ICO Token Sale Bonanza Raises Legal, Moral and Practical Questions

Millions have been raised in minutes over the past few weeks as new business models form on top of Ethereum. However, even while the network was under DoS and Vitalik called for a temporary pause, some rushed through their token sale. What are, therefore, the legal, practical and moral implications of this rising trend? It […]

The post ICO Token Sale Bonanza Raises Legal, Moral and Practical Questions appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

News – CCN: Financial Bitcoin & Cryptocurrency News

BlockCypher API – how to pass token and other parameters e.g. Unspent Only

I want to see Unspent transactions thus I use: http://api.blockcypher.com/v1/btc/main/addrs/xxxxxxxxxxxxxx?unspentOnly=true

I want to use a Token, thus I use http://api.blockcypher.com/v1/btc/main/addrs/xxxxxxxxxxxxxx/token=yyyyyyyyyyyyy

But when I try to use both, http://api.blockcypher.com/v1/btc/main/addrs/xxxxxxxxxxxxxx/token=yyyyyyyyyyyyy?unspentOnly=true

then I get an error that API call limits have been reached even though it is my first call for the day or hour , and if i remove the token then it works again.

How do I pass both the token and additional parameter (unspentOnly=true)

Recent Questions – Bitcoin Stack Exchange

Four Big Banks Are about to Launch a Blockchain Token Digital Currency

Four banks are teaming up to bring a blockchain inspired clearance and settlement system for worldwide transactions. BNY Mellon, Deutsche Bank, Santander and UBS believe they can launch a commercial blockchain by 2018. The banks work with a blockchain startup called Clearmatics. The Financial Times‘ Martin Arnold reports: “The utility settlement coin, based on a solution […]

The post Four Big Banks Are about to Launch a Blockchain Token Digital Currency appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

News – CCN: Financial Bitcoin & Cryptocurrency News

Why you should support the Bitfinex 36% haircut + token scheme instead of legal system liquidation procedure

Note: I'm not a lawyer, I'm just a trader.

Bitfinex has announced a 36% haircut to customer deposits after being hacked for 120,000 BTC. Zane, Director of Communication at Finex, has said in recent interview/Q&A that they plan to be back online approximately by Monday and will release in three stages:

  • Stage 1: Read-only (by Monday).

  • Stage 2: Withdrawals enabled

  • Stage 3: Trading enabled

(As an aside, I think that trading should be enabled the same time as withdrawals, so people can shift around their assets into the desired one, and withdraw how they choose.)

Some of you may be thinking that you are entitled to all your funds, because your BTC were not hacked or because you were holding ETH or USD or ETC or LTC. Well, that doesn't really matter, because the reality is that Bitfinex lost $ 70 million, and that hole is a fat set of liabilities to customers that is supposed to be redeemable on demand, but that they can't make good on immediately. You had funds with them, which in Bitfinex's custody makes them Bitfinex assets (in accounting terms) and corresponding liabilities to you customers. This means in a legal resolution, you will just become a creditor among many other creditors, and you won't be first in line to be paid in the court process.

This means that if you chase them into bankruptcy then they wont be able to pay you in full anyway, and to make matters worse, it adds the extra cost of going through years of legal procedures and paying tons of paper-pushers along the way. You will be lucky to get even 50% after all that headache, not to mention the lost value of what you could have made from investing and trading with that money over the 3-5 year court process.

The 36% haircut is tough to get hit with, but there's no better outcome than this to happen other than Finex getting outside funding to make the haircut smaller (or non existent). Their token which is filling the hole might help soften the blow even more, and might turn out even better if it is tradeable and jumps in value. Either way, going through the long drawn out painful administration process a la MtGox is unnecessary, and this solution Bitfinex has come up with will make us to avoid that whole mess.

Those of you who think taking legal action will get you 100% of your money, you're wrong. Any forcing of them to make good on large sums will push them through that costly process where you just get a slow-motion haircut. The logical thing for you to do is let them do the 36% haircut, take your 64% of funds, then sue afterward for the 36%. Injunctions or any moves to force them into the process before implementing the haircut+token plan will not get more than 64% of your funds back. It's irrational in all victims' cases to reject this scheme given the circumstances.

TL;DR 36% haircut + Token is the faster, cheaper way of doing what would happen anyway in a "legal" bankruptcy process.

submitted by /u/theswapman
[link] [comments]
Bitcoin

How or why “a Bitcoin address is a single-use token”?

In the address wiki page it says that “a Bitcoin address is a single-use token”. Do I have to understand one address is (or should be) used only once?

More over, the Address reuse page seems to confirm that. But when reading some information here, this address 1F1tAaz5x1HUXrCNLbtMDqcw6o5GNn4xqX has 641 transactions. Could you please tell the points I misunderstand.

Recent Questions – Bitcoin Stack Exchange

Hi everyone, I recently finished teaching a course on Bitcoin and Cryptocurrency at my local community college and I wanted to share some of my lecture slides, so here is: Bitcoin vs bitcoin. Information on the network that is known with as Bitcoin as well as the token of currency known as bitcoin.

See the information slides here.

As mentioned in a previous post these slides are meant to be the bulk of the information, so that students taking the course will not have to take many notes.
That said, I don't read from the slides at all, I instead just talk about the subject while trying to engage the audience.

I want them to know where to look if they want to learn more, I feel it is valuable to know what you don't know.
The extreme range of student knowledge makes it so that most things only get a slight introduction in the course, but the point is to address everything.
Due to the complex nature of Bitcoin and the range of related knowledge there simply isn't time to fill the slides with pretty pictures and still address all the information in the time we had for the course.

The course has finished and seemed to go well, I hope others of you can use this information to create your own classes in your own towns and cities.

submitted by /u/ProfBitcoin
[link] [comments]
Bitcoin