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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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Bakkt Futures to Launch in the Current Quarter

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Managing director and quant strategist at Fundstrat Global Advisors Sam Doctor suggested in a Twitter post published on July 19 that Bakkt’s Bitcoin (BTC) futures contracts will launch this quarter.

According to the post, which includes a summary of Fundstrat’s takeaways from the Bakkt Digital Asset Summit held on July 18, the firm’s futures will launch in the current quarter. The launch is set to follow tests announced last month, which are scheduled to start next week. The firm believes that the launch will be a catalyst to accelerate entry of traditional institutional investors. The post notes:

“THERE APPEARS TO BE A CRITICAL MASS OF ADOPTERS READY TO COME ON BOARD ON DAY 1 OF THE BAKKT LAUNCH, WITH THE SALES TEAM GAINING TRACTION AMONG BROKERS, MARKET MAKERS, PROP TRADING DESKS AND LIQUIDITY PROVIDERS.”

During the aforementioned event, Commodities Futures Trading Commission (CFTC) commissioner Dawn Stump apparently expressed that no current cryptocurrency could threaten financial stability and that the regulator sees a growing demand for Bitcoin futures from the public. Also during the summit, chief information officer at crypto investment firm Blocktower Ari Paul was reportedly confident that once a killer app or user interface makes cryptocurrency on-ramps safe, reliable and as easy to use as Paypal, retail adoption will be enormous.

According to the Fundstrat notes, Paul also said that institutions should not dismiss crypto assets, considering their low correlation with traditional assets and with compound annual growth rates of 200%-300%. He also said that inflation and confiscation resistance of cryptocurrencies are a key value proposition.

Pantera Capital CEO Dan Morehead, on the other hand, said that most tokens will fail and a handful of base protocols will survive, but with thousands of decentralized applications built on top of them. 

As Cointelegraph reported in May, the Intercontinental Exchange is reportedly taking steps to ensure approval from the United States CFTC for Bakkt.

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Bitcoin Price Slips 10% in 24 Hrs as Fed Raises Facebook Libra Concerns

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Bitcoin Price Slips 10% in 24 Hrs as Fed Raises Facebook Libra Concerns

Bitcoin price (BTC) shed more than 10% on July 11 as markets appeared to react to criticism of Facebook’s Libra from a senior United States lawmaker.

Market visualization

Market visualization courtesy of Coin360

Data from Coin360 sees the majority of cryptocurrencies firmly in the red Thursday, hours after Federal Reserve Chairman Jerome Powell said Facebook’s offering should not continue development.

Libra, which aims to act firstly as a cross-border payment method, allegedly buoyed Bitcoin throughout recent weeks, with commentators arguing its public profile was driving publicity and uptake of Bitcoin itself. 

Powell’s demands, which follow similar words from representatives of the Senate House of Financial Services Committee, leant weight to that theory.

“Libra raises serious concerns regarding privacy, money laundering, consumer protection, financial stability,” he said during a speech before a congressional committee. “These are concerns that should be thoroughly and publicly addressed.”

“THESE ARE CONCERNS THAT SHOULD BE THOROUGHLY AND PUBLICLY ADDRESSED.”

At press time, BTC/USD traded down 10.4% at $11,530, having risen as high as $13,160 in recent days. 

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Coin360

The drop places the pair still within its recent corridor between around $9,700 and $13,800, with volatility still in evidence across crypto markets. 

Altcoins, meanwhile, delivered noticeably worse performance as Bitcoin price fell, with several assets in the top twenty by market cap shedding 15% or more.

Ether (ETH), the largest altcoin, lost a similar amount to Bitcoin, hitting $272 and firmly losing support at $300 once again.

Ether 7-day price chart

Ether 7-day price chart. Source: Coin360

Among the worst performers were Bitcoin SV (BSV), which lost 17.2%, and EOS (EOS), which was down 20.2%.KEEP TRACK OF TOP CRYPTO MARKETS IN REAL TIME HERE

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Bitcoin Approaches $11,000 With All Top 20 in Green

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Saturday, July 20 — crypto markets have seen another upward move, with all top 20 coins by market cap seeing major gains, while Bitcoin (BTC) has approached $11,000 mark again.

Market visualization from Coin360

After dipping below the $11,000 threshold on July 14, Bitcoin has approached the price point today, with its intraday high of $10,944, according to data from CoinMarketCap. The biggest cryptocurrency added 3.7% to its price to trade at $10,922 at press time. As Bitcoin has seen significant volatility this week, with its price having dipped below $9,500, the cryptocurrency is down around 3% over the past 7 days at press time.

Bitcoin 24-hour price chart. Source: Coin360

Ether (ETH), the second cryptocurrency by market cap, is up over 5% and trading at $232 at press time. The top altcoin is down 13.4% over the past 7 days.

Ether 7-day price chart. Source: Coin360

Ripple (XRP), the third top cryptocurrency by market cap, added 6.4% to trade at $0.339, also seeing a notable growth over the past 7 days, adding up to about 2.6%.

Ripple 7-day price chart. Source: Coin360

Bitcoin SV (BSV), the ninth top cryptocurrency by market cap, has added over 25% to its value today, seeing the biggest growth among the top 20 coins by market cap.

As of press time, total market capitalization amounts to $298 billion after that number dropped below $250 billion earlier this week. Daily trade volume amounts to around $63 billion.

The new wave of green on crypto markets follows a recent bullish prediction by managing director and quant strategist at Fundstrat Global Advisors Sam Doctor, who suggested that much-anticipated Bakkt’s Bitcoin futures contracts will launch in Q3 2019.

Additionally, India’s Minister of State for Finance Anurag Thakur said yesterday that there is no legislation in India that expressly bans citizens from using cryptocurrencies.

by https://cointelegraph.com

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