Bitcoin is Better! Aussie Bank Note Typo Highlights Inferiority of Fiat 11618

The Reserve Bank of Australia has spent most of the day wiping proverbial egg off its face today as it emerged that the latest run of A$50 notes it has printed has a rather embarrassing typo on them. Such a blunder serves to highlight the inferiority of fiat money over Bitcoin beautifully.

The institution says that there is nothing it can do about the A$2.3 billion worth of misspelled notes. The ultimately irony is that these notes will probably end up being more valuable than A$50 in the long run – unless of course the bank decides to double down on its error and misspell all fifties from now on!

Printing Money is a Serious “Responsibilty”!

As mentioned, the Reserve Bank of Australia made quite the blunder with its latest round of currency printing. It recently ordered around 46 million new A$50 notes to be created. Rather amusingly, it has emerged today that the financial institution made a typo in the text used on the note.

Whoever’s responsibility it was to spell the word responsibility correctly was clearly not up to task. Instead of the preferred spelling, they instead opted for:

“Responsibilty.”

According to a BBC article, the notes were first released late last year. They depict the first female member of the Australian parliament, Edith Cowan. The typo appears in a quotation of her first ever speech in government. It should read:

“It is a great responsibility to be the only woman here, and I want to emphasise the necessity which exists for other women being here.”

What’s This Got to do With Bitcoin?

The irony with misprinted currency is that it usually ends up way more valuable than the correctly printed versions. This teaches an important lesson about the concept of value.

Fiat currency is printed paper. It has no intrinsic value. If you were stranded on a desert island and I offered you a briefcase full of $100 bills or a $50 life raft, which are you going to take?

The point is, value is subjective and the perceived value of different things can change over time.

Although the Reserve Bank of Australia intended their latest $50 notes to be worth the same as every other $50 note they have printed, by accidentally making them rarer than those that will follow, they have made them potentially more valuable. Since they’re still treated as legal tender, no one is going to exchange one of these typo notes for less than $50 but some people might want them enough to pay more than $50 for them. Relative scarcity has given them a higher potential value to some people. If there was just one note with a type, the increased scarcity would create even more potential value.

Amusingly, the bank could rectify this by including the typo in all their future $50 notes in this design. If they followed this counterproductive sounding plan, there would be no additional scarcity since none of the notes would be special.

Compare this to Bitcoin. There are just 21 million Bitcoin that will ever be and a decent percentage of these are lost. They can’t be made any less rare by a centralised institution and this is their main value proposition. Providing growing numbers of people need a non-correlated, permissionless, and non-state backed asset class to serve as a check on reckless government policy, the purchasing power of Bitcoin will only increase. Market forces decide how much a Bitcoin is worth, rather than some potentially corrupt, grossly dated institution such as a central bank.

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Asia Pacific’s First Tokenomics Research Center Opens in Taiwan 11046

Flowchain Tokenomics Research Center opened in National Tsing Hua University located in Hsinchu City, Taiwan, on September 6, 2019. With the cooperation of Professor Chuan-Hsiang Han of the Department of Quantitative Finance at National Tsing Hua University, Flowchain aims to build a Tokenomics Research Center to conduct macro and micro models in the tokenized world using evidence-based research.

Tokenomics is a term used to describe the study of the design of a cryptocurrency and its related virtual assets to build the ecosystem around that specific token. In order to ensure the reliability of participants’ behaviors, it combines elements of the study of economic incentives, game theory, cryptography, behavioral psychology, and computer science.

To conduct a reliable and valid model for tokenomics, Flowchain Tokenomics Research Center first used FlowchainCoin (FLC) as an indicator. Jollen Chen, Flowchain’s founder and CEO, initially found it challenging to explain the trading patterns of virtual assets by using the economic models of traditional financial assets. Law enforcement agencies are also unable to analyze and respond to crimes related to virtual assets without specific standards. Consequently, the security and stability of blockchain economics development cannot be guaranteed.

Flowchain, therefore, attempts to use algorithms to build a tokenomics model of trading strategies to prevent scams by tapping into the combination of the team’s experiences in issuing FLC and Professor Han’s background in economics. “Blockchain technology is primarily known from cryptocurrency applications, including token issuing. The goal is that through the Flowchain Tokenomics Research Center, we can create a better tokenomics ecology for Flowchain using rigorous academic research methodologies. Also, with the hope of a successful transformation and development for Taiwan’s tokenomics industries, I anticipate sharing our experiences and future results with them.” said Jollen.

Flowchain is also seeking additional cooperation opportunities with professionals and academics at research universities in other geographic locations overseas to build a comprehensive model.

IOTA Introducing Chronicle — A Permanode Solution 12862

IOTA

The IOTA protocol is a permissionless trust layer for the Internet of Things which enables a frictionless exchange of value between machines and humans. Anyone can secure data on the Tangle and make it verifiable to third parties for free.

For node owners with limited storage, transactions can quickly fill up their database. This presents a problem for the Internet of Things, where IOTA is working on integration with low-level, resource-constrained devices. We introduced local snapshots for this reason, allowing node owners to delete old transactions and keep their Tangle database small.

However, for many business use cases, data needs to be stored for long periods of time. For example, financial data must be stored for 10 years in some cases, and identity data needs to be kept for the lifetime of the identity. In order to enable these types of use cases, the IOTA Foundation has been working on one crucial building block: a Permanode.

Chronicle is the IOTA Foundation’s official permanode solution. It makes it easy for node owners to store all IOTA transactions in a fast, secure, scalable, and distributed database. Chronicle is used to store the unbounded data flow of the Tangle and make it queryable. In other words, a permanode enables indefinite storage of the Tangle’s entire history and makes that data easily accessible at scale.

Chronicle is a distributed fault-tolerant permanode that scales out and up, designed and developed in a battle-tested Elixir/Erlang ecosystem. The project will now be ported to Rust and become an official production-ready building block maintained by the Foundation.

What makes Chronicle so unique is the opportunity for community members and even businesses to offer the Tangle data “query as a service”. With some minor additional development, node owners could earn money by charging IOTA tokens to access historical Tangle data. By querying a quorum of internal and external nodes the absolute truthfulness of the data could be ensured.

The functionality can be extended further through Multiplex networks, building microservices for each layer that can communicate with public and private dataset(s) under different policies.

Learn how to get started and set up your own permanode here.

What are the next steps for Chronicle?

Going forwards, Chronicle will share its runtime environment with Bee, our next generation of node software. With today’s release marking its first iteration, work will begin immediately on porting Chronicle into the Rust programming language to run alongside Bee. As with the release of Trinity, Chronicle will undergo a third-party audit, as part of the Bee framework, to ensure it is water tight before then being declared production-ready.

As part of our work to further extend the functionality and capabilities of Chronicle, we also invite the community to take part in this work. We intend to issue grants in developing and expanding the notion of permanodes, with a grant already recently awarded to a community-made selective permanode implementation.

We encourage people to view the repo on GitHub. The system architecture can be viewed here, detailing the data model, data flow and the backend storage database(ScyllaDB).

Dash is launching on Coinbase Pro 12755

Dash

On Monday September 16, 2019, Coinbase Pro will begin accepting inbound transfers of DASH. Coinbase Pro will accept deposits for at least 12 hours prior to enabling full trading. Trading will begin on or after 9AM Pacific Standard Time on Tuesday, September 17, if liquidity conditions are met.

Once sufficient supply of DASH is established on the platform, trading on the DASH/USD, and DASH/BTC order books will start in phases, beginning with post-only mode and proceeding to full trading should our metrics for a healthy market be met. Support for DASH will be immediately available in Coinbase’s supported jurisdictions, with the exception of New York State and the United Kingdom. Additional jurisdictions may be added at a later date.

Created in 2014, Dash is a cryptocurrency optimized for payments that has optional speed and privacy features. At this time, Coinbase will not support these features. Dash is accepted at over 4,000 merchants worldwide. Its unique network architecture consists of both regular miners and privileged machines called Masternodes. Through its off-chain community governance system, anyone can submit and vote on proposals to improve the ecosystem’s functionality, utility, and adoption.

Please note that DASH is not yet available on Coinbase.com or via our consumer mobile apps. We will make a separate announcement if and when this functionality is added.

The Stages of the DASH Launch

There will be four stages to the launch as outlined below. We will follow each of these stages independently for each new order book. If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time or suspend trading as per our Trading Rules.

Coinbase Pro will send tweets from our Coinbase Pro Twitter account as each order book moves through the following phases:

  1. Transfer-only. Starting on Monday September 16, customers will be able to transfer DASH into their Coinbase Pro account. Customers will not yet be able to place orders and no orders will be filled on these order books. Order books will be in transfer-only mode for approximately 12 hours. We will communicate the exact timing for this phase via Twitter closer to the date.
  2. Post-only. In the second stage, customers can post limit orders but there will be no matches (completed orders). Order books will be in post-only mode for a minimum of one minute.
  3. Limit-only. In the third stage, limit orders will start matching but customers are unable to submit market orders. Order books will be in limit-only mode for a minimum of ten minutes.
  4. Full trading. In the final stage, full trading services will be available, including limit, market, and stop orders.

One of the most common requests we receive from customers is to be able to trade more assets on our platform. Per the terms of our listing process, we anticipate supporting more assets that meet our standards over time.

Korea’s Union Mobile Launches ‘ELYNET’ Blockchain Project 14291

Korea

NY Union Mobile, which worked to become the fourth mobile carrier in Korea, has officially announced the launch of their blockchain project ‘ELYNET’. The project is designed to provide differentiated mobile services using blockchain technology while leaving behind regulatory hurdles for approval as a mobile network operator.

As a decentralized telecom project, ELYNET uses blockchain technology to make communication more efficient for users who currently rely on a single carrier for telecom service. Through ELYNET, users can freely use data communication services without the drawbacks of existing wireless carriers such as roaming fees and contracts. The ELYNET project effectively eliminates the need for expensive data centers for wireless communications, allowing users to enjoy superior telecom quality at dramatically lower costs.

The ELYNET team plans to use the application of distributed ledger technology to further expand the user base of parent company Union Mobile. “Most of the members of our project team have built their careers at existing mobile carriers, including LG U+, and we have received support from talented people who have worked at KPMG and Samsung for the design of the token economy”, said Union Mobile’s CEO Seyong Ro. “This will help us to realize our business. When users connect to the communications network through ELYNET’s own operating system, they can purchase data through ELyX, a token used in ELYNET’s ecosystem, and freely enjoy mobile data communication anywhere in the world without roaming fees or contracts.”

Trezor: New Bitcoin-Only Firmware Now Available 14784

Trezor

Trezor are thrilled to announce that the beta version of our new Bitcoin-only firmware is now available to download for both Trezor One and Trezor Model T. Trezor aim to introduce a stable version of Bitcoin-only firmware in the next month’s release. From now on, Trezor will be producing four different versions of firmware — regular (full altcoin support + U2F/WebAuthn) and Bitcoin-only, for both Trezor One and Model T.

Trezor have created a customized version of both our firmware and Wallet designed for everyone who supports the idea of Bitcoin. Every Bitcoin maximalist can now enjoy the Wallet interface with nothing else but Bitcoin. All the features of Trezor One and Model T available just the way you like it; Bitcoin only.

How to install Bitcoin-only firmware

Trezor recommend testing your recovery seed in a dry-run recovery before updating the firmware. It’s also essential to note that after installing Bitcoin-only firmware, all your other coins will disappear from the Wallet interface — but don’t worry! The private keys to your altcoins remain protected within your Trezor. The regular Trezor firmware is required to access your altcoins. You can swap between the regular firmware and Bitcoin-only firmware as many times as you like.

There are two ways of installing the Bitcoin-only firmware. You can use either Trezor Wallet or trezorctl (advanced users).

You will need:

  • Trezor Model T running version 2.1.0 or newer, or Trezor One
  • Access to Trezor Beta Wallet or trezorctl
  • The correct firmware installation file for your device — Trezor One or Trezor Model T

Installation process using Trezor Wallet:

  1. Visit https://beta-wallet.trezor.io/ and connect your Trezor.
  2. If you are using Trezor Model T and your firmware version is lower than 2.1.0, upgrade to the latest offered version via web-wallet first!
  3. Type “custom_firmware” after your Trezor device ID in the URL.
  4. Download the firmware installation file for your device (Trezor One, Trezor T) and click on “Choose File” to upload the firmware file.
  5. Trezor Wallet will then prompt you to initiate the firmware update process. Follow the instructions to load the firmware file on the device.

Image of the URL address in the second step.

Installation process using trezorctl:

  1. Download the correct file for your device.
  2. Put your device into bootloader mode and confirm a connection with a host on device.
  3. Launch Terminal and go to the folder with the firmware file.
  4. If you have a Model T, update the firmware by pasting
    “trezorctl firmware-update -f trezor-2.1.5-bitcoinonly.bin” into the Terminal window and press enter. Confirm installation on the device.
    If you have a Trezor One, update the firmware by pasting
    “trezorctl firmware-update -f trezor-1.8.3-bitcoinonly.bin” into the Terminal and press enter. Confirm on the device.
  5. Create a new wallet via https://beta-wallet.trezor.io/

Thank you for testing the Bitcoin-only firmware. If you experience any issues or want to share your ideas with us, please send us your feedback here.

Thank you for being a part of the Trezor beta testing community.

Bitmain expands in-demand Antminer 17 series with two new miners; reveals specifications and selling times 14114

 

Bitmain, the world’s top 10 fabless chipmaker, has expanded its in-demand Antminer 17 series of miners with two new models – Antminer S17e and Antminer T17e, – and is announcing specifications as well as selling times ahead of the launch date on 9 September, 2019.

The Antminer S17e and T17e models have been designed to offer the best value for money. The Antminer S17e has a hash rate of 64 TH/s and operates with a power efficiency of 45 J/TH, while the T17e offers a hash rate of 53 TH/s and a power efficiency of 55 J/TH.

Significant improvements to power efficiency and hash rate have been achieved from Bitmain’s comprehensive strength accumulated over the years in the field and relentless technological innovation.

Both new models have been designed for more stable operations in the long-term to reduce maintenance costs for customers. This is made possible through the dual tube heat dissipation technology which improves how efficiently heat dissipates. The models are also equipped with a more secure software system to prevent malicious attacks.

Bitmain also introduces its compensation strategy for delivery delay. If mining machines are not shipped after a certain period of the specified delivery date, Bitmain will compensate customers by coupons for each day of delay, based on PPS rewards of the mining pool (electricity cost deducted).

The Antminer S17e and T17e will be released in three batches and will be available for sale on Bitmain’s official website according to the following timings:

1st Batch:
Selling Time: 
9 September 2019, 19:00 GMT+8
Delivery Time: 1 – 10 November 2019 

2nd Batch:
Selling Time: 
10 September 2019, 19:00 GMT+8
Delivery Time: 11 – 20 November 2019 

3rd Batch:
Selling Time: 
11 September 2019, 19:00 GMT+8
Delivery Time: 21 – 30 November 2019