Wednesday, February 6, 2019

Pass the torch🔥

February 6, 2019

Twitter CEO Jack Dorsey Passed the Lighting Torch

The Bitcoin community is obsessing over a new experiment that is growing around the world...literally.

It's called the "lightning torch" and it uses Bitcoin's new innovative payment layer to send micropayments faster and for far cheaper.

The rule is simple: just pass the torch.

That means if the "torch" comes to you, you tack on an extra 10,000 satoshis (about $0.34) and send the payment to someone you trust will also pass it on.

Around the world

Now, since launching on January 19th by an anonymous Twitter user named @hodlonaut, the growing payment has made its way through 37 countries and has been exchanged by over 150+ different hands.

Notable torch passers include Mastering Bitcoin author Andreas Antonopoulos, Morgan Creek Digital founder Anthony Pompliano, and even Twitter's CEO Jack Dorsey.

Following Dorsey, the payment has grown to over $100 and has quickly continued to circle the community.

Where's the end?

Until someone decides to pocket the Bitcoin, there is no end. But there is a ceiling.

For now, the torch is hard-coded to only be able to carry 4,390,000 satoshis (roughly $150). At this point, the torch could keep going or simply die out.

If it does come to an end, many have suggested donating the torch to a charitable cause. So far, eyes are set on Bitcoin Venezuela - a non-profit that works to bring awareness to digital currencies amid the country's worst hyperinflation ever.

RESEARCH

Bitcoin's Mining Has Only Gotten More Decentralized, New Report Finds

According to a new report from wealth management firm Canaccord, Bitcoin has become significantly more decentralized in recent years.

The firm used mining hash rate as a measure of decentralization and found that most of the significant distribution has only come within the last five years.

Back in 2014, Canaccord noted that the Ghash.io mining pool controlled almost half of Bitcoin's hash rate. Now, however, no single mining pool controls more than 20%.

What's the reason?

In the report, Canaccord cites that the "commoditization of bitcoin mining chips" have allowed for a more competitive marketplace.

Specifically, the reports claims that Bitmain's inability to produce a "meaningful superior alternative to the Antminer S9" has helped competition inch closer together.

Looking forward

And decentralization will likely only continue. Using the Herfindahl- Hirschman Index (HHI) to measure competition, Canaccord found that Bitcoin sits at 1,200 after declining from about 3,000 in 2013.

On the scale, anything over 2,500 is considered concentrated. With Bitcoin sitting at 1,200 right now, it's considered to be a "competitive marketplace" - a very positive feature for a cryptocurrency.

NEWS

You Can Now Bet on Bitcoin's Next Halving Date

Next year, Bitcoin will undergo an event that cuts the mining reward for Bitcoin from 12.5 BTC per block in half to 6.25 BTC per block.

The event, called the Bitcoin halving, was purposely placed in code to make the cryptocurrency more scarce over time.

Betting on the date

While we know the event will happen at block 630,000, we don't know what date that will be exactly.

That's why crypto firm LedgerX is now offering five different contracts that will let users choose the specific date the halving will happen.

If it happens after that date, the contract won't pay out.

CEO Paul Chou commented on the new offering:

"It's similar to other commodity markets where, when you are planning on how many people, resources and infrastructure you want for the next year, you can view derivatives markets to see how profitable people are expecting it to be."

BITS

But wait, there's more...

🚨 Winklevoss exchange Gemini is facing pushback after denying customer accounts that want to redeem GUSD.
🧐 Abra wallet introduced a new way to purchase ETFs and Stock using Bitcoin.
🚀 Opera adds crypto buying service to its Android wallet.

MEME