The Xi Effect – Chinese Government to Fund Blockchain Projects

Ursprünglich erschienen auf: https://thebitcoinnews.com/the-xi-effect-chinese-government-to-fund-blockchain-projects/

Chinese President Xi Jinping’s announcement that the country would invest heavily in blockchain technology – coupled with a sweeping move to remove online posts suggesting such technology is a scam – has nourished optimism long-held by crypto advocates. Of course, the reality is that China’s marked shift towards pro-blockchain policies is part of a much wider trend which has seen Asian multinationals and governments embrace the considerable potential of distributed ledger technologies.

Also read: China Ranks 35 Crypto Projects as President Xi Pushes Blockchain

A Two-Year Turnaround

President Xi’s announcement centered on the creation of a state-backed digital currency (a stablecoin tied to the renminbi), an idea which has been gestating since the country’s central bank started exploring the possibility as far back as 2014. With the dawn of a new decade, a law will come into effect on January 1 with the aim of “facilitating the development of the cryptography business and ensuring the security of cyberspace and information.”

The Xi Effect – Chinese Government to Fund Blockchain Projects

It is predicted that the currency in question will launch soon after, although perhaps the possibility of blockchain technologies powering the continued transformation of China’s vast industries is of greater significance. Xi specifically mentioned that the technology could be applied to realms including finance, public services, employment, education and infrastructure management. It’s all a far cry from 2017, when the government imposed a general ban on all crypto businesses and exchanges. From deep suspicion, to a state-supervised (albeit heavily surveilled) cryptocurrency, in just two years is quite a turnaround.

Soon after the announcement was made, the local government of Guangzhou announced a $150 million fund for outstanding blockchain projects, with more initiatives expected in the near future.

Surging Interest Across Asia

Needless to say, the news – which provoked a huge spike in search traffic for terms like ‘blockchain’ and ‘bitcoin’ – hasn’t harmed the prospects of Asian crypto projects in general, with stocks of various blockchain companies in the region soaring. On the markets, some of this week’s biggest beneficiaries have been Chinese blockchains, even if there’s nothing to suggest they’re due to receive an influx of fresh business from government enterprises. In fact, six of the seven best-performing crypto assets in the top 50 this week have Chinese origins. Bitcoin cash, up 38% in the past seven days, is the only outlier.

The Xi Effect – Chinese Government to Fund Blockchain Projects

Other companies seem to be riding the wave or at least benefiting in a roundabout way from the prevailing mood music: South Korean conglomerate Samsung has just announced the integration of Tron (TRX) with the Blockchain Keystore found on the Galaxy S10. As well as facilitating the creation of decentralized applications (dapps) running on the Tron ecosystem, the Keystore will let users access and trade TRX directly from the wallet on their handset. Perhaps coincidentally, industry sources are mulling over rumours that Samsung is outsourcing a part of its smartphone manufacturing to China.

The Xi Effect – Chinese Government to Fund Blockchain Projects

Samsung has been experimenting with blockchain technologies for some time now, and with their growing dapp arsenal, their long-term strategy seems positively crypto-centric. It isn’t the only smartphone company testing the blockchain waters either; Taiwanese electronics giant HTC has also invested heavily in decentralized services and a blockchain-powered handset, the Exodus 1, and its successor, the 1s, which can run a full Bitcoin node.

Where Next for China?

The long-term effect of China’s increasingly pro-blockchain outlook remains to be seen, and until its state cryptocurrency is hatched and various policies put into action, we won’t be able to quantify the consequences for blockchain technology and digital currencies more generally. That said, interest in the region is largely unrelated to the President’s ringing endorsement; according to a report by the Financial Times, Chinese companies have filed more patents on blockchain than companies from any other region in the world. A significant percentage of bitcoin mining is concentrated in the region, and many of the largest cryptocurrency exchanges are either based or were founded in the Asian continent, from Beijing and Singapore to Hong Kong and Tokyo. Regardless of its real ramifications, Asian crypto companies were never going to let President Xi’s decree go to waste.

Do you think China’s pro-blockchain legislation will benefit Bitcoin? Let us know in the comments section below.


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NHL player Evgeny Malkin allegedly lost $4 million in ICO scam

Ursprünglich erschienen auf: http://www.coinfox.info/news/11494-nhl-player-evgeny-malkin-allegedly-lost-4-million-in-ico-scam

The Pittsburgh Penguins forward and Russian national hockey team player Evgeny Malkin turns out to be involved in the investigation in the United States against a blockchain startup. Malkin not only invested $4 million in the project, but also became the public face and co-founder of the company.

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Twitter Chief Jack Dorsey Backs Crypto ICO Platform CoinList

Ursprünglich erschienen auf: https://thebitcoinnews.com/twitter-chief-jack-dorsey-backs-crypto-ico-platform-coinlist/

Twitter CEO Jack Dorsey has stepped up his involvement in cryptocurrency by supporting crypto initial offering (ICO) exchange platform, CoinList.

According to information published on the Wall Street Journal (WSJ), Dorsey participated in the latest CoinList Funding round, which generated $10 million. The Bitcoin bull maintained that the top-ranked crypto would eventually become the universal currency in the market.

Launched in 2017 as an offshoot of AngelList, CoinList is an ICO exchange platform, which initially received support from investment firms such as Polychain Capital.

Speaking about his decision to support CoinList financially, Dorsey said:

“Crypto needs a trustworthy platform for launching new projects. CoinList leads the industry in that role, and trading is a logical next step.”

Since its launch, CoinList has offered support to token sales worth over $800 million and the company is an “SEC-compliant” ICO exchange.

Vetting Blockchain Startups

CoinList scrutinizes crypto and blockchain companies to conduct a token sale and link them to accredited investors. According to information published on its website, the platform supports both private and public cryptocurrency offerings.

Filecoin and Blockstack are some of the beneficiaries of its services. Blockstack recently concluded its token sale, which became the first-ever SEC-approved token offering conducted under Regulation A.

The SEC has been very firm on token sales since the 2017 ICO boom, labeling most of the offerings as securities. Besides, the regulator has levied fines on some offerings, with some commentators calling for a fine distinction of securities regulations for crypto-based ventures in the U.S. With such stringent regulations in place, the trading of ICO tokens has nosedived and some exchange platforms forced to leave the U.S. market and operate elsewhere. Some platforms have also decided to geo-fence their tokens from U.S. traders.

Dorsey’s Increasing Involvement in Crypto

The Twitter CEO continues to emphasize his support for Bitcoin and involvement in the entire crypto space. Regardless of his passion for the industry, Dorsey says he does not intend to create a digital currency such as Facebook-allied Libra. The Bitcoin bull has consistently stated that he believes in the future of Bitcoin as the mainstay of decentralized currencies.

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source: https://coindoo.com/twitter-chief-jack-dorsey-backs-crypto-ico-platform-coinlist/

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Ripple Invests in Cybersecurity Startup Funding Round

Ursprünglich erschienen auf: https://cryptocurrencynews.com/ripple-invests-cybersecurity-startup-keyless/?utm_campaign=rss__ccn&utm_source=rss&utm_medium=rss

Ripple

Ripple has invested in a $2.2 million USD seed funding round by London-based cybersecurity startup Keyless via its investing division, Xpring. Keyless claims to be the first company in the world to combine biometrics with secure multi-party computation.

Xpring was launched in 2018 with the intention of enabling the Internet of Value, an online ecosystem allowing for the seamless movement of money. Since then, it has evolved into more of a startup investment arm of Ripple, funding unique and high-potential projects in the world of crypto in order to enable widespread adoption of digital assets. It …

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Mining Giant Bitmain Confidentially Files for U.S.-Based IPO

Ursprünglich erschienen auf: https://thebitcoinnews.com/mining-giant-bitmain-confidentially-files-for-u-s-based-ipo/

According to reports, bitcoin mining manufacturer Bitmain Technologies confidentially filed for a U.S.-based initial public offering (IPO) with the Securities and Exchange Commission. The news follows the alleged removal of cofounder and executive director Micree Zhan and the recent announcement of a facility in Texas with the capacity to house 300MW of hashpower.

Also read: Avalon Mining Rig Maker Canaan Files for $400M IPO on Nasdaq

Bitmain Secretly Files for U.S. Initial Public Offering

The U.S. Securities and Exchange Commission (SEC) currently has two mining manufacturers to approve for IPO status in the country. According to Tencent News, the IPO is sponsored by the financial giant Deutsche Bank and it was filed at roughly the same time Canaan Creative filed for its IPO earlier this week. Canaan the makers of Avalon mining rigs and chips filed for a $400 million IPO on Nasdaq but the Bitmain valuation is currently unknown. Tencent’s (sycaijing.com) translated editorial details that Bitmain has hired China-based executive Zheng Hua who once worked with Nasdaq, so there’s a chance the company’s filing is similar to Canaan’s filing as far as listing status.

Mining Giant Bitmain Confidentially Files for U.S.-Based IPO
Mining chip and device manufacturer Bitmain has filed with the SEC for an IPO in the U.S.

The news follows Bitmain’s recent push in Rockdale, Texas where the firm is building a bitcoin mine with up to 300 megawatts (MW) of hashpower. So far the facility houses 25MW and another 25MW will come online soon according to Bitmain. Last year, the company also filed an IPO prospectus in Hong Kong in order to be listed on the Hong Kong Stock Exchange (HKSE). However, in March 2019 the Chinese mining giant let the application lapse and did not file another IPO prospectus in the country. Canaan also filed an IPO in Hong Kong and let the application slide as well. Confidential or ‘secret’ IPO filings are not uncommon in the U.S. as the SEC approved such filings in June 2017.

Mining Giant Bitmain Confidentially Files for U.S.-Based IPO
Canaan filed an IPO for $400 million in the U.S. to be listed on Nasdaq earlier this week. Allegedly Bitmain is shooting for a Nasdaq listing as well but the current valuation is unknown.

Additionally, Bitmain has released and shipped a wide variety of next-generation bitcoin core (BTC) and bitcoin cash (BCH) miners this year. Despite the FUD last year, the company has managed to produce at least 10 new machines including a special edition S9 Antminer. According to Asicminervalue.com, while filtering SHA256 miners specifically, the company’s S17 series rigs are the top two bitcoin miners today just above Innosilicon’s T3. The S17 series Antminers produce a whopping 50+ terahash per second (TH/s) and the firm’s machines coming in December will generate 70+TH/s according to specifications. Machines have been delivered even though there have been rumors of a 7nm shortage at the semiconductor foundries since the last two Samsung and iPhone launches.

Mining Giant Bitmain Confidentially Files for U.S.-Based IPO
Bitmain has produced roughly 10 new machines this year and an anniversary S9 edition as well.

Cofounder Ousted

The IPO filing news also developed after the recent headlines that said Micree Ketuan Zhan, the cofounder of Bitmain, was ousted. Leaked reports disclosed that Bitmain cofounder Jihan Wu disagreed with Zhan in regard to the artificial intelligence (AI) chip production which is allegedly floundering. Wu has reportedly taken over the head leadership position at the company and Zhan’s dismissal was “effective immediately” and includes “all roles” at the firm.

Mining Giant Bitmain Confidentially Files for U.S.-Based IPO
(Left) Bitmain cofounder Jihan Wu, (Right) Bitmain cofounder Micree Ketuan Zhan.

“Bitmain’s co-founder, chairman, legal representative, and executive director Jihan Wu has decided to dismiss all roles of Ketuan Zhan, effective immediately,” a circulating email disclosed. “Any Bitmain staff shall no longer take any direction from Zhan, or participate in any meeting organized by Zhan. Bitmain may, based on the situation, consider terminating employment contracts of those who violate this note.” Since the Bitmain management shake-up, the price of bitcoin cash (BCH) rose by double digits on October 29.

What do you think about Bitmain confidentially filing for a U.S.-based initial public offering (IPO) with the Securities and Exchange Commission? Let us know what you think about this subject in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


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source: https://news.bitcoin.com/mining-giant-bitmain-confidentially-files-for-u-s-based-ipo/

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Big Name Announcements Will Not Save Your Blockchain Project

Ursprünglich erschienen auf: https://thebitcoinnews.com/big-name-announcements-will-not-save-your-blockchain-project/

At the peak of the ICO bubble it was a common tactic for project promoters to use big name announcements to pump their tokens. Every day we would hear about a new venture that supposedly signed a partnership with a global brand such as Microsoft or Google, to make us think that these tech giants were backing the idea. In reality most of the time it was just a trivial matter such as allowing the project to use free services from the tech giant, as countless other startups do. The tactic is still used today and crypto investors need to keep in mind that it is not a guarantee for success.

Also Read: Low Interest Rates Are Crushing Young People and Fueling Global Riots

Big Name Pumping

As if crypto investors have learned nothing over the past few years, some project promoters continue to try and push their tokens with announcements about big name partnerships. These normal business agreements can be used sometimes to hint, insinuate or even predict a price rise of a related token in an irresponsible way. Companies and startups make a lot of agreements to cooperate with one another and these are not a guarantee of a deal that will bring in more money or users.

Additionally, doing so isn’t just potentially misleading to investors – it can also be very detrimental to the projects themselves. Authorities around the world such as the U.S. SEC and Chinese financial regulators are actively seeking to make examples out of ICOs and crypto ventures to tarnish the whole industry as promoting unregistered securities. Making grandiose partnership statements with the intended purpose of pumping a token is providing them with ammunition.

A notable recent example came from Tron founder Justin Sun. Last week he tweeted about a deal with a hundred billion dollar “mega corporation” that will “benefit” the native tokens of Tron, Bittorrent and Wink. Many traders indeed responded positively to the news by buying the coins, despite widespread cynicism on crypto forums about all the previous hype from the Tron founder. On Tuesday he revealed that the company’s blockchain is now integrated with the Samsung Blockchain Keystore SDK, meaning that smartphone app developers can build services running on the system like they already can with its main competitor, ETH.

High Profile Partnerships Are No Guarantee for Success

Cryptocurrency investors need to keep in mind that all ventures in this ecosystem are highly risky investments and there is no certainty that the ICO token or other digital asset you invested in will be still valuable in two or three years. The absolute majority of technological startups in all fields don’t survive, with venture capital industry estimates of over 90% failure rate.

This can be despite having a smart team, brilliant idea or great technological innovation. At the end of the day, what matters for all businesses is if you can get enough paying costumers to cover the bills and make a profit. Without this you are just burning investors’ money until further investment comes in or you have to shut down. Partnerships that don’t bring in new money or paying clients won’t change that.

Big Name Announcements Will Not Save Your Blockchain Project

In the digital assets field in particular, with the lingering effects of crypto winter, many projects that once seemed promising are these days find themselves forced to shut down. A recent example of this is Platin, a secure Proof of Location protocol which incentivizes nodes at scale by means of its own blockchain-based token. On Monday the team announced on Medium that the company will be shutting down on November 1, 2019, after which all services will no longer be available. This is despite all the recognition from big names it got over the last two years.

“Japan noticed as Platin was selected by the Tokyo Metropolitan Government as one of the world’s leading blockchain innovations. Germany noticed as its Startup Autobahn selected Platin to showcase proof of location to Mercedes Benz, Rolls Royce, Porsche and other automotive giants,” the final letter from the team recounted. “IBM noticed as it selected Platin for its AlphaZONE technology accelerator. The European Space agency noticed as they admitted Platin to the Galileo Positioning System Task Force. EOS and Block.one noticed as they invested in Platin and showcased our technology on the world stage.”

However, at the end the founders explained that “One of the biggest challenges we faced was how to continue pushing forward while our resources were dwindling and turbulent market forces weren’t providing a stable environment in which to operate. We did everything in our power to extend Platin’s operations as far as we could, month after month, continually bootstrapping in the face of great uncertainty. In addition to developing Platin’s visionary technologies, we worked hard every day to secure the next round of funding, which always seemed to be just around the corner. Unfortunately, we weren’t able to get there in time.”

What do you think about big name partnerships in the crypto industry? Share your thoughts in the comments section below.

Op-ed disclaimer: This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information in this Op-ed article.


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Satoshi’s Final Messages Leave Tantalizing Clues to His Disappearance

Ursprünglich erschienen auf: https://thebitcoinnews.com/satoshis-final-messages-leave-tantalizing-clues-to-his-disappearance/

As Jameson Lopp once quipped, the smartest thing Satoshi did after creating Bitcoin was to disappear. The question isn’t ‘why did Satoshi disappear?’ but rather ‘why then?’ Was Satoshi’s departure in early 2011 scheduled long in advance, or did unforeseen events compel Nakamoto to pack his bags and flee the community he had founded, never to return? Several credible theories abound.

Also read: Why a VPN Is the First Layer You Should Pull On When Browsing the Web

Theory 1: It Was Planned All Along

Satoshi Nakamoto was a methodical and meticulous man. That much we can ascertain from his writings. He doesn’t seem the sort to wake up one morning and YOLO his way out of the community he created. Knowing there would be no coming back once he’d made the decision to leave, Satoshi may have had his departure scheduled months or even years in advance, and worked diligently to that deadline. If so, it would explain why his last forum post was a typically business-like despatch, leaving parting instructions on what had been remedied in build 0.3.19 of Bitcoin Core.

Julian Assange Thanks U.S. Government for 50,000% Gains on Wikileaks' Bitcoin Holdings

Theory 2: It Was Wikileaks

Satoshi tended to keep his emotions in check when posting on the Bitcointalk forum. He had the air of a man who knew he had a lot to do and a short time in which to do it, and thus refrained from shitposting or shooting the breeze. He could occasionally be brusque (“If you don’t believe me or don’t get it, I don’t have time to try to convince you, sorry”), but was never rude or prone to venting. His penultimate forum post, however, portrays a twinge of annoyance.

In response to a PC World article commenting on Wikileaks’ adoption of bitcoin to circumvent its financial blockade, Satoshi famously wrote: “It would have been nice to get this attention in any other context. WikiLeaks has kicked the hornet’s nest, and the swarm is headed towards us.” Could Wikileaks thrusting Bitcoin and its enigmatic creator into the spotlight have been the last straw that sent Satoshi scurrying for cover? The argument that Bitcoin was getting too big too fast, which expedited Satoshi’s departure, seems credible.

Satoshi’s Final Messages Leave Tantalizing Clues to His Disappearance

Theory 3: It Was the CIA

Satoshi’s final correspondence, from an April 26, 2011 email to Gavin Andresen, has given rise to another theory as to why he abruptly left. He wrote:

I wish you wouldn’t keep talking about me as a mysterious shadowy figure, the press just turns that into a pirate currency angle. Maybe instead make it about the open source project and give more credit to your dev contributors; it helps motivate them.

When Gavin replied, he informed Satoshi that he had been invited to speak at an event hosted by an organization under the CIA. Satoshi never replied. Did the mention of spooks spook Satoshi?

Theory 4: It Was Personal

We know nothing about Satoshi Nakamoto’s personal life. It is quite possible that his exodus was triggered by events that he could never have publicly communicated. Failing health, injury or new responsibilities (family, professional, personal) could have forced Satoshi’s hand, compelling him to bow out earlier than anticipated. If that were the case, we’d have no way of knowing. To this day, there are many who believe Satoshi is no longer with us because he is no longer alive.

Theory 5: It Was Symbolic

Satoshi Nakamoto and the birth of Bitcoin is a saga shrouded in symbology that reads like a Dan Brown novel for cypherpunks. From the name assigned to the genesis block to the sudden disappearance of its creator, it’s hard to avoid the religious undertones. Aside from its name, there is the oddity of the genesis block taking six days to mine. As speculated in an old Bitcointalk forum thread, this may have been an easter egg left by Satoshi in homage to the biblical account of creation. As Genesis 2:2 recounts: “And on the seventh day God ended his work which he had made; and he rested.”

For those interested in ascribing symbology to Satoshi’s actions, there’s more. Christ’s ministry on earth is believed to have lasted for around three years. Satoshi’s first known contact with the world occurred on August 22, 2008, in an email to b-money creator Wei Dai, though he is believed to have reached out to Adam Back before that. Satoshi’s final verified email was to Gavin Andresen on April 26, 2011, meaning that his ministry also lasted for around three years.

The fact that Satoshi’s teachings have been subject to extensive interpretation and misinterpretation in the years since, while his disciples await the second coming of Bitcoin’s creator, has further solidified the parallels with Christ. Satoshi wasn’t perfect – his code tells us that much – and common sense tells us that putting fallible men on pedestals is the antithesis of everything Bitcoin stands for. It is possible to be opposed to leadership cults, however, while also assigning messianic qualities to the life and times of Satoshi Nakamoto.

There is evidence, incidentally, that Satoshi was tiring of the cult that was beginning to form around him; the PC World article on Wikileaks he took exception to claimed that “Bitcoin is the creation of Japanese programmer Satoshi Nakamoto,” while in his final email to Gavin Andresen he complained “I wish you wouldn’t keep talking about me as a mysterious shadowy figure … Maybe instead make it about the open source project and give more credit to your dev contributors.” Satoshi had no interest in becoming a living legend and overshadowing his magnum opus.

Theory 6: Bitcoin Was Ready

According to the gospel of Luke, Jesus’ last recorded words were “Father, forgive them, for they do not know what they are doing.” Satoshi, on the other hand, checked out of this world in the belief that those around him knew exactly what they were doing. As he was to remark in one of his final emails, sent to Mike Hearn on April 23, 2011, “I’ve moved on to other things. It’s in good hands with Gavin and everyone.”

Satoshi had nursed Bitcoin through its formative years, and now it was capable of surviving without him solo mining, solo-fixing critical bugs and pushing out new Core releases. Perhaps Satoshi left because he had done all he had to do. Staying around would only tarnish his legacy and heighten the risk of him being doxxed as the world began to take a keen interest in his creation.

If so, the timing of Satoshi’s exit was to prove as impeccable as his arrival in the aftermath of the 2008 financial crisis. Despite internecine conflict, chain splits, and factions, Bitcoin hasn’t just survived – it’s thrived, morphing into an unstoppable organism that cannot be controlled by any one man.

Why do you think Satoshi Nakamoto left Bitcoin in 2011? Let us know in the comments section below.


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Bitcoin in Bull Territory? Some Analysts aren’t Sure

Ursprünglich erschienen auf: https://cryptocurrencynews.com/bitcoin-bull-territory-analysts-debate/?utm_campaign=rss__ccn&utm_source=rss&utm_medium=rss

Bitcoin

Bitcoin (BTC) has made some serious upward movement in the last few days. In less than 24 hours, the world’s largest cryptocurrency shot up over 40% to $10,350, having traded as low as $7,300 the previous day. The undoubtedly bullish movement represented BTC’s fourth-largest single day movement ever, and the biggest since 2011. However, some analysts are calling for caution and have warned that the movement is not an indicator that Bitcoin has moved out of its recent four-month bearish trajectory.

Analysts Say Bitcoin Bulls Jumped the Gun

Twitter analyst Credible Crypto argues that the “bulls …

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