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Lightning Torch Has Been Completed. BTC Has Donated To Bitcoin For Venezuela Humanitarian Initiative

Launched in January, the promotion Lightning Torch is completed officially. All BTC collected during its course (0.4108021 BTC) were donated to the Bitcoin for Venezuela humanitarian initiative. This wrote in Twitter charitable ... Запись Lightning Torch Has Been Completed. BTC Has Donated To Bitcoin For Venezuela Humanitarian Initiative впервые появилась

Vidi, Vici, Satoshi: The Lightning Torch Has Reached Its Final Destination

The Lightning Torch, a Lightning Network payment that has been forwarded to bitcoiners around the world via Twitter, has run its course and reached its end in the charitable hands of Bitcoin Venezuela.It’s grown a lot since we last covered it in February. In fact, the term “Torch” doesn’t seem to do it justice anymore. At this point, it could rightly be called a bonfire.Admittedly, it’d be impossible to pass a bonfire around the world (a Torch sounds much more feasible), but the Lightning Torch doesn’t care much for the impossible or implausible. Ten years ago, the prospect of passing a digital payment to every continent shy of Antarctica would have been unthinkable. Even less thinkable: this payment chain would be passed uninterrupted (well, mostly uninterrupted, save two kinks) over 275 times with hardly anyone’s own opportunism getting the better of it.It’s intersected with economically sanctioned countries like Iran, fallen into the hands of a Finnish model, been highly publicized after Twitter CEO Jack Dorsey took part and become a gleaming example of bitcoin’s resilience as a currency that has no regard for borders, edicts or politics.As the Torch enters its final stretch, it has cleared a series of significant hurdles; from escaping greedy hands to transcending economic sanctions, the Torch has more than lived up to the hopes of its Prometheus.“I never expected it to go anywhere,” Hodlonaut, the Torch’s creator, told Bitcoin Magazine. “It was just a fun little thing that I did; it’s not like I sat and planned this out.”Igniting the FlameLike any Twitter trend that goes viral within a niche community, the Lightning Torch began as a bit of “fun.” Hodlonaut, whom I have described as an astronautical tomcat before (and will again and again), wanted to spread excitement for and awareness of the Lightning Network, so he decided to send 100,000 satoshis to the first person in his tweet thread that he trusted.It came with a catch — or at least an expectation. The recipient would have to add 10,000 sats and then pass it on to someone else, then that person would add more, and so on. Some LN fun.. - I send 100k sats with to the first person I choose to trust that replies to this. - That person adds 10k sats and sends 110k to someone (Either from reply to a new tweet, or this thread).. and so on How many sats before it breaks?— hodlonaut🌮⚡🔑 (@hodlonaut) January 19, 2019 “If somebody asked me on the first day, ‘How far do you think it would go?’ I would have said, ‘10 or 20 hops,’” Hodlnaut recalled. Turns out, he was lowballing it. After 292 passes, it would reach the 4.29 million satoshi limit Hodlonaut set for it.The seminal passes were mainly lowkey Bitcoin enthusiasts and/or professionals just looking to get in on the fun. They included a couple of duplicate passings, as interest wasn’t fully fledged. Everything ran pretty smoothly during the Torch’s first days and (nearly) everyone played nice. I say “nearly” because, on the 14th pass, the Torch ran into a problem. What if I Decide it to keep it? 😂what will happen to me ?— sirLordBTC (@SerWisdom69) January 20, 2019 sirLordBTC (who, with an EPIC name like that, we’re not surprised tried to screw the system), absconded with the Torch when it was worth under $10. So, all in all, it’s not like he profited much from his sophomoric trick — he likely just wanted to be a contrarian little edgelord.Hodlonaut actually predicted that, after those first 10 to 20 successful hops, at some point the Torch would be stolen. Technically, his foresight was accurate but, thankfully, the sender, Ruben Johansen, refueled the Torch with 250,000 satoshi and passed it along to someone else. Cracking on, the only other trouble the Torch had would come at 2.51 million satoshis, when pseudonymous user eduard_btc decided to “seize” it because he could. So I’m currently proudly holding the Lightning Torch. I'll seize it because i can, and no one can stop me. This is bitcoin,Lightning Network is unfairly cheap and fast #LNTrustChain #bitcoin #reckless— Eduard ⚡️ (@eduard_btc) January 31, 2019 He received a lot of heat in the ensuing Twitter thread, wherein he justified his decision with the whole “don’t trust, verify” schtick. Still, he eventually buckled under the communal pressure as the general consensus was that he was acting like a jerk, so he sent it back to sender Klaus Lovegreen, who had already pledged to reup the balance and pass it on to a more trustworthy individual.Building HeatBarring those two outlying users, the Torch’s movement has been largely uninterrupted. And it eventually made its way to plenty of big name bitcoiners.An early one of these was Pierre Rochard. A staunch Bitcoin maximalist, Rochard’s popular Lightning node launcher has garnered him a reputation for being one of the space’s premier Lightning Network enthusiasts and educators, so it made sense that he’d hop on so early, and it’s fitting that he’d get to take part.From here, the flame would pass between the hoi polloi and high profiles alike. Jack Mallers, Brooke Mallers, Nicolas Dorier, D. Dickerson, John Carvalho and the Bitrefill team, Armin Van Bitcoin, Zack Voel, Anthony Pompliano and even Andreas Antonopoulos would all hold the Torch before it hit the 150 passes mark. Halfway to 300 passes, the Torch’s popularity definitely reached a tipping point.At this juncture, Matt Odell reached out to Twitter Co-Founder and CEO Jack Dorsey, who responded by sending Odell an invoice. Crypto Twitter freaked out, the news made industry (and mainstream) media headlines and the Torch’s prominence blazed forth, putting it in the hands of even more bitcoin (and other cultural) leaders.From Dorsey, it would go to Lightning Labs Co-Founder Elizabeth Stark. The next 85 passes would be populated by industry heavyweights like Samson Mow, Riccardo Spagni, Alena Satoshi, Whale Panda, Giacomo Zucco, Changpeng Zhao (who took the opportunity to shill BNB), Justin Sun (who took the opportunity to shill TRON), Erik Voorhees, Meltem Demoirs, the BitMEX Research team, Ben Davenport, Randy Brito, the CoinGecko team, Boxmining, Mia Tam, Andy Cheung, Charlie Shrem, Vijay Boyapati, Adam Back, Reid Hoffman — and even the team here at Bitcoin Magazine.Later on in its lifespan, it would also pass through the hands of the team at Slush Pool, Peter Wuille, Jill Carlson, Laura Shin, Peter McCormack, the “Free Ross Ulbricht” campaign and our own Aaron van Wirdum.With names like these partaking, the Torch’s popularity was hotter than ever. What started as a fun experiment had grown into a cultural movement of sorts with multiple components. This memetic metamorphosis (both the cultural evolution of the Torch and its meme value) has even been chronicled in the artistic renderings of CryptoScamHub. In short, the Torch became immensely popular and graduated to full meme status; the tracking of it has become a sort of pastime in the bear market and big names fanned its popularity.But this popularity also had the unintended consequence of shutting common bitcoiners out. Some on Twitter complained that the surplus of elites vying for the Torch meant that they had become overrepresented in the pool of passers. Tweeting his opinion, Hodlonaut agreed and suggested that it would be wise to keep the process from devolving into exclusivity.“It looked at some point like it would turn into something that was unavailable to the common guy,” he told Bitcoin Magazine. “I think fortunately we ended up with a good balance overall. There have been periods of only high-profile people, but pretty organically, it ended up in the hands of lower-profile people.”Circumventing Sanctions, Reaching Disadvantaged PopulationsFollowing a particularly long strand of high-flying passers which ended with Bitcoin Magazine, the Torch not only landed in the hands of under-the-radar bitcoiners, but it would blaze on in some of the areas that need bitcoin the most.“Bitcoin is a safe-haven,” Ziya Sadr, an Iranian Bitcoin enthusiast and technology writer who took the Torch, told Bitcoin Magazine.Around the time we took the Torch, a groundswell of community sentiment was pushing for Sadr to accept the Torch on behalf of Iran. The symbolic move would speak volumes to the power of permissionless, censorship-resistant currency, given the international sanctions that have economically annexed the country from the bulk of the world and its government’s repressive stance against technology and financial tools (bitcoin being no exception here).There was a general fear that, as a financial instrument, bitcoin is prone to the financial sanctions that the U.S. government has levied against Iran. As a U.S.-based company, Bitcoin Magazine’s owner, BTC Inc, didn’t want to take the risk. We even asked the U.S. Treasury on Twitter if sending bitcoin to Iran this way would be permissible (and didn’t get a reply).So we sent it to Welsh bitcoiner Bitgeiniog instead, who (as promised) passed it on to Sadr in what they called a “cypherpunk, authoritarian-busting move.” For Sadr, who believes that the fretting over sanctions “triggered people to think that bitcoin isn’t what it’s meant to be: a tool to defy censorship which will not conform to governments and sanctions,” the historic moment was incredibly moving and had a significant impact on the Iranian Bitcoin community.“It was a very bold and public experiment, getting in touch with sanctioned people, people who are exiled from the rest of the world,” he said. “This carried a lot of optimism for the Iran Bitcoin community, and this community represents the rest of people in Iran: the Bitcoin community has people from every category; there are businessmen, investors, entrepreneurs, teachers. It gave us promise; it proved to us that Bitcoin is borderless.”Hodlonaut said something similar about the Iranian pass in our conversation, namely that the “main takeaway [is that the Torch] connects people directly.”Sadr said that this gesture of goodwill shows that the Iranian Bitcoin community, which some of us in the West may ignore, “is on equal ground” with the rest of the world.I’d venture to say they’re even on higher ground. In a country where MasterCard and PayPal are banned (and your bank account can be frozen if you’re caught transacting with either), bitcoin offers a tenable alternative to an unstable economic climate.It even opens up access to the web at large, said Sadr. He purchased a virtual private network using bitcoin from NordVPN, something he couldn’t dream of doing with the rial, given international sanctions. Telegram, YouTube, Twitter, you name it — all of these are blocked in Iran, but they’re accessible with a VPN.Sadr, who freelances in exchange for bitcoin to make ends meet, said that bitcoin is increasing in popularity as the rial’s value plummets. People are attracted to earning their wages in foreign currency and bitcoin is more attractive still, given its ability to circumvent the government’s vice grip on personal finances.“There’s a very active black market — everything is a black market in Iran. Foreign currency markets are black market, so it’s actually the norm,” Sadr said.LocalBitcoins and Telegram chats are part of this black market and have become common watering holes, and there are two Iran-specific exchanges that people will use to trade, despite the government's best efforts to block the URLs to these sites.For the Iranian Bitcoin community and its online hubs, Sadr said that “the number has been growing, even though it’s a bear market — we still see, regardless of all the FUD that’s being spread in the media and the space, the numbers are growing in the communities that I’m active in.”As part of the Persian New Year custom, Sadr and his bitcoin buddies have been giving people money. But for this year’s holiday, they’re not passing out rials — they’re sending sats through the Lightning Network or through mainnet. He thinks that the token of gratitude will help to educate his countrymen and help ease their access to a financial system that they otherwise might not be able to leverage.“I meet a lot of people who know that they can use bitcoin to transfer money easily, but they just haven’t tried it yet,” Sadr said.The Torch’s LegacyThe situation in Iran calls to memory Venezuela’s own political and economic hardship. The Torch has made it there, too — multiple times in fact. The Torch ultimately reached Bitcoin Venezuela, a charity organization which has fed thousands of economically dispossessed citizens thanks to cryptocurrency donations. As its final bearer, Bitcoin Venezuela will blow the Torch out and transmute its altruistic embers into food, necessities and medicine for Venezuelans in need. A number of community members have pledged to match this donation. We had to do a second take (big TXs are a challenge with LN right now!), but here's documentation from the receiving node. @AaronvanW @BitcoinMagazine @TheBlock__ @pierre_rochard @francispouliot_ @adam3us @Chris_Stewart_5 @starkness @jack @BitcoinErrorLog @Excellion @johanth— torkel (@torkelrogstad) April 11, 2019 The Lightning Torch may have begun as fun, but its intersection with economically and politically destabilized areas is anything but trivial. Its ability to transcend borders, nationalities and ideologies is testament to the fact that Satoshi’s gift to the world (and its grassroots community) is resilient and, by and large, chock-full of goodwill.“I think that says a lot about this community,” Hodlonaut mused. “People are good in this space. I’ve seen so much positive stuff coming out of this.”The “random” and “organic” trajectory of the Torch, he continued, “tells volumes about the global nature of bitcoin.” Sure as Satoshi, the proof is in the numbers.In total, 278 unique participants from 56 countries have sent the Torch to every continent except for Antarctica (though one passer did place their phone on a rock from Antarctica while receiving it, but that really only counts in spirit). Just over 7 BTC has been transacted (roughly 700 million satoshis!) over a period of 83 days.So inspiring is this experiment-turned-movement that it has spawned offshoots. Obscure altcoin Ravencoin had an on-chain version, and there’s one called the Tiny Torch that has taken off on Bitcoin’s Lightning Network, too. While he had it, Litecoin creator Charlie Lee intimated that he would fork the Torch to Litecoin’s Lightning Network. This didn’t go over too well, though, and Lee eventually removed the tweet with this claim (some saw it as self-promotion and Hodlonaut wanted to make sure there was no confusion between offshoots and the #LNTrustChain hashtag that has demarcated the Torch’s movement).Hodlonaut doesn’t want the original to fork either, less it get “stale.” He said that a finish line is necessary and that, without it, the Torch loses its significance.He also told Bitcoin Magazine that keeping track of the Torch’s movement and documenting the phenomenon on its website has been a taxing, “around the clock” job. Given how much impact the Torch has had, we asked him what would be next when this was all over.“I think I need a vacation,” he chuckled in response.Well, he’s more than earned one, and thanks to the number of ancillary torches that have proliferated under the light of the original, he can take his rest while the influence of his creativity shines forth in multiple iterations. Much like Satoshi passing the Torch of his creation to a decentralized community of developers and enthusiasts, Hodlonaut’s ingenuity has been passed to a community eager to continue this exercise of trust.So, the Lightning Torch’s creator can take his vacation; Bitcoin doesn’t take vacations.To see all of the places the Torch has been, you can track its movements here. If you would like to join others in donating to Bitcoin Venezuela, please visit the charity’s website. This article originally appeared on Bitcoin Magazine.
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Coin Source Will Bring Dai to Its ATM Users

Stable currencies are all the rage as of late, primarily because they aren’t prone to the price swings and volatility one often witnesses with mainstream digital assets such as Ethereum and Litecoin. If you want to invest in crypto but are nervous about the prospects, stable currencies could be the answer. Now, they’re earning an even larger boost through companies like Coin Source, a Texas-based operator of cryptocurrency ATMs. Coin Source Brings Stability to Crypto The venture recently announced that it would be adding the stable asset Dai to its many ATMs located throughout the southern United States this summer. The addition of the coin is “in preparation” for what the company calls a widespread remittance program, in which workers will be able to send money home to their families in the form of Dai or other cryptocurrencies that they can trade or sell. Travis Gough, chief product officer at Coin Source, comments: In remittances, people want to save as much value and they don’t want to be subjected to the high volatility that you’re seeing in bitcoin and other cryptocurrencies that can be very speculative. Price swings are a persistent worry in the crypto space, and likely never to leave enthusiasts’ minds fully. At the same time, it’s easy to suggest that currencies like bitcoin are suddenly easier to accept given these swings are now traveling north. Since April of this year, bitcoin has been enjoying a serious bull run, having jumped by nearly 200 percent in just the last three months alone. After a lengthy period of traveling through the doldrums at the mid-$3,000 range, the currency began its new string of price spikes last April with a sudden (and unexpected) jump to $5,000. The good news this time around is that bitcoin’s sudden behavior is likely being sparked more by market trends, which will make this bull run more stable than the one that occurred in 2017, reportedly the subject of manipulation by users of the stable currency tether. Along with bitcoin, currencies like Litecoin have also surged in price, heightening the crypto space’s present levels of legitimacy. A New and Improved Way to Send Money The Coin Source remittance service – which will at first be available to customers only in the United States – will allow ATMs to transfer Dai and other digital assets between wallets. Once a customer receives funds, they can forward them to the wallets of selected parties granted those parties have satisfied all of Coin Source’s know-your-customer (KYC) requirements. Receiving individuals can then confirm the funds and trade or sell them accordingly. All transactions occurring by way of Coin Source are recorded onto the Ethereum blockchain. At press time, the company operates more than 230 ATMs in nearly 30 states and in Washington D.C. The post Coin Source Will Bring Dai to Its ATM Users appeared first on Live Bitcoin News.
Live Bitcoin News

Amun AG Launches New Exchange-Traded Product With Data Provided By Bitwise Crypto Index

The fintech firm based in Switzerland, Amun AG, released its new plans to launch an exchange-traded product (ETP) using Bitwise 10 Select Large Cap Crypto Index as a benchmark. The Swiss SIX Exchange has already allowed several other ETPs to operate in the country. Amun AG Works On New ETP Bitwise Index Services has just […]
Bitcoin Exchange Guide

Chainlink (LINK) is launching on Coinbase Pro

Transfer LINK immediately into your Coinbase Pro account ahead of trading. Support for LINK will be available in all Coinbase’s supported jurisdictions, with the exception of New York State. Additional regions may be added at a later date.After 10am PT on June 26, 2019, we will begin accepting inbound transfers of LINK to Coinbase Pro. We will accept deposits for at least 12 hours prior to enabling full trading.Once sufficient supply of LINK is established on the platform, trading on the LINK/USD, and LINK/ETH order books will start in phases, beginning with post-only mode and proceeding to full trading should our metrics for a healthy market be met. Support for LINK will be immediately available in all Coinbase’s supported jurisdictions, with the exception of New York State. Additional jurisdictions may be added at a later date.Chainlink (LINK) is an Ethereum token that powers the Chainlink decentralized oracle network. This network allows smart contracts on Ethereum to securely connect to external data sources, APIs, and payment systems.Please note that LINK is not yet available on or via our consumer mobile apps. We will make a separate announcement if and when this functionality is added.The stages of this launchThere will be four stages to the launch as outlined below. We will follow each of these stages independently for each new order book. If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time or suspend trading as per our Trading Rules.We will send tweets from our Coinbase Pro Twitter account as each order book moves through the following phases:Transfer-only. Starting at 10am PT on June 26, customers will be able to transfer LINK into their Coinbase Pro account. Customers will not yet be able to place orders and no orders will be filled on these order books. Order books will be in transfer-only mode for at least 12 hours.Post-only. In the second stage, customers can post limit orders but there will be no matches (completed orders). Order books will be in post-only mode for a minimum of one minute.Limit-only. In the third stage, limit orders will start matching but customers are unable to submit market orders. Order books will be in limit-only mode for a minimum of ten minutes.Full trading. In the final stage, full trading services will be available, including limit, market, and stop orders.One of the most common requests we receive from customers is to be able to trade more assets on our platform. Per the terms of our listing process, we anticipate supporting more assets that meet our standards over time.You can sign up for a Coinbase Pro account here to start trading. For more information on trading LINK on Coinbase Pro, visit our support page.Chainlink (LINK) is launching on Coinbase Pro was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.
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