Bitcoin is an adversarial network; by my count there were 68 attempts in the past week to feed an invalid block to my node. There was also an attempt to create 234,512 BTC out of thin air. This is why we don’t trust, we verify.

Bitcoin is an adversarial network; by my count there were 68 attempts in the past week to feed an invalid block to my node. There was also an attempt to create 234,512 BTC out of thin air. This is why we don't trust, we verify. submitted by /u/Bitcoin_21
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Bitcoin – The Currency of the Internet

Bitcoin Price Attempts Comeback as BTC 'Misery Index' Tanks

Bitcoin prices are staging a tepid comeback after briefly dropping below $ 8,000 earlier today. As of this writing, the price of one bitcoin token hovered at $ 9,183, up 0.56% in the last 24 hours. Because a riding tide lifts all boats, it's no surprise that 4 of the top 10 most valuable cryptocurrencies by market …
Google Alert – bitcoin

South Korea Outlines New Attempts to Dampen Crypto Markets (news.bitcoin.com)

The government of South Korea held a meeting on Thursday to discuss measures to deal with the growing trend of cryptocurrency speculation. The regulators clarified the clampdown on virtual accounts as well as other measures to end anonymity. In addition, the Ministry of Justice suggested an even more extreme measure.
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Bitcoin

ICYMI: Another attack on bitcoin coming from Congress (bill would ban “aggregated transactions,” attempts to make “concealment” of data a crime, proposes freezing bank accounts, and would require individual users of “digital currencies” to be regulated to the same level as banks).

The whole text of their proposal: https://www.congress.gov/bill/115th-congress/senate-bill/1241/text

If in the U.S.: Write your representatives to oppose S.1241: https://democracy.io/

Write to Administration to demand a veto of S.1241 or anything like it if it were ever to reach the White House for signature or veto: https://www.whitehouse.gov/contact

An opposition letter to S.1241 has been developed by the Bitcoin Foundation, but I don't think it goes far enough. I think any organizational opposition letter (e.g. from EFF, Bitcoin Foundation, or other org) should call for total and absolute death by fire of S.1241 or anything like it. (See second season of Stranger Things if you have any question about what I mean about death by fire.) https://bitcoinfoundation.org/redraft-%c2%a71241-combating-money-laundering-act-2017/

(The following is my recent letter over the weekend sent to the U.S. Administration regarding S.1241, requesting that a position be taken on the bill to announce that a veto would be provided if the legislation were to be advanced. Please feel free to copy and paste from it or develop your own.)


This is regarding S.1241 – the so-called "Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017."

This proposal is a sick joke. Its proponents have given a fancy name to something that simply put, is designed to attack the American worker and would do absolutely zero in relation to what the title implies.

The bill would brings cryptocurrencies under the umbrella of civil forfeiture. It also would require the DHS to provide, within 18 months of ratification, a report on strategies to detect cryptocurrencies at border crossings, which would be impossible since there is no technology that can do that.

I can put a bitcoin on a paper wallet or memorize seed words in my brain that represent a whole wallet and cross borders physically or virtually, then later reproducing the wallet at will. This law would attempt to prohibit me from exercising my memory to access my resources across borders, a ridiculous approach to finance. Finance is of course cross-border and private.

Section 13 of the proposed Act is just one particularly vicious aspect of it, constituting nothing less than an attack upon the American worker.

Sec. 13 of S.1241 seeks to define anyone issuing, redeeming, or cashing bitcoin as a financial institution, requiring them to comply with the Bank Secrecy Act, 31 U.S.C. §5312 and requiring INDIVIDUALS AND SMALL BUSINESSES to adopt the same formal reporting procedures as financial institutions for the purpose of reporting suspicious financial transactions.

In effect this Act would treat INDIVIDUALS as though they were BANKS and impose the same financial licensing and reporting obligations on them.

Please communicate to those who are pushing S.1241 forward that it will get nothing but a Veto.

Thank you.

submitted by /u/pcvcolin
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Bitcoin

The Bitcoin ETF Holy Grail — Another Firm Attempts the Odds Against SEC (news.bitcoin.com)

According to public records, another company has filed with the U.S. Securities Exchange Commission to create two bitcoin exchange-traded funds (ETF) based on Bitcoin derivatives. ETF firm Proshares Capital Management aims to get its bitcoin-futures products listed on the New York Stock Exchange (NYSE) with a proposed maximum aggregate offering price of $ 1M per ETF.
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Bitcoin

Bitcoiners: make no mistake! Even though it is very likely that BTU is now going the same way as XT and Classiccoin the re-centralization attempts will not stop.

Bitcoin is a revolutionary approach like never seen before in the history of the world. It is even more disruptive than any revolution seen before as it does not depend on weapons and the beheading of kings but offers an exit from the centralized financial world. It is a truly peaceful revolution that does not need guns and bloodshed and that is not aiming at putting someone else on the throne but burning down the throne altogether instead. Decentralization instead of replacing the central power that is.

Any kind of revolution always triggers a counter-revolution. Re-centralization of the network is the counter-revolution to Bitcoin. In an even more sophisticated way than Xtcoin and Classiccoin BTU is aiming to enable re-centralization of mining, nodes and software development. They even wanted to install a “president” of Bitcoin. No kidding! 🙂

With every wave the counter-revolutionary re-centralization movement is getting louder and stronger. This one has been exceptionally smart in attracting big miners / pools to it by telling them that they can outcompete and eat the smaller ones. But with every wave Bitcoin is getting stronger and more resilient as well and it has given us the ultimate tools to fight off these attacks: actual, factual decentralization and immutablity of the ledger. That is what Bitcoin stands for. No compromise on that, sorry!

And these attacks will never stop. So even if BTU goes down the drain now please be aware that the fight for your own freedom will never end. “Compromise” like it has been suggested a lot in the recent days is not anything the re-centralization movement wants. It wants perpetual war and perpetual infighting and it will do anything it can do to achieve that and that means that the next iteration of the counter-revolution is already at your doorstep.

Freedom is never achieved for good. Freedom is something you loose when you go to bed at night and that you will have to fight back again next morning when you get up.

Keep on hodling! Keep on running your own node! And maybe even get that old 330 Megahash USB-miner out of your memorability-drawer and hook it back up to the network just to make a point! 🙂

Edit: added a zero.

submitted by /u/joecoin
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Bitcoin