How Here's the Bitcoin economy works

Bitcoin is back this year in the news , and not necessarily for the best reasons. As we know,Early in the news year, the prices of the virtual currency crashed by 30% in a matter of days. And more recently, a suspected Ponzi scheme vanished with as much as $386 million, leaving its in Hong Kong customers in the lurch.
But there's been good news too that Coinbase Startup had a record-breaking funding round for the industry, and established a US-based exchange.That sounds great & NOT oNLY this the Winklevoss twins also plan to launch their own competitor called Gemini in the coming months, aiming to take Bitcoin "Mainstream."
Either way, Bitcoin isn't going away any time soon, so it's important to understand how it works. Reuters has put together an infographic explaining the basics of the virtual currency, from transactions to mining.

Hong Kong bitcoin disappears with £254 million exchange

According to a report from CoinDesk,As much as £254 million ($386 million) of investors' funds missing,a Hong Kong bitcoin exchange has allegedly closed the doors with .
MyCoin offered clients to invest into a contract that would provide a HK$1 million return (£84,823) on a HK$400,000 (£33,929) investment and even, South China Morning Post says, also offered additional prizes of Mercedes-Benz cars or cash if investors recruited others.

 

However, there are now serious  fears that MyCoin operated a Manipulated scheme that later paid investments out to early clients to create {illegally} the illusion that the company was seeing huge returns. One client said she was "told by those at higher tiers [of the scheme] that we can get our money back if we find new clients," according to the South China Morning Post. Tech In Asia is already labelling MyCoin a "pyramid scheme" and a "scam."
The company's offices is now closed after this news got fire,for over a month for "renovation," and fears are now mounting that the funds are gone for good. Customers did not have any written records of their investments beyond accounts on the website, making any potential criminal investigation difficult. Some reportedly took out mortgages to invest as much as HK$50 million — £4,274,815.

“Give Bitcoin Two Years” Said Andreas Antonopoulos

Technological industries are be always on the verge of world domination or on sudden Dispute. Biotech, nanotech, robotics, AI and yes, crypto currencies, all live in a state approaching euphoria one day, followed by utter despair the next. Groundbreaking innovations are matched by earth shattering failures. There is no dearth of “news” to report.

Andreas Antonopoulos

So,the recent Bitcoin & the Blockchain Summit in San Francisco. Like many bitcoin conferences, one speaker enthuses the audience while the next confuses.
Tales of technological limits, encroaching regulation and wary consumers can leave even the most enthusiastic devotee a bit deflated. But at the end of the one-day bitcoin-by-the-Bay conference, attendees were left with a rousing call to arms, led by Andreas Antonopoulos.
Antonopoulos is a security expert, entrepreneur and high-vis bitcoin advocate. With the rigid countenance — and hairstyle — of a Star Trek TOS Klingon, Antonopoulos paced the stage and made his case for bitcoin, sans graphics or gamification — just a man, a mike and massive conviction. The audience put away their smartphones, stowed their MacBooks and drank it in.

The currency is  joke & technology is...

His first target: the media.
“The media is refining the message, saying ‘The currency is a joke, but the technology — I don’t know, maybe there’s something there,'” he said.
 “Bitcoin is a currency, bitcoin is a network, bitcoin is a technology and you can’t separate these things. A consensus network that bases its value on the currency does not work without the currency.”

Bitcoin’s greatest strength: it’s dumb

Then he dug into the reasons why bitcoin works, saying bitcoin is a dumb, transaction-processing network. “That is one of its strongest and most amazing features,” Antonopoulos proclaimed. It’s a dumb network that supports smart devices, pushing all of the intelligence to the edge.
“That means if you build a new application on top of bitcoin, you can operate the end devices and you can build an application, and you don’t need to ask for anyone’s permission to innovate. It’s innovation without permission. It’s innovation without central approval.”

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