Cryptowhispers: DDoS Attacks, Major Exec in Serious Crash, Twitter Drama

Cryptowhispers: DDoS Attacks, Major Exec in Serious Crash, Twitter Drama

Cryptowhispers explores the wildcatting world of direct denial of service (DDoS) attacks, and why the socially maladjusted tend to flock to that particular vector … especially for coin projects they hate; a popular cryptocurrency trading application executive was involved in a serious car accident on the eve of an anticipated cross promotion at Comic Con; and what would a crypto gossip column be without Twitter drama.

Also read: Philippines Embraces Cryptocurrency: Exchanges Issued Provisional Licenses

Cryptowhispers at Comic Con San Diego 2018

Rumor has it a multibillion dollar smartphone cryptocurrency trading application executive was involved in a serious car accident Friday, July 20th, ahead of a major promotional reveal. The company has been on a tear this year in particular, expanding its offerings while staying hungry enough to try new, innovative marketing.

Cryptowhispers: DDoS Attacks, Major Exec in Serious Crash, Twitter Drama
As far as anyone knows, these two were not paid for their efforts.

Its cross promotion over several days at the Comic Con International San Diego gathering, where an estimated 300,000 cargo-shorts wearing nerds descended upon the city’s convention center and famed Gaslamp District, was set to climax Saturday, early afternoon. The company partnered with Lionsgate to feature two products: the studio’s forthcoming movie and the app’s crypto platform.

Fans were led via social media in an effort to find literal money drops off campus, around San Diego’s downtown. At about 1 am that morning, just hours before the final drop, the very high up trading app executive emailed involvement in the accident and of sustained injuries bad enough to warrant an emergency room visit. That’s right, the executive, while under trauma examination and still at the ER, was sure to apologize for not being able to make the final event. Such dedication might be at least one reason said company is thriving.

Cryptowhispers: DDoS Attacks, Major Exec in Serious Crash, Twitter Drama

Crypto Twitter Aflutter as Craig Wright is, well, Craig Wright

Vinny Lingham, voted one of the world’s top CEOs, founder of Gyft and Civic, and a Bitcoin Cash supporter, is the latest to be bounced by Mr. Wright, the controversial once-thought-to-be-Satoshi-but-admitted-he-wasn’t and prolific academic entrepreneur. He’s apparently clearing up follower space. Mr. Wright has also recently excommunicated Vin Armani of CoinText fame. Even prominent Bitcoin Cash developer, Amaury Séchet, has had enough of Mr. Wright’s social media theatre. 

Cryptowhispers: DDoS Attacks, Major Exec in Serious Crash, Twitter Drama

With talk in some quarters of how Bitcoin Cash is controlled or centralized, those claims are increasingly becoming more difficult to sustain. BCH proponents are taking polar opposite sides on the coin going forward, and debate seems more of feature than a bug. But it does make trolls very happy. 

Mr. Lingham is taking the latest weirdness in stride, retweeting the spectacle. Mr. Wright has also more recently taken to outright bizarre diatribes against “anarchists,” insisting they had little-to-nothing to do with crypto’s development. Each tweeted rant usually ends with Mr. Wright “not giving a fack,” emphasis mine on the last word to underline his Aussie patois.   

DDoS Attack on Bitcoin Cash Projects

Avinoc.com is an initial coin offering (ICO) accepting bitcoin cash (BCH). Understanding how, in some quarters, trolls were prone to make incorporating BCH an issue of derision or worse for entrepreneurs, Avinoc gave previously hidden 5% post-deposit bonuses. They also used airdrop promotions, common in the ICO space, whereby the company hatched user missions, tasks, one of which involved promoting BCH and a faucet — a previous tradition in the community is to give away small amounts of BCH to entice folks into downloading a wallet and giving the BCH experience a try.

Cryptowhispers: DDoS Attacks, Major Exec in Serious Crash, Twitter Drama

Word got out, and before its latest BCH faucet promotion could commence, the Avinoc site was held up by a direct denial of service (DDoS) attack vector, effectively preventing customers from using the site (now closing-in on 200,000). Rumors are the company relocated entry servers in anticipation of future malicious acts.      

A person familiar with the matter explained the attack lasted at least “a day. The website was down for several hours. Well, not really down, but unreachable. [The company] had another small one yesterday very early in the morning, but [they] were already able to handle that.” Bitcoin.com CEO Roger Ver voiced exasperation, “The fact [attackers] are willing to do such things shows that their morals are in the wrong place.”

“Everyone [at the company] is a huge Bitcoin Cash fan, but […] it can be dangerous to publicly state this. […] the token contract creation [was purposefully delayed] in the hope to have it working on BCH, but the May hard fork was too little. [The company hopes] that OP_GROUP will be added ASAP [so they] can eventually move [the project] from ETH to BCH,” a personal with firsthand knowledge noted.

Cryptowhispers: DDoS Attacks, Major Exec in Serious Crash, Twitter Drama

BTC Trolls Getting Desperate as BCHers Continue to Build

As ICOs go, Avinoc is a compelling idea, at least theoretically. They “have a working product for business aviation since almost 10 years ago. And it is a real competitive advancement for its users. However, the real problem of the Bizav is that is has more than 50% overhead ($150+Billion/year),” a person in the industry detailed. That’s “because there is no unified global data solution. And even the best product is always a competitor to all other solutions. So the only solution to crack that issue is to create something that is not a competitor.” Thus the reason for the company’s “blockchain based data layer. [Permissionless], every competitor can […] integrate it and eventually it will eliminate all the overhead.”

Avinoc is also rumored to have moved servers out of Asia altogether, and to an undisclosed location in “the west.” An anonymous source ranted, “For real, those Core trolls should do something productive with their lives. The world is full of real enemies of freedom, there are plenty of actual real enemies worth to be fighting against.”

Cryptowhispers: DDoS Attacks, Major Exec in Serious Crash, Twitter Drama

Placing the blame at the feet of BTC trolls comes only as an inference. The source has “some experience with regular DDoS attacks on Bitcoin sites, [and] usually one gets an email with some demand. This time we got nothing, so that clearly indicates that the DDoS was not to get a ransom.” This was very personal.

Rumors also include the company being bullish on BCH going forward, even with hater potential at annoyance level. The source insists, BCH is “the real Bitcoin, and frankly ETH is a mess compared to Bitcoin,” and the company sees “a great potential for it in the future.” A mainnet launch is in the works with the current token referred to as “just a placeholder,” as BCH is the company’s go-to.

OP-ed disclaimer: This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com does not endorse nor support views, opinions or conclusions drawn in this post. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information in this Op-ed article.

What juicy tidbits do you have? Let us know in the comments section below. 


Images via Pixabay, Twitter. 


Be sure to check out the podcast, Blockchain 2025; latest episode here. Want to create your own secure cold storage paper wallet? Check our tools section.

The post Cryptowhispers: DDoS Attacks, Major Exec in Serious Crash, Twitter Drama appeared first on Bitcoin News.

A Discussion With the Prolific Bitcoin Developer Unwriter

A Discussion With the Prolific Bitcoin Developer Unwriter

This week news.Bitcoin.com spoke with one of the most prolific developers working with the Bitcoin Cash (BCH) network. Over the past few months, the developer Unwriter has created a large swathe of censorship-resistant applications that are tethered to the BCH blockchain. We decided to get an inside glimpse of all the interesting platforms Unwriter has been launching, and the programmer tells us why they were conceived and how they operate.    

Also read: No Matter How You Slice It — Token Assets Are Coming to Bitcoin Cash

So far the programmer Unwriter has launched platforms such as Chainfeed, a Twitter bot called @_Opreturn, Read.cash, the Bitdb.network, and a few more applications that are compatible with the BCH chain. Moreover, Unwriter has also been collaborating with five other well-known Bitcoin developers and contributed to the working paper called ‘The Simple Ledger Protocol,’ a concept that aims to create representative assets using the Bitcoin Cash network. With so many projects under this developer’s belt, we decided to chat with Unwriter in order to get some perspective on some of these unique applications.

Unwriter Has Launched a Flurry of Censorship Resistant Applications

News.Bitcoin.com (BC): Can you tell us about the first three applications you created?

Unwriter: Chainfeed.org is the first application I created on BCH. Chainfeed is a web app that delivers the full firehose of real-time Bitcoin OP_RETURN transactions. It’s pretty mesmerizing to keep the site open and watch as messages flow in, especially now that there’s more variety in the types of apps being built on OP_RETURNs. Immediately after I released Chainfeed people started asking for an API, and soon I released the Chainfeed Firehose API. Now anyone with programming skills could hook into the real-time Bitcoin OP_RETURN feed with just a single function call.

A Discussion With the Prolific Bitcoin Developer Unwriter
Chainfeed.org

To demonstrate the Chainfeed API I built a Twitter bot called @_Opreturn. The @_opreturn account auto-replicates OP_RETURN transactions to Twitter via the Chainfeed API, effectively creating a portal from the Bitcoin world to the “real world”. Currently, it imports content from Memo.cash, blockpress, and Matter, a long-form blogging tool on the blockchain. But it may incorporate other apps in the future whenever it makes sense, pull requests and suggestions are welcome. It’s open sourced on Github so anyone can just fork it and build their own custom bot too.

A Discussion With the Prolific Bitcoin Developer Unwriter
The Twitter bot @_Opreturn

Read.cash was a project I spontaneously built one afternoon because I needed it myself. A lot of Bitcoin-powered apps nowadays have their own built-in wallets to provide a better user experience. You can see this in apps like Memo.cash and Yours.org. Whenever you receive money through these apps, you end up with separate wallets each tied to its parent application website. As I started playing around with these apps, I felt the need to keep track of all of these wallets in one place so I have a comprehensive view of how much money I’m making in total. And that’s what Read.cash does. It’s a read-only monitor that aggregates balances from all your wallets across the web and lets you keep track of them easily in one place.

A Discussion With the Prolific Bitcoin Developer Unwriter
Read.cash

You can add as many public Bitcoin addresses as you want and it doesn’t even require you to add any private key or anything, it’s 100 percent powered by public bitcoin addresses and the site is completely open source so there’s no security risk. Also, with the Money Button integration, you can even charge all your wallets in one place with one click. Some of the future improvements would be incorporating Tipbots like Tippr or Chaintip. Currently, they don’t provide a public access to user addresses so you can’t add them to Read.cash, but I heard some of them are thinking about it, so I’m looking forward to that day.

BC: Just recently you launched the Bitdb.network can you tell our readers about this project and what it can do?

Unwriter: Bitdb is a global NoSQL database backed by Bitcoin and implemented with MongoDB. Bitcoin’s blockchain is the perfect data structure to function as the single source of truth, but it’s not at all designed to facilitate flexible queries. And obviously, this is essential if you want to build any sophisticated app. Bitdb complements Bitcoin by taking all the OP_RETURN transactions on Bitcoin and creating a public MongoDB index that makes it hyper-queryable. This way you can build all kinds of apps easily which used to take months to build because all you need to focus on now are the protocol design and the frontend implementation. You no longer need to build out your entire custom backend infrastructure from scratch. For example, I recently released a new app called https://chaintrend.org – a “Google Trends for Bitcoin op_return”. Something like this would have taken me weeks to build had I started from scratch, but it took me exactly one day to build the whole thing thanks to Bitdb. It was just a matter of a single map-reduce query to the db.

A Discussion With the Prolific Bitcoin Developer Unwriter
The Bitdb network.

In addition to the ease of use, a more important benefit of Bitdb is that it provides a standardized way of querying Bitcoin OP_RETURNs, which is something that never existed before. Before Bitdb if you wanted to build an OP_RETURN based application, you would have had to build an entire backend infrastructure to crawl, process, index, and store OP_RETURNs in your own custom database in a queryable manner. This is exactly what the Memo.cash team did and it’s a lot of work. Furthermore, this is completely redundant for every developer who wants to work on a decentralized app powered by Bitcoin OP_RETURN. They would all end up building their own custom infrastructure that are completely incompatible with one another even though they’re all building on top of exactly the same ledger — Bitcoin.

This is where Bitdb comes in. It takes all the OP_RETURN messages, chunks them into pieces, and stores them under attributes with a standardized naming convention that goes: “b1”, “b2”, “b3”, etc. There are many benefits to this approach:

  • This standardized way of indexing provides a uniform interface to querying the blockchain and makes interoperability across apps a trivial matter. For example when Blockpress first launched, a lot of people complained about the protocol incompatibility between Memo and Blockpress. But with Bitdb this is a non-issue. For example, with a single query, you can even create an app that combines Memo and Blockpress into a unified feed.

Here’s a great example.  

  • Developers no longer need to worry about how to store their data. Without an open standard indexing strategy, every app developer needs to carefully think about how they will structure the protocol and how they will store the data. And since all apps have different purposes, their database will all look different and incompatible with one another therefore difficult to integrate. We don’t want that. We want all apps to seamlessly integrate with one another through the single parent protocol which is Bitcoin. And that’s Bitdb’s main goal — Interoperability.
  • When you build your decentralized app using Bitdb your app is automatically open sourced (which is what users want) even without you doing anything (which is what you want). All you need to maintain are the protocol specification and the frontend implementation. So if the app developer decides to move on, anyone can resurrect the app easily by reconstructing the data from scratch using Bitdb — no need for the original developer to go through trouble to open source their backend, because it’s already 100% open simply by choosing to use the Bitdb scheme instead of rolling a custom backend infrastructure.
  • You could even build an app WITHOUT a public frontend. An app developer may decide to just publish the Bitdb query recipe for their app protocol somewhere either publicly or privately, and the target users can build their own frontend locally using the Bitdb query, which means you can build truly censorship resistant apps this way if you want.

BC: How do you feel about the amount of development taking place with the BCH ecosystem since the May hard fork?

Unwriter: Two things:

  • OP_RETURN increase: When most people see the OP_RETURN size increase from 80 bytes to 220 bytes, they see just a three-fold increase. But when developers look at it I think they see an exponential increase. Developers are very used to creating exponential output from linear input because that’s their job description. We won’t see apps that are 3 times better, we will start seeing apps that never could exist before, which will change everything.
  • The block size limit increase: For most people, I assume the 32 MB size probably sounds cool but not really that tangible. But what’s really important is this increase is a great signaling for all the developers and entrepreneurs who are looking for a platform to build on top of. The block size increase demonstrates the commitment to the “permissionless innovation” philosophy and I think that’s a good philosophy to bet on if you’re building an open source project such as Bitcoin.

BC: If there was something specific you wanted to add to the next hard fork what would it be?

A Discussion With the Prolific Bitcoin Developer Unwriter
@_Unwriter

Unwriter: To succeed, I think Bitcoin at this stage needs to focus on the application ecosystem growth instead of its own growth. This is because I believe exponential growth will come NOT from individual merchant adoptions but from entrepreneurs and developers building useful things on top of Bitcoin. These people are good at creating exponential output from linear input, therefore are the ones Bitcoin needs to win trust from if it wants to grow most efficiently. So in my humble opinion, the top priority for protocol changes should be the features that improve on these fronts — getting trust and attention from entrepreneurs and developers (instead of individual users and merchants). Individual users and merchants will follow when there are more useful things they can do with Bitcoin. Until then, individuals will only see Bitcoin as a speculative asset no matter how many buzzwordy features it adds. 

And to win trust from these people Bitcoin needs to show that it’s scalable, stable, and permissionless. Without scalability, it’s not so attractive to these people because they would rather spend their energy building things on other platforms that they can benefit exponentially from. And without the perception of permissionless innovation and stability, wise developers will not want to waste their energy building stuff on top of Bitcoin because they don’t want to wake up one day to find that the rules of the game have changed overnight and all their effort has gone to waste.

So for example, I think the recent hype and conflicts around tokens on BCH is very healthy and desirable. ICOs have acquired a bad reputation because most of them are scams, but I do believe it is a necessary evil because it will attract the type of people who are seeking exponential growth/returns on their projects and businesses. It will have been a success even if 0.01% of them end up becoming a success and the rest of them are scams or failures. Especially on BCH, since it’s all about scalable usage.

BC: As far as the BCH and BTC rivalry is concerned how do you feel about this subject as far as the future is concerned?

Unwriter: We can learn a lot from history. I think the French revolution provides a lot of insight into the future.

BC: How can other developers help you with your projects if they wanted to collaborate with you or the new applications you’ve built?

Unwriter: I think the best way to get started is actually build your own apps using all the open sourced tools such as Chainfeed API and BitDB. There are so many cool things you can build TODAY, even without running your own node but simply using BitDB/Chainfeed combination. Eventually, as you start using them you will come across pain points and maybe even improvement ideas. Feel free to make suggestions, ask questions, and send pull requests. I’ve done my best to be available as much as possible through the telegram chatroom and Twitter, so reach out anytime.

In fact, all this is already happening organically and it’s amazing. There are some really cool projects already using the Chainfeed and Bitdb infrastructure. One such example is the Chainbet protocol. It uses the Chainfeed API to deal with real-time messaging. Also, the upcoming Simple Ledger Protocol will use a unique security model that takes advantage of both SPVs and BitDB to complement each other. Also, the popular Memo++ extension by Modulus makes use of Chainfeed/Bitdb API. Lastly, I also know of a few people working on a Google-like search engine on top of Bitdb. But these are just some of the projects I’m aware of, and I’m sure there are many other people working on their cool projects, would love to hear from them.

Some people are even forking Bitdb for their own altcoin blockchains and I totally encourage them. If you’re thinking of doing this, please do so and reach out. The codebase is modular for a reason so any Bitcoin-like chains can integrate easily. I take this radical open approach because I believe strongly enough in Bitcoin that I know it can do no harm but only bring good. I also believe the most effective way for Bitcoin to grow at this stage is to gain as much external developer/entrepreneur mindshare as possible, and interface with as many external technologies as possible.

What do you think about all the applications Unwriter has launched? Let us know what you think in the comment section below.


Images via Chainfeed, Read.cash, Bitdb.network, and Twitter. 


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH, and other coins, on our market charts at Satoshi Pulse, another original and free service from Bitcoin.com. 

The post A Discussion With the Prolific Bitcoin Developer Unwriter appeared first on Bitcoin News.

New BATM Supporting BTC, BCH Launches in Sofia

New BATM Supporting BTC, BCH Launches in Sofia

A crypto teller machine exchanging a number of cryptocurrencies with fiat, including bitcoin (BTC) and bitcoin cash (BCH), will be operational next week in a Sofia mall. The BATM is a two-way device that will accept euro, dollar and Bulgarian lev deposits. It will also buy cryptos and print paper wallets.  

Also read: Eastern Europe: Regulation Postponed, Tax Abandoned, Banks Enlightened

Two-Way Bitcoin ATM in Sofia

The new BATM will be available to residents and visitors of Sofia, the capital of Bulgaria, from Monday. The teller machine supports two-way transactions for several cryptocurrencies including bitcoin (BTC), bitcoin cash (BCH), ethereum (ETH), litecoin (LTC), and monero (XMR). The cryptos can be bought with EUR, USD, and BGN, the local fiat currency. The device is installed in The Mall, one of the popular shopping centers in Sofia located on the way from the airport to the city’s center.

New BATM Supporting BTC, BCH Launches in SofiaThe crypto ATM is operated by a local exchange, DG Cash, which shared the news of the launch on social media. “The exchange rates of the cryptocurrencies applied at the ATM are almost identical to the ‘We Buy’ and ‘We Sell’ rates on our website, and the commission we collect is approximately 3% of the market price as it is included in the exchange rate,” the trading platform detailed in a Facebook post.

According to the announcement, the limit for a single transaction is set at 10,000 BGN (~€5,100 EUR, $6,000 USD). Users can buy any of the supported cryptos by depositing euros, dollars, or Bulgarian levs. When selling, however, they’ll receive only BGN. The interface of the device supports Bulgarian, English and Spanish among other languages. In case someone wants to purchase digital coins but does not have an electronic wallet, the device can generate a paper wallet.

The BATM at The Mall is not the only one in the Bulgarian capital. The first crypto teller machine in Sofia was installed in 2014, in the Interpred office building. It is a buy only device selling bitcoin (BTC) at 4% over the average price at Bitpay, Kraken, and Bitstamp, and it has a daily limit of 5,000 BGN. Another two-way ATM was installed in the downtown Coffee Bar The White, in 2015.

Bulgaria’s Crypto Woes

Bulgarian crypto exchanges have been through some turbulent times recently due to a bank clampdown that culminated in December last year. The teams operating the local trading platforms have been trying to adapt to a situation in which many banks refuse to open accounts to companies dealing in cryptocurrency. DG Cash, the operator of the new BATM, maintains only crypto-cash trading services. Both on its website and its Facebook page, the exchange claims it has two offices – in Sofia, and in Sliema, Malta, where it also plans to install a crypto ATM.

New BATM Supporting BTC, BCH Launches in SofiaIn the past several months, all major Bulgarian exchanges have experienced difficulties and interruptions in their operations. Crypto.bg was affected by Fibank’s decision to quit providing services to crypto traders. The popular exchange was closed down for weeks and since it reopened it’s been mostly working with payment processors like Epay and Cashterminal. Another leading platform that managed to maintain operations throughout the crisis, Xchange.bg, has been forced to change its bank accounts several times. Other platforms have reported similar issues.

The clampdown happened in the absence of comprehensive regulations for the country’s growing crypto sector. However, the Bulgarian Financial Supervision Commission recently decided to start monitoring the fintech industry and the situation may change soon. A newly adopted strategy proposes the introduction of requirements for licensing and registration of companies operating in the sector.

Do you think Bitcoin ATMs help to increase the popularity and accessibility of cryptocurrencies? Let us know in the comments section below.


Images courtesy of Shutterstock, Pundi X.


Now live, Satoshi Pulse. A comprehensive, real-time listing of the cryptocurrency market. View prices, charts, transaction volumes, and more for the top 500 cryptocurrencies trading today.

The post New BATM Supporting BTC, BCH Launches in Sofia appeared first on Bitcoin News.

Wendy McElroy: Other Than the Black Market, a Last Stand for Economic Freedom

Other Than the Black Market, a Last Stand for Economic Freedom

The Satoshi Revolution: A Revolution of Rising Expectations
Section 4: State Versus Society
Chapter 9, Part 5
Crypto: Other Than The Black Market, A Last Stand For Economic Freedom?

Money…is the economic area most encrusted and entangled with centuries of government meddling. Many people, many economists, usually devoted to the free market stop short at money. Money, they insist, is different; it must be supplied by government and regulated by government. They never think of state control of money as interference in the free market; a free market in money is unthinkable to them. Historically, money was one of the first things controlled by government, and the free market “revolution” of the eighteenth and nineteenth centuries made very little dent in the monetary sphere. So it is high time that we turn fundamental attention to the life-blood of our economy—money.

-Murray Rothbard, “What Has Government Done to Our Money?

Envisioning free-market crypto should be easy because cryptocurrency was created on the free market, and it remains unregulated in many places. How difficult is it for a person to envision what is standing in front of his or her own eyes? Coins like Bitcoin or Bitcoin Cash are success stories for all to see.

Unfortunately, governments also see it. They recognize crypto as a fierce competitor to their own fiat monopolies, their tax systems, and a relatively untapped source of wealth. To control crypto, however, government cannot praise the phenomenon; government needs to demonize crypto by creating public hysteria over problems both real (fraud) and manufactured (links to terrorism). Rest assured, if crypto was an economic Satan rather than a business sensation, governments around the world would not be salivating and scheming about how to co-opt the industry. To do so, they paint crypto as a ‘good’ that is currently rife with abuses, which only governments can solve. The free market has failed, they claim.

Pressure from government is increasing. As cryptocurrency becomes more accepted as money, the cry for regulation grows. A recent report from the trading giant eToro and the Imperial College London claimed, “Cryptocurrencies like Bitcoin offer a viable evolutionary ‘next step’ for money and have the potential to become a mainstream form of payment within the next decade.” The report stated that regulation was a necessary prerequisite for such an evolution.

And most people will listen to the call for regulation because they believe a government monopoly makes money safer for them to use—at least, safer than free-market money, which they do not understand. Of course, the opposite is true. Government money gives those in power an iron control of the economy, and that arrangement never ends well for the average person. By contrast, the free market panders to customers who are the source of profit. How many government restaurants would allow people to send meals back to the kitchen for a replacement? How many have a “no questions asked” return policy on goods or services?

The free market also provides goods and services, including money, more efficiently than government. For one thing, competition forces companies to be efficient in order to achieve the low prices that attract customers. The free market also expresses far greater morality because it is based on voluntary exchanges, while the government consists of coercion.

Nevertheless, money is considered to be a “special” case that requires government intervention because money is essential to the functioning of a healthy society. But so is food. And, yet, the free market provides a cornucopia of groceries from around the world at affordable prices. Most people can walk to stores with a bounty for sale. It is difficult to imagine a government managing a similar food chain; indeed, the governments that have tried have produced rationing, famines, black markets, and soaring prices on the essentials of life.

Hysteria is a standard fall-back position for those who wish to obscure reality. And hysteria against crypto is underway because it is the best strategy to convince people that government is an instrument of crypto justice, not a crypto-criminal wannabe.


Respectability=the Need for an Injustice to Remedy=Regulation

Governments are playing a multi-leveled shell game with crypto, which is likely to play out as follows.

First and wherever necessary, crypto will be redefined as money rather than as an asset, because central banks, government agencies, and traditional financial institutions have no proper authority to regulate privately-held assets that are legally acquired and held. Governments can tax and confiscate, to be sure, but that level of control is modest compared with the monopoly power to issue and/or to define what is legal money.

Next, crypto will be conflated with crypto-asset markets, such as exchanges and businesses that issue ICOs (Initial Coin Offerings). Although the two are separate, most people make little to no distinction between them; the concepts become jumbled together. Those who want to regulate crypto itself find the jumble to be useful because it facilitates broad legislation that covers the entire sphere of crypto and its many manifestations.

The blueprint for crypto control is predictable; it is also global. Last week, for example, the Financial Stability Board delivered a report to a G20 meeting of Finance Ministers and Central Bank Governors, which discussed a framework for setting standards on crypto-asset markets.

A few months earlier, the International Monetary Fund’s (IMF) Managing Director Christine Lagarde indicated how global bodies would proceed. There were familiar references to crypto’s alleged role in terrorism and money laundering. But the emphasis differed. On the IMF blog, Lagarde called for crypto-asset markets to protect consumers in the same manner as traditional financial markets do. Know Your Customer policies and global coordination were stressed.

The call for consumer protection is echoing. At a June 25th conference, for example, the Federal Trade Commission’s Bureau of Consumer Protection Director Andrew Smith, explained, “With the rise of cryptocurrencies we’ve seen many signs, from public sources to law enforcement actions brought by us…that scammers are using the lure of cryptocurrencies to rip off consumers.”

“People need protection from the new money!” is ascending as the argument for regulating crypto. The argument not only appeals to an ingrained bias against free-market money, it also plays on people’s fear. Popular support makes it much easier for government agencies and central banks to succeed in their global grab at crypto. And, so, the word “fraud” is becoming more common whenever crypto is discussed, even though crypto-asset markets are usually the focus. (Note: the fact that fiat currencies are total frauds, along with many penny and over-the-counter stocks, does not arise.)


The Most Damnable Aspect of the Widespread Fraud Claim

There is real truth to the accusation of fraud. Crypto, like every other investment, is a “caveat emptor” situation due to the risk of fraud and other forms of theft. “Caveat emptor” is usually translated as “Buyer Beware,” and it means that a buyer or customer is responsible for checking goods and services before purchasing them. The principle is valid, but it is unsatisfying and an incomplete answer when confronted with fraud, which is a crime—the crime on which government pins its dreams of usurping crypto.

How massive is the problem of fraud? A recent study prepared by the Satis Group found that, as a percentage of the ICOs it examined, “approximately 78% of ICOs were Identified Scams, 4% Failed, 3% had Gone Dead, and 15% went on to trade on an exchange.”
It is not clear if the findings are valid, especially since expert reports have become a stock aspect of any push for legislation; many of them are sloppy and politically motivated. Frankly, the figures seem exaggerated. On the other hand, many ICOs have been revealed as corrupt, and the existence of fraud is undeniable, especially in crypto-asset markets.

Admitting a problem, however, does not validate a particular solution, such as government intervention. For one thing, government has proven itself to be unwilling to prevent fraud in the monetary system it already commands: central banking. Satoshi Nakamoto explained,

“The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts. Their massive overhead costs make micropayments impossible.”  

The debasement of currency is also known as inflation, which becomes inevitable because inflation is a prime source of revenue for the government and for the groups it favors. But the damage of government money extends beyond the degradation of value. Rothbard explained,

“It has fragmented the peaceful, productive world market and shattered it into a thousand pieces, with trade and investment hobbled and hampered by myriad restrictions, controls, artificial rates, currency breakdowns, etc. It has helped bring about wars by transforming a world of peaceful intercourse into a jungle of warring currency blocs. In short, we find that coercion, in money as in other matters, brings, not order, but conflict and chaos.”

And, yet, one of the main arguments against free-market money is that the marketplace is too chaotic and corrupt. Nonsense.

 There Oughta Be a Law

Fraud requires a legal response because a crime has occurred. But, again, admitting a need does not validate a particular solution. This is especially true of the legal solutions offered by government.

Generally speaking, there are four types of laws that function in society, and they sometimes overlap.

  • Ones that impose a specific vision of the world or of morality. These include laws against alleged vices, such as alcohol or drug use, as well as laws requiring alleged virtues, such as voting or paying taxes. The goal is to mandate a code of behavior, thus erasing the boundary between the legal and (someone’s vision of) the moral. Typically, the laws are enforced on everyone, except those with power seem to be exempt.
  • Ones that regulate a targeted segment of society. These include laws about who may conduct a specific business and how it must operate, as well as laws that discriminate between people based on factors such as race. The goal is economic and social control, with enforcement focusing on designated people.
  • Ones that protect against physical harm and property damage, including theft. These include laws against assault and vandalism. Rather than mandate a behavior, they prohibit one–namely, violence, which includes fraud. The goal is to provide the safety that allows a healthy society to thrive, with enforcement applying to everyone.
  • Ones that are created by contract. These include laws that allow creditors to seize assets in arrears, such as a repossessed car, and laws aimed at enforcing behavior, such as the performance of work for which payment has been rendered. A contract can always be breached, but there is a penalty for doing so: for example, a repossessed car, a refund of fees. The goal is to establish enforceable contracts, which are nothing more than enforceable consent between individuals. Again, it provides a safety that allows a healthy society to thrive and which discourages violence as the only way to resolve a dispute. The law applies only to those who contract.

On crypto, the government flexes only the first two forms of law: a specific vision imposed on the world; and, the regulation of a targeted sector. The laws do not protect people and property, as evidenced by the fact that recovered funds are not returned to those who have been defrauded. Fines, fees and recovered wealth go into the government’s coffers. In short, the laws serve government; they do not protect consumers.

The last two forms of law protect individuals, including consumers, and not government. They are laws that would exist in the free market because they fulfill human requirements. But what exactly would they look like? And how would they be enforced?

[To be continued next week.]

Reprints of this article should credit bitcoin.com and include a link back to the original links to all previous chapters


Wendy McElroy has agreed to ”live-publish” her new book The Satoshi Revolution exclusively with Bitcoin.com. Every Saturday you’ll find another installment in a series of posts planned to conclude after about 18 months. Altogether they’ll make up her new book ”The Satoshi Revolution”. Read it here first.

The post Wendy McElroy: Other Than the Black Market, a Last Stand for Economic Freedom appeared first on Bitcoin News.

Encrypted Email Service Tutonata Tests Cryptocurrency For Payments

Tutanota, a provider of an encrypted email service, has begun to accept donations in bitcoin, ether, bitcoin cash and monero in order to test payment processing using cryptocurrencies, the company announced in a blog post. The German firm noted that it wants to support decentralized payment systems that are independent of centralized processors such as … Continued

The post Encrypted Email Service Tutonata Tests Cryptocurrency For Payments appeared first on CCN

BCH Roundup: Markets Spike While the Community Debates Token Protocols

BCH Roundup: Markets Spike While the Community Debates Token Protocols

There’s been a lot happening this week within the Bitcoin Cash (BCH) ecosystem, and much of the community’s discussion revolves around tokenization concepts on the BCH chain. Meanwhile, the network has been running smoothly, and BCH markets seem to be reversing their trend after cryptocurrencies values were experiencing bearish sentiment for the past six months.

Also read: Ross Ulbricht Joins Twitter

This Week’s BCH Network and Market Action   

In twelve days the Bitcoin Cash community will be celebrating the anniversary of the blockchain split that occurred last year on August 1. There’s been a lot going on within the BCH environment as far as infrastructure support and development. At the time of publication, the BCH chain is 7,031 blocks ahead of the Bitcoin Core (BTC) chain and BCH is operating at 12.47% of BTC’s difficulty. There are roughly 13 mining pools three of which are unknown and the BCH hashrate over the past seven days has been between 4.3 to 4.9 exahash per second. There have also been a few big blocks processed recently like one that measured 7.9 MB and was mined by Viabtc.

BCH Roundup: Markets Spike While the Community Debates Token Protocols

BCH markets this week have done well as the cryptocurrency’s value is up 19.5 percent over the last seven days. Today on Thursday, July 19 at 2 pm EDT the digital asset is worth $814 per BCH. Right now BCH has a $14Bn market valuation and it’s seeing $700Mn to $900Mn in daily trade volumes. The top BCH exchanges today include Coinex ($84.84 Mn), Huobi Pro ($83.15 Mn), Okex ($70.45 Mn), Binance ($59.14 Mn), and Hitbtc ($36.41 Mn). The top currency today paired with BCH is tether (USDT) commanding 47.7 percent of BCH trades. This is followed by BTC (29.9%), USD (11.2%), KRW (3.1%) and ETH (2.9%).

A Flurry of New Tokenization Projects and the Criticism Against OP_Return Token Systems

This week there were three tokenization projects announced that aim to add more depth to the Bitcoin Cash network. The first project revealed was called ‘Wormhole’ which is a fork of Omni Layer and is reportedly being developed by Bitmain developers. The next two projects announced is a Color Coin protocol implementation designed by the Cryptonize.it developers and also the Simple Ledger Protocol paper written by six well known BCH developers. However, the following day after these two ideas were made public a new discussion revolving around the flaws of OP_Return operations.

BCH Roundup: Markets Spike While the Community Debates Token Protocols

One blogpost on Yours.org, fully critiques the two papers that utilize OP_Return within their framework and further states that there is no friendly, simplified payment verification (SPV) support. The writer @lawn states that token systems that rely on BCH OP_Return operations must choose from reduced SPV wallet security, light wallet based validation, and trusted third-party validation or a combination.  

“I think token schemes based on OP_Return is a dead end and we should focus our energy on miner validated and fully SPV capable tokens,” explains the critique. “Thus far only GROUP fits the bill,” the writer adds.

Bitcoin Unlimited’s Andrew Stone Analyzes the Tokeda Project

BCH Roundup: Markets Spike While the Community Debates Token Protocols
BU’s lead developer Andrew Stone.

Then on Wednesday the lead developer for Bitcoin Unlimited (BU) Andrew Stone published a paper that reviews the Tokeda paper written by Joannes Vermorel. Stone’s ‘Tokeda Criticism’ says that the “Early Draft: Incomplete” paper written by Vermorel has been presented as a viable option against GROUP so it should be analyzed. The BU developer concludes that a lot of specifics within the Tokeda idea are general and unspecified and further would likely require some sort of “authority-based system.”    

“Although much of Tokeda is completely unspecified, it seems to propose a system where token holders control a UTXO that should only be spent to the issuer, who has the opportunity to apply arbitrary policy before forwarding the spend to its actual destination — It is, therefore, an authority-based, SPV capable system,” Stone’s criticism explains.   

However, it ineptly deploys the power of authority-based systems resulting in problems easily solved by other authority systems. By placing its UTXO on the blockchain, and requiring 2 transactions per transfer, it compares very unfavorably with respect to scalability with many other token proposals, including the permissionless Group tokenization. Authority-based tokens should be able to do much better in their ability to shard the UTXO.  

Stone continues, “For example, authority-based extension block systems such as FSHblocks can move all token transfers completely off-chain — out of history AND UTXO. The only on-chain transfers required are those that are actually moving BCH value between the BCH blockchain and the extension block.”

Given its lack of interactivity with BCH and authority-based architecture, there seems to be no reason whatsoever for Tokeda’s implementation on a blockchain.

With So Much Going On, BCH Proponents Hardly Notice the Market Uptrend

Overall the Bitcoin Cash community seems to enjoy evaluating these proposals, and the criticisms have also been welcomed to some degree. There are definitely developers who believe that their systems that utilize OP_Return operations are not dead ends and will continue in this permissionless environment — After all, no one can stop them from producing these tokenization systems.

BCH Roundup: Markets Spike While the Community Debates Token Protocols
Over the past year, BCH supporters have seen apps like Joystream, Memo.cash, Blockpress, Chainfeed, Cointext, Cashpay, Read.cash, Cash Shuffle and more.

Furthermore, BCH proponents seem pleased with the current development progress from programmers like Unwriter since the upgrade took place this past May. Markets have been better all around for most cryptocurrencies including bitcoin cash but the BCH community seems more focused than ever on the people building with the BCH chain. Most would agree that eventually, market uptrends will follow cryptocurrencies that show steady innovation.

What do you think about the latest events and announcements taking place within the Bitcoin Cash environment? Let us know your thoughts on this subject in the comment section below.


Images via Pixabay, Bitcointalk.org, Chaintrend, and Satoshi Pulse.


Want to create your own secure cold storage paper wallet? Check our tools section.

The post BCH Roundup: Markets Spike While the Community Debates Token Protocols appeared first on Bitcoin News.

Markets Update: Cryptocurrency Valuations Gain Billions in One Day

Markets Update: Cryptocurrency Valuations Gain Billions in One Day

Two days ago, cryptocurrency bulls were attempting to break strong resistance and managed to push digital asset values to much higher price regions. The price of bitcoin core (BTC) was averaging $6,740 per BTC during the early morning trading sessions on July 17, then the digital currency spiked to $7,300 a few hours later. Then again, BTC touched a high of $7,546 gaining over $800 over the course of the day. Digital currency prices, in general, followed BTC’s path as most of the top cryptocurrencies gained 10-20 percent in 24-hours.

Also read: Bitcoin ABC Developers Publish Bitcoin Cash Upgrade Timeline 

Crypto-Bulls Return But Will They Run Out of Steam?

The crypto-bulls are back, at least for time being, bringing most of the top digital assets back into the green after months of bearish sentiment. Most of the digital currencies are seeing gains between 10-20 percent but some coins like Stellar are up well over 30 percent today. The overall market capitalization of all 1600+ assets on July 18, is hovering around $296Bn with 24-hour trade volume around $20Bn. Cryptocurrency trade volumes across the boards have spiked considerably since our last markets update two days ago.

Bitcoin Core (BTC) Markets

Bitcoin core (BTC) market action has seen 24-hour trade volume jump from $4.4Bn on Monday to $6.6Bn today. Currently, BTC/USD is valued at approximately $7,435 per BTC. At the time of publication, the entire BTC market valuation is roughly $127Bn and BTC commands the top trade volume out of all the top markets. The top exchanges swapping the most bitcoin core today include Bitflyer, Coinbene, Bitfinex, Binance, and Fcoin. The Japanese yen is the most traded pair today with BTC capturing 54 percent of global trades. This is followed by tether (USDT 26.5%), USD (13.6%), EUR (2%), and the KRW (1.4%). Bitcoin dominance among the entire list of market capitalizations is approximately 43 percent at the time of publication.

BTC/USD Technical Indicators

Looking at the daily, 30-minute, and 4-hour BTC/USD charts on Bitstamp and Coinbase shows BTC reversed trends after completing an inverse head & shoulders pattern. Right now, looking at the two Simple Moving Averages (SMA), the short term 100 SMA is now well above the 200 SMA trendline. This gap indicates the path of least resistance is toward the upside for the time being. The MACd looks maxed out and may head southbound while the Relative Strength Index (RSI) is hovering above 86 showing overbought conditions. With this being said, a jump to the $8K region may not be in the cards, at least for today. Order books show resistance is strong between $7600 to $8K so BTC bulls will have to overtake this area. On the backside, if bears took control, which seems unlikely, there is strong foundational support all the way back to $6,400.

Bitcoin Cash (BCH) Markets

Bitcoin cash (BCH) markets are also doing very well this Wednesday as the currency now captures a $14.5Bn market capitalization. Trade volume for BCH has increased since our last report as well by doubling to $794Mn over the last 24-hours. The top exchanges by BCH trade volume today include Okex, Binance, Bitfinex, Coinex, and Bigone. The top currency swapped with BCH on July 18 is tether (USDT) at 42.6 percent. Following tether is BTC (27.5%), USD (17.5%), KRW (3.5%), and ETH (2.5%). Bitcoin cash holds the fifth highest trade volumes today on global exchanges.

BCH/USD Technical Indicators

Right now, looking at BCH/USD daily, 30-minute, and 4-hour charts on Bitfinex and Bitstamp shows BCH has a price average of around $869 per coin. Just like two days ago, the SMA trendlines show the long-term 200 SMA is still above the 100 SMA indicating the path to least resistance is towards the downside. However, this gap is shrinking and it looks like the two will cross hairs soon. MACd touched a high and is heading southbound at the moment and BCH RSI levels are around 73 right now. This means conditions are overbought but not as much as the BTC/USD charts. Order books are large on both sides and BCH bulls need to muster up the strength to surpass the current vantage point to $925, after that they will face less resistance. Looking at the buy side shows some solid foundations between now and the $740 zone.

The Verdict: Steady Flow of Market Optimism

Overall, things are looking good for cryptocurrency markets but prices may retract in the short term so bulls can gather more steam and keep the upward momentum going strong. Other digital currency markets that have done significantly better than BTC and BCH include EOS, XLM, ADA, and Doge. The infamous dog-meme cryptocurrency is up 60 percent over the past seven days and 32 percent over the past 24 hours.

The verdict this week shows a steady flow of optimism stemming from cryptocurrency proponents and traders. A good portion of traders on social media channels believe brighter days are ahead and the bullish reversal will continue at least up until the bitcoin-based ETF decision in August.    

Where do you see the price of BCH, BTC, and other coins headed from here? Let us know in the comments below.

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


Images via Shutterstock, Trading View, and Satoshi Pulse.


Want to create your own secure cold storage paper wallet? Check our tools section.

The post Markets Update: Cryptocurrency Valuations Gain Billions in One Day appeared first on Bitcoin News.

Robin Hood Movie and Robinhood App Hold $50k Crypto Scavenger Hunt at Comic-Con

Robin Hood Movie and Robinhood App Hold $50k Crypto Scavenger Hunt at Comic-Con

Lionsgate studio and Robinhood app have teamed up to give away $50,000 in a crypto scavenger hunt at the San Diego Comic-Con this week. This is to promote the studio’s upcoming Robin Hood movie. Attendees will search for coins, redeemable for $50, $500, $1,000, and $5,000, which can then be invested in cryptocurrencies during the convention.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Crypto Scavenger Hunt

Robin Hood Movie and Robinhood App Hold $50k Crypto Scavenger Hunt at Comic-ConFor its upcoming movie Robin Hood, Lionsgate studio has announced a partnership with Robinhood investment app for a crypto scavenger hunt entitled Crypto Power To The People. It will take place at the San Diego Comic-Con between July 19 and 22.

Robin Hood Movie and Robinhood App Hold $50k Crypto Scavenger Hunt at Comic-ConComic-Con is an annual event for fans of fantasy, anime, comics, and other arts. There are over 30 Comic-Con conventions throughout the U.S. but the biggest one is in San Diego. In 2016, over 135,000 people attended the event according to Fortune.

For the crypto scavenger hunt, Collider publication describes:

Attendees will search for coins redeemable for $50, $500, $1,000, or $5,000, which they can use to invest in cryptocurrencies like bitcoin or ethereum over a three day period, July 19-21.

Robin Hood Movie and Robinhood App Hold $50k Crypto Scavenger Hunt at Comic-Con

Robin Hood and Robinhood

Lionsgate Executive Vice President of Worldwide Digital Marketing Danielle Depalma and Senior Vice President of Global Partnerships and Promotions Paula Kupfer said in a joint statement, as quoted by the news outlet:

We’re thrilled to partner with Robinhood to utilize state-of-the-art technology as a unique way to engage Robin Hood fans. In the spirit of the legendary hero, this collaboration gives back to the community through initiatives that parallel the high-octane adventures in our Robin Hood movie.

Robin Hood Movie and Robinhood App Hold $50k Crypto Scavenger Hunt at Comic-ConRobinhood, the popular trading app with a modernized layout aimed at younger investors, was recently valued at $5.6 billion. Customers can now use the app to buy and sell BTC, ETH, LTC, and BCH, alongside traditional investments.

The app is currently available in 17 U.S. states: AZ, CA, CO, FL, IN, MA, MI, MS, MO, MT, NJ, NM, PA, TX, UT, VA, and WI. “We also plan to further expand our coin offerings and add support for coin transfers,” the company wrote.

In addition, the platform offers market data and price alerts for 16 coins. According to its website, they are “bitcoin, ethereum, litecoin, bitcoin cash, ripple, ethereum classic, zcash, monero, dash, stellar, qtum, bitcoin gold, omisego, neo, lisk, and dogecoin.”

In the new Robin Hood movie, Robin of Loxley, played by Taron Egerton, is a crusader that returns to lead a revolt against the corrupt English crown with his Moorish commander, played by Jamie Foxx.

With the crypto scavenger hunt announcement, Lionsgate studio has also released the first official Robin Hood trailer. The movie will hit theaters with a busy pre-Thanksgiving weekend release date of November 21.

What do you think of Lionsgate teaming up with Robinhood app for a crypto scavenger hunt at Comic-Con? Let us know in the comments section below.


Images courtesy of Shutterstock, Robinhood app, and Lionsgate.


Need to calculate your bitcoin holdings? Check our tools section.

The post Robin Hood Movie and Robinhood App Hold $50k Crypto Scavenger Hunt at Comic-Con appeared first on Bitcoin News.

Robinhood Lists Dogecoin, Altcoin Surges: Much Wow, Very Cool!

Robinhood adds Dogecoin

Robinhood adds Dogecoin: It was all smiles yesterday when Robinhood, a stock trading app, revealed that it added Dogecoin to its platform. But behind the scenes, some are unsure of this event.

Foes say Dogecoin is a parody cryptocurrency. Moreover, they say that because Robinhood supports less than ten digital currencies, many believed the company to be selective over the coins they carried. On the other hand, fans say despite its bizarre nature, Dogecoin has accumulated mainstream interest and has witnessed price peaks throughout the year.

Robinhood Adds Dogecoin, But There’s More

On the ...

Get latest cryptocurrency news on bitcoin, ethereum, initial coin offerings, ICOs, ethereum and all other cryptocurrencies. Learn How to trade on cryptocurrency exchanges.

All content provided by Crypto Currency News is subject to our Terms Of Use and Disclaimer.

Omni Layer Fork Called ‘Wormhole’ Debuts for Bitcoin Cash

Omni Layer Fork Called 'Wormhole' Debuts for Bitcoin Cash

According to a report on the social media platform Yours.org, software developers associated with the mining giant Bitmain plan on launching a smart contract protocol for the Bitcoin Cash (BCH) network. The project called ‘Wormhole’ will utilize the increased data-carrier-size and OP_Return transactions alongside a protocol based on the Omni Layer project.

Also read: Group or Tokeda? A Look at the BCH Color Coin Debate

Bitmain Developers Debut the Omni Layer-Forked Wormhole Protocol for Bitcoin Cash

Omni Layer Fork Called 'Wormhole' Debuts for Bitcoin Cash On July 16 a report written on the platform Yours.org detailed that Bitmain developers are in the midst of creating a smart contract system for the Bitcoin Cash (BCH) network. The article written by the China-based, Cindy Daily, explained that Bitmain programmers introduced a token proposal called “Wormhole” in Chinese Wechat groups on Monday. The reporter explained that her news was roughly translated and said that Bitmain would officially reveal the concept in the coming days.

Within the Chinese Wechat conversations, the developers state that innovation requires a “permissionless community” and they have been studying ways to implement smart contract solutions on the BCH chain without utilizing a consensus upgrade.  

“After tremendous research effort, we have paid attention to the Omni Layer protocol, a scheme to realize token issuance through the OP_Return opcode — It is the technical basis for daily distribution and circulation of USDT (Tether),” explains the report.  

The Omni Layer runs on top of Bitcoin blockchain — Since the Omni Layer protocol uses the MIT license (open source), we forked the Omni Layer protocol and implemented the tech feature on Bitcoin Cash blockchain to achieve token issuance. We named this technical solution Wormhole protocol, and the original token in the protocol is named Wormhole Cash.

Omni Layer Fork Called 'Wormhole' Debuts for Bitcoin Cash

Two-Layer Security Approach

The reporter’s account also explains that Wormhole will utilize Bitcoind nodes and consensus will not need to be changed. Wormhole Cash (WHC) will use a two-layer security approach and the first layer will be BCH transaction security. The second layer run on Bitcoind will consist of nodes that won’t process data that doesn’t meet the Wormhole protocol requirements.

Another tokenization project news.Bitcoin.com reported on this past February is Counterparty Cash which is different from Omni layer but has similarities. It will be interesting to see an attempt to deploy a token creation mechanism for BCH alongside smart contract capabilities. A few members of the BCH community has been asking developers to create a fork of Omni Layer for quite some time now. Reportedly the Chinese-based mining firm will reveal the full details of this project soon.

What do you think about an Omni Layer-like idea for the Bitcoin Cash network and the Wormhole Cash currency? Let us know your thoughts on the Bitmain developer’s new idea in the comment section below.


Images via Shutterstock, and Cindy Daily. 


Want to get a few bits of BCH to test out this awesome technology check out our Bitcoin Cash Faucet today!

The post Omni Layer Fork Called ‘Wormhole’ Debuts for Bitcoin Cash appeared first on Bitcoin News.

The Daily: Blackrock Probes Market, Coinbase to List Securities, Bitpay Gets a Bitlicense

The Daily: Blackrock Probes Market, Coinbase to List Securities, Bitpay Gets a Bitlicense

In today’s edition of Bitcoin in Brief we cover the news that the world’s largest asset manager Blackrock is examining the crypto market, Coinbase is approved to list security tokens, and Bitpay got a New York Bitlicense. Additionally, the BCH exchange rate is now displayed directly on Google.

Also Read: UK Mosque Collects Four Times More Donations in Crypto Than Fiat

Blackrock Examining Crypto Market

The Daily: Blackrock Probes Market, Coinbase to List Securities, Bitpay Gets a BitlicenseBlackrock, considered to be the world’s largest asset manager with over $6 trillion in assets under management, is probing the crypto market. Reports have popped up yesterday that the NYSE-listed company has created a ‘working group’ to explore how it can take advantage of the hot new alternative investment instruments.

Larry Fink, chairman and CEO, subsequently denied in an interview that the company is setting up any crypto trading capabilities or that Blackrock received demand for it from its clients. However, he did confirm that the company is studying the performance of cryptocurrencies to be prepared for the eventuality in the future. “When it becomes more legitimatized, when it has a true open nature of it that you can identify who the players are on both sides, that’s when we’ll probably look at it,” Fink said.

Coinbase Approved to List Securities

There has recently been a race among crypto companies to acquire licenses to offer securities in the US, with firms such as Coinbase, Circle and Uphold buying up regulated assets. Now the former says that the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) have approved its takeover of Keystone Capital, Venovate Marketplace and Digital Wealth, the three entities that Coinbase sought for their licenses. The next step for the company is integrating its own technology into the new subsidiaries, and training up its staff to comply with American securities brokering regulations.

Bitpay Gets a Bitlicense

BitpayThe Daily: Blackrock Probes Market, Coinbase to List Securities, Bitpay Gets a Bitlicense, the digital asset service provider based in Atlanta, Georgia, received a Virtual Currency License from the New York Department of Financial Services (DFS). This ‘Bitlicense’ enables businesses based in the state to leverage Bitpay to accept BCH and BTC for purchases from users globally, and local residents to be able to make purchases with the service.

“This is an important milestone for BitPay to secure the virtual currency license from the New York Department of Financial Services and be the first non-exchange to do so,” said CEO Stephen Pair. “New York state has one of the strictest policies around businesses involved in cryptocurrency and working through the approval processes to obtain a License was important to BitPay. We believe this hard work will pay off as New York presents significant business opportunities for BitPay.”

“DFS welcomes BitPay to New York’s expanding and well-regulated virtual currency market,” said Superintendent Maria T. Vullo. “We continue to work to support a vibrant and competitive virtual currency market that connects and empowers New Yorkers in a global marketplace while ensuring strong state-regulatory oversight is in place.” In total, DFS has now approved ten firms for bitlicenses and charters.

Peter Thiel and Bitmain Invest in EOS Publisher

Block.one, the company behind the development of EOS, has announced the closure of its latest strategic investment round. Paypal co-founder Peter Thiel has led this round, along with other investments from Bitmain, Louis Bacon, and Alan Howard. “As Block.one prepares to announce its future plans, we’re excited to welcome key strategic investors aligned with our values of creating a more secure and connected world,” said CEO Brendan Blumer. “The EOSIO protocol is a great example of blockchain innovation. Its performance and scalability can meet the needs of demanding consumer applications and will pave the way for mainstream blockchain adoption,” commented Jihan Wu of Bitmain.

Bitcoin Cash Is Now on Google

What do you do when you want to check the current price of BCH? Now you can just enter ‘bitcoin cash’ on Google and the search engine will display the exchange rate as the top result.

The Daily: Blackrock Probes Market, Coinbase to List Securities, Bitpay Gets a Bitlicense

And last but not least, Robinhood has announced that after BCH and LTC, it has now added for trading on its Crypto app the lovable shiba meme-based cryptocurrency, Dogecoin.

What do you think about today’s news tidbits? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

The post The Daily: Blackrock Probes Market, Coinbase to List Securities, Bitpay Gets a Bitlicense appeared first on Bitcoin News.

Markets Update: Bitcoin Bulls Charge Forward

Markets Update: Bitcoin Bulls Charge Forward

Cryptocurrencies are seeing some good gains over the past two days after market capitalizations lost billions last weekend. Over the last six days, the entire digital asset economy has seen an increase of around $15Bn and now averages around $268Bn on Monday, July 16. Digital currency proponents are hopeful the past six months of bearish market sentiment is over and brighter days may be ahead.

Also read: Bitcoin ABC Developers Publish Bitcoin Cash Upgrade Timeline 

Bullish Optimism Creeps Into the Cryptocurrency Market Sentiment, With a Possibility of Brighter Days Ahead

Markets Update: Bitcoin Bulls Charge ForwardDigital asset traders and enthusiasts are optimistic cryptocurrency markets may reverse their downward trend over the next few weeks leading up to the Cboe ETF decision. Last weekend markets were seeing losses across the board as the top cryptocurrency values had dropped 5-25 percent fairly quickly. But since then over the course of the week, digital currency prices have gathered steam and regained at least 2/3rds of last week’s losses. Overall trade volume is about $12.8Bn and has been relatively weak over the past few months but has seen a slight increase today.

Bitcoin Core (BTC) Market Action

The current bitcoin core (BTC) spot price right now is around $6,687 per BTC at the time of publication. BTC 24-hour trade volume is about $4.4Bn over the last day and the cryptocurrency has a $114.5Bn market valuation. The top exchanges swapping the most bitcoin core today include Bitflyer (1.8Bn), Fcoin ($325Mn), Coinbene ($281Mn), Binance ($196Mn), and Bigone ($187Mn). On July 16, the most traded currency exchanged for BTC is the Japanese yen capturing 49 percent of the intraday’s trades. This is followed by tether (USDT 33%), USD (10.2%), EUR (2.4%), and the KRW (1.8%). Out of the 1600+ digital bitcoin core’s market dominance is about 42 percent.

Markets Update: Bitcoin Bulls Charge Forward

BTC/USD Technical Indicators

Looking at the 4-hour BTC/USD charts on Bitstamp and Coinbase shows bulls are pushing markets forward attempting to challenge the $6,800-7,000 resistance. Around 1 pm EDT relative strength index (RSI) levels show overbought conditions at 76. The two Simple Moving Averages (SMA) have crossed hairs recently and the 100 SMA is above the 200 SMA. This indicates the path of least resistance is towards the upside. MACd is heading northbound and shows more upswing could be in the cards today. Looking at order books shows BTC bulls need to crack the $6,800-7,000 territory and after that is smoother seas up until $7,200. On the backside, if bears took the reigns again there is plenty of support down to $5600 for quite some time.

Markets Update: Bitcoin Bulls Charge Forward

Bitcoin Cash (BCH) Market Action

Bitcoin cash (BCH) market action shows the price is around $800 per coin this Monday. The decentralized cryptocurrency’s overall market capitalization is about $13.77Bn and daily trade volume has increased to about $494Mn. BCH holds the fifth highest trade volumes today out of the top cryptocurrencies and is the fourth largest market cap. The top trading platforms exchanging the most BCH today include Bigone ($58Mn), Okex ($56Mn), Binance ($48Mn), Coinex ($48Mn), and Hitbtc ($41Mn). The top currency pairs traded with bitcoin cash today include tether (USDT 47%), BTC (28%), USD (12%), KRW (3.5%), ETH (2.7%). 

Markets Update: Bitcoin Bulls Charge Forward

BCH/USD Technical Indicators.

BCH/USD 4-hour and 30-minute charts look very similar to BTC/USD charts today and are performing similarly. However, the two SMAs are different with the 200 SMA above the 100 SMA indicating the path towards least resistance is the downside. Similarly to BTC/USD, RSI levels are about 79 right now showing overbought conditions. MACd looks like it could bump up more but might head southbound over the next hour. Looking at order books shows some very large walls between the current vantage point and $840. If BCH bulls can move past the $860 area then things may improve even more. On the backside charts show from now up until $650 there is strong support. 

Markets Update: Bitcoin Bulls Charge Forward

The Verdict: Traders Seem Positive and Hope for More Green Candles

The verdict this time around is far more positive as markets have improved a great deal this week. Most of the top cryptocurrencies have seen around 5 percent in gains over the past 24-hours but coins such as LTC, IOTA, and NEO have made notable increases. As mentioned above, a lot of traders think markets might continue to climb as the ETF decision approaches. The possible outcome of this upcoming decision may have blown a breath of fresh air into the cryptocurrency economy. 

Where do you see the price of BCH, BTC, and other coins headed from here? Let us know in the comments below.

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


Images via Shutterstock, Trading View, and Satoshi Pulse.


Want to create your own secure cold storage paper wallet? Check our tools section.

The post Markets Update: Bitcoin Bulls Charge Forward appeared first on Bitcoin News.

Bitcoin Price Spikes to $6,600 as Crypto Market Finds Momentum

After a week of stability in the $250 billion region, the crypto market has started to demonstrate solid momentum, potentially eying a breakout to the $300 billion mark, supported by a rally initiated by bitcoin and Bitcoin Cash. On July 16, the price of bitcoin, ether, Ripple, Bitcoin Cash, and EOS increased by 3 to … Continued

The post Bitcoin Price Spikes to $6,600 as Crypto Market Finds Momentum appeared first on CCN

Ether and Bitcoin Cash Rise 3% as Market Adds $8 Billion, Can Momentum be Sustained?

Over the past 24 hours, the crypto market has added $8 billion to its valuation, as the price of Bitcoin Cash and Ether rose by more than 3 percent. Very Low Volume The bitcoin price came close to breaching the $6,400 level but failed to continue its corrective rally above the $6,400 region. As of

The post Ether and Bitcoin Cash Rise 3% as Market Adds $8 Billion, Can Momentum be Sustained? appeared first on CCN

Markets Update: HODLers Pray for Higher Lows, Prospective Coinbase Listings Rally

Markets Update: HODLers Pray for Higher Lows, Prospective Coinbase Listings Rally

The BTC markets are currently attempting to establish a higher low above $6000 after failing to break above resistance at $6800 at the end of June, whilst BCH appears to have bounced off the critical support area of $600 – $650 for the second time in 2018. In recent altcoin market action, Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC), and 0x (ZRX) have produced gains of roughly between 10% and 20% after Coinbase confirmed on the 14th of June that it is currently “exploring” listing said markets.

Also Read: Australian Bank Bans Use of Mortgage Funds for Crypto Speculation 

BTC Rangebound Between $5800 and $6800

Since gaining 18% from the 29th of June low of approximately $5800 to the local high of roughly $6840 on the 7th of July, the BTC markets have retraced by over 8% during the last seven days – with current prices hovering at approximately $6250.

Market sentiment is mixed, with price action currently testing a key support level on the daily charts after failing to break above the significant resistance area of approximately $6800, however, appearing to produce what could turn into an inverse head and shoulders formation – should support at $6200 hold, thus producing a higher low.

Looking at the stochastic RSI, one can see that both the 1-week, 1-day, and 12-hour charts appear heavily oversold – with the stoch RSI below the 20 threshold, whilst the 3-day chart is showing a retrace from a test of the 80 threshold.

BCH Markets Retrace Heavily in Recent Weeks

As of this writing, the BCH markets are sitting at approximately $700 after testing the critical support area of roughly $650 earlier this week.

Looking at the weekly charts, the markets have produced three weeks of sideways consolidatory action after losing nearly 60% of its value over the course of the preceding seven weeks.

When measuring against BTC, Bitcoin Cash currently appears to be forming a green doji candle after five consecutive weeks of downward momentum. As of this writing, BCH is trading for roughly 0.1125 BTC

Coinbase Considers Adding Five New Cryptocurrencies

Major exchange and cryptocurrency unicorn, Coinbase, has published a blog post announcing that it is currently “exploring the addition of several new assets” – specifically Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC), and 0x (ZRX). The news produced sharp bullish momentum across the aforementioned markets – with the fiat-value of said cryptocurrencies all posting quick gains of between roughly 10% and 20%.

The company states that it “will be working with local banks and regulators to add them in as many jurisdictions as possible,” adding that “Unlike the ongoing process of adding Ethereum Classic, which is technically very similar to Ethereum, these assets will require additional exploratory work and we cannot guarantee they will be listed for trading.”

The exchange claims to have announced the new prospective listings “internally at Coinbase and to the public at the same time,” emphasizing its intention to “remain transparent with [its] customers about support for future assets.”

Coinbase also notes that its “listing process may result in some of these assets being listed solely for customers to buy and sell, without the ability to send or receive using a local wallet,” elaborating that “We may also only enable certain ways to interact with these assets through our site, such as supporting only deposits and withdrawals from transparent Zcash addresses.”

Markets React to News of Prospective Listings

Despite Coinbase emphasizing that it “cannot commit to when or whether these assets will become available at this time,” the announcement of the prospective listings caused sudden bullish surges of over 9.5% across each of the cryptocurrency markets in question. Whilst each market currently appears to be consolidating, it is not yet clear as to whether the upward moves will evolve into meaningful longer-term rallies, or fail to produce anything more than short-term spikes.

The seventh-ranked cryptocurrency by market capitalization, Stellar, quickly gained 9.5% from approximately $0.1847 to $0.2023 in less than two and a half hours. When measuring against BTC, the markets gained from 2794 satoshis to 3244 satoshis. As of this writing, Stellar has a market capitalization of $3.76 billion, and is trading for $0.2 and 3209 satoshis.

Stellar, Coinmarketcap, Jul 8th – Jul 15th

Cardano, the eighth largest cryptocurrency by market cap ($3.5 billion), enjoyed a sudden gain of 11.5% from roughly $0.1265 to $0.1411 following Coinbase’s announcement. When measuring against BTC, the markets gained from 2036 satoshis to 2270 satoshis in just half an hour. ADA is now consolidating at approximately $0.1363 and 2185 satoshis.

Cardano, Coinmarketcap, Jul 8th – Jul 15th

Zcash, the twenty-first largest cryptocurrency with a market capitalization of $754.5 million, gained 17.5% from $157.5 to 185.1 and from roughly 0.02536 BTC to 0.02977 BTC in half an hour following the news of the possible Coinbase listing. As of this writing, ZEC is trading for approximately $173.4 and 0.02774.

Zcash, Coinmarketcap, Jul 8th – Jul 15th

0x, the twenty-fifth largest cryptocurrency by market capitalization ($521 million), responded with 15% bounce from approximately $0.87 to $1.00 and 0.0001395 BTC to 0.0001614 BTC over the course of two hours. ZRX is now trading for roughly $0.974 and 0.00015 BTC.

0x, Coinmarketcap, Jul 8th – Jul 15th

Basic Attention Token, the thirty-seventh largest cryptocurrency market with a total capitalization of $334.3 million, produced the strongest bounce of the markets confirmed to be in consideration for a Coinbase listing. BAT gained 19.3% from roughly $0.2777 to $0.3314 and 4464 satoshis to 5335 satoshis over the course of one and half hours, before producing a secondary high of $0.3403 and 5466 satoshis three hours later.

Basic Attention Token, Coinmarketcap, Jul 8th – Jul 15th

Which markets do you think Coinbase will list? Join the discussion in the comments section below!


Images courtesy of Shutterstock, Trading View, Coinmarketcap


Want a comprehensive list of the top 500 cryptocurrencies and see their prices and overall market valuation? Check out Satoshi Pulse for all that hot market action!

The post Markets Update: HODLers Pray for Higher Lows, Prospective Coinbase Listings Rally appeared first on Bitcoin News.

Bitcoin Cash Network Highly Centralized, 49% of all Nodes Run on Alibaba’s Facilities: Bitpico

Weeks after announcing they would be launching an attack on the network of Bitcoin Cash, hacker group Bitpico has disclosed that the altcoin suffers from massive node centralization. A screenshot of the hacker group’s discoveries was published with one selected instance showing 98% of the IP addresses were physically located close to each other. In

The post Bitcoin Cash Network Highly Centralized, 49% of all Nodes Run on Alibaba’s Facilities: Bitpico appeared first on CCN