Posted on

Cobra Calls for a Change in Bitcoin (BTC) PoW to Fight Centralization

The enigmatic and famous Cobra, co-owner of Bitcoin.org and bitcointalk.org, again sparked controversy in the crypto community by publishing a series of tweets questioning the current situation of Bitcoin (BTC).

According to Cobra, one of the main problems with Bitcoin’s blockchain is the fact that it has such centralized mining power.

According to his opinion, a coordinated strike by three mining pools would be enough to successfully carry out a 51% attack on the Bitcoin network.

Cobra: Security is More Important than Profitability

Cobra is one of the main characters warning of the possible dangers of maintaining the current design of Bitcoin’s consensus algorithm (BTC). In February 2018, he had already made specific considerations in an open letter.

For Cobra, the level of centralization and control over the Bitcoin network is essentially a monopoly. He mentioned Bitmain as the villain of the film, not only because of the mining power but also because of other factors such as support for altcoin Bitcoin Cash or the possibility of being controlled by China:

“People talk about “new entrants” to the mining scene, but it’s almost impossible for anyone to catch up to the total domination of the mining space by BITMAIN. They are light years ahead.

The hashrate has already been abused to give political support to reckless and dangerous hard fork attempts. They have questionable allegiance to Bitcoin at best, seeming more interested in supporting Bitcoin Cash, undermining the very network that employs them.”

With this in mind, Cobra called on the community to change the mining algorithm – which he believes is the root cause of all Bitcoin’s problems – in order to get rid of miners and solve the situation that threatens the Bitcoin network:

“This mining problem is the root cause of all of Bitcoin’s problems. It’s the miners that have supported every hostile attempt to take over the network. It’s the miners who block new features for their strange political agenda … We need to get rid of them while we still can, they’re no longer a useful part of our community. Hard forks are scary, but let’s not be afraid to try at least to build consensus when we can all see the problem right in front of us.”

A Personal War?

To emphasize his toughts, Cobra wrote that Bitmain could entirely control the Bitcoin network (BTC) by having a stake in the Bitcoin.com, AntPool and ViaBTC pools. He questioned Bitmain’s claims that they do not control most of the hashing power.

Does Bitcoin really need another fork?

More than competing against Bitmain, Cobra called for changing the mining algorithm, thus avoiding a repetition of the problem. For him, Bitmain’s power is hard to fight against:

Cobra’s opinions generated diverse responses and reactions. bch-oriented websites and pro-bitmain forums quickly hastened to discredit him while the community proceeded to comment, posting tweets of support and criticism almost equally.

The main argument against Cobra’s statements is that Pools are a group of people and not just a central entity. The main argument in supporting him is precisely the need for a fork that is hard to achieve because of the big number of users already comfortable with BTC’s PoW.

loading…

Posted on

The Case For Bitcoin Cash (BCH) Is Still Strong

Bitcoin Cash (BCH) was forked from the Bitcoin blockchain on August 1st, 2017 and has since shown some promise in the markets. This was after the network congestion on the Bitcoin network had reached frustrating levels with some taking upto 4 days to complete. The added fees needed to complete BTC transactions were ridiculously reaching $28 in some cases.

Since hitting the crypto-markets, BCH has rallied twice. The first time, BCH did amazingly well in less than 24 hours. This was on November 12th when it reached levels of $2,426 from previous day levels of $950: an increment of 155% after which its value settled around the $1,000 mark.

Another amazing rallly of BCH was on December 20th when it was added on Coinbase. On that day, it peaked to levels of $4,400 from $1,800 levels less than three days earlier. This time round, BCH did 144% in gains. This event was then marred by controversy about insider trading at Coinbase leading to BCH fading away in terms of ‘buzz’ in the crypto-verse.

Recent value of the coin before the April 12th market surge, put BCH at approximately $650. It has since risen to current levels of $1,195 at the moment of writing this and almost doubling in value in less than two weeks.

So why is BCH still strong in the Markets?

Firstly, more and more miners are embracing BCH for it is proving to be more profitable as it becomes popular in the markets. BCH is now available in 276 exchanges but still 124 less than those that offer Bitcoin.

Another reason why BCH is more profitable to mine, is the software upgrade that happened in May 2018. This is the first in a chain of scheduled upgrades that were announced late in 2017 by several developer groups that are keen to push for BCH as an alternative to BTC. The current upgrades allow for on-chain scalability by adjusting the blocksize limit with an increased default of 8MB. Also, new transaction signatures together with a new difficulty adjustment algorithm, provide added security for the coin.

In conclusion, Bitcoin Cash (BCH) could be headed to greater heights in the markets as the project continues to evolve and adoption continues to increase. Another driving force for the coin, is the passionate believers of its capability found within the BCH community.

Posted on

Respected Wall Street Strategist Says Bitcoin (BTC) Will Reach 25k in 2018

The cryptocurrency space has witnessed many FUDs, it has witnessed uncountable ups and downs, but it seems there is a promising future for cryptocurrencies this year. With just a two-day surge in the price of bitcoin, enthusiasts are raising trust in the cryptocurrency space, saying there is igh possibility the space receives increased boost than it witnessed last year.

One very noticeable, respected Wall Street strategist who believes that bitcoin is on the verge of tripling in price is Thomas Lee, co-founder and head of research at Fundstrat.

Mr. Lee reinvented his bullish forecasts on Thursday, April 12, while conversing on CNBC’s program, “Futures Now”. Lee says the price of bitcoin could reach $25,000 within eight months.

“We still feel pretty confident that bitcoin is a great risk-reward and we think it could reach $25,000 by the end of the year.”

Commentators have weighed in on the sudden surge in the price of bitcoin from around $6,800 to over $8000. Many of them are of the opinion that the beginning of the much-awaited bull run has started.

Lee, who also believe it is time bitcoin increased in price, made known that the time is “overdue”.

“It’s overdue. Bitcoin was incredibly oversold,” he said.

“When you look at metrics like price-to-book, which is money cost, or our bitcoin misery index, it’s pretty much what you saw at the end of the 2014 bear market, not the start.”

If bitcoin rises to $25,000, it amounts to a 225 percent increase using its Thursday value as a yardstick.

Meanwhile, the increasing price of cryptocurrency is not only helpful to Bitcoin alone. It reflects in the value of Ethereum, Litecoin, Ripple and so many other altcoins. However, none can really say what is behind the sudden increase after many months of decline. Many are of the opinion that it is just time for the cryptocurrency world to witness another sudden increment.

Ed Cooper, head of mobile at fintech startup Revolut, in a conversation with The Independent, also holds to this assertion. He said the rise “doesn’t appear to be driven by any significant news stories.”

“Most likely there was a change in sentiment today and traders started to buy thus raising the price.”

Posted on

Coinbase Pledges Support For Bitcoin Forks

Coinbase exchange broadcast it is supporting the withdrawal of Bitcoin forks on its platforms. The information is contained in an April post on Medium, a social blog, and at the same time on the exchange’s personal blog.

According to the platform, the development gives room to customers to make ‘more easily withdraw assets associated with Bitcoin Forks across all Coinbase products’.

“We are not announcing support for any specific assets at this time. As always, we look at technical, operational, and legal considerations when deciding which Bitcoin Fork assets to support and will always state on our website which particular assets are supported,” the statement reads.

Talking on the importance of Bitcoin Fork to the products of Coinbase, especially Coinbase Custody. The statement reflects that Coinbase Custody aims to build infrastructure to support future Bitcoin forks, and it is possible to support more forked assets than GDAX or Coinbase for the foreseeable future.

According to the blog post, GDAX “will build infrastructure to support withdrawal of Bitcoin Forks for assets stored on GDAX at the time of the fork. Adding withdrawal support for a bitcoin fork does not mean the asset will also be added for trading. Assets that are listed for trading will be independently evaluated using the Digital Asset Framework.”

The Bitcoin Fork is going to be supported by Coinbase Index Fund, since any forked assets listed on GDAX is automatically added to Coinbase Index.

When Is Coinbase Adding Ripple?

Crypto lovers are expecting the addition of Ripple on Coinbase. Last month, the rumor that Coinbase is planning to add the altcoin soared its price, until Coinbase dispelled the rumor, saying there is no decision on adding a new asset for now.

“As of the date of this statement, we have made no decision to add additional assets to either GDAX or Coinbase. Any statement to the contrary is untrue and not authorized by the company.”

Coinbase Plans To Become An Alternative Trading System

The Wall Street Journal has reported on Friday, April 6, 2018, that Coinbase is in a discussion with the U.S. Securities and Exchange Commission to register as a legitimate broker-dealer company and electronic trading venue. The action is an aftermath of the U.S. regulators’ clarification on cryptocurrency.

Posted on

World Bitcoin and Bitcoin Candy forking near you

A New Year brings new forks and more Bitcoin confusion for those new to cryptocurrencies. The major one from last year, Bitcoin Cash, caused a rift within the community with many claiming the forked version as being the real Bitcoin. What is true is that BCH is faster and more efficient than BTC when it comes to transactions.

Two more forks are now imminent with one already occurring at block 503,888 a few hours ago. World Bitcoin has been created to solve existing problems according to its founders;

“We call it World Bitcoin because we want to solve the practical problems in the Bitcoin Network from a global perspective and offer more diverse scenarios of applications,”

The aim is to evolve the blockchain to what they call version 3.0. Compared with blockchain 1.0 and 2.0, version 3.0 is characterized by an infinite platform of smart contracts, high concurrency, low fees and blocks with upper limits according to a WBTC Medium post.

“In such areas as financial services, food security and culture and entertainment, concepts in blockchain technology have already been adopted in real life. Just like “Internet +”, “blockchain +” will have a significant impact on the upgrade of the whole industry and WBTC will spearhead that change.”

The total amount of WBTC is 2.121 billion, 21 million of which will be managed by the WBTC Foundation for marketing and building a global ecosystem and developing new features. Bitcoin users can get 100 WBTC for 1 Bitcoin.

The second fork will be Bitcoin Candy which will be a fork of the Bitcoin Cash chain at block 512,666. BCH holders can get CDY at the ratio of 1 BCH to 1000 CDY. The idea behind this one is to build a quantum computing resistant project as the team explained on their website:

“As top technology companies like D-Wave, IBM and Intel are ramping up their investment in quantum computing research and development, the age of quantum computing will probably arrive in five to ten years. As such, ECDSA-based cryptocurrencies will become breakable by quantum computers. The CDY team will focus on experimenting with post-quantum signatures to secure cryptocurrencies.

The CDY blocksize will be 8Mb and it will use the Equihash algorithm and difficulty adjustment algorithm (DAA), producing a new block every two minutes. 21 billion units will be the total supply with 210 million pre-mined to motivate early developers.