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Wednesday, March 14, 2018

Major internet companies to limit ads for cryptocurrencies

Major internet companies are starting to limit ads for cryptocurrencies and related products, perhaps due to increased pressure from regulatory agencies. Facebook has already banned cryptocurrencies and ICOs from using their advertising services, and Google is emulating their approach. According to an update of Google’s advertising policy, they will no longer serve ads for “Cryptocurrencies and related content (including but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice)” starting in June this year. Scott Spencer, Google’s director of sustainable ads, explained the decision to CNBC: "We don't have a crystal ball to know where the future is going to go with cryptocurrencies, but we've seen enough consumer harm or potential for consumer harm that it's an area that we want to approach with extreme caution.” The blanket ban seems excessive, as legitimate businessess will be hurt by Google’s decision as well. On the other hand, the legal status of cryptocurrencies and ICOs is still uncertain throughout the majority of the world, and it’s understandable why a company of Google’s size is choosing to play it safe. Will internet giants like Google and Facebook allow cryptocurrency advertisements again once the emerging industry is sufficiently integrated into legal frameworks across the world?

Wednesday, February 28, 2018

The Guy who Bought Two Pizzas for 10,000 BTC in 2010 does it again

Laszlo Hanyecz was the first to buy pizza with Bitcoin in 2010, currently worth over $100 million. You can find the original Bitcointalk post here. Now, he upped his game being the first to use the Lightning Network for a pizza order. Hanyecz wanted to try out the new Lightning Network in real life with a pizza order. He orchestrated the transaction to be issued by his friend from London and then he arranged a local pizza shop to take the order. Has it worked? “I wanted two pizzas and to try to do it as close to automatically as possible. I didn’t want to prepay and end up with no pizza. As far as I know, we don’t have pizza/ bitcoin atomic swap software but we improvised and decided that I would need to provide the payment hash pre-image to the delivery driver in order to claim my pizza. If I can’t provide the pre-image, providing that I paid, then the pizza would not be handed over and it would be destroyed.” The Bitcoin Lightning Network surely was up to the task. Could this be a start for something more in the future? Is the Lightning Network a disconnection from Bitcoin’s philosophy? There are two sides to every story and as some saw the new implementation as a point of concern, other greeted it with optimism, as it could resolve Bitcoin’s scaling problems with fees and transaction times. Even if Bitcoin wasn’t in essence created for pizza delivery payment, Laszlo’s “experiment” resulted in a tasty meal and good PR for Bitcoin and the Lightning Network.

Tuesday, February 27, 2018

Bank of Finland Researchers Praise Bitcoin’s Economic System as Revolutionary

Researchers from the Finnish Central Bank have asserted that the economic system of the digital currency Bitcoin is revolutionary. In their September 5, 2017 report, Central Bank Research Hub economists Gur Huberman, Jacob Leshno, and Ciamac Moallemi stated that the virtual currency’s infrastructure provides a degree of protection against manipulation by bad actors through its protocol-layer dynamics. Part of their report reads: "Bitcoin is a monopoly run by a protocol, not by a managing organization. Familiar monopolies are run by managing organizations with discretion to determine and then change prices, offerings and rules. Monopolies are often regulated to prevent or at least mitigate their abuse of power." Other highlights of the report The report also pointed out that because Bitcoin is run by a protocol, it does not need to be regulated. This is because the network always enforces Bitcoin’s code, and because users themselves determine fees (depending on how quickly they want their transactions confirmed).. The authors also recommended that a deeper study on Bitcoin and its infrastructure should be conducted by other experts. "[Bitcoin's] apparent functionality and usefulness should further encourage economists to study this marvelous structure.” Bank of Finland’s works on Blockchain technology and Bitcoin It should be noted that the opinion of the researchers isn’t necessarily the official opinion of the Bank of Finland. Nonetheless, the document is still very important because of the central bank’s involvement with Blockchain and Bitcoin. In 2016, the bank organized a seminar about Blockchain in its bid to support local research projects on the technology. The seminar attracted such participants as local academics, regulators, and companies. Even though the report is technically only the opinion of a few individual researchers, it should be noted that as part of the Bank of Finland’s official research arm, their opinion likely carries significant weight.

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Monday, February 26, 2018

coming ICO AdBlurb (Pre-Sale)

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Sunday, February 25, 2018

Crypto Market Valuation Predicted to reach Trillion-Dollar this Year

R&D vice president and ETF veteran, Matt Hougan, takes his
new position at the San Francisco-based Bitwise Asset Management
after leaving behind the traditional fund market and jumping aboard cryptocurrencies.
“Cryptocurrencies are a generationally significant opportunity with interesting challenges.”
In a recent interview with Bloomberg, Hougan expressed his optimism:
“The pathway to $1 trillion eventually is fairly certain. How we get there is going to be volatility and uncomfortable. I think we’ll get there pretty soon, though. I wouldn’t be surprised if we ended the year with a cumulated market cap of over $1 trillion. But I wouldn’t be surprised if there were a significant drawdown again before we got there”.

Saturday, February 24, 2018

Vitalik Buterin Suggest Improvements to ICO Model



Vitalik’s improvements

Vitalik Buterin suggested a new ICO concept should utilize two new mechanisms, these are the “Tap” and the “Refund” feature. The goal of both mechanisms is to provide investors more control over how their funds are used.
The “Tap” feature will allow token holders to set a monthly budget for the team or company’s expenses. The chosen amount will be embedded into the smart contract, which would store all of the raised ether tokens. Each month investors would vote on the next month’s budget taking into consideration the performance records of the previous month. If the team uses the allocated funds prematurely it is up to investors to decide whether to allow the use of additional funds or to suspend the funding. This is when the second feature: “Refund” comes into play. If the team fails to fulfil investors’ expectations, e.g. the work is progressing too slowly or they are consuming too many funds and producing only minimal progress, token holders could choose to terminate the process. If the majority of the holders would be in favor of a “Refund”, the remaining funds would be distributed among them proportionally to the initial investment. The “Refund” option is, therefore, the equivalent of the self-destruct button.