below!


Images via Shutterstock, Coin.dance

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Dub 13

Uber IPO: Cryptocurrency Will Be a ‘Huge Beneficiary’

Uber Technologies Inc. expects a valuation of about USD 100 billion when listed on the New York Stock Exchange. Large IPOs such as Uber’s and others could bring spectacular benefits to the crypto industry. At the same time, business solutions allowing Uber users to pay with Bitcoin are now moving to center stage.


Uber IPO: Bigger Than Bitcoin’s Market Cap

On April 11, 2019, Uber filed with the U.S. Securities and Exchange Commission (SEC) to offer shares of its common stock. In its recently released prospectus, Uber does not mention the magnitude of the IPO, which could be one of the biggest ever.

However, according to The Financial Times,

The company is aiming to raise $10bn from its IPO and recently told some of its investors that it could be valued at $90bn to $100bn, according to people familiar with the matter. The company was last valued at $76bn in a private fundraising in August.

Thus, the estimated valuation would surpass today’s Bitcoin market capitalization of about $89 billion.

The transportation company bases its projections on its leading technology, expertise, and massive network, which comprises millions of drivers, users, shippers, and other participants around the globe.

Moreover, Uber details in its prospectus financial data as follows:

  • Revenue derived from our Ridesharing products grew from $3.5 billion in 2016 to $9.2 billion in 2018.
  • Gross Bookings derived from our Ridesharing products grew from $18.8 billion in 2016 to $41.5 billion in 2018.
  • Consumers traveled approximately 26 billion miles on our platform in 2018.

Uber has become omnipresent. Its global ridesharing footprint covers 63 countries, encompassing a population of over 4 billion people, as shown in the graph below:

Digital Currency Group CEO, Barry Silbert adds that billions of dollars in private company stock will be unleashed from IPOs this year.

“The crypto asset class is going to be a huge beneficiary,” he says

You Can Already Use Bitcoin

Uber’s direct acceptance of payments in Bitcoin and other cryptocurrencies may still be a long way off, however.

In the meantime though, some Uber drivers around the world are unofficially accepting BTC instead of their local fiat currency.

Some users in Argentina, for example, have expressed interest in paying for Uber with bitcoin while some drivers wouldn’t mind receiving some bits instead of the depreciating peso.

For instance, an Uber driver, under the Reddit username bjandrus, wrote that he was already accepting bitcoin off the books for rides. However, he complains, the process is problematic because the Uber app does not support BTC payments.

It remains to be seen which ride-sharing company will officially begin accepting bitcoin first.

However, paying for Uber in bitcoin indirectly is already possible. For example, there’s the gift card option from Bitrefill and others, including the Coinbase e-gift card supported in select EU countries and Australia.

There are also third-party services as well as cryptocurrency debit cards that allow you to pay for anything, including Uber, Lyft etc. using bitcoin.

https://twitter.com/VenditExchange/status/1088929593577357313

How do you think IPOs such the one expected from Uber could benefit the crypto industry? Let us know what you think in the comments below.


Images via Uber Technologies Inc., Shutterstock

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Dub 08

Bitcoin Goes Mainstream As Miss Universe Receives Lightning Torch

Bitcoin adoption took a step in a new direction this weekend after a former Miss Universe contestant joined the Lightning Torch transaction relay.


Rosa-Maria Ryyti HODLs Lightning Torch

In what appears to be an unexpected choice, Jeremias Kangas, founder of P2P trading platform Localbitcoins, opted to pass the Torch outside the cryptocurrency community – to Miss Universe Finland 2015, Rosa-Maria Ryyti.

Lightning Torch began in January this year as a stress test for Bitcoin’s Lightning Network, a solution which will allow Bitcoin to scale up to meet the needs of mass adoption.

While Lightning itself has only existed on the Bitcoin mainnet for around 15 months, the Torch has demonstrated the network’s resilience, with various high-profile figures becoming involved.

The relay works by nodes on the network accepting, adding the Torch transaction and adding a nominal amount of bitcoin, currently 10,000 satoshis, before passing it forward.

So far, the Torch has had around 275 owners, with Ryyti opting to hand it to Colombian Bitcoin guru BTC Andres. In total, there will only be enough ownership spots for the sum of the transaction to reach 5 million satoshis.

“I was honored to receive the torch from pioneer Jeremias Kangas and now there are only 8 places left,” she told her 35,000 Instagram followers.

The funds raised will be donated to Bitcoin Venezuela.

Ryyti also set up an account on Tippin.me, the Lightning-enabled tips service used in Lightning Torch.

Bigger And Bigger

Ryyti’s advocacy of Bitcoin predictably struck a chord with the cryptocurrency community. On social media, the model gained considerable acclaim, despite a conspicuous lack of feedback from non-crypto followers from Instagram.

The event is not the first time the Torch has ventured outside of crypto, with perhaps its other outing also becoming its best-known when Twitter CEO Jack Dorsey took over in February.

Jack Dorsey Joe Rogan Podcast JRE

As Bitcoinist reported, his custody was more than a token gesture, Dorsey subsequently pledging to integrate Lightning in both Twitter and his payments startup Square. The latter is currently hiring developers for its dedicated venture, dubbed Square Crypto.

BTC Andres meanwhile held the Torch for only a short time before passing it elsewhere among the South American Bitcoin community.

Currently, the invoice lies with DJ Booth, creator of Lightning-enabled Bitcoin crowdfunding platform Tallycoin, where Torch creator Hodlonaut is currently raising funds for the plight of Venezuelans.

According to monitoring resource 1ML.com, Bitcoin mainnet Lightning currently has 7876 nodes, over 39,000 channels and a total capacity of 1080 BTC. The figures represent monthly growth of 9.8 percent, 14.7 percent, and 40 percent, respectively.

Last week, a dedicated exchange appeared in the form of Bolt, which aims to allow Lightning-based trades between Litecoin and Bitcoin using a technology known as cross-chain atomic swaps

What do you think about Miss Universe Finland 2015 participating in the Lightning Torch? Let us know in the comments below!


Images via Shutterstock, Bitcoinist archives, Instagram

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Bře 26

Bitmain Says It Won’t Give Up on World’s Biggest Cryptocurrency IPO

Bitcoin mining giant Bitmain has officially announced its new CEO and says it will restart the IPO listing process sometime in the future. The company endured a difficult 2018 with administrative upheavals, staff layoffs, and significant losses.


Bitcoin Mining Giant Gets New CEO

In the latter part of 2018, Bitmain laid off a couple of departments amid reports of financial difficulties. In a blog post published on Tuesday (March 26, 2019), the company explained the decisions taken as part of its efforts to align its business model.

An excerpt from the statement reads:

It was a difficult but necessary decision as we continue to build a long-term, sustainable and scalable business. We did our best to compensate our employees above the legal requirement.

Bitmain also made some changes to its leadership structure with Haichao Wang, the former Engineering chief appointed as the new CEO. Co-founders Jihan Wu and Ketuan Zhan remain directors of the company and continue to have a say in “big decisions.”

Bitmain Will Restart IPO Listing Process

As reported by Bitcoinist on Monday, the Bitmain IPO application at the Hong Kong Stock Exchange (HKEX) expired after six months. According to the company, regulators and other mainstream stakeholders aren’t yet sold to the immense potential of the emerging cryptocurrency industry.

In the meantime, Bitmain says it will restart the application at some time in the future. Despite the failure of its first IPO application, the company said the process did deliver some positives for the company especially in the area of financial transparency.

Concerning transparency, Bitmain is yet to publish its financials for the second half of 2018. Speculation is rife with reports of huge losses for Q3 2018 of about $740 million.

Any attempt to refile another IPO application will see the company being forced to publish its financial report for Q3 and maybe even Q4 2018 depending on the reporting period stipulated by the stock exchange operator.

Bitmain Will Focus on Innovation and AI

Bitmain also revealed that its focus for 2019 will be on streamlining its business process to focus on innovation in both the cryptocurrency and artificial intelligence (AI) market.

Back in February 2019, Bitcoinist reported on the company’s new 7-nm chip touted to deliver more efficient Bitcoin mining. On paper, the new chip will offer about a 28.6 percent improvement in power efficiency, compared to previous iterations of the company’s 7-nm chip.

For innovation in the AI scene, the blog post also mentions agreements already inked with important stakeholders across China. Bitmain says it plans to lead the way in terms of cutting-edge innovation for neural processors.

What do you make of Bitmain’s stated goals for 2019 after the difficulties experienced in 2018? Share your thoughts with us in the comments below.


Image courtesy of Shutterstock.

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