{"id":3028,"date":"2017-12-12T21:54:51","date_gmt":"2017-12-12T21:54:51","guid":{"rendered":"https:\/\/davidgerard.co.uk\/blockchain\/?p=3028"},"modified":"2017-12-13T23:21:10","modified_gmt":"2017-12-13T23:21:10","slug":"news-2017-in-buttcoin-icos-parity-bailout-nicehash-post-mortem-cashing-in-bitcoins-wikipedia","status":"publish","type":"post","link":"https:\/\/davidgerard.co.uk\/blockchain\/2017\/12\/12\/news-2017-in-buttcoin-icos-parity-bailout-nicehash-post-mortem-cashing-in-bitcoins-wikipedia\/","title":{"rendered":"News: Buttcoin 2017, ICOs, Parity bailout, NiceHash post-mortem, cashing in bitcoins, Wikipedia, Lightning Network"},"content":{"rendered":"<ul>\n<li>The <a href=\"https:\/\/www.sec.gov\/news\/press-release\/2017-227\">SEC takes out Munchee<\/a>, a <i>pretty generic<\/i> <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/icos-magic-beans-and-bubble-machines\/\">dodgy ICO<\/a>. Here&#8217;s the <a href=\"https:\/\/www.sec.gov\/litigation\/admin\/2017\/33-10445.pdf\">PDF<\/a> of the ORDER INSTITUTING CEASE-AND-DESIST PROCEEDINGS PURSUANT TO SECTION 8A OF THE SECURITIES ACT OF 1933, MAKING FINDINGS, AND IMPOSING A CEASE-AND-DESIST ORDER. The interesting bit is that as well as the white paper, they repeatedly refer to statements made in podcasts, in forums, on YouTube and in ads. Also, it turns out that magic words don&#8217;t deflect the SEC. They didn&#8217;t actually fine them, but they did make them return all the money \u2014 which is <i>startlingly<\/i> gentle, given what a comprehensive and detailed bludgeoning that order is. I&#8217;m seeing a template to be applied against other ICOs. Read it, it&#8217;s great.<\/li>\n<\/ul>\n<p><a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2017\/12\/12\/news-2017-in-buttcoin-icos-parity-bailout-nicehash-post-mortem-cashing-in-bitcoins-wikipedia\/sec-on-munchee\/\" rel=\"attachment wp-att-3034\"><img decoding=\"async\" class=\"aligncenter size-full wp-image-3034\" src=\"https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2017\/12\/sec-on-munchee.jpg\" alt=\"\" width=\"80%\" srcset=\"https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2017\/12\/sec-on-munchee.jpg 719w, https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2017\/12\/sec-on-munchee-300x85.jpg 300w\" sizes=\"(max-width: 719px) 100vw, 719px\" \/><\/a><\/p>\n<ul>\n<li>The SEC may have noticed that the hottest, best-performing ICOs are <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2017-12-12\/want-to-issue-a-red-hot-ico-rule-no-1-is-do-very-little-work\">the ones that didn&#8217;t bother<\/a> with all that tedious &#8220;having a product&#8221; bit.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>https:\/\/twitter.com\/prestonjbyrne\/status\/940287592590954496<\/p>\n<p>https:\/\/twitter.com\/prestonjbyrne\/status\/940320360444121088<\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li>Parity would like a <a href=\"https:\/\/paritytech.io\/blog\/on-classes-of-stuck-ether-and-potential-solutions-2.html\">bailout<\/a> please kthx for its <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2017\/11\/08\/the-ethereum-parity-wallet-disaster-play-by-play\/\">spectacular demonstration of why immutable smart contracts are a bad idea<\/a> four months ago. We just want to twiddle the EVM itself! Just a teensy bit! It&#8217;ll be <a href=\"https:\/\/www.coindesk.com\/brain-freeze-parity-bug-continues-no-easy-solution-sight\/\">fine!<\/a><\/li>\n<\/ul>\n<ul>\n<li>Magoo&#8217;s <a href=\"https:\/\/magoo.github.io\/Blockchain-Graveyard\/\">Blockchain Graveyard<\/a> adds a post-mortem of the NiceHash hack. Someone stole an engineer&#8217;s credentials, got in through their VPN to access the production system and got to the customer wallets.<\/li>\n<\/ul>\n<ul>\n<li>The <a href=\"https:\/\/twitter.com\/TedOnPrivacy\/status\/940588631709896704\">epic saga<\/a> of a man trying to turn his magical Internet money into actual money.<\/li>\n<\/ul>\n<ul>\n<li>Today&#8217;s worst cryptocurrency proposal: <a href=\"https:\/\/np.reddit.com\/r\/wikipedia\/comments\/7j908p\/wikipedia_should_ask_users_to_mine_monero_or\/\">hey Wikipedia, mine Monero on the website!!<\/a> Makes <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2017\/11\/15\/bail-bloc-mine-monero-generate-co2-send-less-money-than-you-spent-to-charity\/\">Bail Bloc<\/a> look sensible. HT Liam Wyatt.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">I like the monero shill who calls bitcoins &quot;tulip bulbs&quot; but of course his Cryptocurrency is different and actually has a use potential.<\/p>\n<p>&mdash; Scott (@vv4isky) <a href=\"https:\/\/twitter.com\/vv4isky\/status\/940655630288932864?ref_src=twsrc%5Etfw\">December 12, 2017<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li>I tweeted a <a href=\"https:\/\/twitter.com\/davidgerard\/status\/940311526606561280\">thread<\/a> about the Lightning Network as I understood it. <a href=\"https:\/\/twitter.com\/el33th4xor\">Emin G\u00fcn Sirer<\/a> retweeted it, and RIP my mentions. (There were strangers in my notifications telling me to sell my Ethereum \u2014 my what \u2014 and buy Bitcoin Cash. Is this normal?) I vaguely want to write up the LN, but too many of the advocates act like paranoid loons at an even slightly tricky question \u2014 in particular, repeatedly ignoring Jorge Stolfi&#8217;s <i>many<\/i> detailed questions <a href=\"https:\/\/www.reddit.com\/r\/Buttcoin\/comments\/7c14xd\/remember_lightning_channels_which_were_the_be_all\/dpncvd3\/\">over years<\/a> gives the impression you just don&#8217;t have answers. So I&#8217;m not promising an article any time soon. (Perhaps it&#8217;s a press management strategy.) But thanks to all those who answered helpfully, including LN developers. Apparently they&#8217;ll be putting out something people can actually use on the main network in the foreseeable future. They expect it to grow slowly.<\/li>\n<\/ul>\n<ul>\n<li>I have a hot take in CoinDesk&#8217;s 2017 roundup: <a href=\"https:\/\/www.coindesk.com\/2017-butt-bitcoins-joke\/\">&#8220;2017: The &#8216;Butt&#8217; of Bitcoin&#8217;s Joke.&#8221;<\/a> It&#8217;s not written like I usually write \u2014 Pete Rizzo asked for a piece, I sent back something written like I write, he rewrote it in house style, I approved his version with tweaks. But it&#8217;s fine (and links the book and the news blog) \u2014 he knows his readers better than I do. And the comments section is comedy pyrites. I&#8217;ll post my original text tomorrow for your amusement. <strong>Update:<\/strong> <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2017\/12\/13\/coindesk-2017-buttcoin-retrospective-original-version\/\">here you go<\/a>.<\/li>\n<\/ul>\n<ul>\n<li>There&#8217;s Bitcoin loan spam circulating on the Tumblr instant-message subsystem, so <a href=\"http:\/\/betterbemeta.tumblr.com\/post\/168413075787\/in-the-context-of-the-sudden-bitcoin-loan-spam\">betterbemeta posts<\/a> about the antidote: <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/book\/\"><i>Attack of the 50 Foot Blockchain!<\/i><\/a><\/li>\n<\/ul>\n<ul>\n<li>Today I show you how to mine the world&#8217;s #1 cryptocurrency \u2014 Bitcoin. Mining bitcoin is actually incredibly easy. <a href=\"https:\/\/www.youtube.com\/watch?v=yUPqZGQyBw8\">This tutorial<\/a> will tell you everything there is to know about bitcoin. Don&#8217;t know anything about bitcoin? No worries \u2014 With no previous experience required, you&#8217;ll be able to start making money by mining bitcoin right away!<\/li>\n<\/ul>\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\/yUPqZGQyBw8?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\">The people were ASTONISHED at his doctrine. <a href=\"https:\/\/t.co\/rSPRikZtLz\">pic.twitter.com\/rSPRikZtLz<\/a><\/p>\n<p>&mdash; Rough Beast Stan Account (@SamFateKeeper) <a href=\"https:\/\/twitter.com\/SamFateKeeper\/status\/939597381443772416?ref_src=twsrc%5Etfw\">December 9, 2017<\/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\">BORN TO HODL<br \/> COIN IS A BUTT<br \/> \u9b3c\u795e Buy Em All 1989<br \/> I am hash man<br \/> 410,757,864,530 HACKED WALLETS<\/p>\n<p>&mdash; Buttcoin (@ButtCoin) <a href=\"https:\/\/twitter.com\/ButtCoin\/status\/939946991903264768?ref_src=twsrc%5Etfw\">December 10, 2017<\/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>The SEC&#8217;s action against Munchee is particularly noteworthy for how <i>generic<\/i> the dodgy ICO in question is.<\/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":[155,21,98,9,233,6,303,40,229,33,209],"class_list":["post-3028","post","type-post","status-publish","format-standard","hentry","category-uncategorised","tag-rbuttcoin","tag-bitcoin","tag-coindesk","tag-ico","tag-lightning-network","tag-links","tag-munchee","tag-nicehash","tag-parity","tag-sec","tag-wikipedia"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts\/3028","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=3028"}],"version-history":[{"count":37,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts\/3028\/revisions"}],"predecessor-version":[{"id":3088,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts\/3028\/revisions\/3088"}],"wp:attachment":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/media?parent=3028"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/categories?post=3028"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/tags?post=3028"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}