Day: July 10, 2017

Nick Ayton aka the ‘Sage of Shoreditch’ looks at why there are so many people trying to damage Initial Coin Offerings.

The Internal Revenue Service is seeking a narrower focus in its investigation of digital currency startup Coinbase, new court documents reveal.

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So that’s Monday out of the way and action in the bitcoin price has made for a pretty volatile session throughout Europe today. We suggested in this morning’s analysis that we might see some up and down action based on the fact that action over the weekend was similarly volatile and that said volatility would … Continue reading Bitcoin Price Watch; Here Are Two Trades For This Evening

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Disgraced Mt.Gox CEO Mark Karpeles’ trial for charges of embezzlement and data manipulation begin this week with the high-flying Frenchman expected to plead not guilty.

A “technological issue” at investment funds platform arbX has left users satoshiless as its CEO reports a “complete loss of funds.”

An unknown bitcoin user attached a total of $204,000 in fees to a series of transactions on July 6th. Earlier this week, BTC.com -the world’s seventh largest bitcoin mining pool- discovered these transactions and excessive fees were sent from the same user. The transactions included many inputs and outputs and p2sh / multi-signature transactions.

80 BTC as a Transaction Fee?! What Happened?

Currently, Bitcoin blockchain fee estimations put a median-sized transaction at about $0.20 for the transaction to be picked up from the mempool. According to 21 Inc, the median transaction size is 226 bytes.

The size of bitcoin transactions can greatly vary depending on the number of inputs and outputs, along with other factors such as multi-sig and P2SH. Due to this variance in the size of transactions, fee estimators used by leading wallets calculate recommended fees by a “satoshis per byte” model.

According to BTC.com’s head of business development, Alejandro De La Torre, several transactions in the block with a similar profile took half of the entire block’s space. More importantly, Torre emphasized that the sender attached a fee that is 29 times higher than the normal fee rate or recommended satoshis per byte ratio.

Even though the sender only should have paid around 2 Bitcoin -which is worth over $5,000 at the time of writing-as the transaction fee, the sender attached an excessively high fee of 80 bitcoin. At the time of writing, that is over $204,000 in transaction fees.

Torre wrote:

“Several transactions in the block with a similar profile (many inputs, many outputs, p2sh|multisig, paying 29x normal fee rate) took half of the block’s space ~ (500kB). At that time ~400 sat/byte was the normal priority fee which would amount to roughly 2 BTC in cost.”

Almost immediately after discovering this, BTC.com announced on its official blog that it is willing to refund 78 bitcoin to the sender.

“If that was your transaction, we want to help. We’re not interested in making a quick buck, especially if it comes at the loss of another bitcoiner. That’s why we’re reaching out,” said the BTC.com team.

At first, members of the community were left confused by the statement of BTC.com, which read, “All things said and done, the correct fee should have been approximately 2 BTC.”

The Merkle reached out to BTC.com and asked the team how several transactions can lead to a 2 bitcoin fee, especially when the size of the Bitcoin mempool -the holding area for unconfirmed transactions- has been declining at a rapid rate.

BTC.com told The Merkle that the transactions in question had around 17 inputs, with a staggering 3,920 satoshis per byte. In order to truly understand how much of a large fee that is, Blockchain currently recommends a fee of less than 100 satoshis per byte for all transactions. Even with a fee less than 100 satoshis per byte, transactions are likely to be confirmed within minutes after being sent.

It is refreshing to see companies like BTC.com try to help out a fellow Bitcoiner when they mistakenly attach a $200,000 fee to their transactions. What exactly caused this will likely remain a mystery.

While there are genuine products and judiciously executed ICOs, there have been reports of insincere setups that only succeed in reaping the masses of their wealth.

Blockchain innovation is starting to touch almost every industry. While some obvious ones are finance and banking, others include contracts, legal services, and even dentistry. Dentacoin is a project that is launching the dentistry industry into the future by making a tailored blockchain for the specific needs of dentists and patients.

Why Not Just Pay For Dentistry With Bitcoin?

Whenever there are new projects like Dentacoin looking to bring the blockchain to an industry, people always seem to be a little confused. Why not just use existing cryptocurrencies to do the same thing? Bitcoin has already proven itself as a viable payment method, and other cryptocurrencies like Ethereum have shown that the blockchain can even service smart contracts on their networks.

The answer is that those blockchains are very good at what they do, but do not satisfy all the needs of every industry. Dentacoin is looking for the holistic solution, bringing blockchain technology to the industry but also addressing where previous blockchains have fallen short. For instance, one of the major parts of this project is to implement a blockchain based dental insurance program. While users would be able to pay for insurance with Bitcoin, it would end there. Since Dentacoin is able to use the Ethereum blockchain and tailor it to the needs of the industry with their token, the entirety of the insurance program can backed by the blockchain. Bitcoin alone is not able to facilitate this huge part of their project.

By having a customized token on the Ethereum platform, Dentacoin can do things which Bitcoin cannot.

Making An Industry Better with Reviews

All of us want good bedside manner and a compassionate, skilled dentist. However, knowing the quality of a dentist you have never been to can be a mystery. Often, we have to rely on the word of the few reviews that exist on the Internet. Even those are somewhat suspicious, since businesses can pay to have good reviews uploaded or bad reviews removed.

Dentacoin takes the guesswork out of finding a good dentist. It will have a blockchain backed review platform of dentists by patients. Since it is blockchain backed, tampering with reviews cannot go unnoticed.

It is refreshing to see that Dentacoin wants to incorporate reviews as the central point of their project. Too often we find ourselves at the mercy of companies and businesses telling us -as consumers- to deal with what they give. Negative reviews get buried, and consumer voices are struck dumb. Dentacoin is empowering its users again. It is giving them back their voice.

We live in an audit culture, one where we have ritualized reviewing things. Opinions and reviews are infectious to our minds. This is why false-positive reviews can be so misleading. Companies know that negative reviews hurt business and that positive reviews help business. They throw countless dollars at websites to ensure that only the best reviews stay up or are more prominent in search engine results. This is why Dentacoin is making a blockchain backed review platform. This way consumers can know they are getting real reviews and reviewers know their voices are being heard.

Businesses are made and broken by reviews. Dentacoin enables patients in the dental industry to take back that power from companies and incentives dentists to be even better to get these valuable reviews.

Learn more about the project here: https://dentacoin.com/

Dentracoin’s Pre-Sale: https://www.dentacoin.com/presale/

Disclaimer: This is not trading or investment advice, always do your own independent research.

A distributed ledger trial united IBM and two Australia-based banks in an effort to improve the commercial property leasing process.

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The Creditbit project is in the final stages of development under the second development roadmap. All the innovative yet ambitious sub-projects being undertaken by the dev team are not far from actualization. The dev team is almost done with the major developments and is either in the final stages of testing or launching them. The … Continue reading Creditbit Announces the second Phase of DAO Testing

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