Turbotodd

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

Archive for the ‘cryptocurrency’ Category

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

You Can e-Pay Me Tuesday…

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Happy Monday.

Some e-pay and cryptocurrency news on today’s agenda.

First, TechCrunch is reporting that it is consolidating its different payment platforms under the Google Pay brand.

This inclues Android Pay (Google’s mobile payments and loyalty platform) and Google Wallet (it’s peer-to-peer payments app), and suggest that “this should make buying and paying through Google less confusing.”

“With Google Pay, it’ll be easier for you to use the payment information saved to your Google Account, so you can speed through checkout with peace of mind,” Bhat wrote. “Over the coming weeks, you’ll see Google Pay online, in store, and across Google products, as well as when you’re paying friends.”
– via TechCrunch

Meanwhile, they’re also reporting that encrypted messaging startup Telegram has plans to launch its own blockchain platform and native cryptocurrency (how many does that make across the industry, again??)

The launch will be funded with an enormous Initial Coin Offering, with forthcoming private pre-sales ranging into the hundreds of millions, potentially making it one of the largest ICOs to date. Demand is driven by the fact that rather than the ICO coming from a fresh startup, Telegram is a well-established messaging platform used around the world. Adopting a homegrown cryptocurrency could give Telegram’s payment system enormous independence from any government or bank — something Co-founder and CEO Pavel Durov is known to covet after investors took over his last company, Russian social network VK. Durov has not responded to TechCrunch’s several attempts to contact him regarding this story.
– via TechCrunch

TechCrunch further explains:

With cryptocurrency powered payments inside Telegram, users could bypass remittance fees when sending funds across international borders, move sums of money privately thanks to the app’s encryption, deliver micropayments that would incur too high of credit card fees, and more.
– via TechCrunch

But be forewarned, Investopedia is reporting that the market capitalization for cryptocurrencies crashed by more than $100 billion in 24 hours as authorities in South Korea, one of the largest markets for trading, announced that they were inspecting six of the country’s largest financial institutions for compliance with anti-money laundering laws.

One would expect a continued see-sawing of the pricing and adoption of cryptocurrencies as governments and regulators around the globe look to reconcile the opportunity crypocurrencies (and related technologies) present with the need to bring some order to this digital wild west.

Written by turbotodd

January 8, 2018 at 11:34 am

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