Founder of Morgan Creek Capital, Mark Yusko, believes Bitcoin’s Proof of Work (PoW) consensus is the only viable protocol on which to build a digital asset. In an interview, he discussed why the coin is a “beautiful use case of blockchain,” and why 99% of other coins will eventually go to zero.
Proof of Work Only Viable Consensus
Mark Yusko – a longtime Bitcoin bull – sung Bitcoin’s praises on the latest episode of RT’s Keiser Report, calling the coin a “beautiful use case” of blockchain.
He outlined how the leading cryptocurrency, with its Proof of Work (PoW) consensus, is one of about a dozen coins with real world value and application.
Bitcoin aside, Yusko name-dropped Ethereum, Dash, and Monero. Other coins, he said, don’t fit into the same category.
While Bitcoin is tried and tested, the majority of the rest are what he calls “crowdsourced venture capital, pre-seed and seed stage deals” with technology that may not work. 99% of these, Yusko said, may go to zero.
Bitcoin is better, Yusko – a true maximalist – argued, because of its protocol: decentralized, an increasing hashrate, and a community of miners and users that translate to the coin being a true store of value and medium of exchange.
Mark Yusko on Max Keiser’s show discussing bitcoin (source: RT Youtube)
Bitcoin Lets You Own a Piece of The Protocol
Some traditional fund managers still view Bitcoin as some kind of scam, noted Yusko, as opposed to what he says is truly an evolution of technology. With an increasingly digitized world, Bitcoin will continue to play a fundamental role as a base layer blockchain protocol for “decades and centuries,” he said.
But while both Yusko and Keiser Report host Max Keiser agreed that most cryptocurrencies will fail, Bitcoin and about a dozen other PoW cryptocurrencies look to provide an opportunity that’s similar to (but different from) dot-com era tech stocks.
“The protocol is the application,” said Keiser, comparing it to the opportunity of buying shares in the concept of email in the 1990s.
“With Bitcoin, you have that opportunity. You’re owning a piece of the protocol that’s dominating,” Yusko replied.
Yusko also brought up Berkshire Hathaway vice chairman Charlie Munger, known in the cryptosphere as the person who claimed that Bitcoin trading is like trading in harvested baby brains.
Munger’s comments were not particularly a surprise, as Bitcoin is set to have a big impact Munger’s bread and butter: 47% of Berkshire Hathaway’s is in financial services which are being disrupted by these PoW protocols and associated blockchain technology.
Yusko concluded the interview by pointing out that investing in technology and innovation has always been the path to long-term alpha:
“Look at the best investors in the world. They overweight innovation and get alpha,” he said. The post appeared first on NewsBTC. origin »
StarkWare has verified the first zero-knowledge (ZK) proof on the Bitcoin. It’s part of the core Starknet developer’s plans to scale Bitcoin for mass adoption. StarkWare has achieved a historic feat by completing the first zero-knowledge proof verification on the Bitcoin network, according to the details posted on X on Wednesday.
At a blockchain festival held at Marina Bay Sands, Singapore in April – Block Live Asia 2019, was an impactful topic of discussion was brewing amongst the panelists of industry heavyweights such as Roger Ver of CEO of Bitcoin.
A number of exchanges failed the Proof of Keys (PoK) test according to a website run by Trace Mayer, a bitcoin investor. He said: “So far, reported failures at: HitBTC, PurseIO,...
The post Bitfinex Failed the Proof of Keys Test Says Trace Mayer appeared first on Trustnodes.
CoinSpeaker
Major Exchanges Seem to be Not Ready for ‘Proof of Keys’ Movement
In addition to being Bitcoin’s 10th birthday, Jan. 3, 2019 will go down in history as being the crypto world’s inaugural Proof of Keys day.
CoinSpeaker
Major Exchanges Fail to Prove Their Readiness for ‘Proof of Keys’ Movement
In addition to being Bitcoin’s 10th birthday, Jan. 3, 2019 will go down in history as being the crypto world’s inaugural Proof of Keys day.
Vitalik Buterin is anything but a fan of proof of work and he is not shy in showing how firm his stance towards it is. Today he took another dig at bitcoin and its consensus mechanism in a tweet that he quickly deleted but a specialized Twitter account caught it and reposted it: His tweet […]
The post Ethereum overlord Vitalik Buterin taking another dig at Bitcoin and proof of work appeared first on CaptainAltcoin.
In addition to being Bitcoin’s 10th birthday, Jan. 3, 2019 will go down in history as being the crypto world’s inaugural Proof of Keys day. The initiative, conceived by Trace Meyer just weeks ago, has drawn broad support from cryptocurrency influencers and businesses.
Вы действительно «владеете» своей криптовалютой? Чтобы убедиться в этом в криптосообществе возникла инициатива «Proof of Keys», которую продвигает Трейс Майер, ведущий подкаста Bitcoin Knowledge. Эта новая «культурная традиция» биткоин-сообщества, основная идея которой заключается в том, что каждый год, в день рождения блока Биткоина, 3 января, владельцы празднуют Genesis блока, «требуя вернуть им все Биткоины, которые […]
Сообщение Инициатива Proof of Keys в честь генезиса блока Биткоина появились сначала на RuCoin.
Lightning is all the rage these days and, while it's an exciting development, users currently have to have a full node running in order to transact in it. In this article, I'm going to introduce Neutrino, a new protocol for light clients to get the data that they need while preserving privacy and without trusting a central server.
To commemorate the anniversary of Bitcoin’s genesis block and encourage monetary sovereignty, well-known bitcoin investor Trace Mayer encourages crypto holders to remove all crypto holdings from centralized exchanges.
Bitcoin was created by Satoshi Nakamoto, (almost certainly) a pseudonym, that no one has been able to conclusively connect to an actual person or group of people to this day.
Digital currency exchange HitBTC has reportedly been freezing account withdrawals on January 1, 2019, just ahead of the launch of the much anticipated annual Proof of Keys event, the exchange’s users have complained on Reddit.
The upcoming withdrawal of Bitcoin from the stock exchanges, according to many, will cause a collapse to $ 2K and below. Who benefits and why? Proof of trust On December 17, someone with nickname sotashi called in Reddit to celebrate the 10th anniversary of Genesis-block in the Bitcoin blockchain in an unusual way: withdraw all […]
31 декабря 2018 года создатель Ethereum Виталик Бутерин опубликовал серию твитов с благодарностями в адрес тех групп, которые он считает «внешними» или обычно не благодарит – как внутри, так и вне пространства криптовалют.
2019. 1. 1, one of the world’s largest ZCash mines—ZPool officially opened up its ZCash mining pool, and started recruiting miners from all over the world free of service charges.
KIENG KESSARA, the founder of ZPool, noted that, ZPool was formerly known as Megabigpower Bitcoin mine, which was built in September 2017 in Idaho, the United States.
In the time-honored tradition of goal setting for the new year, Bitcoin Magazine has compiled a short list of seven possible New Year’s Resolutions for Bitcoiners as we head into 2019.
Bearish market conditions aside, 2018 was undoubtedly a monumental year for the cryptocurrency industry as a whole. Investors continued to flock to this space. Hashrates drastically increased across notable Proof of Work-secured networks.
In this latest roundup of crypto chatter from social media, Vitalik Buterin sparks debate by declaring that he doesn’t believe in proof of work. Also, developer Rhett Creighton is accused of foul play in the Bitcoin Private pre-mine scandal.
Основатель криптовалютного фонда Adamant Capital Туур Демистер в недавнем твите сказал, что эфириум ему напоминает марксизм, поскольку то, что работает сегодня (Proof-of-Work) — это «просто фаза», а идеальное будущее (Proof-of-Stake) ещё впереди.
In recent months, as Bitcoin (BTC) purportedly fell through its supposed break-even cost of mining not once, not twice, but three times, the economics of Proof of Work (PoW) have been questioned by wary skeptics.
Cryptocurrency isn’t known for being environmentally friendly (well, not Proof of Work mechanisms like Bitcoin), but a new blockchain project could help save endangered species—at a discount. The Newton Project, which seeks to replace centralized intermediaries with trustless markets, has announced plans plans to help fight animal poaching with the help of blockchain-based monitoring devices.
For an entire year, cryptocurrencies have been losing value, and the two market crashes in 2018 have scared even the most optimistic investors. Many are now wondering if crypto is a sinking ship, and whether or not they should stick around.
Dubai, UAE. – The Bithereum (BTH) team is officially launching their peer-to-peer (P2P) fork of Bitcoin centered around “Proof of Stake”, the future of Ethereum mining and blockchain consensus.
An analysis of the role of the nonce in the Bitcoin proof of work mining process, alongside the SHA-256 algorithm and the difficulty adjustment.
The post What Is a Nonce? A No-Nonsense Dive into Proof of Work appeared first on CoinCentral.
В честь десятой годовщины генерации генезис-блока пользователь Reddit под ником sotashi предложил вывести биткоины со всех бирж. 3/Jan/2019 Proof of Trust Event, 10yr Audit from r/Bitcoin «3 января 2019 года, десять лет спустя, давайте выведем все биткоины на кошельки, которые принадлежат нам.
Dubai, UAE. - The Bithereum (BTH) team is officially launching their peer-to-peer (P2P) fork of Bitcoin centered around “Proof of Stake”, the future of Ethereum mining and blockchain consensus. The launch of Bithereum will occur around December 28th, or at Bitcoin block number 555,555.
A new initiative seems to be gaining strength in the Bitcoin user community after Trace Mayer, investor and host of The Bitcoin Knowledge podcast, proposed to each user, hodler, and trader to join in celebrating the Bitcoin Genesis Block creation day by running a proof of keys.
The Proof Of Keys Celebration hosted on January 3 is encouraging members from the Bitcoin community to demand and take possession of their bitcoins currently held by trusted third parties. According to the Proof of Keys video uploaded on December 9, 2018, Trace Mayer, the host of the Bitcoin Knowledge Podcast, is keen to make the Proof Of Keys an.
Cryptocurrency investor and entrepreneur Trace Mayer plans to use the anniversary of the Bitcoin genesis block to make holders reclaim their private keys. Mayer To Bitcoin HODLers: Reclaim Sovereignty In a video introduction to the plan, which he dubbed ‘Proof of Keys,’ Mayer appealed to the Bitcoin community to remove all funds not under their direct control, specifically third-party exchanges.
Trace Mayer is calling for all bitcoiners to participate in a “Proof of Keys” celebration on Genesis Block day. “Not your keys; not your bitcoin,” he emphasized, urging bitcoiners to declare monetary sovereignty by withdrawing all of their bitcoins held with trusted third parties to software for which they control the private keys.
Trace Mayer is calling for all bitcoiners to participate in a “Proof of Keys” celebration on Genesis Block day. “Not your keys; not your bitcoin,” he emphasized, urging bitcoiners to declare monetary sovereignty by withdrawing all of their bitcoins held with trusted third parties to software for which they control the private keys.
Trace Mayer is calling for all bitcoiners to participate in a “Proof of Keys” celebration on Genesis Block day. “Not your keys; not your bitcoin,” he emphasized, urging bitcoiners to declare monetary sovereignty by withdrawing all of their bitcoins held with trusted third parties to software for which they control the private keys.
Blockchain project VeChain announced that it is working closely with the Fuji MARUMO Tea Garden, one of the historic tea businesses in Japan to prove traceability of tea products. The blockchain network uses an advanced IoT and traceability solution which will enable Fuji MARUMO’s customers to verify the origins of their tea products by using a […]
Japanese Tea Products Can Get Verified Proof of Origin on VeChain was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
R3 has unveiled a new app on their international blockchain, a global payment platform that uses Ripple’s XRP as its initial base currency. The app, dubbed Corda Settler, continues R3’s track record for pursuing ambitious blockchain projects, and it is allegedly “purpose-built to allow for payment obligations raised on the Corda blockchain platform to be made through any of the world’s payment systems, both traditional and blockchain-based.
It’s been less than two weeks since the Bitcoin Cash (BCH) hard fork and blockchain split that occurred on Nov. 15. Since then there’s been a lot of discussion concerning the hash war, with BSV and BCH miners acquiring blocks, gathering hashrate and accumulating proof of work.
The research arm of the Untied States Military, DARPA (Defense Advanced Research Projects Agency), is seeking to better understand distributed consensus protocols that are the backbone of several blockchain projects.
Bitcoin is falling, Altcoins are not left behind. As Bitcoin drops to $4,400, majority of Altcoins have lost their momentum, with more than twenty Altcoins falling by 10%. On a basic bear market, Altcoins may lose a maximum of 5 to 7%, but if traders needed more proof that a bloodbath has surfaced, it is […]
The post Bearish Crypto Market: Is This The Best Time To Buy? appeared first on ZyCrypto.
The Swiss federal railway SBB is working on implementing its first blockchain use case around certifications for its employees that work on railway tracks. In fact, a collaboration between SBB, Linum Labs and uPort, is exploring a viable solution to verified worker credentials and has produced published a blog entry around proof of concept last […]
The Swiss Federal Railway Trials a Digital Identity Pilot on the Ethereum Blockchain was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
Unannounced Introduction Of Checkpoint By Bitcoin Cash ABC Sparks Controversies The 15th November hardfork of Bitcoincash into BCH ABC and BCH SV is finally over and as of now, it looks like Bitcoin Cash ABC chain is winning the civil war.
Bitcoin Cash, the “big block” project that forked away from the Bitcoin blockchain in August 2017, “hard forked” (split) into two different coins: “Bitcoin Cash ABC” (BCH ABC) and “Bitcoin Cash SV” (BCH SV).
One of the biggest criticism against Bitcoin has been its energy-intensive Proof Of Work Algorithm. Just the phrase ‘Crypto-Mining’ is synonymous to operations that have high energy usage. Yet, mining remains the backbone of the crypto industry.
Latest Ethereum News According to Vin Armani, the founder of CoinText, CoinGeek and Craig Wright have a sinister plan for Bitcoin Cash ABC and other proof of work public blockchains as Ethereum. He claims that Craig and Calvin plan to launch a 51 percent attack of the Bitcoin Cash ABC network.
Evident Proof; a decentralized, unhackable, and immutable blockchain protocol developed by former Microsoft employees has announced that it will start to accept Dash and XRP as their adoption in the crypto sphere continues to grow.
Crypto Mining Is More Energy Intensive Than Mining Any Other Material A shocking report by a British Journal Nature Sustainability shows that in the past two years, cryptocurrency mining has generated between 3 million and 15 million tons of carbon emissions.
EY announced its unique EY Ops Chain Public Edition (PE) prototype today which will help in enabling secure private transactions on the Ethereum blockchain. It would be the first implementation of zero-knowledge proof (ZKP) in the world, which will add more privacy and security to Ethereum’s public chain.
In a bid to lower the barriers to mainstream adoption of blockchain technology, professional services giant Ernst & Young (EY) has launched a solution that it claims will allow companies to transact privately on Ethereum’s blockchain using zero-knowledge proof (ZKP).
Ten years ago to the day, Bitcoin’s pseudonymous creator, Satoshi Nakamoto, published the Bitcoin whitepaper, and it undoubtedly changed the face of the internet. While we might be a few years away from mass adoption (and most blockchain use cases are still merely “proof of concepts”), Bitcoin’s impact has been undeniable.
Ask any trader and they’ll tell you: diversifying your portfolio is one of the best ways to reduce risk. If you’re curious about branching out to other assets, definitely check out Reinhardt Coetzee — this South African Popular Investor is proof that low-risk, long-term investing can really pay off! Since joining eToro in July 2016, Reinhardt has kept his risk.
Bitcoin is still the leading proof of work blockchain and has already made massive moves over the years, with countless millionaires at the same time. However, with the price of Bitcoin having moved so much already, the upside is fairly limited, especially for crypto investors who do not have ample buying power to make a Bitcoin investment worth their while.
Dogecoin Lead Developer, Mishaboar has expressed his doubts about a possible move to a Proof of Stake (PoS) blockchain consensus. The developer has stated that the transition to a POS mechanism is not a “sensible approach” and has highlighted several issues that could develop from the change.
1,032 addresses control over 51. 2 million Litecoin (LTC) in circulation, on-chain data from BitInfoCharts on May 15. Litecoin Under Siege? Records from the “Top 100 Litecoin Rich List” show that 7,355,585 LTC in circulation worth $639,814,097 are controlled by 8.
The creator of the 'Skull of Satoshi' sculpture took to Twitter to express optimism about Bitcoin mining using green energy.
The post ‘Skull of Satoshi’ Creator Turns Optimistic on Bitcoin Mining With Renewable Energy appeared first on BeInCrypto.
The UK-based company's PEGA Pool Bitcoin mining platform is on a mission to reduce Bitcoin mining's carbon footprint to create a more sustainable and eco-friendly industry.