Zooko Wilcox Admits Snowden is Right That Bitcoin, Ethereum, Zcash Can Help Evade Taxes

Zooko Wilcox Admits Snowden is Right That Bitcoin, Ethereum, Zcash Can Help Evade Taxes

admin Edward Snowden, Ethereum, Zcash 0 Comments

There has been growing controversy over new cryptocurrency Zcash, since a tweet by Edward Snowden suggested that it will encourage tax protests. Snowden’s tweet was attached to a post by The New York Times, where Zcash was described as a “harder-to-trace virtual currency.” Snowden wrote in regard to the article: “Coincidentally, new technologies raise the possibility of unstoppable tax protests.” Selective disclosure Created by computer scientists at Johns Hopkins University and Massachusetts Institute of Technology, Zcash has been claimed to have secured $3 mln in backing from Silicon Valley venture capitalists, and its developers claim to have used advanced cryptography to create the virtual currency. Rather than coming forward as a privacy purposed entity with ulterior intentions, as has been interpreted from Snowden’s comment, the CEO of Zcash, Zooko Wilcox, describes the functionality of the cryptocurrency as “selective disclosure.” Wilcox says that this characteristic of Zcash makes it possible for businesses to conceal their private transaction details from competitors, thieves and foreign enemies, while simultaneously disclosing that information to their country’s tax authority. What Snowden really means However, Wilcox explains that he understands Snowden’s line of thought as it applies to other cryptocurrencies. “I can also see where Edward Snowden is …

Bitcoin Can Reach $10,000 or Even $1 mln, Chandler Guo Explains How

admin Bitcoin News, Bitcoin Price, China Market, CoinGreed, Donald Trump, Politics 0 Comments

One of the largest Bitcoin miners in China has suggested that the price of Bitcoin could reach $10,000 or even as high as $1 mln. Speaking to ether.camp at the Clare Hall of the University of Cambridge, on the sideline of the Internet-of-Value: Digitising Social Conscience – roundtable debate, Chandler Guo emphasised that all an individual needs to do is invest in just one Bitcoin – as most people don’t invest in it and yet they want to know more about proof of work, how the Blockchain works, why do blocks require 10 minutes, etc. Guo says in the Youtube video: “But finally, I tell them, just go back and buy Bitcoin. A lot of people don’t have Bitcoin…Not too much. Only one is enough. If everyone would have just one, the Bitcoin value would go to $1 mln. When Bitcoin becomes $1 mln, the whole world would be crazy and everyone would love to follow and all the other digital currencies would just be the grandson of Bitcoin.” Everyone just needs to buy one Bitcoin The angel investor in Bitcoin and Ethereum startups believes that a lot of people don’t exactly understand why they should be involved with Bitcoin, …

Bitcoin’s Dark Side Could Get Darker –

admin Bitcoin, Bitcoin News, BlockChain Technology Opinions, Cyber Crime & Cyber Terrorism, Dark Web Film, Smart Contracts 0 Comments

Investors see riches in a cryptography-enabled technology called smart contracts–but it could also offer much to criminals.     Some of the earliest adopters of the digital currency Bitcoin were criminals, who have found it invaluable in online marketplaces for contraband and as payment extorted through lucrative “ransomware” that holds personal data hostage. A new Bitcoin-inspired technology that some investors believe will be much more useful and powerful may be set to unlock a new wave of criminal innovation. That technology is known as smart contracts—small computer programs that can do things like execute financial trades or notarize documents in a legal agreement. Intended to take the place of third-party human administrators such as lawyers, which are required in many deals and agreements, they can verify information and hold or use funds using similar cryptography to that which underpins Bitcoin. Some companies think smart contracts could make financial markets more efficient, or simplify complex transactions such as property deals (see “The Startup Meant to Reinvent What Bitcoin Can Do”). Ari Juels, a cryptographer and professor at the Jacobs Technion-Cornell Institute at Cornell Tech, believes they will also be useful for illegal activity–and, with two collaborators, he has demonstrated how. “In …

Vitalik Buterin: On Public and Private Blockchains

admin Bitcoin 2.0, Blockchain, Opinion, Technology 0 Comments

Over the last year, the concept of ‘private blockchains’ has become very popular in the broader blockchain technology discussion. Essentially, instead of having a fully public and uncontrolled network and state machine secured by cryptoeconomics (eg proof-of-work, proof-of-stake), it is also possible to create a system where access permissions are more tightly controlled, with rights to modify or even read the blockchain state restricted to a few users, while still maintaining many kinds of partial guarantees of authenticity and decentralization that blockchains provide. Such systems have been a primary focus of interest from financial institutions and have, in part, led to a backlash from those who see such developments as either compromising the whole point of decentralization or being a desperate act of dinosaurish middlemen trying to stay relevant (or simply committing the crime of using a blockchain other than bitcoin). However, for those who are in this fight simply because they want to figure out how to best serve humanity, or even pursue the more modest goal of serving their customers, what are the practical differences between the two styles? First, what exactly are the options at hand? To summarize, there are generally three categories of blockchain-like database applications: …