Bits.ca – Bitcoin and Crypto Currency News and Resources

  • Did you guys open a physical office?
    by /u/cryptoburner18 on June 24, 2018 at 11:11 pm

    submitted by /u/cryptoburner18 [link] [comments […]

  • PSA: User reports Bitfinex allowed Double Withdrawal
    by /u/dragespir on June 24, 2018 at 10:13 pm

    Someone reported that Bitfinex had a double withdrawal glitch that didn't seem to get much attention. Just wanted to put this out there as a PSA in case it is happening to more users. I've never seen a report like this about Bitfinex so I wanted to find out how legitimate it was. They didn't provide much detail, but I thought it was interesting because this is exactly how Bitgrail started. u/pratham001 if you're seeing this, could you perhaps answer some questions? Did they give a response after you reported 5 days ago? What crypto was it? How much was withdrawn? This happen to anyone else so far? submitted by /u/dragespir [link] [comments […]

  • Ethereum's dev ecosystem is growing by 50,000+ developers/month
    by /u/undertheradar48 on June 24, 2018 at 7:55 pm

    submitted by /u/undertheradar48 [link] [comments […]

  • Why VGO being the DAPP with the 7th highest Volume on Ethereum is a big thing for Crypto
    by /u/kaefergeneral on June 24, 2018 at 7:51 pm

    It has been a couple of days now since VGO released its collectible DAPP, selling game skins (that might or might not be used in games at a later point). Nevertheless, this is not the exciting part about it. Nor is the exciting part, that the DAPP has since moved up in the ranks of daily volume to place 7, or that hundreds of thousands of transactions are executed in the backend on the sneaky beaky like released WAX alpha blockchain, by thousands of users. The big and exciting part is, that the whole process, from fiat until collectible, is working without the user ever having to touch crypto or even the need to realize he is using a blockchain or cryptocurrency. These are hundreds of thousands of dollar, that are getting flooded into the market by nocoiners, that likely have never held any crypto in their lives until this day. Yes, the project is controversial because the service itself is gambling and the skins are mostly used to gamble with. And yes, CS:GO players are salty because Valve banned OPSkins from trading and they are blaming OPSkins. Yet, projects like this are, what will lead us to mass adoption. This is why WAX targets this sector first and why I am so bullish on it. VGO is just one of many projects to come. submitted by /u/kaefergeneral [link] [comments […]

  • I'm a Vechain HODLer, let's talk about Vechain's issues
    by /u/jonnymanchild on June 24, 2018 at 7:19 pm

    So, I know a lot of people on this sub hate Vechain with a burning passion. I understand why, as a good chunk of the Vechain community can be a bit toxic and close-minded. That said, I would really like to hear some of the real arguments against Vechain that don't have to do with the community. VEN is my biggest bag, and it's hard to find any truly objective discussion about problems that have arisen or may arise. This leads me (and the majority of the Vechain community) to believe that there are no problems. I'm an investor myself, and largely ignorant on the more technical aspects of crypto, so I this would be a good way to reach out to those more savvy than myself. 🙂 submitted by /u/jonnymanchild [link] [comments […]

  • Explanation of why EOS is centralized, how it could theoretically be solved, and why that won't happen
    by /u/Edgegasm on June 24, 2018 at 5:46 pm

    I know we have an anti-EOS post on this subreddit every day now. It seems like low hanging fruit at this point, but not without good reason. This post isn't really for /r/cc, it's for those of you still gripping onto your EOS. I want to explain in very simple terms the serious issues with this project for those that are still in denial. I'm also going to tell you how EOS could potentially resolve them. Then I'm going to tell you why they won't. Fair warning, it's going to be long. But do yourself of a favor and read it. I'll answer questions below if anything isn't clear. Using a delegated node system rather than keeping the higher architectural distribution that we see with Proof of Work allows a network to scale better. Less nodes having to ask each other to sign stuff, higher throughput. Not complicated. It also introduces other issues like reduced points of failure (particularly for EOS with their 21 node limit) but that's for another time. To keep a network like this decentralized, we use voting systems. If Johnny Token Holder can help decide which nodes are running consensus, he can vote for the node that represents his best interests. He maintains some control over the network as long as his vote means something when he agrees with enough other people using the network. It's not perfect decentralization, but given the trade-offs it's not such a bad design. EOS has decided to use a voting system that allows 1 EOS to have 1 vote for each of 30 nodes. This is flaw number 1, and as with the rest of EOS's design choices, it is intentional. On paper, it might seem like this helps your vote go further. In reality, it dilutes your voting power as a minority token holder. Let me explain with some math using numbers direct from the EOS whitepaper. 1 EOS is 1 vote for each of 30 nodes. EOS has a limit of 21 nodes (block producers), more can be backups. The total supply of EOS tokens = 1,000,000,000 The total voting power of those tokens = 30,000,000,000 Because you can only vote once for one node, the max voting power for a single node = 1,000,000,000 Now let's say that the EOS network is up against a 51% attack, meaning some entity or group of wealthy entities own 51% of the supply. 51% of supply lets you give 51% of the max voting power to each of 30 nodes. This gives them 510,000,000 votes each. Let's assume the remaining 49% of holders band together and vote for 30 different nodes, in an attempt to participate in consensus. They can give a maximum of 490,000,000 votes to each of those 30 nodes. Every one of them fails by 20,000,000 votes. The 49% control over consensus is effectively zero. The 51% majority elects their 21 block producers of choice, and has 9 candidates as a backup with the same number of votes who can succeed the network if something happens to one of the other 21 (goes offline, etc). Now let's quickly decide something arbitrary. How many people need to have some input on consensus for this network to be considered decentralized? 100? No, that's too few. 1000? Better, but still not ideal. 10,000? I guess you could call that decentralized. Not perfect, but good enough. Here are EOS's token distribution stats so far.. Welcome to flaw number 2. The Top 10 wallets own 49.67%, almost the majority already. The Top 25 wallets own 64.76%, well past the amount needed to control every single block producer. The Top 100 own 75.13%. We aren't even in the thousands yet and we've exhausted 75% of all EOS tokens that exist. If you wondered why EOS has such a high market cap despite being a shitcoin, this is your answer. It is totally owned by the wealthy, who are either going to be in total control if it becomes successful, or they will dump their profits when it fails. We just demonstrated how EOS is centralized to the 51%. That's 11 wallets. Did you know Binance's wallet is the 15th biggest? One of the most popular exchanges in the world isn't even in the Top 10 EOS wallets. Take that in for a second. I promised to explain how EOS could solve this and become decentralized. There are two factors at play; the voting system, and the token distribution. By limiting voting power to 1 vote for each of 30 block producers, the majority of token holders (Top 11 wallets currently) can vote every one of their ideal nodes into consensus. If EOS decided to use a fractional voting system, this could be changed. A fractional voting system means your vote is worth 1/x, divided across x nodes. You decide x for yourself. For example, with EOS, 15/21 nodes are required to force agreement/consensus. So as Johnny Token Holder in the 49%, you want to be able to prevent that when the network is not working in your best interests. You and the other 49% only need to give votes to 7 block producers to remove majority control from the 51% and pressure for compromise. Let's do the math again with our new system. 1 EOS = 1 vote, divided across as many nodes as you choose. 51% of max voting supply = 510,000,000 votes. The 51% wants to control 15/21 nodes, so they split those votes across 15. 510,000,000 / 15 = 34,000,000 votes each. The 49% knows they are the minority, and wants to resist that control. They split their 490,000,000 votes across 7 nodes. 490,000,000 / 7 = 70,000,000 votes each. The 49% can put 7 nodes online with a huge number of votes. Hell, they could elect more if they want and still guarantee them to go online. They are now partaking in consensus/decision making. With the fractional system, to elect 15/21 nodes (71.4%), you need to own 71.4% of supply. Without that, the minority can resist by consolidating their votes. So why isn't EOS using a fractional system instead of the 1:30 system? Because it is centralized/plutocratic by design. This is intentional to give total control to the wealthiest holders. Do you know how many wallets currently own 71.4% of supply? 59. 59 wallets (yes, including exchanges, but if your coins are on an exchange you don't control them). 11 individuals control consensus right now. With a fractional voting system, this would increase six-fold. A big improvement, but nowhere near enough without better token distribution. And by better, I mean the Top 500 wallets would need to give their tokens to the other tens of thousands. Not likely to happen. This takes us to our second improvement for EOS. The tokens are not well distributed. The vast minority control the vast majority. EOS is expensive because it's being bought up by those few individuals. The rest of you are being taken for a ride. EOS could hand out all their tokens and distribute fairly, but why would they give you anything? It's actually in their best interests to dump and take the money. They can chalk it up to a good investment. The alternative is trying to dictate the network and avoiding stepping on any toes, legally speaking. A lot of people like the EOS 'constitution.' I'd like to remind those people that we have blockchain to get away from centralized authority. If someone else can access the funds under your private key, it is not a cryptocurrency. It is simply a centralized network that you have permission to use. EOS will not become the new Ethereum for one simple reason; there is already a financial system in place with centralized control. They are called banks. They do all the same things EOS can do, and they do it for the masses who trust them. No one is going to jump ship from banks to EOS. Why would they trade a centralized authority with massive, extensive legal systems governing them, for a group of anonymous wealthy investors and their pet anonymous consensus nodes? It's simply not going to happen. Those individuals might jump ship to a decentralized alternative, if we can explain the advantages. But EOS? No. The network is doomed to fail because it was never meant to succeed. It was meant to make a lot of money for a few very wealthy and scummy individuals. This isn't really where I wanted to go with the post, but I'd like to note that every consensus process could potentially have the ability to 'freeze' a wallet. The validators only need to ignore transactions coming from a single address. It's drastic, but useful in extreme cases, while legal frameworks work on acquiring the private key (or they can just be cut off from supply forever). But no consensus process should ever have the power to move funds away from one account. This is no different from ordinary, centralized governance. It is overstepping, VASTLY. For better or for worse, a private key means only the person with the private key should be able to access funds stored under it. It's not a private key otherwise, it's a permissioned key. So yeah, don't be dumb, EOS is centralized, it's not going to change, take your profits and invest in a real project. The wealthiest owners will keep dumping and rebuying, shaking your weak hands until they have drained every cent from you. Then they will leave. Get out while you can, and invest in a promising platform, of which there are many. AMA in the comments if you wanna talk about it. submitted by /u/Edgegasm [link] [comments […]

  • Skycoin Co-Founder Synth is insane "Why there is no god and equality is a lie"
    by /u/Dave8181 on June 24, 2018 at 4:54 pm

    submitted by /u/Dave8181 [link] [comments […]

  • There's nothing like a fine piece of art
    by /u/1thousandx on June 24, 2018 at 4:35 pm

    submitted by /u/1thousandx [link] [comments […]

  • This Market is Amazing
    by /u/montclearman on June 24, 2018 at 4:30 pm

    Every one trying to find reason for the bear market. Let me tell you. There is no reason at all. None, no conspiracy no whatever. Go to CMC, make a 6 month clip of the total marketcap. This market has been in a bullrun since the middle of 2015. This 6month time frame is the only time in the last 3 YEARS that crypto hasnt beaten the stock market or any other type of investment asset. The year is 2018. Cryptocurrency has innovated so fast in such a short period of time. If you sell goodluck to you. If you hold goodluck to you. If you trade goodluck to you. What coins were on coinbase in 2015? Lol Was BITMAIN a multi-BILLION dollar company in 2015? Lol Was Binance making hundreds of millions in profit in 2015? Lol This is where shit gets innovative and creative because everyone is in panic over price. The nerds, geeks, pussies, (smartest people in the world) stay calm and just do their job like the fucking bosses that they are. These people arent emotional over anything money wise. The only people bitching over price are greedy emotional pussies. Get over the market. It’s amazing. submitted by /u/montclearman [link] [comments […]

  • Bitmain Nears 51% of Bitcoin's Network Hashrate
    by /u/jonbristow on June 24, 2018 at 4:15 pm

    submitted by /u/jonbristow [link] [comments […]