Bitcoin Core to Launch Alternative Mining Protocol

'The miners are now the miners again', Matt Corallo, Bitcoin Core developer says
04 July 2018   509

The developer of Bitcoin Core, Matt Corallo launched a new protocol 'BetterHash' to enhance the decentralization of mining. This is reported by Bitcoinist.

The protocol provides an opportunity to use its own block templates. The miners will continue to pay pools and interact with them, but the owners of the pools will not be able to control them.

This protocol is designed to allow users to run their own full node if they want to… they can build their own templates, select their own transactions (not censor transactions), choose which block they’re mining on to prevent a 51% attack or a selfish mining attack. The miners are now the miners again, rather than the miners being the pools.
 

Matt Corallo
Developer, Bitcoin Core

The protocol configuration differs from the main bitcoin pools, such as Bitmain and Antpool, which use the Stratum protocol, the protocol most popular among the miners.

Over Stratum you get the block templates, you get information about how to build the coinbase and also information representing all of the transactions in the block. This means that end user miners have largely no control over what they’re mining on.
 

Matt Corallo
Developer, Bitcoin Core

The fears of crypto community continue to grow due to the impact of large mining pools. In particular, the leading manufacturer of mining equipment Bitmain currently controls about 42% of the hashrate, and its share continues to grow to new record highs.

Bitmain may soon gain control over 51% of the bitcoin hash network. This will be possible if the ViaBTC mining pool, with a capacity of 9% of the total network hash, will join Bitmain.

Crypto Billionaire to Lost 5.5k BTC Due to Fraud

Thai scammers convinced 22 yo Finnish crypto billionaire to invest in their 'investment' scheme
13 August 2018   290

The 22-year-old cryptocurrency millionaire lost more than 5,500 bitcoins after taking part in the investment scheme in Thailand. The case attracted public attention because of the possible participation of a Thai actor. This is reported by Bangkok Post.

A group of scammers in June 2017 persuaded Finnish businessman Aarni Otawa Saarimaa to invest in several Thai securities, a casino in Macau and a crypto currency called Dragon Coin.

Scammers claimed that Dragon Coin could be used in Macau casinos. In addition, they brought Saarimaa to this casino to demonstrate the legitimacy of their project. Saarimaa transferred 5 564 BTC to fraudsters.

In January, without receiving any income for his investments, Saarimaa filed a complaint with the Crime Suppression Division's (CSD), along with his local business partner, who believed that this investment scheme was fraudulent.

CSD began to investigate the case and stated that the group made no investment for Saarimaa, instead transferring all the bitcoins to Thai baht and placing these funds on seven bank accounts.

Although it is not clear when exactly the scammers sold the bitcoins, CSD announced that they raised about 800 million baht or about 24 million dollars.

Then followed a months-long investigation, according to which CSD began to suspect that the Thai film actor Jiratkisit "Boom" Jaravijit also took part in the fraudulent scheme - he was arrested last Wednesday.

In addition, the CSD stated that it suspects the actor's brother, Princess Jaravijit, as the "instigator" of this entire scheme. He left Thailand, traveling to South Korea, and then to the United States. According to the Bangkok Post, CSD is currently working with the US to track him down.