One of the chronic features of the Bitcoin landscape is that Bitcoin exchanges screw up and fail, starting with Mt. Gox. There's nothing conceptually very hard about running an exchange, so what's the problem? The first problem is that Bitcoin and other blockchains are by design completely unforgiving. If there is a bug in your software which lets people steal coins, too bad, nothing to be done. more
One of the oft-made claims about Bitcoin and its blockchain transaction ledger is that they make transactions really cheap, so you can pay someone anywhere in the world for free, or close to it. But when you look closer, is that really true? Not by a long shot. Bitcoin transactions are stored in a large shared database called the blockchain. more
Nearly $64m in bitcoin has been stolen by hackers who broke into Slovenian-based bitcoin mining marketplace NiceHash. more
A recent story in Medium describes yet again quite well why blockchains don't solve any real problems: Blockchain is not only crappy technology but a bad vision for the future. So what is their irresistible appeal? Bitcoins remind me of a story from the late chair of the Princeton University astronomy department. In 1950 Immanuel Velikovsky published Worlds in Collision, a controversial best-selling book that claimed that 3500 years ago Venus and Mars swooped near the earth... more
The beginning of a new decade is always an invitation to have a broader look into the future. What, in the next ten years, will happen in the Internet Governance Ecosystem? Will the 2020s see the usual swinging pendulum between more liberal and more restrictive Internet policies in an interconnected world? Or will we move towards a watershed? more
Three years ago, my team and I launched .xyz with the mission of bringing competition, choice, and innovation on the internet. .xyz was probably the only domain extension that had no built-in meaning, included very few domains priced at a premium, and relied on low margins and high volume. We brought with it the message that .xyz was for every website, everywhere. And instead of targeting one vertical, we connected with the next generation of internet users... more
Thousands of websites are reported to have been infected by malware over the weekend forcing visitors' computers to mine cryptocurrency while using the sites. more
Bitcoin's unreal hype has obscured that it is mostly used to facilitate drug deals, ransomware, tax evasion, and even the occasional murder for hire. After the 60% price drop, demand for bitcoin mining gear has fallen so much TSMC has to lower sales estimates for 2018... Now, Austrian Ambassador in Tehran Stefan Scholz has suggested it could be a powerful boost to the European intent to bypass the U.S. economic blockade. That could provide demand for $billions of bitcoins. more
There's a lot of misunderstanding about blockchain. A recent study by HSBC, for example, found that 59 percent of customers around the world had never heard of it. Yet, while that alone is quite telling, it's probably more alarming to consider the fact that very same poll revealed that 80 percent of people who had hard of blockchain did not understand what it is. This level of confusion isn't confined to the general population either. more
I am a student of life, learning one hard lesson at a time. In fact, I actually dropped out of my last year of college to start a tech company in a new space called the internet. I was an entrepreneur running an online service prior to the advent of the world wide web in 1992, back when Pine, Usenet, and Gopher ruled the information superhighway. Over the last 25 years, I have learned a great deal about technology adoption cycles by launching six internet companies, each at the forefront of a new technology wave. more
Digital Transformation (DX) is picking up speed. According to a recent announcement by IDC, the market is expected to grow at a Compounded Annual Growth Rate (CAGR) of 17.9% to reach a whopping 321 billion dollars by 2021. In 2018 alone, IDC expects that 326 billion will be spent on transforming how people and things communicate. Based on these numbers, it looks like Digital Transformation has become the real deal. more
Today, one of the world's largest Internet companies, Alibaba, together with a compelling array of other providers, vendors, and government bodies for the first time called for a visionary multilateral technical and operational "framework for a Blockchain of Things." The exceptionally thorough and comprehensive 23-page document, SG20-C.008, was submitted into the upcoming ITU-T SG20 Internet of Things (IoT) Study Group meeting at Dubai, 13j23 March -- the first group gathering in the organization's new 2017-2020 study period. more
Unknown hackers (or hacker) have hijacked the DNS server for BlackWallet.co, a web-based wallet application for the Stellar Lumen cryptocurrency (XLM). more
Electronic money is not a new idea. The Electronic Fund Transfer Act was passed by the U.S. Congress and signed by President Jimmy Carter 35 years ago (1978). Other forms of electronic money include payment processors, direct deposit, and digital currencies such as Bitcoin. What distinguishes Bitcoin from other electronic money is that it is a cryptocurrency... Will Bitcoin replace the dollar, euro, yen, franc, kroner, et al? Possible, but most authorities seem to be saying it is doubtful. more
The company running the new .LUXE top-level domain (TLD) recently issued an update on its progress with the innovative effort to tie the TLD with blockchain. more
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