Ohio Bitcoin

12/10/2020

Check out my latest video 👇🏾 below 👍🏾 Grayscale Purchases $266 Million of Bitcoin and $58 Million of ETH Crypto asset manager Grayscale has bought an additional 14,591 Bitcoin (around $266 million currently) and 105,000 Ethereum ($58,5 million) on behalf of its investors, according to financial reports published this week. “The Trust issued 15,334,000 Shares at varying prices … for an aggregate of 14,591.89670379 Bitcoins representing $280,362,832,” said Grayscale’s Form 8-K report on December 9. A day before that, Grayscale disclosed the purchase of over 105,000 more ETH tokens, although the document itself was dated December 2. “The Trust issued 1,140,900 Shares at varying prices … for an aggregate of 105,927.51301273 Ethereum representing $62,975,646,” the company reported. According to Grayscale’s tweet yesterday, the company currently has $12.1 billion worth of crypto assets under its management. Notably, its Bitcoin Trust is the largest one by far, amounting to over $10 billion all by itself. The Grayscale Ethereum Trust holds second place among Grayscales funds with $1.64 billion assets under management. As Decrypt reported, Grayscale’s Bitcoin Trust has been seeing an influx of new funds since October, growing by around $2 billion during this time. Clearly, institutional investors can’t seem to get enough of it.

Grayscale Purchases $266 Million of Bitcoin and $58 Million of ETHCrypto asset manager Grayscale has bought an additional 14,591 Bitcoin (around $266 million...

11/12/2020

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11/03/2020

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11/03/2020

Check out my latest video 👇🏾 below 👍🏾 Bitcoin: A Peer-to-Peer Electronic Cash System Satoshi Nakamoto [email protected] www.bitcoin.org Abstract. A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending. We propose a solution to the double-spending problem using a peer-to-peer network. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work. The longest chain not only serves as proof of the sequence of events witnessed, but proof that it came from the largest pool of CPU power. As long as a majority of CPU power is controlled by nodes that are not cooperating to attack the network, they'll generate the longest chain and outpace attackers. The network itself requires minimal structure. Messages are broadcast on a best effort basis, and nodes can leave and rejoin the network at will, accepting the longest proof-of-work chain as proof of what happened while they were gone. 1. Introduction Commerce on the Internet has come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments. While the system works well enough for most transactions, it still suffers from the inherent weaknesses of the trust based model. Completely non-reversible transactions are not really possible, since financial institutions cannot avoid mediating disputes. The cost of mediation increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small casual transactions, and there is a broader cost in the loss of ability to make non-reversible payments for nonreversible services. With the possibility of reversal, the need for trust spreads. Merchants must be wary of their customers, hassling them for more information than they would otherwise need. A certain percentage of fraud is accepted as unavoidable. These costs and payment uncertainties can be avoided in person by using physical currency, but no mechanism exists to make payments over a communications channel without a trusted party. What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party. Transactions that are computationally impractical to reverse would protect sellers from fraud, and routine escrow mechanisms could easily be implemented to protect buyers. In this paper, we propose a solution to the double-spending problem using a peer-to-peer distributed timestamp server to generate computational proof of the chronological order of transactions. The system is secure as long as honest nodes collectively control more CPU power than any cooperating group of attacker nodes. 1. Introduction Commerce on the Internet has come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments. While the system works well enough for most transactions, it still suffers from the inherent weaknesses of the trust based model. Completely non-reversible transactions are not really possible, since financial institutions cannot avoid mediating disputes. The cost of mediation increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small casual transactions, and there is a broader cost in the loss of ability to make non-reversible payments for nonreversible services. With the possibility of reversal, the need for trust spreads. Merchants must be wary of their customers, hassling them for more information than they would otherwise need. A certain percentage of fraud is accepted as unavoidable. These costs and payment uncertainties can be avoided in person by using physical currency, but no mechanism exists to make payments over a communications channel without a trusted party. What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party. Transactions that are computationally impractical to reverse would protect sellers from fraud, and routine escrow mechanisms could easily be implemented to protect buyers. In this paper, we propose a solution to the double-spending problem using a peer-to-peer distributed timestamp server to generate computational proof of the chronological order of transactions. The system is secure as long as honest nodes collectively control more CPU power than any cooperating group of attacker nodes.

Bitcoin: A Peer-to-Peer Electronic Cash System Satoshi Nakamoto [email protected] www.bitcoin.org Abstract. A purely peer-to-peer version of electronic cash w...