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Bitcoin Is Becoming More Decentralized, Indicates New Research

Bitcoin has become more decentralized by several measures, according to Canadian financial services firm Canaccord Genuity Group.

In its February report, the firm said bitcoin was less decentralized in its earlier days, as measured by its hashrate distribution. However, over the last few years, “increased competition” among mining chip manufacturers has led to decreasing centralization.

Canaccord said, in mid-2014, mining pool GHash.IO controlled about 50 percent of the total bitcoin hashrate, making the largest cryptocurrency “vulnerable” to a potential 51 percent attack (controlling a majority of the hashing power allows bad actors to potentially rewrite transactions).

In 2019, however, no single mining pool controls more than 20 percent of bitcoin’s hashrate, with five mining pools having from 10–20 percent and the remaining groups controlling less than 10 percent of the total hashrate.


Bitcoin’s increased decentralization is a “foundational positive” development, Canaccord said, adding that while there are several factors that contributed to it, the most important factor has been the “commoditization of bitcoin mining chips, as advances in ASICs [application-specific integrated circuits] have slowed allowing for broader competition for bitcoin’s mining rewards.”

Bitmain, for instance, has seen increasing competition from Canaan Creative due to its “inability to produce a meaningfully superior alternative to the Antminer S9,” the firm said. The closer competition, it continued, has led “Canaan Creative to sell its chips to a broader audience of miners that can effectively compete with Bitmain.”

Citing ARK Invest research, the report further said that bitcoin’s centralization as measured by the Herfindahl-Hirschman Index (HHI) has steadily declined from ~3,000 in 2013 to ~1,200 currently.

The HHI index is used to gauge market concentration. An HHI of less than 1,500 is considered to be a “competitive marketplace,” an HHI of 1,500–2,500 is considered to be “moderately concentrated,” and an HHI of over 2,500 is considered “highly concentrated,” the firm explained.

source.coindesk

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Craig Wright now claims Bitcoin is his intellectual property

Craig Wright claimed that Bitcoin is his intellectual property and that all of those that infringed on it (i.e. Bitcoin Core developers) are about to be legally prosecuted. The self-proclaimed Satoshi Nakamoto outlined other equally ridiculous ideas in his blog post, including that all nodes and miners in the Bitcoin network are his personal agents.

Wright puts Bitcoin Core and Bitcoin Cash developers on notice

Craig Wright is back in the news again, but this time it isn’t connected to his ongoing trial with Ira Kleiman. Instead, the self-proclaimed Satoshi Nakamoto is making headlines for his blog post, in which he threatened to sue the developers of Bitcoin Core and Bitcoin Cash.

In a Feb. 13 post on his website, Wright discussed, in length, his “original vision” for Bitcoin and how its forks have strayed from it. According to the post, as the “sole creator” of Bitcoin, he owns the full rights to the Bitcoin registry. That means that the software can be forked and alternative versions of it created as long as the underlying database is left intact, he explained.

Wright then went on to say that both Bitcoin and Bitcoin Cash, which he called Bitcoin Core (Core) and Bitcoin ABC (ABC), have sought to use his database without permission.

This, he said, is about to come to an end.}“Those involved with the copied systems that are passing themselves off as Bitcoin, namely BTC or CoreCoin and BCH or BCash, are hereby put on notice,” he said in the post. “Please trust me when I say that I’m far nicer before the lawyers get involved.”

Bitcoin’s decentralization claim is “cherry-picked out of context”

In a bid to provide backing to his ridiculous claim over the ownership of Bitcoin, Wright said that Bitcoin’s centralization is oversold. According to him, the abstract of the Bitcoin whitepaper, the one he claims to have written, is “cherry-picked out of context” and often leads to a false view—one that Bitcoin is a completely decentralized system with no point of ownership.

What Bitcoin is, he alleges, is a distributed registry whose property rights belong solely to him. Code, if you were to believe Wright, isn’t the law after all.

Screengrab showing the abstract of the Bitcoin whitepaper
Screengrab showing the abstract of the Bitcoin whitepaper

Throughout the blog post, Wright kept implying that the only ownership over the network was his. The nChain scientist quoted section 15 of the U.K. Databases Regulations of 1997, which said that the maker of a database is the first owner of a database, not its subsequent members. As such, he explained, miners and nodes have no rights.

“Nodes and miners are thus subcontracting in accordance with the initially constructed set of rules that I created. That is, they are following a set of rules and acting as my agents,” he wrote.

We are yet to see whether Wright goes ahead with the lawsuits against Bitcoin Core and Bitcoin

Cash developers. Having previously seen several of his lawsuits dismissed due to lack of jurisdiction, Wright seemed to have explored this issue in depth. He noted in the blog post that as senior partners in the Bitcoin Core and Bitcoin Cash “partnerships” reside within Europe and the U.K., which presents the opportunity to incorporate them in the lawsuit without any “jurisdictional challenges.

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Bitcoin moves toward 10K again but this time to the downside

  • Bitcoin trades 4% higher abut has just met some resistance.
  • The price moved higher as the US traders came back to market following Presidents Day on Monday.

BTC/USD 1-Hour Chart

Bitcoin trades 4% higher on a good day for cryptos.

Now BTC/USD has met some resistance just ahead of 10,300.00.

There could be some intraday support at 10,100.00 as it has been used in the past.

If that breaks then the next level on the downside is 9,700.00.

The buy-side volume has been good but the selling volume on this last candle is growing at the time of writing.

Bitcoin

Additional Levels

BTC/USD

OVERVIEW
Today last price10156.94
Today Daily Change456.97
Today Daily Change %4.71
Today daily open9699.97
TRENDS
Daily SMA209755.69
Daily SMA508816.25
Daily SMA1008188.37
Daily SMA2008884.61
LEVELS
Previous Daily High9966.66
Previous Daily Low9469.94
Previous Weekly High10511.86
Previous Weekly Low9707.96
Previous Monthly High9568.13
Previous Monthly Low6856.63
Daily Fibonacci 38.2%9659.69
Daily Fibonacci 61.8%9776.91
Daily Pivot Point S19457.72
Daily Pivot Point S29215.47
Daily Pivot Point S38961
Daily Pivot Point R19954.44
Daily Pivot Point R210208.91
Daily Pivot Point R310451.16

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Bitcoin to Secure Bullish Rally as Candlestick Pattern Confirms

While seeing the technical chart, bitcoin cross is building up that foreshadows the bullish season for Bitcoin.

Bitcoin cannot stable is itself above the key level- $10,000- for a long time but plunged back. BTC performed opposite the claim of many maximalists as they predicted about the price value breaking the resistance level of $10,500. However, the technical analysis of the coin shows the formation of the golden cross- that may end up in the long-term bullish rally.

Last week, Bitcoin witnessed a great move and touched the figure of $10,500- the highest since the start of the year. But it started retracing back and recorded a 10% down in value. On the contrary, the analysts are obsessive with bullish predictions for the next coming days.

Formation of Golden Cross- Bullish Pattern

While seeing the technical chart, bitcoin cross is building up that foreshadows the bullish season for Bitcoin. Bitcoin cross usually makes when the short term moving average crosses the long-term moving average in an upward direction. Currently, it is clearly seen on the one-day BTC chart where 50-day MA is approaching the 200-days MA.

The speculation following the golden cross is not hypothetical but is pertaining to the past data. In April 2019, the BTC value was surged by almost 170% in three months after the formation o f the bullish pattern- the golden cross.

Not everyone is inspired by the particular candlesticks pattern as the crypto trader Shitcoin Riddler believes that we cannot predict whether it will pump the price or not as there are 55% chances for such happening.

He said:

‘’If we take the past odds and project it into the future, there is a 55% chance for $BTC to act as “expected” on the golden cross event. golden/death cross events don’t have a significant impact on bitcoin‘s price. People just try to fit coincidence in their bias

Bitcoin has outperformed major traditional assets as there is a disruption in the world economic markets due to Coronavirus outbreak but the digital gold is going up with other cryptocurrencies. According to many analysts, it is due to the interest of investors who are turning to bitcoin to experiment with their assets.

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