Bitcoin Weekly Recap 8-26-2016

Bitcoin Weekly Recap 8-26-2016


Marinea Has Plans to Use Bitcoin

The company Marinea has been planning to build what it is calling a “Village at Sea” – a self-contained ocean colony that will be located between Cuba and Miami. The idea is to develop a village that enables people to live in balance with nature, with minimal government interference in their lives. The goal is to farm the waters and use hydroponics as a way to combat overpopulation and resource scarcity. The Marinea project website is now suggesting that these new “seasteads” could use Bitcoin as a currency – and perhaps develop their own cryptocurrency at some point in the future if they are successful enough to become an independent nation.

Baidu Announces Halt to Bitcoin Advertising

China’s main search engine and internet service company recently stopped allowing Bitcoin advertising to appear on its network. The news was revealed by Chinese-funded media network CnLedger late this week. The removal of the advertising will reportedly impact all digital currency-related keyword-based advertising. There has not yet been any official explanation for the decision.

Florida Appeals Judge’s Decision on Alleged Bitcoin-Related Crime

We recently reported on Florida Judge Teresa Mary Pooler’s ruling in the Florida v Michell Espinoza case, in which she sided with the defendant and ruled that he couldn’t be charged with money transmission and laundering crimes since the currency involved in the case – Bitcoin – wasn’t actually money. Since the appeal’s standard of review is de novo (which means that the appeals court reviews the evidence and law without reference to the judge’s ruling in the original case), the state of Florida is effectively getting a second chance to argue its case.

CoinShuffle Anonymous Transaction Test Successful

CoinShuffle is an idea that was first proposed back in early 2014 as a way to conduct cryptocurrency transactions without relying on third parties. The idea was to ensure that user information remained as anonymous as possible, providing privacy protections for users that avoid the visibility associated with records on the public blockchain. The first test of CoinShuffle reportedly took place earlier in August.

The project’s sponsor, wallet provider Mycelium, has just recently provided its “roadmap” for completing integration of the CoinShuffle technique into its service. CoinShuffle utilizes CoinJoin techniques created by Saarland University researchers to mix transactions together in a way that obfuscates their details. The difference between CoinShuffle and other attempts at implementing the techniques is that CoinShuffle doesn’t rely on third parties to mix the transactions.

Sandia National Labs Battling Bitcoin Use by Criminals

The war against Bitcoin anonymity and the currency’s use by criminals has become more earnest of late, as The Sandia National Laboratories are developing analysis tools that can be used by investigator in their efforts to combat crypto-criminal activities. The effort has the full backing of the U.S. government and was launched in response to the Department of Homeland Security’s Science and Technology directorate request for new blockchain research. At this point, reports indicate that Sandia has successfully created what is being referred to as a “set of requirements for the desired analysis tool. DHS has reportedly requested that the Labs create a user interface that can be used to test various algorithms.

While this research might at first glance seem like yet another government overreaction to cryptocurrency, Sandia researcher Andrew Cox raised an interesting point when he noted that the development of effective tools for combating Bitcoin crime could help to minimize the perception of cryptocurrencies as little more than tools for criminals – which could in turn increase public confidence and lead to greater adoption of the technology.

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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