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ICYMI, Bitcoins Were Successfully Sent to Space

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Genesis Mining made both financial and bitcoin history recently by sending a 3D model of a bitcoin with a paper wallet 34 kilometers into space, then sending 1 BTC to the wallet from Planet Earth, completing the first-ever peer-to-peer financial transaction in space. 

A youtube video recorded the 34-kilometer space journey, along with the transaction being made on a laptop screen back on Planet Earth. The viewer is able to see vast views of the earth from a vantage point as it moves through space. The journey took place in the United Kingdom.

‘To The Moon’ Once Again!

The space transaction symbolizes the cryptocurrency’s one time “to the moon!” mantra when the cryptocurrency was posting exponential growth, according to Marco Streng, CEO and co-founder of Genesis Mining.

“We thought that the value would continue climbing until it reached the moon,” Streng told Hacked.

As a community, we’ve all seen bitcoin increase in value, and we wanted to do our part to demonstrate that there’s no limit to how far bitcoin and cryptocurrency can go. By sending it to space, we wanted to garner the attention of the public to help drive awareness for bitcoin and the growing number of cryptocurrencies on the market.

Advice From Visionaries

Accompanying the video are some quotes, both audio and in inserted text, from visionaries such as Bill Gates and Sir Richard Branson. One quote reads: “The technical answer in bitcoin is that bitcoin is a remarkable cryptographic achievement, and the ability to create something which is not duplicable in the digital world has enormous value.”

genesis-mining-pod

The 3D model bitcoin prepares for its space launch.

The video was taken by a GoPro camera inside a styrofoam insulated box to protect it from the extreme cold. The camera and the box it was housed in was hung from a large meteorological weather balloon that ascended to just over 34 kilometers. A paper BTC wallet was attached to the back of the 3D-bitcoin with duct tape.

The video shows the BTC transaction being sent from a smartphone alongside a desktop screen displaying the wallet accepting the transaction. The Genesis Mining team can be briefly seen and heard applauding.

Also read: ConnectX will take your BTC wallet into space

Reaching New Heights

“Since we believe in reaching new heights at Genesis we didn’t stop there,” the mining team noted on its blog. “When the bitcoin made it to 34 kilometers, our space partners let us know that it was at peak altitude, so we sent another bitcoin, beating our initial record on the same flight!”

“As cryptocurrencies grow in popularity it’s important to remember that they are the most secure form of currency out there, and by demonstrating how this transaction can be seen on the blockchain, we make it clear that no matter how far bitcoin goes, it’s always secure,” Streng said.

Erik Laan, founder of Eye on Orbit, a company devoted to bringing space exploration and commerce to society, applauded the transaction. Laan has also been raising money for the Bitcoin Space Education Fund. He noted that space and the cryptocurrency make a great combination.

Images from Genesis Mining.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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3.9 stars on average, based on 8 rated postsLester Coleman is a veteran business journalist based in the United States. He has covered the payments industry for several years and is available for writing assignments.




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  1. Brigitte George

    September 16, 2016 at 5:43 pm

    Please post the Bitcoin Address! We want to send some BTC to outer space also!

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Altcoins

Crypto Exchanges: Looking For Guaranteed Results

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The word guaranteed is never to be used anywhere investment advice is offered.  So please think of my use of the term as just one person’s opinion. But after doing some weekend reading, I think there should be a way to achieve extraordinary gains that are virtually assured for a very long time.

Back in the glory days of the dotcom period the wisdom of the time was simply stated: invest in the plumbing. That included names like Cisco and Intel.  These were the folks that facilitated high speed traffic on the Internet. Even after the dotcom bubble burst, the plumbers continued to rake in the dough.

Fast forward to 2018, why should we not follow the same logic? Please don’t ask why I didn’t ask this question long ago. Here is what caught my attention.

There is a new study out prepared by The Status Group that makes some incredible projections for the immediate future.  Here are their headline making forecasts.

  • We expect crypto trading volume growth of +50% through 2019, and a 9% CAGR through 2028
  • Crypto trading volume is set to overtake U.S. Corporate Debt trading volume this year, and is on track to be ~10% of U.S. Equity trading volume
  • We estimate exchange trading fee growth of 50%+ this year, from $2.1B last year to well over $3B in 2018
  • The top 20 exchanges account for over 75% of total crypto market trading volume
  • BTC is the base pair for ~1/3 of global crypto volume, USDT 22%, ETH 12%

Always Be Cautious of Forecasts

With no disrespect meant, are the forecasters at The Status Group really serious?  Well, 2019 isn’t that far off so we will know soon enough. But the point is, how do we get involved in the growth of trading rather than pure speculation on crypto prices?

Take the case of the two largest players: Bitmex and Binance.  Over the past 30 days, the two exchanges have traded over $125 billion in value.  That is just in the last month or $1.5 trillion annually. This is only the top two.  If the five largest were included, the monthly total rapidly approaches $200 billion.

Bitmex stands out from a recent article titled: Bitmex Co-Founder is the Youngest British Self-Made Billionaire. Brilliant ideas and hard work deserve and that is why Ben Delo, Samuel Reed and Arthur Hayes are billionaires. But try to buy into Bitmex, good luck.

But there is #2 Binance (BNB) whose token can be traded on the Binance exchange. According to ICOMarks, the market cap of BNB is just a little over $1.1 billion. Back in January, BNB reached $22 but has since tumbled to just $10 -marking a drop of roughly 60%.

Putting that into perspective, that is just a bit less than the average crypto has done this year. But before you doze off, consider this. Changpeng Zhao, BNB founder, just reported second quarter profits of $200 million.  That amounts to 2,757% over the $7.5 million earned in the first quarter.

In other words, BNB’s market cap is equal to just five times the profits in the first six months. If BNB were listed on the New York Stock Exchange and received an average valuation, it would sell for about 23 times earnings.  There may be many reasons why the value of BNB is so low but if it continues to generate such sizable profits, somebody is going to take notice.

As we noted, there are probably lots of reasons why the asset value has fallen nearly as much as the average crypto this year.  This is where I would love to hear from you. Just like back in the post dotcom days, the plumbing companies made the most money.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.4 stars on average, based on 106 rated postsJames Waggoner is a veteran Wall Street analyst and hedge fund manager who has spent the past few years researching the fintech possibilities of cryptocurrencies. He has a special passion for writing about the future of crypto.




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Altcoins

Selling Pressure Hits Bitcoin, Altcoins Following Large Rally

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Cryptocurrencies declined across the board on Monday, as the market returned to a defensive posture following a $38 billion inflow over the past six days. Losses affected all major assets but were largely concentrated in altcoins and tokens.

Market Update

From a peak of around $230 billion on Friday, the cryptocurrency market cap has fallen back to $218.4 billion. The brisk selloff began around 00:00 UTC on Monday; the market would go on to lose roughly $8 billion over the span of six hours.

Trading volumes have held steady over the last 24 hours with $13.7 billion transacted on virtual currency exchanges.

All major assets were down on Monday, with XRP and Stellar XLM each declining more than 11%. Both currencies were the top performers last week. XRP is currently trading at $0.517 and XLM is sitting at $0.2556.

Ethereum slipped 5.1% to $232. Bitcoin cash was down 7.3% at 464. EOS, which was briefly overtaken by Stellar in the market cap rankings, declined 6.6% to $5.67.

Losses in bitcoin, the largest cryptocurrency by market cap, were more contained. BTC is down 2.1% over 24 hours to $6,607. Bitcoin’s price crossed the 50-day moving average on Friday and is currently testing that key level.

Pullback Expected

A pullback was expected for the leading altcoins after demonstrating spectacular growth over a short period. XRP posted a three-fold increase in price last week while Stellar XLM added a third to its value in roughly the same period. Cardano was also among the top performers a ADA began its long recovery from a 96% retracement.

Fundamentals were a major catalyst behind last week’s rally but appear to be absent from the recent reversal, reinforcing the view that technical re-positioning was largely responsible. Sharp corrections are common for cryptocurrencies after a large run-up in prices.

With the pullback, bitcoin’s share of the overall market has returned above 52%. Bitcoin’s dominance rate approached six-week lows on Sunday as altcoins and tokens outpaced the leading digital currency.

BTC trade volumes are holding above $4 billion, a figure that is generally consistent with rising prices. Bitcoin’s price action this week could be influenced by expiring CME futures contracts. The September futures contract is set to expire on Friday.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 612 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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Bitcoin

Bitcoin Network Faced One-Two Punch of Inflation and DoS Threats

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Bitcoin Core has emerged seemingly unscathed from a major vulnerability that threatened to shut down parts of the network in a denial-of-service (DoS) attack. But apparently, the bug was even worse than originally thought. According to a Bitcoin Core Full Disclosure Report, the issue included an “inflation vulnerability,” one in which if seized upon could have bolstered the supply of bitcoin beyond the famous 21 million coin ceiling. By pouring more coins into the supply, the hackers would have diminished the value of the circulating bitcoins.

The decision to expose only the lesser extreme part of the bug to the public was deliberate. According to the report:

“In order to encourage rapid upgrades, the decision was made to immediately patch and disclose the less serious Denial of Service vulnerability, concurrently with reaching out to miners, businesses, and other affected systems while delaying publication of the full issue to give times for systems to upgrade. On September 20th a post in a public forum reported the full impact and although it was quickly retracted the claim was further circulated.”

Double-Edged Sword

The strategy was a success and the bug is no longer a threat, as evidenced by more than 50% of the bitcoin mining hashrate having been upgraded to the patched nodes with no known attempts to “exploit this vulnerability.”

Here’s what we know, according to the report –

“A developer by the title earlz independently discovered and reported the vulnerability to the Bitcoin Core security contact email.”

Meanwhile, on social media, a contributor identified as a Bitcoin Cash developer who goes by the handle “Awemany” was cheered on Reddit for discovering and reporting the bug and cementing their place in “bitcoin’s history book.” Awemany in a blog post pointed to bitcoin developer Matt Corallo, whose 2016 pull request in an attempt to accelerate validation times led to what Awemany characterized as “one of the most catastrophic bugs in Bitcoin ever.”

The bottom line is that the bug was discovered and the threat has been lifted. It’s both a reminder of the risks associated with the consensus mechanism and a demonstration of good faith among the decision makers.

While it’s mostly the future of ETH that has been contemplated of late, given the plummeting of the No. 2 cryptocurrency’s value this year along with the confidence of investors, bitcoin has its own issues. In an exclusive interview with CCN, Sheffield Clark, who is at the helm of bitcoin ATM maker Coinsource, pointed to potentially “stagnant” mainstream adoption of bitcoin amid a lack of regulatory framework to help resolve issues like extreme volatility.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 62 rated postsGerelyn has been covering ICOs and the cryptocurrency market since mid-2017. She's also reported on fintech more broadly in addition to asset management, having previously specialized in institutional investing. She owns some BTC and ETH.




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