How Naughty America Plans Use Blockchain to Beat off the Competition

The adult entertainment industry is seemingly always the media early adopter of new technologies, such as faster streaming solutions, virtual and augmented reality, artificial intelligence, and now, blockchain. 

A stark difference from most attention and dollar-starved media companies, adult entertainment sites are thriving.

At an initial glance, one might scoff at the idea of the same companies producing videos ranging from [expletive redacted] to [expletive redacted], and even the occasional [expletive redacted] being viewed as technological leaders, but it’s a reality that shouldn’t be overlooked.

The average consumer of adult media is biologically primed, if not addicted, to consuming a particular site’s content. They’re loyal, repeat customers that would disable their ad-block in a heartbeat to consume content– a dream that makes non-adult media site owners salivate. 

Adult media companies are traffic powerhouses. 

Pornhub ranks #7 on Similarweb’s list of top websites in the United States and gets more traffic than Instagram, Wikipedia, and Reddit. Instagram! How many times have you personally checked Instagram today? Instagram has over a billion users. Pornhub beats it. 

The second and third top-ranking sites take #11 and #13, beating out Netflix, LinkedIn, Pinterest, CNN, ESPN, Foxnews, Yelp– even Coincentral.com. 

On the international traffic front, the top three adult sites hold three spots in the top 11. 

Top international site traffic. Source: SimilarWeb

Top international site traffic. Source: SimilarWeb

Every user earns the site ad money. Some users purchase premium subscriptions. Some even buy merchandise. Adult sites leverage their massive user bases to invest in creating new content, 

While Wikipedia was begging users for spare change to stay alive, Pornhub was crowdfunding money to send people to have sex in space. The campaign ultimately missed its target for $3.4 million in 60 days but received pledges of $236,086.

Many adult entertainment companies are allocating a significant amount of capital towards exploring new technologies to keep their edge over the cut-throat and often shady competition. From artificial reality holograms (link NSFW) that make porn stars magically pop up in your living room on stripping poles to artificial intelligence “deepfake” porn that seamlessly superimposes non-performer (celebrities, people of interest, maybe even you) faces in sexual scenes, the adult entertainment space appear to be miles ahead of not only other media sites, but of full-on film production companies.

Some companies have even taken to blockchain monetize, protect, and further distribute their content– potentially serving as future excellent case studies for all content production companies struggling to monetize.  

Enter Naughty America CEO Andreas Hronopoulos

We got a chance to interview adult film studio Naughty America’s CEO Andreas Hronopoulos on how the company has been exploring and innovating new technology to make a better overall experience for its customers. Find out the impact blockchain for adult entertainment can have on the overall media industry, and how a leader in the space plans to prove it. 


Why are adult entertainment companies alway on the innovative edge?

It’s in the essence in that adult entertainment fulfills a need, like breathing air. There’s always a demand for [our content]. For people creating products around that need, there’s a fast process of iteration and you can see if there’s an interest in the new product or not. 

It’s very binary. If you work in the adult entertainment space, you know you’re going to be doing cutting edge stuff all the time. Pushing the envelope; how we can help people find their fantasy? Linking tech and sex. There’s the demand, and we want to apply the tech and see if there’s a fit or not. 

Could you walk us through a day in the life of Andreas Hronopoulos? What are the typical daily decisions that need to be made?

Simply just finding new ways with tech and finding how Naughty America can help people in the adult entertainment industry. For us, we’re going in line with where blockchain is. 

This is a great era for our organization because we’ve always looked at how our content can help other companies. How can we take our library of content and help other companies with their business? I bring Naughty America to the table, and how can we help you? It’s about the simple idea of trading. 

The blockchain industry seems to be ripe for partnership with a content-rich company like Naughty America. So many projects are working on solutions that require some volume of users and content. 

My daily to-do list revolves around our brand and our content can help other people grow their companies. We want to bring our assets to your ecosystem. That’s the beauty of Naughty America, it travels. We’ve invested a tremendous amount over 20 years in content, and we’ll continue to invest in it. 

We’ve been very welcomed by everyone in the space to bring our content into their ecosystem. It’s an exciting time, blue ocean, it’s a new day, it’s so different than where we were 12 years ago. We’re [digital media companies] in such a radically different world from just around a decade ago. 

We’ve always seen ourselves as a media company that utilizes technology. The adult entertainment industry has always been ahead of the curve. Being a media company is where we want to be. We don’t want to be a tech company. There are a lot of brilliant engineers out there, and we want our media to be there to support them. 

Could you tell us more about Naughty America’s relationship with blockchain? 

We first started accepting bitcoin as payment in 2014. We had a big uptick of people using it, but then that number declined. We were getting Bitcoin for our content and we just didn’t understand it. I didn’t understand it. To me, it was like someone paying with Apple Shares for a cup of coffee. 

That’s the fun of working with all these blockchain ecosystems now. We have companies hit us up all the time to accept their payment coin, but that’s not really how it works. We provide our content as an ecosystem – as far as payment solutions there’s nothing better than accepting Visa/Mastercard.

 In 2016, we started investing time and energy to go about leveraging the value of our digital asset, our content library. 

The first company we talked to was Decent. The ability to aggregate people’s content they’ve provided to us and provide them a record using blockchain to show that when content is being broadcast helped establish transparency. 

what is decent dct

In an unregulated Internet, having a blockchain record allows us to give our partners their ability to see when we’re aggregating their content for royalties and compensation, helping increase trust. We weren’t looking to accept Decent as a payment solution. This was purely an internal solution for accounting and records. 

The second company in the blockchain space we got involved with was Ara Blocks, to help us in putting our own content out there on a Video On Demand basis. We come in from this in a few ways, one was aggregating content in the premium membership. The second one was to allow content to be individually smart contracted and allow people to pay with Ara. 

Ara blocks

The third company we want to do involves non-fungible tokens (NFTs) for Naughty America and content. We’re going to be utilizing some form of blockchain to track the content. People coming into Naughty America can buy NFTs that are tied to specific pieces of content. 

What are some of the largest technical challenges the adult entertainment industry faces?

For us, it’s always trying to find creativity and how to create a more entertaining and memorable experience with whatever medium we’re using. 

That’s what’s interesting about what we’re doing with these holograms. Our current challenge is finding out how to make the next best hologram out there. Holograms are the new tech for media, along with other advanced forms for entertainment. For example, I’m anticipating Netflix to get into video games. 

An example of the Naughty America holograms.

An example of the Naughty America holograms. Source: Naughty America

You’ll see media companies focused on making better content, then utilizing something like the blockchain to syndicate that content. 

Naughty America hologram in action.

Naughty America hologram in action. Source: Naughty America

Thank you!


Adult entertainment and blockchain make as good a pair as any content site and blockchain. As the conversation about blockchain’s practical uses in any environment heat up, companies like Naughty America are taking the discussion beyond pure theory. Blockchain for adult entertainment may end up being the successful data point that other media sites can leverage to make the most out of their content. 


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Source: Coin Central

Halsey Minor’s VideoCoin is Coming for a $30 Billion Industry

VideoCoin debuted its blockchain-powered video infrastructure platform dubbed the VideoCoin Network this week, along with the listing of the native VID token on KuCoin and Beaxy cryptocurrency exchanges. This launch enables VideoCoin users to live stream video content, as well as be compensated for hosting the streaming services.

We got a chance to interview VideoCoin Founder Halsey Minor on what this announcement means for the video streaming industry, obstacles his team faced in the past few months, and a few subjects off the beaten path such as Facebook Libra. Halsey Minor borrows from an amalgam of unique high-octane entrepreneurial experiences to pioneer yet another industry. Minor started one of the world’s largest media publications (CNET), co-founded one of the most successful cloud-based software companies (Salesforce), founded a cryptocurrency exchange (Uphold), and founded a virtual reality company that created the first live-stream 360-degree virtual reality camera (Live Planet).

“We built the VideoCoin Network from the ground up as a next-generation solution to allow anyone to stream video using our blockchain-powered video infrastructure platform,” said Devadutta Ghat, CTO at Live Planet – strategic services and technology provider to the VideoCoin project – and Principal Architect at VideoCoin Network. “I’m thrilled to officially unveil the VideoCoin Network today, marking a major milestone on our journey to revolutionizing the multi-billion dollar video streaming market.”

This release consists of several important components including:

What stands out about this launch is that this is the first blockchain project to integrate a third party fiat payment processor, underpinned by a consortium of banks. The model is optimized to enhance the utility of the VID as a reputational staking token that powers the network and ensures the most qualified network operators are serving customer needs.

Additionally, prior to the launch, the VideoCoin team burnt 66% of its total token supply to allow them to focus on creating a sustainable token staking mechanism. 

 

This news comes on the heels of the debut of the Blockchain Virtual Reality (VR) Network (BVRN), the first VR network built specifically for the blockchain industry. The Network will feature in-depth and engaging VR programming from top blockchain industry influencers such as theBad Crypto Podcast, Crypto Trader, Boxmining, BLOCKTV, and us. This partnership boasts a combined global audience of half a million blockchain enthusiasts, all shot with the Live Planet VR System

 

This first customer use case of the VideoCoin Network is harnessing the power of blockchain to make 4K stereoscopic 3D video cloud processing more efficient, less expensive, and more secure. 

 

“We are thrilled for the launch of the VideoCoin Network, but more importantly, we’re excited for the future,” said Halsey Minor, CEO of Live Planet. “Video is fundamental to the human experience. It’s the way we connect, the way we learn, the way we express, the way we grow. As such we believe this experience should be in the hands of everyone, and not in the control of a few. Decentralization of video infrastructure through the VideoCoin Network is how this will happen.”

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Source: Coin Central

Security, Privacy, and VPNs: The Importance of VPNs in Cryptocurrency

If you’re experienced in cryptocurrency and the Internet at large, chances are you might be somewhat familiar with the concept of VPNs. 

Many people who have used cryptocurrency exchanges have used a VPN at some point to secure their internet connection. Since there is a lot of money floating around in cryptocurrency markets, organized crime soon follows. 

It comes as no surprise that gaining access to someone’s cryptocurrency account and wallet can be very lucrative for criminals – hackers are very keen on getting their hands on your valuable login details and wallet information. 

Luckily, there are some relatively simple safety measures you can implement to safeguard your digital currency transactions. One of these safety measures is the use of a VPN. In this article we’ll discuss for whom a VPN could be wise and how to compare VPN providers to find one which fits your needs.

Getting a VPN for Cryptocurrency is Paramount for Secure Transactions

A VPN can be a vital piece of technology, particularly when using public Wi-Fi networks. A VPN creates a secure connection between you and the rest of the internet, encrypting all your data traffic in the process. How does it work exactly? By installing a VPN application on your computer, tablet or smartphone, you can connect to special VPN servers.

 Most VPN providers have thousands of servers across the globe. When you connect to such a VPN server, a secure connection is established. The VPN encrypts all your data and internet traffic, sends it to the VPN server, and from there a connection with the rest of the internet is established. 

Public networks are notorious for their security flaws, and experienced hackers generally have no issues intercepting your traffic or breaking in on your device when you’re connected to a public Wi-Fi network. Unless you use a VPN that is, because the encryption of most modern-day VPNs is incredibly robust. 

Even with the fastest supercomputer in the world, a hacker would need thousands of years to crack a VPN’s security, since most VPN providers use 256-bit encryption these days. Where a skilled hacker would normally have no issue accessing your device and intercepting your internet traffic, a VPN makes sure hackers are unable to access your device through the network. If they do manage to intercept any data, the data is rendered useless to them because of the heavy encryption; the data is completely unreadable to them as it is one big encrypted mess. 

This also goes for your internet service provider by the way. Normally they see everything you do online, but when you use a VPN, your internet service provider cannot monitor your online activities anymore due to the encryption. And the good thing is, to you as a VPN user, nothing really changes. 

The VPN software encrypts all traffic you send and receive, but you don’t notice this at all. The VPN simply runs in the background, while your connection is far more secure and you can use the internet as you would normally do.

A VPN offers additional privacy 

A VPN is also a great tool for privacy since it hides your IP address for the outside world. Normally, the rest of the internet recognizes and identifies you based on your personal IP address. 

When you connect to a VPN server, you are appointed the IP address of the VPN server instead of your own IP-address. Governments, hackers, the websites you visit, online marketeers; they will no longer be able to link your activities to you as a person through your IP address. This gives you some privacy and anonymity when browsing, also on crypto exchanges.

A VPN also serves as a tool for internet freedom

The internet is not freely accessible everywhere in the world. Based on your geographic location, various websites, crypto exchanges, streaming services or social media could be inaccessible. 

This phenomenon is called geo-blocking, and it’s a form of online censorship. By connecting to a VPN server in a different country, you can access the internet as if you were physically in that country. 

So, if for example a certain website is blocked in your country, you can connect to a VPN server in a country where that website is in fact accessible. When you subsequently try to access the site, you will no longer be blocked because you are using a foreign IP address which is granted access. 

Choosing a VPN suited to your needs

When you are in the market for a VPN service, or want to objectively compare VPN providers, a bit of research does not hurt. A couple of key aspects to consider when adopting a VPN provider are the following:

Safety and privacy: For starters, you need a VPN provider that offers solid encryption protocols and which doesn’t keep logs (meaning the provider does not store some of your online actions when you are connected to the VPN servers).

Speed: One known problem when using a VPN connection is the loss of speed since your data is encrypted AND travels through an additional external server. Since internet speed can be vital when it comes to flash trading, choosing a VPN with fast servers is a must. 

User-friendliness: The VPN application has to be manageable and simple. Furthermore, the VPN provider has to offer quality technical support when issues arise. 

Server network: The VPN provider you choose should ideally have a large and a diverse network of servers in countries and regions, offering speedy connections without compromising the performance. 


The above article is a sponsored post that meets our editorial guidelines.

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Source: Coin Central

Bitcoin Is The New Gold. Or Is It The Other Way Around?

Here’s a 1:1 look at them

This summer has been a whirlwind, especially in the markets. And at my firm, one of the best parts of the summer was having a trio of young interns working with us. That means enthusiasm. It also means we were treated to some excellent academic reasoning (they were all current students or recent graduates). And, it means that the inevitable question came up, early in the summer: “Rob, what do you think of Bitcoin?”

I thought about pointing them to my past articles on the subject of Bitcoin. Instead, I bottom-lined it for them: I think that block chain technology is a big part of our future. However, trying to pick winners among the cryptocurrencies is something I shall not attempt.

Why such a crypto-wimp?

My reluctance to dabble in that Bitcoin debate is because I am too old. After all, I wrote a while back about the vigorous discussions I have had with a group of friends regarding the virtues and risks of this new phenomenon that tempts young investors to go all-in like a Texas Holdem game.

Rather, it is that Bitcoin violates one of my longstanding, self-driven investment rules: do not mess around with securities that are so volatile, you just know that no one really knows what they are worth. That is where I land on Bitcoin. Enough said.

The other Bitcoin

I am not the first one to draw comparisons between Bitcoin and another type of security that is getting a lot of attention recently. Gold, after years in the investment doghouse, has come back on the scene. It never went away, of course. However, it might as well have.

After all, the stock market has done well over the past decade. And bond yields have dropped, and now crashed, which makes returns on bond investment temporarily strong (oh, we will cover that in another article soon, believe me!). So, with traditional investments doing well, and the U.S. Dollar remaining strong, gold has been an afterthought.

Partying like its…2011?

Gold was a hero to many investors before and during the Financial Crisis. Its price tripled from September, 2006, through the same month 5 years later. And then, the appetite for risk returned to the market. This pushed gold to the sideline as a sexy portfolio tool, as has happened in the past.

But here we are, in 2019, and gold is back in the conversation. I am not a big fan of gold or Bitcoin as long-term investments. However, I am always a fan of making money and protecting capital. That led me back to gold for the first time in a while. However, it did not lead me to Bitcoin.

Crypto-wimp, part 2

You see, gold has a track record that goes back thousands of years, well before modern market history. Furthermore, when you really think about it, what is any investment really worth? Answer: what someone else will pay for it.

Critics of gold as an investment say that it is really just a hedge against inflation. There is little sign of inflation right now. And, gold and Bitcoin are viewed similarly, as alternatives to traditional currencies like the U.S. Dollar and Euro.

Start using others’ fear to your advantage

However, I am paying more attention to gold these days because it has a historical significance that is related neither to inflation nor to global currencies. Rather, it has historically been a classic fear trade. That is, when markets freak out, gold has historically been one of the places people rush to (pun intended).

Remember, in order to profit as an investor, you really only need two things: to identify a trend, and for perception and emotion to rise in your favor. In a market starved for good long-term value, it makes sense to pivot to such areas. Gold might just be one of those, as the market’s concerns about tariffs, rate cuts, global instability and corporate earnings turn into that freak-out I noted above.

Bitcoin and gold are (cor)related to each other

However, Bitcoin investors will quickly point out that cryptocurrencies are another, and perhaps more hip way to hedge and/or exploit a potential investor freak out. That may be the case. But the chart below shows you why I am choosing gold over Bitcoin and its brethren…

Continue reading at FORBES.com

CoinCentral Joins First Blockchain VR Network (BVRN) Created by Live Planet, Inc.

We’re excited to announce that we are partnering with the  Blockchain Virtual Reality (VR) Network (BVRN), created by Live Planet, Inc.
 
Live Planet is a pioneer of advanced media technology infrastructure, and it just announced the forthcoming launch of the first VR network built specifically for the blockchain industry. The Network will feature in-depth and engaging VR programming from top blockchain industry influencers including Bad Crypto Podcast, Crypto Trader, Boxmining, BLOCKTV and CoinCentral.com, all shot with the Live Planet VR System, the world’s most advanced end-to-end capture and distribution system for immersive video, and the first application using VideoCoin Network technology, a decentralized video encoding, storage, and content distribution system. The Network uniquely enables influencers to engage audiences in new, exciting and creative ways, growing their following and deepening their relationship with their existing fans. 
 
The Blockchain VR Network combines two of today’s most consequential and disruptive technologies: blockchain and VR. Content partners will utilize the revolutionary end-to-end Live Planet VR System to stream their podcasts and videocasts in crystal-clear 360 stereoscopic video, either live or recorded. The Network is currently available for streaming on immersive video outlets including Samsung VR, Oculus, Daydream, on the web at LivePlanet.live and YouTube. 
 
Live Planet has partnered with some of the most highly-regarded crypto and blockchain personalities boasting a combined global audience of half a million blockchain enthusiasts. 
  • CoinCentral: An independent publication and top 10 cryptocurrency newsite covering new technologies, innovative tokens, exchanges, intersections with the real world, bitcoin, ethereum and their underlying blockchain. Alex Moskov is a partner and editor-in-chief.
  • Bad Crypto Podcast: The world’s top bitcoin podcast covering blockchain, cryptocurrency, ethereum, altcoins, fintech and the future of digital payments. Hosted by internet pioneer Joel Comm and marketing technologist Travis Wright, The Bad Crypto Podcast makes crypto easy to understand for newbies and crypto enthusiasts alike. 
  • BLOCKTV: Live, 24/7, premier televised news source for the blockchain and cryptocurrency community, providing reliable, real-time, innovative, and in-depth updates globally. 
  • Boxmining: Michael Gu is the founder of Boxmining.com, a central hub for accurate discussion of cryptocurrencies, blockchain and the decentralized future. The Boxmining YouTube Channel boasts over 190,000 subscribers and 12 million views.
  • Crypto Trader: Ran Neuner is the executive producer and host of Crypto Trader, the world’s first televised cryptocurrency show broadcast on CNBC Africa and YouTube.
  • Decentralized Films: A Los Angeles based production company fully funded by cryptocurrency. It was founded in 2017 by Brazilian American actor and producer, Oto Gomes.
  • YEN.io: A community management and community growth platform for online groups cultivating the conversations of the future. Crypto communities need modern tooling to manage communication and grow their tribe; that’s what we’re building. Currently in private beta.
For content creators, the Blockchain VR Network is an opportunity to demonstrate innovation, leveraging cutting-edge immersive media technologies to engage new and existing audiences at a deeper level. For viewers, the network provides an unprecedented, exciting immersive experience of all things blockchain and crypto. 
 
“We’re so excited about this new Network and all of the possibilities it presents. Live Planet and VideoCoin have each worked tirelessly pursuing the vision of converging VR with blockchain technology — a match made in heaven,” said Halsey Minor, Founder and CEO at Live Planet and Strategic Technology Partner to the VideoCoin Network. “The Blockchain VR Network actualizes that vision and we’re thrilled to partner with the highest-quality influencers and commentators in the industry for its debut.”
 
The Blockchain VR Network will soon be streaming in VR. Content partners interested in joining the Network can sign up here

About Live Planet, Inc.
Live Planet, Inc. develops media-technology infrastructural technologies to transform the world of media and related services toward a more compelling, controllable future for consumer and business applications everywhere. Live Planet’s initiatives include The VideoCoin Network and the Live Planet VR System: the end-to-end solution for easily creating and delivering live and recorded picture-perfect stereoscopic VR video programming and applications. For more information on the Live Planet VR System, please visit https://www.liveplanet.net. Creative professionals and innovators seeking to shape the future of immersive media may join our partners program by contacting info@liveplanet.net
 
About the VideoCoin Network:
The VideoCoin Network is a decentralized video infrastructure platform redefining the process for creating, storing, and distributing digital video content. Developed by the VideoCoin Development Association Ltd. (Cayman Islands) and implemented by Live Planet, Inc to run on a new blockchain with a native protocol token, the VideoCoin (VID). Powered by a large-scale, distributed video infrastructure, the VideoCoin Network will usher in “the new cloud,” by marshaling underutilized computing resources from around the world to revolutionize video services with blockchain technology. The VideoCoin Network ecosystem will lower costs by deploying unused compute resources and peer-to-peer video distribution, enabling a new generation of applications via open APIs and open source-based development, with increased privacy using decentralized, end-to-end encryption. For more information, visit https://videocoin.io or our blog, follow us on Twitter and join our Discord group here

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Source: Coin Central

Chinese Court Says Bitcoin is Legal Property, Regulatory Hurdles Still Exist

Bitcoin has been declared legal property in China after a court ruling by the Hangzhou Internet Court. The declaration was made following an injunction on a legal dispute between crypto exchange FXBTC and a client who lost funds when the company closed down.

The customer claimed that he bought bitcoin through the platform which had then been listed in the Taobao marketplace. He apparently bought 2.675 bitcoins and left them in a wallet on the exchange.

The customer reportedly attempted to log into his account in 2017 but was unable to do so as the company’s services had already been wound up.

The FXBTC closed its doors in 2014 citing pressure from the Central Bank of China. It also reported having issues accessing its bank accounts following a change of policy by the People’s Bank of China (PBOC).

The plaintiff who had also enjoined TaoBao in the lawsuit was unsuccessful in proving that the e-commerce giant was directly involved in the loss of his funds.

The Internet Court, which deals with online-based cases, however, made the asseveration that bitcoin is considered legal property according to the country’s statutes because it can be traded as an asset, and has scarcity and value attributes. The following is the actual pronouncement made by the court regarding this.

“It is worth noting that this is the first time that our court has determined the attributes of the virtual property of digital currency such as Bitcoin. The Hangzhou Internet Court stated that Bitcoin has the value, scarcity, and disposable nature of property as a right object, and should be recognized as its virtual property status.”

Bitcoin Trading Still Illegal

The development is a major step towards the legitimization of bitcoin and other cryptocurrencies in the East Asian country. China has been largely hostile towards the digital currency sector. There have been reports that it is looking to ban cryptocurrency mining in the near future.

China has already banned Initial Coin Offerings (ICOs) which are a popular fundraising instrument for blockchain startups.

Despite the small victory, there are still signs that the government will continue to limit the use of cryptocurrencies within the country. A ban that prohibits crypto trading is still in place. There are also reports that the nation is planning to prevent access to offshore crypto exchanges using The Great Firewall of China (GFW).

(Featured Image via Pixabay)

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Source: Coin Central

Prices of Bitcoin Miners in China Have More Than Doubled

The bitcoin mining frenzy is on and miner rigs are once again in high demand following the recent market escalation. It saw the industry emerge from a five-month crypto winter.

According to current Chinese media reports, prices of popular bitcoin processing machines have more than doubled in the past 6 months.

Demand for the devices is allegedly outstripping supply and making it exceptionally hard for mining farm operators to get ahold of new machines. Second-hand miners that were previously only being sold in bulk due to a drop in demand are becoming increasingly expensive.

China is a major crypto mining powerhouse. This makes it highly susceptible to market upheavals. The crypto mining movement in the country has been able to burgeon over the years because of access to cheap electricity and the availability of inexpensive hardware.

Subsequently, Chinese miners control over 70 percent of the bitcoin network hash rate. Miner groups in the country have turned some regions such as the Sichuan province into crypto mining havens due to the abundance of cheap electricity.

There are also reports of miners flocking to Iran to take advantage of subsidized electricity costs.

An Increase in Mining Difficulty Triggers Demand for Miners

The explosion of mining activity has exponentially increased mining-difficulty on the bitcoin network. This is because its system was designed to algorithmically change mining difficulty after every 2016 processed blocks.

Consequently, much more electricity is needed to process a single bitcoin when hash rates are high. Additionally, more miner devices are required to mine a block.

The current average bitcoin mining hash rate is 65 terahashes per second. The network has already hit a record-breaking 79 trillion hashes per second. Analysts predict that 100 TH/s could be reached by the end of the year.

This is forcing miners to augment the number of mining machines in operation to maintain the reward rate.

According to the head of global sales and marketing at Canaan Creative, Steven Mosher, the current demand for mining machines resembles 2017 third-quarter and fourth-quarter markets conditions when it quadrupled.

Major cryptocurrency companies are already buying miners by the thousands to scale operations. German-based company, Northern Bitcoin, recently signed a deal with both Bitmain and Canaan to buy 5,000 ASIC machines from the two firms.

MGT Capital Investments also recently announced a 1,100 BTC miner order from Bitmain. The deal involved a shipment of S17 Antminers that have a maximum operational capacity of 56 Th/s.

The companies predict an increase in revenue thanks to the addition of high capacity miners.

(Featured Image Credit: Pixabay)

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Source: Coin Central

This Week in Cryptocurrency: August 2nd, 2019

Bitcoin made a comeback this week, challenging the bearish positions of the past two weeks. A few other digital assets saw some gains in price or held their positions. Tezos had a beast of a week with a 42% gain. However, the slight majority of cryptocurrency assets continued their slow downward trends. 

The Winners: 

The Losers: 


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Study Finds Over 83% of Reddit’s Bitcoin Discussions are “Positive”: Tech researchers at Comparitech analyzed over 48,000 Reddit posts and 7,500 articles from various outlets to find which cryptocurrencies are viewed with the most favorable terms. The study concluded that 85.5% of cryptocurrency-related topics were positive. However, the majority of media outlets were spitting out FUD including HuffPost, Business Insider, and the International Business Times. Cardano, Ether, Litecoin, and Tron also had 85% to 90% favorable sentiments. 

SEC Planning to Outsource Cryptocurrency Nodes: A recent government document spotted by Trustnodes found that the U.S. Securities and Exchange Commission is planning to hire contractors to run nodes for Bitcoin (BTC), Ripple (XRP), and Ethereum (ETH) to monitor compliance risks. 

What’s New at CoinCentral?

India, U.S. Governments Move to Rein in Facebook, Libra Cryptocurrency Project: The news comes at a time when Facebook is trying to mollify legislators that are skeptical about its private user data collection practices, especially in regard to its yet-to-be-launched Libra network.

Iran Approves Crypto Mining Framework Amid U.S. Sanctions: The Iran economic commission has approved a cryptocurrency mining regulatory mechanism. This is according to an announcement made by the nation’s Chamber of Commerce. The long-awaited framework is set to be tabled in parliament for formal consent and ratification as a law.

The World’s First Public Blockchain with Secret Contracts is Making its Case: Ever since the global interest in cryptocurrencies and blockchain soared in 2017, the debate pinning public and private blockchains against one another in the context of practical adoption has persisted. Ethereum is undoubtedly the most popular public blockchain with over the majority of +2,400 Dapps being built on it since Ethereum went live in 2015, but the top Ethereum applications are still only seeing a few thousand transactions per day. 

Does the Coinbase Effect Still Exist? ChainLink’s 83.6% Gain Says Maybe: To the many analysts prematurely hammering the nails in the Coinbase Effect’s coffin, this new piece of information changed everything. Here’s what we make of it.


Tether to Migrate to More Blockchains: The controversial stable coin is planning to migrate from Bitcoin and Ethereum blockchains, which would make transactions a bit harder to track. Tether was added to Tron in March, and announced that it will debut on EOS and Algorand’s blockchains as well. 

Celsius Crowns Self as “Fastest Growing Lending Platform”: In a press release published August 1st, the cryptocurrency borrowing and lending platform Celsius Network noted it tracked $300 million in coin deposits in the last 12 months and completed over $2 billion in coin loan origination.

The post This Week in Cryptocurrency: August 2nd, 2019 appeared first on CoinCentral.

Source: Coin Central

Ripple

Ripple Devotees are Taking Out Loans to Buy XRP

Die-hard Ripple fanatics are going “balls deep” in debt to buy XRP, the cryptocurrency associated with Ripple. One Twitter user known as XRP PHOENIX said he’d taken a loan for “way more than [he] can afford to pay back” to fund his crypto purchases.

 

🦅XRP PHOENIX🦅@XRPBallzD33p

Just went BALLZ deep in

Took out a loan for *way* more than I can afford to pay back

I am NOT bragging or flexing here. My aim by staying this here is to document my BALLZ DEEP journey with you all as an educational material source.

WISH ME LUCK!!! 🤪

886 people are talking about this

Asked why he would make such a risky financial decision, he admitted it was all about greed.

“Honestly, greed is possibly the biggest prevailing reason. However, being from a family that nobody makes over 20k a year/didn’t graduate from high school, I’m just done accepting mediocrity from life. I’m risking it for the biscuit my friend.”

The thread, brought to light by The Block’s Larry Cemark, revealed others who had taken out similar risky loans.

XRP Army risking it all

Another Twitter user reportedly took out a loan against his retirement fund to purchase XRP:

🦅XRP PHOENIX🦅@XRPBallzD33p

Just went BALLZ deep in

Took out a loan for *way* more than I can afford to pay back

I am NOT bragging or flexing here. My aim by staying this here is to document my BALLZ DEEP journey with you all as an educational material source.

WISH ME LUCK!!! 🤪

XRP MR ESTEVEZ 🇩🇴@restevez926

👊🏼 I took a loan on my 401k to invest in XRP. We going hard or we ain’t going at all. I’m with you on this trip🚀

18 people are talking about this

Another said he bought XRP using a AUD $150,000 loan.

“I personally drummed up about 150K AUD in debt buying XRP. It seems like a lot but for a chance of changing my life on a solid investment. I would say what I did was the right thing for me.”

The prevailing reason behind these rash financial decisions is pure monetary gain. As another Ripple devotee explains:

“I too spent more than I can afford on XRP but only because it’s a once in a lifetime opportunity to get rich.”

XRP: one of the worst-performing cryptocurrencies of 2019

Apart from Stellar (XLM), XRP is the worst-performing digital asset in the top ten. It’s down 14 percent while bitcoin is up 150 percent. Making the “balls deep” investment even more dangerous.

There are many reasons why XRP has fallen behind its peers. Despite numerous promises by Ripple CEO Brad Garlinghouse, XRP has yet to be adopted as liquidity tool by major banks. Ripple’s many partnerships have not converted into XRP utility or demand.

Then there’s the threat posed by Facebook’s Libra and banks like JP Morgan developing their own cryptocurrencies. Libra, which aims to facilitate cross border payments and remittances, arguably weakens XRP’s use case. And by creating their own cryptocurrencies, banks could sidestep XRP completely.

And third, there’s…

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Iran Approves Crypto Mining Framework Amid U.S. Sanctions

The Iran economic commission has approved a cryptocurrency mining regulatory mechanism. This is according to an announcement made by the nation’s Chamber of Commerce. The long-awaited framework is set to be tabled in parliament for formal consent and ratification as a law.

Iran Embraces Crypto to Circumvent U.S. Sanctions

The Iranian government is slowly embracing cryptocurrencies which are now being seen as a viable means to circumvent crippling sanctions imposed by the Trump administration. This is following the U.S. government’s unilateral withdrawal from the Iran nuclear deal.

The U.S. instigated embargo prohibits companies registered within its areas of jurisdiction, countries such as China, and those within the E.U. from dealing with Iranian firms. The United States administration has also pressured international financial networks such as SWIFT to block the country from their systems.

The United States government has demonstrated its intransigence on the matter by slapping some major multi-national companies with sanctions. Zhuhai Zhenrong Limited, a Chinese state-run company is among the latest casualties. This latest development has drawn some bellicose remarks from the Chinese authorities amid escalating tensions. 

Such actions have forced some organizations such as the E-3 nations to develop an independent financial mechanism that connects to the Iranian economy. The system, however, also has its drawbacks.

Dubbed INSTEX, it was jointly developed by Germany, France, and the United Kingdom and was recently proclaimed operational. The U.S. has already threatened to place sanctions on countries involved in the project.  

To solve such issues, Iran is reportedly developing its own cryptocurrency which is said to be backed by gold. According to local news outlet Mehr News, the network is set to be launched soon.

Of course, there are some considerable hurdles to overcome for the country to successfully use cryptocurrencies for trade. As in the Venezuelan situation, a rising inflation could suppress the benefits. Recent statistics estimate the inflation rate in Iran to be around 50 percent.

In many related cases, the general populace tends to use cryptocurrencies such as bitcoin as a store of value and not as a medium of exchange. Lack of technological know-how also slows down adoption. 

That said, however, the Iranian populace is increasingly embracing cryptocurrencies. Subsequently, peer-to-peer platforms such as LocalBitcoins are gaining popularity.

Its crypto mining industry is also taking off due to the abundance of cheap energy resources. Miners from countries such as China are flocking in to take advantage of low energy costs. The electricity consumption price-rate in Iran is currently at about $0.03 per kilowatt-hour.

Iran is looking to regulate the crypto mining sector and have miners contribute to the local economy. A proposal to charge export rates is already being considered. 

Details of the just-approved mining industry framework have yet to be released.

The post Iran Approves Crypto Mining Framework Amid U.S. Sanctions appeared first on CoinCentral.

Source: Coin Central