Unreasonable Bitcoin Expectations

Bitcoin Unlimited backers say that without a quick switch to bigger blocks Bitcoin is doomed and will lose out to competition from altcoins. In their view, on-chain transactions must stay very cheap, as they have been five years ago. And Roger Ver, one of the leading Bitcoin Unlimited backers, expected Bitcoin to assure World Peace, … [Read more…]

Bitcoin Civil War

It will be interesting to see how the next couple of months play out. Whatever happens, there are a couple of positive sides to the situation. For one, we will see if it is possible to change the rules of the Bitcoin network even against considerable resistance. The Japanese Constitution has never been amended. But … [Read more…]

Oil Mining Schedule Altcoin

Can blockchain technology contribute to solving global warming? One existing idea is Solarcoin. This is an altcoin project which sits around $4.2 million market cap right now (rank 62 at this moment). The idea is: People generating solar power can report this to the administrators of Solarcoin. These administrators will send them some solarcoin after … [Read more…]

EU Bitcoin Legislation

Kevin Helms at bitcoin.com reports on developments at the European Parliament on Bitcoin legislation. This may be bad news. A Committee Report on the proposal for revising the money laundering directive was published on March 9. Authors of the document are the Committee on Economic and Monetary Affairs and the Committee on Civil Liberties, Justice … [Read more…]

Bitcoins in Japanese NISA Account

The SEC just rejected the Winklevoss application for a bitcoin ETF. The SEC basically said that Bitcoin is not ready for approval yet and should come back a couple of years later when it is. Footnote 96 describes other markets where the SEC approved an ETF. For gold, it states that “the most significant gold … [Read more…]

Cost of Bitcoin Transactions Six Years Ago

Looking at this chart from blockchain.info, I understand that there have been 1,918 transactions confirmed on March 6th, 2011. Those were the good old times where you didn’t need to worry about fees. People who are long enough involved to have experienced in March 2011 the magic of sending your money instantly, world-wide, anytime, with … [Read more…]

Kingdom of Bhutan Ngultrum

I didn’t know of that currency until today, either. I just learned about it from playing around with the currency information service at xe.com, which has Bitcoin added as “XBT”. And they explain their decision to use that code like this: Bitcoin is not recognized by the ISO and therefore does not have an official … [Read more…]

Japanese Bitcoin Exchange Regulation

A law enacted in June 2016 introduces regulation for bitcoin exchanges in Japan. As of now, the law is not yet in force. On December 28th, the Financial Services Agency published drafts for executive orders on the details. The draft concerning bitcoin exchanges is here. People so inclined can comment on this draft until January … [Read more…]