Friday, June 15, 2018

Art of war

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June 15, 2018

"Nothing is more exhilarating than philistine vulgarity." 
– Vladimir Nabokov

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THE FEATURE

A Real-Time Battle Over Trashy Art Is Becoming a Big Deal for Bitcoin

A bird? A plane? No, that's just a giant penis spouting flaming bitcoin.

Such is the canvas at Satoshi's Place, a web app that allows savvy users to create digital pictures by sending small amounts of bitcoin. In the weeks since its release, the graffiti tool has become the site of territorial battles of pixel-space.

But snickering over vulgar drawings aside, Satoshi's Place isn't all crypto memes and minds in the gutter.

A pixel on Satoshi's Place is priced at one satoshi, or 0.00000001 bitcoin. And for 0.01 bitcoin, around $65 at current prices, users can take over the entire board, all by using a newly live payments technology for bitcoin called the lightning network.

According to data provided by the app's creators, there's been nearly 3,000 paid invoices running across the lightning network, for more than 8 million painted pixels, garnering the attention of about 10,000 unique daily visitors to the site.

And as users compete for art real estate with their wallets, according to advocates, the quickly shifting cultural depiction of cryptocurrency enthusiasts demonstrates not only how lightning can free the bitcoin blockchain from its scalability constraints, but also how technologies like these could eventually outpace traditional financial systems.

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Wait, there's more:

Montana County Delays Decision on Bitcoin Mining Suspension
A county in the U.S. state of Montana has postponed a decision on whether it should temporarily ban new bitcoin mining initiatives.

Walmart Patent Eyes Crypto Payments for Power Supply Precision
Retail giant Walmart is exploring a way to let households manage their electricity bills with prepayments in cryptocurrency.

Bitcoin Price Recovery In Play If Key Support Holds
Bitcoin is still in recovery mode, but the bulls must keep prices above key support to maintain momentum.

Felines to Futbol: NFTs Are Crypto's Hottest New Buzzword
The crypto industry is buzzing about NFTs, non-fungible tokens, because it's clear CryptoKitties and its clones just might make the tech mainstream.

Chinese City Causes Confusion with Digital Asset Exchange Proposal
A city government in China is mulling the creation of a "blockchain digital asset exchange," but no one is quite sure what it means.

Ripple to Invest $2 Million in Texas University's Blockchain Research
Ripple is funding a blockchain research initiative at the University of Texas at Austin's McCombs School of Business.

A Real-Time Battle Over Trashy Art Is Becoming a Big Deal for Bitcoin
A new digital art project, covered in crypto politics and penises, displays a serious use for bitcoin's layer-two tech, the lightning network.

Russian Treasurers Association Joins Masterchain Banking Pilot
The Russian Association of Corporate Treasurers is joining the nation's central bank in trialing the government-run Masterchain blockchain platform.

AlphaPoint Raises $15 Million In First Major Funding Round
Crypto services company AlphaPoint announced it raised $15 million in its first major round of venture capital funding from Galaxy Digital.

Things I Did... Bitcoin Braces for Bear Market With Feel-Good Tweets
Crypto Twitter isn't letting the prospect of a downturn in prices get them down, rather they've turned a bitter price run into a digital kumbaya.

The EOS Blockchain Is Now Officially Live
EOS holders elected their first set of block producers, so the hotly anticipated blockchain is now live.

SEC Official Pushes Back on Claims Ether Is a Security
SEC official William Hinman said the regulatory agency is not classifying ethereum as a security.

Steve Bannon May be Eyeing a Move into the ICO Space
Not content with disrupting U.S. politics, Steve Bannon now wants to disrupt the financial system with a move into the crypto space.

Final Frontier? William Shatner Boldly Goes into Bitcoin Mining
Star Trek actor William Shatner is now representing Solar Alliance in its move to build a solar-powered bitcoin mining facility in Illinois.

ItBit Exchange Adds 4 New Cryptos for Investors
ItBit says it has received approval in New York state to expand its trading and custody services to include four more cryptocurrencies.

Crypto Tycoons Spar Over Alleged 30,000 Bitcoin Debt
Li Xiaolai, a noted Chinese bitcoin investor, has said he may take legal action against another Chinese entrepreneur over claims about a bitcoin fund.

Bitcoin Prices Stabilize Above $6K – But Will They Stay?
Bitcoin has made a 6 percent recovery from the 90-day low hit yesterday, but what happens next?

Thailand's SEC Expects to Approve 5 ICOs This Month
Thailand's securities regulator is reportedly about to make the country one of the first to register token sales in a regulated environment.

Jim Chanos Is Out of His Depth Trashing Crypto Assets
Like Warren Buffett, Jim Chanos is an expert in his domain, which is traditional finance, not crypto. And he's getting it wrong too.

Chinese Banks to Put Credit Blacklist on a Shared Blockchain
The banking arm of Chinese retail giant Suning is testing a blockchain that would allow banks to share a ledger of users with bad credit scores.
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