Tim Draper news

Timothy Cook Draper is an American venture capital investor. Draper purchased at a US Marshals Service auction seized bitcoins from the Silk Road marketplace website.

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Tim Draper: The Lightning Network Will Improve BTC

Tim Draper has always been a huge bitcoin advocate, but in a recent interview, he explains why he’s so convinced BTC is headed for the stars and beyond. Draper Says the Lightning Network Will Do Great Things In the past, Draper has stated that bitcoin is likely to hit $250,000 by the time 2022 rolls along. He later altered his prediction a bit to suggest that this figure would instead be reached in the early months of 2023, thereby pushing things back somewhat. However, he stands by his prediction and commented a bit more on why he seems to think this will occur. During his interview, Draper stated that bitcoin is likely to hold a lot of power in the future thanks to its affiliation with the Lightning Network, which he says will shoot BTC into mainstream territory. The Lightning Network has garnered quite a bit of attention over the years due to its alleged ability to improve the bitcoin network’s speed and boost transaction times. Bitcoin is the oldest cryptocurrency out there. Around since 2008, it gave birth to the digital finance space and without it, we likely never would have seen Ethereum, EOS or Litecoin rise to the occasion. However, while bitcoin is still widely respected and viewed as a solid wealth-sustaining tool, its technology leaves a lot to be desired. For example, transactions on the bitcoin blockchain are quite slow in comparison to other blockchains. Ethereum and EOS are often able to complete transactions within the space of a few hours or even a few minutes. With bitcoin, money transfers could take a few days. This isn’t good when people are expecting their funds quickly or within a certain period. Thus, while bitcoin still holds its place in the crypto industry, it’s not always viewed as the most prominent currency for remittance payments or similar ventures. However, the Lightning Network is a technology that could potentially change all this. Granted bitcoin becomes faster and more comparable to newer blockchains, the currency is more likely to hold its place and garner new customers. Slow Blockchains Are Becoming Common with Age Slow transactions tend to occur when a blockchain ages and becomes saturated. The same thing has happened with Ethereum as of late, with co-founder Vitalik Buterin commenting that the second-largest cryptocurrency by market cap is suffering from scalability issues due to the growing number of decentralized apps and tokens being built on its blockchain. The network is now considering an algorithmic move from proof-of-work to proof-of-stake – known as Ethereum 2.0 – which is alleged to help the blockchain deal with its newfound scalability problems. Draper isn’t the only one shelling out bullish predictions for bitcoin’s price. Tom Lee of Fundstrat fame also predicted that the coin could potentially end the year at $40,000 though with less than two months left to go, this seems unlikely. The post Tim Draper: The Lightning Network Will Improve BTC appeared first on Live Bitcoin News.
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Tim Draper, Bobby Lee, and Tom Lee Give Three Reasons To Be Bullish On Bitcoin

The cryptocurrency industry is over a decade old, which has given analysts a lot of time to learn about the way that Bitcoin works and moves. Recently, CCN dove into the bullish predictions that analysts have recently thrown out. Considering the downward turn of the market, it may be surprising that industry experts are optimistic, […]
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VC Investor Tim Draper: In Four Years, Bitcoin Will Hit $250,000 Boosted By Lightning Network

Venture capitalist Tim Draper, an avowed bitcoin bull has always stood with his quarter-million-dollar price prediction for 2023. While speaking during the just-concluded Malta AI & Blockchain Summit, he doubled down on his previous prediction explaining that this high target will be possible because of Bitcoin’s Lightning Network. Draper Expects Lightning Network To Push BTC Price To $250,000 By 2023 Tim Draper, the founder of venture capital firm Threshold Ventures, said bitcoin is still on track to being valued at $250,000 by 2022 or 2023. On the question of which catalyst will push the prices to that level, he cited innovations like Lightning Network, OpenNode, and others that facilitate fast transactions within the network. He went ahead to state that these features make bitcoin not only a store of value but also a viable tool for micropayments and generally retail. Less than three months ago, the bitcoin perma-bull spoke about his lofty $250,000 price prediction, noting that it was actually modest. Meanwhile, bitcoin is presently trading at $8,802.67. It’s a far cry from Draper’s $250,000 target but if his theory is valid and the Lightning Network indeed pushes the price, there is much to look forward to in future. Will Tim Draper Be Wrong This Time? Multiple experts in the crypto sphere have made bullish projections for the price of bitcoin in a few years to come; including the not-so-conservative $2 million by 2020 forecast by Antivirus guru John McAfee. Today, popular altcoin trend forecaster, Marius Landman said bitcoin will hit $1 million but only after it experiences “super hyperinflation”. In plain terms, he predicts a major slump before the price soars to $1 million. Landman also warned about the coming two “subito Motus” – which means sudden movements in Latin – for Litecoin and Bitcoin that will “leave uninformed investors, Elliott Wave Analysts and Technical Traders scratching their heads”. While bitcoin predictions abound, Draper’s stellar track record for forecasting the price of bitcoin makes it hard to take his bullish prediction lightly. In 2015, Draper predicted that BTC would surpass $10,000 by 2017 year-end. At the time of making the forecast, bitcoin was valued at less than $450. This prognostication came to pass as BTC surged to almost $20,000 in late December 2017. The post VC Investor Tim Draper: In Four Years, Bitcoin Will Hit $250,000 Boosted By Lightning Network appeared first on ZyCrypto.
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Here’s What will Push Bitcoin to $250,000 in Next 3 Years, According to Tim Draper

Venture Capitalist and pro-crypto Tim Draper is known for his bullish Bitcoin prediction, seeing the leading cryptocurrency worth millions of dollars in the coming few years. Speaking at the Malta AI and Blockchain Summit, permabull Draper said the growing use of the second layer solution Lightning Network is what will drive Bitcoin to hit $250,000. […]
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CONSOB suspends two projects, Kakao invests in Orbs, TokenSoft invests in a SEC-compliant broker-dealer, Weiss Ratings recommends to buy BTC, France wants to invest $569M in blockchain, crypto-focused VCs invest $30M in Good Money, Tim Draper invests $1.25M in OpenNode, Waves partners with TSA, ICON partners with LayerX, BitDeer teams up with BTC.com and AntPool

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DIGEST

Quotes, Week 17 ’18

Bill Harris, Kosala Hemachandra, Daniel Larimer and Tim Draper speaking on cryptocurrency and blockchain issues

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Multi-Collateral Dai Takes MakerDAO Beyond Ethereum

MakerDAO users can finally stake multiple cryptocurrencies to back the Dai stablecoin. Multi-Collateral Dai went live with support for Brave’s Basic Attention Token. Additionally, the upgrade continues support for Ethereum-based collateral. Other tokens, including Augur and 0x, may be on the way as well. Multi-Collateral Dai also has a few secondary features. Most notably, it coincides with the Dai Savings Rate, which draws funds from the project’s stability fee in order to pay returns to users. Today’s upgrade also allows users to pay their stability fee with Dai rather than the less commonly held MKR governance token. Unlike Tether and most other stablecoins, Dai is not backed by a central reserve of fiat currency. Instead, individual users lock up their crypto holdings in a blockchain smart contract, allowing them to issue their own Dai. It’s an original model, and with any luck, these new features will attract more users to the platform. MakerDAO Gets a Makeover To coincide with the upgrade, MakerDAO has undergone a rebranding. Dai has been given a new logo that resembles a standard currency sign, much like the dollar sign, the Euro sign, or Stellar’s updated logo. This change reflects MakerDAO’s ambitions of becoming a cryptocurrency with commercial uses — not just a stablecoin. Maker’s new Dai logo The upgrade also introduces a simpler naming scheme. Multi-Collateral Dai has done away with the term Collateralized Debt Positions in favor of “vaults.” Though the two features are more or less the same, the latter term is self-explanatory. “The Maker Vault in MCD is where a user deposits collateral and generates Dai,” MakerDAO elaborates. Finally, Single Collateral Dai has been renamed “Sai,” while Multi-Collateral Dai has taken on the existing name “Dai.” This reflects the fact that Multi-Collateral Dai will render the old system obsolete when the community chooses to do so. “The opportunity to migrate is not open-ended,” MakerDAO states, urging users to migrate soon. Operational Challenges Ahead MakerDAO’s announcement indicates that the transition to Multi-Collateral Dai will introduce challenges. “Careful scaling remains crucial as Maker Governance becomes increasingly more sophisticated,” today’s announcement reads. Decisions on matters such as fees, features, and changes can be seen in real time on this page. Historically, changes to MakerDAO’s stability fee have been a controversial issue. This fee incentivizes users to create and destroy Dai, ensuring that the coin maintains a $1.00 price peg. However, the fee has been trending upward, provoking plenty of debate — though more recent trends have brought the fee down slightly. Stability fee chart by MKR.tools Fortunately, these matters mainly concern users who issue their own Dai through the collateralization process. Investors who buy existing Dai on an exchange won’t notice much of a difference. In fact, Coinbase is planning to migrate on its users’ behalf, so the transition should go smoothly for many Dai holders. The post Multi-Collateral Dai Takes MakerDAO Beyond Ethereum appeared first on Crypto Briefing.
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Crypto Market Dives $40 Billion In Nov, More Losses Likely: BNB, BCH, LTC, EOS Analysis

The total crypto market cap is down close to $40.0B this month and remains bearish. Bitcoin price is down around 3% today and it is now approaching the $8,000 support. Litecoin (LTC) price is down around 5% and it broke the $60.00 support area. BCH price is currently accelerating its decline below the $260 and $250 levels. EOS price is down more than 6% and it is now trading near the $3.200 support area. Binance coin (BNB) broke the key $20.00 support area to enter a bearish zone. Bitcoin (BTC) and the crypto market cap are down sharply. Many altcoins such as Ethereum (ETH), binance coin (BNB), ripple, litecoin, BCH, EOS, TRX, and ADA are accelerating losses. Bitcoin Cash Price Analysis This week, there were sharp losses in BCH price below the $280 support level against the US Dollar. The bears gained momentum, resulting in heavy losses below the $270 and $265 levels. The price is now trading below the $250 level and it seems like it could continue to move down towards the $240 support. If there is an upside correction, the $255 and $260 levels are likely to act as hurdles. The main resistance on the upside is now near the $280 level. Binance Coin (BNB), Litecoin (LTC) and EOS Price Analysis Binance coin (BNB) price failed to climb above the $21.00 resistance area. As a result, there was a sharp decline in BNB price below the $20.00 support area. The price is now trading well below the $19.50 level and it seems like the price is approaching the $18.80 support area. Litecoin price is down more than 5% today and it failed to stay above the main $60.50 and $60.00 support levels. LTC price is now trading below the $58.00 level and it seems like the bears are aiming a test of the $55.00 support area. The next major support is near the $54.20 level. EOS price is declining heavily below the $3.500 support area. It broke the $3.350 support area and it is now trading near the $3.200 support area. The next key support is near the $3.120 level, below which it could even test the $3.050 support. Crypto Market Cap Looking at the total cryptocurrency market cap hourly chart, there were sharp losses this month from the $250.0B resistance. The crypto market cap is down close to $40.0B and it is now approaching the $210.0B support. The next major support is near the $202.0B level. Crypto Market Cap Overall, there are chances of more downsides in bitcoin, Ethereum, EOS, litecoin, ripple, ADA, BCH, XLM, BNB, TRX, XMR, and other altcoins in the near term. Crypto Market Dives $40 Billion In Nov, More Losses Likely: BNB, BCH, LTC, EOS Analysis was last modified: November 19th, 2019 by Aayush JindalThe post Crypto Market Dives $40 Billion In Nov, More Losses Likely: BNB, BCH, LTC, EOS Analysis appeared first on NewsBTC.
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Ethereum’s Price Gives the Dai Stablecoin Stability

Stablecoins have taken over a significant portion of the cryptocurrency landscape. The team behind Dai is looking to shake things up significantly, with a rather unexpected approach.  Dai has quickly become a popular stablecoin, primarily due to some investment platforms offering very high interest rates. A new era for the Dai Stablecoin Although this currency is pegged to one US Dollar, the team always wanted to try its hand at doing things very differently.  As such, the value of Dai will be closely linked to the Ethereum price. That is a remarkable, albeit rather risky concept, given how volatile crypto markets tend to be on a daily basis.  According to the Dai team, this change makes perfect sense for all parties involved. By utilizing smart contracts on the blockchain, they will be able to maintain a stable value for this stablecoin regardless of what happens to Ethereum’s value.  There is a secondary purpose to this approach, as Dai would circumvent any regulatory concerns regarding its fiat currency holdings. Users will be able to check up on the supply of Ethereum giving the stablecoin’s supply its current value.  Moreover, the smart contract will serve as a ‘locking mechanism” for the ETH coins its value is linked to.  The balancing mechanisms underpinning this ecosystem will need to ensure the value of one Dai never strays from $1 too much, however.  This move ushers in a new era of so-called decentralized stablecoins, which work very differently from Tether’s USDT and similar ventures.  The post Ethereum’s Price Gives the Dai Stablecoin Stability appeared first on NullTX.
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Researcher Breaks Mimblewimble, Deanonymizing 96% of Grin Transactions

The Mimblewimble privacy technology used by cryptocurrencies such as Beam and Grin is broken. That’s the claim of researcher Ivan Bogatyy who has published a report documenting his findings. In it, he reveals how he was able to deanonymize 96% of all Grin transactions just by running a node at a cost of around $60. Bogatyy asserts that the flaw is fatal, effectively breaking Mimblewimble. Also read: IRS Dispels Crypto Tax Confusion Mimblewimble Is ‘Fundamentally Flawed’ “Mimblewimble should no longer be considered a viable alternative to Zcash or Monero when it comes to privacy.” That’s the belief of Ivan Bogatyy after deanonymizing the bulk of all Grin transactions that propagated to his node during a test. A weakness in the Mimblewimble technology, which obfuscates all transactions by default, has long been theorized. Now, Bogatyy professes to have proven this, causing him to recommend that “Mimblewimble should not be relied upon for robust privacy.” Although the attack does not reveal the amounts being sent, it unveils which addresses are sending funds to other addresses, effectively rendering Mimblewimble obsolete, if a patch cannot be found. Moreover, Bogatyy claims had he been running multiple nodes, he would have been able to record an even higher success rate than the 96% he posted. How the Attack Works Cryptocurrencies such as Grin and Beam utilize a number of privacy techniques including Coinjoin, which all transactions are appended to, before being added to a new block, the contents of which cannot be reconstructed at that stage to determine the origin of the inputs and outputs. Bogatyy’s solution is to attack the transactions as they’re broadcast to Coinjoin to be mixed. He explains: Because transactions are continually being created and broadcasted from separate places, if you run a sniffer node that picks up all transactions before cut-through aggregation is finished, it’s trivial to unwind the CoinJoin. Any sniffer node can just observe the network and take note of the original transactions before they get aggregated. Grin’s developers were aware of this attack vector when constructing the cryptocurrency and took measures to thwart it through the use of additional privacy tools including Dandelion. This technology conceals the IP address of transactors and thwarts sniffer nodes that attempt to eavesdrop on network activity. But because Dandelion transactions are automatically aggregated by nodes that receive them, prior to entering Coinjoin, Bogatyy found a way to intercept them at this early stage and link them to their original sender. Through increasing the number of peers his node connects to (the default is eight), the researcher was able to escalate his access, effectively granting him supernode status. This provided unprecedented oversight of Dandelion transactions, and the ability to disaggregate them before they reached Coinjoin. Bogatyy linked 96% of transactions while connected to 200 peers out of a possible 3,000, but points out the ease of connecting to all 3,000 nodes had he spent more on the attack, noting: The same attack works by launching 3000 separate nodes with unique IPs, each only connected to one peer. As long as I’m sniffing all the transaction data and dumping it into a central master database, the attack works just the same. Grin developer David Burkett praised the quality of research in Bogatyy’s report, but added: “none of this is “news”. I’m actually surprised only 96% was traceable. There are a number of ways to help break linkability in Grin, but none are implemented and released yet. As I always say, don’t use Grin if you require privacy – it’s not there yet.” A Sliver of Salvation for Grin Despite making grim reading for Grin and other Mimblewimble coins, Bogatyy’s report does provide a glimmer of light. He is at pains to point out the other qualities that are inherent to Grin, such as its ability to conceal transaction amounts, though this will be of small comfort to users who were relying on Mimblewimble to obfuscate the path of their transactions. The researcher suggests that Mimblewimble could be combined with another privacy protocol that conceals the transaction graph altogether, but that would be a significant undertaking to implement and is not feasible at this time. This suggestion was echoed by Charlie Lee, whose Litecoin project is looking to introduce Mimblewimble through a collaboration with Beam. As Bogatyy concludes, “it’s clear that Mimblewimble on its own is not strong enough to confer robust privacy.” Grin has fallen 10% since the report was published earlier today, and beam 6%. One small crumb of consolation to Grin’s developers is that the exploit could not have been revealed at a better time: the project has just received a 50 BTC donation to fund its development courtesy of an early bitcoin miner. Thanks to this $420,000 war chest, it has the means to fight back in the hope of engineering a solution. Do you think Grin’s developers will be able to find a solution to this problem? Let us know in the comments section below. Images courtesy of Shutterstock and Coincodex. Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry. The post Researcher Breaks Mimblewimble, Deanonymizing 96% of Grin Transactions appeared first on Bitcoin News.
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Tron transactions hit 800 million; beat Bitcoin, Ethereum

Tron might have been entered the crypto-world late, but it has managed to make a name for itself lately, especially in the DApp space. On 18 November, Tron Foundation cheerleader, Misha Lederman, annoThe post Tron transactions hit 800 million; beat Bitcoin, Ethereum appeared first on AMBCrypto.
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