Joël from Dash Force joins us in-studio. Bitfinex hires a 3rd Party auditor to gain confidence among critics. Ethereum-based Mysterium platform aims to decentralize VPN services. The Federal Reserve’s Federal Funds Rate climbs to 0.9%. The Australian Government has deregulated digital currencies repealing the goods and services tax. Peter Todd questions the security of Zcash due to his participation. We talk DASH news and what it’s like to work for a blockchain. Darren has written and published a paper offering up a new solution to on-chain scaling. Is the market caps good measure of a digital currencies potential? The life and price of Bitcoin.
All this and more on the Neocash Radio podcast, episode 206 — Wednesday, May 10th, 2017!
We’ve written out short overviews of the topics discussed on today’s show below! Be sure to listen in to the whole podcast to get more information, insights, and thoughts on each of them from JJ, Darren, and Pedro!
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|Traditional Financial Markets||Cryptocurrency Markets|
|Gold $1,219||Bitcoin (BTC) $1,758|
|Silver $16.17||Ethereum (ETH) $86.79|
|Oil $47.39||DASH $90.48|
|Dow Jones 20,943 points||Zcash (ZEC) $96.11|
|30Y UST Yield 3.036%||Monero (XMR) $30.09|
|Litecoin (LTC) $32.81|
Joël from Dash Force News joins us in-studio!
Stay tuned for a bonus episode this weekend!
We talk about DASH the evolution of crypto.
Bitfinex Hires 3rd party Auditor Friedman LLP to Audit their books. The audit is expected to be complete by June 30th.
The Mysterium Network aims to decentralize the providing and use of VPNs. Anyone who has tried to use a VPN may have found it difficult. Mysterium would help people provide VPN services as well as create a more secure use case for VPNs. Usually VPN users have to rely on their provider. They need to trust that logs are not stored for anonymous use.
Mysterium will allow VPN users to choose a different VPN every day if they like. It will also streamline the payment mechanism. The VPN market is expected to be worth $45 Billion this year. An streamlined payment model to VPN providers may increase supply, which will lower the price which may result in increased demand.
Effective Federal Funds Rate Reaches 0.9%, short term treasuries are not far behind. The Federal Fund has collected much of the cash that was printed for the bailouts and quantitative easing.
The Australian Department of the Treasury has sought advice from the government-organized FinTech Advisory Group and has repealed a twofold goods and services tax(GST) affecting digital currencies. As stated within the budget, “from 1 July 2017, purchases of digital currency will no longer be subject to the GST, allowing digital currencies to be treated just like money for GST purposes.”
The repeal brings closure to a tiresome controversy that for years troubled VC users down under who had to double-pay GST, first when purchasing a VC and then again when spending it. Under the GST Tax Act of 1999, virtual currencies, such as bitcoin, were not recognized as money.
Peter Todd is concerned that a backdoor in intel products could have compromised his own participation in generating parameters for the Zcash setup. He also raises the concern that this backdoor could have compromised putting all six keys together.
Even though this concern is valid it poses a low risk as air gapping was a requirement should have eliminated most risk.
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The new part is a very simple idea. The idea is that instead of having a hard cap on block size, you have a cap that can be exceeded if the fee density gets high enough. With this altered cap it’s easier for users to know if their transaction will be included in a block. Also this allows an estimation of the cost of a DoS attack. The main reason for a cap on block size in the first place was preventing a DoS attack. That’s when the network gets flooded with transactions. With this altered cap condition the cost of a DoS attack can be estimated. Instead of limiting the throughput of the system, make a minimum cost of a DoS attack thus effectively discouraging such an attack.
The paper includes an analysis of what current technology can support. The conclusion is that a home connection that can watch a SD movie from Netflix can support a bitcoin node with blocks up to 50MB. An assumption made is that some form of Extreme Thin or XThin blocks are used. I’m a bit concerned about this assumption with the attack on Bitcoin Unlimited this week. The attack was mitigated by turning off XThin blocks. Under the hood, there are some very good ideas floating around. A version of XThin blocks that can’t be attacked would be a plus for the whole space.
Is Market Cap an Appropriate Identifier of Crypto Clout?
This is a brave new world and opportunities are now available to anyone with any amount of money. The traditional world handles this by restricting investment to only accredited investors. However there is no such restriction in the cryptosphere. It’s reasonable to conclude that some gross mis-valuations could result.
Bitcoin’s price rise has many factors. The Japanese Yen to Bitcoin trading is leading the charge along with trading between bitcoin and litecoin. Poloniex is dominating the market in terms of volume with more than $200,000 traded in the last 24 hours between BTC/LTC and more than $100,000 between BTC/XRP (Ripple). Nodecounter shows Bitcoin Unlimited signalled for 43.3% of the last 1000 blocks while SegWit signalling 31.7%
Transactions per day are up to 350,000 bouncing between 5 and 8 per second.