Turbotodd

Ruminations on tech, the digital media, and some golf thrown in for good measure.

Archive for the ‘bitcoin’ Category

A Bit More Blockchain

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Happy Thursday.

According to a story from Fortune (who were reporting a story from The Times of London), Twiter CEO Jack Dorsey is on the record saying that Bitcoin (despite the recent bubble) will come to replace all currencies.

“The world ultimately will have a single currency, the Internet will have a single currency. I personally believe that it will be Bitcoin.” But the timeline will be “probably over ten years, but it could go faster.”

Miners, start your computers (but watch that electricity bill!)

Meanwhile, also across the pond, the UK Chancellor of the Exchequer, Philip Hammond, was expected to announce a government “crypto assets task force,” along with a host of other fintech initiatives earlier today, according to a report in CoinDesk.

The initiative, part of the government’s larger Fintech Sector Strategy, “will help the U.K. to manage the risks around Cryptoassets, as well as harnessing the potential benefits of the underlying technology,” he said in the statement.

Back here in the U.S., Blockchain Capital, which is an investor in fintech companies like Coinbase and Ripple, has raised $150 million for its fourth fund. 

According to a story from Axios, this new fund appears to be the largest venture capital fund raised to focus exclusively on blockchain and cryptocurrency technologies.

So my logical question: Was the new round raised in Bitcoin or cash??!!

Inquiring minds want to know.

For those more interested in the crypto pick and shovel play, IBM Think this week in Vegas had a number of sessions focused on blockchain.  

If interested, check out this replay of IBM’s Jerry Cuomo, who lays out a number of actual blockchain use cases that do everything from save energy to cut food waste.

Written by turbotodd

March 22, 2018 at 2:45 pm

Posted in 2018, bitcoin, blockchain, ibm

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A Kilowatt for A Bitcoin!

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Happy Friday.

If you’re looking for cheap energy to do your Bitcoin mining, don’t head for Plattsburgh, New York. 

Its city council last evening unanimously voted to impose an 18-month moratorium on Bitcoin mining in the city.

Motherboard reports that the moratorium was proposed by Plattsburgh Mayor Colin Read earlier this month after residents began reporting wildly inflated electricity bills in January (some up to $100 or $200 more than average).

And this in a place that advertises itself as having the “cheapest electricity in the world” because of its proximity to a hydroelectric dam on the St. Lawrence river.

Meanwhile, following up on my post yesterday about the cyber escapades in Saudi Arabia, the plot thickens.

According to a report from Reuters, the Trump Administration yesterday blamed the Russian government for a campaign of cyber attacks stretching back at least two years that targeted the U.S. power grid. That’s the first time the U.S. has publicly accused Moscow of hacking into American energy infrastructure.

The attempts started in/around March 2016, with the Russian government hackers seeking to penetrate multiple U.S. critical infrastructure sectors, including energy, nuclear, commercial facilities, water, aviation and manufacturing.  

You know, pretty much everything to keep a modern industrialized society’s wheels turning!

And if you’re looking for some lighter fare, Facebook Lite will soon be coming to Canada, Australia, the U.K. and U.S. 

Facebook Lite is Facebook’s pared down version of its app that had originally been designed for people in developing countries with limited data plans, but hey, we’re rapidly becoming a third world country here in the U.S., so bring on the Lite Facebook…err, the Facebook Lite. 

How about some new old ad slogans for the newest Lite?

You can call me Ray, and you can call me Jay!

Great taste, less filling!

If you’ve got the time…we’ve got the social network?!  No?

The app will only be available for Android for today’s release, I guess suggesting that we iOS users aren’t in need of such bandwidth relief??!

Written by turbotodd

March 16, 2018 at 9:40 am

Turning Up the Heat on Crypto

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The cryptocurrency juggernaut continues to build momentum. It seems as though there’s a new initial coin offering every day now.

Multicoin Capital is looking to raise $250 million in capital by the end of June, and Reuters is reporting that Marc Andreessen and a “slew of big individual and institutional investors” have invested thus far.

Multicoin views cryptocurrencies as a long-term investment (three to four years), as opposed to the short-termism we’ve been seeing in recent weeks.

Other investors include PayPay’s first COO, David Sacks, and Elad Gil, co-founder of genomic testing company Color Genomics. 

In related news, Bitcoin’s price has now settled down to around $9,000, and this as Japan suspended trading on two cryptocurrencies on Thursday following a reported $530 million cyber heist at Coincheck, one of the country’s largest crypto platforms.

According to a story in Fortune, Japan’s Financial Services Agency has ordered Bitstation and FSHO to suspend business for at least one month, the first due to an executive using customer funds for personal transactions, and the second for allegedly failing to shore up customer protection.

And finally, in the better cryptocurrency mousetrap category, French startup Qarnot has unveiled a new computing heater made specifically for cryptocurrency mining.

A heater. With a computer. Just for mining bitcoins. And heating you.

Three words, people: Picks and shovels.

Addendum: Check out Paul Ford’s Bloomberg story, “Bitcoin is Ridiculous, Blockchain is Dangerous” where he compares to the emerging crypto tulip-mania to the early days of the WWW. 

Written by turbotodd

March 9, 2018 at 9:34 am

Long on the Blockchain

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Bloomberg is reporting that the cryptocurrency market is headed south. Like beyond-the-boarder, deep into Mexico south.

The peak for Bitcoin was $19,511 on December 18th, soon after the introduction of regulated futures contacts in the U.S. 

But now, reports Bloomberg, Bitcoin has seen more than half its value wiped out after “waves of negative news,” including escalating regulatory threats from around the world (including in India, South Korea, China, and the U.S.), along with a record $500 million heist at Japanese exchange Coincheck Inc.

Nothing like a virtual coin bank heist in Tokyo to bring down a bull Bitcoin market! Quick, was George Clooney or Matt Damon anywhere in the vicinity??

Bitcoin was trading as low as $7,643, and overall down 21 percent on the week (and is bringing down other virtual coins, including Ripple, Ether, and Litecoin, all of which tumbled 28 percent).

Turbo’s Take: One, I wish I’d held on to those 7 Bitcoins I’d had in Coinbase and which I sold a year ago this month. I’d take $7K per coin. Two, this is all missing the larger plot — it’s not about Bitcoin, or even virtual currency — it’s about the underlying technology that powers these systems, the blockchain (see IBM’s blockchain overview here). It’s about the power to increase transparency and decrease friction in markets and transactions of all types. So, if you want to go short on Bitcoin, be my guest. But I would recommend you go long — very long — on the blockchain.

Written by turbotodd

February 2, 2018 at 10:59 am

Posted in 2018, bitcoin, blockchain

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You Don’t Know Me

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Bloomberg is reporting that Apple is having production problems for the new iPhone X due to the sophisticated requirements of its new facial recognition technology, and is said to have told suppliers they could reduce the accuracy of the face recognition technology to make it easier to manufacture.

The iPhone X is set to debut on November 3.

Also on the Apple Beat…Apple has acquired ten-year-old Auckland-based wireless charging company, PowerbyProxi, for an undisclosed sum, and according to Stuff Technology, plans on keeping the company powered up in New Zealand.

Meanwhile, if you’re not confused yet about the continuing evolution of bitcoin, there’s a new fork of forks. Blockchain firm Bloq (see what they did there with the name?) indicated it has created a rival to bitcoin called “Metronome” that will go on sale in December, according to Fortune.

Today, bitcoin faces existential threats from forks, developer drama and so on. Knowing what we know and having a clean sheet of paper, we asked what what would we build and the answer is this. Jeff Garzik, CEO of Bloq and a longtime bitcoin developer.

Written by turbotodd

October 25, 2017 at 10:47 am

Blockchain Mo’

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The cryptocurrency momentum continues in spite of a fluctuating Bitcoin, suppression in China, and JPMorgan CEO Jamie Dimon’s recently professed skepticism about the fate of cryptocurrencies.

Dimon warned that “governments will eventually crack down on cryptocurrencies and will attempt to control it by threatening anyone who buys or sells bitcoin with imprisonment.”

Of course, we have to separate the emerging digital currencies themselves from the underlying blockchain technology that makes currencies like bitcoin work.

Just today, Fortune’s “The Ledger” blog reported that Oracle has introduced blockchain cloud services to help its clients link their existing inventory and supply chain software to a secure, distributed transaction system.

And Juniper Research recently released a report that indicated IBM is leading the way on blockchain tech, with more than 40 percent of tech execs and leaders in the blockchain sector ranking IBM at the top.

Go here to learn more and to get started with the IBM Blockchain Platform.

Written by turbotodd

October 3, 2017 at 9:48 am

A Bit of a Bitcoin

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Happy Thursday.

CNBC is reporting that Bitcoin has gone back into freefall, down 7 percent after one of the biggest Bitcoin exchanges in China indicated it would be shutting down its operation.

BTC China said it will close by September 30th, as Chinese authorities crack down on cryptocurrencies.

Earlier this month, China regulators banned companies from raising money through initial coin offerings, or “ICOs,” and since that time, Bitcoin has fallen some 20 percent.

In other news concerning China, Bloomberg is reporting that President Donal Trump has blocked a Chinese-backed investor from buying Lattice Semiconductor Corp., only the fourth time in a quarter century that a U.S. president has ordered a foreign takeover of an American firm stopped on national security concerns.

Secretary of Treasury Steven Mnuchin had this to say:

“Consistent with the administration’s commitment to take all actions necessary to ensure the protection of U.S. national security, the president issued an order prohibiting the acquisition.”
– via Bloomberg.com

Lattice shares were down as much as 1.7 percent on the blocked sale.

According to Bloomberg’s report, Lattice makes programmable logic chips which have a vaiety of uses, including in communications, computing and industrial and military applications.

Written by turbotodd

September 14, 2017 at 9:01 am

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