Bitcoin Lightning Network

Lightning Network is a protocol on top of the Bitcoin blockchain.
The Lightning Network may solve the Bitcoin scalability problem.

Bitcoin scalability is a contentious and important issue at the moment. The issue of scalability and increasing transaction fees came to a head recently with the Bitcoin Cash fork. Proponents of Bitcoin Cash (an altcoin) wanted larger blocks. When segwit2x failed they hard-forked off from Bitcoin to create Bitcoin Cash. The issue is increasing fees for space inside a Bitcoin block. At the time of writing it can cost as much as $5 to ensure space in the next Bitcoin block!

Since Bitcoin is increasing in usage and popularity and Bitcoin blocks can currently hold just one megabyte of transaction data the blocks are filling to capacity. While this is good since it means Bitcoin is growing it also means the Bitcoin bottleneck problem is real. Each Bitcoin transaction bids to get data inside a block through the transaction fee. If your fee is too low your transaction may not get into a block and ultimately may get orphaned (lost forever).

There are two potential solutions to this problem. The first is to increase the data each block can hold from one megabyte to a larger amount, this is the solution Bitcoin Cash and others such as Bitcoin XT have tried to implement. The second is to layer another protocol on top of the Bitcoin block chain and this is the approach of the Lightning Network.

Read moreBitcoin Lightning Network

Ethereum Rising

Ethereum is a great cryptocurrency.
Ethereum is a feature-rich technology and cryptocurrency.

The Ethereum project is on the rise. The popular cryptocurrency, Ethereum, is rising in both price per token and public popularity. The recent release of Solidity 0.4.19 has several bug-fixes but nothing nearly as exciting as the Ethereum project offers overall. If you are involved with cryptocurrency then you have probably heard of smart contracts. Smart contracts are contracts built with computer software. They are largely self-enforcing. Ethereum uses the EVM or Ethereum Virtual Machine to process smart contract byte-code (pre-compiled code designed to run on a virtual machine) distributed across thousands of nodes. This is an exciting project with a much broader scope than Bitcoin. Imagine contracts that execute themselves with no enforcement from a court — talk about introducing a whole new paradigm in business globally! This can bridge tons of problems of business and put a lot of lawyers out of business.

I encourage our readers to check out Ethereum if they are considering cryptocurrency investments. Bitcoin, Litecoin, and Ethereum compose the “cryptocurrency triad” that serves as a vanguard for the industry as a whole. Read more about the Ethereum project at

$30B Orphaned On the Blockchain

Any time a Bitcoin user loses their private keys or sends Bitcoin to the wrong address they lose access to it forever. There is no one to call to ask for your Bitcoin to be returned. Once it is sent it is done. So taking into account the Bitcoin that has been lost, orphaned, or misspent there could be over $30,000,000,000 in inaccessible Bitcoin. This is the high end of the estimation of “lost Bitcoin” but it is an interesting figure. Given that as of the time of writing Bitcoin is sporting a $165B market cap that would mean a significant portion of that Bitcoin can never be sold on an exchange or otherwise used.

Where did this Bitcoin come from?

It most likely came from early adopters back in 2011-2012 who mined large quantities of Bitcoin when those Bitcoin were not worth a lot. Now that Bitcoin has increased in value it is likely people will be more careful with storing their private keys. The use of hardware wallets such as the Trezor Wallet and the Ledger Nano S are improving the safety of cryptocurrency private key storage.

Another way cryptocurrency can be lost is through transactions that are dropped from the transaction queue without getting into a block. The rising fees of Bitcoin transactions can cause this problem to become more frequent with “microtransactions”.

Read the full article here.

Bitcoin Price Over $9000 USD

Bitcoin reaches all time high today of OVER $9000!

Bitcoin has passed a series of tumultuous hard-forks with a strong showing. With fears over the Segwit2x hard-fork a thing of the past Bitcoin surged past $9000 over the Thanksgiving day weekend. Bitcoin has reached an all-time high on growing investor confidence after successfully navigating a series of forks. Institutional adoption appears more likely than at any time in the past. If the Lightning Network works out in the coming year this price is not unwarranted in our opinion.

Surging up to $9400 USD as of the time of writing Bitcoin is poised to break $10,000 USD long before the end of the year (assuming a continued bull run). A surge in visibility for Bitcoin driven by it’s appearance on “normie” sources like CNBC and CNNMoney on a daily basis are helping drive awareness and improving trust among savvy traders. Institutional money has also helped drive Bitcoin’s price higher and its listing on the CME has helped boost its image with mainstream investors.

Russia May Issue Crypto-Ruble

Is a Russian government sanctioned crypto-Ruble possible?

According to current rumors circulating in the crypto-sphere Russia under the leadership of Vladimir Putin is set to issue a national cryptocurrency dubbed the “cryptoruble”. While this may sound funny it is a very serious development, if true. The creation of national cryptocurrencies has been a huge area of speculation and interest. National cryptocurrencies may take away some of the decentralized aspects of cryptocurrency and lead to privacy issues. Nevertheless this is a huge development and will be tracked. As of right now categorizes this as a rumor, not a fact. Fascinating!

Edit: This appears to be more than a rumor. Visit Russia Today’s article for more information:

Venezuelan Bitcoin Boom

Venezuelan Flag
Bitcoin is illegal to mine in Venezuela but it has not stopped the mining boom.

In Venezuela Bitcoin and altcoin mining has become very popular despite its illegality there. Due to the policies of Nicolas Maduro’s socialist government hyperinflation is out of control and supplies are scarce. The Venezuelan government is adamantly opposed to Bitcoin mining. Today it is estimated 100,000 Venezuelans are mining cryptocurrencies. The Venezuelan Bolivar has dropped 99.4% in value since 2012. The dramatic decline in value has forced Venezuelans to seek other ways to transact and store value. Supplemental income from cryptocurrency mining is enabling many Venezuelans to survive while their government fails and chaos fills their streets. We, as the cryptocurrency community, should support the good people of Venezuela during this difficult time in their nation.

To read more visit the CNBC article about Venezuelan cryptocurrency mining published here:

Bitcoin Cash Versus Bitcoin

Bitcoin Cash is getting a lot of buzz and the good news is if you owned Bitcoin (and controlled the private keys or had a reputable 3rd party holding them) you own Bitcoin Cash equivalent to the quantity of Bitcoin you had on the 1st of August 2017. A lot of FUD is going on regarding Bitcoin and Bitcoin Cash but here is something interesting I’m not seeing discussion on: back in 2015 Bitcoin XT was forked from Bitcoin and was to offer 8MB blocks. It currently has 2MB blocks and has had them for a long time. The plan was to double the block size as needed. Bitcoin Cash also seeks to do this. Will they be more successful than Bitcoin XT?

Wikipedia: Bitcoin XT Associated With Homero Josh Garza Ponzi Scheme Presents Itself Nicely

But did you know it was claimed to be owned by failed entrepreneur (or far, far, worse depending on who you ask) crypto-thug Homero Josh Garza? I would have just called him Homer because his crypto-scam exploits hurt a young community with his buffoonish attempts at scamming people (in a business where you could have made far more money NOT scamming them- what a ‘tard).

At one time the criminal mastermind (LOL appropriate) of GAW Mining he now is making monthly payments on a $12 million dollar Securities and Exchange Commission securities fraud penalty. The less than venerable man is also purported to be the owner of a frail and aging ISP system somewhere in the northeast (probably got FCC problems too). Josh Homero Garza was a verifiable crypto-scammer who once ran the hilariously named “Geniuses at Work” faux-cloud-mining consortium. Simply Google this for the full drama but it was worth a few LOLs to mention the association since covered his SEC securities fraud fine.

Long story short he over sold hash-rate compared to what he actually owned. SEC fined him $12 million US dollars and he’s probably still hiding out somewhere. Check it out on the domain he once claimed to own. Bitcoin Fair Value Quotes

Bitcoin price prediction website Alfaquotes is quite is a source of Bitcoin fair value quotes. AlfaQuotes gives you what “should be” the price of Bitcoin based on its cost to mine in equipment and electricity. Bitcoin is always becoming more difficult to mine as well as increasing in popularity so generally the trend has been upward. AlfaQuotes only takes into account certain Bitcoin mining related variables into its price which takes speculation pretty much out of the picture. AlfaQuotes intends to tell you how much it will cost to mine one Bitcoin.

Check out the chart at the bottom of the page and compare the green line representing the “AlfaQuote” price and the red line representing market value for Bitcoin. This is another good tool to track potential Bitcoin value. For the first time I have seen the AlfaQuote is approximately the market value. Previously it has always been pegged significantly higher than market value.

For more detail on how the price is calculated please visit formula page.

Dennis Rodman Has a New Sponsor – Potcoin

Potcoin Sends Rodman to North Korea

Dennis Rodman’s latest trip to North Korea was sponsored by the cryptocurrency “Potcoin”. Potcoin bills itself as “banking for the marijuana industry” and appears to have fully sponsored Rodman’s trip. Rodman engages in what he calls “basketball diplomacy” during his trips to NOKO. Last month (June 13, 2017) Rodman boarded an airplane for Pyongyang International Airport sporting Potcoin gear and CNN was there to cover it.

Around mid-last month (June 13, 2017 precisely) Dennis Rodman, the famous basketball player was seen wearing a Potcoin T-shirt and jet-setting to NOKO. As Potcoin’s website itself pointed out Dennis Rodman’s latest trip to North Korea is sponsored by Potcoin. Here’s Rodman decked out in Potcoin gear.

Dennis Rodman is promoting the digital cryptocurrency Potcoin.
Here Dennis Rodman is pictured wearing a Potcoin T-shirt. Potcoin sponsored his trip to North Korea. (Image from

So is Potcoin the next big thing?

Read moreDennis Rodman Has a New Sponsor – Potcoin