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Bitcoin News Friday, April 6 Lightning labs, Bitcoin lightning network, Daily pivot range & more…

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What’s new?

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Lightning Labs CEO: We are back to a ‘bitcoin, not blockchain’ world

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  • For Lightning Labs CEO Elizabeth Stark and others working on bitcoin software, that narrative was never accurate.
  • When we first pitched my company Lightning Labs, we actually took the word bitcoin out of our deck and our marketing material because it was so much about blockchain, she says.
  • Lightning is a second layer built on top of the bitcoin protocol that can facilitate faster and cheaper transactions, because the payments happen off-blockchain.
  • Joseph Poon and Thaddeus Dryja published the Bitcoin Lightning Network white paper in 2015, describing the project as scalable off-chain instant payments.
  • It is the first live software release for the Lightning protocol; the software can facilitate Lightning transactions in bitcoin or litecoin.

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Hacked: Hacking Finance with Cryptocurrencies and ICOs

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Weed Growers Are Racing to Register Their Strains on the Bitcoin Blockchain

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Why are Venezuelans mining so much bitcoin?

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  • IF YOU want to mine bitcoin from the comfort of your own living room, you require three ingredients; some free software, a steady supply of (preferably cheap) electricity and a computer.
  • Venezuelans who can afford it have imported machinery such as the Antminer S9, a shoebox-sized contraption selling for roughly $2,000 on Amazon, that sucks in cool air and electricity and spits out noise, heat and freshly mined bitcoins.
  • The extent of the governments subsidies means that, according to data from Crescent Electric Supply Company, Venezuela is the cheapest place to mine bitcoin in the world.
  • President Nicols Maduro does not like bitcoin miners, and the governments ownership of the electrical grid enables it to locate, and crack down on, those using the unusually high amounts of electricity that bitcoin mining requires.
  • While bitcoin can protect from the tyranny of governments printing money, other kinds of tyranny remain unchecked.

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Tech Thinks It Has a Fix for the Problems It Created: Blockchain

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  • Photo – – – Ryan Shea, a co-founder of the start-up Blockstack, is one of many entrepreneurs who think blockchain technology could help people wrest control of their personal information away from the internet giants.
  • The company built a way to record the basic details of ones personal identity on a blockchain database and then use that identity to set up accounts with other online projects.
  • Blockstack has built a way to record the basic details about your identity on a blockchain database and then use that identity to set up accounts with other online projects that are built on top of it.
  • Credit – Sam Hodgson for The New York Times – – – Blockstack is one of several blockchain-based projects hoping to create a new generation of online services that dont rely on having unfettered access to our personal information.
  • For example, the widely used Bitcoin blockchain allows certain data details of the transactions between users to be seen by anyone, even if other data the users identities remains obscured.

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