Bitcoin Roundup April 12, 2016


How to Prove You’re Bitcoin Creator Satoshi Nakamoto | WIRED

FOUR MONTHS HAVE passed since the world learned the name of Craig Wright, a man who, as WIRED wrote in December, either created Bitcoin or very badly wants someone to believe he did.

Now rumors are swirling through the Bitcoin world that Wright himself is poised to publicly claim—and possibly offer some sort of proof—that he really is Satoshi Nakamoto, the mysterious inventor of Bitcoin. If he does, he’ll have to convince a highly skeptical cryptography community for whom “proof” is a serious word, and one that requires cryptographic levels of certainty. 


Bitcoin and Gold Standard Aren’t the Same

The gold standard is a reference to the monetary system that was based on the value of gold. While most countries stopped following the gold standard long ago. There are three different forms of gold standards that were in practice, gold specie standard where gold coins were in circulation and then there was gold bullion standard where the government sold bullion on demand at a fixed price in place of currency. As these practices became impractical, the gold exchange standard was put in place where the government promises certain fixed exchange rate to currency from other foreign currencies.

Comparing bitcoin to the gold standard will inevitably bring in the central bank and trusted third parties into the fold, which is everything that the digital currency stands against. Bitcoin was designed to be a decentralized, distributed open source peer to peer monetary system that works without the involvement of a trusted third party. In order to prevent any intervention and still to be able to function as a currency, individuals (miners) play the role of a trusted party. Miners facilitate transactions by confirming them and registering the same on a distributed ledger called blockchain. 


Blockchain won’t kill banks: Brock Pierce

Blockchain – the technology that underpins the cryptocurrency bitcoin – is unlikely to kill banks despite warnings from top industry executives, the chair of a bitcoin non-profit organization told CNBC on Monday.

Last week, Andrey Sharov, a vice president at Russia’s Sberbank, said banks would disappear by 2026 due to the rising use of blockchain technology.

“In 10 years, there will be no banks, I’m afraid,” according to a translation of Sharov’s comments by the Coinfox bitcoin news website.

But Brock Pierce, the chairman of the Bitcoin Foundation, said that while the adoption of blockchain will hit parts of a bank, it will ultimately create opportunity.

“There are certain aspects of their business that are going to be negatively impacted, but there are also going to be other business units that are going to be positively impacted and new business units that get created that might not even exist today,” Pierce told CNBC in an interview on Monday. 


Igot: Bitcoin investors ‘owed thousands of dollars’ by struggling Australian exchange – ABC News (Australian Broadcasting Corporation)

The company, which buys and sells bitcoins on behalf of customers, has for months been unable to completely deliver on those bitcoins or refund their money. Its owner Rick Day admitted to the ABC that he was struggling to pay customers.

“I am well aware that customers are affected and customers are really unhappy with this but I would like to show each and every one that we have not lost their money. We have not run away with anything and we will return the money,” Mr Day told the ABC.

That, according to bitcoin investors, is little comfort. Egyptian-born Akram Bekzada invested with Igot in 2014.

He has been trying to withdraw $13,000 worth of bitcoins since October last year. 


Big Businesses Hoping to Use Bitcoin Technology

You may have heard the term “bitcoin” over the past few years. It’s a digital currency that peaked in popularity in 2013, but its worth has dropped by more than 50 percent since then.

Despite that, big banks and other businesses are looking at the way bitcoins work to see if they can use any of that technology.

Time Warner Cable News business reporter Andrew Sorensen shares how bitcoin’s legacy could save people a lot of paper. 


If You’re Going To Hack An Election, Use Bitcoin – CCN: Financial Bitcoin & Cryptocurrency News

For decades, Latin American elections have been rigged. In the 21st century, technology has abetted the practice, resulting in the region’s dirtiest elections over the past half-decade. And, when hacking an election, Bloomberg reports, using Bitcoin is crucial.

As Enrique Peña Nieto, a lawyer and a millionaire from a family of mayors and governors in Mexico celebrated the 2012 return to power of his Institutional Revolutionary Party – or PRI – it’s unclear if he knew Bitcoin had helped him steal the election.

For more than seventy years the PRI ruled until its ouster 2000. During his campaign, Nieto had vowed to crack down on drug violence, corruption and promote transparency in Mexican political affairs. 


Shopping for Drugs, Fake IDs and Guns Using Bitcoin on OpenBazaar | Finance Magnates

If you always wanted to go shopping on the Dark Web but didn’t have the technical know-how, there is a new easy-to-use solution for you. OpenBazaar is a bitcoin decentralized marketplace for goods and services that was launched on April 4th 2016.

The open-source project promises an alternative to the centralized online shopping experience offering more freedom via cryptocurrencies. Other projects that were linked to bitcoin have tried creating a true free market in the past, but were stopped by the authorities (the most famous case being Silk Road and the FBI). OpenBazaar is meant to be immune from a government takedown as it is not a company and no individual or organization is running it. This is my review of the network in its infancy. 


Bitcoin Messiah Patrick Byrne’s Medical Leave Could Rattle Blockchain’s Future | WIRED

OVERSTOCK.COM CEO AND chairman Patrick Byrne has taken an indefinite medical leave of absence from the company, a decision will be felt most among the worldwide community working to advance bitcoin and the bitcoin blockchain.

Byrne has a long history of medical problems after a long bout with cancer nearly 30 years ago. Due to the cancer and related heart problems, Byrne says, he has undergone more than 106 surgeries over the last three decades. And in the last year, he has battled a recurrence of Hepatitis C, which he first contracted on a visit to China in the early ’80s. “I’ve been really gutting it out over the past few months,” he says. 


Bitcoin Price Watch; Scalps in Place for Tonight

Before we get going on this evening’s bitcoin price analysis, take a quick look at the chart below. It’s a fifteen-minute candlestick chart that shows the action seen in the bitcoin price over the weekend, and this morning, with today’s framework overlaid. 


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