So, after a pretty dire January (my mother passed away), I emerge, blinking, into the crypto light again… Anything interesting happen in my absence? *checks bitcoin price* Oh…
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Have you noticed how bitcoin transaction fees are much lower now than a month ago? The rocketing cost of using bitcoin was the subject of several headlines recently, with fees holding at around $30 per transaction. That makes bitcoin economical only for large transactions (and perhaps not even then) – not exactly the original vision.
Now, however, they appear to have dropped to around $10. This is still too expensive for bitcoin to be useful, but since most of the transactions are from speculators, they don’t seem to mind. For real-world use, it’s a non-starter.
Bear in mind that these fees are on top of the substantial reward that the miners get for processing a block. Wasn’t the idea that fees would remain low as long as miners got paid through new bitcoins?
And, why the drop? Someone on Twitter suggested SegWit. Is that right? Anyone have a grasp on this?
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Joi Ito’s article on the ICO mania for WIRED:
“Requiring companies to sell tokens only to accredited investors won’t solve the problem, because those investors will later sell them to speculators or, worse, to people who have seen the ads online promising to provide the secret of making a bundle on cryptocurrencies.
A lot of otherwise productive developers are devoting their expertise and attention to working on shallow, quick money ICOs rather than working to sort out the underlying infrastructure and protocols in academic and more open deliberative settings not fueled by warped financial interest.”
Kadhim Shubber’s take on the fundamentals of bitcoin in the FT:
“Someone comes along and tells you to imagine an electronic network, for moving money anywhere in the world, that no-one owns. It’s an intriguing idea. It’s an unprecedented idea. In the entirety of human history such a thing has literally never existed.
Would your response really be: ‘lol the true value of bitcoin is zero’?”
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Daft article of the week:
How to add to the already-high bullshit quotient in crypto Twitter, from WIRED… (I include this cringe-making article here, against my principles – it shouldn’t even exist, I mean, c’mon – to help you spot the fake experts).
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If you don't know if something is collateralized, it should not trade at par. Hell, even if you "know" something is collateralized, it should not trade at par. Counterparty risk people! https://t.co/KLQnANRqHI
— Jill Carlson (@_jillruth) February 3, 2018
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All conferences should have reporting like this:
Coming to you LIVE from the Penn Law School crypto law conference panel on blockchain shares. Updates on the progress of the Delaware Blockchain Initiative. Thread here.
— Marco Santori (@msantoriESQ) February 3, 2018
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And, thanks Vitalik… sending you a hug for this…
Vitalik Buterin Donates $2.4 Million to SENS, Non-Profit Working on Diseases of Aging https://t.co/FLuAAn0bO8
— Ethereum Network (@EthereumNetw) February 3, 2018
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Colour and curves… Say no more…