Amaury Séchet Proposes New Bitcoin Cash Address Format for January 14

Amaury Séchet Proposes Bitcoin Cash Address Format for January 14

This week, the lead developer for Bitcoin ABC, Amaury Séchet, sent out a proposal via the developer’s mailing list to upgrade the address format for the Bitcoin Cash (BCH) network. Séchet says the need to change the address format is “pressing” and the developer suggests aiming for deployment around January 14, 2018.

Also read: Meet the New Bitcoin Cash P2P Exchange Localbitcoincash.org

Bitcoin ABC Developer Amaury Séchet Proposes New Bitcoin Cash Address Format

Amaury Séchet Proposes Bitcoin Cash Address Format for January 14Back in October, news.Bitcoin.com reported on BCH developers discussing a change to the network’s current address format. Right now, there have been issues with people sending BCH to BTC addresses or vice versa; making the mistakenly sent funds unspendable. Bitcoin ABC’s lead developer, Amaury Séchet, has announced proposing to fix this problem after the new year with a new address format called the “Cashaddr format.” The protocol is based on work designed by Rusty Russel – who helped configure the format from a codebase called “bech32,” proposed by bitcoin developer Pieter Wuille.

“Bitcoin Cash has been in need for a new address format for quite some time — There is an immediate problem as people mistakenly send BCH to BTC address and vice versa, which is made worse by the fact that Segwit on the BTC chain had the brilliant idea to leverage outputs that anyone can spend, which make the recovery of the funds delicate on the Bitcoin Cash chain,” Séchet’s proposal explains.

While the problem of funds sent on the wrong chain is pressing, there are other reasons we need to update the address format. It is imperative that the chosen standard for Bitcoin Cash address the various issues present in the current address format as we cannot change addresses every other Tuesday.   

Séchet: ‘We Aim for Deployment Around January 14’

Séchet details that the Cashaddr format utilizes a strong checksum which ensures detection of up to 6 errors in an address and 8 in a ‘burst.’ The format also functions better with QR codes and allows the use of the alphanumeric mode. “It is also much faster to encode and decode than the previous format, which is important for a system having to handle a large number of addresses,” Séchet emphasizes.

The Bitcoin ABC programmer explains that there’s a need to reduce address confusion and he believes it is necessary to deploy the upgrade soon.

“Deploying such a change on the network will take some time for all wallets, exchanges and merchants to upgrade,” Séchet notes. “Christmas and the new year is coming soon, and nobody wants to do such an upgrade during this time.”  

As a result, I propose we aim for deployment around January 14, 2018. This leaves two months for everybody to get ready which I think is reasonable. Delaying further would push us into the Chinese new year territory, which is also undesirable.

Openbazaar Developer: ‘It’s Not a Protocol Change’

Currently, the community seems optimistic about Séchet’s suggestion, but some seem confused to whether or not the upgrade is a protocol change. Openbazaar developer, Chris Pacia, explains to BCH supporters that it does not require a hard fork.

“It’s not a protocol change — It’s a change to the address serialization,” explains Pacia. “Obviously you only want to use a wallet that uses the new address type if other wallets understand it and are capable of paying to it. It’s kind of one of those things where everyone should upgrade around the same time to avoid segmentation,” the developer concludes.

What do you think about the Bitcoin Cash network changing its address format? Let us know in the comments below.


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Tim Draper Predicts Using Fiat Currencies in Five Years Will Be Laughable

Tim Draper Predicts Using Fiat Currencies in Five Years Will Be Laughable

After making a prediction that bitcoin would be $10K by 2018, the American venture capitalist, Tim Draper, is still bullish about cryptocurrencies. In fact, Draper believes digital assets like bitcoin will be so prominent that using fiat currencies in five years will be considered laughable.

Also Read: The World’s Largest FX Exchange Hopes to Tame Bitcoin Volatility 

Tim Draper: “In Five Years Bitcoin Will Be So Relevant There Will Be No Reason to Use Fiat Currencies”

Tim Draper Predicts Using Fiat Currencies in Five Years Will Be LaughableBack in 2016, news.Bitcoin.com reported on Tim Draper’s 2014 prediction that bitcoin would reach $10K per BTC in 2018, and at the time it didn’t look possible. Now as 2018 approaches with less than two months left, bitcoin’s price is very close to that region touching $7,500 per bitcoin during the first week of November. Draper is well known for being very optimistic about the future of cryptocurrencies by investing in many digital currency startups, and purchasing $20M worth of bitcoin in the 2014 Silk Road government auction. Now Draper tells the tech journalist, John Koetsier, at this year’s Web Summit — Cryptocurrencies will be the future of money.

“In five years, if you try to use fiat currency they will laugh at you,” Draper explains at the 2017 Web Summit.

Bitcoin and other cryptocurrencies will be so relevant — there will be no reason to have the fiat currencies.

Tim Draper Predicts Using Fiat Currencies in Five Years Will Be Laughable

Draper Rakes In a $200M Profit from the Silk Road Auction

Draper’s 2014 Silk Road (SR) purchase of 30,000 BTC back in 2014 had confirmed the venture capitalist was a big believer, even when bitcoin’s markets were quite bearish that year. At the time, Draper’s SR bitcoins were purchased for a touch under $20M using 2014 spot prices. Draper’s crypto-hoard is worth $223M at today’s prices, giving the investor over $203M in gains in less than three years.      

In the Future Draper Believes Cryptocurrencies Will Interrelate, but the Tech Needs to be Simplified

Draper details at the Web Summit that he envisions digital assets will become superior “transfer agents and stores of value.” Even with a thousand bitcoin clones, Draper believes quite a few of them will work together in the future, but if cryptocurrencies don’t become more simplified, they may not get adopted.

“They are all [Cryptocurrencies] going to interrelate, and there will be exchange rates for all of them,” Draper emphasizes.

My guess is that it will centralize around a wallet that you have, and when you pay for that Starbucks, your wallet will optimize to whichever currency has most value — If it doesn’t get simplified it won’t get adopted — good marketing people will simplify all use of these things.

Draper also believes there may even be coins based on individuals, and some that put “value on our time and attention.” The investor has always had a firm conviction towards his predictions, as Draper even wagered $400K that bitcoin would rebound after 2014’s slump. The venture capitalist’s wild-eyed forecasts seem a touch more believable these days as bitcoin’s market cap is only $45B away from reaching his 2014 outlook.    

What do you think about Tim Draper’s predictions? Do you think he’s right that fiat currencies will be irrelevant and laughable in five years? Let us know what you think in the comments below.


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Openbazaar Sees a Variety of New Vendors After Privacy Enhancements

Openbazaar Sees a Variety of New Vendors After Privacy Enhancements

This past September the cryptocurrency-based decentralized marketplace, Openbazaar, launched its 2.0 platform with a slew of new features. Now a couple of months later, the marketplace seems to be seeing some significant growth as vendors from Darknet markets are starting to flock to the protocol’s benefits.

Also Read: Increased South African Bitcoin Adoption Highlights Need For Taxation Clarity 

Privacy Enhancements Give Openbazaar a Boost

Openbazaar Sees a Variety of New Vendors After Privacy EnhancementsThis week news.Bitcoin.com took a tour through the search listings held on the Openbazaar 2.0 platform. The new version has three search engines including OB1, Duo, and Raw Flood which give users more depth while searching for products using Openbazaar. In addition to the improved search features, the platform now utilizes the Tor browser, has a native bitcoin wallet, Shapeshift integration, and offline stores. Just by visiting Openbazaar a user can see that these attributes have increased the amount of vendors and users exponentially, as there are more products to peruse than a just a few months ago.

In fact, the offline stores and Tor integration have also attracted Darknet Market (DNM) vendors as well. These vendors are starting to believe using Tor over Openbazaar helps mask a user’s identity, while the Interplanetary File System (IPFS) protocol keeps stores available 24-7. On the Reddit forum /r/darknetmarkets, many users detail in a long thread that selling illicit products through Openbazaar by using Tor and VPNs is working as intended.

“We had our first sale today and were able to withdraw the money with no issues at all — The system is very smooth and easy to use,” explains a DNM vendor.

Serving Patrons from Both Black and White Markets

News.bitcoin.com decided to see how many listings we could find where people were selling illicit goods like cannabis. A search on DUO reveals there are 350 cannabis listings selling the actual flower, oil, and other marijuana accessories. Roughly a third of the cannabis listings are actually selling the drug online for a variety of different prices. There are other narcotics available like Kratom powder, Opium seeds, Molly (MDMA), Psilocybin, and a few designer drug listings as well.

Openbazaar Sees a Variety of New Vendors After Privacy Enhancements
Cannabis products are becoming pretty popular on Openbazaar 2.0.

Openbazaar definitely doesn’t have as many black market listings like centralized DNMs such as Dream, Libertas, and the Wall Street Market. Further, the decentralized market has a lot of legal products for sale too including socks, stickers, comic books, DVDs, cookies, Nintendo games, iPhones, Opendimes, Trezors and more. The sales and transaction history is way more advanced than the previous version, including dispute resolution data as well.

Openbazaar Sees a Variety of New Vendors After Privacy Enhancements
Openbazaar has a wide range of white market products for sale as well.

A Few Software Quirks, But a Whole Lot More Action

Using the platform, news.Bitcoin.com noticed every now an then there’s an error running Tor, and the search query for listings fails. Additionally, some users might not like the high fee estimation for the platform’s native wallet, but users can change the fee settings from “priority to economic” if they believe the fees are too much.

Besides a few initial software quirks, there’s a whole lot more action happening on the Openbazaar platform with more products, services, and vendors since our last review of the startup’s 1.0 platform. Additionally, those who enjoy chemical calisthenics might find what they’re looking for using Openbazaar’s improved search feature.

Have you visited Openbazaar since 2.0 was released? What do you think about the decentralized marketplace? What do you think about the platform attracting black market vendors? Let us know what you think in the comments below.

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Readers should do their own due diligence before taking any actions related to the mentioned company or any of its affiliates or services. Bitcoin.com is not 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.


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Markets Update: Bitcoin Price Took A Dive After Breaching New Highs

Markets Update: Bitcoin Price Free-Falls After Breaching New Highs

The price of bitcoin dived on November 6 after reaching an all-time high of $7,590 across global exchanges. The decentralized currency’s value dropped to the $6,950-7,000 range. At the moment, the cryptocurrency’s market is consolidating above the $7K territory after the late afternoon sell-off.

Also Read: This Developer is Bringing Atomic Swaps to the Bitcoin Cash Network

Bitcoin’s Meteoric Price Rally Hits the Brakes

What a difference a day can make in the land of bitcoin markets. Yesterday on November 5 bitcoin reached an all-time high (ATH) $7,590, but has since taken a 7 percent loss on November 6 which started around 1 pm EDT. Bitcoin’s market capitalization has shaved off a few billion as BTC currently commands a little over $116B. Even though bitcoin’s price corrected a touch, trade volume is exponentially high as there’s been over $3B worth of 24-hour global trade volume during each day of the week. Since the slump bitcoin’s market share dominance compared to all the other crypto-assets is still above 60 percent, but it may not last if the price drops further. Every cryptocurrency throughout the top fifteen highest crypto-caps, other than bitcoin (BTC), is in the green and up 2-15 percent.

The first week of November belongs to the Japanese yen again as far as capturing the leading bitcoin volume by currency. The yen is followed by the USD, KRW, EUR, and BGP capturing the most bitcoin trade volume right now. The top five exchanges by volume on November 6 are Bitfinex, Bitflyer, Bithumb, GDAX, and Bitstamp.     

Technical Indicators

Markets Update: Bitcoin Price Free-Falls After Breaching New HighsCurrently, bitcoin markets are trying to consolidate in the $7K-7,150 region, but bearish sentiment has set in as the currency lost $500+ in the last 6-hours. A few days ago oscillators had shown a few slight pullbacks were taking place as bulls started feeling some exhaustion. At the moment buyers have stepped away to gain new positions after last week’s meteoric rise. Even though bitcoin markets had dropped a solid eight legs down, the 100 Simple Moving Average (SMA) is still holding above the long-term 200 SMA. Basically, this means bulls are taking a temporary rest, and the upswing will continue after some short-term consolidation.  

Stochastic has been heading south, confirming overbought conditions, but at the moment the Relative Strength Index (RSI) is meandering sideways. Order books show some foundations in the $6,800-6,900 range if bears pull markets down more. Additionally, looking at the other side order books reveal some resistance again at $7,400-7,550, but the biggest wall is $8K. Bitcoin prices could easily spike back to newer ATHs and above the $8K zone before the fork, but a correction in the meantime was to be expected.

Markets Update: Bitcoin Price Free-Falls After Breaching New Highs

Hard Forks & Futures

Bitcoin markets have already been experiencing some nice swings back and forth. Cryptocurrency proponents are steadily preparing for the upcoming Segwit2x fork which hasn’t affected the market negatively so far. Just like the August 1 bitcoin cash hard fork, the price is actually seeing some more significant buy pressure. Another thing that may be helping the price is CME Group’s recent bitcoin futures markets announcement. According to CME, the BTC futures exchange will be launching on November 14. Being the largest FX exchange worldwide CME’s new exchange has brought some optimism that bitcoin is being embraced by the mainstream.

Moreover, the notorious Goldman Sachs markets team ‘Elliott Wave Theorist,’ Sheba Jafari, has some more predictions up her sleeve. Jafari sees a target of $7,941 according to her weekend notes meant for private investors. The analyst has become well known because she has seen some of her forecasts come true while other times she’s been way off the radar. After the $7,900s Jafari notes some consolidation will take place “before continuing higher.” 

Markets Update: Bitcoin Price Free-Falls After Breaching New Highs
Goldman Sachs’ ‘Elliott Wave Theorist,’ Sheba Jafari, sees some higher peaks in the short term.

The Verdict

Even though bitcoin markets dropped, traders seem relatively positive and enthusiastic right now. A good amount of traders believe the price could spike past the $8K region before the fork, but no one knows what will happen to markets during or after the Segwit2x. For the next 8-10 days, market enthusiasm will likely override uncertainty, but it might not last after that vantage point.

Bear Scenario: If a sell-off continues to capture the market then we could see a low around $6,800-6,900. Breaking those two key zones with added panic-selling prices could see prices between $6,600-6,700, but it doesn’t look likely. Bearish sentiment is gripping the market at the moment, but it seems like a temporary pullback.   

Bull Scenario: Once again bulls are playing musical chairs to find better positions during the sell-off. Price should jump again after some consolidation above the $7K zone. Prices close to or above $8K before the fork are still in the cards, and we could see wide price ranges between $7,700-8,200. Fibonacci trendlines at 61.8 percent show an upward rally towards $8,200 is possible pre-fork.

Where do you see the price of bitcoin heading from here? Let us know in the comments below.

Disclaimer: Bitcoin price articles and markets updates are intended for informational purposes only and should not to 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.”


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This Developer is Bringing Atomic Swaps to the Bitcoin Cash Network

This Developer is Bringing Atomic Swaps to the Bitcoin Cash Network

Atomic swaps between blockchains have become a hot topic that has sparked a lot of interest due to the decentralized nature of the exchange process. This week a developer that goes by the name of “Deswurstes” or “MCCCS” has accomplished a successful bitcoin cash atomic swap test.

Also Read: Uruguay to Launch Digital Currency, “Not Bitcoin” it Stresses

Introducing Bitcoin Cash to the Atomic Swap Protocol

This Developer is Bringing Atomic Swaps to the Bitcoin Cash NetworkOn November 4, bitcoin cash (BCC) was tested using the Decred/atomic swap protocol by a developer named Deswurstes. The atomic swap Github pull request #37 states, “the first Bitcoin Cash atomic swap has been made! — Proof at the end of this pull request.” Deswurstes says he’s been interested in the scaling debate since mid-2016 and has been a bitcoin fanatic (as a small scale miner/holder, not a developer) since then. The test is one of the developer’s first contributions using the bitcoin cash code, and he plans to design friendlier-looking software to allow users to use it more efficiently.

“Atomic swaps are interesting topics, and there are many alt-to-alt exchanges, but none of them are safe; there’s nothing that prevents the exchange from stealing your money,” Deswurstes explains to news.Bitcoin.com.

When I found atomic swaps, it looked like magic to me. I thought it’d be cool if bitcoin cash had this feature. First I asked its developers if they were going to implement bitcoin cash support, but they were busy. One or two weeks later, I tried and succeeded in coding my atomic swap dream.

‘In the Future, All Altcoin-to-Altcoin Atomic Swaps Will be Instant’

The developer’s first test was a bitcoin cash-to-bitcoin cash atomic swap contract. He tested it like this because it enabled him to debug both initiate and participate commands at the same time, and each time he got closer to the working software. “Currently the software works awesome, however, it doesn’t have dynamic fee support,” Deswurstes explains to news.Bitcoin.com. “The command that makes the node software choose inputs for the transaction (fundrawtransaction) has different syntaxes in different node software.”

Deswurstes says now, people can make trustless bitcoin cash payments, but the process of compiling the software and typing commands in the command prompt is complicated for average users. “When trustless, decentralized exchanges that have order matching come with good UIs, the atomic swap will replace the current exchanges — Especially BCC-BTC will have high volume,” the programmer explains.

In the future, all alt-to-alt atomic swaps will be instant — People will be trading BTC and BCC, which’ll be the highest volume trade, in a few seconds.

This Developer Aims to Bring Atomic Swaps to the Bitcoin Cash Network

Cryptocurrency Exchanges Will Have to Utilize Atomic Swaps, or No One Will Use Them

Deswurstes believes atomic swaps just need a good user interface (UI), and after a nice looking and easy to use UI is implemented there’s nothing that can prevent everyone from using atomic swaps, the developer explains. At the moment Deswurstes notes there are two startups working on friendlier atomic swap UI’s including Barterdex, and Altcoin.io.

“One day, all of the alt-to-alt exchanges will use atomic swaps, because of its safeness and it will be as convenient as the old style trades. There’s no reason for them not to use atomic swaps If they won’t, their users will no longer use them,” Deswurstes concludes.

What do you think about implementing atomic swap processes with bitcoin cash? Let us know what you think in the comments below.


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Grayscale Investments Plans to Sell GBTC-Based Bitcoin Cash Reserves

Grayscale Investments Plans to Sell GBTC-Based Bitcoin Cash Reserves

Just recently the sponsor of the Bitcoin Investment Trust (OTCQX: GBTC), Grayscale Investments, has announced its plans for the bitcoin cash (BCH) reserves the trust is currently holding. According to Grayscale, the BCH will be sold over time, and a remittance date for shareholder proceeds will be announced upon completion of the sales.

Also read: New To Bitcoin? Welcome! Here’s How To Take Those First Steps

Grayscale to Sell Bitcoin Cash Reserves Currently Held by the Investment Trust

Grayscale Investments Plans to Sell GBTC-Based Bitcoin Cash ReservesTwo months ago news.Bitcoin.com reported on the firm Grayscale contemplating what it would do with the bitcoin cash reserves it received from the August hard fork. At the time the trust’s sponsor detailed it might create a separate trust for BCH or sell the reserves and credit shareholders. The trustee’s agent will sell the BCH over a period of time that will not exceed 90 days, explains the firm.

“[The agent] will remit the cash proceeds from such sale, net of any administrative and other reasonable expenses incurred by the agent in connection therewith, to record date shareholders upon completion of the sale,” explains Grayscale Investments plan for bitcoin cash reserves.        

The agent will thereafter sell the bitcoin cash over a period of time, currently not expected to exceed 90 days, and remit the cash proceeds from such sale, net of any administrative and other reasonable expenses incurred by the agent in connection therewith, to record date Shareholders upon completion of the sale.

Grayscale Investments Plans to Sell GBTC-Based Bitcoin Cash Reserves
Following bitcoin’s meteoric rise GBTC shares have been on a tear all year long. Investors have been curious about how GBTC would distribute BCH. 

BCH Sale Prices Difficult for the Trustee to Determine

The New York-based digital currency investment firm explains that BCH is traded throughout multiple exchanges, and with the asset’s volatile price it’s not possible to predict the value of BCH for distribution yet. Grayscale details that BCH/USD markets reported intra-day price ranges between $310-340 per token or their equivalents measured in other cryptocurrencies. However, today’s intra-day ranges on November 4 have seen BCH between $600-650 per token as the cryptocurrency has been on a tear since Grayscale’s observation.

“There is no assurance that prices in this range (before deduction of expenses) would have been realizable had the bitcoin cash currently held in the trust been liquidated on such date,” Grayscale’s announcement details.

As a result, there can be no assurance as to the price or prices for Bitcoin Cash that the Agent may realize, and the value of Bitcoin Cash may increase or decrease after any sale of Bitcoin Cash by the Agent.

The GBTC bitcoin-based trust created in 2013 has been a popular mainstream investment model for those looking for bitcoin exposure. Many of GBTC’s shareholders have been curious to how Grayscale and the GBTC fund would handle the BCH distribution or credit for the token’s associated sales. Grayscale reminds its investors that, after the completed sales on the recorded dates, shareholders should consult their tax attorneys or accountants to avoid auditing implications. 

What do you think about Grayscale selling bitcoin cash reserves and crediting shareholders? Why do you think they chose to sell rather than creating a separate BCH trust? Let us know what you think in the comments below.


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Software Wars: Segwit2x Uncertainty and the Casting of Miner Votes

Software Wars: Segwit2x Uncertainty and the Casting of Miner Votes

Just recently news.Bitcoin.com reported on the Segwit2x lead developer Jeff Garzik detailing that the upcoming fork was “still full steam ahead.” Lately, bitcoin proponents from both sides of the scaling debate have been bickering quite a bit, and now many businesses and individuals are either declaring their Segwit2x support or distancing themselves from the project.

Also readHow Coinbase’s GDAX Intends to Evaluate Digital Assets for Exchange Listing

The Wallet Provider Bitgo Reveals Its Contingency Plans

Software Wars: Segwit2x Uncertainty and the Casting of Miner VotesThe upcoming Segwit2x hard fork has been the ‘talk of the town’ among cryptocurrency enthusiasts everywhere. As the event approaches, many crypto-luminaries and bitcoin-based organizations have been letting the public know where they stand concerning this consensus change. This week the startup Bitgo revealed its contingency plans for the approaching Segwit2x fork slated to happen at block height 494784.

“The difficulty for wallet providers handling the Segwit2x upgrade is that it does not provide an ability to safely send transactions onto only one side of the forked chain,” explains Mike Belshe co-founder and CEO of Bitgo. “To ensure safe spending of coins, Bitgo will build infrastructure to isolate each transaction and direct it to only one chain — Everyone at Bitgo very much would like to see one chain emerge after the fork — Although there is much debate within the community right now about how the fork will play out, we are prepared for any result.”

Bitgo will be supporting the most viable chain as quickly as possible (based primarily on market price), and will support the minority chain a few weeks thereafter. Although this process will likely take a few days to settle, all Bitgo customers should feel safe that value from both coins will be preserved and made available to them.

Individuals Distancing Themselves from Segwit2x

Software Wars: Segwit2x Uncertainty and the Casting of Votes
Openbazaar’s Brian Hoffman no longer believes Segwit2x is a reality.

Following the announcement from Bitgo, two individuals who previously supported Segwit2x have decided to distance themselves from the project. Just recently the founder and CEO of Openbazaar (OB), Brian Hoffman, told his Twitter followers he doesn’t believe in Segwit2x anymore. The OB founder also wrote a blog post about his decision, detailing why he supported the fork initially and why he changed his mind.

“I supported Segwit2x is because I hoped that by making Segwit a reality that we could somehow bring a fractured Bitcoin community tighter together when it needed it most,” explains Hoffman’s post.

I was wrong — I no longer feel this is a reality.

Software Wars: Segwit2x Uncertainty and the Casting of Votes
Vinny Lingham claims he’s received “death threats” for supporting Segwit2x.

Another well-known bitcoin luminary that has decided to distance himself from Segwit2x project is Vinny Lingham. Lingham’s public announcement was a bit more disturbing as the entrepreneur claims that he received “death threats” for supporting the fork. The Civic founder and bitcoin investor Lingham tells his 65,000 Twitter followers:  

In light of the recent death threats that I have received, I realize that Segwit2x is a bad idea and I publicly revoke my support for it.

The Segwit2x Mailing List Drama

Software Wars: Segwit2x Uncertainty and the Casting of Votes
Bitso’s Daniel Vogel.

On the Segwit2x mailing list for developers, the quarreling and debates are just as bad as in social media. Bitso’s Daniel Vogel explains that he thinks Segwit2x support is faltering with miners like F2 Pool, Slush, Viabtc and others saying they may not mine the fork. “When do we stop and rethink When we get to less than 50% hashing power?” asks Vogel. “Whether this failure is the fault of some loudmouths in twitter, some trolls in Reddit, or very opinionated and principled engineers and scientists is irrelevant What’s relevant is that NYA has failed to bring the community together and provide a safe mechanism to upgrade Bitcoin as it had intended to do.”

However, many Segwit2x supporters on the mailing list are very confident miners will see Segwit2x through, just as they did this past summer with Segregated Witness. One developer writes in response to Vogel’s statements that there’s not much to do but sit back and wait for block 494784.

This is why we are here Bitcoin Core is outdated and non-scalable code because the developers are incompetent or have their own secret agenda they won’t share with investors which is a federal crime similar to insider trading.

Spectators Wait for Miners to Cast Their Votes

There are a lot more arguments taking place on the developer mailing list, and lots of individuals are expressing their opinions. The question everyone wants to know is; whether or not developer mailing lists, Twitter polls, and Reddit forums really mean anything. The fact is many people believe the mining community will be the next in line to cast their votes, and some of these bitcoin proponents think hashrate voting is all that truly matters.

What do you think about the upcoming fork and statements from Bitgo, Brian Hoffman, and Vinny Lingham? Do you agree with Bitso’s Daniel Vogel or do you think Bitcoin Core is “outdated?” Let us know what you think in the comments below.


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BTCC Founder Bobby Lee: “Segwit2x Feature Is an Upgrade”

BTCC Founder Bobby Lee: "Segwit2x Feature Is an Upgrade"

This week Bobby Lee, the chief executive officer of the Chinese cryptocurrency exchange BTCC, held an Ask-Me-Anything (AMA) with bitcoin traders on the Reddit forum /r/bitcoinmarkets. During the AMA the conversation participants focused in on the Segwit2x hard fork set to activate on or around November 16.

Also read: SPV Wallet Bread Lets Users Decide During the Segwit2x Hard Fork

BTCC Will Follow the Most Accumulated Hashing Power Which Produces the Longest Valid Blockchain

BTCC Founder Bobby Lee: "Segwit2x Feature Is an Upgrade"According to Bobby Lee’s most recent AMA, the Chinese exchange founder says that the pending Segwit2x fork is an “upgrade” and the Bitcoin network’s consensus rules will change this time around. Lee details that if more than one chain survives, and the minority chain has demand, BTCC will support the forked protocol just as it has done with altcoins earlier this year. Recently BTCC just started altcoin mining and started with litecoin, and the pool will soon mine bitcoin cash as well, Lee reveals.

“In the future, if the Bitcoin Core Legacy (BCL) chain survives, we will consider providing BTCC Pool support for that based on market demand,” explains Lee during his AMA. “This time, in mid-November, bitcoin is expected to upgrade its consensus rules, just as it has done so many times over the past nine years.”

The upcoming Segwit2x feature is an upgrade to Bitcoin, and yes, there is a change in consensus rules this time. Per bitcoin rules, bitcoin will continue to be the chain that has the most accumulated hashing power and produces the longest valid blockchain.

Segwit2x Will be a Good Test

Lee and BTCC’s perspective of the situation share the same view as Coinbase, Bitpay, Xapo and other businesses by choosing to follow the most accumulated hashrate. Lee says the reason he likes bitcoin so much is because there is a “balance of power — no one group has absolute power.” Further, Lee digresses that there is no mathematical certainty or exact measurement of how much power each group has, and he believes this fork will be a good test.

“The upcoming bitcoin upgrade (NYA, Segwit2x) is a good test to see if the bitcoin community can move forward when only a subset of all the groups decide to move on to an upgrade of bitcoin,” the BTCC founder details. “It’s unfortunate that this upgrade is not fully supported by all groups.”

BTCC Founder’s Brother Charlie Lee Disagrees

Following Lee’s AMA discussion his brother, and the creator of litecoin, Charlie Lee, wasn’t too happy with his sibling’s statements.

BTCC Founder Bobby Lee: "Segwit2x Feature Is an Upgrade"

The litecoin creator is a very vocal “NO2x” supporter and has been against the upcoming hard fork. After the AMA Charlie Lee tweets this response to his brother stating:

Extremely lame Bobby Lee. Bitcoin (BTC) is not an altcoin. I have explained to you multiple times that miners don’t decide consensus.

Bobby Lee seemed confident about his company’s decision throughout the AMA and did not respond to his brother over Twitter.   

“We are committed to the New York Agreement (NYA), and will proceed with the bitcoin network upgrade in mid-November,” emphasizes the CEO of BTCC.

What do you think about Bobby Lee’s statements about Segwit2x? Do you agree with him or do you agree with his brother Charlie Lee? Let us know what you think in the comments below.


Images via BTCC, Pixabay, and Twitter.


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Bitcoin Price Captures Another All-Time High Surpassing $6,400

Bitcoin Price Captures Another All-Time High Surpassing $6,400

The price of bitcoin has reached another all-time high this week touching an average of $6,420 across popular exchanges. The decentralized currency continues to rise upwards this year, the value of one bitcoin has climbed more than 500 percent in 2017.

Also Read: Extreme Cold Storage: A Fortress of Solitude for Bitcoins

The Decentralized Cryptocurrency Bitcoin Reaches Another All-Time High

2017 has become bitcoin’s year of consecutive all-time highs (ATH), and the currency’s value hasn’t slowed down yet. At press time, bitcoin traders have swapped over $2B in BTC trade volume over the course of the past 24-hours. Additionally, since the price surpassed the most recent $6,300 ATH, the bitcoin economy has added another $5B to its market capitalization. Since then the price has dropped a bit, and is currently hovering around the $6,320-6,360 range. Many people think that individuals are buying bitcoin at an exponential rate due to the upcoming Segwit2x forks. News.Bitcoin.com spoke with Crypto Compare’s Charles Hayter who believes the expectation of getting a 1:1 Segwit2x payout is driving a lot of demand.     

“This has led to the expectation that forks are a good thing as by hiving of fanatical elements progress can be driven forward more swiftly as well as the opportunity for private key holders to have stakes in both chains with their independent policies and tenets,” Hayter tells news.Bitcoin.com.

The result is demand buying bitcoin and price moves prior to the fork as participants clamour to claim their free money with Illiquid futures markets acting as proxy for value. The value depends on the community assessment of the veracity of the plan which often are marketing drives combined with overtures based around one key point.

Bitcoin Price Captures Another All-Time High Surpassing $6,400
The price per bitcoin reached an all-time high of $6,420 on October 31, 2017.

Last Month’s Demand Stemmed from Japan and the Previous Fork

Bitcoin Price Captures Another All-Time High Surpassing $6,400
Charles Hayter, founder of the cryptocurrency data site Crypto Compare.

The same situation took place during the Bitcoin Cash hard fork this past August which led to quite a bit of bitcoin trade volume and increased value. After the fork, bitcoin’s price remained stable and then continued to rise further a few days later. Additionally, Japan is bringing a lot of bitcoin demand to the table, as the yen is still dominating markets by 62 percent. Moreover, bitcoin enthusiasts also believe the bitcoin gold fork pushed BTC to its most recent $6,180 ATH.  

“The lure of free bitcoin gold is thought to have contributed to the recent rise to $6200,” Hayter emphasizes.

The capacity for the crypto-community to create value out of ‘thin air’ is well founded. The ability of Bitcoin forks certainly has a lifespan but investors, opportunists and the community will most likely lose their appetite for such hard forks as it is logical to focus innovation on one primary chain.

While Bitcoin’s Price Continues to Rise Altcoin Valuations Slump

Over the course of the next fifteen days until the fork, traders are forecasting the price to cross $7K or higher. At the moment, that prediction doesn’t seem too far off, but traders are fully aware that the aftermath of this specific fork could be entirely different than last August’s fork. Furthermore, the BTC rise has definitely affected altcoins who are not experiencing the traditional price spikes they usually get when BTC rallies. This confirms the theory that traders are dumping altcoins for BTC to get in on the possible 1:1 Segwit2x token distribution in two weeks.

What do you think about bitcoin’s price reaching yet another ATH? Let us know what you think in the comments below.


Images via Shutterstock, Bitstamp, and Charles Hayter. 


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Financial Tycoons and Celebrities Weigh in on Bitcoin

Financial Tycoons and Celebrities Weigh in on Bitcoin

Financial luminaries and celebrity types are talking about the bitcoin phenomenon quite a bit these days. While some of them are optimistic but hesitant, others believe the decentralized currency is a better system than gold or fiat.

Also Read: Extreme Cold Storage: A Fortress of Solitude for Bitcoins

Mark Cuban’s Guide to Getting Rich Includes a 10 Percent Bitcoin Investment

Financial Tycoons and Celebrities Weigh in on BitcoinThis past June news.Bitcoin.com reported on the billionaire entrepreneur Mark Cuban changing his tone about bitcoin after brushing off in the past. At the time Cuban told his millions of Twitter followers he just subscribed to “Inside Bitcoins, and you should too.” However, immediately after the statements Cuban started razzing bitcoin enthusiasts and said the decentralized currency was in a bubble. “I think it’s in a bubble — I just don’t know when or how much it corrects,” explained Cuban over Twitter.

Now the NBA team owner and host of the broadcast “Shark Tank” is telling people those who invest in bitcoin are true adventurers. This week in a Vanity Fair video called “Mark Cuban’s Guide to Getting Rich,” the investment tycoon states:   

If you’re a true adventurer and you really want to throw the Hail Mary, you might take 10 percent [of your savings] and put it in bitcoin or ethereum — But, if you do that, you’ve got to pretend you’ve already lost your money.  

The Famous Life Coach Tony Robbins Says Bitcoin Investment is Like Gambling in Vegas

Financial Tycoons and Celebrities Weigh in on BitcoinIn addition to Cuban’s recent ‘get rich’ video, the well-known speaker and life coach, Tony Robbins, spoke optimistically about bitcoin as well. However, Robbins also has his doubts about the cryptocurrency and likens the investment to winning big or losing hard in Las Vegas. Robbins is a fan of index funds and has a similar sentiment towards bitcoin like Cuban which is only invest what you can afford to lose.

“I look at [Bitcoin investment] like going to Vegas — As with gambling, you should only bet discretionary funds. Then a win is a big bonus, and a loss won’t hurt you financially,” explains Robbins. The life coach explains people should tell themselves:

I know it is just for fun that I’m investing, I know I could lose, this is Vegas.

Apple Co-Founder Steve Wozniak: ‘Bitcoin is Mathematical — It is More Legitimate Than Other Systems’

Financial Tycoons and Celebrities Weigh in on BitcoinThen this week the co-founder of Apple Computers, Steve Wozniak (Woz) told a crowd at this year’s Money 20/20 event that bitcoin is far better than precious metals like gold. Last June, Wozniak told CNBC he started investing and playing around with bitcoin back when it was $700 per BTC. At Money 20/20 this past weekend Wozniak told CNBC’s Deirdre Bosa that bitcoin is a mathematical concept and as a mathematician he finds bitcoin to be better than gold and fiat currencies. The computer scientist explains that entities like the U.S. Federal Reserve can print dollars out of thin air for any reason. With bitcoin things are different Wozniak explains at this year’s Las Vegas event, stating:   

There is a certain finite amount of bitcoin that can ever exist — And gold continues to get mined and mined and mined. Maybe there’s a finite amount of gold in the world — But Bitcoin is even more mathematical and regulated and nobody can change mathematics.

In 2017, bitcoin is increasingly becoming a trending topic, so celebrities and finance moguls flocking towards the technology in great number is not out of the ordinary. With positive statements coming from all types of luminaries it’s likely their millions of followers are hearing about bitcoin for the first time, and some of them are contemplating investing in the decentralized economy after hearing these words.

What do you think about these celebrities and tycoons statements towards the bitcoin phenomenon? Let us know in the comments below.


Images via Shutterstock, CNBC, University of San Francisco, and Business Insider. 


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