CoinMarketCap Launches Tool to Prevent False Exchange Volume

coinmarketcap

The popular cryptocurrency rankings site CoinMarketCap launched on Tuesday (12) Liquidity, a new trading and trading volume ranking tool in the cryptocurrency market.

Announced by CoinMarketCap for the first time last month, the site said the new tool is part of an effort to combat fake trading volumes on exchanges.

The illegal practice of creating fake volumes is abhorred in the financial market. However, it was through it that Bitcoin Bank Group (GBB) companies in Brazil harmed thousands of investors with the so-called 'infinite arbitrage'.

Coinmarketcap Volume

According to CoinMarketCap, the new metric replaces volume and serves as the default for site peer ranking.

It looks at a number of factors, including major changes to the order book, especially if there is much difference in the average market price of a cryptocurrency. The calculations are done randomly, but over 24 hours the average result is obtained.

“We believe that our malleable methodology will make our metric very difficult to manipulate as the order has to be placed at a near-average price or Liquidity will pick up,” said Carylyne Chan, CoinMarketCap's chief strategy officer.

CryptoRobots: The Technology of the Future

robot

CryptoRobots can be defined as a tool that processes the buying and selling of digital assets on behalf of a trader, automatically executing trades according to pre-established rules. The advantages of using CryptoRobots are many, especially when it comes to accuracy and error avoidance.

When human emotions are present, anxiety and fear take over smart trading and mistakes begin to be made. CryptoRobots solves this problem by simply removing emotion, turning trading into an emotionless activity based solely on market numbers. Trading automation is also more effective, especially when users can simply do anything else and the bot continues to execute transactions over time.

The CryptoRobots offered by Diamonds Capital are configured to work under the most demanding conditions, handling the highest trading volumes, these CryptoRobots can be used on the largest cryptocurrency exchanges available on the market such as Binance, Bitfinex, Bitmex, OKEx, Bittrex, Kraken

Designed by CEO Robert Clarkson, Diamonds Capital's established trading robot employs a graphics recognition scanner to complete transactions automatically. Diamonds Capital's trading bot is tied to proven algorithmic strategies that challenge the cutting and sharpening nature of human sentiment.

Strategies are based on triple and double exponential moving averages (TEMA and (DEMA)), which help distinguish effective entry positions and exit points, enabling the bot to assess the market competently and respond quickly to price swings.

CryptorCryptoRobotsobot has gone through a 12-month testing phase, testing strategies and the evolution of the cryptocurrency market. According to Diamonds Capital, investors can earn up to 3.5% in just one day using their proprietary trading bot. Deposit plans include USD, Bitcoin and Ethereum. The unique initial plan is a 30 day plan that generates 1.50% ROI from just $20 in deposit. The highest USD plan - the Diamond Capital plan - is a 40-day program that provides a 2.50% ROI from a $15,000 deposit. The ETH and BTC plans are virtually the same, with minimum deposits ranging from 0.01 BTC / 1 ETH to a maximum of 2 BTC / 100 ETH.

Start earning money and sign up to invest in one of your suitable deposit plans. Immediately after, a CryptoRobot will start trading for you, reporting daily profits to your balance. Immediate withdrawal is possible after the first day.

Twitter says it will never use Libra, Facebook’s cryptocurrency

gráfico padrão

During an event in New York, Twitter CEO Jack Dorsey commented on the Libra cryptocurrency and said his business would never participate in the project. When asked about the matter, the executive sent a "hell no" and criticized the initiative, which is headed by Facebook.

According to The Verge, who was at the event, Dorsey said that cryptocurrency is not the answer to bring democratization in the financial system and serves to represent the interests of the large corporations behind the project. "It's not an open standard and it was created on the internet," said the CEO of Twitter. "[Libra] was born of the intention of a company, and it is not consistent with what I personally believe or want for our company."

Despite criticism for the Libra, Dorsey has also revealed to be a digital currency enthusiast and believes that decentralized technologies are positive for web development. "The Internet is an emerging nation-state in almost every respect. And now it almost has its own assets in the form of cryptocurrencies and bitcoins."

Libra in Decay

In addition to taking a denial of Twitter, Libra has also generated discord even among its founding members. Since its announcement, cryptocurrency has led to a number of regulatory-related controversies and may even be banned in certain countries for safety reasons. Because of this, companies that helped design the asset, such as PayPal, Mastercard, and Visa, are already jumping out of the project.

This week, Facebook CEO Mark Zuckerberg attended a conference at the US Congress to try to calm legislators' spirits about the upcoming 2020 Libra. With so much controversy surrounding the digital currency, however, it gets It is hard to say whether the initiative will really come to life next year.

US Homeland Security Taps Canadian Blockchain Firm to Track Oil Imports

oil pipeline

The U.S. Department of Homeland Security (DHS) is contracting Canadian enterprise blockchain firm Mavennet to build a cross-border oil tracking platform.

Coming through DHS’s Science and Technology Directorate, and with initial funding from its Silicon Valley Innovation Program (SVIP), the $182,700 contract will see Mavennet retrofit its existing oil tracking platforms for use by the Customs and Border Protection (CBP) branch of DHS at the Canadian border.

The project targets a massive cross-border import market. America is Canada’s largest importer of oil, moving at least 120,00,000 barrels of crude oil per month through the first half of 2019, government data shows. 

Mavennet, however, is years away from covering that broad market. The company will use this early funding to build a proof-of concept demo for CBP. It could continue on through up to two years of demonstrations and pilot programs before field testing, during SVIP’s fourth and final phase.

Patrick Mandic, CEO of Mavennet, told CoinDesk his company has been working in the space since 2015, including developing an on-chain natural gas platform for the Toronto Montreal Exchange. He said this DHS project will help further the industry:

“This project is a strong building block to help a much needed digital transformation of the O&G space, which is the big picture we are after.”

SVIP Technical Director Anil John explained in a statement that the Mavennet platform’s “digital auditability” could be critical as web-based identification standards continue to develop.

“Accurately tracking the evidence of oil flow through pipelines and refinement between the U.S. and Canada and attributing oil imports with the accurate composition and country of origin are of great interest to CBP,” John said.

The investment is SVIP’s latest blockchain space play. Previously, the R&D-focused fund, which does not take equity in its projects, awarded Texas’s Factom nearly $200,000 to deploy their blockchain-secured cameras and sensors along the border. 

Samsung Adds Support for Tron Network to Blockchain Dapp Store

justin sun

Tron founder Justin Sun will appear on stage at the Samsung Developer Conference on Wednesday to announce a new partnership between his crypto company and the telecom giant.

Tron will be integrated into the software development kit (SDK) of the Samsung Blockchain Keystore, which helps users manage private keys. The SDK allows coders build with the Tron network by giving them direct access to the blockchain via Samsung devices.

It’s still unclear how this partnership changes anything for TRX token users, beyond wallet support. In the days leading up to the announcement, Sun tweeted about a partnership with a “megacorporation” that would “broadly distribute $Tron Dapps [decentralized applications] and tokens to billions of customers.”

The Pew Research Center estimated that 5 billion people currently have access to mobile devices, only half of which are smartphones. Considering Samsung is among the top hardware sellers alongside Apple and Huawei, which have both captured significant market share, it would be a stretch to imagine even 1 billion users gaining access to the Samsung Blockchain Keystore. (CoinDesk was unable to reach Samsung for comment. We will update the article if we hear back.)

Beyond mobile wallets, Samsung devices should have the same direct access to Tron blockchain data. This could, in theory, make it easier for dapp developers to make products for Samsung users that don’t rely on third-party wallets.

As such, Sun heralded this new conduit as a “milestone” for Tron. According to Tron’s latest report, there are roughly 3.9 million Tron wallet accounts and 611 dapps.

In a WhatsApp message, Sun told CoinDesk the partnership would make it easier for “millions of users of Samsung devices” because developers can build applications using Samsung devices.

“One of the biggest frictions in the dapp user experience is the wallet,” Sun told CoinDesk, adding:

“With the Tron/Samsung integration, users won’t need any third party wallet anymore. And develops can just focus on the content they are building and provide a seamless experience to end users.”

China’s focus on blockchain should boost global technology landscape

china blockchain

China's President Xi Jinping's remarks about the Asian giant leading blockchain development should take the technology discussion to another level in the global context.

"Coming from a leader like the Chinese president, the world's second-largest economy, this statement indicates that there will be a deepening use of this technology for more robust and potentially more relevant use cases in the global context," Gustavo Robichez, professor, told Bitcoin Portal. and researcher at the PUC-Rio Department of Informatics, on the statement by the Chinese president.

Last Thursday (24) during a meeting of the Politburo, the Chinese Communist Party Central Committee, Jinping said the blockchain should be considered an important advance, and that its development should be accelerated.

"We need to take the opportunity to integrate blockchain technology in promoting data sharing, business process optimization, reducing operating costs, improving synergy efficiency and building a reliable system," he said.

Robichez cites customs as a potential example of blockchain application for the purposes cited by the Chinese leader.

"There is a huge potential for application in customs processes, and China is undoubtedly watershed in this context because of the importance of its economy in international trade."

At the same time, the professor points out that Chinese attention to the blockchain should boost their discussion, both locally and globally.

“In addition to technological improvement, I would point out that the discussion of international standards tends to gain traction with this kind of support. Not to mention that the creation of digital assets (crypto active) can gain more relevance in a global scenario, with recognized standards, ”he said.

China abraça blockchain

Discussions about the uses and possibilities of blockchain in China are already beyond President Xi Jinping's talk, both locally and internationally.

On Twitter, the cnLedger profile, which specializes in the Asian country's crypto-economy, showed that the blockchain was now widely publicized by the government.

CnLedger also points to the discussion in the midst of Xuexi Qiangguo, the country's most popular app, in which there is a recommended course focused entirely on blockchain, with lessons about Bitcoin and Ethereum.

Remember that the app - whose name means "study to become a powerful nation" - was developed by the Chinese Communist Party to help people learn about their political doctrines.

The Chinese leader comes a few days after David Marcus, Facebook's cryptocurrency project manager, warned the US government about the dispute with the Asian country.

"If we don't have a good answer, in five years China will be rewiring a large part of the world with a digital renminbi running on its controlled blockchain," he said, who is a former director of Facebook's blockchain sector. and current head of the Libra project, the name of the future cryptocurrency to be developed by the social network.

Opera browser adds Bitcoin payment on Android

o-que-e-blockchain

The Opera browser has added functionality that allows the user to pay bitcoin directly through the browser.

The new functionality, for now, will be available for Android and will enable users to make bitcoin payments directly from their browser-integrated digital wallet, as well as interacting with decentralized apps (dapps) on the TRON blockchain.

Among today's top browsers, Opera is the only one to integrate with a cryptocurrency wallet. Google Chrome and Safari don't have this option yet.

Speaking with CoinDesk, Opera Charles Hamel's Cryptocurrency Chief said that because most people have heard of bitcoin, they considered adding this feature very important.

In April, Opera launched its new browser where the first cryptocurrency wallet was made available. The portfolio at the time only supported Ethereum (ETH) and some decentralized application interactions (DApps).

The browser also featured Web 3 explorer, which allows users to transact and interact with the blockchain-based internet, also known as Web 3.0. The virtual private network (VPN) feature, in an attempt to increase user privacy and security, was also added at the time.

The Facebook director says China’s cryptocurrency could take US power

crypto war china usa

"If we don't get a good answer, in five years China will be rewiring a large part of the world with a digital renminbi running on its controlled blockchain." The phrase is former Facebook blockchain industry director and current head of the Libra project, David Marcus.

According to an interview with Bloomberg, Marcus said China would create a digital currency system that could be totally beyond the reach of the US authorities.

"Chinese progress could pose a real threat to US influence," he said.

If that happens, and Facebook's currency fails, Marcus believes Washington risks having a part of the world completely blocked from US sanctions.

According to Bloomberg, while US officials are buzzing over whether or not to regulate social networking cryptocurrency, Beijing is moving forward with a global digital payment system.

Libra vs China

China has been mobilizing for an electronic digital currency payment solution since Facebook's announcement of Libra in June this year.

The following month, experts predicted that if things went well, the Chinese government-backed digital currency could come out before the official launch of Libra, scheduled for 2020.

Of type ‘Central Bank Digital Currency (CBDC), it would be regulated and controlled by the central bank.

Last month it was revealed that the pound would be backed by the dollar, euro, pound, and yen fiduciary currencies and that the renminbi, China's official currency, would be left out.

At the time, a Reuters publication suggested that not including the renminbi in the Libra project may be associated with the US / China trade relationship.

Here comes a new relative of Bitcoin – Libra

Here comes a new relative of Bitcoin - Libra

If past gains are no guarantee of future gains, I believe the inverted maxim should hold, too.

Past losses are not certain to be lost in the future.

And as cryptocurrencies, we teach this to the investor in faster and more certain cycles of the traditional market.

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Who like this way could realize that it was a good business to buy bitcoin below 15 thousand reais last year lows, who would say bitcoin below 10€?

About this second week, we have the story of the twin brothers Winklevoss, as likely to become movies as the story of Facebook itself, which are the protagonists.

Cameron and Tyler are portrayed in the movie "The Social Network," as ideas from Facebook and Mark Zuckerberg, as the developer who was called on to create a social network and eventually created his own.

This led to a lawsuit for Mark early in the company and a $65 million deal was struck between the parties, with the genres becoming millionaires after the pact.

This is a summary of the story and can be called Zuckerberg vs Winklevoss 1.

That's when Cameron and Tyler, looking to invest in their new big future opportunity, find bitcoin a possibility.

It decided to acquire a large chunk of this Internet currency in 2011, together they include $11 million in BTC, or about 1 percent of all bitcoins mined at the time.

If, after the lawsuit against Mark, Cameron and Tyler no longer involve social networking business, Zuckerberg now enters the area where the twins are pioneers.

That's because Facebook is launching its encryption, called Libra, which promises to rival what bitcoin wants to be from the first document published, that is, a global currency.

Obviously, a media, which loves a good battle, was asked of the Winklevoss or what they had stated about this move on Facebook.

The twins said they should be "frenemies" so far because cryptos still have a lot of markets to reach.

And so, we are facing Zuckerberg vs Winklevoss 2, no doubt.

But the difference is that Facebook today fights against something that is totally different from just one enemy or that can be completely imitated.

Fortunately, bitcoin is not a copyable messaging, photo, and video feature like Snapchat.

(The code itself can be copied, but the network effect it has cannot.)

Nor is it possible to offer a reward to the bitcoin CEO and incorporate a company into the holding company.

What remains is to try to create your own bitcoin, but this initiative is doomed to failure.

Simply because the main differential of bitcoin, which is decentralized, cannot be copied by Facebook.

The Pound threatens far more all current payment models, such as cash machines, food applications, and even banks, than bitcoin.

The collapse will start with countries banned by their citizens, using a Facebook currency to send money to a country.

Nations like India, which is one of the major remittance markets, are unlikely to allow Libra to function there.

In addition, the US government will ask for explanations about the Mark about the currency and its future plans.

After all, after the company scandals, it is totally "cool" to be against Facebook.

This will be prohibited from proceeding with Libra or it will be prohibited in the United States market.

Okay, you already have a global currency that is not as global as you need.

On the other hand, there is something similar to Libra that is not subject to censorship. Yes, it's our bitcoin.

That's why I believe this new Facebook currency can play a key role in adopting cryptos.

It is like presenting an intranet to someone who doesn't know the Internet. One may even see the value in the first, but the moment you know the second, it will migrate.

So I am very optimistic about Libra, but not about its success.

How the BlockChain Works

Blocking Ledgers – How the BlockChain Works

Whether or not there is a Satoshi Nakamoto is a moot point. What is clear is that in the aftermath of 2008, two lessons were learned by too few:

  1. Spending more than one owes – debt – entails a departure from pure capitalism in that it introduces a form of bondage into a system that should be concentrated on the communication of value rather than social relationships; and
  2. Trust, the basic emotion upon which is based the ability to ascribe value to little metal disks and painted paper (i.e. money), is too central to the capitalist system to be ascribed to mere humans (i.e. bankers)

Nakamoto was one of those thus gifted, and these two points were the basis upon which Bitcoin was founded (a: communicating value and, b: trusting the medium of communications); and although there have since been other cryptocurrencies that deal with these two challenges differently, it is worth understanding at least one of them.

Bitcoin’s approach is pristine and clear, albeit somewhat flawed in its results, perhaps. It can, therefore, serve as an excellent basis for understanding how other systems work – even those that do not rely upon a blockchain of some form or structure.

This is important, not only for Cryptocurrency enthusiasts but for all of us. It is the wave of the future, and – because it is safer than any centralized and therefore assailable database – it is the technology that is expected to support future land registries, elections, identity management, medical records … nearly every aspect of life that is subject to the recording of data.

A company that goes by the name of Bitnation, for example, is providing e-residents of Estonia and Liberland with all the administrative tools of a virtual nation.

In the following article, we will explain why the Blockchain was created, how it supports the Bitcoin virtual/electronic/crypto/call-it-what-you-will currency, more or less how it works, and what some of its limitations are.

And, we will show how the system replaces the misguided trust we place in banks, funds and other members of the traditional finance world, with trust in the no-nonsense, non-ego-guided binary workings of a computer.

The Ledger – Communicating Value

Anyone peering at the list of dramatic personas above will notice the absence of one particular character – the Bitcoin. That is because – quite simply – Bitcoin as an entity does not really exist.

That golden disk with the dollar-style crossed “B” is no more than a marketing image. Participants in the Bitcoin economy do not have physical wallets full of little gold coins.

Instead, they have access to a series of online ledger blocks, which are – like regular paper ledgers – recordings of transactions. Each block in the ledger contains all of the transactions executed within a given time period, and together they form a time-continuous chain of such blocks.

Throughout these ledger blocks, all of a user’s previous transactions are recorded. Even one’s account balance is not actually recorded.

Instead, before being able to spend money, or – in the case of Bitcoin – to transfer value to another in return for a service or asset, the system will examine all previous ledger blocks to ensure that the participant has more value (value received minus value spent) than he is about to spend.

In this manner, one of Western society’s most problematic elements – debt – is revoked. One cannot spend more than one has. Ensuring that the payer has sufficient credit is a basic requirement for approving a transaction.

types of networks

These ledger blocks are distributed throughout the entire Bitcoin network to provide redundancy and security. They are not merely decentralized into a network of hubs and spokes, but actually interconnected, so that they are all identical at any specific moment.

The ledgers cannot be altered by a central bank or authority. Instead, the retainers of the ledger blocks receive a broadcast whenever a new block is added.

They then backcheck their own chain of blocks to ensure consistency and broadcast their approval throughout the network. Only after the entire network has confirmed the coherence of the chain, is the new block approved.

Thus, merely changing the contents of a single block is insufficient, since that change must be approved by the entire network to be properly recorded throughout the system. It must conform to the history of all the identical online ledgers in the network!

The Block – Generating Trust … and Chains

block building process

Now, we ask, precisely how does the network confirm that a change recorded is indeed legitimate? How can we automate a system so that it does not require the actual computation of every transaction in the system to verify its authenticity? To answer this, we must take a closer look at the block.

A block is part of a chain of such blocks that comprise the online ledger, which records all the transactions made within a specific timeframe. Each block is identified by a hash – a 256-bit chain (a binary number using 256 digits of 0s and 1s, whose regular value is too large to name – larger than 10 to the power of 78, i.e. 10 followed by 77 other digits) – that is unique to each block.

Besides the transactions, each block contains (as an input that is on par with the parameters of the block’s listed transactions) a timestamp and the hash of the previous block in the ledger.

Thus, a chain of blocks is gradually formed in which one block cannot be altered without changing the hash identifiers of all of its subsequent blocks.

hashing the block

Each block also contains a 32-bit operator (nonce) that is used to derive the block’s unique hash, based on the block’s recorded transactions and the previous block's hash inputs.

This structure aims to undermine the creation of counterfeit transactions. Doing so would alter a previous entry in a previous block, thereby altering that previous block’s hash and requiring an updating of all its subsequent block hashes (which, as mentioned, is based – among others – on the hash of the previous block) until the present.

The Race to Find the Nonce

While, admittedly, the above sounds like a game played by Harry Potter fans, the race to find the nonce is at the center of the entire Bitcoin system.

As mentioned, the nonce is a 32-bit chain, which means that there can be more than 2 billion of them; and it is used as an operator to derive a hash (block identifier) based on the transactions of the block plus the hash of the previous block.

Now for the hard part: The Bitcoin system specifies a maximum value or specific value range for the Hash, and because it is applied randomly upon several inputs (the transaction parameters and the previous hash), there is no way to reverse engineer it from the resulting hash, since this would entail knowing – not only the nonce – but also how it applied to each input from the block.

The only way in which to arrive at a hash that fulfils the system’s requirements is to try one nonce after the other until the desired hash value is derived. Nonces are tested one after the other at a rate measured in quintillions-per-second.

finding the nonce

To do this, increasingly powerful computers are required to test the ever-shrinking number of available nonces (even 2 billion permutations will eventually run out). And this is where the race element steps in.

The moment a block is closed for new transactions, a new one is initiated. Immediately, the race is on to find the correct nonce for the newly-closed block.

As soon as this nonce is found, the block with its nonce and the resulting hash is submitted for approval to the entire network of miners and other parties hosting the ledger. Simultaneously, the newly opened block is closed and submitted to a new race, and a third block is opened for new transactions.

Miners! On Your Mark!

Miners execute the most important task in any monied society. Without them, there would be no gold, copper or silver; but there, the similarity ends.

In the Cryptocurrency world, miners are the people (well, their CPUs and GPUs, actually) entrusted with sitting by their computers and testing nonces.

Clearly, testing one nonce after the other is power-intensive (it uses up lots of electricity) and it needs to be done very quickly, since most people will not want to sit in a restaurant for hours, waiting for the Bitcoin network to approve the payment.

On the other hand, the miner will not want to invest time and money in a process that requires the approval of an entire community unless he receives remuneration for his work.

In the beginning, miners were mostly computer enthusiasts with above-average computers using graphic processors, simply because these are faster than the central processing units to be found on each computer.

Now, however – as the competition for finding nonces from an ever-narrowing pool increases and the reward shrinks – their task has been almost overtaken by large corporations with even larger computers.

As mentioned above, miners are incentivized through payment in the following manner.

To each block is added one transaction in which previously non-existent value is created (a “newly minted bitcoin”) and credited to the miner who finds the correct nonce first.

The miner receives his payment after he submits the block with the correct nonce and newly-ascribed hash to the network and it is accepted by all participating computers.

The accepted nonce represents what is referred to as “proof of work” (since it entails a lot of work), and it is also proof of the miner’s dedication to the system: he has invested work, time, electricity, and other resources to the search for the nonce and hopes to receive remuneration for his work, once it is approved.

Thus, the self-interest of the miner is that which is at the basis of the system’s trust in him. There can be no conflict of interest, as there exists in the banking world, where perverting the system can often result in gains due to the system’s inherent flaws.

And So, To the Drawing Board

The finalized process of creating the Blockchain (a chain of blocks) is thus:

  1. From the moment a previous block (call it “1”) has been closed to accepting new transactions, a new block (“2”) is initiated.
  2. At this point, miners begin the race to find the nonce for the closed block (“1”).
  3. A nonce is found for Block “1” and it is submitted to the network.
  4. Once approved, it joins the chain and its hash is added to the newly initiated block (“2”).
  5. Simultaneously, the new block (“2”) is closed and submitted for the next race to find its nonce. A new block (“3”) is initiated.
chaining the blocks

The only time this process is disrupted is when two people find nonces at the same time that generate hashes that fulfill the value parameters set forth by the system.

We now have two timelines – two chains emanating from the same source: a fork. In this case, payment for work is withheld while the race for finding the nonce of the next two respective blocks (one continuing each timeline) is on.

Both these blocks contain the same transactions, and the race is not only between miners but between two timelines. The first block submitted and accepted by the network determines which of the two timelines will be the “legitimate” one.

Payment goes to the originator of the winning timeline, and the blockchain continues from there, the other timeline ceasing to “exist”.

This is clearly a limitation of the system, meaning that work is often done for which there will no remuneration; however, this risk can be factored into the pricing.

Other problems with Bitcoin’s blockchain include increasingly lengthening processing times and the number of possible transactions per block. Also, the larger the blockchain grows, the bigger the servers required to host it.

As a result, power is once again being concentrated into the hands of large corporations (read: banks), defeating the entire grass-roots premise of the original instigators of the system.

Another limitation is that the more bitcoins minted, the more hashes and nonces found, the slower the system becomes and the more resource-hungry (electricity and CPU/GPU power) is required.

As a result, the mining industry gets more and more centralized in the hands of those who can afford to undertake this task in the hopes of cornering the market. Already, hundreds of thousands of miners have dropped out of the game, since they cannot afford the bills and/or deliver the goods on time.

The corollary of this is that once about 50% of the ledger is in the hands of a single entity, it becomes open to manipulation. There are many more limitations to Bitcoin’s blockchain – some of which are addressed by the ledger workings of other cryptocurrencies.

From the user’s point of view, besides longer transaction times mentioned above, the greatest danger posed by the system is the inability to retrieve a lost key. Since keys cannot be retrieved, this entails a total loss of one’s assets.

Introducing: The Blockchain

And so, we have the blockchain – a continuously growing chain of blocks that record all of the transactions a person has made, safeguarding him/her from overspending, and from the whims of banks and other financial institutions.

It is a completely comprehensive and independent mechanism, in which trust in your banker is replaced with trust in the technology. That technology, upon which the Blockchain is based, is quite simple and provides for many the hope of an end to corruption and (often) mere administrative incompetence.

As we watch capitalism slowly sink again and yet again into its self-satisfied self-delusion and unbridled greed, cryptocurrencies offer freedom from financial institutions and – hopefully – an immunity to the stupidities and ill will of those to whom we entrust our savings.