Úno 29

Bitcoinist Weekly News Re-Hash: Bitcoin Classic Gaining Steam

Source: bitcoin

news

This past week saw a lot of hot news stories coming from the Bitcoin community and the organizations powering the growth of the ecosystem. Bitcoin Classic appeared in the news a few times throughout the week, reminding us that the block size debate is far from over. In terms of price, not much happened at the macro level. Hardly any change took place between the open and close of the week, with the price falling less than one percent in total. However, the day-to-day activity certainly gave traders a lot to be excited about, with a lot of big declines and welcome gains.

Also read: Tendermint Thinks it Will Be Better Than Bitcoin 

Daily Bitcoin Price Action

  • February 22: $437.07
  • February 23: $437.96
  • February 24: $419
  • February 25: $419.92
  • February 26: $420.32
  • February 27: $431.46
  • February 28 Open: $424.81
  • February 28 Close: $436.65

Total Change: -0.10%

Weekly News Re-Hash: Bitcoin Core Gains Momentum

Our week began on Monday, February 22, 2015 with the bitcoin price at $437.07, holding on to the gains made in the previous week. Monday saw fairly calm market activity, the price hovering in the mid-to-high $430s. Bitcoin peaked at $440 in the evening, but quickly returned to that $430s range that characterized the day’s activity.

In the news, we reported on Multipool.us launching a Bitcoin Classic mining pool. Multipool.us dedicated on petahash of mining power to the Classic pool, which represents a large amount of mining support for Bitcoin Core’s newest competitor.

Tuesday started at $437.96, but would quickly fall dramatically. At 3 AM, the markets took a dive, and the bitcoin price fell from $435 at the top of the hour to $422 at the close, with an hourly low of $416. The price stayed in this lower range for the rest of the day, floating between the high $410s and the mid $420s.

Meanwhile, on Bitcoinist, we reported about the new release of Bitcoin Core version 0.12.0 and its new improvements. Additionally, we reported on a development from the Free Ross campaign. FreeRoss.org released a rare home video of Ross Ulbricht. The Free Ross campaign is ran by Ulbricht’s mother, who is fighting to help her son get an appeal for what they believe was an unfair sentencing for his involvement with Silk Road.

The 24th started out on a negative note, the price plunging from $419 to the low $410s in the opening hour of the day. Throughout the rest of the day, though, the markets staged a modest recovery from this dive, rising back into the mid $420s. Towards the end of the day, the price took a small dip, falling to the low $420s to close out the day.

More Bitcoin Classic news came to light on Wednesday the 24th. We reported that five Bitcoin ATM operators switched to Classic. Sumbits, Tobitcoin, Herocoin, Coinucopia and Bitlove switched to the Bitcoin Core competitor. This change affected 29 Bitcoin ATMs in North America.

Bitcoin mining pool F2Pool threatened to withdraw consensus support from the February 21 roundtable due to allegations regarding Adam Back’s self-designation as an “individual” rather than the CEO of BlockStream when announcing his support for consensus.

February 25 opened with the price at $419.22, almost no change over the start of the previous day. The markets stayed quiet during the 25th, staying well within the low $420s range.

In the news, we reported on newly-surfaced court documents suggesting that the United States Federal Bureau of Investigation and Carnegie Mellon University colluded to attack the TOR network. In November 2015, the Tor Project accused the FBI of paying $1 million USD to the university in exchange for its help in revealing users on the TOR network. These court documents at least partially confirmed these claims, reporting that the FBI did in fact use the university’s academic resources to aid in the takedown of the Silk Road 2.0 marketplace.

E-Coin announced a major rebranding, changing its name to Wirex and adding new services to its platform. These services, including a new mobile app and two-way bitcoin debit cards, are aimed at “bridging the gap between blockchain technology and traditional finance.”

Friday the 26th kicked off with the bitcoin price at $420.32, a little more than a dollar above the opening price on Thursday. The first half of the day saw extremely flat trading activity, with the price refusing to budge above or below $424. However, the price jumped upwards heading into the evening hours, reaching a peak of $435 at 7 PM. This explosion in buying leveled out, as the day came to a close, bringing the price down to the low $430s.

At Bitcoinist, we posted a new job listing. We are looking for a sales manager to lead the charge on securing ad deals for our website to help build revenue. We are looking for someone with experience in online sales who can help build one of the most trusted websites in the Bitcoin news industry.

Also on the 26th, popular wallet-exchange hybrid Coinbase published a blog post telling the public that it is “not a wallet.” Responding to criticism regarding the company’s privacy policies and exchange-hosted wallets in general, Coinbase explained that it is not meant to be a place to store large amounts of bitcoins. Instead, the company’s goal is to bridge the gap between the legacy financial system and the bitcoin economy, and then later evolving into a “retail exchange” as Bitcoin becomes more prominent in the mainstream.

February 27 started out at $431.46, a significant gain over the start of the previous day. Coming off the high of Friday’s rally, the markets stayed very calm for most of the day, with very little fluctuation in the bitcoin price. The fell into the mid $420s at 7 PM, though, where it would stay for the remainder of the night.

Sunday, February 28 began with the bitcoin price at $424.81, remaining in the mid $420s range following the late-day fall on Saturday. After minimal activity during the early morning hours, the markets picked up at 9 AM and the price began moving upwards. Bitcoin returned to the mid $430s and then plateaued at midday, staying in that range until the evening hours. The price began moving upwards again, climbing to $437. The day closed at $436.65, making for a very small decline of 0.10% for the entire week.

  What do you think will happen in the Bitcoin world in the coming week? Let us know in the comments below!

The post Bitcoinist Weekly News Re-Hash: Bitcoin Classic Gaining Steam appeared first on Bitcoinist.net.

Bitcoinist Weekly News Re-Hash: Bitcoin Classic Gaining Steam

Share
Úno 25

Chinese Mining Pool Lets Miners Weigh In on Bitcoin Core Vs. Bitcoin Classic Support

Source: bitcoin

Bitcoinist_Block Size Debate

The Bitcoin block size drama continues, as it has taken yet another interesting turn. Even though F2pool is considering removing their consensus support, the mining pool has also opened up their platform to feedback from individual miners regarding the 2MB block size increase. It is only due diligence to ask the opinion of the people who protect and secure the Bitcoin network every day.

Also read: BitLox: ‘Indestructible’ Hardware Bitcoin Wallet

F2Pool Asks The Miners What They Think

Despite the Bitcoin block size debate going on for quite some time now, hardly anyone has ever considered asking the miners what they think. Nearly all of the focus has been on the developers – from both Bitcoin Core and Bitcoin Classic – as well as the mining pool owners complaining how larger blocks will make their business a lot harder to manage.

All of that is fine and dandy, and those discussions need to take place at some point. But at the same time, a lot of people have lost track of which parties made to the Bitcoin network into what it is today, and those individuals are the miners. Without people mining Bitcoin, the network would become vulnerable, and no transactions would be processed. In fact, the entire ecosystem would grind to a halt.

F2Pool is the very first – and so far only – mining pool to ask the opinion of their miners as to how they feel about the 2MB block size increase. While some people may argue the miners will not be directly affected by a block size increase, the future of Bitcoin and its development is of the utmost importance to them as well.

Bitcoin community members and developers have commended F2Pool for taking this action while trying to push political agendas at the same time. It seems rather difficult to have a debate on the Bitcoin ecosystem without referring to either Bitcoin Core or Bitcoin Classic software solutions these days.

Furthermore, it didn’t take long until people started spewing allegations as to how F2Pool is running Bitcoin Core and does not even offer Bitcoin Classic support right now. This is – allegedly – a clear hint as to how they see the future of Bitcoin and its development, which would directly influence the miners’ decision.

Roundtable Agreement Is Useless

While nearly all of the Bitcoin mining pools came to some consensus on the block size debate during a recent Roundtable meeting, it looks like things are starting to unravel fast. Not only is F2Pool threatening to remove their consensus support unless Blockstream and Adan Back come clean, but community members are questioning the legitimacy and usefulness of this agreement.

In the end, a roundtable agreement behind closed doors by a select few individuals holds no validity in the Bitcoin world. Majority consensus cannot be reached by enforcing a particular solution upon the people who make up this community. This story is far from over, and in the end, the community will have the final word, not the “chosen few” who think they can make every decision in this space.

What are your thoughts on F2Pool asking miners’ opinions? Will other pools follow by example? Let us know in the comments below!

Source: Twitter

Images courtesy of Shutterstock

The post Chinese Mining Pool Lets Miners Weigh In on Bitcoin Core Vs. Bitcoin Classic Support appeared first on Bitcoinist.net.

Chinese Mining Pool Lets Miners Weigh In on Bitcoin Core Vs. Bitcoin Classic Support

Share
Úno 24

F2Pool Threatens To Withdraw Consensus Support Over Adam Back Allegations

Source: bitcoin

Bitcoinist_Roundtable Bitcoin

For those people who were under the impression the Bitcoin block size debate was over, you are sadly mistaken. That being said, things are getting interesting, as F2Pool announced they will withdraw support from the February 21 roundtable consensus unless things are sorted out on the Adam Back front. There is never a dull day in the world of Bitcoin politics; that much is certain.

Also read: Five Bitcoin ATM Operators Switched Over To Bitcoin Classic

Adam Back and Blockstream

Various Bitcoin community members have been claiming how Blockstream is planning to drive Bitcoin Core development in a different direction than was originally envisioned by Satoshi Nakamoto. While it is incredibly hard to verify those claims, there is something strange going on with this company, to say the least.

Based on a post made earlier by F2Pool earlier today, Blockstream President Adam Back has changed his official position title to “Individual” at the last moment when a consensus was reached regarding the block size debate on February 21st.  While it is rather strange to see such an event unfold, the bigger question is what motive has been the driving factor in this decision by Adam Back.

Looking at the Blockstream website, Adam Back is still listed as the company president. That same title and job function is listed on the official Medium post detailing what this consensus means for the Bitcoin ecosystem. However, the announcement by F2Pool seems to indicate something changed at the last moment, even though there does not seem to be any evidence to verify this statement.

F2pool feels betrayed and cheated by Adam Back’s decision to take this – allegedly – sneaky approach. So much even that they are planning to withdraw support from the roundtable consensus unless Adam back steps forward and explains this ordeal to them and the rest of the Bitcoin community.

Some Bitcoin community members are arguing it does not matter how Adam Back positions himself as a part of Blockstream, as all that matters is his support. In a way, it makes sense to list oneself as an individual rather than a company president on delicate matters like these, as it is unknown whether all Blockstream employees are on the same wavelength.

Mining Pools Don’t Need Handholding

In the end, it all comes down to who one can trust in the Bitcoin world. The answer to that question is rather simple: no one but yourself. There is no need to rely on opinions presented by others, as it is impossible to verify whether or not their intentions are honest.

This announcement marks another significant step in the scheme of Bitcoin politics that are running rampant in the digital currency ecosystem right now. All everyone should want is a workable solution everyone can agree on. All of this bickering and possible backstabbing needs to end before things get out of hand.

What are your thoughts on the announcement by F2Pool? Is it such a big deal as they claim it is? Let us know in the comments below!

Source: BitcoinTalk

Images courtesy of Blockstream, Shutterstock

The post F2Pool Threatens To Withdraw Consensus Support Over Adam Back Allegations appeared first on Bitcoinist.net.

F2Pool Threatens To Withdraw Consensus Support Over Adam Back Allegations

Share
Led 18

F2Pool Statement Indicates Plan To Hard Fork 2MB Bitcoin Block Size

Source: bitcoin

F2Pool Statement Indicates Plan To Hard Fork 2MB Bitcoin Block Size

The Bitcoin block size debate has taken another interesting plot twist in the past few hours. F2Pool, one of the largest Chinese Bitcoin mining pools in the world, has announced they support the hard fork for an increased 2MB block size. While the post on BitcoinTalk is a weird translation from Chinese to English, it looks like F2Pool might be attempting to push people to accept the Bitcoin hard fork. Not a great move in the Bitcoin mining industry if this were to be the case.

Also read: Bitcoin A Perfect Tool To Offer Hacked TalkTalk Users A Form of Compensation

F2Pool Statement is Quite Worrying To Say The Last

Certain aspects of a statement can tend to get lost in translation, and Bitcoin community members can only hope this is the case regarding the post made by F2Pool on BitcoinTalk. The way things read right now, the Chinese mining pool is looking to accept the Bitcoin hard fork to up the block size to 2MB, and enforce that decision on the rest of the mining community as well.

It is not the first time F2Pool is causing a fair bit of controversy when it comes to the Bitcoin block size debate. One Reddit user pointed out how one of their representatives posted another statement about how zero-confirmations should be made as secure as possible, as the company does not believe in a fee market. Additionally, support for FSS-RBF will be dropped after upgrading to Bitcoin Core 0.12, a process that will take place over the next few weeks.

Needless to say, these statements are a reason for great concern in the Bitcoin community. With the block rewards not lasting forever, removing any transaction fees from the equation would provide less incentive for miners to support the network. While there are some people involved in Bitcoin mining for short-term profit, an ecosystem without transaction fees is not feasible in the long run.

There is no denying the ongoing Bitcoin block size debate will need to come to an end sooner rather than later. The issue has been plaguing the Bitcoin ecosystem for many months now, and there is still no solution in sight. A lot of community members seem to be for increasing the block size to 2MB, and a solution should come to fruition very soon.

Bitcoin Classic seems to hold all of the answers and solutions people have been looking for, including an increase to 2MB Bitcoin blocks. Furthermore, both Gavin Andresen and Jeff Garzik are onboard with this solution, giving Bitcoin Classic a more legitimate image. There is no need for any Bitcoin mining pool to force a hostile direction at this time, and F2Pool faces some serious questions that need answers.

Hard Fork For 2MB Seems Odd

With so many people in the Bitcoin ecosystem agreeing on increasing the block size to 2MB, forcing a hard fork right now seems like a dubious move. If F2Pool is planning to force the issue by employing a hard fork soon, another hard fork will need to follow for future block size increases. In the end, this creates a vicious loop of hard forks that could end up hurting the Bitcoin ecosystem more than anything.

By the look of things, the Bitcoin Core roadmap now includes a block size increase to 2MB as well, which would render part of the hard fork idea moot. However, there is still the issue of transaction fees versus no transaction fees to address in the near future. Anyone with half a brain can see why these minor fees are needed to keep the ecosystem going. The recent RC1 for a new Bitcoin Core version will change the way wallet fees are calculated, which opens up interesting opportunities.

What are your thoughts on this statement by F2Pool? Will they try to force a decision on the rest of the Bitcoin community? Let us know in the comments below!

Source: Bitcointalk

Images courtesy of Bitcoin Belgie, Shutterstock

The post F2Pool Statement Indicates Plan To Hard Fork 2MB Bitcoin Block Size appeared first on Bitcoinist.net.

F2Pool Statement Indicates Plan To Hard Fork 2MB Bitcoin Block Size

Share