Privacy-Oriented Bytecoin Releases A New Roadmap

CoinSpeaker
Privacy-Oriented Bytecoin Releases A New Roadmap

The mysterious Bytecoin team has consistently focused their efforts on the development sector and continue to do so, in order to reinforce the technological foundation and move forward with the cryptographical aspects. Because of this, BCN will soon undergo a series of significant improvements.
For the roadmap, The Bytecoin team has set six milestones including a hardfork, a web wallet update, early support of hardware wallets, and two essential releases. The team is planning to implement a HD wallet, unlinkable addresses, and improve P2P protocol and signature scheme. The new Beta builds (v.3.4.0 Amethyst) are scheduled for release on December 12th, and the stable Amethyst version is going live on February 7th, 2019. The mainnet hardfork is scheduled for March 6th, 2019.
The alterations planned for Bytecoin’s codebase are poised to change the point of view on the CryptoNote technology completely, as the most provocative update is the introduction of auditable wallets, a feature that doesn’t coincide with the traditional logic of any CryptoNote-based coins. While the development team anticipates a lot of uses for this feature, they haven’t mentioned the utility of this feature. Another innovation that should be interesting for project followers is early support of hardware wallets.
The planned software improvements, as mentioned in Bytecoin’s blog, display the logical progression of work the team has shown in the past months, and these improvements probably represent the most diverse and innovation-rich roadmap so far.
Privacy-Oriented Bytecoin Releases A New Roadmap

Bitcoin Mining Giant Canaan’s IPO Postponed as Application Lapses

Cryptocurrency mining giant Canaan has reportedly let its application for a Hong Kong IPO lapse. Sources close to the matter said that the IPO would not happen this year.

IPO Postponed
The second largest cryptocurrency mining equipment manufacturer Canaan Inc., has reportedly let its Hong Kong IPO application lapse, after having it filed earlier in May, Reuters reports, citing sources familiar to the matter.
The company had been targeting an IPO of at least $400 million – a figure which is down of as much as $2 billion earlier this year, people involved in the deal touted. The sources also revealed that regulators and the stock exchange had plenty of questions about the prospects and the company’s business model. They also said that the IPO is not going to happen in 2018 as there hasn’t been an update from the stock exchange regarding a listing hearing.
A senior equity capital markets banker, who is not involved in the matter, outlined:
With the bitcoin price dropping so much this year, there’s a lot of uncertainties over their business. If we cannot forecast their financials, how can we sell their IPOs?
Another application that’s currently in pending is the one of the world’s largest cryptocurrency mining company – Bitmain.

Hong Kong’s Regulatory Update
Canaan’s decision to let its application lapse comes a couple of weeks after Hong Kong’s Securities and Futures Commission issued a statement which set out bring cryptocurrency exchanges and portfolio managers under increased scrutiny.
Companies which distribute funds investing in the field will be required to be registered or to be regulated by the SFC. They would also have to comply with their regulatory requirements, which include suitability obligations.
Speaking on the matter was the Chief Executive Officer of the SFC Mr. Ashley Alder:
We hope to encourage the responsible use of new technologies and also provide investors with more choices and better outcomes.
What do you think of Canaan’s lapsed IPO application? Don’t hesitate to let us know in the comments below!

Images courtesy of ShutterStock
The post Bitcoin Mining Giant Canaan’s IPO Postponed as Application Lapses appeared first on Live Bitcoin News.

KuBitX Is to Lead African Blockchain Revolution

CoinSpeaker
KuBitX Is to Lead African Blockchain Revolution
Though our world seems to have already started its way towards mass crypto adoption, it won’t be possible without a clear leadership. Moreover, the situation with crypto adoption is still seriously influenced by the fresh memories of the 2008 economic disaster that managed to affect the entire world.
Moreover, there is still lack of credibility towards cryptocurrencies and all the mechanisms and principles following which they function. Some people are just afraid to lose their money entering the crypto world. The same ideas are widely spread among the governments of some countries.
Situation in African Countries
As it is reported by Ecobank, crypto trading is blocked in Namibia, while South Africa and Swaziland are the only countries in the African region where crypto trading is allowed.
The African region has its specificity. The migration rate is rather high. Many people need to leave their homes and move to some other countries in order to earn money to support their families.
However, at the same time, remittance fees are extremely enormous. To transfer money to Africa is 20% more expensive than to any other continent. People need to pay approximately 10% of the sum of their transfer which is too high especially given the financial situation in their countries.
Nevertheless, owing to the emerging technologies the solution can be found. Several African tech companies are actively working on exploring the opportunities of blockchain that can be utilized as a feasible option for traditional systems for transfers.
KuBitX to Revolutionize the System
A Pan African venture, KuBitX has been created to improve the situation with currency transfers. It is a hybrid digital asset exchange that offers user-friendly environment, simple operations and clear processes and is targeted at the emerging markets
Moreover, users of the platform will have an opportunity to pay for their basic needs using crypto without a necessity to exchange them for fiat. KuBitX has an aim to help a wide audience to learn more about cryptos , blockchain and all the possibilities that they offer today as well as their significance in our world nowadays.
The platform is going to achieve it aims offering people a new channel for remittances from across the globe. The transfers presuppose usage of the platform’s native utility token KubitCoin (KBX). Such a method of transferring funds is said to reduce time needed for transfers as well as their costs.
While its main rivals from all over the world can process nearly 1.4 mln transactions per second, KuBitX is claimed to conduct 12 million transactions per second. What’s more, the platform guarantees it users full safety and security of their assets in KuBitX wallets.
The team behind the project comprises the best professionals who have rich expertise and what is even more important – deep understanding of the specificity and needs of the region.
While African countries are still considered to be developing ones, with such innovative companies as KuBitX they will have an opportunity to enter the crypto world quite soon.
KuBitX Is to Lead African Blockchain Revolution

Blockchain Adoption in Energy Sector to Grow by 65%, Says Research

Market research conducted by Technavio has predicted that use of blockchain technology in the energy industry will increase between 2019 and 2023.

Energy Sector Embracing Blockchain
While blockchain technology was invented for facilitating peer-to-peer money transfers, it is finding its use within multiple industries including energy.
Technavio, a leading market research company has forecast growing adoption of blockchain technology within the sector in the coming years.
The summary of the research was reported earlier by Power Engineering International (PEi). According to the PEi, blockchain technology will see a growth of 65% in the sector between 2019 and 2023.

Use-Cases
Many significant use-cases have emerged that can transform the energy industry to bring efficiencies.
Blockchain can be used to prevent failures in power grids. According to Technavio, the grid operators are using the technology to distribute power sources.
Blockchains can provide grid operators with real-time data on the operation of grid assets and help in modernization. Access to real-time data helps operators to track failures faster, reduce losses and bring down the operational and maintenance cost.
Another prominent use-case is the enablement of peer-to-peer energy trading. Independent renewable energy sources that connect to the grid can sell their excess power.
Improved Services
According to the research, the technology is helping in improving customer services and facilitating the transition to a low carbon footprint.
“Other key factors that are expected to boost the growth of the blockchain technology in the energy market is the integration of blockchain technology with smart meter and improved supply chain efficiency in the energy sector,” said a senior analyst at Technavio for research on IT professional services.
Technavio mentions that a significant trend that is emerging is the use of BaaS (Blockchain as a service). Firms like IBM, Amazon, and Microsoft have launched their BaaS offerings which are cost-effective for their customers and facilitate instant deployment at the enterprise level.
It is reported that the EMEA region held the largest share of the global market in 2018. The geography accounted for close to 41% market share followed by Americas and APAC.
The use of blockchain in the energy sector of the APAC region is expected to witness the most substantial increase in coming years.
The mentioned use-cases, however, may just be the beginning. Decentralization of the industry can cause disruption of the sector and bring down the cost of energy considerably.
What are your thoughts on the implementation of blockchain technology in the energy sector? Let us know in the comments below.

Images courtesy of ShutterStock
The post Blockchain Adoption in Energy Sector to Grow by 65%, Says Research appeared first on Live Bitcoin News.

Binance Distributes Both Bitcoin Cash ABC and Bitcoin Cash SV, Opens Trading Today

CoinSpeaker
Binance Distributes Both Bitcoin Cash ABC and Bitcoin Cash SV, Opens Trading Today
In their announcement, just the day after the hard fork happened, Binance confirmed that they have completed the distribution of both Bitcoin Cash ABC (BCHABC) and Bitcoin Cash SV (BCHSV) to all eligible users.
“BCHABC and BCHSV balances were each distributed to users in a ratio of 1 BCC = 1 BCHABC and 1 BCC = 1 BCHSV, based on the snapshot of all Bitcoin Cash (BCC) balances taken at 2018/11/15 4:40:00 PM (UTC).
Binance said that they will open trading for new BCHABC/BTC, BCHABC/USDT, BCHSV/BTC and BCHSV/USDT trading pairs at 2018/11/16 8:00 AM (UTC).”
They have removed all prior BCC balances from user accounts and all BCC trading pairs have been delisted from the exchange. As they claim, deposits and withdrawals of BCHABC and BCHSV will open after they deem the blockchains and wallets to be usable and stable.
In their announcement before they explained that the the Bitcoin Cash hard fork may result in two different chains, Bitcoin Cash ABC (BCHABC) and Bitcoin Cash SV (BCHSV). They also confirmed that they will halt trading in all existing Bitcoin Cash markets, including BCC/BNB, BCC/BTC, BCC/ETH and BCC/USDT, at 2018/11/15 4:40:00 PM (UTC).
It is already then clear as a day that Binance was preparing for the two potential scenarios:
One scenario included the possibility that the Bitcoin Cash hard fork does not result in a second coin. In that case, Binance would resume trading on all original Bitcoin Cash pairs.
Even though Binance still didn’t make an official announcement, it has quietly created a BCHSV trading pair, which brings us to the second scenario, where Binance is replacing all Bitcoin Cash (BCC) balances with BCHABC and BCHSV, distributing each at a 1:1 ratio based on the aforementioned snapshot taken of Bitcoin Cash (BCC) balances.
We have already wrote about first Bitcoin hard fork that happened in August of 2017. The Bitcoin development team then has disagreed internally over how Bitcoin should scale. Should Bitcoin continue using small blocks, or move to larger block size to accommodate transaction traffic.
The Bitcoin Cash was then imagined as a cryptocurrency that was based upon larger block size for scaling. The two camps parted ways. Most notably, Craig Wright (claims to be Satoshi Nakamoto) and Roger Ver broke off toward Bitcoin Cash evangelism. Since August of 2017, many Bitcoin Cash followers have expressed their views to the public. Views that lobby BCH as the prime candidate for crypto use and adoption.Roger Ver is famous for his efforts to further BCH as the go-to crypto payment option.
It seems that the hash war so far does not have a winner, with both tokens continuing to fight for supremacy in a dramatic software update.
Expecting the Crypto Bull Run
Earlier this week Binance CEO Changpeng Zhao gave the speech where he put his belief to the crypto market saying that it’s still in good position.
Binance registered revenues of over $3 billion in the first half of 2018, while the crypto-market saw its value decrease from $800 billion in January to sub-$200 billion at the time of writing. Pioneer cryptocurrency Bitcoin has fallen by 70 percent, while XRPand Ethereum have seen 80 percent losses. The most affected are altcoins and hyped-ICO tokens, which have dropped over 90-95 percent.
Asked about the reasons of a bull run, Zhao stated:
“Even if I don’t know what will catalyze a bitcoin bull run, I am certain it will happen. Sooner or later, something will trigger it.”
After its ouster from China following the crypto ban in 2017, Binance established its safe haven in the crypto-friendly state of Malta. The crypto exchange is making consistent efforts to foster crypto adoption. The Binance exchange is largely open to list new crypto tokens to its platform. Last month, Binance worked towards adding new stablecoins to source further liquidity in the crypto market.
While Jihan Wu is already congratulating the BCHABC community for the “result”, it may still have a chance to change, although it’s very unlikely.
Despite the lower amount of block, BCHSV still has many pendings, whereas BCHABC has them all cleared and counted. The number of mined blocks has been changing in the past couple of minutes only, which showed that the “pendings” are somehow clearing out.
Bitcoin developer, Jimmy Song, recapped this, what we now know maybe as one of the most anticipated hard fork
He claims both versions of BCH are mining at a loss, which means both miners are bleeding money, unless both “go up a lot versus BTC”.
Still, he notices that both BCHABC and BCHSV are losing about $500K per day collectively in terms of opportunity cost, looking at the exahashes each versions have.

Observations:
1. Both ABC and SV are mining at a loss2. ABC ~3x more expensive to mine, SV ~5x more expensive than BTC3. ABC: ~4 PH over equilibrium4. SV: ~3 PH over equilibrium
Unless both ABC and SV go up a lot vs BTC, both ABC/SV miners will bleed money
— Jimmy Song (송재준) (@jimmysong) November 16, 2018

A the end, he concludes that the “winning” BCHABC is actually making the chain more centralized, as they’re trying to avoid “a shadow mining attack”, something that many wouldn’t have thought of.
Despite the unlikelihood of the result would be showing the opposite than the current state, it’s probably best to just wait and see until everything is stabilizing and back to normal.
Binance Distributes Both Bitcoin Cash ABC and Bitcoin Cash SV, Opens Trading Today

The Current State of Cryptocurrencies

CoinSpeaker
The Current State of Cryptocurrencies
We are now a decade on from the publishing of Satoshi Nakamoto’s Bitcoin White Paper, where they/ he/ she envisioned a revolutionary mass uptake of cryptocurrencies, representing a paradigm shift for the entire financial sector.
The global crypto market is now worth £166 billion in total, a figure which could be seen as indicative of its present strength. This, along with increased mainstream interest from media, institutions and individuals alike, has led many to reclassify cryptos from a niche pastime, to an increasingly integral part of the global financial system.
However, this has not been enough to silence some crypto critics, with the likes of Warren Buffet and Bill Gates expressing doubts over the technology. Further, market crashes, along with continued media reports of theft and fraud have only served to inflame the derisive attitudes of critics.
The current state of cryptocurrencies is, understandably, difficult to define and there are a range of issues the sector is still facing. The ultimate question is what will we see in the future?
Regulation
With the cryptocurrency sphere continuing to develop at a frenetic pace, regulatory bodies are now increasing their involvement. Over the last year we have seen the British Treasury Select Committee, European Securities and Markets Authority and American Securities and Exchange Commission (SEC) release statements related to crypto regulation.
The UK has adopted a ‘wait and see’ approach, with the Government having so far resisted calls to extend the Financial Conduct Authority’s (FCA’s) remit to cryptocurrency regulation. However, this is unlikely to remain the case, with the Bank of England Governor Mark Carney indicating that crypto specific legislation is forthcoming.
By comparison, the US’s regulatory environment is incredibly fragmented. Laws regarding cryptos not only vary greatly by jurisdiction, but also on the federal level – with the Financial Crimes Enforcement Network (FinCEN), Inland Revenue Service (IRS), SEC and Commodities Future Trading Commission (CFTC) all adopting separate approaches.
Future regulation is likely to be streamlined, as the Justice Department announced that it is collaborating with the SEC and CFTC to ensure effectual consumer protection and increased simplification from future regulatory efforts.
The topic of regulation still brings fear among many in the crypto space. Many are worried that constrictive legislation may prohibit the innovation which has powered Bitcoin’s growth thus far. Despite these somewhat rational fears, it is important for the crypto community to maintain a positive attitude towards comprehensive regulation as it will encourage investment from larger financial institutions, vastly expanding the global user base.
Security & Crime
An estimated $1.2 billion in cryptocurrency was stolen from exchanges between January 2017 and May 2018. Of this number, only twenty per cent has ever been recovered. More recently, crypto exchanges Coinrail and Zaif were successfully attacked, losing tokens amounting to $40 million and $60 million respectively.
While the difficulties experienced by law enforcement with recovery might be telling of the newness of the crime, the consistency with which exchanges are successfully attacked on a large scale highlights a systemic issue; a lackadaisical attitude towards security.
The recent Zaif hack was attributed to using a hot wallet (a cryptocurrency wallet which is connected to the internet) which leaves a user greatly exposed to an attack when compared to a cold wallet (where the wallet is stored in a platform not connected to the internet). This is as the funds stored in a hot wallet are commonly secured with a single private key, which if stolen will allow for a user’s account to be drained completely.
Shockingly, this same vulnerability was also exploited in both the Bithumb and Coincheck hacks – indicating that the sector is in dire need of bringing in greater security.
A lax attitude comprises a major threat to the future of cryptocurrencies, as regular hacks will continue to weaken trust in the sector overall. If providers want to establish trust within their user base, they need to ensure they are investing significant capital into protecting against these hacks. It is also essential that proper security standards and processes are established, as this will reduce the likelihood of future hacks.
Uptake
The global cryptocurrency user base has enjoyed steady growth in recent times. We are even beginning to see increased institutional involvement – with the trading volume from institutional clients exceeding that of retail traders for the first time on Coinbase earlier this year.
However, the process of acquiring crypto remains difficult and as such uptake has been limited to a very tech savvy subset of the population; a statement reflected by statistics showing that around a thousand users own approximately 40 per cent of all Bitcoins currently in circulation.
Further, the usage value of cryptocurrencies remains low, with their being few businesses willing to accept it as a form of payment. For crypto’s to see ‘true’ mainstream adoption, it is vital that they become simpler to acquire. This, along with an increased acceptance as a form of payment, will see interest skyrocket.
Few could have foreseen the exponential growth of cryptocurrencies over the last few years; which in turn makes it incredibly difficult to predict where the sector will go from this point. Undoubtedly, it is evident that the development of cryptos has taken the sector to an incredibly exciting place. However, whether the engineers and developers associated with the sector can deal with the above issues will determine whether their revolutionary potential continues to be realised.
The Current State of Cryptocurrencies

Fostering Adoption of World-Changing Blockchain Projects

CoinSpeaker
Fostering Adoption of World-Changing Blockchain Projects
Blockchain technology and cryptocurrencies, such as Bitcoin, gained tremendous name recognition as a result of the hype-fueled 2017 bull market. Unfortunately, name recognition is still about all that there is for the vast majority of people. The concept of digital currency is still entirely foreign and confusing.
Now that we’re in an extended bear market, FUD (Fear, Uncertainty, and Doubt) and misinformation have started to run rampant through major media outlets like Bloomberg and the New York Times, among others. The reputation of cryptocurrencies in the mainstream is far from positive. Something needs to change about the public’s perception and understanding of cryptocurrencies, if mass adoption is to become a reality.
So, what’s the solution?
There’s only one way to fight misinformation: education. You see, as long as people have the preconceived notion that cryptocurrencies are scammy, they are going to be reluctant to use any blockchain-based solutions. But if people learn about key benefits of blockchain technology and how to use cryptocurrencies safely in their everyday lives…well, the tides can turn rather quickly.
With that in mind, an innovative new project has emerged with a focus on educating the masses about cryptocurrencies. The project, CryptoZink, combines several unique features that are designed to facilitate mainstream adoption.
Zink Academy
One of the key contributions CryptoZink makes to the cryptocurrency ecosystem is Zink Academy. Zink Academy is a proprietary educational platform that guides new users through the process of using cryptocurrencies for the first time.
Users will have access to a comprehensive content library of lessons on various crypto-related subjects. Additionally, subject matter experts will be involved in the process to guarantee the quality of the content presented and to help beginners advance their knowledge.
A distinctive aspect of the Zink Academy is that it incentivizes people to learn by rewarding users with ZINK Tokens for their progress. Scoring highly on a knowledge quiz, reaching higher learning levels, and demonstrating a commitment to learning can all earn ZINK Tokens.
And Zink Academy is not just for novices. The platform will have modules designed for both intermediate and advanced crypto users, enabling them to continually stay abreast of the latest advancements in the space. Furthermore, advanced users will also be encouraged to, and rewarded for, sharing knowledge with the greater community.
The CryptoZink Trading Platform
Zink Academy is a key differentiator that distinguishes CryptoZink from other projects in the space; however, there are many other compelling features. At the heart of CrytpoZink is a digital exchange for trading ERC20 and ERC223 tokens, with particular emphasis on cryptocurrencies that can make a measurable impact on the world.
In fact, CryptoZink will be launching a Token Curated Registry to encourage community engagement and to ensure integrity among the projects selected to list on the exchange.
Additional key attributes of the exchange include:

Secure storage of digital assets
A trading performance tracker
Live telephone and chat support
Trans-fee mining

By bringing together the exchange and academy, CryptoZink will build a community of knowledgeable and highly adaptive traders. More significantly, as the first exchange to emphasize education, knowledge sharing and community engagement, CryptoZink is making a major contribution to fostering mass adoption in the exciting world of cryptocurrency and blockchain/DLT.
Fostering Adoption of World-Changing Blockchain Projects

Bitcoin Cash Hard Fork Live: Bitcoin ABC Runs the Rally with Almost 50 Blocks Ahead

CoinSpeaker
Bitcoin Cash Hard Fork Live: Bitcoin ABC Runs the Rally with Almost 50 Blocks Ahead
The code for Bitcoin cash’s hard fork has been activated yesterday as announced, and,according to the CoinDance, the last “common block” among bitcoin cash miners, at the time of writing, was #556,897, mined by Bitcoin.com– which is supporting Bitcoin ABC.
Still, at this point, we cannot define which of the two will become the dominant software of the BCH network. Will it be just one or two distinct chains will continue to co-exist in the long-term?
As we already wrote, there are two dominating proposals for the implementation of the BCH network in the form of Bitcoin ABC and Bitcoin SV (Satoshi’s Vision).
Bitcoin ABC stands for “Adjustable Blocksize Cap”, and its proponents argue that the basic structure of BCH is “sound,” and “does not need any radical change”. Proposed changes include “removing software bottlenecks” and enabling node operators to change their block size limit.
The other implementation, Bitcoin “Satoshi’s Vision” or Bitcoin SV, rejects these changes to instead restore retired code from the original bitcoin protocol and increases the block size from 32 MB to 128 MB.
In the background, there is also a third faction called Bitcoin Unlimited, led by Andrew Clifford. They are proposing, as expected, a compromise between Bitcoin ABC and Bitcoin SV. Bitcoin Unlimited was pushed to the sidelines as Ver and Wright fought on social media, but there are people who believe that they could be the real winners after all.
In the lead-up to this event, threats of chain sabotage by avid Bitcoin SV supporter Craig Wright suggested the potential use of hash power to mine both a Bitcoin SV chain and, it that way, create empty blocks on an opposing Bitcoin ABC chain, which could fatally damage operations on the opposing network.
Bitcoin ABC supporters did not see this as a possibility, but Bitcoin SV’s mining pools consolidated much of the hash power on the network, proving that they could follow through if necessary.
Mining pool Mempool mined the first block of Bitcoin SV, with SVPool and Coingeek mining subsequent blocks. Mining pools Bitcoin.com, BTC.com and Antpool have controlled the ABC action to date.
Yesterday, mining pool Bitcoin.com released an announcement to users saying all hash power going into mining the bitcoin blockchain would be temporarily deployed to mine Bitcoin ABC blocks.
Though this announcement received negative feedback from those who claimed the organization had no legal right to redirect mining support in this way, data on the site indicates that starting at 17:30 UTC the mining pool has steadily been reallocating hash power in support of the Bitcoin ABC blockchain. 133 blocks have been mined under the new consensus rules and at the time of writing, Bitcoin ABC was 49 blocks ahead.
According to numbers on Coinmarketcap, the comparative value estimated of both bitcoin cash cryptocurrencies is currently about $83 for Bitcoin SV and $284 for Bitcoin ABC.
Gleamy Post-Fork Universe
BCH holders can expect to see some crazy fluctuations. Wright has already threatened to begin a 51 percent attack on the Bitcoin ABC blockchain if his SV gains a majority of the hash-rate on the network. While ABC expects to draw hash power from Bitmain’s bitcoin hash pools, the overall ugliness of the situation could lead BCH to new lows and may even threaten the original bitcoin’s value for a while.
The numbers can always change, but there is a chance that supporters could move from one chain to the other, and there’s other resources being included to strengthen the chains. Many platforms are watching this hard fork play out, leaving the community in the dark about the future of Bitcoin Cash until a resolution happens.
According to the underlying architecture of Bitcoin Cash, if Bitcoin SV manages to 51% say in the hash power, it can launch attacks on the minority chain. And Wright’s intention shows he is much likely to do it.
Peter Rizun, the chief scientist of Bitcoin Unlimited says that the upcoming hash war is the biggest test for Bitcoin network’s underlying security assumption, called the “honest majority”.
Bitcoin whitepaper says that the honest majority assumption depends on the basis the 51% nodes should behave non-maliciously for guaranteed security.
Rizun said:
“The security of blockchains come from economic incentives, not from math. We cross our fingers and hope that a group of attacker nodes will choose to play by the rules. Maybe they won’t. The coming hash battle is putting Satoshi’s assumption to the test.”
CoinGeek Planning an Attack Against ABC?
Bitcoin ABC’s self-proclaimed “benevolent dictator,” Amaury Séchet, said that he believes, due to metrics that are publicly available, that BCH mining pool CoinGeek is presently preparing an attack against the ABC chain. He cited the fact that they did not appear to be using anywhere near their normal 2 exahash worth of mining power in the immediate aftermath of the fork.
Joining the chat he said:
“If you think you have a better plan, and I think with BCH we have a better plan than BTC, then you can compete on the open market, and either we’re right, and we end up winning, or we’re wrong and BTC ends up winning, and that’s all good and fine and that’s market competition.
What we are seeing right now, though – or rather, what we are not seeing right now, is CoinGeek and BMG’s hashrate. Right? It’s completely gone. It’s not winning, mining anywhere that we can see. What that tells me is, you know, they have not thrown like 2 exahash at this, right? So they are preparing some kind of attack.
And right now we are not in a situation where people compete in an open market. We’re in a situation where we have an adversary that, you know, that is planning an attack. And so we need to consider them an attacker at this point.”
He added though, that if they are going to launch an attack against BCHABC, they will have to be treated as such.
The threat, according to the lead developer, is from the hash that exists which can feasibly attack the Bitcoin ABC network. “The hashrate that is missing right now that we’re not seeing anywhere,” he specified.
The question of where CoinGeek’s hash has gone is a good one. Potentially, it is mining regular BTC since it is no longer all required in order to mine Bitcoin SV, or it is mining Bitcoin ABC, which has seen a notable uptick in hashrate, but it is just as possible that it is preparing for a nefarious purpose as Séchet describes.
Bitcoin Cash Hard Fork Caused “Crypto Civil War”
Brian Kelly, founder and CEO of cryptocurrency investment firm BKCM, has said the market is experiencing a “crypto civil war” as the announced “hard fork” in Bitcoin Cash failed to gain consensus among peers in the community.
The disagreement is behind the plunging digital currency market, with Bitcoin losing the $6,000 handle on Wednesday.
Kelly said:
“Things exploded on Wednesday as Bitcoin dropped below $6,000 and is gradually approaching the $5,000 mark. The imminent software upgrade of Bitcoin Cash, born out of a Bitcoin hard fork by developers wanting to increase Bitcoin’s block size limit is, to blame.
When you do a software upgrade, everybody usually agrees. But in this particular case, everybody is not agreeing. So, we’ve got ourselves a ‘crypto civil war’ […] People started selling. That triggered stops. Everybody got concerned. And that’s what happened today — the entire market sell-down.”
Meltem Demirors, CEO of cryptocurrency research firm CoinShares, claims that some investment funds have taken “some money off the table” after a number of events piled up.
“I think all other assets that are not Bitcoin are in the midst of a liquidity crisis. What we’re seeing across the board is asset prices are down 75 percent or more, in some cases 95 percent. We’re now at a point where projects are running out of money. They’re going to need to start firing employees. They’re going to need to cut costs. You’re going to see consolidation, and some of these assets, inevitably, will get marked to zero.”
Did You Like Prison So Much?
Aside from the currently happening war between BCHABC and BCHSV, their supporters are also on fire on Twitter.
While waiting for the hardfork to complete, Jihan Wu, the proponent of BCHABC is retweeting all comments coming from his supporters.
Craig Wright’s comments on Roger Ver’s using Bitcoin.com hashpower to mine BCHABC during the hardfork were totally covering his style.
Wright warned Ver that such actions would bring him back to prison after reminding that Japan is a member of Interpol. “Did you like prison that much?” he tweeted.
His statement is captured and given an “interesting comment” that referred to him as “Bad Satoshi”, saying, “Can someone give him a lollipop so he can stop this tantrum.”
The hardfork is not over yet, at it leaves us to wait and see. Or, how the self-proclaimed Satoshi Craig Wright sad: “Hash competitions are a marathon, not a sprint.”
Bitcoin Cash Hard Fork Live: Bitcoin ABC Runs the Rally with Almost 50 Blocks Ahead

Coinbase CTO Calls for Home Crypto Mining, Recommends Suitable Device

CoinSpeaker
Coinbase CTO Calls for Home Crypto Mining, Recommends Suitable Device
Time is everything, and crypto industry is no exception. That’s why Coinbase CTO Balaji Srinivasan is betting a new startup Coinmine which began accepting pre-orders on Wednesday.
According to Srinivasan, with the decentralized pool of cryptocurrencies available, a single user does not need to compete with large mining pools to earn a decent income from mining. He said:
“The big difference with decentralized mining in 2018 is that there are now so many different coins and tokens out there that it’s almost certainly possible to make a profit – or at least mine a decent amount of some crypto – via a decentralized home mining device like Coinmine.”
Srinivasan believes that crypto industry has changed in two substantial ways that make home mining more feasible in 2018 than 2015. He added:
“Back in 2015 only bitcoin had any significant share, so the viability of any decentralized mining approach was benchmarked against BTC alone as opposed to 1,000-plus new digital assets.”
In 2015, Srinivasan founded 21.co, home mining company that aimed at fostering an ecosystem of home mining by building the 21 Bitcoin Computer. The latest was developed both to mine and run bitcoin-based apps.
In 2017, 21.co transformed into Earn.com, a company which provides a social network and two-sided marketplace that enables users to earn digital currencies by replying to emails and fulfilling microtasks. Acquired by Coinbase, Earn.com added to the exchange’s valuation. Soon after the acquisition, which involved an offer of equity package, the valuations of the exchange operator have soared to $8 billion.
About Coinmine
Coinmine is a crypto mining company looking to change this effort-consuming process with a new device that makes it easier to take advantage at home. Its product is called Coinmine One. This device uses ordinary GPU chips can currently mine four digital coins — Ethereum, Ethereum Classic, Monero and Zcash. With its own operating system, Coinmine one is planning to add other currencies in the future.
The Coinmine system is built to run two tokens: one proof-of-work, one proof-of-stake, which will only be enabled with updates coming in 2019.
Coinmine’s investors include Coinbase Ventures, Arrington Capital, and such figures as Balaji Srinivasan, Anthony Pompliano (Morgan Creek partner), and Ryan Hoover (Product Hunt co-founder).
Currently, Coinmine One is getting prepared for public use. Itt will be priced at $799 retail, but buyers will not see the product before mid-December this year. The official date has not been yet released.
Srinivasan is veryn optimistic about Coinmine and its ability to add new coins later. He said:
“There will likely always be some asset or set of assets that Coinmine can mine which makes a profit.”
He added:
“If Coinmine gets to substantial scale, you might even see some new digital assets in the future with ASIC-resistant hash functions launching directly on Coinmine.”
Coinmine One is different from the devices the industry has seen before, and it has all chances to have success.
Coinbase CTO Calls for Home Crypto Mining, Recommends Suitable Device

Ripple Price Analysis: XRP/USD Holding Its Ground Despite Market Selloff

Ripple is keeping its head above the bottom of the ascending channel visible on the 4-hour chart as bulls continue to defend support. XRP has overtaken ethereum in the top two spots of cryptocurrency rankings based on market cap thanks to its resilience so far.

The 100 SMA is above the longer-term 200 SMA on this time frame, confirming that the path of least resistance is to the upside or that the climb is more likely to resume than to reverse. Price seems to be finding dynamic resistance at the 100 SMA, though, but closing above this could draw more bullish momentum in.
This channel support lines up with an area of interest or a former resistance turned support zone where buyers had likely been waiting. RSI is turning higher to indicate that buyers are starting to regain the upper hand. This oscillator has a lot of ground to cover before reaching the overbought zone, which suggests that bulls could have enough energy for a move to the channel top at .5800 or the middle around .5300.
Stochastic is also heading higher to confirm that buyers have control at the moment. This oscillator is nearing the overbought area, however, so there may be some bullish exhaustion soon.

Cryptocurrencies have tumbled to yearly lows on account of the uncertainty related to the “civil war” of the Bitcoin Cash hard fork. The community is struggling to reach a consensus on which version to support, with one winning the hash wars and the other preferred by investors based on volume and price.
Investors are wary that this similar issues could come up for other digital assets at some point, hence the liquidation of some holdings leading up to the upgrade. Ripple, however, has managed to hold its ground as prospects seem brighter as the focus has been on positive developments like official support from Coinbase Custody.

Images courtesy of TradingView
The post Ripple Price Analysis: XRP/USD Holding Its Ground Despite Market Selloff appeared first on Live Bitcoin News.