Tag: crypto news

TronBet App Is Exploding on Tron’s Mainnet

Spencer Kellogg | @Spencer_Kellogg

On June 1st, 2018, Tron cryptocurrency launched their mainnet platform.  Capitalizing on a meteoric rise in interest and technological advancements surrounding the Chinese-based crypto, founder Justin Sun and his team of developers have created a decentralized infrastructure that is growing in size and scope every day. Enter: TronBet.

TronBet Dice
Tronbet’s “Dice”

TronBet is a gambling DApp (decentralized application) that launched in early Q3 of 2018. In its short lifespan, it has seen incredible gains in users and total bets. On its release day, the site netted over 10,000 plays and had seen over 1 billion TRX wagered within the first two weeks of service. Users connect their Tron wallet to the platform and wager bets on two simple games that payout TRX immediately on winning combinations. Interested gamers can try the casino-like site out here entirely at their own risk.

Originally a simple over/under dice game, TronBet has recently launched their second game, Moon, based off the widely successful Bustabit crash game. In Moon, players wager a set amount of TRX and anticipate when an increasing curve will crash. Players must collect on their wagered amount before the line crashes or they lose their entire bet. The game is addicting, thrilling, maddening and can lead to incredible gains. The simulation can payout players up to 5000x their wagered bet, meaning gamers could hypothetically turn a few dollars into thousands in the course of one single game.

TronBet's Moon
TronBet’s “Moon”

In their simple and eloquent whitepaper, TronBet developers lay out their vision of an online gambling site built on the cheap and flexible ecosystem that Tron has built. They point to a list of other e-gaming sites utilizing Bitcoin and Ethereum that have seen successful lifespans, including SatoshiDice, which has recorded over $500 million in bets since 2016. Another example, EOSbet, rakes in an average of $10 million a day and the market for growth seems primed as United States lawmakers lose their regulatory control over e-gaming.

Although Tron founder Justin Sun has promoted TronBet, the team behind the gaming platform are not affiliated with the Tron development group itself. TronBet developers chose to use the Tron platform due to its impressive scalability and cheap transaction costs. Compared to the Ethereum blockchain, which can only process 25 TPS (transactions per second), Tron boasts almost 100x that speed and recently clocked in at over 2000 TPS. What this means for users is that TronBet runs on a platform that is incredibly quick, cheap and efficient. This ultimately provides a greater gaming experience.

According to Tronscan.org, the number of wallets and transactions on the Tron network has been exploding over the past few months. A decentralized exchange for Tron-based tokens and currencies has also launched and already features more than 10 TRX trading pairs. All of this bodes well for TronBet as the success of Tron’s mainnet should funnel new users and interest into the projects and applications being released through the ecosystem.

In late October, Justin Sun tweeted out his support for Tronbet, which had then surpassed its first 1 Billion TRX won inside the system. Today, barely a month later, Tronbet is showing over 7.7 billion Tron won and over 15 million bets placed. This unprecedented growth is due, in part, to an interesting in-game currency called Ante which players can mine with every spin.

Users can think of Ante like receiving a small bit of the casino’s own coin that can be stored in the casino’s vault and used to collect a payout of dividends from the total amount of losses within the system every day. In essence, mining and staking Ante allows users to ‘be the house’. Users will trade Ante on Tron’s decentralized exchange in the coming months. This presents an innovative way for early adopters and believers in TronBet to benefit from their support.

TronBet roadmap
TronBet roadmap

In the cryptocurrency industry, gaming has proven to be one of the strongest sources of actual adoption. CryptoKitties, TronDogs, and Etheroll have all created major buzz and concrete interest in using the blockchain as an engine for gaming and transactions. Developers at TronBet have promised a third unreleased game before New Year’s that will be PVP (player vs player), which should increase interest in the platform significantly.

71 Republic is the Third Voice in media. We pride ourselves on distinctively independent journalism and editorials. Every dollar you give helps us grow our mission of providing reliable coverage. Please consider donating to our Patreon, which you can find here. Thank you very much for your support!


Austin Petersen Is Bitcoin’s Best Chance In Congress

By Spencer Kellogg | @TheNewTreasury

We are less than a month away from Missouri’s GOP primary on August 7th, and Austin Petersen is standing strong behind his support for Bitcoin and alternative currencies. Following an open-faced attack on Bitcoin from Representative Emanuel Cleaver of Missouri, Petersen promised to “stop cryptocurrency regulation” if he is elected to the United States Senate.

Petersen is a long time cryptocurrency advocate who ran for president as a Libertarian in 2016. He is now at the end of a heated primary race against Josh Hawley, the sitting Attorney General of Missouri. Hawley has had to battle off Petersen’s determined grassroots campaign along with questions from both the state GOP and the national media who have spotlighted Hawley for his ineptitude and lack of interest in the primary campaign. Petersen has seen a major wave of youth support that has enabled his campaign to reach tens of thousands of Missourians through phone calls and knocking on doors in the past few months alone.

This isn’t the first time that Petersen has made headlines in the cryptocurrency community. His campaign began taking Bitcoin donations through BitPay (here) last summer and in February, Petersen received the largest Bitcoin donation ever made to a US political campaign at the time: 0.284 BTC, which was then valued at $4,500 USD. Three months later, his campaign was gifted a stunning $250,000 dollars worth of Bitcoin that the team had to return due to Federal Election Committee (FEC) rules.

Speaking with CCN last year, Austin Petersen elaborated on how his limited government stance on the American financial infrastructure has instructed support for open market cryptocurrency conditions:

Bitcoin’s disruptive influence is just what our financial system needs at this time. For too long, the federal government has had exclusive control over currency, stymying competition and growth by falsely limiting consumer choice — a fact we would all be aware of were the Federal Reserve subject to the same kind of audits privately-held companies are. Cryptocurrency represents the future of American creativity and American liberty, and I’m delighted to accept campaign donations in this form.

An atypical politician, Petersen has been banned from Facebook twice for raffling off donated AR-15’s to his campaign. He is a devoted supporter of the 1st and 2nd Amendments of the Constitution. This is evidenced by his pro-gun commercial titled “no compromise” that has been airing all over Missouri televisions recently. His limited government message of less bureaucracy and more freedom makes him one of the most exciting candidates that America has seen in the last half-century. Crypto has always been an outsider economic revolution and Petersen is a political one. That it would be a farm boy from the plains of Missouri to lead the cryptocurrency charge into the beltway seems in many ways fitting.

Petersen represents the first American generation of crypto-conscious politicians. While there are a few crypto advocates in Congress today, none have been so vocal and open in their support for alternative currencies and blockchain technology. Petersen has, again and again, recognized the artistic, cultural and economic liberties that are the heart and soul of the Bitcoin community and his insightful knowledge of United States monetary policy makes him an eloquent defender of the sector. His pro-capitalism ideology is rooted in a strict, hands off interpretation of government’s role in a citizens life that champions innovative financial networks like Bitcoin instead of demonizing them. All of this makes him a natural fit in the new currency scene which emphasizes privacy, liberty and peaceful transactions by free market standards.

If Petersen can triumph over Hawley his campaign has polled strongly against Democrat incumbent Claire McCaskill for the general election in November. To learn more about Austin Petersen’s campaign, you can find his candidate website at the link below:

To support 71 Republic, please donate to our Patreon, which you can find here.

Featured Image Source.

Bitcoin Is Not Dead

By Spencer Kellogg | @TheNewTreasury

Contrary to popular belief: Bitcoin is not dead. It’s just sleeping a bit. And perhaps it deserves some rest given the parabolic and insatiable rise in valuation and adoption it has seen in its less than 10-year existence. Think about that: 10 years. In the history of money, 10 years isn’t even the blink of an eye. We are still in those early drunken stages of undisciplined poking about in which everyone is set to knock around the darkened room of questions until we find a door that leads us to the next confounding labyrinth. In truth, we haven’t even seen what this thing is capable of yet.

Over 6,000 years ago, humans first developed a system of market exchange: bartering and trade. Seashells, stone tools, teas, salt, spices and anything else that could provide an agreed upon value was used for the peaceful exchange of goods. Horses were domesticated and became a living currency to many of the native prairie nations that roamed the American southwest. It wasn’t until 600BC that King Alyattes of Lydia minted the first currency, a coin of gold and silver with a lion’s head on the front. Today, the mobile phone credit M-Pesa is used successfully as a unit of exchange in the nation of Kenya. Currencies are diverse and linger most reliably in the eye of the beholder. The-First-Coin-2.jpg

– King Alyattes of Lydia Coin

What is a currency? In the Mike Maloney’s brilliant “Money vs. Currency” YouTube series, he defines a currency as “a unit of account that is portable, durable, interchangeable, and divisible.” From its inception, Bitcoin has attempted to answer each one of these demands through an encrypted network of peer to peer users working in a global, peaceful, and pluralistic system of equals. It strives to help humanity in a way that asserts an individual’s right to life, liberty and the pursuit of happiness in face of crushing multi-national governments and banking entanglements that far too often overlook the majority’s interest in favor of wealth and power stratification.

Bitcoin is not nearly as anonymous as it probably should be and the speed/costs of using the technology are still too high in relation to other already viable payment options, but these are issues that are constantly discussed and addressed within the community. Sathosi Nakamoto’s currency requires time to reach a consensus and in many ways, this is how all great democracies have functioned; through anxious debate and slow lumbering changes. Tyrannies are those that are built behind bayonets in the dusk of an economic collapse.

In the Genesis Block of Bitcoin, there was a coded message. It read: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.” Created on the heels of the 2008 financial disaster, Bitcoin was a universal, internet-based alternative currency that rejected both the predatory boom and bust cycles of global Keynesian economics and the ‘injection of cash’ theory that modern governments asserted as they bailed out underperforming banks, mortgages and car companies along the way.


– The Times of London Newspaper January 3rd, 2009

Today, the United States national debt stands at a staggering 21 trillion dollars and growing. That’s roughly $64,000 dollars for every single American. For what? So that Bank of America could swallow up a few regional branches here and there? So that Chrysler and General Motors could go on making cars? So that we could torch and murder our way through entire nations only to find the chief architect of 9/11 hiding behind shining palace doors in the US-allied nation of Pakistan? I remember people losing their houses, the country is $21 trillion in debt, millennials are saddled with student loan debt and yet the stock market keeps rising. See anything wrong with the picture? Our leaders are happy enough to forget that any of this ever occurred. They are on to the next fundraiser in Iowa to bang the podium for a fat check. It’s all a farce!

What happens when the bill comes due though? Who do you imagine will pay the price? It will be the global majority of underpaid and overworked servants who are expected to answer the call. The ones who ride the ever-growing line between lower and lower economic classes will suffer most. The men and women who are shipped off to meaningless wars made possible by the various centralized banks of untouchable power and wealth. It is always the already weak made weaker by bloated, selfish governments who suffer the final, eager blows. Whether under the crushing weight of a religious text or the pervasive dogmas of 20th-century neoliberalism, the uber-elite of modern governments have held the final say.

Until Bitcoin. Yes, that Bitcoin. That decentralized, peer to peer, free market, global equalist, anarcho-communist, radical syndicalist, definitionless Bitcoin. We, as a global community, have overlooked it again. The real reason we all ended up with private wallets and paragraph long seeds: freedom. The freedom to opt out of the federal reserve notes that have provided the ultra-capitalist lifeline to an empire of war after war while the dollar devalues with greater certainty each passing quarter. Next, they tell us we must build a great military industrial complex in the sky. We just want bread.

This movement is not about the Hong Kong mansion parties. It’s not about crypto famous edgelords who may or may not have received an airdrop in their ether wallet. It’s definitely not about tacky, gaudy, ugly, pompous, gross Lamborghinis either (at least go for an Aston-Martin for God’s sake). Bitcoin is about what we are witnessing in Venezuela where citizens have turned to the cryptocurrency as a store of value while their own nation’s currency has become completely worthless over the course of one year. The people of Venezuela were neutered by a neo-socialist government that did not care for its people’s wellbeing. With Bitcoin, at least the people of Venezuela have the option of another way. rgplbYc8ClSqfqlrGYQSRebtrCg4wRRpjMreNOevEAo.jpg– Genesis Block Of Bitcoin

The cryptocurrency community is in a sort of collective paralysis at the moment. Somber and gossipy, it’s tripping on a heady mixture of hedonism, jealousy, emptiness, and outright fear. Many were later to the game than they really wish to admit and the general consensus feels bearish. For now. The same greed and power that Nakamoto hoped to disembody have manifested themselves into the community where market vampires and juvenile venture capitalists have accrued en masse. They have unlearned, or never learned, the core narrative of Bitcoin’s original intent: a rebellion.

An American and a Russian and a Kenyan and a Columbian and a Pakistani walk into a bar and they all enjoy the same cold beer. That was always Bitcoin’s mission. Not fame or fortune but to bring differing peaceful people to the same beautiful table of ideas. To sit them down and show how much they each have in common with one another when the brutal nationalism of war and economy have been stripped away. To forge a new and humane way forward. The only question is if we are strong enough to do it.

To support 71 Republic, please donate to our Patreon, which you can find here.

Featured Image Source

France Is Severely Cutting Taxes On Bitcoin

By Nick Hamilton | United States

Earlier this year, France and Germany came to a consensus that they needed to tax and regulate Bitcoin.

However, on April 26th, France turned over a new leaf. The nation cut taxes by more than half on the crypto-currency, from 45% to 19%, excluding other social taxes.

With this social contribution tax, France will tax Bitcoin at 34.5%, which is still almost a 25% tax cut.

This comes due to a change in the classification of cryptocurrency. France is now classifying Bitcoin as a capital gain, meaning that it get’s the flat tax of 19%, per French law.

At the G20 Summit in Buenos Aires last March, Germany and France both advocated heavily for regulation of the currency. The French Financial Minister, Bruno Le Maire, sent out a series of tweets on March 19th about regulating Bitcoin with other EU countries, which you can read here. However, clearly, Mr Le Maire has had a change of heart, and it definitely picked up a huge win in France yesterday.

Since the ruling yesterday, Bitcoin saw a jump to over $9k, and is maintaining that early this morning pretty nicely. The currency has been on an upwards trend lately. Thus, this tax cut could very well motivate more French to buy it, as France is one of the more economically stable states of the EU, with many citizens looking to invest in crypto-currency.

However, this is not the only means of relaxed taxation we’ve seen from the EU. Germany announced on March 1st, 2018 that they support crypto-currencies as a form of payment. This also means that the government will not tax miners that receive block rewards, due to their services being voluntary. So, even though both France and Germany have called for heavy regulation, they’ve been very lenient on taxation.

Featured Image Source