Bitmain's IPO is dead, but the company claims new products will save it
The company claims to be working on a 7nm flagship miner which will ship by the end of 2019, just as miners prepare for the mid-2020 halving. Critics wonder how Bitmain can reproduce the success of the S9 without the company's original chip designer.
Inside the rise and fall (and rise?) of crypto mining giant Bitmain
"Bitmain’s new CEO has the difficult job of leading a divided firm, after failed IPO and mass lay-offs. The company hopes that next bitcoin halving in 2020 will spur demand for its yet-to-be launched 7nm-chip miners. The world’s biggest cryptocurrency mining company is going through tough times. But a code change in bitcoin might come to the rescue, again."
A simple on-boarding to bitcoin
"So I thought to myself, a materials engineer who is often asked how he became interested in the 'blockchain space' — why not write up a few reasons I think bitcoin is fascinating and follow it up with some information I would’ve loved to have known when I went through on-boarding myself. Here’s just a bit of what I have to say. ... Having said all that, bitcoin is an incredibly interesting experiment in systems thinking, touching on and inter-relating more subject areas than anything I’ve encountered before. For this reason, I simply can’t get enough."
The ETF Tax Dodge Is Wall Street’s “Dirty Little Secret”
"One day last September an unidentified trader pumped more than $3 billion into a tech fund run by State Street Corp. Two days later that trader pulled out a similar amount. Why would someone make such a large bet—five times bigger than any previous transaction in the fund—and then reverse it so quickly? It turns out that transfusions like these are tax dodges, carried out by the world’s largest asset managers with help from investment banks. The beneficiaries are the long-term investors in exchange-traded funds. Such trades, nicknamed “heartbeats,” are rampant across the $4 trillion U.S. ETF market, with more than 500 made in the past year. One ETF manager calls them the industry’s “dirty little secret.”"
Bakkt introduces new board members as its bitcoin futures launch hangs in the balance
"Bakkt, the trading platform for cryptocurrency assets backed by Intercontinental Exchange, announced its new board on Friday. The firm, which was supposed to launch its much-awaited physically delivered bitcoin futures earlier this year, now counts executives from Softbank and Goldfinch Partners among its board members. Its board will be led by ICE board member Tom Noonan, a serial entrepreneur in the cybersecurity world."
New Android malware targets 32 cryptocurrency apps and 100 international banks
"A brand-new generation of Trojan horse malware for Android phones has been revealed, tailored specifically towards stealing fiat and digital assets from customers of top international banks and cryptocurrency exchanges. Cybersecurity firm Group-IB, which found the malware (already named “Gustuff”), warn it comes with fully automated (and unique) functionality aimed at “mass infections and maximum profit for its operators.” Until now, this Trojan has never been reported or analyzed."
Libra: Succinct Zero-Knowledge Proofs with Optimal ProverComputation
"We present Libra, the first zero-knowledge proof system that has both optimal prover time and succinct proof size/verification time. In particular, if C is the size of the circuit being proved (i) the prover time is O (C) irrespective of the circuit type; (ii) the proof size and verification time are both O (dlogC) ford-depth log-space uniform circuits (such as RAM programs). In addition Libra features an one-time trusted setup that depends only on the size of the input to the circuit and not on the circuit logic. Underlying Libra is a new linear-time algorithm for the prover of the interactive proof protocol by Goldwasser, Kalai and Rothblum (also known as GKR protocol), as well as an efficient approach to turn the GKR protocol to zero-knowledge using small masking polynomials. Not only does Libra have excellent asymptotics, but it is also efficient in practice."
Announcing US Stock Index Token, Powered by UMA and Dai
"USStocks is an ERC20 token representing synthetic ownership of an index of the 500 largest exchange-listed US stocks. This means that anybody with access to the internet and digital money can participate in the US stock market. You can buy USStocks on DDEX with Dai here. USStocks is the first censorship-resistant and decentralized means of financial market access for crypto-users today. Users can now deploy the world’s first decentralized stablecoin, Dai, toward buying USD-denominated assets."
Ledger is partnering with a Hong Kong public trust company to offer institutional-grade crypto custody solutions
"Today, Hong Kong-licensed and public trust company Legacy Trust and Ledger, crypto security and custody solutions provider are announcing a partnership to launch an institutional-grade custody solution geared at OTC firms, exchanges, and high net-worth individuals. 'The combination of Ledger’s technological versatility in safekeeping digital assets with Legacy Trust’s regulatory standing provides a complete and permanent solution to the issue of custody in the digital asset space, that did not exist until now,' said Vincent Chok, CEO of Legacy Trust."
Bitcoin Bear Market Diaries Volume 12 Marty Bent
"Make sure you understand the gravity that comes with a world in which Bitcoin succeeds. It is a disruptive force that could potentially be met by an opposing, coordinated force in the future. Be prepared for that reality. I believe wholeheartedly that Bitcoin will be a net positive for the world, but it will obsolete a lot of entrenched power in the process of accruing a massive amount of value, and that entrenched power may not be all too pleased about it."
I’d like to write one.— Dan Robinson (@danrobinson) March 28, 2019
Starting with some trivial examples: Bitcoin has had multisig since genesis, but payment channels weren’t possible until CLTV. Unlimited-duration payment channels weren’t possible until CSV. Bidirectional channels weren’t possible until SegWit.