Wielding the Tools of Liberty: Exploring Wendy McElroy’s Latest Book ‘The Satoshi Revolution’

When Satoshi Nakamoto launched the Bitcoin network, not only was the protocol a breakthrough in computer science, but it transformed the way society perceives money, economics, and freedom. “The Satoshi Revolution” written by Wendy McElroy delves into the transformative technology Nakamoto introduced 11 years ago by exploring the evolution of this new money. McElroy’s book describes how cryptocurrencies can enrich the lives of individuals fighting for liberty in a world filled with monetary manipulation and political propaganda.

Also read: No Backdoor on Human Rights: Why Encryption Cannot Be Compromised

The Abolition of the ‘Money Monopoly’

Two weeks ago I sat down and read Wendy McElroy’s latest book “The Satoshi Revolution,” a chronicle that describes the invention of Bitcoin and how it can alter the way society can operate going forward. McElroy is a well known Canadian libertarian author who has written a number of books since the early eighties. She also cofounded The Voluntaryist magazine created in 1982 and when I first started my path toward anarcho-capitalism, I read a number of McElroy’s articles. McElroy’s words, like the many others I was reading at the time from Ron Paul, Murray Rothbard, and Ludwig von Mises, fundamentally changed the way I looked at the world. A few years ago, McElroy came to write for news.Bitcoin.com and I was very excited to see what she had to say. I found out later that she was writing a book about Bitcoin, Satoshi, and the cryptographic tools that have the potential to promote economic freedom.

Wielding the Tools of Liberty: Exploring Wendy McElroy's Latest Book 'The Satoshi Revolution'
The Satoshi Revolution by Wendy McElroy is now live on Bitcoin.com. Check it out today.

Bitcoin.com now has McElroy’s 2020 e-book “The Satoshi Revolution” hosted on the website and available to anyone interested in reading the title. The Satoshi Revolution’s opening chapter discusses how Satoshi gave the world the first practical solution to the Byzantine Generals Problem. Not only that, but Bitcoin revolutionized our conception of money and finance because it provides a system that removes third party interference. “The trusted third party problem has haunted modern financial systems and centralized exchanges because people require an intermediary to make them work,” McElroy’s introductory chapter explains. McElroy highlights the fact that third party intermediaries can be “good or bad,” but the “current system of state-issued money and central banking” has proven to be a failure.

McElroy provides a comprehensive history of the past and the first few chapters of her book do a great job explaining the trusted third party problem. She talks about Friedrich Hayek and Murray Rothbard’s arguments for free markets and how they discussed private currencies that could help bolster individualism. However, despite economists explaining how things could be designed for the betterment of society, McElroy’s words describe what really happened. “The modern neglect of free-market money” and the manipulation of banking through ‘trusted’ third parties. Freethinkers and “radicals” however not only debated the subject of private currencies, they also “experimented with private currencies and new economic models.” McElroy highlights these events by stating:

Happily, their main economic goal was the abolition of the “money monopoly.” The term referred to three different but interacting forms of monopoly: banking, the charging of interest, and the privileged issuance of currency. The abolition of state power over currency was the focus, and they eschewed the use of force to implement their own schemes.

Wielding the Tools of Liberty: Exploring Wendy McElroy's Latest Book 'The Satoshi Revolution'
“The revolution of 2009 went unnoticed by most people because it was peaceful, orderly, and technologically arcane. In 2009, Satoshi Nakamoto released open source software by which peer-to-peer transfers of digital wealth, called bitcoins, flashed over an immutable and transparent ledger, called the blockchain,” McElroy explains in her book.

Introducing a Better System That Serves the Needs of the People, Not the Elite

The book’s beginnings further explain how a radical individualist theory grew worldwide amidst the creation of the United States. Certain aspects of early America had shown signs of a prosperous free market concept, but McElroy underlines how the government eventually extinguished this idea and outlawed private money. Further, in the book, McElroy weaves through topics like the Mises Regression Theorem and the cypherpunks promoting cryptographic tools during the eighties and nineties. At that time a few more radicals tried to create private currencies and chapter two tells cautionary tales about those who attempted to create digital cash before Satoshi. From here, McElroy describes the introduction of Satoshi Nakamoto and the emergence of Bitcoin. Over the last decade, there have been many debates over whether or not Satoshi was a libertarian. McElroy gives an in-depth look at the political motives the creator might have had and leveraged evidence from early writings. On January 3, 2009, the Bitcoin network was unleashed, giving society a new path to choose from in a world filled with manipulated monetary policy.

“Individuals had a viable, private currency that allowed them to control their own wealth and become their own banks—to self-bank,” an excerpt from McElroy’s book notes. “At last, there was a practical path away from the manipulated fiat and the corrupt financial institutions that formed the basis of state power.” McElroy adds:

Bitcoin came at the right moment. Just two years before, the monetary monopoly had caused the devastating financial crisis of 2007-2008 across the globe. Bitcoin and the blockchain offered individuals a better system—one that served their needs, not those of the elite, and it promised financial independence and control that is the foundation of autonomy.

Wielding the Tools of Liberty: Exploring Wendy McElroy's Latest Book 'The Satoshi Revolution'
“One argument for centralization inevitably arises. If every individual pursues his own self-interest, then chaos is said to be the inevitable outcome, especially when an endeavor involves many individuals The opposite is true,” McElroy underscores.

McElroy describes Satoshi’s early writings and the Bitcoin network’s nascent years. Not too long after the Wikileaks donations and the creation of the Silk Road marketplace, governments started taking cryptocurrencies seriously. The mid-section of The Satoshi Revolution details how the U.S. government and bureaucracies worldwide have tried to deal with the digital currency revolution. McElroy’s book notes how the elite realized peer-to-peer transfers sidestep central banks and state-issued currencies. Because freedoms like these are bolstered by crypto, the nation-states know their power is weakened, McElroy writes. So politicians and bankers have tried to curb peer-to-peer trading by calling it “illegal money transmission” and more recently bureaucrats are out to extinguish coin mixing applications. The Satoshi Revolution underscores how the very existence of cryptocurrency has threatened the central planners and manipulators. The threat scares them incredibly and McElroy’s book cites this occurrence on many occasions. The Satoshi Revolution describes how these freedom-promoting benefits have invoked an all-out attack against Bitcoin.

“Crypto’s existence raises the question of whether the state is necessary,” McElroy stresses. “If the free market can so easily assume one essential state function—the issuance and circulation of currency—then why can’t it assume others, or them all?”

The Satoshi Revolution Further Cements the Concept of Separation of Money and State

Overall, McElroy’s novel is a fascinating dive into the beginnings of private money and how an anonymous creator in 2009 changed everything. The 171 pages kept me intrigued throughout and I learned a number of things I didn’t know before. I always think a good book should make me look at things from a different perspective and this one certainly does that. The Satoshi Revolution also has a thought-provoking introductory preface written by the well-known Austrian economist Jeffrey A. Tucker.

Wielding the Tools of Liberty: Exploring Wendy McElroy's Latest Book 'The Satoshi Revolution'
“The currency actually expresses decentralization, however, because every individual can withdraw his participation at any time and offer another means of exchange. That’s the defining feature of decentralization; the individual freely renders or withdraws his consent,” The Satoshi Revolution highlights.

The Satoshi Revolution has cushioned my belief that I too am doing something special by teaching people about the economic freedoms cryptocurrencies can provide. Before I found crypto, I concentrated on various problems society faces, but I realized that I wanted to circumvent the state in a more productive fashion. Just as religion was separated from the state, I feel that the separation of money and state will promote the greatest effort toward freedom this world has seen in centuries.

McElroy’s book The Satoshi Revolution has made me aware that my path will not be fruitless. Toward the end of McElroy’s tome, I realized she had come to the same conclusion as I ha. “Crypto-anarchism: [Is] the most important political development in my lifetime had occurred without my noticing it happening, which is inexcusable,” McElroy concedes. She further notes:

I had spent my time on “official” libertarianism— donation-driven and donation-defined institutes, tax-funded universities, academic journals. When did freedom ever come packaged in tax dollars, awards, and honors delivered at rubber-chicken dinners? Freedom is a street fight. Crypto- anarchism took over the streets without my noticing. I notice now.

The Satoshi Revolution is now live on Bitcoin.com and it’s a pleasure to introduce Wendy’s latest work alongside Jeffrey Tucker’s preface. If you are interested in reading an excerpt from the first chapter of Wendy McElroy’s 2020 e-book then follow this link here. If you liked the first chapter, you can leave your email address to receive your free PDF copy of The Satoshi Revolution.

What do you think about Wendy McElroy’s tome on private money, Bitcoin and its inventor Satoshi Nakamoto? Let us know what you think about The Satoshi Revolution in the comments section below.


Image credits: Shutterstock, Wendy McElroy, Fair Use, Wiki Commons, and Pixabay.


Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

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Flipstarter Reveals Eatbch and BCH Development Funding Goals – Blog Post Receives $2k in Tips

Flipstarter Reveals Eatbch and BCH Development Funding Goals - Blog Post Receives $2k in Tips

On Sunday, developers of the Flipstarter.cash project announced the start of private testing for the platform’s BCH assurance contracts and the team also revealed the first two funding projects. One of the first funding goals will be raising bitcoin cash for the nonprofit food charity Eatbch in Venezuela and South Sudan. Additionally, Flipstarter hopes to raise $500,000 toward BCH infrastructure development and suggested a list of six full node teams that could leverage the application.

Also Read: Voluntary Financing: Bitcoin Cash Devs Reveal Noncustodial Funding App Flipstarter

Flipstarter’s First Two Campaigns: Eatbch and Six BCH Full Node Teams

On February 18, news.Bitcoin.com reported on a voluntary financing application for Bitcoin Cash called Flipstarter. The platform aims to be a noncustodial funding application similar to Mike Hearn’s Lighthouse project. When Flipstarter developers revealed the creation they detailed that the system would leverage BCH assurance contracts via an Anyone-can-pay Sighash. The project announcement was welcomed by the community and some people believe Flipstarter could be the answer to the ongoing Infrastructure Funding Plan (IFP) debate.

Following the original announcement, Flipstarter published another read.cash blog post giving the public more details about the project’s initial goals. The first two goals will attempt to fund BCH infrastructure and the BCH community’s most popular charity Eatbch. Fund one’s campaign for Eatbch will start as a public beta as the developers have announced:

We have a lot of respect for the EatBCH volunteers in Venezuela and South Sudan. We would like to help them by funding one month of activities in both countries with the first Flipstarter campaign.

Flipstarter Reveals Eatbch and BCH Development Funding Goals – Blog Post Receives $2k in Tips

The other funding plan is to fuel the BCH ecosystem with an overall $500,000 target. “Target for funding is $500k in total by May 2 — It will be both meaningful and hard given the rough state of the user experience,” the Flipstarter devs explained. “Flipstarter will either be helping teams to run their own campaigns or supporting an existing social media platform to run a platform for campaigns. That will be the topic of another article. For now, we will be conservative and commit to supporting a narrow list of six full node teams to run campaigns. This is obviously an invitation with no requirement. The teams are free to participate or not and to set up whatever amount that they want,” the Flipstarter team added. Currently, the list of full node projects mentioned includes:

  • BCHD
  • Bitcoin ABC
  • Bitcoin Cash Node
  • Bitcoin Unlimited
  • Bitcoin Verde
  • Flowee

Flipstarter Reveals Eatbch and BCH Development Funding Goals – Blog Post Receives $2k in Tips

Flipstarter’s Read.cash Post Receives $2k in BCH Tips

Flipstarter’s creators say that the campaigns for the current list and ones going forward will need a decent proposal. The read.cash post got some positive comments from the community and one of the developers of the BCH Node, Freetrader, commented on the Flipstarter funding concept. “I’m sure the Bitcoin Cash Node project would like to use this — Let’s see how far we get,” Freetrader remarked.

Flipstarter Reveals Eatbch and BCH Development Funding Goals – Blog Post Receives $2k in Tips

Flipstarter’s programmers include a slew of BCH volunteers such as Imaginary Username, Emergent Reasons, Sploit, Leandro DiMarco, Jonathan Silverblood, and Dagur. Flipstarter developers are inviting people to join the project’s official Telegram channel if they are interested in learning about this new project. The team has also come up with a list of funding ideas like a full-time maintainer who needs funds, money for operational expenses like websites and servers, and financing ongoing maintenance.

The announcement about BCH infrastructure funding and financing for Eatbch also got $2,000 worth of BCH tips. The Flipstarter app will be a plugin for Electron Cash and the team’s developers have written a descriptive walkthrough on how it will work. “Target for completion is March 7,” the Flipstarter software developers revealed.

What do you think about the Flipstarter project for Bitcoin Cash? Do you think that a concept like this could bolster voluntary financing for the Bitcoin Cash commons? Let us know your opinion in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Image credits: Shutterstock, Flipstarter.cash, read.cash, Fair Use, Eatbch.org, and Pixabay.


Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

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Bitcoin Halving Will Drop Inflation Rate Lower Than Central Banks’ 2% Target Reference

When Satoshi Nakamoto invented Bitcoin, the creator designed the protocol to be an inflationary currency, one that is predictable as bitcoin’s inflation always decreases every four years. Today, 77 days before the reward halving, BTC’s inflation rate is around 3.6% and it’s expected to drop to 1.8% after the halving event. The cryptocurrency’s inflation rate will be lower than the average inflation target central banks reference worldwide at 2%. Unlike central banks, no one person or centralized entity can make adjustments to BTC’s monetary inflation rate.

Also Read: Get Ready for the Bitcoin Halving – Here Are 9 Countdown Clocks You Can Monitor

Bitcoin’s Inflation Rate Slid from 50% in 2011 to 3.8% in Q1 2020

Back in 2009, after the Bitcoin network launched, Satoshi explained in various emails that bitcoins were meant to be scarce. On July 9, 2010, Satoshi wrote: “When someone tries to buy all the world’s supply of a scarce asset, the more they buy the higher the price goes.” Bitcoin’s inventor also created a limited number of bitcoins that will ever be produced and a systematical and mathematical reward reduction every 210,000 blocks. Crypto enthusiasts call the block subsidy reduction a “halving,” as the block rewards are always cut in half. Today the active supply of BTC is around 3.6-3.8% and this is because analysts assume there is far less than the 18.2 million circulating supply of BTC. We know this is true because a great number of users have lost coins, and older wallets created years ago haven’t spent their BTC in over five years. Moreover, studies conclude that close to 11 million BTC has not moved in over a year. BTC’s active supply coupled with demand and the reward rate decreasing every four years developed a predictable economic system with an inflationary rate no one can control.

Bitcoin Halving Will Drop Inflation Rate Lower Than Central Banks' 2% Target Reference
Inflation rate for BTC on February 24, 2020, according to charts.Bitcoin.com.

In 2011, BTC’s inflation rate was between 30-50% and between 2011 and 2014 it dropped to 12%. After the halving in 2016, when the block reward was cut from 25 BTC to 12.5 BTC, the inflation rate kicked down to 5-4%. Today, throughout the month of February 2020, the BTC network’s inflation rate is between 3.59% and 3.86%. Interestingly, the inflation rate for Bitcoin Cash (BCH) is roughly the same at 3.71% on Feb. 24. This means that in 77 days BTC’s inflation will drop (BCH is 44 days) lower (1.8%) than the average central banks’ target inflation rate.

Bitcoin Halving Will Drop Inflation Rate Lower Than Central Banks' 2% Target Reference
Inflation rate for Bitcoin Cash (BCH) on February 24, 2020, according to charts.Bitcoin.com.

Most central banks like the Federal Reserve keep the inflation rate target around 2%, but there are a few lenient countries that reference rates as high as 4%. Central banks worldwide are known for manipulating inflation rates with the tendency to increase reference rates and print massive quantities of fiat reserves. Satoshi’s systematically and mathematically designed monetary inflation rate, however, cannot be changed unless the original rules of the system are broken.

Bitcoin Halving Will Drop Inflation Rate Lower Than Central Banks' 2% Target Reference
Central banks worldwide like the Federal Reserve tell the public the average inflation reference rate is around 2%. Although, some estimates indicate it could be as high as 10%.

A Drop Below the Central Banks’ Average Reference Rate Will Highlight a New Experiment

So far, during the last 11 years, the rules have not been broken and consensus remains strong around the 21 million capped supply. People believe that as BTC’s price gains more value, the purchasing power increases over time making it deflationary in that sense. Since BTC gained real-world value nine years ago, it has increased significantly over the last decade but we don’t know how long the trend will last. If BTC’s price continues to increase, the economics of the inflation rate coupled with ceteris paribus (outside conditions remain the same), it would provide a new system, unlike the world’s current monetary status. Those who participate in the economic crypto experiment may experience some different conditions than the ceteris paribus going forward. A number of crypto speculators believe it will be a positive outcome and the biggest wealth transfer the world has seen in decades. A slew of well known bitcoiners and crypto influencers truly believe this will happen.

“Within the next few decades, Millennials will become the wealthiest generation in history and banks should be worried, if they’re not already,” insists the BTC commentator and author Rhythm Trader. His November 2019 blog post added:

Millennials have started making a major shift towards the use of unconventional banking, with Bitcoin posed to be the beneficiary of the ‘Great Wealth Transfer’ of our time.

Bitcoin Halving Will Drop Inflation Rate Lower Than Central Banks' 2% Target Reference
Inflation rate for BTC on February 24, 2020, according to Woobull stats.

Even Though the Inflation Rate Is Predictable and Decreasing, to Skeptics Uncertainty Remains

People who believe in central planning and the current monetary system wholeheartedly disagree with Rhythm Trader’s optimism. For instance, in April 2013, the popular American author Matthew O’Brien wrote that BTC has a “massive deflationary bias” as some economists have always believed bitcoins will fall into a deflationary spiral. “Its money supply is mostly fixed, but the menu of things it can buy is growing. The same amount of money chasing more goods means money will be worth more. Or, put another way, prices will fall in Bitcoin terms. And that’s why it’s not a currency, and won’t be one until it has a central bank.” Although central banks claim 2% is the reference mark globally, shadowstats.com notes that the real rate could be as high as 10%.

Bitcoin Halving Will Drop Inflation Rate Lower Than Central Banks' 2% Target Reference
BTC inflation rate estimates as described by Murch on April 26, 2015.

Crypto proponents don’t know what will happen with the economics and market values after the halvings occur on the three SHA256 networks this spring. The best references that can be used are the rules of the network and the fact that unlike central banks, nobody decides what the inflation target for the upcoming years will be. Instead, the inflation rate and issuance of BTC is fairly predictable and can be easily charted. This spring, the world’s largest cryptocurrency by market valuation will have an inflation rate less than the central planners’ inflation rate and four years after that event, it will be considerably less. In fact, estimates show that BTC’s inflation rate will meander around 1.8% until the next halving and will likely be 1.1%. Estimates also show that through the year 2025 and the halving in 2026 BTC’s inflation rate will be as low as 0.4%.

What do you think about the BTC inflation rate after the halvings? What do you think about the inflation rate dropping below the central banks’ average of 2%? Let us know what you think about this topic in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Image credits: Shutterstock, Charts.Bitcoin.com, Murch on April 26, 2015, Woobull charts, Fair Use, Wiki Commons, Twitter, and Pixabay.


Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry.

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IOTA Network Down for 11 Days – Devs Claim Mainnet Will Be Operational Next Month

IOTA Network Down for 11 Days - Devs Claim Mainnet Will be Operational Next Month

The IOTA network has been down for approximately 11 days and the IOTA Foundation doesn’t expect the mainnet to be reactivated until March 2. On February 14, our newsdesk reported on the beginnings of the IOTA outage, when the network status page indicated that it was down. The page still warns IOTA’s mainnet is “not operational” and there’s a number of updates from the developers about the alleged Trinity wallet exploit.

Also Read: IOTA Network Still Down: How the Next Bitcoin Killer Screeched to a Halt

IOTA Mainnet Halted for 11 Days Thanks to the Coordinator Node

The 22nd largest blockchain by market capitalization IOTA has run into trouble during the last week and a half, as the project’s mainnet has been down for 11 consecutive days. IOTA has received some attention over the years, as the distributed ledger technology called “tangle” was said to be more efficient than a blockchain. Additionally, the community has claimed that the IOTA data structure will help bolster or even power the coveted internet of things (IoT) in the future.

IOTA Network Down for 11 Days - Devs Claim Mainnet Will Be Operational Next Month
The IOTA ‘tangle’ network has been a trending topic lately on Twitter and Reddit, as the protocol’s mainnet has been down for 11 straight days.

Bitcoiners first heard about IOTA in 2015 when the project was introduced by David Sonstebo, Sergey Ivancheglo, Dominik Schiener, and Dr. Serguei Popov. There is a liquid supply of 2,779,530,283 IOTAs and the currency’s market valuation today is around $736 million. IOTA was first listed on a major exchange in June 2017 and the currency climbed to its all-time high (ATH) that year at $5.69 per token.

IOTA Network Down for 11 Days - Devs Claim Mainnet Will Be Operational Next Month
IOTA’s network status page has a number of updates and explains that the mainnet is not operational.

In 2018, IOTA developers went head to head in a debate with researchers from MIT’s Digital Currency Initiative (DCI) who claimed to have found an IOTA hash function vulnerability. DCI experts said that IOTA devs used a hash function called the Curl-P function, which is known amongst veteran cryptographers to have issues. IOTA developers note that the implementation of Curl-P was “intentionally designed” and they did it to protect the software.

Since then, IOTA’s price is down over 95% from its ATH and the protocol has made headlines again for being un-operational for over a week. It was only during the last week of December 2019 when the IOTA network stopped working for a 15-hour period. This time around, IOTA developers say that there was an exploit with the Trinity wallet and they recorded a loss of “8.55 Ti” or $2.3 million worth of IOTA. The team noticed issues on February 12, when they received reports of users losing funds and they decided to stop the coordinator.

“Within the first four hours of investigation, the [IOTA] Foundation made the decision to halt the coordinator, which was put in place as a temporary security mechanism during the network’s maturation phase,” explained the project’s recent blog post.

IOTA’s coordinator is controversial among cryptocurrency enthusiasts, because they believe the switch is centralized. However, IOTA proponents say the coordinator is meant to protect the network while it’s young, so it can provide milestone checkpoints during the network’s early stages. When the IOTA Foundation chose to halt the coordinator, the team created an incident management plan with status updates for the public. The foundation is aware of about 50 “independent seeds that had their tokens stolen during this attack,” which is how the team accounted for 8.55 Ti or ($2.3M). Even though the foundation identified several victims, it really doesn’t know the full extent of the damage. Because of possible unknowns, IOTA Foundation is asking all Trinity wallet users to leverage a migration tool in order to secure their funds going forward.

Migration Tool Skeptics and IOTA Supporters Confirm Tangle Is Currently Not ‘Decentralized’

The migration tool and IOTA’s decision to lock down the network by leveraging the coordinator node has been a very contentious subject. Crypto veterans are questioning the very nature of any decentralization within the IOTA project. Some have argued that the migration tool implements a “KYC-ed reclamation plan,” which forces people to identify themselves when claiming their funds.

IOTA Network Down for 11 Days - Devs Claim Mainnet Will Be Operational Next Month
The outage has invoked a number of IOTA critics to scrutinize the project and a few people think what happened was an embarrassment.

With a facepalm emoji, the Twitter handle @Blockchainchick sarcastically remarked about the IOTA coordinator situation and tweeted: “When the co-chair of a foundation for a ‘decentralized’ network admits to being happy that they had the power to pause the network (and also solely determine ‘the finality and validity’ of transactions).”

Still, IOTA fans are not fazed by the week-long outage and supporters have even remarked that the project isn’t decentralized. “They never claimed as of today the tangle is ‘decentralized’ yet. But with the upcoming ‘coordicide’ it will be for sure one of the most decentralized networks,” ‘Chris IOTA enthusiast’ tweeted in response to Blockchainchick’s commentary.

What do you think about the issues with IOTA during the last 11 days? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Image credits: Shutterstock, Twitter, Fair Use, and the IOTA Status Page.


Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

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$30M Bitcoin Cash ‘SIM Hack’ Sparks Wild Crypto Tales With Vague Sources

$30M Bitcoin Cash SIM Hack Rumor Sparks Wild Crypto Tales With Vague Sources

On February 21, the crypto Twitter commentator Dovey Wan published a series of tweets about an alleged SIM card hack that purportedly saw the loss of $30 million in bitcoin cash. The story stemmed from a Reddit post that’s now deleted and so far no one has provided any verifiable proof from the proclaimed victim.

Also Read: Get Ready for the Bitcoin Halving – Here Are 9 Countdown Clocks You Can Monitor

$30 Million in BCH and $14 Million in BTC Allegedly Stolen in a SIM Hack

A rumor has been floating around crypto Twitter after a now-deleted Reddit post said that a major Chinese investor allegedly lost $30 million worth of BCH and $14.4 million worth of BTC. The Reddit thread noted that the investor’s SIM card was breached and within the post, the supposed victim begs BCH miners to help with the transactions. “It’s only had 3 confirmations […] if any miners/the community can help somehow,” the alleged victim stressed. Not too long after the $30 million SIM hack post appeared, it was deleted by the person who created it. Then the crypto Twitter pundit Dovey Wan published a series of tweets about the SIM hack situation and her thoughts about the deleted Reddit post.

$30M Bitcoin Cash 'SIM Hack' Sparks Wild Crypto Tales With Vague Sources

“Breaking – BCH sim hack! Worth $30M from [a] single Chinese whale (he claimed lost $15M BTC too) He’s now asking for help from miners ..I’m talking with top BCH pool owners on this OMFG,” Wan tweeted. She then said it seems to her that the hacker was splitting the BTC into smaller amounts and she wrote “RIP BCH … only a double-spend can help this poor guy now.” For some odd reason, Wan’s tweets suggest that BCH miners needed to hard fork. “The best strategy for bcash now is an urgent hard fork it seems like …,” Wan insisted. She added:

No matter what, this 60,000 BCH hack, the dispute among BCH camp between Ver and Johansson, all these will mark a slow death of it.

$30M Bitcoin Cash 'SIM Hack' Sparks Wild Crypto Tales With Vague Sources
After the Reddit post and the series of tweets from Dovey Wan, the SIM hack story started spreading across social media and forums.

Despite the fact that most of the facts from this story stemmed from a deleted Reddit post and Dovey Wan’s biased statements against bitcoin cash, a few news outlets ran with the story. The only verifiable source that can be found is a BCH address that shows $30 million worth of BCH sent from the wallet. Publications like Toshi Times and Cointelegraph both wrote about the tale and both authors noted that it was “unclear” what Wan was talking about, as far as her alleged feud between Johansson and Ver goes. The story itself looks like propaganda meant to smear BCH, especially with the added claims that BCH needs to hard fork to erase one man’s crisis. Notably, Wan’s tweets are filled with derogatory statements about BCH and an absurd solution to fix the problem. Despite what she or any of the other Twitter commentators think, BCH supporters understand a hard fork to reverse these transactions won’t happen.

$30M Bitcoin Cash 'SIM Hack' Sparks Wild Crypto Tales With Vague Sources
A screenshot of the BCH address in question – qzumak2rvxksjgkjuxe2fe5jxatktlsnhy5sthr5p7

The Unverified Bitcoin Mining Flood Video

The story about the so-called $30 million BCH SIM card hack is another example of how hearsay and rumors can become wild crypto stories. This particular story seemingly stemmed from the “bitcoin cash isn’t bitcoin” crowd of maximalists. Another example is when Wan shared a video tweet of a flooded mining farm in November 2018.

However, Wan was accused of sharing a video that was ostensibly filmed months prior and one person said: “This is fake – Don’t fall for the BS. Pictures/video are from last year after a flood.” “Can you prove this was from recently? Seems it’s from earlier this year during flooding,” another person tweeted.

“Those look like older generation Avalons, probably Avalon 741s,” crypto miner Jonathan Toomin responded to Wan’s tweet in November. “Those probably make about $0.05/kWh right now on BTC. Many Chinese mines pay about $0.05/kWh just for electricity, so they are obsolete and unprofitable.”

Many skeptics believed at the time the video Wan shared in November came from the flooded Sichuan bitcoin mine story that actually happened in July. “Are there any links/sources to back this up?” another person asked Wan.

SIM Card Story Has Numerous Skeptics and People Believe the Tale Is Fishy

The $30 million BCH SIM hack story has a lot of similarities with the flood tale and there are vague reports and accusations floating around Twitter because of it. According to a few individuals who dug further into the tale, it was noted that the SIM hack victim was allegedly Dreamhost founder Josh Jones.

$30M Bitcoin Cash 'SIM Hack' Sparks Wild Crypto Tales With Vague Sources
Numerous BCH supporters have been skeptical of this story especially after a few crypto Twitter pundits claimed that BCH needed to hard fork in order to fix the situation. Moreover, Josh Jones has not come forward publicly to confirm this rumor.

Reportedly, Jones is one of Mt Gox’s largest creditors and during the SIM hack someone also signed a message with the private keys. It’s still unknown why the victim had his private keys, but yet he still couldn’t access his funds. Throughout numerous Reddit threads and a few Twitter posts, a number of BCH proponents thought the latest SIM hack story was extremely fishy.

“Are we being trolled? I don’t get it,” one Redditor commented on the r/btc forum. “How do you get a private key with a SIM hack? Something isn’t right here.”

What do you think about the rumors and ostensible story of a $30 million BCH SIM card hack? Do you think this story is legitimate or fishy? Let us know what you think about this topic in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Image credits: Shutterstock, Twitter, the Bitcoin Block Explorer tool, r/btc, Fair Use, Wiki Commons, and Pixabay.


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The post $30M Bitcoin Cash ‘SIM Hack’ Sparks Wild Crypto Tales With Vague Sources appeared first on Bitcoin News.

Understanding Defi Flash Loans: Complex Attacks, Inflation and Composable Systems

Understanding Defi Flash Loans - Complex Attacks, Inflation and Composable Systems

Two recent flash loans on the defi platform Bzx have started a fierce debate about the subject of using uncollateralized loans in a quick trade. Essentially these flash loans are providing people with the ability to borrow crypto without relinquishing any collateral. The scheme was used to exploit funds from the Bzx platform twice, as an individual or group gathered around $954,000 in a matter of four days from well-executed flash loans.

Also Read: Get Ready for the Bitcoin Halving – Here Are 9 Countdown Clocks You Can Monitor

Flash Loans: Attack or Innovative Forms of Defi?

Decentralized finance (defi) flash loans is a hot topic right now, after the lending platform Bzx saw $954,000 siphoned from two flash loans. The first one took place on February 14 and then another Bzx ‘attack’ occurred on February 18. The method of execution called a “flash loan” has been a contentious subject because people don’t necessarily agree that flash loans are an “attack,” “hack,” or “exploit,” because the scheme merely follows the rules of the said contract and loan system. A number of Ethereum proponents believe flash loans are useful and open up new avenues of decentralized finance.

During the first big flash loan, the so-called hacker got 10,000 loaned ETH from the application Dydx and snagged 112 wrapped bitcoin (WBTC) from the defi protocol Compound. The individual then sent around 1,300 ETH to Bzx’s Fulcrum trading platform and then borrowed 5,637 ETH via Kyber’s Uniswap for around 51 WBTC. From here, that particular move caused significant slippage (the difference between the expected price of certain trades and the price of trade execution) within the market. After that, the individual made a profit from the 112 WBTC loan they first obtained from Compound and raked in roughly $318,000 in profit. This single transaction allowed the individual to easily pay back the 10,000 ETH from Dydx.

Now as confusing as all that sounds, basically a flash loan is the ability to leverage uncollateralized defi capital in order to profit from a well-executed dex trade. The process is done very quickly and efficiently in order to curb the risk of losing funds during execution. The person performing a flash loan can use their assets to drop the price across markets in order to trigger defi apps with oracles to sell at the desired spot price. Defi apps like Bzx, Dydx, and Compound use price oracles to determine the prices across various decentralized exchanges (DEX) like Kyber’s Uniswap.

The pricing information often has large discrepancies across exchanges, which allow for market anomalies like slippage and arbitrage. The speed of a flash loan’s execution is so fast because the loan, trade, settlement, and profits are executed simultaneously in a single transaction. The individual who performed the first massively sized flash loan against Bzx simply borrowed funds from the defi platform’s smart contract without any collateral and they were able to pay the loan back in a single transaction.

Understanding Defi Flash Loans: Complex Attacks, Inflation and Composable Systems
Big discrepancies in the supply rate can cause massive slippage or the difference between the expected price of certain trades and the price of trade execution.

Flash Loan Demos, Inflation and Deflation, and the Flavors of Flash Loans

Following the two massive flash loans that took place on Bzx’s Fulcrum trading platform, the crypto community continues to debate the topic on social media and forums with great fervor. There has been deep analysis and studies done on the subject of flash loans and people debating about whether the acts are malicious. Moreover, some individuals have shown the public how simple it is to execute a flash loan using a defi platform and DEX.

On Twitter, Fiona Kobayashi showed crypto enthusiasts how she executed a small flash loan. In a single transaction, Kobayashi got a loan of ETH from the platform Aave with no collateral. She then exchanged it for BAT tokens on Uniswap and moved the BAT to Makerdao platform as collateral and withdrew ETH collateral from Maker. After that, Kobayashi repaid her loan on Aave and used Rosco Kalis’ revoke.cash platform to “revoke the original vault’s ERC allowances.”

“Not sure why I ended up with an extra $4.70 worth of DAI, it was supposed to be a net neutral flash loan,” Kobayashi tweeted.

Understanding Defi Flash Loans: Complex Attacks, Inflation and Composable Systems
Fiona Kobayashi’s flash loan can easily be noticed on a block explorer. The execution is done in a single transaction amongst different contracts, lending protocols, price oracles used, and decentralized exchanges that allow swift token trading.

A few people think flash loans can cause inflation, similar to how central banks lower circulating supply and then they simply adjust rates. “Inflation happens, but so does deflation too, [the] Fed can lower circulating supply at any time and raise interest rates,” an individual remarked after the Bzx flash loan. “Flash loan exploit inflation is crazy,” another person tweeted on February 18. The reason people believe that flash loans could cause erratic inflation and deflation is because when a flash loan is executed, the profits are being taken from somewhere within the chain of events in the single transaction. Oracles are easily being gamed and developers may have to come up with new ideas to gather verifiable price data.

Emilio Frangella from the Aave Protocol wrote a blog post about the subject on February 12 and he said that flash loans were innovative. “Flash Loans have especially captured the attention of the defi crowd and we expect other defi protocols to follow our lead and implement their flavors of flash loans as well. Like any other building block of Ethereum composability, flash loans quickly allowed new creative ideas to become reality,” Frangella wrote. The Aave Protocol team member further added:

Prime examples of this are Arbitragedao (a DAO with the goal to market make arbitrage opportunities by leveraging the flash loans) and the Maker Vault collateral swapper (which allows you to swap your collateral from ETH to BAT in one transaction).

What do you think about flash loans in the crypto world? Let us know what you think about this topic in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Image credits: Shutterstock, Etherscan, Twitter, Fair Use, Bzx Fulcrum, and Pixabay.


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The post Understanding Defi Flash Loans: Complex Attacks, Inflation and Composable Systems appeared first on Bitcoin News.

Get Ready for the Bitcoin Halving – Here Are 9 Countdown Clocks You Can Monitor

Get Ready for the Bitcoin Halving – Here Are 9 Reward Countdown Clocks You Can Monitor

The anticipation for the block reward halving for BTC, BCH, and BSV has been building. All three cryptocurrencies will see rewards halved from 12.5 to 6.25 coins throughout the months of April and May. The following is a comprehensive list of websites that are counting down each crypto’s reward halving in different ways, so people can monitor the data and prepare for halving parties.

Also Read: How to Check the Bitcoin Price, Hashrate, Data – The 21 Best Monitoring Sites

Clocks and Data Sites So You Can Monitor the 2020 Halving Countdowns

The great halvings are approaching and in 2020 it will be the first time in history three SHA256 networks will see reward halvings around the same time. When Satoshi Nakamoto created Bitcoin he made it so the block mining reward halves every 210,000 blocks. When the network was first launched, miners got 50 BTC for every block they found and the rewards halved for the first time on November 28, 2012. Then another 210,000 blocks later on July 9, 2016, the BTC block reward halved again from 25 BTC to the current 12.5 BTC reward. From this point on and after the escalated scaling debate, there are now three powerful SHA256 networks (BTC, BCH, and BSV) that leverage the same consensus algorithm. All three of these networks have mining operations processing blocks from the three blockchains whenever one is more profitable than the other. Because of the network switching factor based on profitability, people are extremely curious about what will happen with all three SHA256 networks during the halving events.

Get Ready for the Bitcoin Halving – Here Are 9 Countdown Clocks You Can Monitor

Just before the halvenings, crypto enthusiasts like to monitor the situation and plan ‘halving parties’ in order to celebrate the momentous occasion. For this reason, news.Bitcoin.com has listed popular halving countdown clocks and statistical sites that show all kinds of halving data so our readers can follow along with the reward countdown.

BTC

The BTC network is scheduled to halve every 210,000 blocks and this year will be around the first or second week of May. The block reward countdown clocks online are not exactly accurate and are a rough estimate of the timeframe. This is because the overall hashrate finds blocks at different speeds and the time to capture all 210,000 blocks can be done faster or slower than expected. For instance, blocks are typically processed every 10 minutes but that time frame can be quicker than 10 minutes or even longer than the traditional rate. Usually, the timeframe to process 210,000 blocks is roughly on or around a four-year period.

Bitcoinblockhalf.com

The website bitcoinblockhalf.com is a popular countdown clock for the BTC halving and the first site to come up on Google. The website was created in January 2015 and it shows a replica of an alarm clock ticking down until the halving date. Bitcoinblockhalf.com’s clock expects the halving to happen on or around May 12, 2020. The website also includes certain data points like the current number of BTC in circulation, percentage mined, number of coins left to mine, generated BTC per day, difficulty, inflation rates, and the current BTC hashrate.

Get Ready for the Bitcoin Halving – Here Are 9 Countdown Clocks You Can Monitor

Bitcoin Halving – Brave New Coin

The statistics on Brave New Coin’s halving page show a few different countdowns. There are actually four scenarios and countdowns for May 6, 9, and two different May 11 forecasts. “This page is dedicated to estimating the date and time of the next Bitcoin Block Reward Halving,” explains Brave New Coin’s stats page. “We have created four scenarios based on different block time metrics. Each scenario is a moving estimate and the timestamp, charts, and values shown on this page are re-calculated daily.” Users interested in monitoring the page get a different perspective than a simple countdown clock.

Get Ready for the Bitcoin Halving – Here Are 9 Countdown Clocks You Can Monitor

Binance Academy – Bitcoin Halving Countdown

Binance also has a statistical page dedicated to the BTC halving and the countdown from Binance Academy says 79 days until the halving. The stats page also shows the current block height, how many blocks are left until the halving, and the current BTC price. The site also gives people educational information on the halving by answering frequently asked questions like “What is a block halving?,” “Why are halvings significant?,” and “How many Bitcoin halvings have there been previously?”

Get Ready for the Bitcoin Halving – Here Are 9 Countdown Clocks You Can Monitor

Bitcoinclock.com

If you want to monitor the halving countdown using an old analog clock then bitcoinclock.com is the site for you. It shows an antiquated analog clock ticking down until the halving but everything is done in minutes. The website also explains what the halving is and how it happens every four years or so and it expects the 2020 halving to take place on May 8. Bitcoinclock.com also lists a number of articles that give resourceful information about previous halvings in 2012 and 2016. The website is much older than the bitcoinblockhalf.com website because it was created in 2011. Bitcoinclock.com also notes that online countdown clocks are not super accurate. “While most of the other sites estimate the halving for late-May, the more likely outcome is an early-May reward halving,” explains the website.

Get Ready for the Bitcoin Halving – Here Are 9 Countdown Clocks You Can Monitor

BCH

Coingecko – Bitcoin Cash Halving

Bitcoin Cash is expected to halve before the BTC chain’s halving date and a few websites estimate it will be around one month prior. Coingecko offers a BCH countdown clock which estimates the halving will take place on Tuesday, April 7, 2020. This would be 45 days away with the current block height at 623,402. Coingecko’s BCH halving page is pretty straightforward with few frills or educational resources. The data from the site is powered by the block explorer Blockchair.

Get Ready for the Bitcoin Halving – Here Are 9 Countdown Clocks You Can Monitor

Coinsalad – Bitcoin Cash Halving

Coinsalad’s BCH halving countdown shows an alarm clock-like timer that expects the BCH network to halve on April 8, 2020, 7:14 am EDT. The webpage notes that BCH rewards halve every 210,000 blocks and BCH will see the reward slashed from 12.5 to 6.25 blocks after this date. Again, like many of the other countdown to the halving web pages, Coinsalad notes its clock is not entirely accurate. “This is a simple countdown timer that calculates the targeted halvening block height minus the current block height multiplied by the Bitcoin 10 minute block time interval (X – Y) * 10 * 60,” the page details. “This is an estimate and won’t be 100% accurate since not all Bitcoin blocks are found exactly in 10-minute intervals due to the time in between difficulty adjustments.”

Get Ready for the Bitcoin Halving – Here Are 9 Countdown Clocks You Can Monitor

Bitcoincashblockhalf.com

This webpage created on January 8, 2020, is identical to the bitcoinblockhalf.com website mentioned above but is dedicated to the Bitcoin Cash network instead. Similarly to Coingecko and Coinsalad, Bitcoincashblockhalf.com’s data shows the BCH halving is 45 days away and will be on or around April 8, 2020. Just like the website’s predecessor, it also contains data points that apply to the BCH halving like BCH in circulation, percentage mined, number of coins left to mine, generated BCH per day, and the network’s current hashrate.

Get Ready for the Bitcoin Halving – Here Are 9 Countdown Clocks You Can Monitor

BSV

Coingecko – Bitcoin SV Halving

Bitcoin SV fans can find the halving date for BSV on a few different websites including Coingecko. Currently, Coingecko’s data which is also derived from Blockchair notes that the BSV halving will happen in 50 days or Sunday, April 12. “The number of Bitcoin SV found per block will become more scarce and this halving reward ensures that Bitcoin SV total supply will reach 21 million,” explains Coingecko. Again, the website does not include charts or any other educational information about the Bitcoin SV halving except for the countdown clock.

Get Ready for the Bitcoin Halving – Here Are 9 Countdown Clocks You Can Monitor

Watch All Three Networks at the Same Time

Blockchair – Bitcoin 2020 Halving Tools

Bitcoin enthusiasts who want to see all the countdown clocks on one single page can reference the Blockchair website for stats on all three networks. Blockchair’s tools page on the 2020 halvings shows BTC (79 days), BCH (45 days), and BSV (47 days). The stats page also shows the current block and blocks remaining until the halving on each network. From each countdown window, users can toggle directly to each network’s block explorer for more data on these three networks.

Get Ready for the Bitcoin Halving – Here Are 9 Countdown Clocks You Can Monitor

The term “bitcoin halving” has been trending on Google and the event has always been anticipated and watched by crypto supporters worldwide. For now, observers can only monitor the countdown and market prices leading up to the reward halvings and no one truly knows what will happen. That hasn’t stopped speculative theories and lots of discussions from forming about the halving subject which is at the forefront of a lot of people’s minds.

What do you think about all the countdown clocks and monitoring tools available for the BTC, BCH, and BSV halvings? Let us know what you think about these applications in the comments below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Image credits: Shutterstock, Coingecko, Brave New Coin, Coinsalad, bitcoinblockhalf.com, bitcoincashblockhalf.com, Blockchair, Jamie Redman, Fair Use, and Pixabay.


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BCH Funding Debate: Amaury Séchet Responds to IFP Questions, Noting Contention in the West

BCH Funding Debate: Amaury Séchet Responds to IFP Questions, Noting Contention in the West

On February 20, Bitcoin Cash engineers held the second 2020 BCH developers’ meeting and the first since the Infrastructure Funding Plan (IFP) was added to the Bitcoin ABC version 0.21.0 client. Seven developers discussed new features that are coming after the May upgrade, but a majority of the conversation focused on the ongoing IFP discussion.

Also Read: BCH Funding Debate: Developers Plan to Launch IFP-Free Version of Bitcoin ABC

Second Bitcoin Cash Dev Meeting Convenes: Upgrade Features and the Infrastructure Funding Plan

During the last few weeks, BCH supporters have been fervently discussing the proposed Infrastructure Funding Plan (IFP). On Feb. 15, news.Bitcoin.com reported on Bitcoin ABC’s plan to add support for IFP within the 0.21.0 client release and the team published the implementation a few days later. Our newsdesk also covered Btc.top founder Jiang Zhuoer’s latest blog post about the IFP concept and opinions from other businesses and members of the BCH community. Following the announcement from Zhuoer, a group of well-known developers announced the release of a new Bitcoin ABC client, “BCH Node,” a project that plans to strip the IFP from the codebase. The Infrastructure Funding Plan has been a hot topic in Bitcoin Cash land, to say the least, and the Feb. 20th developers’ meeting focused on this topic.

The meeting included Bitcoin ABC’s Antony Zegers, Jason B. Cox, Amaury Séchet, Bitcoin.com’s Chris Troutner, Be.cash developer Tobias Ruck, Bitpay’s Matias Garcia, and Josh Green from Bitcoin Verde. When the group was asked who wanted to speak on the IFP subject, Séchet spoke up and said: “I can do it.”

BCH Funding Debate: Amaury Séchet Responds to IFP Questions, Noting Contention in the West
Bitcoin ABC’s Amaury Séchet says the IFP proposal is not controversial in China, but in the Western Hemisphere, it is.

“[IFP] came out because of repeated requests from the Chinese community, and it’s been going on for like more than two years now,” Séchet stressed. “They want to have an infrastructure protocol and this is not a very controversial idea in China, but this is obviously a very controversial idea in the West.” He further stated:

So we talked to some miners and we came up with a plan that we implemented and now it’s in the hands of miners to activate it or not. Where things stand right now, as far as people have seen, they are not voting for it and the reason is because this is controversial in the [Western Hemisphere].

BCH Funding Debate: Amaury Séchet Responds to IFP Questions, Noting Contention in the West
The meeting included Bitcoin ABC’s Antony Zegers, Jason B. Cox, Amaury Séchet, Bitcoin.com’s Chris Troutner, Be.cash developer Tobias Ruck, Bitpay’s Matias Garcia, and Josh Green from Bitcoin Verde. The video meetings are hosted by David R. Allen.

The Solution at Hand and Alternatives

Séchet further said that miners obviously don’t want to damage BCH and right now they see the contention. He thinks BCH miners are waiting to see what will happen, noting that they expect the community to come up with alternatives if the IFP is contentious. Séchet said he thinks they should work on a solution; if “we work on that, I think we can make everyone happy,” he remarked. Bitcoin.com developer Chris Troutner also asked Séchet about the whitelist (dev group addresses that would receive funding from the IFP if executed). The Bitcoin ABC developer said if there’s an “alternative then they (miners) are willing to go through with that if the community prefers an alternative and if that alternative works.”

During the second Bitcoin Cash developers meeting, programmers also discussed new upgrade features like the chained transaction limit bump from 25 to 50, Sigchecks, and the opcode OP_Reversebytes. Check out the video below to watch the second 2020 BCH developers’ meeting in its entirety. The entire video meeting is about an hour and 46 minutes long and the developers also fielded questions from the audience. People interested in fast-forwarding to Séchet’s statements and the IFP discussion can find the start of that specific conversation at the 14-minute mark. The IFP debate continues to unfold and our newsdesk will be there every step of the way to keep our readers informed.

What do you think about the second BCH developers’ meeting of 2020 and the IFP discussion? Share your thoughts in the comments section below.


Images courtesy of Shutterstock and Youtube.


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Coronavirus Quarantine Controls and Shipping Delays Impact Bitcoin Miners

Coronavirus Quarantine Controls and Shipping Delays Impact Bitcoin Miners

During the first week of February, a few of the top mining rig manufacturers from China revealed they were forced to postpone device shipments due to the ongoing coronavirus outbreak. Regional reports from the country now disclose that shipments will be delayed even longer and Chinese mining rig companies and second-market suppliers are feeling significant stress from the situation.

Also read: Hong Kong Crypto Exchange Bitspark Shuts Down Amid Coronavirus Outbreak and Protests

Coronavirus Continues to Delay Mining Rig Shipments

The coronavirus outbreak has been a trending topic worldwide, as the virus has spread since it was first identified in Wuhan, the capital of Hubei province, China. More recently the virus has been affecting the bitcoin industry because a large number of businesses and mining operations stem from China.

At the end of January, Microbt announced that miner shipments would be delayed due to the coronavirus outbreak. The mining rig manufacturers Canaan and Bitmain also issued similar notices. On February 1, Ebang published a post on Wechat that notified customers about a delay as well. Weeks later and after the delay dates were supposed to be lifted, reports detail that mining rig manufacturers and suppliers are still being held up by coronavirus shipping delays.

Coronavirus Quarantine Controls and Shipping Delays Impact Bitcoin Miners
Estimates say more than 65% of the global SHA256 hashrate stems from China.

On February 14, 8btc’s Vincent He interviewed a mining equipment vendor from Huaqiang North, a large distribution center for mining rigs. Miss Hu told the columnist “After waiting for a long time for bitcoin halving, my store couldn’t open.” The vendor explained that delays were issued twice already and she doesn’t know “if there will be any changes.” Even the aftermath may affect her sales as she believes newcomers might not visit the store over the risk of infection. Additionally, 8btc discussed the subject with Bitmain’s sales director Xiaojun Fan who stressed deliveries are still delayed. Fan noted that employees are unable to get back to work because of the coronavirus quarantine controls which in turn are affecting the mining rig supply chain.

Coronavirus Quarantine Controls and Shipping Delays Impact Bitcoin Miners
Delays were supposed to be lifted between February 8-9th, but the delays were extended.

Will the Coronavirus Affect the Overall Hashrate and Upcoming Bitcoin Halving?

Moreover, Btc.top founder Jiang Zhuoer discussed the coronavirus outbreak affecting mining operations on Weibo. “It is understandable to take our employees’ temperatures, call the roll and forbid them to go out, but how does shutting down mining machines help in quarantine controls? If we go on like this, most of the people (especially the laboring people in the front line) will have to die of poverty without suffering from the virus,” Zhuoer said. The comment came after one of his mining farms in Xinjiang was forced to shut down temporarily.

Coronavirus Quarantine Controls and Shipping Delays Impact Bitcoin Miners
BTC global hashrate on February 19, 2020.

It is estimated that 65% of the global SHA256 hashrate resides in China and some speculators believe BTC’s recent difficulty adjustment dropped because of the coronavirus quarantine controls. BTC’s hashrate was averaging around 110 exahash per second (EH/s) all the way until February 15 but the hashpower dropped to around 97 EH/s on February 19. Because it hasn’t dropped too much, people assume there’s a possibility miners outside of China are carrying the weight. The delay is awfully close to the reward halving as well on chains like BTC, BCH, and BSV. As of today, there are 80 days left until BTC’s halving takes place and BCH and BSV will see halvings one month prior.

Additionally, 8btc’s recent report highlights that if the epidemic gets worse mining operations located in Xinjiang, Inner Mongolia, Sichuan, and Yunnan could “suffer [from] losses.” At press time, next-generation miners like the T and S 17 series manufactured by Bitmain are scheduled to ship during the first week of April.

What do you think about the coronavirus affecting the bitcoin mining industry and mining rig supply chain? Let us know what you think about this subject in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Image credits: Shutterstock, Twitter, Wiki Commons, Fair Use, BBC, and Pixabay.


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BCH Funding Debate: Developers Plan to Launch IFP-Free Version of Bitcoin ABC

BCH Funding Debate: Developers Plan to Launch IFP-Free Version of Bitcoin ABC

On February 19, a group of well known software developers announced the launch of a new Bitcoin Cash full node with the Infrastructure Funding Plan (IFP) removed from the codebase. The news was announced on the read.cash platform by the developer Freetrader who told the public that strong demand from businesses, miners, mining pools, and developers invoked the team to create a “minimally-altered client based on Bitcoin ABC.”

Also Read: BCH Funding Debate: Btc.top Founder Suggests 2/3 Hash Vote and 6-Month Evaluation

Developers Announce a Bitcoin ABC Node Is in the Works With the Infrastructure Funding Plan Stripped from the Code

The last week in Bitcoin Cash land has been filled with a lot of arguments and debate over the Infrastructure Funding Plan’s (IFP) latest developments. Just recently news.Bitcoin.com reported on the Bitcoin ABC team announcing they would add code for the IFP to the ABC version 0.21.0 client. The code was released on February 18 and included a few other features as well.

After the latest ABC client published, a group of programmers revealed the creation of a “minimally-altered client based on Bitcoin ABC.” The announcement was written by one of the earliest developers within the BCH ecosystem, Freetrader, and he explained that “prominent Bitcoin businesses, miners, mining pools, and developers” requested the alternative implementation. “The only difference between the new client and ABC v0.21.0 is the removal of the coinbase reward diversion code and its associated signaling and activation,” Freetrader explained.

“The primary goal of this initiative is to provide a safe and professional node implementation that will neutrally follow the longest chain without contributing to the risk of a chain split,” wrote Freetrader. “The client is called Bitcoin Cash Node (BCH Node) and will function as a drop-in replacement for miners and businesses already running the ABC client.”

BCH Funding Debate: Developers Plan to Launch IFP-Free Version of Bitcoin ABC

The BCH Node Developers Are Speaking With Exchanges, Miners, and Mining Pools

The developers who are contributing to the project include well known BCH devs like Andrea Suisani (Sickpig) of Bitcoin Unlimited, Calin Culianu (Nilacthegrim) of Electron Cash, Dagur V. Johannsson, Emergent Reasons, Fernando Pelliccioni of Knuth Node, Freetrader formerly of Bitcoin ABC, Imaginary Username, Jt Freeman of fountainhead.cash, Jonathan Silverblood, Joshua Green of Bitcoin Verde, Mark Lundeberg, and Tom Zander of Flowee the Hub. Every developer on the list also left their PGP signature, to make it known that their identities are really involved with the new node project.

According to Freetrader, the team is actively in discussions with exchanges, miners, and mining pools that are interested in the initiative. The developers have created a number of communication channels and the team says the code for the software will be available soon. Additionally, “a more detailed near-term plan” will follow the software release.

The Bitcoin Cash Node (BCH Node) topic has been trending on Twitter among BCH proponents and there are multiple threads on the Reddit forum r/btc as well. The Bitcoin ABC camp has released the ABC version 0.21.0 client and a blog post that explains the “May 15th, 2020 protocol upgrade is locked in.”

BCH Funding Debate: Developers Plan to Launch IFP-Free Version of Bitcoin ABC

At the time of publication, there are roughly 1,435 publicly accessible BCH nodes and more than half of them support Bitcoin ABC (51.52%) and the lesser half supports the BU client (46.73%). Currently, only a small number of full nodes run BCHD, Flowee or other BCH clients. During the early morning hours on February 20, news.Bitcoin.com spoke with the developer Emergent Reasons and asked him why Freetrader and the group of other devs were doing this.

“What brings everyone together on Bitcoin Cash Node is a practical desire to unite the BCH ecosystem and avoid a very damaging split,” Emergent Reasons told our newsdesk. “Even though Jiang Zhuoer, the original author of the IFP, has said that he will mine against the IFP for May, BCH is still at risk of activation by hostile pools. If it is activated, there is a high chance of a soft fork hash war and possibly a persistent chain split. Based on recent evidence, we expect that the result would be an exodus of talent from BCH due to loss of network effect, perceived loss of moral high ground and other reasons. Especially the loss of network effect could cause permanent damage to the viability of P2P electronic cash.” Emergent Reasons further added:

Bitcoin Cash Node removes the activation and IFP code so that BCH can, as suggested by Jiang Zhuoer in his most recent update, have time to develop and pursue voluntary methods. The silver lining of the conflict is that it has renewed interest in accountability, communication, transparency and using BCH-based technology to achieve voluntary funding.

Additionally, Freetrader published another read.cash post that explains the perspective of those who are working on the IFP-free ABC node. Freetrader’s post highlights that he has strong objections to the current plan, but he wholeheartedly believes the community at large has “numerous objections” that need to be heard too. The developer thinks the community could reach an agreement and it “seems possible” from his perspective. “Let’s try to construct a better path together – one which lets all future participants in the system enjoy the same economic freedoms that we have enjoyed in Bitcoin before, and Bitcoin Cash since 2017,” Freetrader conceded at the end of his post. In addition to the follow up post, the Asicseer.com pool has pledged 100 BCH toward the BCH Node effort. Moreover, an alternative website for bitcoincash.org is being created, the developer Pokkst disclosed on the Reddit forum r/btc.

If you want to read Freetrader’s posts in their entirety then you can check out the announcement here and also the follow-up post he wrote on Thursday. The IFP debate and discussion is continuing to unfold and news.Bitcoin.com will be there to inform our readers every step of the way.

What do you think about the discussions revolving around the IFP subject? Let us know what you think about this topic in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Image credits: Shutterstock, Coin Dance, Twitter, Bitcoin.com, Fair Use, Read.cash, and Pixabay.


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The post BCH Funding Debate: Developers Plan to Launch IFP-Free Version of Bitcoin ABC appeared first on Bitcoin News.

Ireland Seizes Bitcoin Stash Worth $56M But Can’t Sell for 7 Years

Ireland’s Criminal Assets Bureau (CAB) seized 6,000 BTC from a Dublin resident who was accused of growing cannabis on property located in the Wicklow Mountain region. The police found around €450,000 of marijuana plants but the €52 million ($56.1M) of BTC was the biggest single-value asset seizure by the CAB since 1996. A new era could be upon us where governments holding large quantities of bitcoin will be the norm.

Also read: US Government Auctioning off Bitcoins Worth $37 Million in 2 Weeks

Ireland’s Criminal Assets Bureau Seizes 6,000 BTC Worth $56M

Three years ago during a Garda Síochána (police) inquiry, a man named Clifton Collins got caught driving his 4×4 with a small stash of cannabis. Collins lived in Crumlin and the police found that he had around €450,000 ($486k) worth of marijuana growing at a property in Corr na Móna in Co Galway. The officers also found the 49-year-old had a stash of around 6,000 BTC ($56.1M) and the police believe Collins invested his drug money into the crypto. Because the asset was so large in value, the police called in the CAB and they took over the remainder of the investigation. Regional reports in Ireland note that the seizure was the largest single-value asset ever taken by the CAB in 24 years.

Ireland Seizes 6,000 BTC Worth $56M But Can't Sell the Coins for 7 Years
During a Garda Síochána (police) inquiry about a large marijuana grow, police arrested Clifton Collins who had €450,000 ($486k) worth of cannabis growing on a property in the Wicklow Mountain region. Collins also held 6,000 BTC, which was then handed over to the CAB.

It took a while to get the ball rolling but by July 2019, prosecutors allowed the CAB to secure a temporary forfeiture order on the bitcoins under the Proceeds of Crime Act. The Irish Statutes Book details that law enforcement officials can take possession of the specified property if they were used directly or indirectly with the proceeds of crime. Collins went before the High Court and Justice Alex Owens ruled that the BTC was in fact proceeds of crime. The forfeited assets Owens said did fall under the Proceeds of Crime Act. Collins and his legal team did not object to the CAB’s appropriation of the funds and under the legislation, the BTC must be held for seven years. The length of time the seized assets must be held for is quite unusual compared to the crypto seizures by global law enforcement.

Ireland Seizes 6,000 BTC Worth $56M But Can't Sell the Coins for 7 Years
The 6,000 BTC captured is the largest haul for the CAB since 1996.

Ireland’s 7-Year Holding Period Is Unusual for a Government

In nearly every crypto seizure throughout countries in Europe or in the U.S., law enforcement have auctioned the digital currencies quickly. The U.S. Marshals Service (USMS) has auctioned thousands of bitcoins since 2014 and the agency just sold 4,040 BTC on February 18. In September 2019, the U.K.’s Eastern Region Special Operations Unit (ERSOU) auctioned roughly $300,000 worth of cryptos confiscated from illegal proceeds. The U.S. Department of Justice (DOJ) and the Department of Treasury have disclosed that officers have seized over 22 different cryptocurrencies throughout numerous investigations. In 2018, there were rumors floating around that Bulgaria’s government was hoarding 213,000 BTC from a criminal case. Headlines reported that the country held the second-largest amount of BTC in the world. However, local reports from Bulgaria reported that the information was false and the Bulgarian government had auctioned off the entire haul.

Ireland Seizes 6,000 BTC Worth $56M But Can't Sell the Coins for 7 Years
The confiscation of 6,000 BTC and the fact that it has to be held for a seven-year period could very well mean Ireland is a nation-state with the largest BTC reserves in the world.

Bulgaria’s finance minister, Vladislav Goranov, explained the sale did indeed take place. Goranov revealed that the BTC lots were auctioned to “several sovereign wealth funds and Asian investors.” He also noted that crypto experts from the U.S. Federal Bureau of Investigation (FBI) helped ensure the transactions were secure. Ireland’s Criminal Assets Bureau’s 6,000 BTC haul will likely be the longest holding period for a government agency that has seized crypto from criminal investigations.

In the last few years, CAB has dealt with a small number of crypto seizures but nothing as large as Collins’ stash. After the seven-year holding period is complete, the BTC will go to Ireland’s Department of Finance to be dispersed. This means the Irish government very well could be the nation-state with the largest BTC assets held worldwide.

What do you think about Ireland’s Criminal Assets Bureau’s (CAB) recent seizure of 6,000 BTC? What do you think about the fact that the BTC will be held for a seven-year period? Let us know what you think about this topic in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Image credits: Shutterstock, Fair Use, Wiki Commons, and Pixabay.


Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

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Defi for Bitcoin: Collateral Peg Platform Provides Noncustodial BTC Lending on Ethereum

Defi for Bitcoin - Collateral Peg Platform Provides Noncustodial BTC Lending on Ethereum

During the second week of February, a new project called tBTC was unveiled that is similar to the Wrapped Bitcoin (WBTC) created with the Ethereum network. However, the tBTC effort claims to be a noncustodial application that allows users to deposit BTC, mint tBTC, and lend it with interest.

Also Read: Market Update: Bitcoin Halving Hype, Golden Cross Signals, and GBTC’s 41% Premium

tBTC Project Launches on Ropsten Testnet

On January 30, 2019, the Wrapped Bitcoin (WBTC) project launched on the Ethereum network using the ERC20 standard. WBTC allows people to wrap collateralized BTC in Ethereum but the method has a custodian. The WBTC custodian is Bitgo and the project is also backed by Kyber Network and Ren (formerly Republic Protocol). Last August, software developer Matt Luongo told people about his work on Twitter and published the tBTC specifications. Luongo tweeted that the “cat’s out of the bag” and he and his team were working on tBTC for 10 months prior. Then on February 13, Luongo announced the first release of tBTC on the Ropsten testnet. The software engineer stressed that this was the first of a “few planned releases leading up to mainnet” and the team is still auditing. Luongo added:

tBTC opens the entire Ethereum ecosystem to Bitcoiners. What happens when Bitcoiners can choose between Coinjoin and Tornado.cash for fungibility?

Luongo’s announcement was welcomed by a handful of bitcoiners and the Ethereum community as well, although the recent exploitation of Bzx has had a lot of skeptics questioning decentralized finance (defi) this week. Eric Wall from the trading and clearing technology firm Cinnober tweeted that concepts like tBTC should be embraced. “Stop thinking of Ethereum/DeFi as this crazy neighbor who’s always up to no good,” Wall wrote. “tBTC just launched on testnet. As it approaches mainnet, the hedge between our gardens is cut. Their garden becomes our garden. It’s time to start looking after each other.”

“Wouldn’t it be funny if tBTC enables a Bitcoin fee market built on Ethereum,” another crypto Twitter personality commented. “Then, this fee market enables Bitcoin to maintain it’s monetary policy — A policy which would be secured by ETH,” they added.

Defi for Bitcoin: Collateral Peg Platform Provides Noncustodial BTC Lending on Ethereum

Project Developers Claim the Supply of tBTC Is Always Backed by an Equal Number of Reserved BTC

Currently, the open source tBTC project is live on Ropsten and people can mint their own testnet tBTC using the reference app. Testers will need some testnet bitcoins and Ropsten ether to create their first tBTC. The project also has an in-depth whitepaper, which explains the tBTC concept in a technical and comprehensive manner. Being a noncustodial type of wrapped or collateralized BTC project, the concept has an edge over WBTC according to its creators. Blockstream’s Liquid and WBTC are considered “centralized, provable, [and] redeemable” whereas Maker’s DAI is decentralized, synthetic, [and] irredeemable.” The tBTC concept aims to leverage the ERC20 model but maintain a censorship and seizure-resistant “hard money” status. Not only must tBTC remain censorship-resistant but it needs to be inflation-resistant, leverage-resistant, and operate without middlemen. The whitepaper also says that tBTC must be redeemable, stating:

The ability to trade scrip for its backing deposit freely is what distinguishes a backed currency from fiat money. The supply of tBTC is always backed by an equal number of reserved BTC. This means for every token in circulation, 1 BTC has been removed from circulation.

Defi for Bitcoin: Collateral Peg Platform Provides Noncustodial BTC Lending on Ethereum
The tBTC whitepaper shows the signer selection multi-part process which is described in the diagram above.

Currently, the WBTC project created by Bitgo, Kyber Network, and Ren is a popular vehicle to wrap bitcoins. At press time, there is $9 million locked into the WBTC contract according to statistics from Defipulse. The Lightning Network has the same amount of funds locked into the protocol and WBTC has been around for a shorter period of time. For now, tBTC is being toyed with on Ropsten but will be deployed on Ethereum’s mainnet in the near future.

What do you think about the tBTC project? What do you think about tBTC in comparison to Liquid assets or WBTC? Let us know what you think about this subject in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Image credits: Shutterstock, tBTC, the tBTC white paper, Twitter, Fair Use, and Pixabay.


Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

The post Defi for Bitcoin: Collateral Peg Platform Provides Noncustodial BTC Lending on Ethereum appeared first on Bitcoin News.

Market Update: Bitcoin Halving Hype, Golden Cross Signals, and GBTC’s 41% Premium

Market Update: Bitcoin Halving Hype, Golden Cross Signals, and GBTC's 41% Premium

Cryptocurrency markets have seen fresh gains on Wednesday after the slight pullback that started two days prior. Most of the top 10 digital currencies by market cap have gained between 4-8% and the entire market valuation of all cryptos has hovered between $295-300 billion.

Also Read: Voluntary Financing: Bitcoin Cash Devs Reveal Noncustodial Funding App Flipstarter

Crypto Markets Shave Prior Losses and Show Daily Gains

On Wednesday, February 19, digital currency markets are in a sea of green again after a day or two of losses throughout Sunday and Monday’s trading sessions. Today most of the top 10 digital assets besides tether (USDT) are up between 4-8% but Tezos (XTZ) has captured the tenth position as XTZ is up 17.8% in the last 24 hours. BTC has once again surpassed the $10K zone and is currently meandering around $10,075-10,150 per coin. The digital asset is up over 4.7% today and has erased most of the losses from two days ago.

Market Update: Bitcoin Halving Hype, Golden Cross Signals, and GBTC's 41% Premium
BTC prices on Wednesday, February 19, 2020.

Ethereum is up 5.7% during the last 24 hours and has gained around 8.8% during the last seven days. Right now, ETH is swapping for $279 per coin and market aggregators show $3.8 billion in reported trade volume but Messari.io’s real volume for ETH today is only $646 million. XRP still commands the third-largest market cap and each coin is trading for $0.29. The currency has gained over 4% during the last 24 hours of trades.

Market Update: Bitcoin Halving Hype, Golden Cross Signals, and GBTC's 41% Premium
The top 10 cryptos by market cap on Wednesday, February 19, 2020. Tezos (XTZ) leads the pack with more than 17% gains in the last 24 hours.

Bitcoin Cash (BCH/USD) Market Action

Bitcoin cash (BCH) currently captures the fourth position on Wednesday as far as market valuation is concerned. At press time, BCH is trading for $413 per coin and the currency has gained 5% today. The top five pairs swapped with BCH today are USDT (67.07%), BTC (17.53%), USD (10.01%), KRW (2.07%), and ETH (1.50%). The reported volume on Wednesday for BCH is $750 million, but real volume data shows $37 million in 24-hour trades. During the last 30 days, BCH has gained 3.4% but 90-day data shows around 84% in gains. For the last year, bitcoin cash has done very well, gaining 193% during the last 12 months.

Market Update: Bitcoin Halving Hype, Golden Cross Signals, and GBTC's 41% Premium
BCH/USD 7-day chart on Wednesday, February 19, 2020.

Fxstreet analyst John Isige explained on Wednesday that the BCH/USD market managed to hold the $400 threshold and is currently focused on $500. ”Bitcoin Cash bulls struggle to beat the seller congestion at $425 in readiness for gains aiming for $500,” Isige noted. “Development in terms of recovery has been very forthcoming in a couple of days after BCH downside took a breather at $375. Aiding in the support was the 200SMA in the 4-hour timeframe. BCH/USD is back in the limelight above $400 and focused on sustaining gains above $425,” the analyst added.

Market Update: Bitcoin Halving Hype, Golden Cross Signals, and GBTC's 41% Premium
BCH price on Wednesday, February 19, 2020.

Searches for the Term ‘Bitcoin Halving’ Surge

Every 210,000 blocks, the BTC block mining reward halves and the coin reward decreases for miners hunting for blocks. The same event will happen on the BCH and BSV networks one month prior to BTC’s change, as coin rewards will be reduced from 12.5 to 6.25 coins. Right now, conversations about the halving are trending on social media platforms and forums like Twitter and Reddit.

Market Update: Bitcoin Halving Hype, Golden Cross Signals, and GBTC's 41% Premium

Alongside this, Google Trends reveals searches for the term “bitcoin halving” have been steadily gaining traction. BTC’s halving is estimated to take place on May 12, 2020, 82 days from now. Google Trends (GT) shows the term “bitcoin halving” has a 75 value and recently crossed a GT value of 50. It’s following a similar pattern to four years ago prior to the BTC halving in 2016.

The Confounded Golden Cross

This week traders have been talking about BTC charts showing a bullish indicator called the “golden cross” on social media and forums. Basically this means that the 50-day moving average crossed the 200-day moving average and this signal usually precedes a bull run. The golden cross is the opposite of a “death cross” which is a bearish signal. When the short-term moving average jumps above the long-term moving average, traders often believe a major rally will follow.

The popular bitcoin trader Cryptobull explained the golden cross move when it happened on February 17. “Ladies and gentlemen… let me present the golden cross — The last time this happened was April 24th, 2019 at $5,400 — Before that was October 28th, 2015 at $300,” Cryptobull tweeted. However, not all golden crosses and death crosses materialize into anything, as one Twitter personality recently pointed out. “1/3 bitcoin golden cross/death cross-analysis,” said Sh___coin Riddler. “Since 2014 there were 10 golden/death crosses (50MA crossing 200MA). In 3 of 5 death crosses cases BTC price didn’t dump after the event [and] in 2 of 4 golden crosses cases BTC price didn’t pump after the event.”

Market Update: Bitcoin Halving Hype, Golden Cross Signals, and GBTC's 41% Premium

Grayscale’s GBTC Premium 41%

News.Bitcoin.com recently reported on Grayscale’s Bitcoin Trust (GBTC) seeing an uptick in demand and a 20-30% premium. This means investors are willing to pay more for GBTC than simply purchasing BTC on a traditional spot market. Investors who want to participate in a regulated environment have invested in Grayscale’s GBTC and this week the premium for the investment vehicle jumped to 41%. The CEO of Blockforce Capital, Eric Ervin, noticed this trend on February 18 and premiums have continued nearly every day since. “GBTC premium now up to 41%,” Ervin tweeted. “People want exposure to cryptocurrency and are willing to pay a significant premium to get it. Dear SEC, it is time for an ETF. Give investors the opportunity to make their own decisions.”

Market Update: Bitcoin Halving Hype, Golden Cross Signals, and GBTC's 41% Premium

The Biggest Stablecoin Is Rumored to Be Coming to Bitcoin Cash

In a video posted to the Cryptofinder Youtube channel, the executive chairman of Bitcoin.com, Roger Ver, discussed the importance of the Simple Ledger Protocol (SLP) framework on the BCH network. Ver explained how anyone can issue tokens using BCH in a permissionless manner and he talked about stablecoins leveraging the SLP infrastructure.

During the video, Ver noted that “a little birdie told me the world’s biggest stablecoin, Tether, is about to launch on top of SLP as well.” Tether, the largest stablecoin by market cap and by transactions, is hosted on a variety of blockchains like Ethereum, Tron, and Algorand. News.Bitcoin.com reached out to members of the Tether team and our newsdesk will have more on this story soon.

Where do you see the cryptocurrency markets heading from here? Let us know what you think about this subject in the comments section below.

Disclaimer: Price articles and market updates are intended for informational purposes only and should not be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.” Cryptocurrency prices referenced in this article were recorded at 9:30 a.m. ET on February 19, 2020.


Images via Shutterstock, Trading View, Bitcoin.com Markets, Twitter, Eric Ervin’s tweet, Fair Use, Wiki Commons, Twitter, and Google Trends.


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The post Market Update: Bitcoin Halving Hype, Golden Cross Signals, and GBTC’s 41% Premium appeared first on Bitcoin News.

Mike Bloomberg’s 2020 Finance Policy Proposes Strict Bitcoin Regulations

US Presidential Candidate Mike Bloomberg's Finance Policy Begs for Strict Bitcoin Regulations

The 2020 U.S. Presidential candidate Michael Bloomberg addressed the subject of cryptocurrencies and initial coin offerings (ICO) in his recently published Financial Reform Policy. Bloomberg wants more “regulatory oversight” when it comes to this promising technology, claiming he sees “plenty of hype, fraud and criminal activity.”

Also read: Bitcoin, Tesla Stock, Tron: How Warren Buffett Got His First Bitcoin

Mike Bloomberg’s 2020 Financial Reform Policy Discusses Intensifying Crypto Regulation

Michael Bloomberg, former New York City mayor and the creator of the financial news operation Bloomberg LP, recently published his Financial Reform Policy. It’s the type of policy that would be enacted if Bloomberg was elected President after the 2020 U.S. election. The nine-page document discusses how Bloomberg would tackle the American economy if he was elected and he wholeheartedly believes “finance should serve the American people.” Much like his Democratic Party counterparts, Bloomberg leans toward fixing things with a socialist attitude. Bloomberg’s policy mentions the 2008 financial crisis and blames a lack of regulatory oversight for that period’s disastrous economy.

Mike Bloomberg's 2020 Finance Policy Proposes Strict Bitcoin Regulations

“Given how profoundly the 2008 crisis undermined faith in the establishment — and given how close it brought the world to economic collapse — authorities everywhere should be doing all in their power to fix the flaws it revealed,” Bloomberg’s Financial Reform Policy insists. The democratic 2020 candidate’s plan further states:

Yet the Trump administration is rolling back what safeguards were put in place, and none of the candidates for president is offering a viable alternative.

Mike Bloomberg's 2020 Finance Policy Proposes Strict Bitcoin Regulations
The American politician, businessman, and author Michael Bloomberg, otherwise known as Mike, addressed the cryptocurrency industry in his plan for the U.S. economy if he were to be elected President of the United States in 2020.

Bloomberg: ‘The Crypto Industry’s Regulatory Oversight Remains Fragmented and Undeveloped’

Bloomberg also touches upon the subject of the $290 billion cryptoconomy and he thinks the industry needs a lot more regulation. Former Presidential candidate Andrew Yang was one of the only democrats to discuss cryptocurrencies in his reform proposal before Bloomberg mentioned the topic. “Cryptocurrencies have become an asset class worth hundreds of billions of dollars, yet regulatory oversight remains fragmented and undeveloped,” Bloomberg’s proposal details. “For all the promise of the blockchain, bitcoin, and initial coin offerings, there’s also plenty of hype, fraud and criminal activity.”

Mike Bloomberg's 2020 Finance Policy Proposes Strict Bitcoin Regulations
The former 2020 U.S. Presidential candidate Andrew Yang was one of the only democrats that discussed digital currencies in their reform program. Representative Eric Swalwell (D-Calif.) did address bitcoin and cryptocurrencies prior to Yang and Bloomberg but Swalwell was out of the race very quickly. President Donald Trump tweeted about Bitcoin and Facebook’s Libra late last year.

Bloomberg does not like the economy under Donald Trump’s leadership and he makes that very clear throughout the reform plan. Bloomberg believes that his experience with creating a global fintech firm stands him in good stead for reforming the current American economy. “Mike Bloomberg considers this state of affairs unacceptable — and as the founder of a successful global financial technology company, he understands the system well and is uniquely qualified to make it work better for all Americans.” As far as crypto is concerned, Bloomberg really wants regulators to crack down on the industry and create regulatory standards across the board. “Regulatory oversight” needs to be refined in order to protect “consumers from cryptocurrency-related fraud,” the policy notes.

What do you think about Michael Bloomberg’s Financial Reform Policy and his statements about cryptocurrencies? Let us know what you think about this topic in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Image credits: Shutterstock, Michael Bloomberg photos, Fair Use, Wiki Commons, Andrew Yang photo, and Pixabay.


Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

The post Mike Bloomberg’s 2020 Finance Policy Proposes Strict Bitcoin Regulations appeared first on Bitcoin News.

‘Central Banking Is Socialism for the 1%’ – Report Cites Wealth Inequality Driven by Stimulus

For a while now, central banks like the Federal Reserve have been participating in quantitative easing (QE) practices, despite the fact they don’t like to call it QE. Following the massive dollar injections, a recent report from the wealth insights provider Wealth-x details the number of wealthy people in the world spiked in 2019. The study cites the Federal Reserve’s stimulus is a direct effect of the rich getting richer, as the funds go directly to private banks and likely trickle down to the bubbling U.S. stock market.

Also Read: Federal Reserve Considers Creating a Separate Entity for Cash Injections

Wealth-x Study Cites the Fed’s Stimulus and Bubbling Stock Market as the Primary Drivers of 2019’s Wealth Distribution

Eight years after the Occupy Wall Street movement fizzled into oblivion, the world’s central banks are printing fiat again, making the 1% grow richer. A recently published Wealth-x study shows that in 2019, the number of rich people getting richer surged as the “distinctive tier of wealth” expanded a great deal. News.Bitcoin.com’s “Money and Democracy” two-part series explain how the wealthiest families in the world (bankers) have colluded for hundreds of years in order to maintain the status quo.

Since the Occupy Wall Street protests in 2012, central banks like the Federal Reserve have been injecting billions of dollars into the hands of private banks. The recent Wealth-x report cites the Fed’s stimulus programs as a direct primer of the stock market and growth of very high net worth (VHNW).

It’s not like the economy’s manipulators used the free market to become the giants they are today; financial incumbents use force provided by the nation-states politicians and cronyism to manipulate the world’s markets. Wealth-x researched very high net worth (VHNW) individuals and showed that they follow the same patterns as their wealthier counterparts. VHNW is people who own between $5-30 million+ and their number jumped 10% in 2019.

The study also notes that in 2018, there were 2.39 million people in the world who made the criteria but in 2019 the number had risen to 2.67 million. The growth in wealth stemmed from the bubbling U.S. stock market in 2019, which saw record-breaking highs. The Wealth-x study attributes the stock market spikes to the Federal Reserve’s “monetary stimulus.” And because private banks are allowed to feed on the dollar injections, the S&P 500 rose 28.9% last year and hasn’t seen a spike like that in six years. Similarly, Nasdaq had the best performance in six years and the Dow saw record numbers in 2019 as well. After the report from Wealth-x published, Northman Trader author Sven Henrich sarcastically congratulated the Federal Reserve for the achievement. The financial analyst Henrich tweeted:

Central banks have become the primary driver of wealth inequality. And they refuse to admit the self-evident. They are the driver of excess that primarily benefits the few. Central banking is socialism for the top 1%.

Financial analyst from the web column Northman Trader, Sven Henrich, has been a critic of the Fed and central banking practices for a long time.

Sven Henrich: ‘Global Markets at All-Time Highs Everybody Cries for More Stimulus’

Henrich and many others have been critical of central banks like the Federal Reserve because they believe the funds only go to private hands and create a foundation for the current 1%. Henrich even helped prove the point in a further tweet, when he said: “Last week […] Fed: ‘We’ll reduce repo next week,’ [Apple] AAPL: ‘We’ll miss revenue,’ Fed: ‘Here’s $78.5B in repo.'”

”Global markets at all-time highs and everybody cries for more stimulus,” Henrich added. Central banks and smaller financial institutions have also been accused of colluding for years and they have conspired with politicians.

Politicians are always friendly toward the cash injections from central banks. Recently, Barack Obama bragged about the stimulus during his presidential terms and Donald Trump has been pressuring the Fed for more easing as well. Skeptics believe bureaucrats have always conspired with the banking cartel to keep the system rigged.

Former U.S. President Barack Obama recently bragged about his efforts to promote more cash injections when he signed the Recovery Act. However, the comments stemming from Obama’s tweet detail that ordinary citizens, who are not part of the cartel of bankers and conniving groups of bureaucrats, didn’t really get much help from the Recovery Act. In actuality, the average U.S. citizen got to foot the bill.

“Your stimulus cost us (taxpayers) $831 billion for one of the slowest recoveries in history while doubling the national debt,” an individual said in response to Obama’s tweet. “You would be the worst president in history if the Federal Reserve didn’t bail out your pathetic legacy — Try again.”

The current American President, Donald Trump, has been no different and has tweeted on many occasions that he would like to see more monetary easing and the slashing of interest rates. “The Federal Reserve should get our interest rates down to zero, or less, and we should then start to refinance our debt,” Trump tweeted in September. Furthermore, the Wealth-x report highlights that the wealthiest individuals’ gains in 2019 were “not evenly distributed” worldwide. Throughout the year, global debt hit a record high in 2019 and central banks like the Federal Reserve have been accused of fueling one of the biggest heists in history.

Wealth-x says the U.S. led the way as far as the number of VHNW individuals goes and their net worth rose by 15%. There was some growth in Asia and Africa, but Europe saw the collective net worth drop to below-average growth. “Regions performed considerably better than the Middle East, which saw negligible increases, and Latin America and the Caribbean, where wealth creation stagnated,” Wealth-x researchers noted.

What do you think about central banks like the Federal Reserve injecting capital into the hands of private banks and their friends? Do you think the Fed, current financial incumbents, and politicians collude today and have ruined global markets? Do you think cryptocurrencies like bitcoin can help? Let us know your thoughts on this topic in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Image credits: Shutterstock, Twitter, Fair Use, Wiki Commons, Wealth-x, and Pixabay.


Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

The post ‘Central Banking Is Socialism for the 1%’ – Report Cites Wealth Inequality Driven by Stimulus appeared first on Bitcoin News.

Voluntary Financing: Bitcoin Cash Devs Reveal Noncustodial Funding App Flipstarter

Voluntary Financing - Bitcoin Cash Devs Reveal Noncustodial Funding App Flipstarter

On February 15, a user on the read.cash blog site announced the development of a new Bitcoin Cash fundraising project called Flipstarter.cash. The developers behind the platform highlighted the recent questions people have been asking about voluntary funding of the Bitcoin Cash commons. The Flipstarter team plans to release an application that allows people to fund projects in a “secure, non-custodial” fashion using the Electron Cash wallet.

Also Read: The Many Facts Pointing to Dorian Nakamoto Being Satoshi

Flipstarter: A Lighthouse-Like Bitcoin Cash Crowdfunding App Is Coming Soon

A team of software developers have revealed they are working on a BCH project called Flipstarter.cash which will allow people to fund projects in a noncustodial manner. The project announcement said that “a group of volunteers came together to create Flipstarter” referring to the recent discussions over the Infrastructure Funding Plan (IFP). The blog post mentions the “big questions in the air right now in the Bitcoin Cash space” and explains that the project was created to help bolster a voluntary funding mechanism for the BCH ecosystem.

Over the next few weeks, the group of BCH developers plan to test and release the software. The project is similar to Mike Hearn’s Lighthouse project that was shelved when he left the Bitcoin community. The developers disclosed that “Flipstarter is basically Lighthouse but boiled down to the main feature. That is an old feature of Bitcoin transactions called ‘Anyone-can-pay.’”

Voluntary Financing: Bitcoin Cash Devs Reveal Noncustodial Funding App Flipstarter
With an Anyone-can-pay Sighash, a crowdfunding transaction (signing a partial transaction) can be built by approving all outputs and only your inputs.

In traditional bitcoin cash transactions, when you sign you authorize all the outputs and inputs. But with an Anyone-can-pay Sighash, a crowdfunding transaction (signing a partial transaction) can be built by approving all outputs and only your inputs. Anyone-can-pay transactions can make it so pledged donations need to reach a threshold (funding goal) before they are spent. “In other words, as long as everyone agrees on the total output, anyone can help pay, and everything happens trustlessly,” Flipstarter’s creators detailed. “We need to create a way for people to participate in assurance contracts,” the programmers added. However, the Anyone-can-pay structure doesn’t have much wallet support so for the first version the programmers chose to create a plugin for Electron Cash (EC).

Voluntary Financing: Bitcoin Cash Devs Reveal Noncustodial Funding App Flipstarter
A preview of the Flipstarter app.

User-Friendliness Is Great But a Trustless Noncustodial Solution Is Needed

Essentially, a user would install the EC plugin and select a proposal from the Flipstarter website. Then they can set a pledge value and copy and paste some text which adds the necessary information into the EC plugin. The EC plugin will then build a signed, partial transaction that is frozen and you can “unfreeze it at any time.” The Flipstarter website monitors the pledges until the soft cap or funding goal is complete. “The site finalizes the assurance contract, and pays out to the target addresses,” the Flipstarter developers said. “If the campaign does not get enough pledges, then everyone can un-freeze their pledge and use it as normal. That is, the coin never leaves Electron Cash until the whole campaign succeeds.” Flipstarter’s creators added:

It looks a bit clunky, but the process is more secure, non-custodial, does not require the user to take their coins out of Electron Cash and it lets us get something working with limited time and resources.

Voluntary Financing: Bitcoin Cash Devs Reveal Noncustodial Funding App Flipstarter
Flipstarter’s build is available for review on the developers’ website Gitlab.

The developers have contemplated other options, but for now they are sticking with the EC plugin because it is a trustless, non-custodial solution. Of course, the Flipstarter creators are just getting started and the user interface and concept can be improved a great deal. “Volunteers will continue to develop it, and there is opportunity for a for-profit team to develop it into a full-fledged platform — Whatever happens, we are making the first version so that anyone can fork it and run a campaign by themselves,” Flipstarter’s developers insisted. Currently, the volunteers working on Flipstarter include developers such as Dagur, Jonathan#100, Leandro_DiMarco, and Sploit.

What do you think about the Flipstarter plugin for Electron Cash? Do you think that a concept like this could bolster voluntary financing for the Bitcoin Cash commons? Let us know your opinion in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Image credits: Shutterstock, Flipstarter.cash, read.cash, Fair Use, and Pixabay.


Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

The post Voluntary Financing: Bitcoin Cash Devs Reveal Noncustodial Funding App Flipstarter appeared first on Bitcoin News.

50 Cent, Talib Kweli, Snoop Dogg and Nas: Celebrities Who Could Be Bitcoin Millionaires

Many celebrities have mentioned the benefits of bitcoin and leveraged the asset for certain projects. For instance, 50 Cent, Snoop Dogg and Talib Kweli all sold albums for BTC, but when cryptocurrency prices skyrocketed, 50 Cent told the public he sold his coins as soon as he got them. Many other celebrities from Hollywood and the music industry have used digital assets to help bolster their marketing efforts.

Also read: Bitcoin, Tesla Stock, Tron: How Warren Buffett Got His First Bitcoin

50 Cent: ‘All Money Is Money’

In 2018, cryptocurrency enthusiasts discussed the headlines revolving around hip-hop star Curtis Jackson III, also known as 50 Cent, who accepted bitcoin for his 2014 album. According to reports, 50 Cent’s album called “Animal Ambition” made around 700 BTC ($6.7 million USD at today’s exchange rate) from sales. The album made it to Number 4 on Billboard’s charts and sold a total of 124,000 copies, which was far less than Jackson’s prior album sales.

50 Cent, Talib Kweli, Snoop Dogg and Nas: Celebrities Who Could Be Bitcoin Millionaires
50 Cent sold his album “Animal Ambition” for bitcoin and other currencies in 2014. The recording artist allegedly acquired 700 BTC from the sales and bragged about forgetting about the investment in 2018. However, during his bankruptcy court hearing, 50 Cent claimed he sold the BTC for U.S. dollars immediately after the albums were purchased. No one truly knows if 50 Cent was telling the truth and the assets would be worth $6.7 million at today’s exchange rate, but he did tell a court of law that he sold.

Years later, when BTC was priced at around $11,000 per coin, 50 Cent shared an Instagram picture of a TMZ article that reported on the artist’s 700 BTC in sales. “Not Bad for a kid from South Side, I’m so proud of me,” the rapper said. “I’m a keep it real. I forgot I did that s—.” When he sold the album in 2014 he explained “All Money Is Money,” when people asked the rapper why he accepted bitcoin. However, when 50 Cent filed for bankruptcy he told the court and the public an entirely different story. The hip-hop artist explained that he didn’t feel he needed to disclose that he had sold the BTC immediately after the albums were purchased. 50 Cent then claimed he was just stating that he had forgotten about the investment.

“When I first became aware of the press reports on this matter, I made social media posts stating that ‘I forgot I did that’ because I had in fact forgotten that I was one of the first recording artists to accept bitcoin for online transactions,” the recording artist wrote in 2018. He further stated:

I did not publicly deny the reports that I held bitcoins because the press coverage was favorable and suggested that I had made millions of dollars as a result of my good business decision to accept bitcoin payments.

From Talib Kweli to Nas, Are Celebrities Bitcoin Rich or Just Using Crypto for Marketing?

50 Cent says he was one of the first rappers to accept BTC payments for album sales and a few others followed suit shortly after. In November of 2015, the now-defunct Coinbase application Zapchain sold the recording artist Talib Kweli’s album for BTC.

“Buy my new album for bitcoin on Zapchain – [plus] first 1,000 people get 1 track free,” Kweli tweeted at the time. No one has ever followed up with the number of BTC he accrued when he sold “Indie 500, featuring 9th Wonder.” But news.Bitcoin.com did remind Kweli about the album sales during the bull market in December 2017.

50 Cent, Talib Kweli, Snoop Dogg and Nas: Celebrities Who Could Be Bitcoin Millionaires
Rapper and activist Talib Kweli sold his album “Indie 500, featuring 9th Wonder” for BTC in 2015 through the now-defunct Coinbase application Zapchain. In 2017, News.Bitcoin.com’s Jamie Redman tweeted to Kweli and mentioned BTC from the album sales, but Kweli did not respond.

In fact, there’s a lot of popular musicians and Hollywood actors who have used cryptocurrency to further market themselves. Another prolific rapper, Nas, used BTC to reward 100 scores in a contest hosted by theraptest.com. Nas also told Coindesk in 2014 that he was an investor in Coinbase. “[Bitcoin] will evolve into an industry as big, if not bigger, than the Internet. My man Ben Horowitz really opened my eyes to that point. This isn’t of the Internet age, bitcoin is its own age,” Nas explained to reporter Peter Rizzo at the time. The rap star added:

Obviously challenges will arise from a security and privacy perspective, but the Internet was the same way 20 years ago.

50 Cent, Talib Kweli, Snoop Dogg and Nas: Celebrities Who Could Be Bitcoin Millionaires
The prolific MC Nas told former Coindesk reporter Pete Rizzo in 2014 that “[Bitcoin] will evolve into an industry as big, if not bigger, than the Internet.” Nas also said he was a Coinbase investor. No one knows if Nas is a Bitcoin millionaire or not, but he very well could be.
Many other celebrities have used cryptocurrency to push their marketing to another level in recent years, and a number of them have leveraged the initial coin offering (ICO) route. Famous people like Paris Hilton, DJ Khalid, Akon, Gwyneth Paltrow, Ashton Kutcher have all mentioned digital currencies in some form or another. For instance, Paltrow is an advisor to the cryptocurrency firm Abra, and Snoop Dogg claims he beat 50 Cent to the punch when he sold album copies for BTC in 2013. No one knows how much BTC Snoop Dogg obtained from album sales, but he was selling copies for 0.3 BTC in 2013. “The future is here and Snoop is your captain, taking you to the moon (that’s a bitcoin thing) — My next record available in bitcoin n delivered in a drone,” Snoop tweeted at the time. Although, one BTC address suggests Snoop Dogg only got around 0.01245982 BTC from the sales, which is only $102 worth of crypto today.

The truth is, no one actually knows if these celebrities are crypto millionaires, but they very well could be. Besides the musicians, actresses, and actors mentioned above, there’s a ton of other socialites who could be bitcoin rich from past investments. This includes people like Hugh Laurie, Mike Tyson, Pitbull, Mel B, Lionel Messi, Floyd Mayweather Jr., Johnny Depp, and Madonna, all of whom could have significant stashes of crypto.

What do you think about all the celebrities who have used crypto for marketing purposes and some of the socialites who could be rich with digital currencies? Let us know what you think about this subject in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Image credits: Shutterstock, Source, Twitter, Bitcoin.com, Pixabay, Fair Use, and Wiki Commons.


Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

The post 50 Cent, Talib Kweli, Snoop Dogg and Nas: Celebrities Who Could Be Bitcoin Millionaires appeared first on Bitcoin News.

BCH Funding Debate: Btc.top Founder Suggests 2/3 Hash Vote and 6-Month Evaluation

BCH Funding Debate - Btc.top Founder Suggests 2/3rds Hash Vote and 6 Month Evaluation

Over the last few days, Bitcoin Cash proponents have been debating the Infrastructure Funding Plan (IFP) after Bitcoin ABC published an announcement on implementing the plan into the upcoming software release. Again the concept was met with mixed responses and the community has been arguing about the situation on forums and social media. Following the community responses to Bitcoin ABC’s blog post, Btc.top founder Jiang Zhuoer published an updated version of the plan the following day.

Also Read: 5% of Block Rewards – Bitcoin ABC Will Add Infrastructure Funding Plan in Next Release

Bitcoin Cash Infrastructure Funding Plan Discussions Continue as Jiang Zhuoer Publishes Update

Members of the BCH community have been discussing the latest information regarding the Infrastructure Funding Plan (IFP) after Bitcoin ABC told the public it would be implementing code for the plan in the 0.21.0 ABC software release. The plan had a few changes to the proposals discussed prior which included only 5% of the coinbase rewards, a BIP-9 like voting method with threshold, and funds that can go to “more than one project and can go to one of several in a whitelist.” The whitelist ABC came up with included donation addresses for a “General Fund, Bitcoin ABC, Electron Cash, and BCHD.”

BCH Funding Debate: Btc.top Founder Suggests 2/3 Hash Vote and 6-Month Evaluation
Check out the recent video about the Infrastructure Funding Plan from Bitcoin.com’s executive chairman Roger Ver.

Bitcoin.com’s executive chairman Roger Ver discussed the IFP subject on Youtube and had a number of objections and questions concerning the latest IFP update. On an r/btc forum post, Ver’s Reddit account stressed: “As it stands now, Bitcoin.com will not go through with supporting any plan unless there is more agreement in the ecosystem such that the risk of a chain split is negligible.” Following Ver’s statements, Btc.top founder Jiang Zhuoer published another blog post on the read.cash platform called “BCH Miner Donation Plan Update Again.”

BCH Funding Debate: Btc.top Founder Suggests 2/3 Hash Vote and 6-Month Evaluation

Zhuoer’s latest post is much shorter than the two blog posts he published prior in regard to the IFP subject. The post is also aligned with the Bitcoin ABC announcement and further discusses the voting threshold and coinbase donation amount. Zhuoer’s latest IFP update states:

  1. It will start by the hash voting, if 2/3 of network hash agrees, the donation plan will be put into effect. (I believe the miners have the right to vote on how to spend their output).
  2. For the 5% of the coinbase donated by miners, the miners shall have the option, at their sole discretion, to select a number of donation objects, such as: General Foundation, ABC, BCHD, Electron Cash.
  3. The donation plan will last for 6 months (as one version is valid for a maximum period of 6 months). I suggest that we stop the fundraising after 6 months, and we may restart it eventually to prevent it [from] becoming a permanent rule.
  4. There are numerous objections now, I am inclined to start the donation plan after that the community reaches a basic agreement. If they fail to achieve it, we could set up the General Foundation first, let’s see its operation effect funding by donation, then we could proceed the hash voting next time.

Block 622509, Bitcoin Verde, and Bitcoin Unlimited

In addition to Zhuoer’s latest blog post, BCH block #622509 mined by SBIcrypto.com left a coinbase message that says “no” and a link to the Bitcoin ABC announcement. There are also comments stemming from developers of full nodes like Bitcoin Verde and Bitcoin Unlimited.

BCH Funding Debate: Btc.top Founder Suggests 2/3 Hash Vote and 6-Month Evaluation
The pool SBIcrypto.com mined a Bitcoin Cash block that says “no” in the coinbase message with a link to Bitcoin ABC’s announcement.

Bitcoin Verde’s Joshua Green tweeted about the announcement from Bitcoin ABC and questioned why Verde was excluded. The chief scientist of Bitcoin Unlimited, Peter Rizun, tweeted about the announcement from ABC as well. “Amaury Sechet is literally modifying the BCH protocol to issue coins to him and his friends,” Rizun explained. “Due to the poison pill, miners and exchanges must upgrade before May 15. If they do as usual and download the new version of ABC, his plan succeeds by default.”

Greg Maxwell Stirs the Pot

In addition to the opposition against the IFP, former Blockstream developer Greg Maxwell is seemingly stirring the pot. Within the depths of an r/btc thread that Greg Maxwell started, he claims Amaury Sechet (Deadalnix) private messaged him about creating a version of Bitcoin ABC without the IFP. Github code linked by Maxwell shows a version of ABC without the IFP and again states that “Amaury Sechet requested that I post this.”

BCH Funding Debate: Btc.top Founder Suggests 2/3 Hash Vote and 6-Month Evaluation
Former Blockstream CTO Greg Maxwell appeared on the Reddit forum r/btc to discuss the IFP. He also claims he was requested to build an IFP-free Bitcoin ABC version.

“It is completely untested and may not even compile,” Maxwell says and then insults BCH toward the end of his comments. Of course, Maxwell’s thread, statements, and IFP free code were controversial among r/btc patrons. Not too many people believed Maxwell’s words, and lots of his commentary was downvoted throughout the thread. Maxwell was also known for being involved in the November 2018 hash war as it was once claimed he was helping Craig Wright.

With Negativity In the Air, Open Discussion Is a Net Positive and Worthwhile

The IFP discussion continues to unfold and read.cash and r/btc are filled with threads and blog posts about the subject. If anything can be said at the moment about the furious debates it is that at least people have open forums to discuss the situation. Back in 2015, when bitcoiners tried to debate raising the block size, moderators from the most popular Bitcoin Reddit forum censored anyone who approved of raising the block size. Right now, in the world of Bitcoin Cash, there is no censorship happening and even Blockstream developer Greg Maxwell is free to speak his mind within BCH forums. The IFP debate and discussion is continuing to unfold and news.Bitcoin.com will be there to inform our readers every step of the way.

What do you think about the discussions revolving around the IFP subject? Let us know what you think about this topic in the comments section below.


Image credits: Shutterstock, Coin Dance, Btc.top, Youtube, Bitcoin.com, Fair Use, Blockchair, and Pixabay.


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The Many Facts Pointing to Dorian Nakamoto Being Satoshi

The Many Facts Pointing to Dorian Nakamoto Being Satoshi

In March 2014, a Newsweek columnist named Leah McGrath Goodman published a story called “The Face Behind Bitcoin.” She claimed Bitcoin’s inventor was a retired physicist named Dorian Nakamoto. When Goodman arrived at Dorian’s home in California, he said he was “no longer involved in that” and he “cannot discuss it.” The commentary prompted Goodman and her Newsweek cohorts to assume he was talking about the creation of Bitcoin, so they published an exposé about Dorian’s life. The following is the fifth installment of news.Bitcoin.com’s “the many facts” series, with a comprehensive look at the evidence that was tethered to Dorian Nakamoto and Bitcoin’s mysterious creator.

Also Read: The Many Facts Pointing to Ian Grigg Being Satoshi

Dorian Nakamoto: ‘I Am No Longer Involved in That and I Cannot Discuss It’

Six years ago, Newsweek’s Leah McGrath Goodman published an exposé on Bitcoin’s inventor and her report claimed it was the California resident Dorian Nakamoto. During the last 11 years there’s been a number of self-proclaimed candidates, as well as those who have been accused of being Satoshi. Most of the usual suspects had a few ties with the cypherpunk movement, but Goodman’s suspect wasn’t involved in that scene. Goodman spent two months investigating her story and one of her biggest selling points was the fact that Dorian’s birth name is “Satoshi Nakamoto.”

The Many Facts Pointing to Dorian Nakamoto Being Satoshi
The cover of the Newsweek article written by Leah McGrath Goodman. Interestingly, Goodman calls herself @Truth_eater on Twitter. The exposé claimed the Japanese-American, Dorian Nakamoto, invented Bitcoin.

Instead of being a member of the cypherpunk movement, at the time Dorian was a 64-year-old Japanese-American, retired physicist and well-educated engineer. Dorian’s life skills and occupation made Goodman and others believe that he had what it takes to invent the cryptocurrency and release it to the world anonymously. Because Dorian worked for a few corporations and the U.S. military, some of the projects he worked on were deemed classified information. The shroud of secrecy made Goodman once again believe that Dorian was part of Bitcoin’s initial creation.

The Many Facts Pointing to Dorian Nakamoto Being Satoshi
Dorian Satoshi Nakamoto after the Newsweek article published.

McGrath drove to California after studying Dorian’s life for two months and visited his house located in Los Angeles’s San Gabriel foothills. She got two police officers from Temple City to escort her and they asked if Dorian was in trouble. “I don’t think he’s in any trouble,” Goodman responded to the officers. “I would like to ask him about Bitcoin — This man is Satoshi Nakamoto,” she added. When Goodman caught Dorian leaving his home she faced him with two police officers as witnesses and questioned him about his involvement with creating Bitcoin. Goodman said that Dorian’s response was “careful but revealing.” The Newsweek columnist stressed that Dorian “tacitly acknowledg[ed] his role in the Bitcoin project” but refused to answer direct questions.

“I am no longer involved in that and I cannot discuss it,” Dorian told Goodman and the officers that day. “It’s been turned over to other people. They are in charge of it now. I no longer have any connection.”

Dorian Denies Involvement With Bitcoin – Questions Were Taken Out of Context

All this made Goodman believe all the more Dorian was denying his role, and she thought she had found the mysterious creator. So the reporter and her publication Newsweek decided to run the expose on Dorian’s life story and claimed several similarities between Dorian and Bitcoin’s anonymous inventor. Following the published story, the entire Bitcoin community debated the subject and a great majority of crypto proponents didn’t believe Goodman’s article.

The biggest evidence that the article leveraged was that Dorian was a Japanese-American, worked on classified projects, graduated in physics from California Polytechnic, and when he was questioned directly he said he had “turned it over” to other people. Dorian also lived very close to Hal Finney’s house and the Japanese-American showed he leaned toward a libertarian-like ideology. He is also smart enough to complete the project as coworkers noted that Dorian worked on “defensive electronics and communications for the military.” Dorian’s daughter spoke to Goodman and told the reporter that her father wholeheartedly believed in individualism. His daughter also noted:

He was very wary of the government, taxes, and people in charge.

The Many Facts Pointing to Dorian Nakamoto Being Satoshi
Dorian did a video appearance with Andreas Antonopoulos after the community sent him BTC donations.

However, Dorian told the public shortly after the publication that he felt victimized and he misunderstood Goodman’s questions. Dorian claims he thought the reporter was talking about a classified project that he worked on with the financial giant Citibank. After Dorian told his side of the story, the crypto community was outraged with Newsweek and Goodman’s report. They complained that Dorian was doxxed, as the article contained a photograph of his home in California.

All this invoked bitcoiners to start a fundraiser for Dorian in order to pay for his troubles and the invasion of privacy that the Newsweek article started. Not too long after the article was published, Dorian spoke with a reporter from the Associated Press (AP) on camera and denied being involved with the Bitcoin project. Dorian’s statements highlighted that he was confused when Goodman questioned him and that his “I am no longer involved in that” comment was taken out of context.

“I’m saying I’m no longer in engineering. That’s it. And even if I was, when we get hired, you have to sign this document, contract saying you will not reveal anything we divulge during and after employment. So that’s what I implied,” Dorian told the AP reporter. The retired physicist added:

It sounded like I was involved before with bitcoin and looked like I’m not involved now. That’s not what I meant. I want to clarify that.

The Many Facts Pointing to Dorian Nakamoto Being Satoshi
The Bitcoin community likes Dorian and they have invited him to speak at a few crypto conferences. Dorian was sent a total of 102 BTC ($1 million USD) for his experience being doxxed as Satoshi Nakamoto and the wallet is now empty.

Dorian also did a video with the Bitcoin evangelist Andreas Antonopoulos telling his side of the story and he thanked the Bitcoin community for all the donations he received. The BTC address: 1Dorian4RoXcnBv9hnQ4Y2C1an6NJ4UrjX has received over 102 BTC ($1 million USD at today’s exchange rate) and the wallet is now empty. This is a stark contrast to the over 1 million BTC sitting in the Satoshi Nakamoto wallets that have been left unspent for over a decade.

Following Dorian’s Newsweek expose, the Japanese-American became a hero amongst the crypto community appearing on posters, t-shirts, and stickers. Dorian has appeared at crypto conferences and discussed his experience after Newsweek’s hit piece turned his normal, toy train-collecting life upside down. Moreover, with the slew of unattractive self-proclaimed Satoshis who have come out of the woodwork, many crypto proponents actually wish Dorian was Satoshi, as he’s far more friendly. People have even crowned Dorian as the best Satoshi Nakamoto suspect in years.

Who do you think is Satoshi? One person? Many? Let us know in the comments section below.


Image credits: Shutterstock, Newsweek, Pixabay, Wiki Commons, and fair use.


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5% of Block Rewards – Bitcoin ABC Will Add Infrastructure Funding Plan in Next Release

5% of Block Rewards - Bitcoin ABC Will Add Infrastructure Funding Plan in Next Release

Bitcoin ABC developers published a blog post on Saturday which discusses the miner Infrastructure Funding Plan (IFP) and the team told the community the software engineers have been “requested” to implement IFP. According to the developers, the code for IFP will be implemented in the upcoming 0.21.0 ABC software release.

Also Read: 3 Cents per kWh – Central Asia’s Cheap Electricity Entices Chinese Bitcoin Miners

Bitcoin ABC Will Implement Code for the Infrastructure Funding Plan in the Next Software Release

Btc.top founder Jiang Zhuoer recently introduced a miner-funded Infrastructure Funding Plan (IFP) that would see a fraction of block rewards sent to core developers working on the BCH protocol. At first, the plan was to use 12.5% of the BCH coinbase rewards and miner participation was required. While some people liked the plan, the proposal didn’t sit well with a number of BCH supporters and people debated the subject for days. Then Zhuoer followed up with the community after hearing the responses and he explained that the coinbase reward would be reduced and instead of requiring other miners to donate they could burn their percentage.

5% Miner Donation - Bitcoin ABC Will Add Infrastructure Funding Plan in Next Release

Again, BCH community members mulled over the revised plan and the conversation had settled for a while. Then on Saturday, Bitcoin ABC announced the team would be adding support to the IFP within the next codebase release. The 0.21.0 ABC software release will contain code that implements the rules if triggered by miners via [a] BIP-9 like method. The method would be the same steps used when BTC developers activated Segregated Witness (Segwit) for soft fork deployment. The Bitcoin ABC blog post states:

The new plan addresses several of the major concerns expressed over the last few weeks. Bitcoin ABC has been requested to implement this plan in the node software, and as such will be including this implementation in the upcoming 0.21.0 release.

BIP-9 Like Voting Will Be Used for IFP Activation

According to the development team, the new plan is different as it will be “triggered by miners via BIP-9 like method.” “The amount is reduced to 5% of block reward [and] the funds can go to more than one project, and can go to one of several in a whitelist,” the update says. The post goes further and explains the “whitelist” of possible projects. The following criteria include:

  • Must be common infrastructure, things that different products build on top of.
  • The project must provide a “Public Good”
  • The project must use open source software licenses compatible with other projects in the Bitcoin Cash ecosystem.
  • The plan should prioritize projects that are in need of money.
5% Miner Donation - Bitcoin ABC Will Add Infrastructure Funding Plan in Next Release
The current node count for the top three BCH node implementations according to Coin Dance statistics.

The software engineers disclosed that by applying the criteria a whitelist has come to fruition. There will be donation addresses for a General Fund, Bitcoin ABC, Electron Cash, and BCHD. “As a project, Bitcoin ABC believes that stable funding of Bitcoin Cash software infrastructure is vital to the success of the project,” the developers concluded. “While we recognize that some aspects of this plan have been controversial, we believe that overall the benefits of the plan create the potential for a very exciting future in which Bitcoin Cash can grow and compete, and can reach its goal of becoming the best money the world has ever seen.”

The developers also thanked Btc.top’s Jiang Zhuoer and other mining pools for their “desire” to fund infrastructure. “We are optimistic this plan could be a great success,” the team’s blog post further highlights.

What do you think about Bitcoin ABC’s recent announcement? Let us know what you think about this topic in the comments section below.


Image credits: Shutterstock, Bitcoin ABC logo, and Coin Dance.


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Tradeblock Estimates Post-Halving Mining Cost of $12,500 per BTC

Tradeblock Report Estimates Bitcoin's Post-Halving Cost at $12,500 per BTC

On February 7, the blockchain analytics provider Tradeblock published a report about the upcoming BTC reward halving. BTC’s block reward is expected to halve on or around May 12, 2020, and Tradeblock’s report estimates that the cost to mine BTC will be over $12,500 after the halving.

Also Read: The Controversial S2F Model Predicts Bitcoin Price Will Reach 100,000 USD Within 2 Years

BTC’s Price Must Rise According to Post-Halving Cost Estimate

The great reward halving of 2020 is coming and the discussion about this topic has intrigued crypto supporters. BTC, the largest blockchain network by market capitalization, will see a reward halving on or around May 12, 2020.

Tradeblock Estimates Post-Halving Mining Cost of $12,500 per BTC

This means a miner who finds a block on the network will only get 6.25 BTC, in comparison to today’s 12.5 BTC reward. Of course, the BTC reward halving has prompted intense speculation on whether the price will rise prior to the halving and remain profitable to mine after the event as well. Across social media platforms and crypto-focused forums, individuals have been debating the subject regularly. Additionally, there’s been various studies done on the subject and Tradeblock recently published the firm’s thoughts on the upcoming BTC reward halving and estimated post-halving cost.

Tradeblock Estimates Post-Halving Mining Cost of $12,500 per BTC
Figure 1 from Tradeblock’s report shows BTC’s network hashrate and difficulty hit new all-time highs.

The blockchain analytics provider emphasized that the post-halving cost should be around $12,525. “In our latest estimates, we projected that commercial mining operators were likely operating at healthy profit margins as the price of bitcoin increased throughout 2019 (albeit with bouts of volatility over the year),” Tradeblock’s researchers noted. “However, the network hash rate has continued on a record run, making new highs nearly each week.” They added:

Hash rate increases as the number of resources, in aggregate, committed to securing the network through mining activities rises. As resources dedicated to mining rise over time, efficiency gains and/or mining costs rise. As such, in order to maintain healthy profit margins for miners, a rising hash rate is typically needed to correspond with a rising bitcoin price.

Tradeblock Estimates Post-Halving Mining Cost of $12,500 per BTC
Tradeblock’s generated assumptions for cost calculations.

Analysts and Controversial Stock-to-Flow Charts Show the Halving Could Propel BTC’s Price to $100K

Tradeblock stressed that the gross cost to mine a single BTC after the halving would need to be around $15,062 per coin. However, by adjusting the assumption that hashrate remains relatively flat then the cost would drop to $12,525 per BTC. “It is important to note, however, that large scale commercial mining pools such as those operated by Bitmain will likely have a lower device price point as they will be utilizing Antminer devices at cost,” Tradeblock’s report highlights. “As such, this would allow breakeven costs to be somewhat lower than the above estimates.”

Tradeblock Estimates Post-Halving Mining Cost of $12,500 per BTC

The Tradeblock report follows the report published in September by Bayerische Landesbank (Bavarian State Bank), which estimated BTC prices could touch $90,000 soon. The report’s estimates and reasoning derive from speculation concerning the reward halving and the controversial stock-to-flow (S2F) system. News.Bitcoin.com recently reported on how a few S2F charts show a possible climb to the $100K mark. Traders who wholeheartedly believe in S2F technical analysis think that the reward halving is one of the biggest reasons why the $100K price is achievable. Additionally, onchain data indicates that BTC miners are hoarding coins as the difference between freshly generated coins and their first spends have consistent gaps week after week.

Tradeblock Estimates Post-Halving Mining Cost of $12,500 per BTC
Statistics from Bytetree’s “Generation / On-chain 1st Spend” data shows lots of miners are hoarding coins prior to the halving.

Tradeblock’s report assumes miners will continue to expend resources in order to secure the network despite the reward halving. The study’s data suggests that the “cost (per mined btc) increase following the halving” will surely happen, but the rise in price is theoretical. “This suggests that miners are likely expecting the price of bitcoin to rise to higher levels (above ~$12,000-15,000 per BTC) around the halving allowing them to continue to generate a profit, or they likely will look to reduce resources following the halving resulting in a hash rate decline as profitability falls,” Tradeblock’s report concludes. If the price of bitcoin means it is not profitable to mine after the BTC halving in May, significant miner capitulation could occur.

What do you think about the BTC reward halving? Do you think the price is already priced in or do you expect BTC to rise just before the halving? Let us know what you think about this subject in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Price articles and market updates are intended for informational purposes only and should not be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader.


Image credits: Shutterstock, Wiki Commons, Twitter, Tradeblock report, bitcoinblockhalf.com, Bytetree, and Pixabay.


Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

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BTC’s Market Share Drops Consecutively for 14 Days – Dominance Ratio Slides to 60%

BTC’s Market Share Drops Consecutively for 14 Days - Dominance Ratio Slides to 60%

Cryptocurrency markets have been climbing higher in value as coins like BTC have gained over 19% during the last 90 days. However, many other digital assets have seen much larger gains and BTC dominance has been sliding downwards consecutively for the last 14 days.

Also Read: Craig Wright’s $100B Theft Claim – BTC and BCH Used His Database Without Permission

BTC’s Ratio of Market Dominance Sinks to 60%

During the last few weeks, BTC dominance has dropped from a high of 70% to a low of 60%. The term and metric BTC dominance is the ratio of BTC’s market capitalization versus all the other coin market caps. So the current market valuation of the entire cryptoconomy is around $305 billion and BTC captures 61% of that today with a market valuation of around $186 billion. BTC has always been the world’s largest cryptocurrency by market capitalization and prior to February 2017, the asset captured more than 80% of the entire cryptoconomy for eight years straight. However, the video tweet below shared in 2018 shows how crypto dominance metrics can change drastically over time.

After February 26, 2017, BTC dominance slid from 85% to a low of 40% one month later. At the same time, Ethereum (ETH) spiked to an all-time high of 31% of the cryptoconomy’s overall valuation and XRP was at 17%. A number of people believe that BTC’s rising network fees and clogged backlog (mempool) of transactions in 2017 and 2018 attributed to the decline. Alongside this, many crypto proponents and traders referred to the time as “alt season,” in which a variety of alternative digital assets reduce BTC’s share of the entire coin market cap.

BTC’s Market Share Drops Consecutively for 14 Days - Dominance Ratio Slides to 60%

After BTC dropped to a low of 40%, the dominance metric slid even lower in January 2018 as BTC dominance was around 33%. Since then, the digital currency has regained a lot of market cap dominance and BTC had risen to close to 70% on September 8, 2019. However, after the jump to 70%, BTC’s share of the cryptoconomy has been sliding once again. From September’s high of 70%, BTC dominance has dropped down to 60% on February 15, 2020, losing roughly 10%. The sliding metric has been due to other digital assets that have done far better percentage-wise as far as gains are concerned. For instance, during the last 90 days, BTC has gained 19%, but ETH jumped 52%, XRP 26%, BCH 82%, and BSV rose by 185% in that time period. BTC dominance has slid consecutively for the last 14 days straight to its current low and only today has it started to rise again slightly. It’s been one of the longest downward slides for BTC dominance since September 2018.

BTC’s Market Share Drops Consecutively for 14 Days - Dominance Ratio Slides to 60%
BTC’s market dominance touched a high of close to 70% during the first week of September 2019.

Are Market Valuations and Dominance Important Metrics?

Even though BTC dominance is a metric used by crypto market price aggregation websites, many proponents do not believe the data reflects any real value. Market caps only reflect the current worth of every coin circulating in real-time and some people think the data can be skewed. Despite the fact that a number of crypto proponents believe market caps and dominance are inadequate value metrics and do not necessarily reflect the project’s real worth, these metrics are used by the majority of crypto enthusiasts. In the early days, after assets like namecoin, ripple, litecoin, and mastercoin appeared, the website coinmarketcap.com was developed and the public were able to compare coins based on market valuations. There’s now a great variety of coin market cap aggregation websites that show similar data and provide other statistics too like trade volumes.

BTC’s Market Share Drops Consecutively for 14 Days - Dominance Ratio Slides to 60%
BTC dominance has slid 10-12% touching a low of 60% on February 15, 2020.

Despite some believing that market cap lists are not a good reflection of real value, individuals find the data very important. As mentioned above, investors believe there are significant reasons for BTC dominance declines, whether it was the network stress or alt season that prompted the decline from 85% to 33%. Market caps and dominance metrics show investors the level of risk involved as small-caps, mid-caps, and large-caps see different types of movements.

BTC’s Market Share Drops Consecutively for 14 Days - Dominance Ratio Slides to 60%
BTC dominance calculated by Trading View.

Traditionally, mid to small market caps are far more volatile than larger-cap cryptocurrencies and they can spike in price and drop in value very quickly. People view market valuation and dominance as a reliability metric because large caps usually present less risk to investors. Smaller crypto market caps provide investors with high-risk trading situations which can be good or bad depending on how the individual is trading.

The fact that BTC lost 61% of the dominance it commanded over the entire cryptoconomy between February 2017 and January 2018 is a metric of great importance to a lot of crypto enthusiasts. When BTC’s dominance climbed from 33% back to 70%, some maximalists and hardcore BTC supporters said that “altcoins were dying.” Although ever since this, altcoin values have been outperforming BTC by a long shot. Lesser known coins are also outpacing many coins in the top 20. BCH and ETH’s rise during the last 90 days did outperform BTC, but coins like presearch (PRE 2,641%), cryptaur (CPT 1,351%), htmlcoin (HTML 333%), vetri (VLD 322%), and Digixdao (DGD 308%) did even better.

Where do you see the cryptocurrency markets heading from here? Let us know what you think about this subject in the comments section below.

Disclaimer: Price articles and market updates are intended for informational purposes only and should not be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.” Cryptocurrency prices referenced in this article were recorded on February 15, 2020, at 9:30 a.m. ET.


Images via Shutterstock, Trading View, Bitcoin.com Markets, Twitter, coinmarketcap.com, Fair Use, Pixabay, and Wiki Commons.


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Craig Wright’s $100B Theft Claim – BTC and BCH Used His Database Without Permission

Craig Wright's $100B Theft Claim - BTC and BCH Used His Database Without Permission

The infamous Craig Wright, the Australian native who claims to be Satoshi Nakamoto, has published a blog post that explains he owns “the full rights to the Bitcoin registry” and developers do not have the right to change the protocol’s underlying database. Wright’s recent blog post makes it seem like “legal redress” is coming to a few specific blockchain projects in 2020. Moreover, a photograph from a Slack channel shows Wright claiming that BTC and BCH broke contractual rights and they “are in effect, a theft of $100 billion plus USD.”

Also Read: Craig Wright’s ‘Bonded Courier’ Allegedly an Attorney Who Can’t Communicate

Self-Proclaimed Satoshi Nakamoto Claims Developers Forked Bitcoin’s Underlying Database Without Authority

On February 13, Craig Wright published a blog post on his website called “Forking and Passing Off…” In the post, Wright goes into great detail about forking a software branch and codebase that derived from Bitcoin’s original code. According to Wright, digital assets like LTC and ETH are considered “‘forked’ codebases, derived from Bitcoin.” “Corecoin, BTC, differs in the sense that it both copied the database and sought to pass off the new system as the old or original,” Wright emphasized.

Craig Wright's $100B Theft Claim- BTC and BCH Used His Database Without Permission
Craig Wright published a blog post on Thursday called “Forking and Passing Off…”

Wright then explained his opinion of how the open-source MIT license works and he thinks that developers do not understand how the system works. For instance, Wright mentions: “Linux and Openoffice are each open-source products. If I was to write a novel using Linux as the operating system and Openoffice as the editing platform, the software remains open-source, but the product of my work does not.” With Bitcoin, Wright claims he owns all the rights to the original codebase.

“As the sole creator of Bitcoin, I own full rights to the Bitcoin registry,” Wright asserted. “People can fork my software and make alternative versions. But, they have no rights to change the protocol using the underlying database.” Wright continued:

I was explicit when I said so by putting forward reasons not to fork the database. Yet, both Bitcoin Core (Core) and Bitcoin ABC (ABC), global partnerships under law, have sought to use my database without authority.

Craig Wright's $100B Theft Claim - BTC and BCH Used His Database Without Permission

Screenshot of Wright Claims a Theft of $100 Billion

The self-proclaimed Bitcoin inventor then detailed that rather than seeking licenses, these development teams “sought to attack my character and impugned me.” So Wright says he’s taking action and “control” over his system. “Those involved with the copied systems that are passing themselves off as Bitcoin, namely BTC or Corecoin and BCH or Bcash, are hereby put on notice — Please trust me when I say that I’m far nicer before the lawyers get involved,” Wright stated. In addition to Wright’s recent blog post about his alleged ownership of the Bitcoin registry, a screenshot of Wright in a Slack chatroom allegedly shows him saying “BTC and BCH are not forks. They are a breach of contractual rights to the database.” Wright’s statement in the screenshot also states:

They are in effect, a theft of $100 billion plus USD.

Craig Wright's $100B Theft Claim - BTC and BCH Used His Database Without Permission
A screenshot of Wright making statements about breaching the rights to the Bitcoin database. The statement claims that BTC and BCH are theft of $100 billion plus USD.

Kleiman Lawsuit Allegedly Littered With Thousands of Redacted Documents

Wright has also been dealing with the Kleiman lawsuit and the plaintiffs have accused him of obfuscating thousands of documents. Kleiman’s legal team said that Wright claimed attorney-client privilege over 11,000 documents and also reported that the bonded courier is a lawyer who cannot share any information with the court. In the most recent court filing, Wright insisted that he is “both exercising a right and fulfilling an obligation,” by not sharing the thousands of documents with the plaintiff. “Plaintiffs make this remarkable demand on the grounds that a dissolved corporation has no such privilege,” Wright’s defense team noted. “This request is contrary to both Florida law and Australian law, both of which hold that a corporation’s privilege is not extinguished upon a corporation’s dissolution. The privilege firmly holds its ground and transfers to the successors or similar representatives.” The filing from the law firm Andres Rivero further detailed:

Plaintiffs’ reliance on the federal privilege is misconceived. This is a diversity action and the attorney-client privilege is governed by state law. Plaintiffs erroneously proclaim that the attorney-client communications are not privileged unless the privilege is “claimed.” Not surprisingly, they offer no support for that argument.

Wright Is Still Unable to Prove the Validity of the Satoshi Claim to the Greater Cryptocurrency Community

Despite the recent blog post and the statement about BTC and BCH being “a theft of $100 billion plus USD,” his latest argument has been downright comical to the greater cryptocurrency community. From the BBC interviews to the cover of GQ, Wright has been claiming to be Satoshi Nakamoto for years now, and more recently has been far more brazen about his claim. Wright and his firm Nchain have acquired a great number of blockchain patents too, which makes people believe the firm might use them to “patent troll.”

Craig Wright's $100B Theft Claim - BTC and BCH Used His Database Without Permission
“The Bitcoin software was released under the MIT License such that it provided for the rights to copy the software but not the database,” Craig Wright’s blog post details.

To this very day, however, a great number of cryptography experts and well known bitcoiners have debunked every claim he’s presented and no matter what Wright presents, they still believe he’s pulling a ‘long con.’ As many people have said in the past, if Wright was Satoshi he could easily prove so by simply signing a message or moving some older coins. Even Star Trek star William Shatner said it should be easy for Wright to prove he’s Satoshi. After years of claims and lawsuits, Wright still hasn’t swayed the masses, minus the Bitcoin SV (BSV) fans who wholeheartedly believe him.

What do you think about Craig Wright’s claims about owning the Bitcoin registry and BTC and BCH using his database without authority? Let us know what you think about this subject in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Image credits: Shutterstock, Twitter, Fair Use, Wiki Commons, and Pixabay.


Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

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IOTA Network Still Down: How the Next Bitcoin Killer Screeched to a Halt

On February 13, the IOTA network came to a screeching halt and the IOTA Foundation reports that $1.6 million worth of the native currency was stolen. The following day, the IOTA network status page still shows the mainnet is “not operational” and the development team has found an “exploit related to the Trinity Wallet.”

Also Read: IOTA, EOS, XLM, ADA – 4 ‘Bitcoin Contenders’ With Zero Use Cases and Barely Any Infrastructure

IOTA Trinity Wallet Compromised for $1.6M

The IOTA network is a hot topic within the cryptocurrency community right now, with people discussing the network’s recent outage. At the time of publication, IOTA’s network status page says “Mainnet (1341599), Not operational, TPS: 0.6500.” Alongside this message are multiple status updates from the core development team. At first, the team heard several reports of theft and decided to warn people using Discord and Twitter.

IOTA Network Still Down: How the Next Bitcoin Killer Screeched to a Halt

The developers also said: “As a precaution, we ask you to keep your Trinity wallet closed for now.” Following the initial investigation, IOTA programmers decided to turn off the “coordinator to make sure no further theft can occur until we find out the root cause of these thefts.” Since the initial announcements, the topic has been trending among the crypto community across social media. The team also warned the community on Twitter and explained that law enforcement were involved. The official IOTA Twitter account stated:

Currently, IOTA is working with law enforcement and cybersecurity experts to investigate a coordinated attack, resulting in stolen funds. To protect users, we have paused the coordinator and advise users not to open Trinity until further notice.

IOTA Network Still Down: How the Next Bitcoin Killer Screeched to a Halt
Even after the two warning tweets from the IOTA Twitter account, the page still has a pinned tweet on its profile showcasing the introduction of the Trinity Wallet.

Despite this message, the Twitter account still has a pinned Twitter post that explains the Trinity wallet is “secure.” After the warning tweet and update message that disclosed the team shut off the IOTA Coordinator, many people on Twitter asked what they meant by the phrase “paused the Coordinator?” Commentator Eric Wall discussed the IOTA fiasco on Twitter where he’s well known for calling out the vulnerabilities tied to the IOTA network. Wall stated:

A question that keeps me up at night: Is it possible to create a rubbish coin based on advanced bullshit, build a community of misguided fans nevertheless, run it centralized for 5 yrs, hard fork-copy the design of a real working project, keep the community and become a success?

‘Refrain from Questioning Community Moderators – IOTA Team Is Developing a Mitigation Strategy’

IOTA developers noted in another update that the IOTA Foundation has been working around the clock to investigate the matter. “Most evidence is pointing towards seed theft, cause still unknown and under investigation,” the IOTA status page noted. “Victims (around 10 that identified with the IOTA Foundation so far) all seem to have recently used Trinity,” the developers added.

On February 14, the IOTA team gave the public another update which said they had found the exploit and are “now working on resolving the issue.” IOTA engineers insisted that the exploit was definitely related to the Trinity wallet and stressed “the IOTA core protocol is – as already communicated before – not breached.” IOTA team members further disclosed:

We know that you would like to understand more details, but ask you to refrain from questions towards the community moderators due to the parallel ongoing coaction with law enforcement. The teams are currently developing a mitigation strategy. We will share all details about the exploit in due time and (of course) publish a complete incident analysis as well.

The discussion regarding IOTA’s lack of decentralization is at the heart of the conversations on social media. The leadership at IOTA seems to be extremely fragile according to a recent blog post and the chain stopped working for 15 hours during the last week of December 2019 as well. Despite all the craziness surrounding the IOTA project, the market has remained the 21st largest blockchain by market capitalization. IOTA has gained 1% this week despite the paused Coordinator.

What do you think about the issues with IOTA during the last 24 hours? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Image credits: Shutterstock, Twitter, Fair Use, and the IOTA Status Page.


Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

 

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BCH Latam: Creating a Viral Feedback Loop for Mass Adoption With Bitcoin Cash

From Dash to Bitcoin Cash - George Donnelly Discusses the BCH Latam Initiative

This week news.Bitcoin.com spoke with George Donnelly from the BCH Latam initiative about his plan to help the people of Latin America “achieve greater individual liberty and prosperity.” Donnelly explained the BCH Latam initiative aims to generate greater financial inclusion through mass adoption systems and the organization’s gamified adoption app will help with this goal.

Also Read: 3 Cents per kWh – Central Asia’s Cheap Electricity Entices Chinese Bitcoin Miners

From Dash to Bitcoin Cash: George Donnelly Discusses the BCH Latam Initiative

George Donnelly is a libertarian entrepreneur who recently worked with the Dash Latin America (Dash Latam) effort, but has since moved his focus over to bitcoin cash (BCH). Not too long after, Donnelly officially launched BCH Latam and hopes to help spread liberty and economic freedom to residents living in Latin America. Donnelly started crowdfunding the initiative to help further the project’s goals and he used the Simple Ledger Protocol (SLP) to create PAN token. PAN will be used to help bolster adoption, create gamification and leverage SLP attributes like dividends as well. Donnelly told our newsdesk that the team has sold 1% so far and aim to give the PAN token life by applying merchant acceptance for goods and services. While chatting with news.Bitcoin.com, the BCH proponent also discussed his views about the current state of Bitcoin Cash.

BCH Latam: Creating a Viral Feedback Loop for Mass Adoption With Bitcoin Cash
George Donnelly launched the BCH Latam Initiative.

Bitcoin.com (BC): Can you tell our readers how you got into spreading cryptocurrency adoption?

George Donnelly (GD): As a libertarian activist during the Ron Paul years, I couldn’t help but discover Bitcoin. And understanding Bitcoin meant I couldn’t help but start using it and inviting others to use it. With the 2017 price run-up, it seemed like a good time to finally work on mass adoption. So, in early 2018 I started affiliating merchants for Dash in Medellín, Colombia, my home now for nearly 20 years.

BC: You once worked with the Dash community. Can you explain why you left the Dash community and have been promoting bitcoin cash recently?

GD: Bitcoin Cash has more promising conditions that should enable us to achieve our goals, which include onboarding 1 billion new daily crypto users by 2030 and solving the inflows challenge. Bitcoin Cash has a larger community with a welcoming and positive attitude that is focused on market-based growth and Bitcoin as P2P electronic cash.

Dash has abandoned its Latin America and digital cash strategies and is now pursuing a venture capital and dapps strategy.

BCH Latam: Creating a Viral Feedback Loop for Mass Adoption With Bitcoin Cash
For more information about the BCH Latm initiative check out the proposal here.

BC: Can you tell us about the BCH Latm initiative?

GD: We created BCH Latam in order to serve the people of Latin America in their efforts to achieve greater individual liberty and prosperity. We aim to generate greater financial inclusion through self-sustaining BCH adoption systems with a strong focus on the informal economy. The informal economy in Latin America includes 150 million working people, 53% of jobs and one-third of regional GDP. Informal economy entrepreneurs are excluded from economic growth by excessive government bureaucracy, taxes, and fees. Business activities that we take for granted, such as formal asset registration, incorporation, credit, and banking, are not readily available to the informal economy.

BCH Latam aims to build a thriving Bitcoin Cash ecosystem in Latin America with a bowling pin strategy of merchant adoption, remittances, B2B buying, international trade and more. We’ve honed our plan with more than two years of research and fieldwork in Latin America, where we have team members in six nations plus Spain. Our gamified adoption app will enable indie BCH adoption workers to earn their way into Bitcoin Cash by completing verifiable tasks that add concrete value to the Bitcoin Cash network. Gamified adoption is a viral feedback-loop system to kickstart BCH adoption globally in parallel at a low cost.

BCH Latam is in this to kickstart the Bitcoin Cash commons in Latin America, provide superior value to the developing world through BCH and eventually make Bitcoin Cash the international currency of Latin America. We aim to leverage our results to create a groundswell of buzz for Bitcoin Cash across the globe.

BCH Latam: Creating a Viral Feedback Loop for Mass Adoption With Bitcoin Cash

BC: What prompted the idea to start crowdfunding and create a video presentation?

GD: Remittances are a key early bowling pin for us, but it is an industry that requires a multi-location approach and a serious marketing and development plan. There is no formal funding mechanism for Bitcoin Cash projects and the Bitcoin Cash Ecosystem Fund is taking some time to get off the ground, so we aim to offer value for value by giving our donors our fixed-supply PAN token. Our PAN token enables donors to both show off their support for BCH Latam and potentially profit from our success in the future. We are also seeking feedback from the Bitcoin Cash community on our plans and activities, as well as new members to join our team. We hope to attract a CFO and lead developer from within the BCH community this month.

BC: Which specific countries in Latin America do you think need the most attention?

GD: We’re focused on Colombia, Venezuela, Brazil, Mexico, Guatemala, Cuba and Chile, roughly in that order. Colombia sends a lot of small remittances to Venezuela, often paying fees as high as 40%. Mexico is the largest remittance recipient in Latam, and the third largest in the world, with $36 billion in 2018 inflows. Cuba is a small market that is experiencing high remittance fees and difficulties due to US sanctions.

BC: How do you expect to create a “viral, feedback-loop mass adoption system”?

GD: Our gamified adoption app will present the end-user with a series of tasks they can complete to earn our PAN tokens. Tasks will begin with watching videos that teach them about Bitcoin Cash and progress to onboarding merchants, becoming liquidity agents, referring new remittance senders, spending BCH, providing support to merchants, holding meetups, starting Bitcoin Cash businesses and more. Think of it as a hybrid of Duolingo, Uber, a choose-your-own-adventure novel and a mechanical Turk. All tasks will be verifiable. Verification will be done via gamification by more advanced users and/or by an in-house quality control team. We will be able to limit the use of the system by market and country, thus ensuring that each market develops in a balanced manner.

By enabling new users to earn their way into Bitcoin Cash, we remove the barrier to entry of having to buy-in. This also helps solve the inflows challenge.

BC: What are PAN tokens?

GD: PAN is an SLP token with a fixed 400,000 token supply that we are selling in order to finance our profit-seeking BCH remittances business plan. We have sold about 1% of the 180,000 currently for sale. We aim to give our PAN token real-world utility by having our merchants accept it for goods and services and by making it the currency of our gamified adoption app. We’ve apportioned up to 45% of the total supply to finance 15 to 18 months of runway for our BCH remittances startup Panmoni, 25% for the team and 30% for the gamified adoption app or possibly a second financing round. Full details are available at bchlatam.com/crowdfunding2020.

BCH Latam: Creating a Viral Feedback Loop for Mass Adoption With Bitcoin Cash
PAN token data from the website Simpleledger.info.

BC: Do you think Bitcoin Cash will ever become a global currency or something that’s just used by a niche group?

GD: I believe that Bitcoin Cash can become the dominant currency of the world. Our challenge is to build real consumer utility that crosses the chasm and is adopted by mainstream users to meet regular and basic needs. Remittances are a repeat-use $689 billion per year industry that promises to be an excellent first stepping-stone towards regular, global use for Bitcoin Cash.

BC: How do you feel about the current state of Bitcoin Cash as far as ecosystem and development growth?

GD: The irregular block times and the passionate furor over the Infrastructure Funding Plan are a bit unsettling. The frequent meetups, the number, and variety of developers read.cash, memo.cash, the people working on merchant adoption, Bitcoin.com, the welcoming and supportive attitude of the community, and Local.Bitcoin.com are all very encouraging.

We urgently need to move forward on ecosystem funding, regular block times and instantly-settled transactions. We need more mobile developers. A reduced focus on passionate philosophical debate and an increased focus on practical, systematic business plans would be good. It’s important people realize that we need to solve the inflows challenge in order to progress beyond small-scale, hobbyist merchant and consumer adoption. Almost no one is talking about this. I’d like to see software development revolve around more evidenced, researched and properly presented business use cases so we can use resources effectively to grow real use in the real world.

What do you think about the BCH Latam initiative and George Donnelly’s efforts? Let us know your thoughts in the comment section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Image credits: Shutterstock, BCH Latam Initiative, Fair Use, and Pixabay.


Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

The post BCH Latam: Creating a Viral Feedback Loop for Mass Adoption With Bitcoin Cash appeared first on Bitcoin News.

$10K Bitcoin Prompts Influencers to Call a Bull Market

$10K Bitcoin Prompts Influencers to Call a Bull Market

Cryptocurrencies have gained significant value over the last few weeks and it’s causing exuberance among digital currency proponents. Now a number of traders and influencers believe bitcoin and other coins are in bullish territory. Despite the surge to $13K last July and the deep pullback that followed, BTC investors and influencers have no issue believing that crypto is on the threshold of another bull market.

Also read: XRP Still Third Largest Crypto by Market Cap After Founder Dumps 1 Billion Coins

‘Calling the Bull’ Is a Bold Move, But a Number of People Are Doing So After BTC Surpasses $10K

Bitcoin traders, analysts, and thought leaders on social media and forums seem to think that the crypto market is facing another bull run. Statements about a “bull market” and a possible “altcoin season” are littered all over Twitter and news articles about the cryptoconomy’s swift rise. You can find a number of crypto influencers explaining that the bitcoin bull market is overdue for a variety of reasons.

$10K Bitcoin Prompts Influencers to Call a Bull Market
A number of bitcoin and crypto influencers are calling the ‘bull market’ and ‘altcoin season’ as well.

Some people claim the reward halving is pushing BTC’s price up, they say miner capitulation is over, the BTC hashrate has touched an ATH, and most of the non-ideological investors capitulated. Moreover, lots of crypto investors are stressing that “this time is different” even though they know calling a bear or bull market requires judgment and is considered a bold call. But this hasn’t stopped a number of crypto’s influential figures from doing so.

“Early signs of a bull market,” explained @American_hodl on Wednesday. “I am finding myself explaining bitcoin to skeptics and new entrants again. This did not happen during the bear. During the bear, it was just us here.”

However, other people disagree with American_hodl and the others who assume the market has turned bullish. Some individuals have certain price points that need to be obtained until they call the bull. “We aren’t in a bull market until we close above $10.7k,” emphasized @llamamarket. “So I’m patient but it looks more likely I was wrong about $5k at least at this very moment. I’ll keep everyone posted if/when I buy.” The specific price point at which a bull market occurs has been a trend lately and the crypto influencer Luke Martin touched upon the subject on February 6, tweeting:

Fun observation about BTC in a bull-market is the post each day stating: ‘Bitcoin isn’t bullish until we cross $10k’ which quickly turns into ‘Not bullish until we cross $11.6k’ which quickly turns into ‘Not bullish until we cross $14k,’ which turns into ‘Not bullish until…’

Bullish Pomp Tweets ‘Altcoin Season’ Phases, and Never Shorting the Bull

Anthony “Pomp” Pompliano, the well known cofounder of Morgan Creek Digital Assets has been talking about the bull run lately too. On Twitter, Pomp felt the need to give an “important message as we enter the next bitcoin bull market.” Pomp explained: “BTC is very volatile, you can lose all of your money, only invest what is ok to lose, Twitter is not investment advice, don’t buy BTC with credit cards, keep low time preference, [and] do your own research.” When BTC crossed the $10K zone, Pomp let his 309,000 Twitter followers know that he still thinks “bitcoin will hit $100,000 by end of December 2021.” In between all the social media and forum discussions about the bull market, a number of individuals say that “altcoin season or altseason” typically happens before the BTC bull market or comes in phases.

Managing partner at Blocktown Capital, Joseph Todaro, discussed the altseason topic and the next bull market on Wednesday. “This is the first altseason of the next bull market,” Todaro tweeted. “You only get 3 real altseasons: The early alt pump when bitcoin is still less than ATH (weak), the mid alt pump after bitcoin passes ATH ~$20k (strong), [and] the late alt pump as bitcoin marks cycle top (strong). Bitcoin just hit $10,000.” Todaro also quipped and said:

You know we are in a bull market when Peter Schiff refuses to tweet about bitcoin.

Despite knowing about the prior BTC price dump after July’s $13K high, bitcoiners everywhere are still calling the bull after the $10K position was reached. “Bitcoin is currently in an intense bull market and investors are getting excited,” another individual tweeted on Wednesday.

$10K Bitcoin Prompts Influencers to Call a Bull Market

“Never short bitcoin in a bull market,” explained the BTC thought leader Whale Panda on Tuesday. “Never short bitcoin, period,” the popular Twitter account @Arminvanbitcoin replied to Whale Panda’s statement. Crypto Twitter influencer Paul McNeal from thecryptocurator.com tweeted to his 20,000 followers about the bull market situation as well: “Market Cap goes up – Bitcoin dominance goes down — Welcome to the bull market of 2020.”

What do you think about the investors and influencers calling the bull market or calling an altcoin season? Do you think that crypto markets and BTC prices are in a bull market right now? Let us know what you think about this subject in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Price articles and market updates are intended for informational purposes only and should not be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


Image credits: Shutterstock, Twitter, Fair Use, and Pixabay.


Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

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XRP Plummets 56% in One Candle, Bitmex Traders Outraged Over Flash Crash

XRP Price Brought Down 56% in One Candle, Bitmex Traders Outraged Over Flash Crash

A number of XRP traders are complaining about massive liquidations on Bitmex as the price of XRP spiked and was brought down by 56% in a single candle. After the incident, well known traders with leveraged positions took to Twitter to complain about the upset as some investors were completely liquidated.

Also read: Fed Chair Powell Reveals US Response to China’s Digital Yuan, Libra, Public Payments Ledger

Traders Complain About XRP’s 56% Drop in One Candle

XRP traders got extremely upset on Thursday when the price of XRP went from a high of $0.32 to a low of $0.14 in one trading candle on Bitmex exchange. This means the price swing or “flash crash” took place in the blink of an eye and movements like that catch lots of traders off-guard. One trader Marc de Koning took to Twitter and said “WTF — This is really not okay — My stop didn’t trigger and my entire Bitmex account is […] gone.” The blockchain analytics organization Fiatleak even complained about the XRP action and people noticed glitches on the website.

“The site is wobbling and staggering under the combined weight of many, many thousands of XRP fanatics watching a technical breakout,” the website’s official Twitter account noted. “We’re working on it, but keep trying … you can’t break the site any more than you already are.”

XRP Plummets 56% in One Candle, Bitmex Traders Outraged Over Flash Crash
A screenshot of the 56% drop in one candle shared by Marc de Koning who tweeted he was unhappy with the experience and his “entire Bitmex account is gone.”

Popular analyst Jacob Canfield discussed the odd price movements with his 48,000 Twitter followers. “XRP traded from $.34 to $.14 in one candle on Bitmex,” Canfield tweeted. “My mama told me that’s the devils coin and I’m starting to believe her.” The Twitter account Cryptogainz talked about the subject as well as the XRP liquidations started trending on the social media platform. “If you longed xrp/usd on bitmex, you’re an idiot,” Cryptogainz said. “You just paid exorbitant funding and got hit with a wick that either stopped you out or liquidated you — You could have paid less in funding and not been liq’d on bybit. This […] is why all my [Bitmex] refs have low longevity.” Cryptocurrency trader and “bubble chaser” Benjamin Blunts called the candle drop “disgraceful.” “That XRP scamwick on Bitmex is disgraceful, I don’t think I’ll ever trade XRP perps on Bitmex after seeing that,” Blunts stressed. The trader added:

Hope [Arthur Hayes] digs into the insurance fund to compensate the people who’s stops didn’t go off otherwise, that’s a dog act.

‘Cripple the Shorts’

Many people blamed the XRP coin itself for lack of real liquidity and also noted that Bitmex is known for liquidations. “XRP is well known for been a crypto that always [screws] its holders and Bitmex well known for making those moves to liquidate accounts, so…,” tweeted Silvia Gutierrez. This is not the first time XRP traders have seen a flash crash and massive liquidations in a short period of time.

XRP Plummets 56% in One Candle, Bitmex Traders Outraged Over Flash Crash

Crypto traders complained two years ago about an alleged flash crash on Bitfinex, a year ago another one purportedly took place on Bitstamp. At the moment, there isn’t any official word from Bitmex, but Arthur Hayes’ tweet the day prior also got people fired up over the flash crash drama. “CRipple the shorts,” said Hayes with a picture of the XRP price against USD. “Pro Tip: the Buy and Sell buttons are both equally profitable regardless of whether or not you are trading a turd,” Hayes added.

“The statements you make reflect negatively on Bitmex,” an individual wrote in response to Haye’s tweet. “Very unprofessional/childlike.”

What do you think about the XRP trading candle that took place on Bitmex on Thursday? Let us know what you think about this topic in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Price articles and market updates are intended for informational purposes only and should not be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


Image credits: Shutterstock, Marc de Koning’s tweet/chart, Wiki Commons, Fair Use, and Pixabay.


Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

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3 Cents per kWh – Central Asia’s Cheap Electricity Entices Chinese Bitcoin Miners

3 Cents per kWh - Central Asia's Cheap Electricity Entices Chinese Bitcoin Miners

As tensions escalated between the U.S. and Iran in recent months, reports have detailed that Chinese bitcoin miners are looking to set up shop in Central Asia and more specifically in Kazakhstan and Uzbekistan. Last spring, Chinese bitcoin mining operations flocked to Iran for extremely affordable electric prices ($0.006 per kilowatt-hour) in the oil-rich nation, but now Chinese miners are finding it easier to migrate to Central Asia for $0.03 per kWh in certain countries.

Also Read: Iranian Grid Explains Electrical Costs Will Fluctuate for Bitcoin Miners

Chinese Miners Consider Moving Older Units and Operations to Central Asia

Regional reports have disclosed that Chinese bitcoin miners have been considering migrating to Central Asia for cheaper electricity. Last April, a few Chinese mining operations moved to Iran in order to get electric prices at $0.006 per kilowatt-hour, but the authorities made that difficult. Even though Iran’s leaders legalized mining in the country, they also said that miners must pay the export price for electric consumption.

In November, officials from the Iranian grid explained that electrical costs would fluctuate for bitcoin miners. The fluctuation could vary during specific months between $0.04 per kWh (9,650 rials) and $0.16 per kWh. However, in Central Asia, electrical prices stemming from an abundance of gas and coal plants mean that bitcoin miners could get $0.03 per kWh or less in countries like Kazakhstan and Uzbekistan. 8btc columnist lylian Teng discussed the subject with a Chinese miner, Wu Zheng, who says Chinese miners are attracted to Central Asia’s prices.

3 Cents per kWh – Central Asia's Cheap Electricity Entices Chinese Bitcoin Miners
Central Asian countries like Kazakhstan, Uzbekistan, Kyrgyzstan, and Tajikistan are well known for an abundance of gas and coal energy.

Wu explained that Chinese miners send older models like the S9, E10, and M3 to regions where the electrical costs are considerably lower. “My mining farm (in Kazakhstan) is running Ebit E10 machines which deliver a hashrate of 18T with the power consumption at 1800W,” Wu explained. The miner also disclosed that prices for electricity in Kazakhstan can be as low as $0.001 per kWh, if the miner can connect with a powerful coal operation. “In Kazakhstan, coal-fired power costs as little as $0.001 per kilowatt-hour because of the abundant coal source there,” Wu noted, “[Additionally], private power generation is allowed in the country and the electricity we are using comes from a private power plant.”

3 Cents per kWh – Central Asia's Cheap Electricity Entices Chinese Bitcoin Miners
Since Bitcoin’s difficulty adjustment spiked considerably, higher older mining rigs are finding fewer profits. Mining farms are replacing old machines such as Bitmain’s AntMiner S7 and S9, says Jason Wu the cofounder of Definer. The Chinese miner Wu Zheng emphasized that Central Asia’s cheap electrical prices make older machines profitable again.

Central Asia Is Positive Toward Crypto Mining

It’s not the first time reports have addressed Chinese miners possibly relocating to Central Asia. Last September, author Ana Alexandre talked with Alan Dorjiyev, the head of the Blockchain & Data Center Industry Development Association in Kazakhstan, about bitcoin miners from China possibly moving to the region. “Uzbekistan is overall positive toward mining,” Dorjiyev told Alexandre. “However the mining industry is centralised to one controlling body. It causes a lot of corruption when the government body decides which miner they give electricity.”

“The only challenge at the moment is building a low voltage infrastructure so that miners can connect to the grid easier,” Dorjiyev continued. “At the moment miners are investing in electric infrastructure for lowering voltage from 110kv to 0,4kv.” Dorjiyev also noted that Kyrgyzstan has been an attractive country for bitcoin mining operations as well.

3 Cents per kWh – Central Asia's Cheap Electricity Entices Chinese Bitcoin Miners

Additionally, on September 2, Shavkat Mirziyoyev, the president of Uzbekistan, established a fund dedicated to the government’s blockchain development. Uzbekistan’s leaders have allowed bitcoin mining, trading and created extremely lenient tax laws in the country toward crypto payments as well. Despite the cheap electricity and the crypto-friendly states, Central Asia has a long controversial history with China. When the Soviet Union controlled Central Asia, the borders were closed and Chinese workers only recently migrated to the area for work. Citizens from Kazakhstan, Kyrgyzstan, and Tajikistan were upset and protested when China renegotiated post-Soviet borders. Conflicts over this matter have raged on for years and could make mining operations reconsider locating to these countries.

What do you think about Chinese mining operations considering moving miners to regions like Kazakhstan, Uzbekistan, Kyrgyzstan, and Tajikistan? Let us know what you think about this topic in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Image credits: Shutterstock, Fair Use, and Pixabay.


Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

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Altcoin Season Trending – LINK, XTZ, BSTX, HBAR Gain Up to 120% in 24h

Altcoin Season Trending - LINK, XTZ, BSTX, HBAR Gain Up to 120% in 24h

The last few days have shown bullish price activity across the list of top cryptocurrency markets. There’s been a lot of focus on coins like BTC, ETH, BCH, and EOS, but digital assets like HBAR (120%), STX (52%), XTZ (20%) and LINK (13%) have seen much larger gains this week. The cryptoconomy has surpassed the $300 billion range and a few speculators think an “altcoin season” is upon us.

Also Read: Ethereum vs Tron: Comparing Data, Defi and Stablecoins from Both Chains After Viral Tweet

Cryptoconomy Jumps Over the $300 Billion Threshold With Smaller Coins Making Significant Gains

During the early morning trading sessions on Wednesday, the overall market valuation for all 5,000+ digital currencies the $300 billion mark. BTC surpassed the $10K zone, ETH is hovering around $250 per coin, and BCH is climbing toward $500 a unit. Aside from the market capitalization giants, a number of smaller crypto contenders have been gathering significant gains. For instance, one asset traders have been eying lately is chainlink (LINK), a decentralized oracle project built on the Ethereum blockchain.

Altcoin Season Trending - LINK, XTZ, BSTX, HBAR Gain Up to 120% in 24h
On Wednesday, February 12, 2020, the overall market cap of all 5,000+ digital assets surpassed $300 billion.

Chainlink (LINK)

On February 12, LINK has gained 13.4%, and for the last seven days is up over 47%. Each unit is swapping for $4.19 and there’s $1.4 billion in reported chainlink trade volume today. However, “real volume” statistics from Messari.io shows there’s only $163 million LINK trades on Wednesday. Because chainlink came out recently it has already spiked to an all-time high (ATH) of $4.36 which is only 5% higher than the current spot market price.

Tether (USDT) captures the most LINK trades with 42% of global trade volume which is followed by BTC at 33%. This is followed by USD (15%), ETH (5.4%), KRW (1.7%), and TUSD (0.79%). The Chainlink project recently partnered with the Swipe wallet application and card platform. Gemini Custody also announced that the firm has added support for LINK.

Altcoin Season Close – LINK, XTZ Heat Up With Over 700% in 12 Months
Chainlink (LINK) price on Wednesday, February 12, 2020. LINK has gained 871% against USD during the last year.

Tezos (XTZ)

Tezos (XTZ) is another blockchain network linked to a digital token that has jumped considerably in value over the last week. At press time, XTZ is up more than 20% and it’s up 51% for the week. Reported trade volume shows there’s $173 million of XTZ trades today but “real volume” data shows it’s roughly around $125 million. Despite being up over 50% for the last seven days, XTZ is still down 75% from its $11.20 ATH. On Wednesday, the asset is trading for $3.30 per XTZ and the currency is up over 748% during the last 12 months.

Unlike many other coins losing against BTC, XTZ is up 196% against BTC as well. The most traded pair with tezos today is tether (USDT) which captures 35% of all XTZ trades. This is followed by BTC (35%), USD (23%), EUR (2.6%), and KRW (1%). Tezos hasn’t seen any crazy news updates that would justify the surge XTZ markets have seen, but the cryptocurrency’s staking yield is fairly decent with an annualized yield of 6.9%.

Altcoin Season Close – LINK, XTZ Heat Up With Over 700% in 12 Months
Tezos (XTZ) price on Wednesday, February 12, 2020. XTZ has gained 747% against USD during the last year.

Blockstack (STX)

Lastly, Blockstack’s SEC approved project and coin has been doing well during the last two weeks. Blockstack (STX or BSTX) is up over 44% on February 12 and it’s trading for $0.22 per unit. According to Messari.io, STX has a reported trade volume of around $15.7 million and “real volume” statistics are exactly the same. Only a few currencies are paired against STX which include BTC (67%), USDT (29%), and BNB (2.8%). STX is a fairly new market with no recorded ATH, and no year-over-year price history yet.

Altcoin Season Close – LINK, XTZ Heat Up With Over 700% in 12 Months
Blockstack (STX) price on Wednesday, February 12, 2020. STX is fairly new and there are no annual percentages for this token yet.

Blockstack has been in the news for announcing that node operators would be rewarded in BTC. However, the project has been scrutinized by publications such as The Block for its alleged key milestone of 1 million verified users. This figure has been questioned by journalists and the topic has been discussed widely on social media. Because the project touched the milestone it unlocked investor funds that can be used to further development.

A few other notable forerunners today include hedera hashgraph (HBAR) which has jumped over 120% in the last 24 hours. Sophiatx (SPHTX) is up 171%, vite (VITE) gained 77% and omnitude (ECOM) climbed 43% this Wednesday. A number of traders and analysts are already stating that crypto markets have turned bullish and some believe we are seeing the infamous “altcoin season.” Meanwhile, while these speculators say this time around is different, other analysts point to the bullish markets that took place in June and followed with a bearish downtrend. It’s going to take a lot more movement to convince these skeptics that an altcoin season is here or that the bulls have gained full control over the cryptoconomy.

What do you think about the cryptoconomy’s current action? What do you think about these three cryptocurrencies and the price movements this week? Let us know what you think about this subject in the comments section below.

Disclaimer: Price articles and market updates are intended for informational purposes only and should not be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.” Cryptocurrency prices referenced in this article were recorded on Feb. 12, 2020, at 11 a.m. ET.


Image credits: Shutterstock, Markets.Bitcoin.com, Trading View, Fair Use, Twitter, and Pixabay.


Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

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Bitpay Partnership With Poynt Enables Crypto Payments at 100,000 Point-of-Sale Devices

Bitpay Partnership With Poynt Enables Crypto Payments at 100,000 Point-of-Sale Devices

On February 11, the Atlanta-based payment processor Bitpay announced the firm’s recent partnership with the company Poynt. Now retailers will be able to support cryptocurrency payments using point-of-sale devices and crypto users will be able to pay with digital currencies at more than 100,000 Poynt retailers worldwide.

Also Read: Ethereum vs Tron: Comparing Data, Defi and Stablecoins from Both Chains After Viral Tweet

Crypto Payments Available at 100,000 Poynt Retailers

Bitpay has revealed the company is collaborating with the open commerce platform Poynt in order to bolster crypto payments worldwide. On Tuesday, Bitpay announced the integration of BitPay’s cryptocurrency payments service with Poynt’s Smart Terminal point-of-sale (PoS) devices. “With just the scan of a QR code at checkout, consumers can now pay merchants using Poynt’s devices with the currency of their choice, including bitcoin, bitcoin cash, ethereum, and three dollar-pegged stablecoins,” the firm disclosed. Bitpay already processes over a billion dollars in crypto payments every year and the firm’s CEO and cofounder Stephen Pair is excited about expanding with the new partnership.

“We’re thrilled to team up with Poynt, who’s proven to be a real driver of point of sale innovation,” Pair noted during the announcement. “It’s a massive growth opportunity for Bitpay and an important milestone in our now nine-year mission to make payments faster, more secure and less expensive for people and businesses.”

The Poynt point-of-sale (PoS) smart terminal.

Poynt Believes Crypto Will Help Expand the Firm’s Growth

Poynt is known for building it’s Smart Terminal PoS device that works with an app and can “easily email receipts, refund transactions, and settle with the tap of a button.” Devices have a hybrid MSR/chip reader and the machine supports major NFC/contactless schemes. It also has a front and back camera like a smartphone and connects to WiFi, with optional features like LTE/3G cellular modem support as well. Poynt PoS devices further support audio and they come with a stereo speaker and built-in microphone. The firm thinks expanding payment options to include digital currencies is simply a natural progression.

“Poynt was built on the idea of open commerce,” the company’s founder and CEO Osama Bedier said. “Poynt OS lays the foundation for developers and merchants to collaborate and drive limitless growth. The addition of open-source, decentralized currencies like Bitcoin is a natural fit in our open-commerce environment.”

Bitpay and Poynt’s partnership enables cryptocurrency payments at point-of-sale at 100,000 locations worldwide.

According to Bedier, Poynt recently touched a milestone of nine billion dollars in gross payment volume in a twelve-month period. The open commerce firm believes expanding to crypto payments will keep that trend going forward.

What do you think about Bitpay partnering with Poynt’s open commerce infrastructure? Let us know what you think about this subject in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Image credits: Shutterstock, Poynt, Bitpay, Fair Use, Wiki Commons, and Pixabay.


Did you know Bitcoin.com offers a slew of merchant solutions for online retailers to brick-and-mortar shops? Check out the web portal bitcoin.com/merchant-solutions and start accepting bitcoin cash (BCH) today.

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