Charlie Lee, the creator of Litecoin recently sat down for a talk on the latest episode of Magical Crypto Friends with Samson Mow, Riccardo Spagni and WhalePanda. They discussed the latest development in the crypto ecosystem including the BCH hard fork that resulted in the formation of BCHABC(now simply known as BCH) and BSV.
The Bitcoin Cash ABC community and project are led by the Bitcoin Cash evangelist, Roger Ver and the co-founder of Bitmain, Jihan Wu. Miners supporting BCHABC include BTC.com, Antpool, and Bitcoin.com. This version of BCH aims to preserve the original functionality and vision of the Bitcoin Cash network and currently preserves the block size of 32MB. However, because the hard fork is technically an upgrade, there are some improvements.
Bitcoin Cash SV is supported and led by Craig Wright, dubbed “Fake Satoshi.” The miners supporting his vision include Coingeek and Bitcoin.org. The changes to Bitcoin Cash in this hard forked chain are far more dramatic than BCHABC’s changes. For one thing, block size has quadrupled from 32MB to 128MB. As well, changes to the protocol have been made to ease the transition to smart contracts on the BCHSV network.
Basically, the blockchain that receives the greatest amount of hash power (mining power) will become more secure with a longer blockchain. The network that fails to gain the majority of hash power will lose momentum and the miners will move on to mine the more successful and longer blockchain.
This, according to Charlie Lee was pretty disappointing. They even highlighted the centralized nature of Bitcoin Cash ABC. This was triggered by their checkpoint feature. The checkpoint demands formation of the first Bitcoin Cash ABC block as a new protocol rule. Any chain without this block would be considered invalid by the Bitcoin ABC software client. This has the consequence that rival miners will be unable to override the complete Bitcoin Cash ABC chain. This notably is one of the possible threats in a “hash war.”
According to the people on the panel Satoshi would have never approved of such a thing. Riccardo Spagni, the lead developer of Monero said:
“Monero still has checkpoints hard-coded checkpoints up to certain block ID. you know I mean I don’t think fundamentally is an issue with, that especially when you’re young, but I mean it needs to be done with a view to removing it that the issue here not checkpointing per se. it’s more this whole like large relay prevention thing which is dumb idea longitude”
To this Lee added:
“So basically like I think the whole the whole point of this decentralized consensus is based on this simple fact that anyone can spin up a node and know that they will be on the right chain right they don’t have to trust anyone.”
Bakkt Futures to Launch in the Current Quarter
Managing director and quant strategist at Fundstrat Global Advisors Sam Doctor suggested in a Twitter post published on July 19 that Bakkt’s Bitcoin (BTC) futures contracts will launch this quarter.
According to the post, which includes a summary of Fundstrat’s takeaways from the Bakkt Digital Asset Summit held on July 18, the firm’s futures will launch in the current quarter. The launch is set to follow tests announced last month, which are scheduled to start next week. The firm believes that the launch will be a catalyst to accelerate entry of traditional institutional investors. The post notes:
“THERE APPEARS TO BE A CRITICAL MASS OF ADOPTERS READY TO COME ON BOARD ON DAY 1 OF THE BAKKT LAUNCH, WITH THE SALES TEAM GAINING TRACTION AMONG BROKERS, MARKET MAKERS, PROP TRADING DESKS AND LIQUIDITY PROVIDERS.”
During the aforementioned event, Commodities Futures Trading Commission (CFTC) commissioner Dawn Stump apparently expressed that no current cryptocurrency could threaten financial stability and that the regulator sees a growing demand for Bitcoin futures from the public. Also during the summit, chief information officer at crypto investment firm Blocktower Ari Paul was reportedly confident that once a killer app or user interface makes cryptocurrency on-ramps safe, reliable and as easy to use as Paypal, retail adoption will be enormous.
According to the Fundstrat notes, Paul also said that institutions should not dismiss crypto assets, considering their low correlation with traditional assets and with compound annual growth rates of 200%-300%. He also said that inflation and confiscation resistance of cryptocurrencies are a key value proposition.
Pantera Capital CEO Dan Morehead, on the other hand, said that most tokens will fail and a handful of base protocols will survive, but with thousands of decentralized applications built on top of them.
As Cointelegraph reported in May, the Intercontinental Exchange is reportedly taking steps to ensure approval from the United States CFTC for Bakkt.
Bitcoin Price Slips 10% in 24 Hrs as Fed Raises Facebook Libra Concerns
Bitcoin Price Slips 10% in 24 Hrs as Fed Raises Facebook Libra Concerns
Bitcoin price (BTC) shed more than 10% on July 11 as markets appeared to react to criticism of Facebook’s Libra from a senior United States lawmaker.
Market visualization courtesy of Coin360
Data from Coin360 sees the majority of cryptocurrencies firmly in the red Thursday, hours after Federal Reserve Chairman Jerome Powell said Facebook’s offering should not continue development.
Libra, which aims to act firstly as a cross-border payment method, allegedly buoyed Bitcoin throughout recent weeks, with commentators arguing its public profile was driving publicity and uptake of Bitcoin itself.
Powell’s demands, which follow similar words from representatives of the Senate House of Financial Services Committee, leant weight to that theory.
“Libra raises serious concerns regarding privacy, money laundering, consumer protection, financial stability,” he said during a speech before a congressional committee. “These are concerns that should be thoroughly and publicly addressed.”
“THESE ARE CONCERNS THAT SHOULD BE THOROUGHLY AND PUBLICLY ADDRESSED.”
At press time, BTC/USD traded down 10.4% at $11,530, having risen as high as $13,160 in recent days.
Bitcoin 7-day price chart. Source: Coin360
The drop places the pair still within its recent corridor between around $9,700 and $13,800, with volatility still in evidence across crypto markets.
Altcoins, meanwhile, delivered noticeably worse performance as Bitcoin price fell, with several assets in the top twenty by market cap shedding 15% or more.
Ether (ETH), the largest altcoin, lost a similar amount to Bitcoin, hitting $272 and firmly losing support at $300 once again.
Ether 7-day price chart. Source: Coin360
Among the worst performers were Bitcoin SV (BSV), which lost 17.2%, and EOS (EOS), which was down 20.2%.KEEP TRACK OF TOP CRYPTO MARKETS IN REAL TIME HERE
Bitcoin Approaches $11,000 With All Top 20 in Green
Saturday, July 20 — crypto markets have seen another upward move, with all top 20 coins by market cap seeing major gains, while Bitcoin (BTC) has approached $11,000 mark again.
After dipping below the $11,000 threshold on July 14, Bitcoin has approached the price point today, with its intraday high of $10,944, according to data from CoinMarketCap. The biggest cryptocurrency added 3.7% to its price to trade at $10,922 at press time. As Bitcoin has seen significant volatility this week, with its price having dipped below $9,500, the cryptocurrency is down around 3% over the past 7 days at press time.
Ether (ETH), the second cryptocurrency by market cap, is up over 5% and trading at $232 at press time. The top altcoin is down 13.4% over the past 7 days.
Ripple (XRP), the third top cryptocurrency by market cap, added 6.4% to trade at $0.339, also seeing a notable growth over the past 7 days, adding up to about 2.6%.
Bitcoin SV (BSV), the ninth top cryptocurrency by market cap, has added over 25% to its value today, seeing the biggest growth among the top 20 coins by market cap.
As of press time, total market capitalization amounts to $298 billion after that number dropped below $250 billion earlier this week. Daily trade volume amounts to around $63 billion.
The new wave of green on crypto markets follows a recent bullish prediction by managing director and quant strategist at Fundstrat Global Advisors Sam Doctor, who suggested that much-anticipated Bakkt’s Bitcoin futures contracts will launch in Q3 2019.
Additionally, India’s Minister of State for Finance Anurag Thakur said yesterday that there is no legislation in India that expressly bans citizens from using cryptocurrencies.