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‘Satoshi’s Treasure’ Is a Global Puzzle With a $1 Million Bitcoin Prize

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A new alternate reality game called Satoshi’s Treasure has hidden the keys to $1 million worth of bitcoin across the globe, forcing players to collaborate and improvise.

“A lot of people have joked we’re doing the bitcoin version of Ready Player One,” Primitive Ventures co-founder Eric Meltzer, the game’s co-creator, told CoinDesk. “The game is going to have a leaderboard to show which teams have the most keys.”

Revealed exclusively to CoinDesk, the keys to this bitcoin wallet were divided into 1,000 fragments, requiring a minimum of 400 key fragments to move the funds. Players can collect and unravel clues any way they want, even selling leads if they choose. Meltzer himself donated a significant portion of the bitcoin loot, with unnamed angel investors capping it off.

The game itself has no rules.

“Forget about the rules, just go goddamn play,” Meltzer said, adding that so far more than 6,000 people have signed up for the game’s mailing list for key updates.

Meltzer enlisted the help of zcash co-creator Ian Miers and 18 other contributors so that no single person knows the schedule or location of all the clues or keys. The logic puzzles are sprinkled across the internet and sometimes printed and pasted in the real world as well.

“There are some clues that are very scavenger hunt-y, and clues where it’s purely logic puzzles or math problems,” Meltzer said, adding that the end result will numerically yield a key fragment.

The first clue, released yesterday, seems to point users in the direction of the Blockstream satellite, which broadcasts data related to bitcoin.

There are plans to eventually launch an app to help players keep track of clues and updates, but it will not be required to play. The app will also be a conduit for sponsorship and partnerships with external brands.

“There is a company, basically so that we can pay people’s salaries,” Meltzer said. “Part of the meta game that I think people are going to like is trying to figure out who is behind this.”

That being said, Meltzer is just a figurehead. There is no single person, not even a member of the tropical island–based company (which island is a secret), who knows how the game will play out.

“When the winning team wins they do so by taking the bitcoin and we have nothing to do with this. We’re not giving the prize,” Meltzer said. “There are so many unknowns in this game that we kind of just want to see what happens.”

Teen gamers

One prospective player, 15-year-old German developer Malte Lauterbach, told CoinDesk games like Satoshi’s Treasure offer a teen-friendly way for his friends to learn about cryptocurrency.

“Earning bitcoin through games is a pretty cool idea,” Lauterbach said, adding his parents don’t like the idea of him getting involved with speculative trading. “It’s pretty cool having diverse teams with players all over the world.”

Lauterbach isn’t the only teen interested in Satoshi’s Treasure as a way to earn bitcoin without needing to own a bank account.

“A lot of [players] are young, it skews very young so far,” Meltzer said. “I don’t think it will stay that way.”

Lauterbach first heard about Satoshi’s Treasure through another gaming community he’s a part of. He and two teen friends from India and the U.S. are building an educational game about cryptocurrency markets on the developer tools site Repl.it, which is offering one bitcoin as the prize for the best money-themed game submission.

Amjad Masad, CEO of the developer tools startup behind Repl.it, told CoinDesk:

“A year ago we started noticing suspicious activity on our platform, and we found that someone built a huge mining infrastructure to mine bitcoin. We looked into it and found it was this 13-year-old kid. … There’s a huge interest in crypto from young developers.”

As for Satoshi’s Treasure, Lauterbach loves the idea of collaborating with people around the world while learning more about bitcoin.

Prize money merely offers an enticing twist.

“Instead of something like World of Warcraft gold, I could use bitcoin to buy real stuff instead,” Lauterbach said.

 

source.nulltx.

 

 

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Inner Mongolia to Shutter ‘Illegal’ Bitcoin Miners by October as China Cracks Down on Industry

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China’s Inner Mongolia autonomous region is carrying out an inspection to eliminate “illegal” bitcoin mining operations by October, a government spokesman told CoinDesk, confirming a local report.

The official document detailing the inspection plan was leaked to Chinese media which published photos of the decree from the Inner Mongolian regional authority.

“The inspection is directed by the central government, rather than a standalone plan initiated by the local government,” according to an industry executive involved in the planning process.

“The move reflects the nationwide phase-out plan on the bitcoin mining,” the source added. The government’s plan is to drive out the digital currency mining industry from China by 2021..

According to the 10-page document, data centers that provide facilities for bitcoin miners and unregistered bitcoin mining businesses will be closed.

The local authorities leading the raids will target any bitcoin mining operation that tries to get preferential electricity prices and tax breaks by pretending to be a sanctioned user, such as a big data company or cloud computing host.

Existing bitcoin mining businesses that pass the inspection will be categorized as “limited companies” that should pay the official electricity rate and not negotiate with power stations directly. They will still be expected to shut down their mining operating by 2021.

The region-wide inspection is being rolled out in two phases.

The municipalities are carrying out the inspections from Sept. 3 to Sept. 25 and then.reporting their findings to the regional government, which will form a team to investigate the findings from each jurisdiction from Oct. 10 to Oct. 20..

Inner Mongolia, in northern China, is among the most suitable areas to operate bitcoin mining businesses thanks to its cheap electricity supply, low land prices, cold weather and a small population.

Such conditions help miners by reducing their biggest cost – electricity – cooling equipment more quickly and avoiding densely populated areas that would be bothered by noisy operating machines. Bitmain, one of the largest bitcoin mining companies, has had operations in the region.

China started to crackdown on bitcoin mining operations before the formal announcement in April by the National Development and Reform Commission, the primary government agency for economic planning.

The NDRC’s position indicated that the mining industry should be phased out of China as it does not fit in the future economic development plan of the country. Trading and possessing cryptocurrencies is illegal in China as part of broader currency controls, but crypto use is prevalent on the black market.n-miners-by-october-as-china-phases-out-indust

source.coindesk

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JP MORGAN IN METALS RACKETEERING SOUP; BITCOIN STILL A FRAUD?

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WHO IS THE FRAUD NOW?

JP Morgan Chase boss Jamie Dimon once called bitcoin a fraud. Two years ago he said ‘If you’re stupid enough to buy it, you’ll pay the price for it one day.’ Now it turns out that his bank has been the fraudulent one as the DOJ flexes its muscles against JP Morgan’s trading desk.

According to the Financial Times, three metal traders for the Wall Street bank have been charged for market manipulation in what the prosecutors described as a

“Massive, multiyear scheme to manipulate the market for precious metals futures contracts and defraud market participants.”

JP Morgan’s head of precious metals trading, Michael Nowak, was charged on Monday along with two colleagues, Gregg Smith, and Christopher Jordan. The federal racketeering charges handed out are normally used to take down organized crime syndicates.

Effectively JP Morgan can be considered a crime syndicate following this scandal and RT anchor Max Keiser tends to agree.

“Yep. We called every dirty, Silver manipulation of @jpmorgan
#FinancialTerrorist, human tapeworm Jamie Dimon made $1 bn on this.”

The indictment alleges that between May 2008 and August 2016, the defendants engaged in widespread spoofing, market manipulation and fraud for gold, silver, platinum and palladium futures contracts while working on the precious metals desk at the bank.

JP Morgan along with HSBC dominates global flows of gold and silver trading. The charges added that the traders placed orders that they intended to cancel before execution in order to create liquidity and drive prices toward orders they wanted to execute on the opposite side of the market.

SHORT THE BANKERS, LONG BITCOIN

It has been a long time coming but it is likely the case will increase scrutiny over the world’s precious metals markets and the dominance of large banks such as JP Morgan. Prosecutors indicated that more senior executives and other banks were under investigation.

In the past decade alone global banks have been fined more than the entire market capitalization for all crypto assets for a range of nefarious activities. Just last week banks in the UK were hit with billions of dollars in fines for an insurance scam that defrauded millions of citizens.

For once we can say with confidence, yes, bitcoin solves this.

Should Jamie Dimon take back his ‘bitcoin is fraud’ statement? Let us know what you think.

source:bitcoinist

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BITCOIN AND BLOCKCHAIN BOOSTING LAW INTENDED TO CREATE JOBS

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BLOCKCHAIN TO GET THE JOBS ACT RIGHT

The Jumpstart Our Business Startups Act, colloquially known as the JOBS Act, is a law intended to create jobs in the United States. The concept behind it is to encourage funding of small businesses by easing various securities regulations.

President Barack Obama signed JOBS into law in April 2012. Before the enactment this law, authorities allowed companies to raise money only from accredited investors holding a net worth of at least $1 million.

Then, under the JOBS Act, new rules and proposed amendments were designed to assist smaller companies with capital formation, providing investors with additional protections.

Thus, on October 30, 2015, the U.S. Stock Exchange Commission (SEC) adopted the rules to allow companies to offer and sell securities through crowdfunding. Specifically, Title III of the JOBS Act provided a federal exemption under the securities laws so that investor can use crowdfunding to trade securities.

However, according to Forbes, the law failed to materialize the number of jobs expected, forcing former vice-chairman of NASDAQ David Weild IV, one of the main supporters of the law, to call “for a JOBS Act 2.0 that would be built using blockchain, a shared distributed ledger.”

Now the law it seems is starting to fulfill its promise. For example, on August 19, 2019, INX Ltd. filed with the SEC the initial public offering (IPO) petition to raise $130 million by selling security tokens. The minimum investment amount to participate in the IPO is $1,000. Moreover, Forbes reports,

“Weild, who sits on the board of INX, says he now has 14 blockchain and cryptocurrency clients waiting in the rafters to bring the best of blockchain to the best of traditional exchanges, and perhaps, finally get the JOBS Act right.”

BITCOIN ADDS JOBS TO THE DIGITAL ECONOMY

Bitcoin is also streaming jobs into the economy directly. Job sites such as Monster.com, Simplyhired.com, and Indeed.com continuously post a variety of jobs related to BTC.

Additionally, sites specialized in freelance job opportunities often post jobs that pay in BTC. Cointastical published a long list of freelancing platforms that offer payments in Bitcoin.

So, thanks to Bitcoin’s technology and the Internet of Things (IoT), the digital economy continues to provide us with more jobs and opportunities.

source:bitcoinist

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