Posts

Someone Sent Nearly $200 Million in Bitcoin by Paying Just $1.89 in Fees, and It’s Nearly 96% Cheaper Than Fiat

/0 Comments/in , /by

A Bitcoin transaction worth nearly $200 million was accomplished by paying a fraction in fees, reaffirming the cost-effectiveness of blockchain technology.

What happened: The transaction, originally broadcast on the Bitcoin network on Friday, shows 2000.05830161 BTC valued at $197.63 million, requiring just $1.89 in fees paid to miners, according to blockchain.com.

According to BitInfoChart, the average transaction fee on the Bitcoin blockchain was 0.000014 BTC, worth $1.42, declining sharply over the last week.

It was not immediately clear who initiated the transaction and what the purpose was. However, transfers of even bigger scales have been executed on Bitcoin previously, costing a penny.

In May 2024, a transfer of over a billion worth of Bitcoin cost only $7.30 in transaction fees. (Read more from “Someone Sent Nearly $200 Million in Bitcoin by Paying Just $1.89 in Fees, and It’s Nearly 96% Cheaper Than Fiat” HERE)

Photo credit: Flickr

Historic: Bitcoin Surges Past $100,000 in Wake of Trump Win

/0 Comments/in , /by

The price of bitcoin has now hit an all-time high record of $101,000, a symbolic milestone that comes amid a wave of optimism in the cryptocurrency space following President-elect Donald Trump’s victory.

Bitcoin, the flagship cryptocurrency, punched above six figures on Wednesday. The new record is a remarkable increase from where the price of bitcoin was before Trump — who has touted himself as a defender of crypto — bested Vice President Kamala Harris to win the presidency.

A day before the election, a single bitcoin was worth about $68,000. The cryptocurrency has provided 47% return on investment in just a matter of days. Zooming out even further, bitcoin has vaulted up 124% in value since the start of the year, and 165% from this time last year.

If someone would have invested $5,000 in bitcoin just five years ago as the nascent crypto sector was starting to gain steam, their investment would have increased to $62,500.

Much of the recent increase can be tied to Trump’s win. Crypto advocates anticipate a much more friendly environment for bitcoin under Trump and for bitcoin to become even more institutionally accepted, a big departure from President Joe Biden, whose administration was seen as hostile to the industry. (Read more from “Historic: Bitcoin Surges Past $100,000 in Wake of Trump Win” HERE)

Photo credit: Flickr

The Biden Administration Is Preparing to Regulate Bitcoin

/0 Comments/in , /by

The Biden administration is preparing to draft Bitcoin and other cryptocurrency regulations.

“The Biden administration is preparing to release an initial government-wide strategy for digital assets as soon as next month and task federal agencies with assessing the risks and opportunities that they pose,” Bloomberg reported.

President Joe Biden’s approach could potentially enable the entirety of the federal government’s administrative apparatus to regulate cryptocurrency under the guise of national security.

Bloomberg said, “The late-stage draft of the executive order details economic, regulatory and national security challenges posed by cryptocurrencies. Meanwhile, the directive would also require other agencies to weigh in — carving out roles for everyone from the State Department to the Commerce Department.”

Globally, there are hundreds of millions of people who use cryptocurrency to store and grow their wealth and to make transactions. Largely, the appeal of cryptocurrency is that it is unregulated and not connected to global financial institutions. There are trillions of dollars invested in cryptocurrencies; this asset class was able to grow so rapidly and robustly precisely because there was minimal regulation restricting its growth and use. (Read more from “The Biden Administration Is Preparing to Regulate Bitcoin” HERE)

Delete Facebook, Delete Twitter, Follow Restoring Liberty and Joe Miller at gab HERE.

Bitcoin Firm CEO Found Dead After ‘Suicide’

/6 Comments/in , /by

Photo Credit: LinkedinIt appears bitcoin’s recent turmoil has claimed its first life.

Autumn Radtke, a 28-year-old American CEO of bitcoin exchange firm First Meta, was found dead in her Singapore apartment on Feb. 28.

Local media are calling it a suicide, but Singapore officials are waiting for toxicology test results.

Radtke formerly worked with Apple and other Silicon Valley tech firms on developing digital payment systems.

Radtke’s death brings the number of questionable financial sector deaths this year to eight.

Read more this story HERE.

Almost Half a Billion Worth of Bitcoins Vanish

/5 Comments/in , /by

Photo Credit: APMt. Gox, once the dominant exchange for bitcoin trading, on Friday said more than $470 million of the virtual currency vanished from its digital coffers, kicking into high gear a search for the missing money by victims and cybersleuths.

Acting alone and in groups, the people stepped up their efforts after Mt. Gox filed for bankruptcy protection in Japan and confirmed rumors it had lost almost 750,000 of its customers’ bitcoins, as well as roughly 100,000 of its own.

Mt. Gox Chief Executive Mark Karpelès said technical issues had opened the way for fraudulent withdrawals, though he didn’t provide details.

“There was some weakness in the system, and the bitcoins have disappeared. I apologize for causing trouble,” Mr. Karpelès said at a packed news conference at a Tokyo courthouse after the bankruptcy filing.

The disappearance underscores the risks of currencies that exist only online and aren’t backed by a central bank. Mt. Gox wasn’t overseen by national regulators, so there is no entity to step in and back investors’ deposits.

Read more this story HERE.

Bitcoin: The Currency of the Internet

/1 Comment/in , /by

Photo Credit: AFP

Photo Credit: AFP

This disruptive technology of the new century has the power to destroy currencies across the world if adopted by millions of users and, for this reason, is dangerous to the current monetary power structure.

Bitcoin isn’t dangerous for what it is today, but instead for what it has potential to become. Its adoption could upend the grip governments have over their citizens by opening up the world to a transparent form of money. Bitcoin costs nothing to store and is easier to use in almost all electronic financial transactions.This adoption process is what is of great concern to those in power, those who publicly downplay its significance.

The ability of being able to opt-out of our centrally manipulated monetary system is now a reality.

The control of money is by far the most important political power on earth, and those with this power will not be happy with any threat posed by a newcomer like Bitcoin. We like to think that military power dominates the geopolitical landscape, but it is in fact money that calls the shots. Bitcoin represents the insurgent rebel army in the current monetary war.

“Give me control of a nation’s money and I care not who makes the laws.”
– Mayer Amschel Rothschild

Read more from this story HERE.

How Porn Links and Ben Bernanke Snuck Into Bitcoin’s Code

/0 Comments/in , /by

Photo Credit: CNN MoneyHere’s a little-known quirk of cyber currency Bitcoin: There are coded messages hidden in the ledger that track bitcoin transactions. Most are innocuous, but this week, the discovery of a malicious transmission filled with porn links set the Bitcoin community abuzz.

Bitcoin, a four-year-old digital currency developed by a hacker who still remains anonymous, is a favorite plaything of libertarians and cryptography geeks. It burst into the mainstream this year when investors took note of its wild price swings. One bitcoin is now worth around $112, down from a record high of $266 last month, but up from $5 a year ago.

At the core of the bitcoin network is a database recording every single transaction.

Bitcoin enthusiasts have long known about a technical loophole that allows people to inject coded messages into the database. The trick is typically used for pranks or harmless notes, but Bitcoin discussion boards lit up on Monday with the news that someone took advantage of it for a nastier purpose: adding encoded links that claim to lead to porn sites, some featuring children.

A technical analysis posted on BitcoinTalk.org delves into the details. There doesn’t seem to be much danger for the casual bitcoin user. The porn links are concealed in hexadecimal code, and a decoder is needed to translate them into English. In other words, you’d really have to be looking for it.

Read more from this story HERE.