Google Docs

Understanding the blockchain with Google Docs

The author of The Business Blockchain, William Mougayar, explains in this article why the blockchain can be better understood when compared to document creation and linking programs.

The more people understand blockchain technology, the more likely it will be to expand application possibilities. As with any other new technology, the inventors have by no means thought through all possible applications. Accordingly, I believe it is important to increase the number of entrepreneurs and experts to create new use cases.

In order for this project to be realized, a basic understanding of the extent to which blockchain technology differs from other current technologies must first be created.

Even the most promising startup needs to understand the changes in the behavior and thinking of its users (e.g. Facebook understood the concept of sharing), just as large companies need to prepare for different management challenges to tackle blockchain projects.

The new Bitcoin code database

The idea that the Bitcoin code blockchain is only a modified database has been very popular in the past. In reality, it is not the Bitcoin code themselves that are disruptively addressed, but the way they are synchronized with each other.

Imagine two units (e.g. in a bank) that have to update their own accounts in order to make a money transfer from customer A to customer B. This process is very time consuming and costly, as a high level of coordination is required for synchronization and for sending and checking.

In principle, the money amount for a transfer is kept by the intermediary (in the case of the bank) until a confirmation of receipt has been received from the recipient.

The blockchain avoids this effort, since there is only one account book to which both parties have the same access. This fact simplifies the coordination and confirmation of transactions because there can only be one version at a time and not two different ones.

Exactly this logic should now serve as an analogy for the sharing of documents. Consequently, one should think about what happens when documents are shared by two or more users in order to make changes.

Google Docs and Bitcoin code

The classic way to share documents is to send a Microsoft Word file with a request to the recipient to make appropriate revisions. The difficulty with this scenario is that you have to wait until a Bitcoin code copy has been returned to view the comments or changes and intervene yourself if necessary. As long as the other person edits the Bitcoin code document, you cannot continue working on the file.

This is the current state of databases, two users cannot upload something at the same time. Banks also work according to this principle when it comes to transactions. They must temporarily block access (or reduce the account balance) while performing a transaction, then update the other side of the account and then re-enable access.

With Google Docs (or Google Sheets), both parties have access to the same document at the same time and can always view the latest version of the document. Similar to a shared account book, but with the difference that it is a shared document. The challenge of distribution always comes into play when several people are involved – just think of the enormous number of legal or public documents.

Instead of sending documents back and forth and losing track of their path, why not share all business documents instead of sending them? Many different types of contracts would be ideal for this workflow.

Although it does not require a blockchain to share documents, it is a helpful analogy.


All stolen? According to study, the code of most tokens is copied

According to a recent study conducted by the Chinese company Netta Lab in collaboration with researchers from Xi’an Jiaotong University, the vast majority of producers of old coins and tokens have taken at least 90 percent of their source code from the competition. For some alternatives to Bitcoin, the plagiarism rate was even higher. All stolen?

Bitcoin trader vs. Innovation?

The fact that this does not come as a surprise to industry experts is likely to offend most external observers. The programmers of most Bitcoin trader projects as in the review by onlinebetrug have not done much else in the creation of their tokens than to take over the intellectual property of third parties in the copy and paste process.

The basic idea of open source software, however, is to make one’s intellectual work available to the public. In this way, a better end result is to be achieved in the course of time. Therefore, it is not surprising that the authors of many Altcoins have used the competition with pleasure and abundance. The Bitcoin also uses an open source protocol. This openness and the invitation to the community to work together on a safer and better software explains, among other things, the success of Bitcoin. This openness is also responsible for the triumph of the Firefox browser, the Debian Linux distribution, the Apache Open Office office software, the PostgreSQL database system or, for example, the VLC and Kodi media players. To really name all successful software projects based on the open source principle would go beyond the scope of this article.

Crypto trader – make me the Gutenberg!

The researchers from Xi’an Jiaotong University and Netta Lab jointly analyzed the source code of 488 tokens. The crypto trader study revealed according to onlinebetrug that in 405 cases at least 90 percent of the code had been stolen. This means that about four out of five tokens are nothing more than copies.

In 324 cases, even matches were discovered in 95 percent to 100 percent of the code. Only 38 projects found overlaps of less than 80 percent of the source code. This corresponds to a share of 7.8 percent. To the surprise of the researchers, none of these coins or tokens was praised as an original by the creators.

Netta Lab’s study offers critics a lot of scope for attack
So few crypto projects with a unique selling proposition or any innovative features naturally bring some problems with them. For critics this fact offers a lot of potential for attack. They can rightly blame the creators of many supposedly new coins for merely trying to make as much sales as possible with the old wine in new tubes. If this hype also flattens out, one could try to make a little profit from the next “new” coin. Of course, this will then also be created according to the copy and paste principle.

To say it in the words of the Cree Indians: At the latest when the last unsuspecting investor was deprived of his savings with the unimaginative copy coins, the reputation of the entire community was plagiarized. Conclusion: Netta Lab’s study is a clear warning to all active members of the coin community, who should be taken very seriously.

Internet currency

Twitter & Square CEO Jack Dorsey: Bitcoin could become common Internet currency

Jack Dorsey, founder and CEO of social media platform Twitter and payment service provider Square, wants to establish Bitcoin as a global Internet currency. In the future, the Internet will need a common payment option and Bitcoin could do this. Dorsey is certain that his company Square could help Bitcoin achieve this breakthrough. Dorsey confirmed this position yesterday at the Consensus Crypto Conference in New York.

Dorsey has repeatedly presented himself as the Bitcoin news strong advocate

Making the Bitcoin news suitable for the masses – this is the goal of Twitter and Square CEO Jack Dorsey according to onlinebetrug. After predicting in March that the Bitcoin would need another 10 years for its mass breakthrough, he confirmed his optimistic attitude yesterday as a speaker at the consensus conference in New York. Once again, he presented himself as a decisive advocate of the leading crypto currency.

“The Internet deserves a domestic currency. It will get a domestic currency. So let’s not wait for it, let’s work on it today. Whether that will be the Bitcoin, I don’t know. But I hope so”,

so the appeal of the 41-year-old Internet pioneer. He is a “huge fan” of Bitcoin.

“This technology is a fundamental change in our world and can bring a lot of positive things. We need to work to educate regulators and the SEC about why this technology is so important, says Dorsey.

He is sure that his company Square could help with this Bitcoin formula project

“We want to go back to the original idea of using the Bitcoin formula to pay for his coffee. That’s why we’re working with Lightning Labs. Whatever it takes to get there, we will make sure it happens”, Dorsey was enthusiastic. At the moment, however, Square would have to act as an intermediary between digital and fiat currencies to deal with different conditions worldwide, for example in dealing with banks or legislators.

Dorsey’s company only started trading Bitcoin in November of last year, but began to have Bitcoin accepted by 2014.

Since last year, the payment service provider has been offering its customers purchase and sale options as well as transfers with the crypto currency on the App Square Cash.

According to CNBC, the initiative is beginning to bear fruit. Square Cash is currently the market leader in crypto payments and ahead of Paypal’s Venmo service.

Consensus Fair 2018: Price jumps fail to materialize
In addition to Dorsey, a total of 250 speakers with their ideas, suggestions and presentations on the future of crypto currencies and blockchain technology were invited to this week’s Consensus Conference. Since 2016, the annual event has brought together the biggest names on the scene with representatives from politics and industry. This year, more than 8,500 participants crowded into the Hilton Hotel in Midtown Manhattan – among them representatives of the US Securities and Exchange Commission (SEC), the CFTC and the EU Parliament.

While the conference, with three times as many visitors as last year, was a success for the organisers, not all of them shared Dorsey’s optimism. Criticism of the crypto-boom hail mainly from bankers. They held a counter-demonstration on Monday.

The price jumps expected by analysts last week, which had accompanied the conference in previous years, also failed to materialise this year.

Bitcoin's price history

MA20: When the Bitcoin bulls are again determining the price

Not a day goes by without an expert making forecasts about the Bitcoin price. But is there a possibility of predicting a bull market? A moving average can give hints.

“Permabull xyz sees Bitcoin at the end of 2018 with so many US dollars”. “Investor says: Bull market comes in October”. “When the employees of Kreissparkasse Bottrop are paid their bonuses, a huge institutional investment can be expected”. The list of opinions about the Bitcoin course can only be completed with difficulty. Hardly a day goes by without an investor, financial expert, Permabull or Permabear commenting on the subject.

Justified assessments are something different. Even if you don’t know what the future holds, there are more often signs. History does not repeat itself, but sometimes rhymes, as the old saying goes. Such “rhyming” is what we would like to look at in Bitcoin’s price history. It is the behaviour of the Bitcoin price around the MA20 in the weekly chart.

What is this Bitcoin formula?

Before we look at the MA20 in the weekly chart, we briefly clarify both terms: The weekly chart is the illustration of a price trend in which the closing prices of each week are always shown. One year then has 52 such data points – one for each week. The weekly chart for the Bitcoin formula price since the end of 2017 looks as follows:

The MA20 is a so called moving average. Price developments, especially for crypto currencies, can sometimes be quite noisy. This price development can be smoothed out by averaging the last twenty values for each time value.

For a trader, however, such mean values are interesting because of something else: Such moving mean values can represent an important support or an important resistance, i.e. describe price levels that are difficult to undercut or exceed. A picture says more than a thousand words, corresponding here to the MA20 in the weekly chart of the Bitcoin price:

The MA20 as assessment of the Bitcoin trader

Here we see the development of the Bitcoin trader share price from 2012 to 2018. The MA20 is pale blue. Arrows mark special moments when the price rose above the MA20 (green), fell below it (red) or only touched the moving average (blue). As you can see from the chart, the MA20 is a good support if the price is above it, while it is a stable resistance if the Bitcoin trader prices are bad.

One sees this particularly well in the price development since end of 2015, speak since the last green arrow. After the Bitcoin price rose above the MA20 at the beginning of October 2015, it could remain above this level until January 29, 2018 (marked with a red arrow). Five times the Bitcoin price tried to fall below the MA20, but could rise again and again. The opposite behavior can be seen since January 2018, when the Bitcoin price fell below the MA20. All three breakout attempts via the MA20 have so far been unsuccessful.

By no means all these opinions are worth nothing. In February Tom Lee of Fundstrat explained his bullish position in an interesting lecture. There are price forecasts which are based on a solid fundamental analysis. Too often, however, only the arrival of the Messiah institutional investor is predicted or holidays are seen as the reason for an upcoming bull or bear season. Here one can state quite clearly that these opinions are nothing other than opinions.

With Mark Hanna from Wolf of Wall Street one has to state again and again: “Nobody… and I don’t care if you’re Warren Buffet or if you’re Jimmy Buffet. Nobody knows if a stock is gonna go up, down, sideways or in fucking circles.” Accordingly, statements brand “expert xyz sees the Bitcoin price at the end of 2018 at 50,000 U.S. dollars” must also be valued. It’s all a fugazi.

A rough rule can be derived from this. If the Bitcoin price is above the MA20, it looks like a bull market, including a bear market. Of course you can argue that this is not a law carved in stone. The “failed attempts” are marked in grey when the Bitcoin price crossed the moving average without the market switching from bulls to bears or vice versa. However, it should be stressed that so far there have only been four such failed attempts. That is 20 percent, which is a very good error rate for such signals.

So when do the cops determine the Bitcoin price again? Instead of saying that “the bull market will come at the end of 2018”, or “when institutional investors come”, you can hi


Forum Hack at Ethereum – Comeback of a Hacker

It almost seems like you’re not safe from hacks anymore, does it? The day before yesterday, Ethereum announced that hacks had been detected on the Ethereum forum. On December 16th, unauthorized access to the was recorded. The hacker is known from another hack.

Indian Bitcoin exchanges, scammers, phishing attacks. Crime does not stop at technology either. What do we know about the Ethereum forum hack?

Hudson Jameson of Ethereum provided some information about a Bitcoin profit review

What we know: The hacked file is a database backup from April of this year and contains information on about 16,500 forum users. The leased information includes News, both public and private, IP addresses, Usernames and email addresses, profile information, hashed passwords.

~13,000 bcrypt Hashes salted* (* see below)
~1,500 WordPress hashes salted*
~2,000 accounts without password (federated identity: compound identity from already known information)
(!) The attacker expressed himself as the same Bitcoin profit review person who hacked Bo Shen in early December and stole over 280,000 € from the VC
The attacker used social engineering (as he did last time) to get access to a smartphone. From there he had access to other accounts, one of which had access to the old database.
I just put a bold prognosis in the room:

Since the hacker now has access to sensitive data a second time with the same(!) strategy, he won’t stop. And that there are always known goals from the crypto world, it should give us to think.

What countermeasures does Ethereum take against the Bitcoin profit scam?

Affected users of the forum should already have received an e-mail from onlinebetrug with further information. The unauthorized access points should have been closed.

The security guidelines will be increased. Phone numbers are excluded from the Bitcoin profit scam system and sensitive data is encrypted from now on.

If you think you are affected, you can get security on the HaveIBeenpWned website. The possible leaked e-mail addresses can be compared there with the forum’s own e-mail address. In addition, all forum passwords have been reset.

If someone is affected by the attack, James advises the following:

Make sure that you have not used your password anywhere else. If you have used your password from elsewhere, change it immediately.

Questions can also be sent to .

Social Engineering
Behind this high-sounding term stands a practice that every Internet user may have experienced before.

An e-mail that looks exactly like PayPal and asks for sensitive data such as address and password? And then has a cryptic sender?

This form is called phishing and is only one of many social engineering methods to gain the user’s trust and then obtain information.

Administrators will never(!) ask you for passwords. Don’t be unsettled and get all the more sensitive when someone threatens to talk to your supervisor if you don’t cooperate (in fact, this is a famous scam).

Take it easy and be attentive when it comes to sensitive information. Passwords are easily forgotten, that’s right, but it’s still important to use different passwords. If an account is hacked, the attacker can use the found password to crack other services that you use.

\* salted: A hash to which additional random information has been added to increase entropy.


ETH course analysis KW20 – And on we go in the Upward Channel!

After a slight fall to BTC 0.047 (EUR 83.80), the price rose to BTC 0.064 (EUR 114.12), but is currently consolidating and stands at BTC 0.061 (EUR 108.77).


After a hesitant start, the price first fell under EMA24 and EMA48 to 0.047 BTC (83.80 EUR).
However, the Ether price recovered and rose to a new all-time high of 0.064 BTC (114.12 EUR).
In the course of a consolidation, the share price is now at 0.061 BTC (108.77 EUR).
Wow! Not only Bitcoin! Not only Bitcoin, but also Ethereum is experiencing new highs – the price has risen above the 100 EUR mark for the first time.

After the price tested the EMA48 on May 18th and 19th there was no hold on the price and it rose to a new all-time high of 0.064 BTC (114.12 EUR) within a very short time. Certainly the latest ICOs have had their influence here. However, Ethereum is currently taking a slight breather – and is testing the support described by EMA24. It remains to be seen how the price of this support will behave.

The MACD (second panel from above) is still above zero. But beware: since today the MACD line (blue) is below the signal (orange) and is moving towards zero. In this respect, the MACD threatens to send a bearish signal.

At 48, the RSI (third panel from above) confirms this bearish picture

The 60min chart therefore looks bearish from the price development. It will have to be shown how the price behaves to the support described by EMA24, should it hold, a stable rise could occur. Whether there is another reason for this hope should be discussed when looking at the medium- and long-term price developments.

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