MIT “Disobedience Award” Gives Rule-Breakers $250k Prize

MIT “Disobedience Award” Gives Rule-Breakers $250k Prize

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The  Massachusetts Institute of Technology  (MIT) is offering a new prize worth $250,000 for what it calls “ethical disobedience.” The...

Abra Adds Bank Bitcoin Purchases As Consumers Wake Up

Abra Adds Bank Bitcoin Purchases As Consumers Wake Up

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The Bitcoin-based payment gateway  Abra  has added Bitcoin purchasing directly from its wallet. In a  press release  Thursday, the int...

Will Bitcoin Collapse Under the Weight of Its Own Success? All eyes are on the Winklevoss Brothers trust and the Securities and Exchange Commission, hereinafter SEC. There are some that are of the view that a negative decision on the trust by the SEC would lead to damage for Bitcoin. However, the real problem that Bitcoin is facing at the moment is not what the SEC is going to do about a trust but the very nature of the currency itself. Bitcoin may become a victim of its own success. So let us see if Bitcoin is a star that is bound to collapse under its own weight. The sludge in the pipeline Bitcoin has been struggling to process transactions quickly enough and what is more, the cost of processing transactions has been rising significantly. Recently Marketwatch.com observed: “Regular users are waiting longer and longer for their transactions to be confirmed. Average confirmation time on Feb. 3 was nearly eight hours, though it’s typically closer to 90 minutes.” Further commenting on the problem of rising fee, “The total value of all transaction fees paid to the virtual miners who power the Bitcoin network rose to 270 Bitcoins, or about $320,000, on Wednesday, March 8, 2017, its highest level in nearly a year.” Stephen Pair, Co-Founder and CEO of Bitcoin Payment Services company Bitpay wrote a blog talking about how their miner fee expenditure has risen 35-fold. In his blog, Stephen writes, “If we factor out our transaction growth of nearly 3x, it is still nearly a 12-fold increase. The fees aren’t just rising, they’re rising exponentially. At some point, an equilibrium will be reached and we will discover the true value of having a transaction secured by the most powerful computing network mankind has ever deployed.” Lack of consensus in the Bitcoin community The problem of scalability has not been solved as of yet even though efforts to solve the issue have been underway for quite some time. One of the proposed solutions to Bitcoin’s slow processing speed is called SegWit, short for segregated witness. This solution depends on moving transaction data to secondary networks that would help decongest the Bitcoin Blockchain. While adoption for SegWit has been rising, the number of blocks signaling SegWit support are hovering between 25 to 30 percent at the time of writing.

Will Bitcoin Collapse Under the Weight of Its Own Success? All eyes are on the Winklevoss Brothers trust and the Securities and Exchange Commission, hereinafter SEC. There are some that are of the view that a negative decision on the trust by the SEC would lead to damage for Bitcoin. However, the real problem that Bitcoin is facing at the moment is not what the SEC is going to do about a trust but the very nature of the currency itself. Bitcoin may become a victim of its own success. So let us see if Bitcoin is a star that is bound to collapse under its own weight. The sludge in the pipeline Bitcoin has been struggling to process transactions quickly enough and what is more, the cost of processing transactions has been rising significantly. Recently Marketwatch.com observed: “Regular users are waiting longer and longer for their transactions to be confirmed. Average confirmation time on Feb. 3 was nearly eight hours, though it’s typically closer to 90 minutes.” Further commenting on the problem of rising fee, “The total value of all transaction fees paid to the virtual miners who power the Bitcoin network rose to 270 Bitcoins, or about $320,000, on Wednesday, March 8, 2017, its highest level in nearly a year.” Stephen Pair, Co-Founder and CEO of Bitcoin Payment Services company Bitpay wrote a blog talking about how their miner fee expenditure has risen 35-fold. In his blog, Stephen writes, “If we factor out our transaction growth of nearly 3x, it is still nearly a 12-fold increase. The fees aren’t just rising, they’re rising exponentially. At some point, an equilibrium will be reached and we will discover the true value of having a transaction secured by the most powerful computing network mankind has ever deployed.” Lack of consensus in the Bitcoin community The problem of scalability has not been solved as of yet even though efforts to solve the issue have been underway for quite some time. One of the proposed solutions to Bitcoin’s slow processing speed is called SegWit, short for segregated witness. This solution depends on moving transaction data to secondary networks that would help decongest the Bitcoin Blockchain. While adoption for SegWit has been rising, the number of blocks signaling SegWit support are hovering between 25 to 30 percent at the time of writing.

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In 2010, a Florida programmer called Laszlo Hanyecz convinced someone to  accept 10,000 Bitcoins  he’d mined on his computer in exchange...

Swiss Bank Secures Approval for Bitcoin Asset Management: CNBC

Swiss Bank Secures Approval for Bitcoin Asset Management: CNBC

| Bitcoin, Bitcoin News, Bitcoin trading

Swiss  bank Falcon Private Bank has received authorization from the Swiss Financial Supervisory Authority FINMA for the management of as...

By Joseph Young South Korea Officially Legalizes Bitcoin, Huge Market For Traders

By Joseph Young South Korea Officially Legalizes Bitcoin, Huge Market For Traders

| Bitcoin, Bitcoin News, Bitcoin trading

South Korea has officially legalized international Bitcoin transfers and is on the verge of providing a regulatory framework for Bitcoin...

RSX Russia Sideways Symmetrical Triangle Failure Tight Band Squeeze

RSX Russia Sideways Symmetrical Triangle Failure Tight Band Squeeze

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The RSX breaks to the downside over the last two weeks as the Ukraine turmoil increases.  The US plans to announce serious sanctions against...

DAX Germany Weekly Chart Rising Wedges H&S

DAX Germany Weekly Chart Rising Wedges H&S

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The DAX is getting slapped over the last couple weeks as the Ukraine situation continues. Germany is very reliant on natural gas and oil fro...