{"id":9654,"date":"2018-08-28T23:44:15","date_gmt":"2018-08-28T23:44:15","guid":{"rendered":"https:\/\/davidgerard.co.uk\/blockchain\/?p=9654"},"modified":"2018-08-29T13:15:19","modified_gmt":"2018-08-29T13:15:19","slug":"news-cftc-crypto-win-bitcoin-power-use-nicehash-huobi-public-listing-indiegogo-goes-crypto-cosbycoin-comes-true","status":"publish","type":"post","link":"https:\/\/davidgerard.co.uk\/blockchain\/2018\/08\/28\/news-cftc-crypto-win-bitcoin-power-use-nicehash-huobi-public-listing-indiegogo-goes-crypto-cosbycoin-comes-true\/","title":{"rendered":"News: CFTC crypto win, Bitcoin power use, NiceHash, Huobi public listing, Indiegogo goes crypto, Cosbycoin comes true"},"content":{"rendered":"<ul>\n<li>Beg cycle: if you enjoy my crypto journalism, it&#8217;s sustained by <a href=\"https:\/\/www.patreon.com\/davidgerard\/overview\">sponsorship.<\/a> No paywall, Guardian model. $5\/month\u00a0\u2014 the price of a pint\u00a0\u2014 and I&#8217;ll love you forever!<\/li>\n<\/ul>\n<p>Financial regulators don&#8217;t like taking bad actors to court, &#8216;cos they might lose \u2014 they prefer admin orders, or, best of all, market participants behaving in a reputable manner. But sometimes, they have a really nice win. <a href=\"https:\/\/cdn.crowdfundinsider.com\/wp-content\/uploads\/2018\/08\/CFTC-v-Patrick-McDonnell-Coin-Drop-Markets-Memo-of-Findings-and-Final-Judgement.pdf\">This ruling<\/a> (<a href=\"http:\/\/web.archive.org\/web\/20180828230853\/https:\/\/cdn.crowdfundinsider.com\/wp-content\/uploads\/2018\/08\/CFTC-v-Patrick-McDonnell-Coin-Drop-Markets-Memo-of-Findings-and-Final-Judgement.pdf\">archive<\/a>) is against Patrick K. McDonnell and CabbageTech Corp., for running a boiler room investment scam grift. Apart from punishing a fraudster and putting similar fraudsters on notice, the ruling demonstrates that fraud and manipulation in crypto transactions really is in the CFTC&#8217;s jurisdiction, and <a href=\"https:\/\/www.crowdfundinsider.com\/2018\/08\/138248-cftc-wins-big-court-victory-in-cabbagetech-fraud-trial-involving-virtual-currencies-including-bitcoin\/\">they <em>can<\/em> bust you.<\/a><\/p>\n<p>Two birds with one stone\u00a0\u2014 close a coal power plant, <a href=\"http:\/\/www.kulr8.com\/story\/38942201\/daines-colstrip-closures-could-hurt-montanas-bitcoin-mining-business\">lose bitcoin mining!<\/a> And Tim Swanson tries to calculate: <a href=\"https:\/\/www.ofnumbers.com\/2018\/08\/26\/how-much-electricity-is-consumed-by-bitcoin-bitcoin-cash-ethereum-litecoin-and-monero\/\">How much electricity is consumed by Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Monero?<\/a><\/p>\n<p>NiceHash returns 60% of the bitcoins that were stolen in the <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2017\/12\/06\/news-nicehash-hack-bitfinex-makes-the-news-steam-drops-bitcoin-sec-vs-ico-venezuela-book-news-i-have-to-mention-cryptokitties\/\">hack!<\/a> &#8230; <a href=\"http:\/\/www.total-slovenia-news.com\/business\/1939-nicehash-returns-60-of-stolen-bitcoins-now-worth-70-less\">now that they&#8217;re worth 70% less.<\/a><\/p>\n<p>China now has a <a href=\"https:\/\/jubao.nifa.org.cn\/ipnifa\/index.html\">whistleblower tip line<\/a> for <a href=\"https:\/\/www.coindesk.com\/china-now-has-a-way-for-the-public-to-report-illegal-token-sales\/\">reporting illegal crypto offerings.<\/a><\/p>\n<p>The Huobi crypto exchange is <a href=\"https:\/\/www.coindesk.com\/crypto-exchange-huobi-is-seeking-to-acquire-public-firm-in-77-million-deal\/\">trying to buy<\/a> a public company,\u00a0Pantronics Holdings, to get a Hong Kong stock exchange listing.<\/p>\n<p>The Enterprise Ethereum Alliance promotes openness, distributed systems and open source by &#8230; using <a href=\"https:\/\/twitter.com\/compleatang\/status\/1032924337244917761\">private repositories to access specifications.<\/a> And their &#8220;public&#8221; repos are <a href=\"https:\/\/github.com\/ConsenSys\/quorum\/graphs\/contributors\">dead,<\/a> and what real work there is happens in private.<\/p>\n<p>Indiegogo is the site for projects too scammy for Kickstarter. Its new business strategy \u2014 <a href=\"https:\/\/ico.indiegogo.com\/\">promoting incredibly dodgy altcoins.<\/a><\/p>\n<p>In 2011, Buttcoin started <a href=\"http:\/\/www.buttcoinfoundation.org\/tag\/cosbycoin\/\">Cosbycoin.<\/a> In 2018, Bill Cosby is rumoured to be <a href=\"https:\/\/web.archive.org\/web\/20180824113018\/https:\/\/radaronline.com\/exclusives\/2018\/08\/bill-cosby-bitcoin-virtual-currency-salvage-million-dollar-fortune\/\">getting into Bitcoin.<\/a> (May not quite be from a Wikipedia-quality <a href=\"https:\/\/en.wikipedia.org\/wiki\/Wikipedia:Identifying_reliable_sources\">Reliable Source.<\/a>)<\/p>\n<p>Event of the autumn \u2014 the Straits Times says that North Korea plans to hold an <a href=\"https:\/\/www.straitstimes.com\/asia\/east-asia\/north-korea-to-host-international-blockchain-conference-in-october-report\">international conference on blockchain technology and cryptocurrencies in Pyongyang<\/a> in October, according to US-based Radio Free Asia. (Though I can&#8217;t find anything on <a href=\"https:\/\/www.rfa.org\/english\/\">RFA&#8217;s site.<\/a>)<\/p>\n<p>How good a coder is Craig S. Wright, the man who wasn&#8217;t quite Satoshi? He turns out not to be able to code &#8220;Hello, World&#8221; without <a href=\"https:\/\/twitter.com\/alistairmilne\/status\/1033459254425014272\">copying it from StackExchange.<\/a> Wonder how he&#8217;d do on <a href=\"https:\/\/blog.codinghorror.com\/why-cant-programmers-program\/\">FizzBuzz.<\/a><\/p>\n<p>(Not crypto, but here&#8217;s how machine learning works: <a href=\"http:\/\/joelgrus.com\/2016\/05\/23\/fizz-buzz-in-tensorflow\/\">FizzBuzz in TensorFlow.<\/a>)<\/p>\n<p>High Scalability is a blog about scaling Internet services up, and not specifically about cryptos. But crypto people need to read: <a href=\"http:\/\/highscalability.com\/blog\/2018\/8\/22\/what-do-you-believe-now-that-you-didnt-five-years-ago-centra.html\">What do you believe now that you didn&#8217;t five years ago? Centralized wins. Decentralized loses.<\/a> &#8220;Decentralized systems will continue to lose to centralized systems until there&#8217;s a driver requiring decentralization to deliver a clearly superior consumer experience. Unfortunately, that may not happen for quite some time.&#8221;<\/p>\n<p>A history lesson from Cas Piancey \u2014 the <a href=\"https:\/\/medium.com\/@orseus40\/worldcom-and-the-fraud-that-was-10dd3433b643\">MCI WorldCom fraud.<\/a> The answer to &#8220;Why would any of these companies need to perpetrate fraud? They make tons of money!&#8221;<\/p>\n<p>You need to watch <a href=\"https:\/\/twitter.com\/OptimistsInc\/status\/1032127555296321537\">this quick conference talk.<\/a> I can&#8217;t refute a single claim.<\/p>\n<p>&nbsp;<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Easily the best talk at CRYPTO. <a href=\"https:\/\/t.co\/8XYPcT3Ki4\">pic.twitter.com\/8XYPcT3Ki4<\/a><\/p>\n<p>&mdash; Jess Sorrell (@OptimistsInc) <a href=\"https:\/\/twitter.com\/OptimistsInc\/status\/1032127555296321537?ref_src=twsrc%5Etfw\">August 22, 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>After my <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2018\/08\/27\/decentraland-second-life-but-on-the-blockchain-with-me-on-bbc-world-service-trending\/\">Decentraland adventure at the BBC,<\/a> they also wrote it up as text for <a href=\"https:\/\/www.bbc.com\/mundo\/noticias-45326667\">BBC News Mundo,<\/a> and I was on <a href=\"https:\/\/www.bbc.co.uk\/programmes\/b0bgq6x2\">BBC 5 Live Drive this evening<\/a> to talk about it (2:39:58 on) \u2014 <a href=\"https:\/\/youtu.be\/5oTiT4HXdcw\">archive<\/a> for non-UK readers.<\/p>\n<p>&nbsp;<\/p>\n<p>https:\/\/twitter.com\/ummjackson\/status\/1034279223366565888<\/p>\n<p>&nbsp;<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Bitcoin is the only currency that fulfils the requirements of sound money:<br \/>\u2705 95% owned by like 20 people<br \/>\u2705 each transaction costs over $100<br \/>\u2705 price manipulated by fake Tethers printed out of thin air<br \/>\u2705 no more than 7 tx\/s<br \/>\u2705 all the network is controlled by 4 dudes in China.<\/p>\n<p>&mdash; Trolly McTrollface (@Tr0llyTr0llFace) <a href=\"https:\/\/twitter.com\/Tr0llyTr0llFace\/status\/1034465381627424768?ref_src=twsrc%5Etfw\">August 28, 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>https:\/\/twitter.com\/iamjosephyoung\/status\/1033744847369191424<\/p>\n<p>&nbsp;<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Lord give me the confidence of a crypto analyst who called $50k BTC this year and is still offering predictions.<\/p>\n<p>&mdash; parker (@pt) <a href=\"https:\/\/twitter.com\/pt\/status\/1033100275697905665?ref_src=twsrc%5Etfw\">August 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\">Why do organisations adopt Blockchain?<\/p>\n<p>CEO: Fashion<br \/>Board: \ud83d\udc11 <br \/>CIO: Fear of being found out<br \/>CTO: Their technical knowledge is years out of date <br \/>Tech Arch: For the CV<br \/>Devs: The fundamental inefficiencies of blockchain mean your code doesn\u2019t need to be fast, good or even work<\/p>\n<p>&mdash; Mark O&#39;Neill (@marxculture) <a href=\"https:\/\/twitter.com\/marxculture\/status\/1033236762557116416?ref_src=twsrc%5Etfw\">August 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>&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>Craig S. Wright, the man who failed to be Satoshi, turns out to be&#8230; not such a good coder.<\/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":[167,100,857,146,855,87,856,6,859,40,858,854],"class_list":["post-9654","post","type-post","status-publish","format-standard","hentry","category-uncategorised","tag-cftc","tag-china","tag-cosbycoin","tag-craig-wright","tag-enterprise-ethereum-alliance","tag-huobi","tag-indiegogo","tag-links","tag-mci-worldcom","tag-nicehash","tag-north-korea","tag-patrick-mcdonnell"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts\/9654","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=9654"}],"version-history":[{"count":13,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts\/9654\/revisions"}],"predecessor-version":[{"id":9671,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts\/9654\/revisions\/9671"}],"wp:attachment":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/media?parent=9654"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/categories?post=9654"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/tags?post=9654"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}