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14 years since the Bitcoin white paper: Why it matters

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14 years since the Bitcoin white paper: Why it matters

Happy white paper day, Bitcoin. It’s been 14 years since Satoshi Nakamoto first sent an email to the Cypherpunk mailing list with the subject line, “Bitcoin P2P e-cash Paper.” The email included a link to the white paper, an outline of what would soon become a one trillion-dollar market

The first sentence of the email has become iconic among the Bitcoin community:

“I’ve been working on a new electronic cash system that’s fully peer-to-peer, with no trusted third party.”

Over the past 14 years, Bitcoin (BTC) has morphed from a hobbyist pastime into a globally recognized brand. Bitcoin has been adopted as legal tender in regions of the global south such as El Salvador and the Central African Republic. It is used by freedom fighters and campaigners while being a tool for financial emancipation and economic empowerment worldwide.

The speculative fervor that Bitcoin became known for still lingers while Bitcoin’s reputation as being a tool for illicit activities clings on, despite the fact that the United States dollars remains a far more effective tool for hiding financial activity. 

In 2022, Bitcoin has evolved into so much more. Cointelegraph spoke to Bitcoin OGs, enthusiasts and newbies during the Plan B Conference in Lugano, Switzerland, to investigate what the white paper means to the world.

Doing its ₿it for good 

For world-renowned charities such as Save the Children, the white paper and the subsequent creation of Bitcoin have benefited the organization. Antonia Roupell, Web3 lead at Save the Children, told Cointelegraph that the organization recognizes “Bitcoin’s potential to be a force for good and a force for financial inclusion,” adding:

“On Bitcoin’s 14th anniversary, and at a time of increasingly global financial inequality, the phrase ‘bitcoin is for anyone’ really resonates.”

Roupell explained that Save the Children US was the first iNGO to accept Bitcoin in 2013, stating, “Since then, we’ve raised almost 75 BTC thanks to generous donations to our relief efforts supporting children impacted by conflict in places like Afghanistan and Ukraine as well as families impacted by climate disasters such as Hurricane Ian in Florida.”

Today marks the 14th anniversary of #Bitcoin!
We were the first NGO to accept #BTC in 2013
We’ve raised 74 bitcoin & counting
We believe #crypto can be a force for good & financial inclusion #SatoshiNakamoto
Donate here #HodlHope https://t.co/AEe0lTRXo2 pic.twitter.com/0KB7EFv1X4

— Save the Children US (@SavetheChildren) October 31, 2022

Crisis zones have underscored the resiliency and effectiveness of Bitcoin. In the first 48 hours of the Ukraine war, for example, the Ukraine government received $7.5 million in Bitcoin.

Stand with the people of Ukraine
Now accepting cryptocurrency donations. Ethereum. Bitcoin and Tether (USDTtrc20)

BTC — 357a3So9CbsNfBBgFYACGvxxS6tMaDoa1P

ETH — 0x165CD37b4C644C2921454429E7F9358d18A45e14

USDT (trc20) — TEFccmfQ38cZS1DTZVhsxKVDckA8Y6VfCy

— Mykhailo Fedorov (@FedorovMykhailo) February 26, 2022

The speed at which Bitcoin hit government wallet addresses inspired the United Nations International Computing Centre (UNICC) to take crypto donations seriously, UNICC Director Sameer Chauhan explained in a Cointelegraph interview at the World Economic Forum in Davos. USD, British pounds, euros and government-issued money were much slower to trickle in to support the Ukrainian defense than Bitcoin. 

Decentralization and empowerment

For Bitcoin Gandalf, a marketer for Braiins — a Bitcoin mining tools company — the white paper and the subsequent pseudonymous network guarantee a basic level of privacy. Gandalf, who chose to obfuscate his name and face on the internet, told Cointelegraph:

“With the increased surveillance propagated by the state and huge centralized tech companies that control the majority of information distribution, it’s more important than ever that we have decentralized alternatives that guarantee us basic freedoms.”

Bitcoin is a permissionless network that anyone can use. It does not discriminate. Even for those without an internet connection, thanks to innovations in mobile network technology, Bitcoin can be sent like a text. Bitcoin’s mantra of being a “freedom technology” has bloomed across its 14-year history. 

During the Plan B conference in Lugano, Switzerland, “Freedom” was a central theme. Julian Assange’s family hosted talks about his incarceration for exposing military secrets, while speakers from Togo to Lebanon shed light on “Bitcoin the tool for financial freedom.” A drone show emblazoned the night sky with the cliché, bringing the Bitcoin and blockchain conference to a close:

#Bitcoin is Freedom pic.twitter.com/WjVvVsSBPB

— CARLA⚡️(thecryptoc0up1e) (@thecryptoc0up1e) October 29, 2022

Several announcements at the conference in Switzerland underscored the Bitcoin community’s commitment to freedom. Paolo Ardoino, chief technology officer of Tether, introduced Pear Credit, a peer-to-peer credit software that could undermine the proliferation of centralized authorities (or blockchains) that issue credit and tokens. Founded by Tether, Holepunch and Synonym, Pear Credit should “put control of the economy back in the hands of the people.”

In an exclusive interview with Cointelegraph, Ardoino explained the thinking behind Pear Credit, stating, “Everything that is not Bitcoin is credit. Everything that is not Bitcoin is inherently centralized.” His team has built a peer-to-peer service that offers the ability to issue credit — without a blockchain or product and without endless monetization.

In the spirit of the Bitcoin white paper, Pear Credit is “just open source libraries,” Ardoino commented. Pear Credit focuses on “scalability and privacy” and favors freedom to build open-sourced technology over chasing profits.

Gandalf said that the Bitcoin white paper “marked the beginning of the resistance to this trend” of centralizing power. Tech companies increasingly exploit customer data and online behaviors. Bitcoin, by contrast, is the largest demonstration of a peer-to-peer and privacy-centric network that continues to inspire projects that could undermine centralization.

Why do you care about the white paper?

John Carvalho, CEO of Synonym and contributor to Pear Credit, called for calm and introspection on the anniversary of the white paper. Carvalho, who also announced the creation of a new Bitcoin wallet app, Bitkit, during the conference, told Cointelegraph that even some of Satoshi Nakamoto’s biggest fans “will admit that he got some things wrong and how he thought things would play out. Even in the code.” 

In a possible nod to the Bitcoin fanaticism and adulation for Nakamoto that sometimes transcends the space, Carvalho explained that even though Bitcoin continues to grow in importance due to greater levels of adoption, users and the amount of people trying to copy Bitcoin. “For me, and I think for most people, your Bitcoin birthday isn’t when Bitcoin was invented, it’s when you discovered Bitcoin.”

“I’d rather associate it with when you bought your first Bitcoin or when you had your own ‘eureka’ moment.”

Ultimately, while Nakamoto’s email on Oct. 31, 2008, marked the first brick in the foundations of the Bitcoin blockchain, it’s the developers, the builders, the node runners, the miners and the Bitcoin buyers that have kept the idea alive. 

Bitcoin is indeed an effective form of remittance; it’s a spark that could ignite a path toward greater online freedoms, and it’s a meaningful shift away from centralized powers. But, Bitcoin is also a long line of code that millions of people worldwide choose to follow and contribute to every day.

Raise a glass to Satoshi, sure, but also take the time to reflect on your own Bitcoin journey. When’s your Bitcoin Birthday, anon?

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Whale Watching: The Top 5 Crypto Transactions of the Week

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Whale Watching: The Top 5 Crypto Transactions of the Week

Bitcoin takes the throne for this week’s 127,351 BTC ($2,062,504,721) whale transfer out of Binance into an unknown wallet on Nov. 28, 2022, while an Ethereum whale transferred about 231,782 ETH ($274 million) on Nov. 28, 2022.

Binance reportedly paid $0.42 in transaction fees to move the large volume of Bitcoin in a bid as part of an audit process with the goal of greater transparency following the collapse of FTX. It assured users of the exchange that all their funds were safe.

Three Major Whale Transactions Done by Binance, Admits CZ

Additionally, the crypto exchange made at least two other whale transactions of around 200,000,000 BUSD, its native stablecoin, on Nov. 30, 2022. Binance was responsible for 81% of the roughly $3.2 billion of all whale transfers in the past week, with these two similar transfers tied for the fifth position.

Binance CEO Changpeng ‘CZ’ Zhao took to Twitter to allay fears of malpractice at the exchange, stating that a third-party auditor requires Binance to transfer a certain amount of crypto to itself to prove that the company owns the wallet. The remainder goes to another address, called a “Change Address.”

This is part of the Proof-of-Reserve Audit. The auditor require us to send a specific amount to ourselves to show we control the wallet. And the rest goes to a Change Address, which is a new address. In this case, the Input tx is big, and so is the Change. Ignore FUD! https://t.co/36wUPphIZk pic.twitter.com/2NkH5L5J9j

— CZ 🔶 Binance (@cz_binance) November 28, 2022

Other cryptos coming in close behind Binance’s Bitcoin transfer is the second-largest cryptocurrency by market capitalization, Ethereum, with almost $560 million transferred in two transactions of 231,736 ETH ($272 million) and 231,782 ETH ($274 million). Validators were later rewarded with $1.32 and $2.51 in transaction fees.

In both cases, the source and destination addresses were unknown. Crypto Twitter has speculated that the first transaction could have involved Ethereum co-founder Vitalik Buterin. Earlier this year, he reportedly dumped 3,000 ETH to DeFi protocol Uniswap V3 shortly after news broke of the failure of FTX.

Fueling the speculation was the fact that Buterin had moved 30,000 ETH out of his self-custodial wallet in May 2022, prompting speculation that Ethereum would dump later. However, it turned out that the transferred funds were set aside for charitable donations.

Whale Transaction Unlocks XRP From Escrow

Rounding up the top five is the transfer of 500,000,000 XRP ($204 million) from an escrow wallet to an unknown address on Dec. 1, 2022. The escrow is essentially a smart contract on the XRP Ledger, written to dispense locked tokens once certain external conditions are met.

In 2018, Ripple launched an initiative to release 1,000,000,000 XRP at the start of each month through an escrow to create a predictable supply of its native coin. 

Accordingly, the transfer of 500,000,000 XRP was followed by transfers of 400 million and 100 million coins to unlock 1,000,000,000 XRP for Dec. 2022. In the past, Ripple has kept 800,000,000 coins, choosing to lock up the remaining 200,000,000 XRP for a new release.

Summary of the Top 5 Whale Transactions

The top five transactions for the week were:

5. 200,000,000 BUSD ($200,080,000) was transferred from Binance to an unknown wallet on Nov. 30, 2022, followed by a transfer of the same amount of BUSD from an unknown wallet to Binance.

Tx costs: $3.31 and $1.27

4 – 500,000,000 XRP ($204,402,898) was unlocked from escrow at an unknown wallet on Dec. 1, 2022.

Tx cost: Not available

3 – 231,736 ETH ($271,829,771) was transferred from an unknown wallet to another unknown wallet on Nov. 28, 2022.

Tx cost: $1.32 

2 – 231,782 ETH ($274,046,462) was transferred from one unknown wallet to another on Nov. 28, 2022.

Tx cost: $2.51

1 – 127,351 BTC ($2,062,504,721) was transferred from Binance to an unknown wallet, likely another new Binance address, on Nov. 28, 2022.

Tx cost: $0.42

For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Bybit announces second round of layoffs in 2022 to survive bear market

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Bybit announces second round of layoffs in 2022 to survive bear market

Ben Zhou, the co-founder and CEO of Bybit, announced a reorganization plan amid a prolonged bear market, which involves a steep reduction in the workforce.

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Bybit announces second round of layoffs in 2022 to survive bear market

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Yes, the bear market weeds out the bad actor, but it also forces the existing players to rethink their business strategies to offset resultant losses. In this effort, crypto exchange Bybit announced mass layoffs for the second time in 2022.

Ben Zhou, the co-founder and CEO of Bybit, announced a reorganization plan amid a prolonged bear market, which involves a steep reduction in the workforce. The “planned downsizing” will affects employees across the board:

“We are all saddened by the fact this reorganization will impact many of our dear Bybuddies and some of our oldest friends.”

Independent reporter Colin Wu highlighted that the layoff ratio is 30%. On June 20, Bybit silently laid off employees, citing unsustainable growth, which was confirmed via leaked internal documents. Bybit’s employee headcount grew from a few hundred to over 2000 in 2 years.

1) Difficult decision made today, but tough times demand tough decisions. I have just announced plans to reduce our workforce as part of an ongoing re-organisation of the business as we move to refocus our efforts for the deepening bear market.

— Ben Zhou (@benbybit) December 4, 2022

While announcing the incoming downsizing, Zhou shared his intent to make the offboarding process as smooth as possible. Sufficing this need for restructuring, Zhou said:

“It’s important to ensure Bybit has the right structure and resources in place to navigate the market slowdown and is nimble enough to seize the many opportunities ahead.”

For affected Bybit employees, the revelation is a hard pill to swallow, but Wu reported that employees would receive three months of salary as compensation.

Related: Bybit releases reserve wallet addresses amid calls for transparency

On Nov. 24, Bybit launched a $100 million support fund to provide liquidity to institutional traders following the FTX collapse.

The fund was made available to eligible market makers and high-frequency trading institutions and distributed at a 0% interest rate.

The maximum amount distributed per applicant was $10 million under the condition that the funds would be used for spot and Tether (USDT) perpetual trading on Bybit.

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Elon Musk alleges SBF donated over $1B to Democrats: “Where did it go?”

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Elon Musk alleges SBF donated over $1B to Democrats: “Where did it go?”

SBF made the “highest ROI trade of all time” by donating $40 million to the right people for getting away with stealing over $10 billion, said Will Manidis, the CEO of ScienceIO.

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Elon Musk alleges SBF donated over B to Democrats: "Where did it go?"

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The attempts of mainstream media to water down the frauds committed by FTX CEO Sam Bankman-Fried (SBF) did not fare well in convincing the crypto community and entrepreneurs. Instead, the misinformation campaign collided with Tesla CEO Elon Musk’s drive to position Twitter as “the most accurate source of information.”

The world is yet to overcome the shock after witnessing the legal leniency awarded to SBF for misappropriating users’ funds and shady investment practices via trading firms Alameda Research and FTX. Will Manidis, the CEO of ScienceIO, a healthcare data platform, pointed out that SBF made the “highest ROI trade of all time” by donating $40 million to the right people for getting away with stealing over $10 billion.

That’s just the publicly disclosed number. His actual support of Dem elections is probably over $1B. The money went somewhere, so where did it go?

— Elon Musk (@elonmusk) December 3, 2022

On the other hand, Musk alleged that SBF donated over $1 billion to Democratic candidates, which is way more than the publicly disclosed amount of $40 million. SBF previously admitted to making backdoor donations to the Democratic Party. Musk asked:

“His actual support of Dem elections is probably over $1B. The money went somewhere, so where did it go?”

The United States House Financial Services Committee chair Maxine Waters, a Democrat, and ranking member Patrick McHenry, a Republican, have requested SBF to appear in an investigative hearing scheduled for Dec. 13.

.@SBF_FTX, we appreciate that you’ve been candid in your discussions about what happened at #FTX. Your willingness to talk to the public will help the company’s customers, investors, and others. To that end, we would welcome your participation in our hearing on the 13th.

— Maxine Waters (@RepMaxineWaters) December 2, 2022

To this request, prominent entrepreneurs, including Polygon CEO Ryan Wyatt, informed Waters that “he’s (SBF) a criminal” after being shocked at the leniency shown by the people in power to the fugitive.

Related: FTX collapse drives curiosity around Sam Bankman-Fried, Google data shows

The crypto community openly criticizes paid narratives that try to show SBF in good light. The latest backlash is related to SBF’s interviews in New York Times DealBook Summit and Good Morning America interviews.

Speaking to the news outlets during the ‘apology tour,’ SBF portrayed himself as a victim and got applauded at the end. “Watching SBF’s interview is kind of like watching Casey Anthony’s documentary. They’re so mechanical, they’re so inauthentic in their delivery. If you feel any emotion, at all, it slows people down. The way it is expressed is a separate subjective matter,” said Twitter user and developer Naom.

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