21 Inc promises help for Bitcoin loophole Nodes

21 Inc, the best-financed Bitcoin company, has now made a pledge to support the network because of dwindling nodes.

CEO Balaji Srinivasan said yesterday in a co-authored blog post that the company wants to maintain this “critical amount” of full nodes and make them attractive because they form the collective “backbone” that stores and transmits all Bitcoin transactions.

Today there are 12% fewer Full Nodes than last year at the same time. The strength of the network lies in its distributed design, but the continuous resolution of the network means that it becomes less stable.

You can read in the post about Bitcoin loophole:

“Full Bitcoin loophole Nodes help the Bitcoin loophole network maintain its health by checking blocks and transactions, and then handing those checked transactions over to simple clients and other Full Nodes… As simple clients now make up a significant and growing part of the network, it is of the utmost importance that we help them maintain their high level of security – which in turn means having a critical amount of Full Nodes.”

To achieve this, 21 has teamed up with the BitNodes Project, founded in 2013. This project by developer Addy Yeow aims to assess the health of the network by finding all accessible nodes.

Yeow’s index works its way through the network every five minutes to count the number of working full nodes. According to the blog post, the company will host this service “on a permanent basis”.


Unlike Miners, Node doesn’t get freshly scooped Bitcoins for its computing power: they are often created on a selfless basis by enthusiasts.

Yeows Bitnodes Incentive Program, which can award a reward to Nodes, is supposed to help. This weekly incentive grows as they join the network. For example, for 5,000 or more there is up to $10 and for 9,000 or more there is $30.

At the moment it is still unclear whether the program will pay off, as there are only 175 eligible of 5,974 nodes in the network at editorial time. The lower limit was 5,000. However, 21 promises to extend this scheme to buyers of their 21 Bitcoin computer. This came on the market two weeks ago and is their first consumer product, as various reports show.

The post also shows:

“As a generalization of the Bitnodes Incentive Scheme, they will explore more Bitcoins with a 21 Bitcoin computer if they run it in full node mode. Consider it a bonus BTC that you deserve to be a good member of the Bitcoin community.”

All the company’s products will have Full Node functionality as factory default, the company says, but it is still unclear whether the compensation of users of the 21 computer will depend on Bitnodes reaching a certain number.

In February, Yeow Coindesk declared that he would finance the program himself. Whether 21 will now provide these rewards remains unclear.

The biggest MLM scams in the Bitcoin world – and what’s left of them today

Some are in jail, others in a villa in Dubai: Scammers had a great time in the crypto scene in 2017. Many of the rip-offs at that time spread via multi-level marketing (MLM) and the promise of quick profits. But what happened to the biggest MLM scam coins of that time? And where are their former operators today? We collect the fragments of some of the biggest of these rip-offs and take a look at their methodology.

From the unattractive side effects of the Bitcoin formula hype

OneCoin, the alleged mother of all Scams 2017. The name OneCoin has become the epitome of Scams in the crypto range. As is typical for such rip-offs, it linked multi-level marketing with digital currencies. OneCoin actually bought training in the Bitcoin formula area. Here is the review by onlinebetrug. This was accompanied by customers receiving mining rights for the crypto currency, which was not yet publicly tradable. As soon as OneCoin was listed on a crypto exchange, profits would skyrocket, according to the promise. The customers earned additional money by recruiting new partners. However, the listing never took place.

“In reality, the OneCoin crypto currency was the cover for a system whose sole aim was to accommodate new consumers, according to the new Tiroler Tageszeitung in an investigative report about OneCoin.

After about two years the spook came to an end:

After numerous warnings from financial supervisory authorities all over Europe and various police investigations OneCoin was exposed as a snowball system. In April 2017, BaFin imposed a business ban in Germany.

In many cases, the initiators of companies with fraudulent intentions do not act as liable CEOs, but merely as popular sponsors or management consultants. But not so in the case of OneCoin: The whereabouts of former CEO Dr. Ruja Ignatova, after she had been arrested and released on parole in the meantime, is currently apparently unclear. Some voices claim that she lives under a false name in Ukraine. It seems, however, that police authorities in Europe are still searching for her.

Ethereum Wallet for Opera Users: New Feature to Promote Adaptation

Android users of the Internet browser Opera can now look forward to the integration of a wallet for Ethereum. This was announced by the company on 13 December at Hard Fork Decentraliced in London. This makes tangible what the company calls “Web 3.0”: Blockchain, crypto currencies and DLT solutions.

With Opera, Android smartphone users will be able to access an integrated wallet about Ethereum’s Ether.

Cryptosoft should make the often criticized complexity of handling crypto currencies much easier:

“We support Android smartphone users with an innovative cryptosoft browser that gives them the ability to experience Web 3 seamlessly: https://www.onlinebetrug.net/en/cryptosoft/ I’d like to invite all tech enthusiasts who may have heard of Blockchain, but haven’t experienced it yet, to try it with our new browser and Web 3. We made it very easy. We hope that this step will accelerate the transition from crypto currencies from speculation and investment to actual payments and transactions in the daily lives of our users, says Krystian Kolondra, EVP at Opera in a press release.

Adaptation through simplified application

What the company’s vice president is talking about is actually a hurdle that has held back the mainstream adaptation of Bitcoin and Co. so far: their application. Meanwhile, it still seems much easier for users to pay by card or in cash. However, the combination of crypto wallet and smartphone should make this easier in the future. Initially, the Wallet only supports Ethereum, other crypto currencies are also planned:

“We decided to support Ethereum because it has the largest community of developers who build Dapps and have developed a lot of dynamism. Opera supports the Ethereum Web3 API, which makes interaction with Dapps smooth for the user. We believe that at some point all browsers will integrate a kind of wallet that will allow new business models to be developed on the web,

says Charles Hamel, product manager at Opera.

Joseph Lubin, Ethereum co-founder, is also enthusiastic.
Joseph Lubin, co-founder of Ethereum, sees this as an important step:

“It’s an important step for one of the world’s leading browsers to add an Ethereum-based crypto-wallet and Dapp-Explorer, and it speaks for Opera’s innovative roots and commitment to using next-generation technology. We see this as an important moment in improving Dapps accessibility, opening Web3 to the mainstream audience, and encouraging developers to build on Ethereum.”

Maybe the Ethereum course (ETH) will work again with the increasing adaptation. This is currently just under 86 US dollars per ether.

Cashless crypto trader – Is the answer Bitcoin or e-krona?

“Sweden will probably become a cashless society within three to five years”. With this sentence, Cecilia Skingsley, a voting member of the Executive Committee of the Swedish Central Bank (Riksbank), has rekindled the debate about the consequences of losing cash in daily use. One solution the Riksbank is researching is the issuance of a state digital currency, the so-called e-krona.

Bitcoin in crypto trader competition

The spectre of cashless society: In Sweden, a real-time experiment on the loss of cash from public life has been taking place for years. The use of cash is steadily decreasing, but the use of digital crypto trader payment methods such as EC or credit card payments is increasing. According to this year’s World Payment Report – a study dealing with global crypto trader payment habits – each Swede made an average of 461.5 digital payments in 2018. This puts the Scandinavian country ahead of the USA for the first time.

While the Swedish population is increasingly turning its back on cash, the Swedish government is dealing with the political and economic issues that arise automatically when the only legal means of payment is abolished. In Sweden, as in most countries, cash is the only currency that must be accepted.

Cash struck

The debate about the consequences of a cashless society has become more explosive with Riksbank board member Skingsley’s statement that the entire use of cash will probably come to a standstill in three to five years.

As Reuters reported on 4 December, the Swedish central bank does not want to abolish cash, but if its use were to decline at a similar pace as before, there would soon be hardly any companies that accept cash.

Now the question is: How does a society deal with it? There are a few ideas in Sweden. One of them is the establishment of a state digital currency, the e-krona. Bitcoin maximists should not, of course, make any leaps in the direction of a state digital currency.

On the other hand, it is currently unrealistic for central banks to voluntarily give up their monopoly on money creation. Finally, it offers the possibility to react flexibly to exogenous shocks such as recessions through the use of certain monetary policy measures. Cecilia Skingsley is therefore sceptical that the answer to the disappearance of cash could be crypto currencies like Bitcoin. However, it is aware of the competition from crypto currencies:

“If we do nothing, we look to a future in which money will be privatized.”

According to Skingsley, digital central bank money offers attractive opportunities to improve the effectiveness of monetary policy measures. As the Riksbank writes in a report on e-krona, the digital central bank currency could fundamentally change the central bank’s core business. For example, the central bank could issue the e-krona directly to citizens, so there is no longer any need for the commercial banks to mediate. A system change with far-reaching implications for the financial sector.

The future of crypto currencies such as Bitcoin therefore depends not least on how successfully governments and central banks launch their own competing products. The interesting thing is that the result can hardly be anticipated at this point, because real currency competition such as that always demanded by the Austrian School of Economics has not yet existed in the history of money.

The fact that many see Bitcoin’s use case in providing precisely this type of competition makes dealing with the No. 1 crypto currency such an exciting undertaking.

For those interested: We have summarized the macroeconomic differences between the creation of Fiat money and Bitcoin Mining here.

Well thought, bad done? – Coinbase wants to offer the news spy customers more decentralisation

The Coinbase crypto exchange researches blockchain-based identity management. According to Coindesk, a team of 17 is working on the development of a decentralized app (dApp) that will give Coinbase customers more control over personal data. However, the implementation is still lacking.

An all too well-known battle cry of the Blockchain enthusiasts is “Be in possession of your own data”.

Identity management is and remains the news spy case for blockchain technology

Personal data is no longer stored as usual on central company servers, but remains on a blockchain and is thus effectively under the news spy own control. The advantage: On the one hand, the companies cannot make a mess of the news spy data and on the other hand, data theft or loss is largely excluded. In short: The single point of failure is eliminated.

Now Coinbase is also researching such a blockchain solution. As Coinbase manager and head of the 17-member task force, B Byrne, told Coindesk, the team first wants to identify in which areas more decentralization is desired.

The Bitcoin exchange recently asked a small number of its customers about the dApps they were using.

“I look at dApps and which of our customers uses which dApps. That’s probably a good indicator of what kind of activities [our customers] want to do on an on-chain basis, Byrne told Coindesk.

KYC in a different way

A possible application case for more decentralization in Coinbase IT is the storage of KYC data (“Know Your Customer”). This could considerably simplify the registration processes for the various Coinbase products and grant more customers access to the Exchange.

At the same time, however, the US crypto exchange is realistic. The decentralized identity management via blockchain is not an egg-laying wool milk sow. Although there are interesting areas in which an application seems to make sense, the company does not want to invest large sums in development, according to the report.

Byrne says that, in all honesty, a complete decentralization of customer data is hardly compatible with the regulatory requirements of the tax authorities.

So it remains with the focus team and the credo: Somewhere there is already a meaningful application case for the blockchain technology.

Bitcoin course: Can central banks trigger a new rally?

The falling Bitcoin price and last week’s low trading volume contrast sharply with the high a week earlier. On November 13th, the Bitcoin price returned to 458 US dollars.

The Bitcoin secret course high of the week before last

Market observers have already started drooling as many have expected a new Bitcoin secret price rally. Nasdaq blogger Martin Tillier, who has a lot of experience in the forex markets, saw a bullish interpretation in the short-term upswing. He pointed out that the dollar index had reached a monthly high and was slowly returning to much. This means that Bitcoin was trading against the dollar and gained value.

Market observers were already drooling, as many expected a new price rally. Nasdaq blogger Martin Tillier, who has already gained a lot of experience in the currency markets, saw a bullish interpretation in the short-term upswing. He pointed out that the dollar index had reached a monthly high and was slowly returning to much. This means that Bitcoin was trading against the dollar and gained value.

Volume of last week’s BTCBTC trading volume

As a result, the BTC returned to regular trading at 350-370 USD, but hopes for a new bullish sentiment remain. Tillier’s analysis remains optimistic as well. But also in a scenario where the Bitcoin price does not reach new highs Tilliers writes:

“This downward trend to end depends completely on when higher low points and higher highs are set. But if the BTC/USD price stays above the 350 dollar mark, we will soon see this new pattern.”

Can central banks drive up the Bitcoin price?
The Bitcoin price could receive unexpected assistance from the Chinese central bank in the next few days. It sounds even more incredible that the central banks of Japan and Korea could also give Bitcoin a boost.

It is not the case that the bankers in East Asia have decided to introduce their own regulation. They are doing something more predictable – they are firing at each other in a “war” that is often seen as a new “currency war” in the region.

It all started with the Japanese central bank unexpectedly cutting interest rates in October. This had depressed the yen price in relation to the USD. This allowed Japan to increase its exports. Korea and China followed suit. The Peoples Bank of China announced a rate cut last week.

In the last six months, according to Bitcoinity, 76% of the total trading volume was inBTC/CNY. So if the yuan becomes cheaper, Bitcoin would appreciate in value.

Bitcoin news relies on the blockchain in media licensing and announces its own ICO

Welt der Wunder TV plans the world’s first blockchain solution for the international trade of media licenses. For this purpose, a separate crypto currency will be placed and issued as part of an internationally oriented token sale. BTC-ECHO was at the headquarters in Munich and spoke with the managing director and presenter of Welt der Wunder TV, Hendrik Hey.

Background and Bitcoin news for the Blockchain platform

When today’s media licenses are traded, complicated contracts, related to the quite different types of Bitcoin news, complicate and slow down the process. Content owners (e.g. producers, distributors or library owners) as well as content buyers (e.g. worldwide TV stations, VOD platforms, but also increasingly publishers with their online portals) waste an enormous amount of time and money on drafting contracts that make the official use of video licenses possible. Due to the worldwide distribution of the industry and thus the widely distributed supply and demand situation on the Bitcoin news market, there are hardly any norms or standards. Every contract is unnecessarily renegotiated again and again. Standards and automation through a blockchain would remove precisely this inefficiency from the process.

Welt der Wunder TV contributes its decades of experience in license trading and its international networks.

“World of Wonders has been at home in both worlds of this market for over 20 years,” says Hendrik Hey, founder of Welt der Wunder TV. “We are both a producer and a TV broadcasting group in Germany and Switzerland and therefore know the needs of both sides very well,” continues Hendrik Hey.

Cooperation partners

To achieve this, Welt der Wunder TV is working together with the multimedia company Swiss TXT – a 100% subsidiary of Swiss public television. The telecommunications company Swisscom – counterpart to Deutsche Telekom – is responsible for the technical implementation and blockchain implementation. Swisscom has already made a name for itself as a blockchain specialist and, together with its subsidiary Blockchain AG, will provide the necessary expertise for the token sale.

For these operational reasons, the platform will be based in Switzerland. Thus, the ICO will be implemented via Welt der Wunder TV / Schweiz.

No business without content
In order to have a content basis directly at the launch of the platform, Welt der Wunder TV will make all its content available. In an interview with BTC-ECHO, Managing Director Hendrik Hey explains what this means in concrete terms:

“We are putting a very large archive into it, namely our content, and this has a gross production value of around 200 million euros, because we said that the engine would not drive without fuel.

These are over 5000 hours of high-quality broadcast material as well as several 10,000 clips for use on online portals of leading publishers.

Hendrik Hey further explains that this lays an important foundation for opening up the global TV and media licensing market of around 500 billion US dollars. In addition to the economic incentives offered by the Blockchain platform – brokerage fees are significantly lower than they are at present – the platform is intended to strengthen the producers’ negotiating position.

“The much more important part for us is the producer, that is the creative person in the process, and of course our heart beats for him. Giving the [producer] better market access and more competition is certainly a great advantage for him”, stresses Hey.

The platform makes it easier and cheaper for producers to find buyers, so that even less well-connected and financially strong producers have a better chance of financing projects and selling them internationally.

The MILC token
The token of the platform will be called “MILC” (MIcro Licensing Coin) and will become a fixed “payment currency” in the worldwide media license trade. A limited volume of 40 million MILCs is planned. The presale phase begins on December 1, 2017 and is to end on January 15, 2018 at the latest. A Publicsale phase is to follow thereafter and is still communicated.

Starting from 15.11.2017 interested investors can already register themselves on a Whitelist.

The funds from the ICO will flow into the completion and international marketing of the distribution platform. Should additional funds be available, the platform also plans to actively promote new, valuable content. This can be achieved, among other things, through pre-financing and content support for selected P

Fomo3D: lottery, snowball system, record dApp

TeamJUST, the developer of PoWH3d, has struck once again. Just like PoWH3d, the new, no less dubious dApp achieves a top ranking on DappRadar.com. The jackpot of the hybrid lottery and snowball system has grown to the equivalent of ten million US dollars. How long can this continue to go well?

The gambling principle of the Gambling-dApp is very simple

You buy so-called “keys” with ETH. Part of the money ends up in a large pot. The rest is distributed to those who already own one or more keys. How the money is distributed depends on which of the four possible “teams” you have joined. There is a 24-hour countdown, which is slightly extended with every purchase of a key.

Welcome to blockchain development. Your ICO is over, hype is drying up. Take the private keys, drain everything.

The person who bought the last key before the timer expired receives 48 percent of the pot’s content. This currently amounts to an impressive 21,400 ETH, which corresponds to almost ten million US dollars. Two percent of the pot will go to a community fund and benefit those who have participated in the development of the dApp. The remaining 50 percent will go to Fomo3D players and P3D token owners; in addition, part of the money will be transferred to the next round.

The keys become more and more expensive as time goes on. This means that those who have secured many keys early on benefit from those who join later. That’s why we’re now busy recruiting new users who are particularly prone to the fear of missing something (Fear of missing out, “Fomo”). Just as it should be for an agreed pyramid scheme.

Despite lack of seriousness currently most successful dApp

FOMO3d doesn’t even try to talk about its business model. Thus it concerns according to own statement an “exit scam”. The URL of the dApp has also been chosen carefully: The name www.exitscam.me leaves no questions unanswered as to the seriousness of the dApp.

Despite – presumably rather because of – this obvious confession to be a scam, Fomo3D currently dominates all other dApps on DappRadar in terms of user activity. The dApp currently has over 5,200 active users in the last 24 hours. That’s almost twice as many as the runner-up, the decentralized crypto exchange IDEX. The figures for the first mainstream dApp CryptoKitties also fade away against the success of the quasi-automated pyramid system: just 350 users have taken care of raising and caring for the digital kittens in the last 24 hours – and brought it to a trading volume of 22.17 ETH. For comparison: With Fomo3D, this figure is more than a hundredfold at 2,700 ETH.

If the madness continues like this, it is probably only a matter of time before the effects on the ETH course and the gas prices become noticeable. There is one thing for which you have to pay respect to TeamJUST: With their projects, they succeed wonderfully and not without humour in identifying the absurd excesses of the crypto economy. Thanks to Fomo!