Category Archives: Bitcoin
F2Pool Starts Signaling for Segwit in Bitcoin – CryptoCoinsNews
In a surprising move, F2Pool, which has around 9% network hardware share, began signaling for segregated witnesses (segwit), a controversial proposal that aims to increase capacity while facilitating layer two protocols such as the Lightning Network and sidechains.
Unlike in litecoin, where the market rallied after F2Pool began signaling segwit, there was no price reaction in bitcoin, which may indicate the market doesnt think there has been any change as segwit still requires another 65% of miners.
Moreover, the signaling began after a somewhat peculiar series of events. Firstly, F2Pool started signaling segwit in litecoin, then surprisingly said he was re-considering, then Charlie Lee said F2pool will keep signaling, Wang Chun, F2Pools co-founder, confirmed, but further suggested he will keep signaling because I scare DDoS too much.
Thats just the starters or just the warm up if youre into exercising. Wang Chun then went on to say in a statement that could not possibly make his views any more clear:
Segwit will be a disaster. I am not going to support it on BTC because I am a bitcoin HODLER. Meanwhile, I do not have a single litecoin.
Youd rationally conclude thats that then, but it seems Wang Chun was still hungry and wanted some dessert which took the form of asking his followers a fairly peculiar question: Should miners stop signaling segwit by the end of current activation period and switch to UASF?
Miners cant quite signal for a UASF, otherwise known as a flag-day soft-fork. That is, after block X segwit is activated. In such scenario, miners either upgrade or dont upgrade. Plus, there is no difference between the two as far as miners are concerned because for miners all forks are hardforks.
Here comes the twist: As 56% from the poll in favor of segwit & agreed UASF is bad. Well respect ur opinion and implement segwit on both BTC & LTC soon. Thanks.
The poll didnt ask whether his followers are in favor of segwit or otherwise, but gave a choice between segwit or UASF which also implements segwit. So, between segwit or segwit, with the only real question asked being whether segwit should be activated at a threshold of 95% of miners or whether it should just be activated regardless of how many miners support it.
This, of course, just two days after he said segwit will be a disaster. Now, to make some rational sense of this isnt easy, but some suspect F2Pool isnt really neutral. They implemented full-rbf, for example, at the advice of Peter Todd, then backtracked after a huge backlash by users.
Theyve never really mined on any other client, but Bitcoin Core, except for that one time when they pretended to give their users a choice by making mining with Bitcoin Classic as difficult as possible which led to just one block in a week or so despite the pool at the time having some 25% network share.
On the other hand, it may well be the case that the decision is actually purely made to avoid any DDoS as Wang Chun says or implies. F2Pool is a classic pool, running no hash of its own, and is a fairly small operation, therefore may not have the resources other pools do.
In that case, it doesnt seem like a smart move to reveal DDoS-ing has so much effect on his pool. Nor does it sound like a good idea for miners to keep using F2Pool when their profits can so easily be affected by a DDoS either from competitors or segwit supporters.
Their hash has fallen to around 9% in the past four days, with segwit and Bitcoin Unlimited now very much neck and neck, both having around 36% network share. That suggests bitcoin is fully split.
As such, after two years, there is still no resolution in sight, while bitcoins fees reach all-time high, above $1, with users yesterday complaining about unconfirmed transactions.
Maybe some new proposal will be able to bridge the divide, but what well probably see is a repeat of the same old story. Firstly, nitpick every little thing in showing strong opposition, then smear the proposals name, then its devs, then whoever supports it, then DDoS.
This time, though, all of it is getting far too boring, like those Hollywood movies that keep repeating the same story-line.
Featured image from Shutterstock.
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F2Pool Starts Signaling for Segwit in Bitcoin - CryptoCoinsNews
Bitcoin Wallet Review Exodus – The Merkle
Summary
Exodus is a versatile and user-friendly multi-currency wallet solution. However, there is a lack of customization features that may turn off some people. It is still well worth checking out, though, as the built-in exchange feature is quite nifty.
In the world of bitcoin and cryptocurrency, there are quite a few different services people enjoy using. While exchanges are among the most popular services, there are over a dozen bitcoin wallets available as well. Exodus is one of those cryptocurrency wallets many people seem to like, even though it is hardly ever mentioned. Now would be a good time to take a closer look at what this wallet offers and why so many people have taken a liking to it.
Although it is difficult to distinguish oneself from the competition as a cryptocurrency wallet service provider these days, Exodus tries to do a few things differently. First of all, the wallet does not just support bitcoin, as it also integrates ETH, LTC, Dash, and Dogecoin support. Contrary to what some people may think, there is still a large demand for dogecoin wallet services these days.
Supporting multiple digital currencies is not enough to stand out among competitors, though. Exodus positions itself as a convenient wallet solution through its appealing user interface. In fact, one could argue anyone in the world can get comfortable using Exodus within minutes, regardless of any prior experience with cryptocurrency wallet solutions. In this regard, Exodus is a wallet option for both novice and experienced cryptocurrency enthusiasts.
Moreover, the user interface will also create a pie chart based on a users holdings. This feature is well appreciated by a lot of users so far, as it provides an interesting visual of their cryptocurrency holdings. Moreover, the wallet also provides a built-in exchange, which allows for instant trading between the five supported currencies. A nifty feature, that much is certain. The exchange feature is made possible due to the integration of the ShapeShift API.
That does not mean the wallet is not without its flaws, though. One feature that would make Exodus more worthwhile is having the option to control several wallet addresses per supported currency. For example, it is not possible to have both a regular bitcoin address and a watch-only address in the same client. That is a big let-down for a lot of users, although it is something the developers can easily fix in a future update.
Moreover, it may require a bit of work to display the total value of all cryptocurrency holdings in a currency other than the US Dollar. Customization is a critical part of any cryptocurrency wallet in existence, and Exodus may need a bit more work in this department. Do keep in mind the wallet itself functions just fine, yet non Americans may want to display their portfolio value in a different national currency.
All things considered, the Exodus cryptocurrency wallet is quite a popular solution for both experienced and novice users. Some further customization options are more than welcome, although there is no reason to believe they will not be added in a future client update. The built-in exchange feature has been received by the overall community so far, that much is certain. It is worth mentioning Exodus is only available for desktop users, as there is no mobile client available as of right now.
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Bitcoin Wallet Review Exodus - The Merkle
Bitcoin After Eight Years: More Virtual Than Real? – Wall Street Journal – Wall Street Journal (blog) (subscription)
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Bitcoin bears ramp up bets virtual currency will fall – MarketWatch
Bets that the bitcoin price will fall have surpassed bets that it will rise for the first time since February on one of the worlds largest digital currency exchanges, stoking contrarian speculation that the digital currency could headed for a new all-time high.
Open short interest on Bitfinex surpassed long interest on Thursday for the first time since February. The last time shorts eclipsed longs, the bitcoin price gained nearly $300 over the following three weeks, rising from $993 on Feb 13 to an all-time high of $1,285.
Bitfinex, a top digital currency exchange by trading volume, is also one of only a handful to allow customers to trade on margin.
In financial markets, short interest is sometimes viewed as a contrarian indicator because it leaves assets vulnerable to whats known as a short squeeze. In a short squeeze, investors who bet against the asset are forced to buy it back to close out their positions at a loss, causing the price to move sharply in the other direction.
The buildup in shorts proves that the bitcoin scaling debate isnt over yet, said Chris Dannen, a founding partner at Iterative Instinct, a small New York-based private-equity fund that trades crypto-assets.
Dannen was referring to a rift in the bitcoin community over how to upgrade bitcoins software to allow the network to process transactions more quickly and efficiently.
That debate has quieted down in recent weeks as bitcoin miners have backed away from a controversial proposal called bitcoin unlimited that wouldve raised the limit on how much transaction data can be stored in each block of the bitcoin blockchain.
Investors feared that, if support for the proposal passed a certain threshold, but fell short of unanimous adoption, it could split the network into two different coins.
Amith Nirgunarthy, director of marketing and high net-worth partnerships at Bitcoin IRA, was reluctant to read too much into the shift in positioning.
Theres been a lot of good news in the cryptocurrency space as of late, he said.
Earlier this week, Blockchain Capital, a venture fund focused on blockchain initiatives, closed its $10 million initial coin offeringthe first of its kind in the U.S.after just six hours.
A blockchain is a decentralized, cryptographically secured ledger that powers digital currencies like bitcoin.
The bitcoin BTCUSD, +0.97% price retreated on Thursday after touching its highest level in three weeks. One coin was recently trading at $1,165.
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Bitcoin bears ramp up bets virtual currency will fall - MarketWatch
This digital currency is about to succeed where bitcoin has failed – MarketWatch
After languishing for years, the price of a single litecoin has shot higher in recent weeks as its users have thrown support behind a software update that would improve the networks ability to quickly and efficiently process transactions.
On Wednesday, support for a software upgrade called segregated witnessor segwit, for shortwas quickly approaching the 75% threshold of processing power needed for it to take effect.
Those who are unfamiliar with the world of digital currencies may not understand the true significance of this accomplishment. Both bitcoin and ethereum have struggled to achieve the consensus needed to implement important software updates. In ethereums case, the struggle led the network to split into two separate coins. And bitcoin nearly experienced the same fate last month.
[Litecoin] has done what bitcoin hasnt; it has managed to break through an impasse by offering a scaling solution, said Charles Hayter, founder and chief executive officer of CryptoCompare, a site that provides data and analytics about cryptocurrencies.
Investors were paying as much as $12 per litecoin on Wednesday, an increase of more than 20% from the prior day, according to data from CryptoCompare. That is just shy of a more than three-year high reached last week. The bitcoin price BTCUSD, -0.88% on the other hand, was flat at $1,200 a coin.
SegWit would effectively strip out some data from each litecoin transaction, allowing miners to squeeze more of them into each block on the litecoin blockchain. It would also make it easier for buyers to transfer litecoin to one another using so-called off chain transactions. These transactions arent processed by the primary litecoin network, and therefore dont require fees to be paid to the litecoin miners who power it.
A blockchain is the distributed, cryptographically secured ledger that powers digital currencies like bitcoin. Every computer running the litecoin software maintains a record of every litecoin transaction, and each transaction must first be validated by each node in the network before it is confirmed.
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This digital currency is about to succeed where bitcoin has failed - MarketWatch
People Love Talking About Bitcoin More Than Using It – Wall Street Journal (subscription)
Wall Street Journal (subscription) | People Love Talking About Bitcoin More Than Using It Wall Street Journal (subscription) A few years ago, a Spice Girl and an NFL star were accepting bitcoin to sell their wares. Comedian Drew Carey tweeted about trying to buy breakfast with it, and Federal Reserve Chairwoman Janet Yellen testified about bitcoin in front of Congress. Now ... |
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People Love Talking About Bitcoin More Than Using It - Wall Street Journal (subscription)
Bitcoin miners have collectively earned more than $2 billion – Quartz
Bitcoin mining has become a multi-billion dollar industry. Bitcoin miners have collectively earned over $2 billion in revenue since the cryptocurrency was established in 2008, according to an estimate from a new report published by the Cambridge Centre for Alternative Finance.
Bitcoin mining is how transactions on the bitcoin network get processed. Transactions in bitcoin are bundled into blocks, and its the job of miners to confirm those blocks are legitimate. This happens when a miner successfully solves a cryptographic puzzle attached to each block, gaining a payout called the block reward. This payout halves every four years; the current reward is 12.5 bitcoins per block, or $15,350 at todays prices. The twist is this: miners must compete with one another with greater computational power to solve the puzzle and win the payout.
These incentives have led to a massive increase in complexity and need for computational power. In bitcoins early days, people mined the cryptocurrency on their home computers. Today, server farms of thousands of custom-designed machines around the world compete with one another to solve the puzzle first.
Revenues generated by the bitcoin mining sector could be significantly higher, the report says. The estimate only accounts for revenues earned from block rewards and fees paid by bitcoin users for having their transactions processed. It doesnt include revenue from selling mining equipment, or providing cloud mining services, which let subscribers share in block rewards for a fee, without having to operate their own equipment.
Importantly, the estimate doesnt account for capital gains from cashing out of bitcoin strategically, since the researchers assumed block rewards were immediately converted to US dollars. Those gains could be substantial, since bitcoin has been on a historic bull run.
Transaction fees have historically been a small part of miners revenue, but theyve shot up this year as the number of transactions gets closer to the bitcoin networks limit. Users are willing to pay higher fees to ensure their transactions are processed by miners. The question of how to raise the limit is at the heart of the civil war that has divided the bitcoin world. As bitcoin adoption grows, miners are prospering.
Read this next: Bitcoins civil war threatens to blow up the cryptocurrency itself
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Bitcoin miners have collectively earned more than $2 billion - Quartz
Bitcoin touches 3-week high as Russia mulls recognizing it as a currency – MarketWatch
The price of a single bitcoin on Tuesday climbed to its highest level in three weeks following reports that Russian authorities might recognize the worlds most popular digital currency as a legitimate financial instrument some time next year.
If true, this would represent a regulatory about-face for the Russian government, which had previously threatened to jail anyone caught using the worlds most popular digital currency. The story was first reported by Bloomberg News.
The price BTCUSD, -0.37% of a single coin traded as high as $1,232 on Tuesday.
After falling sharply during the second half of March, the bitcoin price recovered over the past week as a controversy over a proposed software update that wouldve expanded bitcoins ability to process transactions threatened to split bitcoin into two separate tokens has appeared to subside. Also, a Japanese law that will allow large financial institutions to participate in the bitcoin market finally took effect at the beginning of the month.
Chris Burniske, blockchain analyst and products lead at ARK Invest, said that, although the market appears to be pricing in a resolution to the debate about how to increase the processing speed of the bitcoin network, the issue is hardly settled.
There are still some hurdles the community has to overcome, Burniske said.
Adding to the encouraging regulatory news, China-based OkCoin announced on Tuesday that it had officially updated its anti-money-laundering and know-your-customer policies, leading to speculation that OkCoin, one of Chinas big three exchanges, could reinstate customer withdrawals as soon as April 23, according to Charles Hayter, chief executive officer of CryptoCompare, a provider of bitcoin data and analytics.
The ecosystem is maturing and a dose of regulation in the right form can only help to support the space, Hayter said.
In March, the Securities and Exchange Commission rejected two proposed bitcoin exchange-traded funds on the grounds that it would be difficult for exchanges to provide the necessary market oversight to prevent market manipulation and other unsavory practices.
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Bitcoin touches 3-week high as Russia mulls recognizing it as a currency - MarketWatch
Financial Spring Cleaning: For Bitcoin, Save All Records – Forbes
Forbes | Financial Spring Cleaning: For Bitcoin, Save All Records Forbes That's a warning sign to taxpayers that they need to stop underreporting their bitcoin income, because it will become a point of enforcement by the IRS in the future, says Tyson Cross, tax attorney and founder of Cross Law Group and ... |
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Financial Spring Cleaning: For Bitcoin, Save All Records - Forbes
Deloitte’s Cunning Bitcoin and Blockchain Plan – Investopedia
Investopedia | Deloitte's Cunning Bitcoin and Blockchain Plan Investopedia One of the main barriers to the widespread acceptance of bitcoin and other cryptocurrencies outside of the digital world is that so far there have been few practical, real-world applications for these methods of payment. Buying items online and ... |
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Deloitte's Cunning Bitcoin and Blockchain Plan - Investopedia