Charlie Lee Creator of Litecoin  on the blocksize debate

 

Charlie Lee creator of litecoin makes his case for a conservative approach in regard to  blocksize increases. And why he doesn’t support BIP101 the current proposal for blocksize scaling submitted by Gavin Andresen

I first discovered Bitcoin in early 2011. Like many, I thought it was brilliant. Bitcoin transactions were decentralized…

Essentially, early Bitcoin users get the cake and eat it too. Unfortunately, this won’t last. By design, the block rewards halves every 4 years and will trend towards zero. As that happens, we will have to choose which of these 5 core Bitcoin features (decentralized, secure, fast, cheap, and unlimited) we are most willing to sacrifice. I will use an analogy to paint the picture for why this is the case.

 

Source: Eating the Bitcoin Cake — Medium

SEC Approves Plan to Issue Stock Via Bitcoin’s Blockchain | WIRED

What will equity bankers do oh no.  Patrick Byrne no fan of Wall Street has got approval from the SEC for his company Overstock to issue shares on the bitcoin blockchain.

Patrick Byrne ceo Overstock.com, Wall Street nemisis

Federal regulators, in a significant shift in how financial securities will be distributed and traded, have approved a plan to issue stock via the Internet.

Public documents filed by Overstock show that the SEC has approved an amended Form S-3 that would allow the company to issue public securities via blockchain-based technology, and Byrne plans to announce the news this evening at a bitcoin conference in San Diego.

Source: SEC Approves Plan to Issue Stock Via Bitcoin’s Blockchain | WIRED

If Overstock is able to successfully complete a share offering using the blockchain, it would be a cannon shot across the bow of Investment Bank Armada.  The ability to potentially appify share issuance into a blockchain service would undercut a lucrative business model for the banks.

Bitcoin foundation on its last legs

A post on Reddit by user anarchystar believed to be Bitcoin Foundation Olivier Janssens describes a recent meeting of the foundation where he was voted of the board and board member Jim Harper resigned.   The Bitcoin Foundation has become almost irrelevant at this point.

  • There was a discussion on our future, because the Foundation only has a couple of Bitcoins left. They’ve been running on a skeleton crew for the last half year, but even that money has ran out.
  • Someone (not me) started a vote on shutting down the Foundation. During the vote, I said that I’m not comfortable continuing the Foundation without a plan and direction. Jim and me have been asking for a plan and direction for many months. The voting result was 2 for (Jim and myself), 3 against. We were one vote short to shut it down.
  • Jim resigned after this vote
  • We then had a discussion about the future of the Foundation. They wanted everyone to start raising money, so they could come up with a plan. I said I’m not comfortable to raise money UNTIL we have a plan.
  • They then proceeded to vote me off the board, because they did not like that (I guess it’s bad intent on my behalf to ask to come up with a business plan before you decide to raise money).

source: I’ve just been forcibly removed from the Bitcoin Foundation board | r/bitcoin

Department of Homeland Security is a  Bitcoin incubator?

Department of Homeland security brokers bitcoin and is now funding bitcoin technology.  While some Bitcoiners maybe horrified, this shows that government recognizes Bitcoin is here to stay.

The Department of Homeland Security is now seeking proposals for blockchain related applications in different endeavors from small businesses.

The U.S. Department of Homeland Security through the SBIR’s Science and Technology Directorate (S&T) is now accepting proposals from small businesses comprising of fewer than 500 employees in at least 10 topic areas. Interestingly, the areas also cover the topics of “Applicability of Blockchain Technology to Privacy Respecting Identity Management” & “Blockchain Applications for Homeland Security Analytics”.

Source: Department of Homeland Security Wants Blockchain Applications – CCN: Financial Bitcoin & Cryptocurrency News

Bitcoin Hits Highest Levels Since Late 2014 | TechCrunch

After a rough 20 months in Bitcoin starting with the collapse of Mt.Gox in Feb of 2014, the Bitcoin price has been coming back to life.  Well above its 2015 low of $167.00.  What’s driving Bitcoin higher?  Is it Chinese investors seeking safety, increasing user base, expanding use cases, the reality is all of the above.

After a mostly boring 2015, bitcoin is making waves as the year ends by reaching new price heights. Bitcoin is north of the $400 mark, once again, for the second time since 2014. This time, it has…

Source: Bitcoin Hits Highest Levels Since Late 2014 | TechCrunch

Zero Hedge still hasn’t caught on the Craig Wright is a Fraud   

 

Not Satosi Nakamoto, Its just Craigh Wright
Not Satoshi Nakamoto

Zero Hedge has a bitcoin post regarding the news that Craig Wright attempted to purchase some $80 million dollars worth of gold from an Australian conman named Mark Ferrier.

Tyler Durden is spinning this as if Satoshi Nakamoto had attempted to diversify into gold away from bitcoin.  Except, that there is no concrete proof that Craig Wright is Satoshi Nakamoto, and there is no proof that Craig Wright ever had any money, bitcoin or otherwise.

What there is proof of is that Craig Wright:

  1. Is under investigation from the Australian Tax Authorities for a possible scheme to defraud it out of $54 million in rebates.
  2. That he claimed to own a $100 million super computer in partnership with SGI. SGI disavowed ever having Mr. Wright as a client and there is no evidence the computer exists.
  3. That one of his companies was in bankruptcy

 

I could go on but the picture is pretty dark for someone who maybe the creator of one the biggest technological breakthroughs th

is century and would be estimated to own close to $450 million worth of Bitcoin.

Source: Bitcoin Or Gold: Did The Alleged Bitcoin Creator Just Settle Once And For All What Is More Valuable? | Zero Hedge

Source: The Australian who may have invented Bitcoin claimed to land $54M in taxpayer-funded rebates | Business Insider

Source: Hotwire Preemptive Intelligence Pty Limited | McGrathNicol

Source: SGI denies links with alleged bitcoin founder Craig Wright | ZDNet

How Questions About Terrorism Challenge Bitcoin Startups – Forbes

Forbes has an article that discusses the concerns that Bitcoin maybe used to finance criminals and terrorists.

Given the recent attacks regulators are pushing to close and all possible avenues that terrorists may use to get financing (except in the case of oil.)

Is Bitcoin The Currency of Terrorism? In light of the recent attacks in Paris that led to the deaths of 129 Parisians, the European Union (EU) and other international powers, including the United States and Russia, have been gathering to discuss how to curb the threats of terrorism, specifically ISIS or […]

Source: How Questions About Terrorism Challenge Bitcoin Startups – Forbes