Daily Archives: May 6, 2018

Oscar Mayer’s Bacoin to bring home the bacon?

American meat producer Oscar Mayer has released what it describes as a cryptocurrency called Bacoin, which can be exchanged for real Oscar Mayer bacon.

It is a currency that is backed by the savory, sizzling breakfast meat popular in American homes. The official website for Bacoin has an exchange rate that updates every hour, and approximately fluctuates between 10 slices and 1 slice of bacon per Bacoin.

People who hold Bacoin are encouraged to play the market, which essentially comes down to checking the website every hour and redeeming the Bacoin for bacon when the exchange rate is at its highest. The exchange rate is automated and there is no actual market behind it – it is not possible to buy Bacoin on an exchange.

While Bacoin is marketed as a cryptocurrency like Bitcoin in the video announcing its release, however, there is little else that suggests Bacoin is a typical cryptocurrency. There is no technical white paper and there are no specifications, which are details that are fundamentally required for any serious cryptocurrency.

In reality, Bacoin is just a digital ledger currency with no blockchain. On the website, it says you can “mine” a random amount of Bacoin by registering, although an attempt to register resulted in nothing. The actual mining process in cryptocurrency typically rewards miners with coins for helping to maintain and secure the blockchain.

Essentially, Bacoin is a sweepstake that randomly rewards users free bacon for registering on their website. When the sweepstake ends on 14 May, so will the Bacoin currency will come to an end as well. Any Bacoin that has been distributed free to registrants will ultimately be exchanged for bacon and taken out of circulation.

Since it is not an actual crypto and has a limited time use as a centralized reward system only valid for this particular sweepstake, it is not possible to hold onto Bacoin long term.

Nevertheless, Bacoin might serve as inspiration for a real bacon-themed cryptocurrency in the future. Years before Oscar Mayer conceived Bacoin, IT worker Kirk Steele developed a real cryptocurrency named Bacoin in 2014, but didn’t get very far with the project. Steele sent a cease and desist letter to Oscar Mayer a week ago, but has now reached a compromise where he will receive some free bacon and the Oscar Mayer Weinermobile for his child.

Ultimately, Kirk Steele could be the biggest winner of the short-lived Bacoin era, as he’ll be the one really bringing home the bacon.

 

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PR: UTRUST Announces Partnership with Germany’s Largest E-commerce Solution, Gambio, to Enable Cryptocurrency Payments

Bitcoin Press Release: Cryptocurrency payments platform UTRUST is pleased to announce a partnership with Gambio GmbH. With Gambio UTRUST will serve over 25,000 merchants with crypto payments in Europe’s largest economy; a significant step forward not just for UTRUST and Gambio, but also for the wider global blockchain industry.

April 30th, 2018, Zug, Switzerland – UTRUST Switzerland AG and Gambio GmbH have initiated a strategic partnership to bring cryptocurrency payments to the mainstream. Gambio is Germany’s biggest E-Commerce Solution with over 25,000 merchants, and billions in annual revenue. Through this partnership, UTRUST will be entering Europe’s largest economy, representing over one-third of total European online sales.

Commencing in September, the partnership will enable over 25,000 merchants to effortlessly and securely accept cryptocurrencies as a means of payment. This announcement is also important for the wider blockchain industry; increasing the total number of merchants to accept cryptocurrencies worldwide — approximately 100,000 right now — significantly.

UTRUST CEO Nuno Correia commented on what he believes this partnership will mean for mass-scale blockchain payments;

“This partnership is another huge step forward, bringing cryptocurrency payments to real consumers. Today, together with Gambio, UTRUST is once again making history. Blockchain startups should focus on partnerships with real businesses, real customers, and real use-cases. That is what is needed now, more than ever, for mainstream adoption”

About UTRUST Switzerland AG

UTRUST is the world’s first cryptocurrency payments platform to implement consumer protections on a mass scale. The company is building a global PayPal–like payments platform with extensive cryptocurrency support.

UTRUST’s end goal is to provide all the benefits of fast, secure, convenient, and inexpensive cryptocurrency transactions, in tandem with the world’s first cryptocurrency payment protections, which consumers need to fully embrace blockchain technology en masse.
With 2.5 billion unbanked people in Emerging Markets yet to benefit from financial inclusion, UTRUST is also planning to build the bridge to enable the unbanked worldwide to access the mainstream global financial system.
UTRUST raised over 20 Million USD in a successful token sale late 2017, and has since been fully devoted to building out its cryptocurrency payments platform.

About Gambio GmbH

With over 25,000 active merchants, Gambio GmbH, headquartered in Bremen, has been one of the leading suppliers of ecommerce software in the German-speaking world since 2004. The Gambio shop solution is targeted towards e-commerce startups as well as established merchants with complex requirements.

By way of a number of integrated interfaces, all major payment systems, shipping service providers and merchandise management systems or ERP systems can be connected to the shop system Thanks to the multichannel approach, all major marketplaces can also be directly operated using the shop software.

Gambio currently serves over 25,000 merchants in Europe’s largest economy, reporting billions in annual revenue.

Learn more about UTRUST at: https://utrust.com/
Trade UTRUST’s UTK token with BTC at: https://www.kucoin.com/#/trade.pro/UTK-BTC
Join UTRUST on Telegram at: https://t.me/utrustofficial
Follow UTRUST on Twitter: https://twitter.com/UTRUST_Official
Read the UTRUST Whitepaper: https://s3-eu-west-1.amazonaws.com/utrust/UTRUST-whitepaper-v1.0.1.pdf
Join UTRUST on Facebook: https://www.facebook.com/utrust.io/
Read UTRUST’s posts on Medium: https://medium.com/@UTRUST

Media Contact

Contact Name: Nuno Correia, UTRUST CEO
Contact Email: nuno@utrust.io
Contact Phone: +41 22 518 70 77
Location: Zug, Switzerland

UTRUST is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.

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PR: BINEX.TRADE Announces Their New Exchange User Interface

Bitcoin Press Release: BINEX.TRADE is a tokenized cryptocurrency exchange that shares its trade commission with BEX token holders. The exchange offers BEX token (ERC-20) that entitles the token holder a share in the trading commission to its investor, making BEX a real utility token.

1st May 2018, Singapore: BINEX.TRADE are excited to announce the launch of their Exchange platforms User Interface. The effort has been to incorporate trading & knowledge transfer to advanced traders and the new users of BINEX.TRADE.

The platforms trending news section will capture the users attention, enabling the user to have interactive communication with BINEX.TRADE through many social media platforms, this feature captures the market perception about all major cryptocurrencies. This information allows noive, to veteran traders to make informed decisions and capitalize upon market opportunities on a real-time basis

The BINEX.TRADE User Interface

The BINEX.TRADE User Interface is a single window that will have all the important information such as summary, market news and value, currency trending value, buy-sell history, order types, balance and trades. The primary currency pairing will reside between BTC, ETH, USD and BEX.

The BEX utility token bonus for the ongoing pre-registration of the crowdsale will enhance the chances of easy access to new traders in the business.

The User Interface will address both novice as well as the veteran traders. There are two versions of the UI, Basic and Advanced. The UI will interact with the trader, depending on the how the trader uses the platform. The aim for the multi-functional UI is to enable new users the ease of trading while catering for the more advanced users on the exchange.

The BINEX.TRADE Token Event

The BINEX.TRADE TGE began 9th March, and is currently in its pre-registration phase, participants are able to purchase the native BEX token in exchange for ETH. BINEX.TRADE aims to make trading transparent while offering 70% trading commissions back with traders on a daily payout. Participants are able to obtain 5 BEX tokens upon pre-registration.

About BINEX.TRADE

BINEX.TRADE provides space for immediate buying and selling of cryptocurrency once spotted to be favourable for the user to either sell or buy. This is one of the simple order types and has no control over the price received. In other conditions of less immediacy, the user can use limit order type. This will allow the trade user to have control over the price at which the trade takes place, thereby giving the user an edge to sell or buy the cryptocurrency at no less than a specific price.

Visit our website: https://binex.trade
Read the Whitepaper: https://binex.trade/whitepaper
Chat on Telegram: https://t.me/BinexTrade
Facebook: https://www.facebook.com/BinexTrade
Follow us on Twitter: https://twitter.com/BinexTrade
Medium: https://medium.com/@BinexTrade
Subscribe on YouTube: https://www.youtube.com/channel/UCrjrLVhzAwXULUviPwHJkBg

Media Contact
Name: Vishal Gupta
Email: vishal@binex.trade
Location: Singapore

BINEX.TRADE is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all. Token sales are only suitable for individuals with a high risk tolerance. Only participate in a token event with what you can afford to lose.

This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest. The BINEX.TRADE token sale is closed to US participants and participants of all countries in which ICOs are illegal.

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Bitcoin Price Set to Overtake All Time High Says Senior Analyst

A senior analyst at leading social trading network eToro has announced that he sees Bitcoin overtaking its all-time high of $20,000 with “absolute certainty”

Mati Greenspan, who is also a well-known bitcoin expert, told the UK’s Sunday Express that bitcoin’s January retracement was “a temporary swerve” and feels certain the trend will now be upward for the digital currency. Although he describes himself as, “not a fortune teller or anything like that,” Greenspan  suggested that “Whenever the price moves and jumps into a new order of magnitude, we need to see some sort of retracement on that.”

According to CNN, this is not the first time that analysts have compared the recent slump to the drop in 2014 when bitcoin dropped by 80% in value and then failed to recover for over a year. The market is now considerably different from its position over three years ago with a daily global trading volume of $30 million.

Greenspan is not alone in his views regarding the figure, providing that bitcoin can continue its trading volume, but some investors and analysts see the 20k target happening sooner. Billionaire investor Mike Novogratz, and Pantera Capital CEO Dan Morehead, along with other investors, see bitcoin surpassing its all-time high by the end of 2018.

The market may have benefited recently from the frequent announcements made by well-known investors about to embrace cryptocurrency trading. Also, banks beginning to express a more favorable interest in the market, such as Goldman Sachs announcement to offer bitcoin futures trading on behalf of its customers, does have an impact as well.

Goldman Sachs has said that it has no plans to initially buy and sell Bitcoin itself, but a team is looking into the possibility, provided it can gain regulatory approval and then work out a plan for eliminating risk.

In the last few days, Bitcoin Foundation founder Charlie Shrem has tweeted that May 2018 will be the “last time” bitcoin costs less than $10,000.

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Image source: Pixabay (Geralt, CC0 License)   

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IBM Launches TrustChain Project to Track Precious Metals

IT giant IBM has teamed up with jewelry consortium Richline Group to launch TrustChain to enable jewelry enthusiasts to track their precious metals from the source until delivery.

In just another demonstration of blockchain technology’s potential, TrustChain is expected to address the issues of customer trust in the precious metals trade.

Improving efficiency and trust

Expected to begin serving customers by the end of 2018, Reuters recently reported on its feasibility when they used it to track a diamond ring from manufacturer to the customer.

Mark Hanna, chief marketing officer of Richline Group, said, “This partnership has brought to halt the trust issues that had besieged the supply chain of for diamond and gold.”

The project has already received enthusiastic interest from jewelry supply chain players like Berkshire Hathway’s Richline Group Inc, retailer Helzberg Diamonds and Asahi refiners, keen to bring more transparency to the industry via blockchain.

Jason Kelley, general manager for blockchain services at IBM believed that it was the first attempt at using blockchain’s end-to-end capability to keep an eye on merchandise: “Now couples may know where their merchandise was manufactured and refined before being shipped to them.”

Blockchain’s intrinsic features as a distributed public ledger has opened possibilities for a range of industries, with the ability to store transactions as they happen, with the added security of tamper-resistant records – the so-called immutability of blockchain. It is seen as an improvement over conventional centralized databases vulnerable to hacking attempts.

IBM’s hyperledger Fabric blockchain will be used to permit the tracking of rings from source to store, allowing customers to verify that their jewels are sourced ethically and to track delivery all the way to stores.

 

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Bitcoin Mining Takes Off Above the Stratosphere

Sweden based company Miner One has launched a bitcoin mining rig into the stratosphere where it successfully mined the digital currency from over 100,000 feet (35,000 meters) above the earth, states the company in its blog post.

The rig called Space Miner One was launched using a hydrogen balloon with a capsule assembly attached containing an application-specific integrated circuit (ASIC) and a Rasberry Pi3 microcomputer capable of processing the data at that height.

The Space Miner One capsule also contained instruments for navigation and tracking, along with the material necessary to protect the rig from extreme temperatures. It landed two and a half hours after take-off having mined at a hashrate of 330 megahashes per second.

The project is the brainchild of Swedish CEO Pranas Slušnys, who feels that mining in space will have far-reaching consequences for the cryptocurrency industry as a whole:

“The goal of Space Miner One is to symbolically express our belief that bitcoin and cryptocurrency, in general, is about the future and the revolutionary technology at its heart: so-called blockchain technology. And with this new technology, the sky’s the limit.”

Miner One is presently planning to build a mining farm in northern Sweden region, chosen for its favorable low temperatures. The company,  in a statement, mentioned that even NASA is researching the possibility of using blockchain in space for communications and navigation.

There are detractors though. BTCManager reported last year that a blog post by cryptography consultant Peter Todd suggested that bitcoin mining had a future in space, but primarily in using solar power. Todd argued that NASA’s probes near the sun indicate that it would be a good area to locate solar-powered miners, but felt it might be unprofitable due to its latency and the fact that most of the hash power is on earth.

The European Space Agency agreed that it would financially impracticable, reporting that, “due to the harsh space environment, the lifetime of current solar panels in space is significantly shorter compared to the Earth surface.”

However, Todd agrees that the implications of blockchain technology are far-reaching. Juan Benet, the inventor of Interplanetary File System (IPFS), plans to merge this technology with the blockchain, envisioning a future where:

“IPFS connects all these different blockchains in a way that’s similar to how the web connects all these websites together. The same way that you can drop a link on one page that links to another page, you can drop a link in ethereum [for example] that links to zcash and IPFS can resolve all of that.”

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Image source:  Pixabay ( Communication-76, CC0 License)

 

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Bitcoin for World Peace: Can the Digital Currency End War for Good?

Saifedean Ammous’s recently released ‘The Bitcoin Standard’ raises fascinating insights into peer-to-peer digital cash as a new standard of currency; the book highlights the far-reaching implications for global societies and most notably, Bitcoin’s latent potential to end perpetual war.

War is an incredibly expensive, resource-intensive exercise of violence that is more often than not entirely against the will of the people; in his book, Ammous postulates that ‘easy money’ is one of the tools that keeps the war machine active.

Easy Money

According to Investopedia:

“Easy money, in academic terms, denotes a condition in the money supply. Easy money occurs when the US Federal Reserve allows cash flow to build up within the banking system as this lowers interest rates and makes it easier for banks and lenders to loan money. Therefore, borrowers can acquire money more easily from lenders.”

Easy money is contrary to ‘hard money’ – fiat currency was previously backed by the ‘guarantee’ of it being redeemable in gold or precious metals. That being said, the gold standard doesn’t exactly imply that citizens can receive gold in return for their fiat, but instead, that the value of government-issued money is tied to the exchange rate of a certain quantity of gold.

With this, paper money flourished as a substitute for gold in transactions, bringing with it several advantages, one of the most prominent being that government spending had a calculable cost. This provided a distinct level of transparency for citizens as they could better understand the value of their money, knowing it was backed by something ‘hard’, making it more difficult for governments to manipulate the economy.

Perpetually printing war money

However, now that nothing is backing the value of money, it can just be printed at any point should it be justifiable, which it often is in the US, especially under war conditions. Trillions of dollars are spent on war by the US, and that could matter little when, thanks to loopholes in present laws, the US Treasury could choose to print a platinum coin and assign whatever value it wishes to it, removing the need to increase taxation or other measures to cover the cost.

Today, it is incredibly difficult for populations without something ‘hard’ backing their fiat to determine the actual cost of their government’s spending. Additionally, the people are given little to no incentive to save money for the long haul, considering that the future supply of the money is steadily and easily increased to an unknown limit.

Bitcoin bites back hard against war

Ammous brings Bitcoin into the picture, introducing it as the “hardest money ever invented”; Bitcoin commentator Roger Ver aptly summarized the situation in a statement made out to Antiwar.com:

“Bitcoin is so important to those who value peace because it undermines the ability of the state to fund wars via inflation. Before the era of central banking, wars were over quickly because the governments funding them would run out of money quickly. If the world is using Bitcoin, then governments will no longer have the ability to print money at will to fund their wars of aggression.”

The Bitcoin Standard

The Bitcoin standard as a neutral international economic model has great promise; Ammous makes the argument that international stability is “as hopeless as attempting to build a house with an elastic measuring tape whose own length varied every time it was used”.

Because of the absolute finite supply of Bitcoin, it can become an international unit of monetary measurement, whereas the foreign exchange market is typically speculative. Were this to become the case, countries could better manage their national currencies, in line with the Bitcoin exchange rate.

Economist Warren E. Weber made similar arguments stating in his 2015 paper:

“Thus, I assume that in addition to Bitcoin, the addresses in the decentralized ledger, there would be Bank of Canada dollars, Federal Reserve dollars, ECB euros, Bank of England pounds, and so forth. These central bank currencies would be separate currencies that circulate alongside Bitcoin. They would be tied to Bitcoin because they would be redeemable in Bitcoin on demand.”

Bitcoin appears to possess the capacity for at least making it more difficult, if not impossible, to conduct endless wars, thanks to its almost gold standard-like qualities. Indeed, a true solution to ending conflict requires populations choosing peace over war, and may also need the input of the public against their respective governments to wind down the military-industrial complex.

But, should Bitcoin find itself at the centre of international economic models, there is a very real chance to significantly reduce the chances for endlessly-funded wars.

 

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