{"id":11497,"date":"2018-12-28T23:30:27","date_gmt":"2018-12-28T23:30:27","guid":{"rendered":"https:\/\/davidgerard.co.uk\/blockchain\/?p=11497"},"modified":"2018-12-28T23:30:27","modified_gmt":"2018-12-28T23:30:27","slug":"news-bitmain-fires-half-its-employees-and-all-of-bitcoin-cash-bitcoin-private-exploit-kleiman-v-wright-proceeds","status":"publish","type":"post","link":"https:\/\/davidgerard.co.uk\/blockchain\/2018\/12\/28\/news-bitmain-fires-half-its-employees-and-all-of-bitcoin-cash-bitcoin-private-exploit-kleiman-v-wright-proceeds\/","title":{"rendered":"News: Bitmain fires half its employees and all of Bitcoin Cash, Bitcoin Private exploit, Kleiman v. Wright proceeds"},"content":{"rendered":"<ul>\n<li>Don\u2019t forget \u2014 this news blog runs on your helpful subscriptions. If you were signed up at <a href=\"https:\/\/www.patreon.com\/davidgerard\/overview\">$5\/month,<\/a> you&#8217;d have already read my analysis of the Telegram ICO&#8217;s technical white paper \u2014 and you&#8217;ll get ICO book drafts when I finish more of those. Tell your friends and colleagues, and <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2018\/11\/28\/news-civil-ripped-off-its-journalists-bitfinex-untethers-tether-working-at-trezor-amazon-managed-blockchain\/#byemail\">sign up for new posts via email!<\/a><\/li>\n<\/ul>\n<p><a href=\"https:\/\/www.nytimes.com\/2018\/12\/27\/technology\/bitcoin-cryptocurrency-crash.html\">Not everyone is struggling in the downturn!<\/a> &#8220;Now that the market dropped, everyone is getting sued,&#8221; said Chante Eliaszadeh, a law student and the president of a blockchain law club called Blockchain at Berkeley Law.<\/p>\n<p>Bitmain has <a href=\"https:\/\/www.ccn.com\/bitmain-bitcoin-mining-giant-to-sack-50-of-its-workforce\/\">fired its entire Bitcoin Cash development team,<\/a> amongst 50% of all its employees in total. Merry Christmas from Jihan! Bitcoin Cash is definitely the worst business decision of his life.<\/p>\n<p>Bitcoin Private is one of the <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2017\/11\/20\/there-can-only-ever-be-21-million-forks-of-bitcoin-a-survey-so-far\/\">21 million full-history forks<\/a> of Bitcoin. There are two million coins that seem to have been <a href=\"https:\/\/www.theblockcrypto.com\/2018\/12\/23\/coinmetrics-report-over-2-million-bitcoin-private-tokens-were-covertly-premined-breaking-the-21-million-supply-cap\/\">created out of nothing<\/a> \u2014 apparently due to an <a href=\"https:\/\/medium.com\/@bitcoinprivate\/official-statement-on-coinmetrics-report-6f1cef176c05\">exploit<\/a> in an outside code contribution.<\/p>\n<p>The US government reveals its keen interest in a cryptocurrency use case\u00a0\u2014 availability testing services! <a href=\"https:\/\/kotaku.com\/fbi-seizes-15-ddos-for-hire-websites-1831239141\">FBI seizes 15 DDOS-for-hire sites.<\/a><\/p>\n<p>Nobody believes Craig Wright is Satoshi &#8230; except Dave Kleiman&#8217;s brother, who&#8217;s suing him for the Bitcoin stash that Wright claimed to share with Kleiman. And the judge <a href=\"https:\/\/news.bitcoin.com\/judge-denies-craig-wrights-motion-to-dismiss-billion-dollar-bitcoin-lawsuit\/\">considers the claim not insane.<\/a><\/p>\n<p>Private blockchains are <a href=\"https:\/\/news.bitcoin.com\/private-blockchains-have-few-applications-study-finds\/\">still not actually useful,<\/a> according to\u00a0<span class=\"notranslate\">the Skolkovo Business School in Moscow.<\/span> (Original <a href=\"https:\/\/bitnovosti.com\/2018\/12\/24\/skolkovo-biznes-do-sih-por-ne-nashel-dostojnogo-primeneniya-chastnym-blokchejnam\/\">BitNovosti article,<\/a> Google <a href=\"https:\/\/translate.google.com\/translate?hl=en&amp;sl=ru&amp;u=https:\/\/bitnovosti.com\/2018\/12\/24\/skolkovo-biznes-do-sih-por-ne-nashel-dostojnogo-primeneniya-chastnym-blokchejnam\/&amp;prev=search\">translation;<\/a> original <a href=\"https:\/\/finance.skolkovo.ru\/ru\/sfice\/research-reports\/1865-2018-12-21\/\">Skolkovo report.<\/a>)<\/p>\n<p>Diar lists <a href=\"https:\/\/diar.co\/ethereum-ico-treasury-balances\/\">which ICOs have dumped how much of their ICO takings.<\/a> Filecoin just dumped 216,000 ETH ($17+ million) from their $200 million 2017 ICO.<\/p>\n<p>Jill Carlson wrote in March something apposite to <em>right now<\/em> as crypto prices crash \u2014 <a href=\"https:\/\/medium.com\/@jillcarlson\/short-convexity-8793f18629bb\">Short Convexity: The big problem awaiting token teams. <\/a>What happens in financial markets when the yield-price curve on your stash of tokens is curved the wrong way \u2014 &#8220;you become more exposed as it moves the wrong direction (uh oh).&#8221; About 0% of people who desperately need this piece will read or understand it.<\/p>\n<p>&nbsp;<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">merry bartmas have some physical bitcoins and litecoins <a href=\"https:\/\/t.co\/XHkTx4nbmc\">pic.twitter.com\/XHkTx4nbmc<\/a><\/p>\n<p>&mdash; David Gerard \ud83d\udc0d\ud83d\udc51 (@davidgerard) <a href=\"https:\/\/twitter.com\/davidgerard\/status\/1077520795231023104?ref_src=twsrc%5Etfw\">December 25, 2018<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/www.nytimes.com\/2018\/12\/27\/technology\/bitcoin-cryptocurrency-crash.html\">How over-the-counter crypto trading works,<\/a> and how it affects the markets.<\/p>\n<p>Maximilian Fiege: &#8220;Bitcoin maximalists argue that the energy consumption of Proof-of-Work provides the network with a security moat. In reality, it <a href=\"https:\/\/blog.goodaudience.com\/borderless-bitcoin-a-dangerous-myth-e2582879d232\">introduces political risk<\/a> because of the highly centralized nature of energy infrastructure and markets.&#8221;<\/p>\n<p>This article is a tissue of vicious burns that Bitcoin 100% deserves: <a href=\"https:\/\/www.engadget.com\/2018\/12\/20\/cryptocurrency-year-in-review-loser\/\">Bitcoin&#8217;s terrible 2018 doesn&#8217;t bode well for the future of crypto.<\/a><\/p>\n<p><a href=\"https:\/\/www.reddit.com\/r\/Buttcoin\/comments\/a9fm05\/the_ghost_of_bitconnect_past\/\">The Ghost of Bitconnect Past<\/a> \u2014 Cthulhooo from Reddit \/r\/buttcoin posts his favourites from the now-locked \/r\/bitconnect subreddit, about the <a href=\"https:\/\/en.wikipedia.org\/wiki\/Bitconnect\">Bitconnect<\/a> crypto Ponzi scheme that collapsed in January.<\/p>\n<p>Victor Ventura from elEconomista, on the crypto crash \u2014 <a href=\"https:\/\/www.eleconomista.es\/mercados-cotizaciones\/noticias\/9604293\/12\/18\/El-ano-en-que-pincho-la-burbuja-del-bitcoin-deja-a-los-mineros-en-perdidas-y-a-los-mercados-sin-compradores.html\">El a\u00f1o en que pinch\u00f3 la burbuja del bitcoin deja a los mineros en p\u00e9rdidas y a los mercados sin compradores.<\/a>\u00a0 With quotes from me; quite readable with <a href=\"http:\/\/translate.google.com\/translate?hl=en&amp;sl=auto&amp;tl=en&amp;u=https%3A%2F%2Fwww.eleconomista.es%2Fmercados-cotizaciones%2Fnoticias%2F9604293%2F12%2F18%2FEl-ano-en-que-pincho-la-burbuja-del-bitcoin-deja-a-los-mineros-en-perdidas-y-a-los-mercados-sin-compradores.html\">Google Translate.<\/a><\/p>\n<p>I did a <a href=\"https:\/\/www.youtube.com\/watch?v=7rKSgbg6Y3w&amp;feature=youtu.be\">video podcast interview<\/a> with CryptoJack TV! It&#8217;s a bit long \u2014 77 minutes \u2014 but came out really well. It&#8217;s so useful having a decent video setup at home now. Here&#8217;s <a href=\"https:\/\/shop.spreadshirt.co.uk\/social-justice-character-classes\/?page=11\">the shirt I&#8217;m wearing.<\/a><\/p>\n<p>&nbsp;<\/p>\n<div class=\"jetpack-video-wrapper\"><span class=\"embed-youtube\" style=\"text-align:center; display: block;\"><iframe loading=\"lazy\" class=\"youtube-player\" width=\"735\" height=\"414\" src=\"https:\/\/www.youtube.com\/embed\/7rKSgbg6Y3w?version=3&#038;rel=1&#038;showsearch=0&#038;showinfo=1&#038;iv_load_policy=1&#038;fs=1&#038;hl=en-GB&#038;autohide=2&#038;wmode=transparent\" allowfullscreen=\"true\" style=\"border:0;\" sandbox=\"allow-scripts allow-same-origin allow-popups allow-presentation allow-popups-to-escape-sandbox\"><\/iframe><\/span><\/div>\n<p>&nbsp;<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Exchanges don&#39;t go insolvent, they just repeatedly discover they need to do better kyc.<\/p>\n<p>&mdash; Matt Crane (@150c_vapour) <a href=\"https:\/\/twitter.com\/150c_vapour\/status\/1077179757710766080?ref_src=twsrc%5Etfw\">December 24, 2018<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>&nbsp;<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Nothing says &quot;Bitcoin is about to bounce back&quot; like signs taped to posts \ud83c\udf15 <a href=\"https:\/\/t.co\/dE9kYcUM5P\">pic.twitter.com\/dE9kYcUM5P<\/a><\/p>\n<p>&mdash; Liam O \ud83e\udd86 (@liamosaur) <a href=\"https:\/\/twitter.com\/liamosaur\/status\/1075651863410659328?ref_src=twsrc%5Etfw\">December 20, 2018<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>&nbsp;<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Have yourself a merry little crypto<br \/>Let your heart be light<br \/>Next year your common sense will be out of sight<\/p>\n<p>&mdash; Public Torsten (@publictorsten) <a href=\"https:\/\/twitter.com\/publictorsten\/status\/1077552945884024834?ref_src=twsrc%5Etfw\">December 25, 2018<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>&nbsp;<\/p>\n<br><br><div align=\"center\"><p><a href=\"https:\/\/www.patreon.com\/bePatron?u=8420236\"><img src=\"https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2021\/10\/become_a_patron_button.svg\" alt=\"Become a Patron!\" title=\"Become a Patron!\" width=217 height=51><\/a><br><p style=\"align:center;\" class=\"patreon-badge\"><i>Your subscriptions keep this site going. <a href=\"https:\/\/www.patreon.com\/bePatron?u=8420236\">Sign up today!<\/a><\/i><\/p><\/div>","protected":false},"excerpt":{"rendered":"<p>&#8220;Exchanges don&#8217;t go insolvent, they just repeatedly discover they need to do better KYC.&#8221;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[155,42,1100,402,343,146,1102,493,81,1101,6],"class_list":["post-11497","post","type-post","status-publish","format-standard","hentry","category-uncategorised","tag-rbuttcoin","tag-bitcoin-cash","tag-bitcoin-private","tag-bitconnect","tag-bitmain","tag-craig-wright","tag-cryptojack","tag-dave-kleiman","tag-ddos","tag-ira-kleiman","tag-links"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts\/11497","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/comments?post=11497"}],"version-history":[{"count":11,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts\/11497\/revisions"}],"predecessor-version":[{"id":11511,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts\/11497\/revisions\/11511"}],"wp:attachment":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/media?parent=11497"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/categories?post=11497"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/tags?post=11497"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}