Alex Morris

Netflix and Mining: Avalon Presents Very First TV Miner

A new TV set, which is yet to be released by Avalon, allows mining crypto and exchanging coins into entertaining content
Netflix and Mining: Avalon Presents Very First TV Miner

CryptoComes has already reported on scammers that can turn your computer or smartphone into a stealthy mining hardware that operates without your consent. Avalon, one of the leading ASIC chip manufacturers, took the matter even further by introducing a full-blown miner that is actually a TV set.

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Is it a TV or a miner?

The TV set, which is still in the development stage, will include an in-built mining chip that is capable of holding a hash rate of two TH/s. Sure, it will not match the productivity of AvalonMiner 821, the company’s flagship product, but these results are still impressive considering that you can simply mine Bitcoin while watching your favorite content.    

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You will be able to remotely control the new 43-inch 4K TV screen with the help of an Android smartphone. The mined currency can be easily exchanged into any video content or additional services that this technology can offer.

Keeping up with competitors

By releasing such innovative products, Avalon (or Canaan) is hoping to gain on its major competitor Bitmain that currently enjoys a near-monopoly on the market. Back in 2013, Canaan was the first company that came up with ASIC chips that are specifically designed for mining purposes. While beating Bitmain seems like an unreachable goal, the company can still compete with another huge China-based chip manufacturer Halong Mining.

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🤷 Opinions Darryn Pollock

For Bitcoin to Become a Revolution, it Needs its ‘Dot Com Crash’ Moment

Opinions
Whenever there is a crash, panic ensues from those who probably should not be involved in Bitcoin to begin with.
For Bitcoin to Become a Revolution, it Needs its ‘Dot Com Crash’ Moment
Contents

"1/In the dotcom era we watched a promising, but undeveloped, unregulated and open technology called “the internet” result in massive exuberance, fraud and an epic bull run, that was immediately followed by a complete collapse and loss of wealth." February 6, 2018 https://twitter.com/Jason/status/960775425113841664

This tweet sums up my thoughts precisely. Blockchain technology, cryptocurrency, digital tokens, even ICOs and their disruption of the VC market, these are all waves of new technology that have the power to change the way we exist on this planet.

However, Bitcoin and its affiliates, are in their embryonic stages, although quickly evolving, and while people get to grips with the technology behind them, there is this phase of early adoption that is giving a big pay off.

The issue is that people who are uninterested in the whole picture are honing in on the payoff, they are looking at Bitcoin with dollar signs in their eyes and ignoring everything else.

This is leading to some stupid decisions being made, and the shaping of the ecosystem is getting skewed towards these money grabbers. The foundation of the crypto community is starting to be built upon a massive and shaky base of speculative investors.

On the one hand, this has fueled the growth of the Bitcoin market, but the tower which has been built can come crashing down. And on the other hand, that crash could be the best thing for this technology.

Back the tech, not the currency

Now, I am not saying, like many other big banks and centralized systems that Blockchain is the answer and it should be separated from the digital tokens. What I am saying though is people who are entering the crypto community need to be appreciative of the technology and the potential it has to be a disruptive force.

Way back when the white paper was written, their foundations were there for a technology that could change the face of finance, the banking system and the hegemony that was held by centralized money systems.

That message has been diluted as not only the Bitcoin community pushed the digital coin away from its primary function, they have pushed it to be a store of value, which is a move motivated by greed.

Shake out the weak and damaging hands

There need to be a few big changes in Bitcoin for it to get back on track and to be able to match the Internet as a force for change going forward. One of those is that it needs to sort out its scaling issue, in order to move towards being a functional currency, but it also needs to shake off some of the deadweight.

The run up to it's all-time-high was epitomized by a wave of true mainstream adoption. The word Bitcoin was on the lips of cab drivers, hairdressers, doctors and garbage men alike; everyone wanted to know what this magical growing asset was all about.

However, it was less about educating themselves than finding out a way to double an investment in a few days. They bought in, with ease thanks to cryptocurrencies all-inclusive nature, but did not understand what they were buying into, moving more in a speculative direction.

A falling knife

When Bitcoin bucked recently, changing direction sharply in a downward spiral, those speculators were well shaken up, and a mass evacuation occurred which helped the knife fall further and faster.

However, this is not necessarily a bad thing. Those who screamed bubble as they exited sharply were never in it for the right reasons. Those who merely shrugged and rode the lightning, making no moves to exit are now the ones who remain and the ones that will build Bitcoin to be a force in the coming years.

Thank god for the Dot Com burst

It is funny to think that in the Dot Com bubble burst people were declaring this ‘Internet thing’ a scam and a fraud, and celebrating its demise and supposed death. However, it was the speculators and get-rich-quicksters that were merely making room for those who saw the promise.

Bitcoin has shook a lot of the first from its base, but it could still do with another big Dot Com level pop in order for it to grow its full potential.

 

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Darryn Pollock

Bitcoin’s Blockchain Shows Major Vulnerability- What Happens If Blockchain Can Be Breached?

Bitcoin and Blockchain have long been considered uncrackable and infallible, but the community was recently given a shock as to how untrue that is
Bitcoin’s Blockchain Shows Major Vulnerability- What Happens If Blockchain Can Be Breached?
Contents

Since the creation of Blockchain, as the underlying technology for Bitcoin, it has always been heralded as completely infallible. There was supposedly no chance of Blockchain being compromised, and yet, for the past two years, it has had a vulnerability.

Recently it has emerged that there was a major flaw in the Bitcoin Blockchain that could lead to it being compromised, and more Bitcoin essentially being produced. The flaw was recently patched, but it was open to attack from some time.

It now raises major questions about the integrity of the world’s first and most established Blockchain, and as such, there is heightened scrutiny on Blockchain and Bitcoin. If there is a possibility of such a major Blockchain being compromised, should there be concerns about the technology?

A major Bitcoin Blockchain failure

The failure on Bitcoin's Blockchain has been sitting in the code for over two years, leaving the software open to a major attack that essentially could have sunk the entire system and rendered Bitcoin relatively useless.

The fault was discovered and recently patched, but on its discovery, the developers were hushed in order not to cause panic. Yet, it has now come to the fore and as such, people have a lot of questions.

The worry is that if this bug sat dormant for so long, what if there are more, or similar, yet different vulnerabilities that could compromise the Blockchain.

Catch 22

The issue is twofold and complicated. Because of Bitcoin’s open network of global participants, there is input from hundreds of developers driving the code forward, and because of this, and because the policies and practices are kept the same, then it's inevitable that a similar failure will eventually happen again.

However, the same process is also meant to act as a fail safe as the software has never had a more robust or stringent review process. There are now more developers than ever contributing to the open-source codebase. It is tested often- estimates suggest that tests make up nearly 20 percent of the codebase.

The future of Blockchain safety

While this failure in the code was a bug that was built in through development, and technically there was no direct compromise or break in the Blockchain. However, it has shown that as it stands, there are possibilities of the Blockchain system being badly compromised.

What is more concerning is, with the way in which technology moves, Blockchain could become subject to a system that can crack its algorithms. As the Blockchain space grown and becomes more adopted on its principles of immutability and unhackability, it is concerning that down the line it could fall apart.

Because of the impossibility of processing to pick apart the algorithm, the Blockchain remains unhackable but for flaws programmed into it. However, there is already possibilities of things like Quantum Computing that will have the power to potential pick apart all that is kept sacred in the Blockchain.

The end of trustless?

With the Blockchain being based on a trustless system, essentially meaning that any trust need only be on the algorithm, if that algorithm can be broken in the future, does that mean the end of the Blockchain revolution? Or, is there enough development to drive it forward of the malicious curve?

But, as this instance with the Bitcoin bug illustrates, the Blockchain may be in danger because of further development. As the space grows, and more is added and changed, more bugs have chances to slip in, and although they are just bug, they can also cause a distrust for the trustless.

Suddenly, to be a believer in Bitcoin as a functional financial system, the trust is extended to a network of developers, and while they are an unrelated network under no one flag, they become a core centralized feature of a decentralized system.

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🕵️‍ ICO Watch Tzao Se

Past ICO Review: How Anti-Stupidity Crypto Project Has Reached its Goals by Completely Failing

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A failed crypto project that raised north of $19 mln, increased the average IQ of the cryptomarket by removing a significant bunch of people too stupid to operate on it
Past ICO Review: How Anti-Stupidity Crypto Project Has Reached its Goals by Completely Failing

I grew up in a plattenbau neighborhood, in a micro-district inspired by Le Corbusier. It is fashionable to despise this architectural style, but I must admit that I secretly love factory-built assembled plattenbau projects.

The thing is, I love them on the design sketches, on maquette miniatures, I love them in the imagination of their architects, I love them on 70s postcards of an idyllic, innocent urban landscapes of heartland’s France towns social housing developments (which we know ended up eventually converting into ethnic ghettos and welfare-subsidised slums).

They say mass-production buildings and vast spaces create ghettos. They blame Le Corbusier for their misery. Nonsense. Le Corbusier and his disciples aren’t to blame. The residents are.

Beautiful, well-thought projects of well-organized, frugal, cost-effective communal life was given to the people who weren’t enlightened enough to grasp the concept. They’ve brought their ignorance and prejudice to the bright world of the hopeful future, so that future never happened. If the same kind of people were given palaces as social housing, they would turn Versailles into a ghetto.

Well, 2017’s ICO rush have something in common with plattenbau. Technology isn’t to blame for humans’ stupidity. You may blame regulations, you may blame the lawlessness, you may blame whatever external factor there is, but sometimes, an ICO like that hype acts as a great equalizer, a machine to redistribute money between the stupid and the smart.

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I have no pity whatsoever for the people who invested into the thing called BitcoinGrowthFund, that is said to have raised some $19 mln in May 2017, and is among the biggest ICOs of 2017. They got what they deserve.

A website with no information on the team, with a laughable white paper, no advisors got that kind of money.

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The idea offered to the investors was essentially an investment fund: “you buy our coin, and we invest money into mining of cryptocurrencies with potential.”

They’ve had a wallet on the site, which showed the increase of the investment, but many people complained that when a withdrawal was attempted, the transaction simply did not take place. “Withdrawal of your money is more important than investing as if we cannot withdraw what is the sense of investing,”  asked one poor soul on bitcointalk. Mua. Ha. Ha.

Seems legit

Legally this is not a scam at all, and it took almost no effort to fool so many people. These people were quite straightforward: “MCAP tokens are not participation in the Company and MCAP tokens hold no rights in the said company. MCAP tokens are sold as a functional good and all proceeds received by Company may be spent freely by Company absent any conditions. MCAP tokens are intended for experts in dealing with cryptographic tokens and Blockchain-based software systems.”

They were telling the truth from the very start. BitcoinGrowthFund web is not updated since November 2017.

Even if sneaky Hindus behind this gig have spent every single penny they’ve raised on coke and New Dehli’s finest escorts, it’d still a better use for the money than it was in the hands of their so-called investors.

“Due diligence” wasn’t called that for nothing. Because it is a diligence that is due in some circumstance.

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Criminally stupid

Normally, I’d keep preaching that ICOs should start adopting regulations, better corporate governance, and so on and so forth. Not now. No regulation wouldn’t have helped here. It is like blaming plattenbau developments for ghettoization. Technology and laws aren’t to blame. People who invested in this kind of crap have to blame only themselves.

Don’t be like these people. Invest smart. And remember: CryptoComes is watching you.

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Darryn Pollock

The Case for a Bullish Q4 Across the Cryptocurrency Markets

There are history and charts and general optimism to go on, but there is also a good case for a bullish Q4 in the cryptocurrency markets
The Case for a Bullish Q4 Across the Cryptocurrency Markets

2018 has been a tough year for cryptocurrency enthusiasts, especially for those who joined at the conclusion of last year on the hopes that the massive rally would continue ever upwards. The market has been decidedly bearish as it has stripped a lot of its value.

However, the pessimism seems to have abated as many believe that Bitcoin, and as such the majority of the cryptocurrency market, has reached its bottom. Thus, the belief is the only way for Bitcoin now has to be up.

This belief is also being strengthened by other factors in and around the cryptocurrency market which could well lead to a Bullish Q4 for the digital currencies. Things such as potential regulatory approvals, oncoming global market war can lead to smaller but still meaningful advancements.

Google has lifted its ad ban, Coinbase is expanding its offerings, ICE’s Bakkt is launching soon, and even history puts Q4 in a good light.  

Positive Q4 news

There is a host of good news approaching the cryptocurrency market in Q4 that could help catalyze a resurgence in the price of cryptocurrencies across the market. It has often been seen that a positive piece of news has a big effect on an upward trend.

Some of the things which could lead to a stronger and more engaging cryptocurrency market include things like Ripple’s xRapid product. The XRP token is often shunned by the purist cryptocurrency fans as it has a centralized nature, but the manner in which the space is heading dictates that a level of compliance is needed, as well as solutions for banks and other institutionalized entities.

Ripple hits these notes and could well be the starting point for an uptake in institutionalized interest for Bitcoin and other cryptocurrencies.

Furthermore, Bakkt will provide a Bitcoin Future’s platform that also serves as an all-in-one consumer marketplace to buy, sell and store cryptocurrencies. Microsoft and Starbucks are supporting this endeavor and Bakkt could help crypto become mainstream.

But still, the biggest piece of institutionalized news that both sides of the equation are waiting on is the possibility of a Bitcoin ETF. The SolidX ETF could very much catapult the market to a new stratosphere. The next decision date deadline is Dec. 29, 2018, but the SEC can issue a delay into February 2019.

Still an issue of volume

But, despite all the positive news, the real underlying issue for Bitcoin’s price and growth has to be its low volume. Any news that has come Bitcoin’s way recently, that in the past would send it rallying, has quickly died down because of lack of trading volume.

Naeem Aslam, Chief Market Analyst at ThinkMarkets, explains that the biggest thing lacking for Bitcoin to break through some real levels of resistance is participation from its community.

“As it has been the case recently, Bitcoin’s upward momentum is lacking one critical element: participation from the wider community. Remember, last year’s move towards $20,000 was supported by the retail client. It was the masses going crazy about the cryptocurrency thinking that buying Bitcoin is the shortcut to acquire the Lambo they always wanted,” he said.

“No matter which exchange you look at, there is one common theme: no volume. A lot of questions are being raised in regards to the opening of new accounts at various different exchanges and the key problem continues to be the lack of a reliable third-party auditor.”

So, as Aslam explains, the cryptocurrency market needs an influx of new money and participation, and for him and foe many others, that will potentially come if an ETF is granted by the SEC.

“Bitcoin needs some sort of a blessing to revitalize the rally. This could come in the form of an ETF approval from the U.S. Securities Exchange Commission (SEC). To date, the SEC has rejected nearly nine applications in this space. But there is still hope. The department has invited parties and public people to share their views on Bitcoin ETFs. The date set for this is Oct. 26, 2018,” Aslam added.

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🕵️‍ ICO Watch Eric Eissler

Past ICO Review: How Real Product Failed to Boost Token Sales

👁 ICO Watch
Small company offers microloans to stimulate economic well-being of developing nations, but its ICO results are mixed
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Contents

The developing world has a challenge: people have the skills they need to start a business and bring themselves out of poverty, but there is no easy way for them to get the credit to buy the capital equipment they need to get started. According to Micromoney’s website, “100 out of 196 countries in the world serve as a home for two mln unbanked people, who use cash only, do not have any credit history and do not have access to any financial services.” Here is where Micromoney steps in.

It is an automated open-source credit and big data bureau that promises to provide instant credit check and microloans to users in 15 min via their smartphone. The platform also claims that users can pay lower interest rates and earn better credit scores the more they use the platform.

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Crypto backed by a real product

Micromoney claims it is backed by a real product unlike many of the other cryptos out there. The following are important points made by the company:

  • Built on Ethereum

  • Smart contracts eliminate the intermediaries and provide fast service

  • Open source software that is free and transparent  

  • Financial inclusion of more than two bln people

  • Create a digital identity

  • Massive future growth and expansion into more than 100 countries

The ICO

For a small company founded in Cambodia, the token sale commenced on Oct. 17, 2018 and raised $10.5 mln. Despite what the company wants to do, the sales figures are a bit lower than expected. Despite that, the company has grown and expanded since its founding in 2015.

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Short timeline of achievements

2015 — Cambodia: In December 2015, the company started with: $30,000 of initial capital, three employees, first 20 customers, and all the processes were executed in Excel and Google Docs.

2016 — Expanded into Myanmar. Work began to develop the Decentralized Credit Bureau, grew to 35 people working for the company. 23,000 unique registered users.

2017 —Expanded into Indonesia, Sri Lanka, and Thailand In 2017, the team increased to 85 people now 95,000+ unique registered users.

2018-- The company expanded into the Philippines and is ready to expand into the following countries:

  • Hong Kong

  • Vietnam

  • China

  • Malaysia

  • Singapore

  • Nigeria

The above countries have a large populace which will truly benefit from microcredits and loans. This will help raise the standard of living in these counties, too. The more people that can get the loans to start their businesses, the better their financial situation, which should spread to others and raise the quality of life over time.

The team behind the coin

Sai Hnin Aung -  Co-founder, COO. Serial Entrepreneur, experienced business development professional, investor, strategic leader, and executive with more than 18 years of experience in microfinance & financial services, new loan products initiative, risk management, business start-up, financial analysis.

Anton Dzyatkovskiy -  Co-founder, IT & Scoring. Lending Director in Everex, a payment crypto.

Token trading unimpressive

Micromoney (AMM) entered the market on Dec. 17, 2017 at $0.50 per token. In January, it rocketed upward to a high of $2.42 per token before falling back down in late January to $0.81 and then remaining relatively flat through March and April. At the time of writing, AMM is trading at $0.30 per token, rather unimpressive for all the expansion and growth taking place.

The coin is currently ranked at 747 on Coin Market Cap. On the one hand, this is a small company that is working in developing countries, on the other it has some great potential should it take off and continually grow and expand its operations. Perhaps, another ICO would be the shot in the arm this company needs to raise its profile among investors and the general public.

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