BCH Hard Fork: Bitcoin SV Winning ‘Hash War’ Against Bitcoin ABC

The upcoming Bitcoin Cash hard fork has generates some buzz with pre-fork trading suggesting Bitcoin SV may have the lower price, but more miner support, according to the latest data. 

Bitcoin ABC vs. Bitcoin SV

The opinions on this BCH hard fork are very different. The community appears legitimately split between the two paths open to them. Supporting either Bitcoin ABC or Bitcoin SV is a crucial decision for the Bitcoin Cash network of the future. Both concepts pursue very different options, yet it is up to miners to decide which chain is viable. Another outcome is how both chains will exist side-by-side.

Based on the statistics by Coin Dance, that latter option may come true. Surprisingly, it will not be the Bitcoin ABC chain which should gain the most support from miners. Instead, Bitcoin SV is projected to control the network after the fork. That is a completely different outlook compared to how traders perceive things. The pre-fork trading of SV and ABC clearly shows Craig Wright’s vision has far less “financial support”.

These statistics by Coin Dace are not final indicators. It is based on how many miners may back each individual chain by looking at the current support. This hard fork will not occur for another few days. Miners can still change their allegiance between now and then. If that is not the case, Bitcoin SV will have over 50% support from miners. ABC will drop to 20% or slightly more, whereas Bitcoin Unlimited will see similar levels of support. Nodes which do not upgrade will have 5-6% support and become the least viable chain of them all.

Calvin Ayre Weighs in on the Matter

Calvin Ayre, a proponent of Bitcoin Cash, keeps close tabs on these statistics. In his opinion, these statistics already confirm the expected “hash war” is over before it begins. Craig Wright and nChain indicated they want to engage in a war for hashpower’ with Bitcoin ABC. Ultimately, miners decide which rules the network follows. The current statistics confirm there will be one clear winner over the two other smaller chains.

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Bitcoin ATMs Have Spread to 4,000 Locations Globally

Numerous signs of maturity can be noted across the cryptocurrency industry. A growing number of Bitcoin ATMs is making their mark on the world. This month, the number is expected to surpass the 4,000 milestone.

Another Milestone for Bitcoin ATMs

Making cryptocurrency more accessible remains a key priority. Bitcoin ATMs have their role to play in this regard. These machines make it easier to buy bitcoin and altcoins with fiat currencies. Nearly 4,000 of these devices can be accessed on a global scale.

It is a low number compared to bank ATMs, but more devices are brought online every single day. Currently over 6 Bitcoin ATMs come online every single day.

In May, Bitcoinist reported on the 3,000 location milestone for Bitcoin ATMs worldwide.

North America is the place to be for accessing Bitcoin ATMs. The continent controls 71.3% of the market at this time. Europe is the somewhat surprising second entrant on the list. Nearly one in four devices can be found in top European cities. Asia, while quite prominent in cryptocurrency trading, only houses 2.56% of all Bitcoin ATMs. Oceania, South America, and Africa are even further down the rankings.

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How To Mine Bitcoin More Efficiently…Use An Actual Mine in Norway

Bitcoin mining is unquestionably a costly business, but Northern Bitcoin claims to have cut expenses by using a former metal mine in Norway.

Innovation Station

Bitcoin mining is unquestionably a costly business, both in financial and ecological terms. But Northern Bitcoin claims to have cut their price and energy costs by utilizing a former metal mine in Norway.

Depending on what you read, bitcoin mining is either inexorably advancing our planet towards its inevitable doom [N.B. this link has been given as a tip today, so perhaps change to Bitcoinist link if somebody writes it up?] , or pretty good value compared to gold and the banking industry.

Whatever your personal viewpoint, it would be hard not to agree that greater efficiency would be a definite improvement.

Mining companies are constantly scouring the world for the cheapest electricity and favorable climate conditions. Clearly, the motivation for this is to maximize profits, but some of the solutions have positive ecological ramifications too.

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Shifty Principle Uses School Computers to Craft a Crypto Mining Scheme

The leader of a Middle School principle in China was fired after staffers uncovered a cryptocurrency mining scheme utilizing school computers.

Local media in China have begun to write about a foiled cryptocurrency mining scheme organized by the principal of Puman Middle School. The man utilized school computers for the task.

According to reporting from the BBC, Lei Hua was fired after other staff members discovered that he installed eight mining machines in the school between summer 2017 and summer 2018.

The South China Morning Post wrote reported that Lei was originally mining Ethereum inside of his home in June 2017. He soon decided to move his operation to the Hunan Province school in order to save money on electricity.

What’s Coooking?

Local Chinese media said that teachers began to feel suspicions when they noticed the school’s internet was slowing down. On top of that, reports of loud noises that continued without stopping were also brought to light.

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Decentralized Exchanges Can’t Escape the SEC, Warns Its Cyber Chief

The U.S Securities and Exchange Commission (SEC) has filed charges in the first-ever case involving a decentralized Ethereum-based exchange. The head of the SEC’s new cyber unit has followed with a warning that decentralized exchanges must be compliant as well, adding that creators will be held responsible.

On November 8, 2018, the SEC brought charges against the creator of decentralized exchange EtherDelta which some argue is “just a smart contract,” rather than a conventional cryptocurrency change.

The Focus of the SEC ‘is on the Function’

Speaking to Forbes, Robert Cohen, Chief of the SEC Division of Enforcement Cyber Unit, has now warned that using blockchain technology to create an exchange, without centralized operation or management, still leaves the technology’s creator both responsible and liable. Cohen has said the focus is not on the service’s label, nor the technology used, but that:

The focus is on the function, and what the platform is doing. Whether it’s decentralized or not, whether it’s on a smart contract or not, what matters is it’s an exchange.

Decentralized exchange mechanisms, like EtherDelta, run on self-executing code connecting buyers and sellers in order for them to exchange directly with each other.

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Bitcoin Cash Pre-Fork Trading Sees Dislike for Craig Wright’s Chain

The upcoming Bitcoin Cash hard-fork triggers some interesting opportunities. Numerous exchanges offer pre-fork trading of BCHSV and BCHABC. Both Poloniex and HitBTC are in the process of trading these “futures” at this time.

Pre-fork Trading Underway

Numerous cryptocurrency exchanges plan to support the upcoming Bitcoin Cash hard fork. It is expected the network will split into two parts. One chain follows the vision of Craig Wright (who claims to be Bitcoin creator Satoshi Nakamoto) known as Bitcoin SV (Satoshi’s Vision).

The other half follows the current developers, who rely on Bitcoin ABC’s software. Until the network sorts itself out, it remains unclear if there will one, two, or three forms of Bitcoin Cash 00 moving forward.

For exchanges, this creates interesting opportunities. Both Poloniex and HitBTC offer pre-fork trading at this time. They are both trading “futures” for both BCHSV and BCHABC. This does not replace the traditional BCH market, which is still in place. Instead, users can trade IOU’s for the two potential new tokens coming to market after the fork.

Seemingly, the three versions of Bitcoin Cash trade at different values. Poloniex’s platform indicates support for BCHSV is significantly lower than BCHABC. Additionally, BCHSV is currently trading at a far lower value compared to Bitcoin Cash (BCH) as well.

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Don’t Worry Vitalik, Captain Kirk Has Ethereum’s Back

William Shatner defended Vitalik Buterin against ‘literal scammer’ claims on Twitter this week. The USSS Enterprise’s very own James T Kirk appears to have found a deep love of Ethereum.

Vitalik Not a Star Wars Fan?

It would appear one of the best ways is simply to say that there is a rumor. You can even admit that you started it… if you’re William Shatner.

Are we absolutely sure @VitalikButerin isn’t a Star Wars fan? I’ve heard rumors…some started by myself!

Those who want to appear clued up will pretend they already know the rumors, and those who don’t will ask. At which point, you set the rumor free.

Or if you’re William Shatner, and pop has already eaten itself… Wait until somebody reports the fact that you’re starting rumors, then innocently ask them what the rumors are.

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Cryptocurrencies to Target for the Next Bull-Run (OAX, XLM, HOT)

Cryptocurrencies OAX, HOT, and XLM are worth looking into if you’re looking for coins with the best chance to outperform Bitcoin price in Q4 2018. 

Small Cap Vs. Low Price Cryptos (A Trader’s Mindset)

The mindset of a cryptocurrency trader in a bull vs. a bear market is vastly different. During the last bull-run, two types of cryptocurrencies had a tendency to ‘pump.’ Ones with very low market caps on big exchanges and those with very low prices.

The coins with low market caps, dedicated teams, with the network to get listed on top exchanges should be acquisition targets heading into the next bull-run vs. the alternative of buying low priced coins.

A very low market cap coin with major unknown quarter four events: OAX, should perform exceptionally well in the short term. 

The market sentiment has continued to shift from the summer of 2018 through the beginning of quarter four. With crypto personalities and technical analysis pointing to a December bull-run, the question becomes fairly obvious: How does one take advantage of the shifting of market sentiment and the possible impending moonshot?

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After Midterm Elections, ‘Experts’ Vehemently Oppose Blockchain Voting

After this week’s highly-fraught midterm elections, some commentators believe that blockchain is more useless than ever for voting.

After Tuesday’s crucial midterm elections, commentators — many of them academics and researchers — reinforced the importance of traditional voting methods, offering a strong critique blockchain.

Midterm Voices  

NBC’s Jasmin Boyce reported on a number of voices that emerged in response to social media debate regarding the merits of blockchain in polling places. Princeton professor Arvind Narayanan singled out the “[…] Avacado” argument in the tweet below:

Here's the deal, blockchain boosters. We know you're desperately pushing "X on the blockchain" ideas. If you're trying to convince Walmart it needs blockchains to track avocados or whatever, be our guest. But if you're messing with critical infrastructure, you've crossed a line.

— Arvind Narayanan (@random_walker) November 7, 2018

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Which Cryptocurrency Will Ignite the Next Crypto Market Explosion?

The stage seems to be set for a dramatic cryptocurrency price surge, like the one we experienced in 2017. However, Bitcoin, the world’s largest digital currency, might not be the one triggering the explosion this time.

What’s Next for the Cryptocurrency Market?

This year has been horrendous for the crypto market. Some digital currencies have lost 80 percent from the all-time high values they achieved in January 2017.

However, for some economists, this dive to earth-bound values might turn out to be beneficial for the market. In effect, referring to the depressed crypto market, economist and Bloomberg opinion columnist Tyler Cowen writes, “But perhaps that development is precisely what we need for crypto to take the next step forward.”

For the past several weeks, Bitcoin’s price has been increasing modestly but steadily. Indeed, as of this writing, Bitcoin’s volatility index for the latest 30-day estimate is 1.55 percent, and for the most recent 60-day estimate is 1.54 percent.

Investors find Bitcoin’s low volatility encouraging because it might help Bitcoin 00 to gain traction as a payment method and as ‘digital gold‘ for storing value.

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Storonsky: ‘No Interest from Big Institutional Investors’ (Why He’s Wrong)

Last week, Bitcoinist argued that cryptocurrency enthusiasts should stop waiting for institutional investors to arrive — because they’re already here. Not everyone shares that opinion. 

According to a recent report from Bloomberg, institutional investors don’t have much of an ‘appetite’ for digital currencies.

The opinion comes from one Nikolay Storonsky, who formerly traded for Credit Suisse Group AG and runs Revolut Ltd — the latter being worth more than $1 billion after users providing the ability to speculate on Bitcoin (BTC) and Ethereum (ETH).

Storonsky stated at Web Summit 2018 in Lisbon:

Unless these big institutional investors and hedge funds move heavily into the crypto world I just don’t think banks will move because they simply try to make money from their clients. There is no interest from big institutional investors so far.

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A Few Lessons From Facebook On Blockchain Mass Adoption

Chris Hughes became super wealthy thanks to his Facebook stock. Now, this entrepreneur from Silicon Valley wants to restore the middle class, and believes this can be done through his idea. His new book, Fair Shot, outlines a guaranteed income for the poor in the US.

“Most Americans cannot find $400 in the case of an emergency like a car accident or a hospitalisation, yet I was able to make half a billion dollars for three years of work. Something is profoundly wrong with our economy and in our country, and we have to fix it,” Hughes laments. Sounds credible?

Those in the media employs reputation management through the power of social media and this man intends to overturn bad publicity by getting the crowd’s good grace – through a presscon and a book. This event took place on April 2018 but we’re now on the last few months of 2018.

Whatever the long term results of this social media ploy, there are a few lessons learned by those in the Blockchain space after the Facebook scandal and we listed a few of them here.

Lessons Learned

This is a difficult lesson for Facebook but one that can easily pave the way for others to take on the widening gap for centralized social apps. With increasing disquiet and distrust over the use, sale and loss of personal data, the intrusion of unwanted advertising, diminishing rewards for content creators and a changing landscape, the time is now right for blockchain-based social apps to challenge centralized social platforms such as Facebook, Instagram and Twitch.

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France Considers a Flat Capital Gains Tax for Bitcoin

The finance commission in France’s lower house of parliament has reportedly backed plans to decrease taxes on bitcoin sales, putting it on the same level as the standard capital gains tax.

30% Flat Tax on Bitcoin Gains

Reuters reports that the finance commission in the lower house of the French parliament has backed plans to ease taxation on bitcoin gains to flat 30 percent. At the current moment, bitcoin gains are reportedly taxed at 36.2 percent rate.

It’s worth noting that this is just the initial hearing and that the amendment isn’t in force yet. In order for it to be enacted, the broader parliament needs to approve it as part of the budget bill.

More or Less?

Earlier in April, it was reported that the country’s Council of State has moved to reconsider the way gains stemming from the sale of cryptocurrencies are regulated.

According to those reports, the Council could consider cryptocurrency gains as profits made of “movable property” and, hence, would be subjected to a tax at the flat rate of 19 percent which is substantially lower than the 30 percent backed by the finance commission.

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Hey Paul Krugman, Bitcoin Doesn’t Need ‘Men With Guns’ to Have Value

Bitcoin is not without its vocal band of critics and naysayers. The Nouriel Roubinis and Paul Krugmans of this world would have you believe that Satoshi Nakamoto’s creation is 100 percent doomed to fail.

Bitcoin Doesn’t Need Men with Guns

Earlier in the year, Bitcoinist reported on Paul Krugman’s column in the New York Times where the Nobel Prize winner in Economics took aim at cryptocurrency asking what problems virtual currencies solve. This week, Economics professor Saifedean Ammous offered a robust reply to the flawed rhetoric espoused in Krugman’s piece.

For starters, Bitcoin 00 doesn’t need men with guns to enforce its value. According to Krugman:

Fiat currencies have underlying value because men with guns say they do. And this means that their value isn’t a bubble that can collapse if people lose faith.

If the above is true then the current situation in places like Zimbabwe, Venezuela, Iran, Turkey, and even Argentina shouldn’t be happening. This author is going out on a limb to say each of the previously mentioned countries have “men with guns.”

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Bitcoin to $250K by 2023 Prediction is ‘Absolutely Solid,’ Says Tim Draper

Serial cryptocurrency investor and billionaire Tim Draper has said his Bitcoin price prediction of $250,000 by 2022 is “absolutely solid.”

Draper: Destination Clear, Path Uncertain

Speaking during the giant Web Summit tech conference in Lisbon which ended November 8, Draper, who is well known for his optimistic outlook on Bitcoin, in particular, doubled down on his price forecast few others have dared rival.

“I have a pretty good sense of what’s going on four, five, six ten years from now because that’s my business – to meet with young entrepreneurs who are putting a future into my mind,” he told a panel which also featured Blockchain CEO Peter Smith and Managing Capital co-founder Garry Tan.

…My prediction for $250,000 by 2022 – maybe 2023 but in that range – is absolutely solid, but I’m not so sure how we’re going to get there[.]

Cryptocurrency became an increasingly focal topic at this year’s Summit, which with almost 70,000 attendees constitutes the largest such conference in Europe.

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Countries and Enterprises Can Access Green Capital Market Thanks to Blockchain Technology

Regardless of futuristic forecasts, blockchain technology doesn’t seem to have that many real-world applications, especially at a large global scale. The green capital market, however, tends to stand out, as blockchain has already been tried and tested. It opens up ecological markets for enterprises by allowing emissions trading.

Emission Trading and What it Entails

Emission trading is a phenomenon which was initially brought forward by the Kyoto Protocol in 2005. It came into effect in order to reduce the harmful effects of CO2 emissions into the atmosphere, the issuers of which are mainly power plants using fossil fuels.

Emission quotas and carbon credits (these are the accountable emission reductions) are measured by carbon units, each one of which is equivalent to one ton of carbon dioxide which is emitted into the atmosphere. Now, since the quota emissions are limited and also subjected to a fine, carbon credits are respectively in demand and, hence, available for purchase on the exchange. This is a practice called cap and trade. There are other market models as well – such as credit-based, tax and trade, or transaction-based.

The point of this trading is to offset the damage done to the environment in the most cost-efficient way, while, at the same time, stimulating companies to reduce harmful emissions on their own and attract further investors.

Of course, as it is almost always the case, all of this sounds a lot better than it is in practice. The market is plotted with a range of issues such as disintegration, unpredictability, fraud, lack of transparency, high transaction costs, over-centralization, over-regulation, and so forth – the list goes on.

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Charlie Shrem Wins Latest Battle in Winklevoss Twins $32M Lawsuit

Charlie Shrem scored an important first goal in his ongoing legal match against the Winklevoss twins. A judge has lifted a previous order which froze Shrem’s assets, in the $32 million case.

The Mighty Thaw

As Bitcoinist reported last week, the Winklevii are pursuing Shrem for $32 million dollars over an alleged 5,000 stolen bitcoin. The dispute dates back to 2012 when the twins gave Shrem $250,000 to buy bitcoin for them.

The lawsuit alleges that Shrem only delivered $189,000 worth of bitcoin, and retained the other $61,000 worth. This equates to 5000 or so bitcoin, valued at over $32 million at today’s prices.

A judge (the same one who presided over his ‘Silk Road’ trial), last month froze some of Shrem’s financial assets. This order has now been lifted, and Shrem can start buying expensive things again.

$32 Million Dollar Man

Shrem has recently been on quite a spending spree, acquiring Maseratis, power boats, and a $2 million Florida property. This raised the twins suspicions and pre-empted the lawsuit, which noted that:

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EtherDelta SEC Action Could Impact Entire Industry, Experts Warn

Legal figures engaging with cryptocurrency are warning over continued regulatory uncertainty impacting businesses after US regulators fined EtherDelta almost $400,000 November 8.

EtherDelta Could Set Precedent

EtherDelta, which operated since 2016 as a smart contract on Ethereum, fell victim to securities obligations under the US’ Securities and Exchange Commission (SEC), leaving owner Zachary Coburn liable for penalties totaling $388,000.

This, securities lawyer Jake Chervinsky and Blockchain chief legal officer Marco Santori among others note, comes despite EtherDelta sharing few characteristics of a traditional cryptocurrency exchange.

“Even though EtherDelta was just a smart contract on Ethereum, the SEC said it was legally an ‘exchange’ because it ‘brought together purchasers and sellers of securities,’” Chervinsky notes quoting a filing Coburn uploaded about the dispute.

While the revelation about Coburn’s fine appeared to unsettle users, Chervinsky adds the event should have been expected given the raft of investigations the SEC has hinted are ongoing this year.

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Young Man Waterboarded and Waxed by ‘Friends’ Who Wanted His Crypto-Wallet Password

A main rule of crypto ought to be ‘don’t tell your friends you have crypto.’ One man violated this unspoken rule and paid a rather gruesome price.

The Kid Is an Easy Mark…

After a boozy night out on the town, a group of well-heeled young whippersnappers decided to honor to the fraternal code of friendship and make sure that one of their entourage made it home safely. According to The New York Post, the motley crew — David Leica, Steven Dorn, Chris David, and Stephen Orso — accompanied Nicolas Truglia to his luxury apartment in Manhattan. 

Apparently, the group of privileged young men knew that their friend was flush from his crypto holdings and they proceeded to apply an array of extremely cruel and unusual interrogation techniques in order to coerce Truglia to hand over the login and password details to his crypto accounts.

According to court documents, Stephen Orso demanded that Truglia

provide him with login information for his cryptocurrency accounts while holding his head underwater in the bathtub, punching him in the stomach and throwing hot wax on him.

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Web Summit Conference Sees Cryptocurrency Businesses Give Away Over $127M

November 8 marks the culmination of this year’s Web Summit conference, the largest tech event in Europe and one which saw businesses give away cryptocurrency worth at least $127 million.

Airdrops, Wallets And Adoption

The sold-out Web Summit, which is taking place in Lisbon, brings together thousands of startups and speakers to join a giant attendee list of almost 70,000 people.

Cryptocurrency businesses stood out at the event, with several adopted-focused schemes which gave away millions of dollars in free cryptoassets.

As Bitcoinist reported, data analytics and wallet provider Blockchain led the charge, revealing a partnership with Stellar at the conference, part of which included a giveaway worth $125 million.

The deal sees anyone able to sign up for Stellar Lumens (XLM) tokens worth $25 provided they own a Blockchain wallet.

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