CRYPTO - CRAZY

TOP BANKING SOFTWARE VENDOR INFOSYS TO MAKE USE OF THE BITCOIN BLOCK CHAIN

Posted by Unknown Tuesday, April 14, 2015 0 comments

Legitimacy does not flow from the barrel of a gun, from the banking industry, nor from governments, or such is the feeling of the average Bitcoiner. However, it’s nice when the technology behind the world’s first cryptocurrency gets some respect in traditional banking sector.

Top Banking Software Vendor Utilizing Block Chain

Today it was announced that one of the top banking software providers, Infosys, is considering the implementation of the block chain into its core product, Finacle. Finacle is the front-end to bank databases used by employees to manage accounts, open accounts, and so forth.

Last year, the company was rated as having the best online banking suite in terms of customer experience. Presumably, the integration of blockchain technology into the back-end will make the company more efficient, producing faster, more accurate results than traditional database technologies have been able to produce.

There have widely been murmurings throughout the financial world, now that it appears Bitcoin is here to stay, that the real value of the technology is the block chain. Many Bitcoiners feel sullen about such sentiments, believing them to be counterintuitive, since the reward in bitcoins is what promotes the securing of the block chain by the miners.

Updated Windows Binary of the ccMiner 1.5.44-git Fork by SP for Maxwell

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If you are wondering what to currently mine with your Nvidia-based GPUs such as Nvidia GTX 750 Ti or GTX 980 for example, then you might want to check Quark and Qubit as algorithms they seem to be quite profitable to mine on Nvidia. If you do make sure you have the latest version of ccMiner and we have just compiled a Windows binary from the latest source code of ccMiner 1.5.44-git SP-MOD fork of the Nvidia GPU miner optimized for the latest Maxwell-based video cards by SP (source). The latest version comes with some fixes and performance improvements in the Quark and Qubit algorithms, though the performance increase of Qubit is apparently better than the increase of hashrate in Quark.

The SP-MOD fork is designed for running on Nvidia Maxwell GPUs such as the already available GTX 750, 750 Ti as well as the newer GTX 960, GTX 970 and GTX 980. The windows binary release we have made available here is compiled with support for Compute 5.0 and Compute 5.2 GPUs or with other words only for Maxwell-based cards with CUDA 6.5 and VS2013. We have done some quick tests comparing the latest update with improved Quark and Qubit performance to the previous .43 release on GTX 750 Ti and GTX 980 and below you can see the results to get an idea on what yu can expect in terms of performance increase:

GTX 750 Ti

– Quark .43 – 5395 KHS

– Quark .44 – 5420 KHS

– Qubit .43 – 4319 KHS

– Qubit .44 – 4440 KHS

GTX 980

– Quark .43 – 15338 KHS

– Quark .44 – 15558 KHS

– Qubit .43 – 13771 KHS

– Qubit .44 – 14115 KHS

DOWNLOAD HERE

The BitcoinTalk Forum is Currently Down

Posted by Unknown Friday, January 23, 2015 0 comments

The BitcoinTalk forum, pretty much the largest crypto currency discussion website, is currently experiencing some downtime. It seems that the problem this time is caused by hardware failure, unlike the last time back in November last year when the forum was apparently DDoS attacked. Checking the official twitter account for updates reveals information that apparently the problem was caused by hard drive failure and there could be some extended downtime before things are back online. Also there is information that some of the posts made in the last few hours before the website went down might be lost. Hopefully things with BitcoinTalk will be back to normal later today and the forum will resume operation again…

BEST SITE 2015 BITCOIN FREE EARNING

Posted by Unknown Friday, January 16, 2015 0 comments

Nvidia GeForce GTX 960 Coming Soon to Replace GTX 750 Ti15jan 2015

Posted by Unknown Thursday, January 15, 2015 0 comments

There are already a lot of rumors over the internet, including some leaked photos, specs and gaming performance results of a new Maxwell-based GPU coming from Nvidia next week – the GTX 960. The final specifications of the GTX 960 are not officially announced, but according to the information available the card will come with 1024 CUDA cores, 64 TMUs, 32 ROPs, 128-bit memory bus or essentially half of the specs of the GTX 980. The expected power usage is around 120W or around double that of the GTX 750 Ti with an expected end-user price of about $199 USD ($149 for the 2GB GTX 750 Ti). So with just $50 USD more you could be able to get a new Maxwell-based GPU that could as well provide twice the crypto mining performance of a GTX 750 Ti GPU and if this is indeed true when we see the final card and the actual performance it offers it will be quite an interesting alternative to GTX 750 Ti for mining rigs. That of course is still in the form of speculations as we don’t have officials announced product and specifications, but our expectations based on the leaked data so far suggest that about twice the performance of GTX 750 Ti is possible. We are going to be keeping an eye out for the announcement of the new GTX 960 graphic processors from Nvidia expected next week and are going to be trying out a card as soon as we manage to get our hands on one of these to see what kind of performance will it offer for crypto mining. So stay tuned for more information when it becomes available.

FREE PEY 3D-PRINTED BITCOIN PAYMENT TERMINALS ARE SPREADING ACROSS GERMANY

Posted by Unknown Wednesday, January 14, 2015 0 comments

Entrepreneur, Ricardo Ferrer Rivero has developed a working prototype of a 3D-printedBitcoin payment terminal called PEY. The PEY terminal uses iBeacon technology, so that users who have the PEY app installed on their phone, will receive a push notification informing them that a local retailer accepts Bitcoin payments.

Rivero’s inspiration behind creating PEY was to make it even easier for customers to pay with Bitcoin. With a single swipe from their home screen, the PEY app will load and is ready to complete a transaction. The PEY terminal transmits payment information via NFC, or the user can scan a QR code to complete the transaction quickly and easily. Because the PEY app communicates directly with the PEY terminal, users don’t have to search through apps to find theirBitcoin wallet.

Twelve retailers in Hanover, Germany have already started accepting Bitcoin via PEY including a cafe, supermarket, travel agency, bakery, restaurant, hair salon, and a pub. An additional 38 locations have agreed to start accepting Bitcoin and are expected to receive their own PEY terminals soon. Rivero is delighted that so many retailers have signed up so far and wants to grow to 100 merchants. Currently, merchants have good a reason to sign-up because PEY is giving its terminal and its software away for free.

In regards to charging for its system, Rivero said,

We currently charge no fee, basically because we see ourselves as a hardware company. So we’re giving it to people and trying to learn from it.

The prototype version of the PEY terminal uses an Android phone as its processor, but Rivero hopes to be able to replace this with a Raspberry Pi in the next version, in order to make the technology as widely available as possible. The PEY app is now available in the app store, and more information on the project ca be found on their website.

BITPAY CRASHES BITCOIN PRICE? WHY THE PRICE IS FALLING

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2014 will be the year flooded with the tears of speculators. Falling prices this past year have lead to many theories regarding price. One of the most recent is a rehash of the very old – Any service like BitPaycrashes the bitcoin price.

Founded in 2011, BitPay is the leading payment service provider (PSP) specializing in the peer-to-peer virtual currency Bitcoin. Over the past four years, they have provided merchants the means of accepting bitcoins without the risk of price volatility. BitPay interfaces with merchants like a credit card. From the merchant’s perspective, it’s just another form of payment that deposits cash in their accounts. Each day, BitPay processes over $1m in transactions.

Their slogan “Charge $1, get $1″ attracts thousands of merchants. Some, seeking an increase in profit margins, attracted by low processing fees. Others, seeking new revenue streams, just want to accept a new form of payment. Regardless, BitPay has become more than a middleman and the top PSP at market because they offer services businesses find attractive.

Speculators claim services like BitPay crash the bitcoin price because not all merchants using BitPay keep any bitcoins. Instead, merchants accept payments and immediately cash out their coins to fiat currencies, driving down the price of a bitcoin.

Historically, BitPay has used Black Friday as a metric recognizing Bitcoin’s movement towards mainstream adoption. In 2013, BitPay processed over $6m in transactions in a single day of post-Thanksgiving shopping. As those numbers increase, BitPay becomes more cryptic in the information they reveal.

Last December, BitPay made the announcement on their blog. Bitcoin usage is up, way up. BitPay merchants Gyft and Newegg set records for the number of bitcoin sales last Black Friday. The precious metals dealer, Amagi Metals saw the highest volume of orders for one day. Overall, the value of a single purchase grew 143% over the previous Black Friday.

All these things signal growth. So why do speculators whisper about how services BitPay crashes the bitcoin price? In short, they look at the short-term effect of large vendors accepting bitcoins but they fail to look at the bigger picture.

BitPay Crashes Bitcoin Price? Nah, Insufficient Volume

Volume matters because the speculation claims that BitPay services provide an easy means to move the value out of the Bitcoin economy in exchange for fiat. Two years ago, holders could not spend their coins so easily. Now that merchant adoption has hit all-time highs it has never been easier to spend your bitcoins. It’s just simple economics after that. Demand is the same, but the supply has increased – the price crashes.

BitPay claims to process over $1m of bitcoin transactions daily. Data provided by Bitcoinity can help gauge where BitPay lies among exchanges.

To process $1m in transactions BitPay must process 3,334 BTC a day. At a price of $300 a bitcoin, their volume is just above Kraken or ~1%. Furthermore, BitPay announced 4,400 of their 44,000merchants hold bitcoin exclusively. 18,000 more keep a mix of fiat and bitcoin while the remaining 22,000 cash out directly to fiat.

Hypothetically, let’s assume 80% of all bitcoins spent through BitPay get sold immediately. The merchants reinvest the profits back into fiat-based services instead of Bitcoin. The value has fully left the Bitcoin economy. Well, that’s still only 2,600 Bitcoin, or $760,000 fiat, each day.

The price of a bitcoin is falling because more holders are willing to sell bitcoins than buyers are willing to pay. Sorry if that was not the giant surprise, conspiracy, or thriller you expected.

By virtue of mining, Bitcoin is ‘printing’ 3600 new coins each day. Very little evidence exists to support the claim that services like BitPay crash the bitcoin price. The same could be said of miners immediately cashing out new coins to pay the overhead and costs of their equipment.

The price of a bitcoin is falling because more holders are willing to sell bitcoins than buyers are willing to pay. Sorry, if that was not the giant surprise, conspiracy, or thriller you expected. Sometimes it’s just the month after the holiday season and everyone already spent their money on, gasp, the holidays.

BitPay Good, Fiat Evil

BitPay is not the cause of the price crash. Services like BitPay are a contributor to Bitcoin’s price, not a detractor. During early adoption phases, it’s typical for a business to operate at a loss. Venture capital funding keeps the organization running while they build up a base of users. BitPay is no different. They are building a bridge to greater adoption and the future where 22,000 merchants cashing out to fiat will sound absurd.