Bitcoin[a] (₿) is a cryptocurrency. It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes) through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented by an unknown person or group of people using the name Satoshi Nakamoto and was released as open-source software in 2009. Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. Research produced by University of Cambridge estimates that in 2017, there were 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin. Bitcoin has been criticized for its use in illegal transactions, its high electricity consumption, price volatility, thefts from exchanges, and by reputable economists stating that "it should have a zero price". Bitcoin has also been used as an investment, although several regulatory agencies have issued investor alerts about bitcoin. Mining is a record-keeping service done through the use of computer processing power.[f] Miners keep the blockchain consistent, complete, and unalterable by repeatedly grouping newly broadcast transactions into a block, which is then broadcast to the network and verified by recipient nodes. Each block contains a SHA-256cryptographic hash of the previous block, thus linking it to the previous block and giving the blockchain its name.:ch. 7 To be accepted by the rest of the network, a new block must contain a proof-of-work (PoW). The system used is based on Adam Back's 1997 anti-spam scheme, Hashcash.[failed verification] The PoW requires miners to find a number called a nonce, such that when the block content is hashed along with the nonce, the result is numerically smaller than the network's difficulty target.:ch. 8 This proof is easy for any node in the network to verify, but extremely time-consuming to generate, as for a secure cryptographic hash, miners must try many different nonce values (usually the sequence of tested values is the ascending natural numbers: 0, 1, 2, 3, ...:ch. 8) before meeting the difficulty target. Every 2,016 blocks (approximately 14 days at roughly 10 min per block), the difficulty target is adjusted based on the network's recent performance, with the aim of keeping the average time between new blocks at ten minutes. In this way the system automatically adapts to the total amount of mining power on the network.:ch. 8Between 1 March 2014 and 1 March 2015, the average number of nonces miners had to try before creating a new block increased from 16.4 quintillion to 200.5 quintillion. The proof-of-work system, alongside the chaining of blocks, makes modifications of the blockchain extremely hard, as an attacker must modify all subsequent blocks in order for the modifications of one block to be accepted. As new blocks are mined all the time, the difficulty of modifying a block increases as time passes and the number of subsequent blocks (also called confirmations of the given block) increases.
Investigation against Coinbase and CNBC Fast Money-team should be opened
Everybody who is living in the US and lost just one single Satoshi due to the illegal actions of Roger Ver, Coinbase and CNBC Fast Money should asap report this to the CFTC: https://forms.cftc.gov/_layouts/PublicForms/TipsAndComplaints.aspx Remember: According to the CFTC, Bitcoin ad other cryptocurrencies are a commodity: http://www.cftc.gov/idc/groups/public/@lrenforcementactions/documents/legalpleading/enfcoinfliprorder09172015.pdf At least in June, probably before this, a plan was forged by insiders to replace Bitcoin by an altcoin: https://imgur.com/a/FcZIphttps://pastebin.com/n0aGBMQr Seeing who is behind all this action now - Roger Ver, Coinbase/Gdax, CNBC Fast Money (Paul and Gaby Wasensteiner) and seeing how the market was and is manipulated and used by insiders to make their profits AGAINST ALL Bitcoin users/owners, it is clear that this is a case for CFTC. Whoever lost money should not only consider asking for a probe against Coinbase, Ver and CNBC Fast Money's team, but also against all the people who were backing the initial plan to go the Segwit2x-route and then dropping it for dumping Bitcoin as outlined in the "Chinese Roadpaper". These person include: Mike Belshe, Wences Casares, Jihan Wu, Jeff Garzik, Peter Smith and Erik Voorhees. Now some may say that they have not known what was going on. If so, the investigation shall prove this. If not, they are criminals and should be banned from all activities in commodity trading - read: Bitcoin and altcoin related - for lifetime.
Therefore, he predicts that the CFTC actions against unregulated exchanges will cause BTC price to “pop”. Woo believes that Bitcoin is in a “the herd is coming” moment. In a statement, CFTC Chairman Heath Tarbert has signaled a possible approval of an exchange-traded fund (ETF). The U.S. Commodity Futures Trading Commission (CFTC) has charged the owners of BitMEX with operating an unregistered trading platform and violating multiple CFTC regulations, including failing to meet required AML procedures. ... Advanced botnet attack caused $1.2bn in Bitcoin longs liquidation on BitMEX. CFTC Sues BitMEX For Violating Bank Secrecy Act ; Bitcoin Bears The Brunt Ketaki Dixit Bitcoin News October 1, 2020 Arthur Hayes, Ben Delo, and Samuel Reed, owners of BitMEX , have been charged by the Commodity Futures Trading Commission (CFTC) with “operating an unregistered trading platform and violating multiple CFTC regulations, including ... “The order also finds that after Thompson took the customers’ money and failed to provide any Bitcoin, he then lied to the customers about the location of the Bitcoin, the reasons the transaction was not completed, and the status of the customers’ money,” the CFTC said in a statement. Symphony FS, an Irish firm thought to have been one of the victims of the fraud, alleges that Thompson ... The unthinkable just happened: Bitcoin derivatives trading platform BitMEX is being targeted by the CFTC for a variety of charges, and the company’s CTO has already been arrested related to the case. Now, the worst possible scenario could be on the horizon: The United States regulator could target Tether and parent company Bitfinex next.
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