Discovering Bitcoin Part 1: About Time

As anticipated in the introduction to this series, we will start exploring the period of monetary (pseudo)history prior to fiat money, which we call “Plan A,” focusing on the topic of time and on the question “When?” There won’t be much cryptography or computer science in what follows: It will all sound very simple, even … primitive! Indeed, I would ask you, dear reader, to try to forget your advanced education and your civilized manners, and pretend, just for a few minutes, to be a fish-eating caveman. This is the…

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Discovering Bitcoin: A Brief Overview From Cavemen to the Lightning Network

Welcome to the introduction to a series of seven articles, entitled “Discovering Bitcoin: A Brief Overview From Cavemen to the Lightning Network.” “Did You Just Say Seven?” I know what you are thinking, dear reader: Seven articles outlining the history of Bitcoin is too much for your busy schedule and too little to do justice to such an ambitious subtitle. As for your schedule, just relax: Today is Monday and, before next Sunday, you have exactly seven days, one for each article. Bitcoin Magazine suggested that I keep each article…

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Chinese Regulators Demand Cleanup of Bitcoin Mining in Inner Mongolia

This article was originally published by 8btc and written by Lylian Teng. China’s Inner Mongolia Autonomous Region has recently issued a notice demanding a cleanup of bitcoin mining operations within the region where it is concentrated. As local cryptocurrency news outlet ChainNews reported on September 14, 2019, five departments of Inner Mongolia’s government have issued a notice to rectify the bitcoin mining industry within the province. “The ‘mining’ industry of virtual currency belongs to the pseudo-financial innovation unrelated to the real economy, and should not be supported,” according to ChainNews’…

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State Document Reveals Details of Iran’s Cryptocurrency Mining Regulations

Iran’s Ministry of Industry, Mine and Trade is close to finalizing a document that paves the way for legitimizing cryptocurrency mining for local and foreign citizens in the foreseeable future. In early August 2019, Iranian President Hassan Rouhani’s cabinet issued a directive that recognized cryptocurrency mining as an industry for the first time and defined general tenets. Among other things, the directive obligated the ministry to come up with a framework based on which cryptocurrency miners could start working transparently. Previously, those miners had been operating without any state supervision.…

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Bitcoin Hashrate, SegWit Transactions Continue to Reach All-Time Highs

Bitcoin miners are reeling out a higher hashrate than ever as new hardware comes online, and SegWit is keeping pace — cresting 50 percent of network activity over the weekend. The network’s hashrate has continued its steady upward climb, and according to various data sources, is hovering just below 100 exahashes per second (that means that, every second, about 100 quintillion guesses are made to find the next block in the chain). As hashrate rises, difficulty is following closely behind at 11.89 T, and BTC.com expects it to jump to…

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Sparkswap Desktop Lets Users Deposit Bitcoin Directly Into Their Lightning Wallets

Lightning service provider Sparkswap now features a desktop application with a first-of-its-kind killer feature: USD-to-bitcoin purchases that deposit sats directly into a user’s Lightning wallet. Dubbed “Sparkswap Desktop,” the new product “allows consumers for the first time ever to buy bitcoin directly into their Lightning wallets using USD,” according to a press release shared with Bitcoin Magazine. To use the feature, users wire a fee-free ACH transfer to a U.S.-domicile escrow account held by Sparkswap’s payment partner; from here, Sparkswap transfers the bitcoin into the user’s wallet using atomic swaps.…

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Range-Bound Market Tests Macro Milestones

Summary: Amid an otherwise uneventful market structure, bitcoin seems to be making a consolidation pattern known as a “head and shoulders bottom.” The pattern is still forming and is not yet actionable, but if it manages to break to the upside, it could push the market to retest its $12,500 high.   The bulls really want to see a weekly close above the $10,300 level outlined in this video because that represents a strong weekly/monthly level. A close below this level would be a sign of potential bullish weakness and an…

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Latest Pitch to Recover Lost Mt. Gox Bitcoin Has Critics Raising Red Flags

A group of Russian lawyers claims that it has found a path to financial remuneration for victims who lost bitcoin in the historic 2014 Mt. Gox hack. But one blockchain lawyer, as well as other creditors, are cautioning that the deal being offered is more sour than sweet. The news comes after a dizzying saga for victims of the hack, whose only hope of resolution seemed to be through a civil rehabilitation case via the Japanese court system. But now Russian law firm Zheleznikov and Partners alleges that there’s another…

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France Takes Out Tax Requirements on Crypto-to-Crypto Trades

Bruno Le Maire, the French minister for the economy, has revealed that the government will not be imposing taxes on crypto-to-crypto trades. The policymaker made his statement in an interview with Bloomberg on September 12, 2019, stating that they will only be taxing cryptocurrency gains when they are converted into fiat. As for the country’s reasons for doing this, Le Maire stated that they believe gains left in crypto shouldn’t necessarily be subjected to any taxation requirements. He said, “We believe that the moment the gains are converted into traditional…

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Video Interview: Ricardo Pérez-Marco on Lightning Network Routing and Bitcoin

Ricardo Pérez-Marco is a Spanish university professor who teaches mathematics at the Paris Diderot University in France. Since discovering Bitcoin sometime in 2011 and realizing that the cryptography and math were unassailable, he has dedicated a significant amount of time to researching Satoshi Nakamoto’s creation. At one point in 2013, he attempted to create a Bitcoin-centric class in his department at the university but did not manage to convince the academic consortium about the legitimacy of the topic. Pérez-Marco’s most significant contribution to Bitcoin is unquestionably his work on the…

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