It was reported, and Hackaday has now confirmed, that counterfeit Benchoff Bucks were being circulated at this weekend’s Hackaday Superconference.
The fake bills were distinguishable by their poor printing quality and vastly smaller size than official ‘Bucks. Their appearance should help to relieve the skyrocketing value of the Benchoff Buck, whose dominance as the preferred paper currency at hardware conferences has caused deflationary forces to take hold as ‘Bucks holders hoard them.
Hackaday’s resident economists hope that the appearance of the counterfeits will begin to devalue the currency. Diminishing the strength of Benchoff Bucks has long been the goal for the portion of the Hackaday community who believe we need to move off of fiat Benchoff currency in favor of Benchoff-based cryptocurrency.
We anticipate seeing the long-rumored ICO early in 2018, likely in conjunction with other live Hackaday events. No word yet on the name of the new cryptocoins, but it is worth mentioning that the ‘Benchoff Nickel‘ has already been taken.
After an exhaustive investigation, the forger has been identified. They were given a pat on the back, a firm handshake, and charged with the responsibility of documenting the forgery effort as a Hackaday.io project. You know who you are… and we have our eye on you.
Anyone keeping up with financial news today is surely inundated with stories about Bitcoin and other cryptocurrencies. While most of the news is about the potentially inflated value of some of these coins, and how drastically they have changed in price in just a decade, there are other interesting things going on behind the scenes. For example, the currency Ethereum allows for a distributed programming platform of sorts to be implemented in the blockchain, which [GusGorman402] has taken advantage of in his latest project (YouTube link, embedded below).
The device that he built is based on an ESP8266 which connects to a router running an instance of a Go Ethereum node. Essentially, he uses the Ethereum blockchain to control an LED connected to the ESP8266 using a feature of Ethereum called a smart contract. While this might be a misleading name, a smart contract is basically an autonomous program that can do virtually anything a programmer writes into it. While this is a roundabout way to write a “Hello World” program, it does demonstrate the power of the Ethereum platform when compared to other cryptocurrencies.
If you’re interested in currency trading, blockchains, cryptography, or the future of computing, be sure to check out the detailed video after the break. It’s a curious new tool, and it will be interesting to see how developers and hackers alike use it to accomplish things we’ve never thought of yet.
While Bitcoin and other altcoins are all the rage these days, there is still a lot of activity in the traditional currency exchanges. Believe it or not, there’s money to be made there as well, although it rarely makes fanciful news stories like cryptocurrency has been. Traditional currency trading can be done similar to picking stocks, but if you’d rather automate your particular trading algorithm you can set up a Raspberry Pi to make money by trading money.
This particular project by [dmitry] trades currency on the Forex exchange using an already-existing currency trading software package called MetaTrader. This isn’t an ARM-compatible software suite though, so some auxiliary programs (Wine and ExaGear Desktop) need to be installed to get it working properly. From there, its easy enough to start trading in government-backed currency while reaping all of the low-power-usage benefits that the Pi offers.
[dmitry] does note that you can easily use MetaTrader on a standard laptop, but you might be tempted to go against your trading algorithms and even then you won’t be reaping the power benefits of the ARM processor. We don’t see too many traditional currency or stock trading tips around here, but don’t forget that it’s still possible to mine some types of cryptocurrency even if BitCoin is out of reach of most now.
[Scott Driscoll] sent us a link to his Bitcoin explanation a couple of weeks ago. We glanced at it but moved on rather quickly. It’s been popping up here and there and we finally gave it the time it deserved. This video is interesting in that it doesn’t just focus on what the Bitcoin actually is, but how the Bitcoin system works when it comes time for money to change hands.
Quite early on in the explanation he mentions that “The Bitcoin system is amazingly designed so that no trust is needed”. That’s a powerful statement. For instance, if you sell your car, one of your friends will probably tell you not to take a check. That’s because a check means you’re trusting that the buyer actually has a balance in their account to cover the transaction. With Bitcoin the transaction carries its own proof that the currency is available by including information about the past transactions through which those Bitcoins were acquired.
If you have some idea of what public/private key pairs are you’re already equipped to understand [Scott’s] lecture. After you make it through the 22 minute video maybe you should get down to work doing some Bitcoin mining at home.