After Tripling in a Week Stellar Rockets into the Cryptocurrency Top 10

2018 is still in diapers and yet the cryptocurrency top 10 is already looking very different to last year. Gone are the likes of dash, replaced by coins that have never reached these heady heights before: tron and stellar. The latter peaked at number six this week after tripling in value in seven days from a low of 32 cents. Stellar now boasts a $13 billion market cap. After lying low for the first three years of its existence, stellar is riding high and attracting widespread media attention.

Also read: disables-new-user-registrationsbinance-exchange

From a Ripple to a Rocket

Stellar is described is an open-source project with a “distributed, hybrid blockchain”. It “exists to facilitate cross-asset transfers of value, including payments. The Stellar Network forms “an open, global financial network where all actors – be they people, payment networks, or banks – have equal access”. If that sounds a lot like Ripple, that’s because it is: Stellar is Ripple’s sibling, having been created by Ripple cofounder Jed McCaleb after he left the company. McCaleb is also famous for having sold Mt Gox to Mark Karpeles in 2011. Stellar was initially a fork of the Ripple protocol, before later being extensively rewritten.

Stellar now boasts a $13 billion market cap. After lying low for the first three years of its existence, stellar is riding high and attracting widespread media attention.

Lumens (XLM) are the currency that power the Stellar Network, which boasts transaction times of under five seconds. The network has a fixed inflation rate of 1% per year. Like Ripple, Stellar’s targets are financial institutions and corporations, and the company has already inked deals with IBM and Deloitte; the latter is classified as a partner. Stellar’s goal, like that of many cryptocurrencies, is to become the web’s go-to payment solution. Low fees and fast transaction times are its two biggest claims, although the same can be said of many altcoins.

Billions of Lumens Shining Bright

In 2017, 29 cryptocurrencies exceeded bitcoin’s 1,600% gains, and stellar was one of them. Its value has grown an astonishing 28,000% in the space of a year. In the past 24 hours, $800 million lumens were traded on exchanges. The token reached an all-time high of 90 cents this week and is currently trading for around 75 cents.

Stellar Rockets Into the Cryptocurrency Top 10 After Tripling in a WeekSome commenters see Ripple and Stellar as locked in a battle for supremacy, enacting their own version of Bitcoin Core vs Bitcoin Cash. Given the similarities between Ripple and Stellar, including their shared codebase, people, and target audience, these comparisons are inevitable. In terms of developing relationships with banks and other financial institutions, Ripple is streets ahead, but Stellar has the upper hand in other areas.

For one thing, it’s not hoarding 60% of the total supply to itself. Ripple, on the other hand, still holds 55 billion XRP. The total number of coins in existence on each network is very similar though, standing at 100 billion ripple and 103 billion stellar. 17.8 billion stellar are in circulation right now, two billion of which were awarded to Stripe in 2014 in exchange for a $3 million loan. If Stripe still has them, those lumens are now worth billions.

Despite Stellar’s interstellar ascent, not everyone is convinced by the cryptocurrency.

Stellar now boasts a $13 billion market cap. After lying low for the first three years of its existence, stellar is riding high and attracting widespread media attention.

How Centralized is Stellar?

Like Ripple, Stellar usesstellar-1068x1068ich have close ties to Stellar. As a consequence, stellar is not a true decentralized currency. Generally speaking, the closer a cryptocurrency is aligned with institutional investors, the more centralized it is by design. For what it is worth, Stellar is at least less centralized than Ripple.

It is debatable whether Stellar is worth its $13 billion market cap, but then the same could be said of many cryptocurrencies lurking in the top 10, including Ripple, Tron, and Cardano. In an irrational market, assets are worth whatever the next buyer’s willing to pay for them, and right now that figure is higher than the one before. If Ripple can become a $3 coin, there’s no reason why Stellar can’t continue on its rocket ride to infinity and beyond. After months of bitcoin dominance, altcoin season has returned, and it’s the penny stocks of the crypto world that are shining the brightest.

Which project do you prefer – Stellar or Ripple? Let us know in the comments section below.

Disables New User Registrations:Binance Exchange

Untitled-design-3-1068x1068Anyone still sitting on the fence and considering whether to jump on the runaway cryptocurrency train way wish to make a move, because another door just slammed shut, reducing the number of on-ramps. The popular Binance exchange is no longer accepting new traders.

Also Read: bittrex-wallets-are-taken-offline-as-companies-scramble-to-patch-the-intel-bug

No Binance For You

Binance Exchange Disables New User RegistrationsBinance exchange has announced today the immediate suspension of client registration. The company informed all prospective clients about an hour ago that: “Due to the overwhelming surge in popularity, Binance will have to temporarily disable new user registrations to allow for an infrastructure upgrade.”

The popular trading venue thus joins the growing list of major bitcoin exchanges no longer open for servicing new clients. As previously reported, CEX.IO, Bitfinex, and Bittrex have all announced similar difficulties with handling the massive influx of new business resulting in a halt of registrations. Other exchanges such as Kraken have also reported this situation is causing severe operational difficulties.

Binance Who?

Binance Exchange Disables New User RegistrationsFor anyone living under a rock for the past five months, Binance is the hottest cryptocurrency exchange at the moment. It recently proclaimed to have become the largest crypto trading venue in the world by volume with $2.8 billion traded daily, according to data from Coinmarketcap. The company also recently stated it reached 2.9 million users on the platform since its launch in July of 2017.

The Hong Kong based exchange has a global offering and supports multiple languages including English, Japanese, Chinese, Korean, Russian, Spanish, French and German. It also offers instant exchanging between 96 different cryptocurrencies and bitcoin, ethereum, tether (USDT) and its own native BNB token.

While the team behind Binance attribute its rapid growth to its service, technology, and affiliates (members of the ‘Binance Angel Program’), the word on the street is that its relatively lax client verification procedures don’t hurt either. Whatever the case, this pace is obviously no longer sustainable for the company without an upgrade to its infrastructure.

Have recent exchange issues affected your trading? Let us know in the comments section below.

Bittrex Wallets Are Taken Offline as Companies Scramble to Patch the Intel Bug

On Wednesday, the tech world was rocked by revelations of a computer chip vulnerability that exposes critical data. Meltdown and Spectre are the names assigned to the newly discovered flaws which primarily affect Intel chips. From a security perspective, the bug concerns everyone who uses an Intel-powered device to connect to the internet, which is pretty much everyone. But from a practical perspective, the bug is already making its presence felt: today Bittrex exchange was forced to take numerous wallets offline while Azure servers were patched.

Also read: ripple-gateways-can-freeze-users-funds-at-any-timeintel-bug-1068x1068

A Bug in the System

Bittrex Wallets Are Taken Offline as Companies Scramble to Patch the Intel BugComputer bugs and vulnerabilities are discovered all the time, but the Intel one is particularly nasty. It risks leaving passwords and other critical data exposed on billions of internet connected devices, from smartphones to PCs. While patches are being rushed out for the major operating systems, hackers are trying to find ways to exploit the vulnerability, which could provide them with complete system access. Spectre forces programs to leak confidential data, while Meltdown noses around in the system kernel for the same purpose.

Cryptocurrency holders, who already face a heightened threat from hackers, have good reason to be concerned. In addition to affecting personal computers, Spectre and Meltdown spell danger for cloud-based systems. Cloud computing providers store data from multiple clients on the same server. If that server were to be exploited, it would theoretically be possible for an attacker to access multiple accounts.

A Dark Cloud

Cryptocurrency exchanges, whose websites carry a heavy load, are reliant on the cloud. While the likes of Amazon have been rushing to patch their servers, exchanges have been affected by outages and reduced service. Earlier today, Bittrex tweeted:

Azure accelerated a planned reboot due to the public Intel disclosure. Wallets will be online again once they complete post reboot audits.

At present, withdrawals and deposits for around 30% of the coins traded on the exchange are unavailable.


Bittrex wallets today.

Several other exchanges were temporarily taken offline, with some platforms specifically referencing the patch, and others simply referring to maintenance. Among those affected were Einstein Exchange, CEX.io, and Kucoin. Hardware wallet manufacturer Ledger also updated concerned customers on the situation, tweeting:

Bittrex Wallets Are Taken Offline as Companies Scramble to Patch the Intel Bug

There is an added issue regarding the Intel bug: as a consequence of patching it, system performance will be reduced by as much as 30%. Cryptocurrency miners are unlikely to be badly affected, as the process doesn’t involve making a high number of kernel requests. But for anyone who prides themselves on running an overclocked PC with a high benchmark, the slowdown may be hard to stomach.

Are you concerned by the Intel bug and do you think cryptocurrency holders should be worried? Let us know in the comments section below.

Ripple Gateways Can Freeze Users’ Funds at Any Time

Ripple has been the talk of the town lately thanks to its rocketing value and growing market capitalization that’s making eyes at bitcoin. $1,000 of XRP bought a year ago would be worth half a million dollars today. But away from the price action, there’s an issue bugging ripple that just won’t go away. It’s been alleged for years that Ripple Labs has the power to freeze the balances of account holders. If true, it would be a major cause for concern, especially for proponents of decentralized currency.

Also read: ethereum-over-1000-and-100b-market-cap-btc-dominance-at-32-record-low

The Big Freeze

The origins of the Ripple freeze go as follows: In August 2014, Ripple quietly introduced a feature called Freeze. It was put to the test a few months later when Ripple cofounder Jed McCaleb tried to cash out some of his billions in XRP after leaving the company. He’d previously signed an agreement to sell no more than $10,000 of XRP a week, only to attempt to clear $1 million worth through Bitstamp in one go.

Ripple Gateways Can Freeze Users’ Funds at Any TimeUpon learning of McCaleb’s actions, Ripple intervened and prevented him from doing so, utilizing its Balance Freeze feature. Built into Ripple gateways such as Bitstamp by default, it enables the company to stop the movement of XRP. During the brouhaha that followed, Bitstamp, caught in the middle, filed a lawsuit to settle the dispute between McCaleb and Ripple Labs.

2015 was a lifetime ago in cryptocurrency, and a lot has happened since then to all of the players caught up in the spat, and to the industry as a whole. Bitstamp, Ripple, and McCaleb would all aver that they’ve moved on to bigger and better things: the former reporting record turnover and trading volume, and McCaleb launching Stellar, whose market cap has quadrupled in a matter of days, catapulting it into the top 10. And then there’s Ripple, which is going great guns.

The Case for the Defense

Ripple’s transformation from sluggish cryptocurrency into the hottest ticket in town has been rapid: three months ago, no one wanted to know. Now, traders of all genders, demographics, and territories are invested in ripple, and not just financially, but emotionally too. Anyone who buys an unfancied coin and then watches it moon can’t help but feel a sense of vindication, and a newfound appreciation for the project. At this stage, anything that threatens the coin’s upward trajectory – such as negative news – risks being shot down.

Ripple Gateways Can Freeze Users’ Funds at Any Time

In a report on ripple’s meteoric rise this week, news.Bitcoin.com mentioned the “big freeze”, linking to another recent article on the site which explains this in more detail. Ripple’s defenders hotly dispute the facts of the matter, though, highlighting a sentence on Ripple’s Freeze page which states: “No one can freeze XRP”.

So what’s the truth of the matter? Can Ripple freeze users’ funds or not?

An Uncomfortable Half-Truth

The answer to Ripple’s capabilities lies in a document the company released in 2014 introducing Balance Freeze and stating:

The freeze protocol extension gives gateways the ability to…freeze funds issued to a particular user. Frozen funds may only be sent back to the gateway who issued them. The global freeze feature allows a gateway to freeze all balances issued by it.

When you purchase cryptocurrency on an exchange, your account is assigned a virtual balance – a token essentially – correlating to your holdings. Buy 1 BTC, for example, and nothing moves on the blockchain. All that happens is that your USD and BTC account balances are updated. It’s only once a user makes a withdrawal request that an on-chain transaction takes place.

Ripple uses a distributed ledger called the Ripple protocol which each Ripple gateway – essentially a bank – keeps a record of. Bitstamp, Gatehub, and The Rock Trading are some of the major gateways partnered with Ripple. Purchase ripple on Bitstamp, for example, and the transaction won’t show up on the Ripple protocol. The ledger will only record the movement of funds when they are withdrawn from the Bitstamp wallet to the customer’s XRP wallet.

Ripple Gateways Can Freeze Users’ Funds at Any Time

The phrase “No one can freeze XRP” is thus a half-truth. Ripple does not possess the power to magically remove the funds from a customer’s personal XRP wallet. For example, it can’t plunder the funds that a holder has stored on their Nano S. If those funds are stored with a Ripple gateway that hasn’t opted out of Freeze, however, they can be locked up. Not only can the XRP be frozen, but so can the account balances associated with its sale, such as USD.

Ripple Gateways Can Freeze Users’ Funds at Any TimeRipple’s defenders claim that in this respect, ripple is no different from any other cryptocurrency. If Ethereum’s Vitalik Buterin had 10,000 ETH stolen from him and sent to Bitstamp, for example, he could probably pressure the exchange into freezing that ether while the matter was investigated. The difference with Ripple is that the company has developed a special relationship with its gateways which gives these “banks” unprecedented powers to freeze individual counts on a whim, or on the say-so of Ripple, law enforcement, or regulators.

Not only does Ripple encourage the XRP of suspicious accounts to be frozen, but “The financial institution should also freeze the counterparty in any other systems the financial institution operates that are connected to the XRP Ledger”. Your bitcoin; your litecoin; your euros; anything connected to a Ripple gateway can be locked down. No other cryptocurrency has a similar framework in place, which grants exchanges unprecedented powers to lock up funds at the drop of a hat.

A Frosty Reception for Centralized Currencies

No one is suggesting that Ripple Labs has a desire to freeze anyone’s funds. That’s not good for business. Nevertheless, a cryptocurrency which enables a centralized authority to freeze funds at the touch of a button defeats the entire purpose of cryptocurrency. Most people have no objection to stemming the funding of terrorists and money launderers. Once a kill switch is created, however, it leads to a slippery slope in which anyone suspected of misbehavior can have their funds seized.

Ripple Gateways Can Freeze Users’ Funds at Any TimeAs Ripple explains, the feature provides the ability “to freeze individual accounts issuances in order to investigate suspicious activity”. Owning XRP in a country that is hostile to cryptocurrency; possessing an unusually large amount of XRP; signing up to a Ripple gateway exchange from a banned country: all could be grounds for freezing your account.

If law enforcement suspected a cryptocurrency holder was engaged in criminal behavior, they could try to obtain a subpoena granting permission to seize that individual’s exchange balance – and would be required to submit evidence to show there was probable cause for doing so. But if that exchange happened to be a Ripple gateway, they could simply pick up the phone and ask for the Big Button of Freeze to be pressed. And that’s the difference between ripple and other cryptocurrencies.

Keeping so much as 1 XRP on a gateway exchange would technically be enough to see all of your fiat and crypto balances frozen. There are ways to obtain and transact XRP without going near a gateway that possesses special powers. In a world of decentralized cryptocurrencies, however, purveyors of financial freedom may prefer to look elsewhere.

Do you think Ripple’s freeze function is a cause for concern? Let us know in the comments section below.ripple-freeze-1068x1068

Segwit Integration is Set to Increase with Bitfinex Next on the List

rrs67asd-e1510906117495Segwit wallet integration has been bumped to the top of Bitfinex’s to-do list, with an exchange staffer declaring that the job should be completed next week. Despite the scaling technology having been available since August, a number of exchanges have dithered. Now, there are signs that progress is being made in activating BIP141.

Also read: Cryptocurrencies See Volatile Prices After Canceled Fork

Our Exchange site for Digital Currencies:Most Trusted and Instant Excahnge

Witness the Wallet Integration

Segregated Witness, as it’s officially known, has been available on the bitcoin network since August 24, and has been activated for certain altcoins such as litecoin and digibyte for much longer. After the backwards-compatible network upgrade locked in, Segwit transactions began to show up on the bitcoin blockchain. This number grew to 10% of all transactions within the first week of October, but has since fallen.

Segwit Integration is Set to Increase With Bitfinex Next on the List
The percentage of all bitcoin transactions that use Segwit.

The blockchain has grown increasingly congested of late, culminating in fees reaching an all-time high last week, when the mempool filled with over 130,000 unconfirmed transactions. While not everyone in the bitcoin community is enamored with Segwit, it is hard to assess the technology’s efficacy until it has been widely rolled out. Various wallet developers have been Segwit-compatible for weeks, but exchanges haven’t been so quick off the mark. Kraken and Blockchain are among the major players that are still Segwit-less.

Segwit Integration is Set to Increase With Bitfinex Next on the List

First Bitfinex, Then Deribit

Bitfinex is one of the world’s largest exchanges, with a 24-hour trading volume of 96,000 BTC. In belatedly embracing Segwit, Bitfinex’ actions may spur other exchanges into Segwit Integration is Set to Increase With Bitfinex Next on the Listfollowing suit. Shortly after a Bitfinex staffer confirmed that Segwit activation was on its way, Amsterdam’s Deribit exchange signaled that it too was working on Segwit.

Due to a transaction malleability fix that is built into Segwit, more data can be squeezed into each block – theoretically raising the size from 1MB to around 1.8MB. Despite this facility, block sizes on the bitcoin network have been averaging around 1.1MB, showing that Segwit’s full capacity has yet to be utilized. The major absentee from the Segwit activation party is of course Coinbase. Were the Californian player to commit to the scaling technology, the number of Segwit transactions would shoot up.

Do you think widespread Segwit activation will lead to lower fees and less congestion? Let us know in the comments section below.
Join Our Telegram

 

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.

cashaa-1068x1068

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.


Zenapay Latest PoS Bitcoin Solution to Enter Projected $50 Billion Cannabis Market

US cash-intensive cannabis businesses (420s) are looking for ways to meet customer demand while struggling under federal prohibition. Cryptocurrencies are increasing in popularity with 420s, and now Zenapay is entering the market with its own bitcoin solution.

 

Cannabis Cash

The US states comprising its contiguous west, if outliers include Alaska and Nevada, is home to fifty-two million people. That is an enormous market. They also happen to be the bulk of states that have legalized cannabis for personal use, medicinal use, and sale.

Tension arises between all such states and the federal government because the federal government does not agree with voters’ will.

Zenapay Latest POS Bitcoin Solution to Enter Projected $50 Billion Cannabis Market

Beyond criminality, issues of banking and finance come into play. The federal government is given wide jurisdiction over banking and money, and financial institutions are wary of  running afoul of federal laws.

In practical terms this means bank accounts, access to lines of credit, and myriads of financial products are in practice forbidden to 420 companies.

Much as it was on the black market, 420s are reliant almost exclusively upon cash.

Mounds of cash on hand is not only a logistical nightmare in a modern economy, it’s also a real security issue. And with twenty more states coming online, passing slimmed-down versions of legalization/decriminalization, the cannabis market is looking for relief.

Bitcoin Solution

“Statistics from financial services firm Cowen & Co showed legal cannabis was a $6 billion industry last year, and is expected to grow to $50 billion by 2026,” RT online reports.

Population numbers and these projections are enticing payment service providers into the cannabis market.

The latest such example is a company out of Chicago, Epazz. It’s an over-the-counter publicly traded business software concern, betting rollouts early winter of this year in Apple’s App Store, and later for Android, will go a long way in making 420s more efficient and safer.

Zenapay Latest POS Bitcoin Solution to Enter Projected $50 Billion Cannabis Market

Zenapay is a one percent transaction fee, point-of-service (POS) solution. It boasts online and in-store bitcoin purchases capability using proprietary software, allowing for customer anonymity and for 420s to lessen cash burdens.

“We are filling a large need in the cannabis community,” the company’s press release quoted its CEO Shaun Passley. Merchants, he said, “due to the stringent limitations by the standard banking systems” simply cannot be banked.

A PoS with bitcoin functionality eliminates these issues.

Entrepreneurial bitcoiners, regardless of niche, are constantly looking for POS services to keep accounting straight as they look to drop cash dependency for bitcoin.

If it proves successful, Zenapay says it will offer payroll services, e-commerce stores, inventory tracking, and compliance features going forward.

What do you think? Are 420s a welcome addition to the bitcoin ecosystem? Are solutions preserving anonymity finally ‘getting it?’ Tell us in the comments below! critical-fast-bud-auto-cannabis-seeds-by-oss-bank-1068x1068


Lead Developer Amaury Séchet Discusses the Future of Bitcoin Cash

This week the lead developer of Bitcoin ABC, Amaury Séchet, engaged in a Reddit Ask-Me-Anything (AMA) discussion about the future of Bitcoin Cash (BCH), and the protocol’s future scaling.

AlsoABC-1068x1068

An AMA With Amaury Séchet – Lead Developer of Bitcoin ABC

This summer Amaury Séchet (otherwise known as ‘deadalnix’), the lead developer of the Bitcoin ABC client, revealed the team’s intentions at The Future of Bitcoin event to hard fork the Bitcoin network on August 1. Since then Bitcoin Cash has been thriving, and Séchet recently explained his vision for the future of the BCH chain and the ABC client. Many other BCH supporters and developers were involved in the conversation with Séchet including Yours network founder Ryan X Charles, Openbazaar’s Chris Pacia, Bitcoin Classic’s lead developer Thomas Zander and others.

Developer Amaury Séchet Discusses the Future of Bitcoin Cash

A Configurable Block Size and Finding the Right Fee Structure for Bitcoin Cash

Developer Amaury Séchet Discusses the Future of Bitcoin Cash
Amaury Séchet, lead developer of the Bitcoin ABC client.

Participants asked Séchet questions concerning the current roadmap for bitcoin cash; such as future block sizes, BCH and BTC compatibility, and protocols like layer two solutions. For instance, the developer of the Electron Cash wallet, Jonald Fyookball asked the ABC developer what he thinks about “algorithm-based block size” solutions. Séchet explains the BCH block size can be configurable using the protocol in the ABC client.”

“I like these proposals,” explains Séchet. “Right now the block size is configurable in ABC, but I would like to have a way to determine this configuration automatically in the future.”

Yours network developer, Ryan X Charles, asks Séchet how the protocol can avoid ‘dust limits’ and fee management. “We [Yours developers] run into dust limits quite easily,” Charles explains regarding the software’s recent implementation of bitcoin cash.

“There is work to be done on fee management,” Séchet responds. “Finding the right fee structure will take time, if one exists at all.”

The next version of ABC will reserve a percentage of the block space for low fee transactions. This will improve over time.

BCH & BTC Compatibility and Layer Two Solutions

Developer Amaury Séchet Discusses the Future of Bitcoin CashFollowing this discussion, an AMA participant asked Séchet if he believes BCH and BTC can coexist in the future with different use cases or if he thinks all the hashpower will converge to one chain.

“Because of the way the difficulty adjustment works on the Bitcoin chain, it makes it very unlikely that it would survive being a minority chain,” Séchet states in response to the question. As a result, it is unlikely that this chain will survive if Bitcoin Cash gets a lot of traction. As long as Bitcoin Cash is a minority chain, both chain will continue to live.”

Séchet also gives his opinion about layer one and layer two scaling solutions. The ABC developer reveals he’s not against layer two solutions but believes pushing every issue towards a layer two solution is unrealistic.

“I have nothing against layer 2 per se, but I think some important points have been ignored,” Séchet explains. “First layer 2 can only be as reliable as layer 1.”

When blocks become congested and layer 1 becomes unreliable, layer 2 does so as well. Second, layer 2 will have different characteristics than layer 1 and thinking we’ll push everything into layer 2 is not a realistic roadmap.

Learning from Past Mistakes

Séchet explains a whole lot more about how he envisions the future of bitcoin cash and the ABC client, including BCH anonymity – where he hopes the protocol’s lower fees will allow for cheaper tumbling processes. The ABC developer also gives further opinions about programmers like Gavin Andresen and Jeff Garzik not being “protective enough” to keep the original values of the Bitcoin project in the past.

“It [Bitcoin] ended up being hijacked. We need to learn from this mistake and not reproduce it,” Séchet states.

Maxwell Claims Bitcoin ABC Developer Séchet Plagiarized Bitcoin Core Code

However, there is no shortage of drama around the Bitcoin Cash code base. In a recent Github post, Gregory Maxwell claimed the Bcash developer plagiarized a piece of code. He said that Amaury Séchet (deadalnix) copied the migration to the per-txout UTXO database from the Bitcoin Core project, and did not credit the original authors with it. Instead, he used his name and copied everything verbatim down to the “grammatical oddities,” according to Greg Maxwell.

Do Séchet’s Actions Infringe on a Licensing Agreement?

Furthermore, Maxwell claims Séchet’s actions infringe on an open source licensing Maxwell Claims Bcash Developer Séchet Plagiarized Bitcoin Core Codeagreement and constitute a copyright infringement. He said, “Beyond being fraudulent and sleazy behavior, this action is a violation of the very minimal requirements of the MIT license.”

There is controversy over Maxwell’s position, though. Some commentators believe there is no infringement on the commit, because there is information on the source code within it. Séchet further said the code was “backported” and is “mentioned in the series of commits.”

The schnorr code is backported from https://github.com/deadalnix/schnorr/blob/master/schnorr.d
The per txout db is backported from core and it is mentioned in the series of commits.

Is He Fixing it Faster? Multiple Copyright Violations by Séchet

Maxwell continued his accusations, saying Séchet is also claiming he fixed the issue quicker than Blockstream. Maxwell also mentioned Séchet was been accused of copyright violations before. This is not a first offense. He said, “Amaury SECHET has a well known history of these copyright violating false attribution events. To give a few other examples. I also understand that he is advocating in your private issue tracker to remove all attribution to Bitcoin Core in the codebase from your repository.”

Community Response

The community has responded to Maxwell’s accusations with dramatic flare. Some users are attacking Maxwell and Blockstream for focusing on trivial issues instead of updating Bitcoin Core. One user, sandakersmann, said, “So you guys are prioritizing this instead of releasing a new version of Bitcoin Core that is not vulnerable? Fits the pattern of backward priorities from you blockstreamers.”

Other users defend Maxwell and Core, saying people like sandakersmann were shifting the goalposts of the original post. They were trying to create a diversion from the serious issue of fraud and copyright infringement. User thijstriemstra responded to sandakersmann:

This has nothing to do with the fact you’re copy/pasting code and stripping out author. This is not done in any opensource project and you’re trying to divert attention away from it. It’s this project that creates unneccessary annoyance and extra work for the maintainers of bitcoin core.

Maxwell Asks Séchet to Discontinue Violating Copyright

Maxwell finished his blog post by asking Séchet to discontinue violating their copyright. He also wants him to correct his repository and credit the actual authors. At press time, Séchet had not responded to the request, other than to say the original code was “backported.”

 

Bitcoin’s Relationship With the ‘Mark of the Beast’ Theories

Over the past eight years bitcoin has been involved in a few conspiracy theories, and even though they are highly improbable, they are pretty humorous, to say the least.

Screenshot_2

The New World Order and Bitcoin

Bitcoin's Relationship With the 'Mark of the Beast' Theories
Lots of people thought this man’s company purchased Bitcoin the other day. Baron Jacob Rothschild, of the Rothschild Family Baronetcy, allegedly the richest family on earth for three centuries.

Just recently we reported on the Rothschild Investment Corporation purchasing bitcoin shares and how some people thought it was Lord Rothschild, the alleged owner of the world’s largest fortune for three centuries.

Since the end of time, humans have always liked to tell ‘tall tales.’ Bitcoin itself is often considered a weird subject because an anonymous developer made the software and this has led to many conspiracy-like discussions involving the digital currency. Some have said the protocol was created by the CIA or some underground government agency plotting to rule the world. Today we will discuss two tales that have often been tethered to bitcoin by those who wear tin foil hats. After reading this, you may find yourself in a Faraday cage with your ‘bug-out bag’ waiting for the next EMP, so please proceed with caution.

The Mark of the Beast

Bitcoin's Relationship With the 'Mark of the Beast' TheoriesThis particular tale is tied to a religious belief based on the Christian’s book of Revelations where bitcoin could be considered the “Mark of the Beast.” Yes, there are a couple of random people on this earth who believe that the digital protocol may be the tool of the Antichrist that allows you to purchase food and survive under the Devil’s rule. The Illuminati has many tricks up their sleeve, and this one is fantastically clever.

The Mark of the Beast comes from a story in the Bible’s New Testament, in the book of Revelations chapter 13. In that section, particularly 13:17, it says that people on earth will have to get a mark on their bodies in order to purchase living necessities. The mark is forced upon everyone from “the great, the small, the poor and the rich.” Now because society is gravitating toward a cashless society some curious characters believe bitcoin will be the notorious mark.

“And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name,” explains Revelations 13:17

Bitcoin's Relationship With the 'Mark of the Beast' Theories
Microchip implants with bitcoin wallets have helped fuel the ‘Mark of the Beast’ and Bitcoin theory.

So you might be still asking yourself — How the hell is bitcoin associated with this mark? Well, more recently the subject of “biohacking” and microchip implants have become a popular trend. Some people in this movement have installed chips into their hands with a bitcoin wallet inside. Because Revelations states people will “receive a mark in their right hand, or in their foreheads,” some consider this the missing link to bitcoin and the mark.

However, there are those in religious circles that think this theory of bitcoin being the mark might be the opposite of what’s really happening. The publication Christian Money says bitcoin might be a way people can fight the beast.

“One of the key elements of the Mark of the Beast is to be able to prevent those that refuse to take the Mark from buying and selling. Bitcoins are decentralized and prevent any such control,” explains Christian Money.

The One World Currency

Bitcoin's Relationship With the 'Mark of the Beast' TheoriesAnother story conspiracy theorists have up their sleeves is the “One World Currency” scheme. Another speculative theory thinks that the whole globe will share one single currency, likely owned by the Rothschilds and the Bilderberg group. Now, this conjecture is again tied to the ‘cashless society’ progression, and if you want to be even more clever, this theory can be related to the Mark of the Beast. The one world currency will be trackable, and everyone on the globe will likely be forced to use these funds. That’s where bitcoin comes in, and some speculators believe that because the blockchain is traceable and the technology is part of the ‘cashless society’ paradigm shift — Bitcoin will be the one world currency. For instance, the website Occupy Corporatism believes this may be the case.

“The technocratic push toward cyber-currency or e-money, is a march toward complete control over global currencies with the development of supporting technologies and the distribution of such that facilitate an online representation of money that can be used for exchange with another fiat system,” explains Susanne Posel, of Occupy Corporatism.

The reason why conspiracy theorists believe a global currency is on its way is because many Keynesian economists have bolstered this idea over the years. Even John Maynard Keynes himself has been cited as a single world currency advocate. This school of economic thinking believes it would help the global economy and improve international trade. The introduction of the Euro, a currency that covers many countries was considered the beginning of this effort. However, in recent times certain countries like Britain, for example, have distanced itself from the Euro during the Brexit vote. As far as bitcoin is concerned becoming the world’s reserve currency, some forecast it to be the sixth largest reserve currency by 2030.

So to some of these theorists, bitcoin is just another catalyst towards the cashless one world currency secretly crafted by the elite. In essence, any electronic currency is suspect for being part of the ‘1 percent’s’ plan to enslave the ordinary plebs of society. Even the other day on July 25, 2017, the publication Beforeitsnews published a report called “The globalist one world currency will be very similar to bitcoin,” so these theories still run rampant.

It’s Highly Improbable Bitcoin Will be a One World Currency or the Mark of the Beast

Bitcoin is indeed a strange phenomenon filled with curious characters like Satoshi Nakamoto. However it doesn’t mean bitcoin was created by the CIA, will be used for a one world currency or even the mark of the beast.

What do you think about conspiracy theories tied to bitcoin? Let us know in the comments below.

Thousands of Japanese Stores May Suspend Bitcoin Payments on August 1

Over 5,000 retail stores and restaurants across Japan that currently accept bitcoin payments may suspend bitcoin use in their stores on August 1 if their bitcoin payment processors halt services.

Screenshot_1

Retail Stores May Suspend Bitcoin Payments

Thousands of Japanese Stores May Suspend Bitcoin Payments on August 1Ever since the Japanese government started recognizing bitcoin as a legal method of payment, a large and growing number of retail stores and restaurants have started accepting the cryptocurrency. However, “some Japanese retailers and restaurants that accept bitcoin are considering halting transactions using the digital currency, which faces a potential split amid competing plans for its future,” according to Nikkei on Thursday.

Restaurant chain Heichinrou and leading electronics retail chain Bic Camera accept bitcoin payments through Bitflyer, Japan’s largest bitcoin exchange by volume. They are both planning to stop accepting bitcoin should Bitflyer shut down its services, the publication detailed.

In addition, Nikkei reported that e-commerce site Bitcoinmall, which accepts digital currencies, is also considering suspending bitcoin transactions for several days beginning on August 1. “We will rely instead on monacoin and other virtual currencies for a while,” said Bitchange, the company which operates the site. Monacoin is an altcoin that has gained popularity in Japan.

Announcements by Bitflyer and Coincheck

Over 5,000 retail stores and restaurants accept bitcoin payments through either Bitflyer or Coincheck which offer payment services for merchants.

Thousands of Japanese Stores May Suspend Bitcoin Payments on August 1Bitflyer recently helped Bic Camera stores roll out a bitcoin payment option nationwide. Meanwhile, Coincheck claims to have helped over 5,000 stores accept the cryptocurrency and is in the process of helping over 260,000 stores nationwide accept bitcoin through a partnership with Recruit Lifestyle. Earlier this month, the two partners started rolling out bitcoin payments, starting with eyeglasses retail chain Meganesuper which has 334 locations.

Bitflyer posted a notice on Wednesday, stating that it may halt bitcoin deposits and withdrawals as well as its payment services on July 31 at 22:00 Japan time until about August 2. Coincheck separately announced on Tuesday:

On August 1, 2017, we may temporarily suspend bitcoin deposit and withdrawal for Coincheck exchange and payment services to protect users assets…The resume date is unspecified, but we expect several hours to several days. Also, if we decide that a Bitcoin fork will not take place on August 1, 2017, 12:00 am, the suspension of services will not happen.

Thousands of Japanese Stores May Suspend Bitcoin Payments on August 1However, on Thursday the possibility of a network split was significantly reduced as the scaling compromise for Segregated Witness (Segwit) was locked in with a strong consensus.

Nonetheless, the exchanges are still prepared to suspend bitcoin services, should a network split occur.

Coincheck announced on Friday that “it is highly likely that ‘Bitcoin Cash‘ hard fork will happen around 9:20 pm (JST) on August 1st, 2017.” In addition, “On July 23, 2017, the event of a fork of the Bitcoin protocol may happen. Initially, it was intended to happen on August 1st, but it may happen faster than anticipated,” the exchange added. However, the suspension of services will not happen if Coincheck decides that a Bitcoin fork will not take place.

Retailers are expected to see little impact from halting bitcoin payments, since most of their business is conducted in cash or credit card, Nikkei concluded.

How do you think retailers will be affected on August 1? Let us know in the comments section below.