Led 12

New Data Shows Coinbase May Be Spamming the Bitcoin Network

· January 12, 2018 · 7:30 am

US exchange and wallet provider Coinbase is facing fresh criticism from both users and Bitcoin industry figures over its delayed SegWit adoption.


‘You Alone Are Spamming The Network’

As the company continues to suffer technical outages due to high demand, its effect on the Bitcoin mempool has become the source of renewed calls for SegWit as a priority.

“You need to batch your outgoing transactions,” Twitter user Civ Ekonom wrote in response to Coinbase’s latest reported system breakdown.

You are ALONE spamming the network. If you would use segwit and batch all outgoing transactions the mempool would be EMPTY.

Citing analysis of the mempool as “clear evidence,” the mempool size appears to drop significantly when Coinbase recently suspended sending Bitcoin. This has added fuel to existing community anger that the exchange has failed to implement SegWit, which would significantly reduce the cost of Bitcoin transactions it handles.

New GM: Performance ‘Totally Unacceptable’

CEO Brian Armstrong has also borne the brunt of accusations regarding his exchange’s performance and roadmap. Last year, he claimed SegWit was not a high priority on Coinbase customers’ wishlists.

In a different response to the outage, Blockchain real estate personality Ragnar Lifthrasir went as far as to suggest firing Armstrong would serve to improve Coinbase’s reliability.

New Evidence Emerges, Points to Possible Insider Trading at Coinbase

Earlier this week, Bitcoinist reported on a user-filed petition on Change.org to force a SegWit upgrade as a priority. That petition has now accrued over 8000 signatures.

In its latest official correspondence Thursday, Coinbase focused on “improving customer experience” via its new general manager Dan Romero.

Romero had previously announced SegWit as engineering priority number three in 2018.

“Dan’s first priority as GM will be improving the Coinbase customer experience,” Armstrong explained.

…Dan will provide an update on what we are doing to improve the experience and I will continue to post about all of the major activities at the company.

Romero meanwhile called the past technical performance throughout 2017 “totally unacceptable.”

What do you think about Coinbase’s SegWit situation? Let us know in the comments below!


Images courtesy of Twitter, Shutterstock

Show comments

Share
Pro 15

WikiLeaks Now Supports Bitcoin SegWit Addresses for Donations

· December 15, 2017 · 3:00 am

WikiLeaks has long relied upon donations in order to keep exposing government and corporate secrets and corruption. Now another avenue of support is open as Julian Assange announces that WikiLeaks now supports Bitcoin SegWit addresses.


WikiLeaks has tirelessly worked to analyze and publish restricted and censored data that exposes corruption and other organizational secrets. In its 10 years of existence, it has amassed a database of over 10 million documents that shed light on things that governments and other entities would prefer to remain in the shadows. WikiLeaks supports a number of donation methods, and the latest one is Bitcoin SegWit addresses.

Donating to Illuminate the Dark

WikiLeaks has expanded its donation base as Julian Assange notes that the group now supports Bitcoin SegWit addresses. He notes that transaction fees from SegWit-enabled wallets are minimized, which might help encourage more donations to keep WikiLeaks up and running.

Those looking to donate can use WikiLeaks’ main address or generate a one-time private address if they choose to do so. WikiLeaks takes multiple cryptocurrencies as donations, including ZCash, Litecoin, and Monero.

Made for Each Other

Cryptocurrency and WikiLeaks are really made for each other. The non-profit organization relies upon anonymous individuals handing over documents that they feel should see the light of day. Both virtual currency and WikiLeaks exist outside the system and offer a means of promoting change while expanding the exercise of individual freedom.

Julian Assange and WikiLeaks do have a long association with Bitcoin. Just two months ago, Assange tweeted that the organization was pushed into investing into the cryptocurrency due to the US government forcing payment companies (Mastercard, Visa, etc.) to carry out “an illegal banking blockade” against WikiLeaks.

But it seems that WikiLeaks and Assange has had the last laugh. He says that the group began investing in bitcoins back in 2010 and are now enjoying an extremely healthy return of over 50,000%.

While WikiLeaks has reaped the benefits of government sanctions, thanks to Bitcoin and its phenomenal rise in value, Julian Assange is still stuck in the London embassy for Ecuador. He fled to the embassy in 2012 to escape extradition attempts from Sweden for an alleged rape, but Sweden eventually dropped the charges against him. However, the UK police still have a warrant for his arrest for breaking his bail conditions when he moved into the embassy. There he sits, but he and his organization are still proving themselves to be a thorn in the sides of the extremely powerful.

It seems fitting for WikiLeaks to support Bitcoin SegWit addresses as many governments are working to restrict cryptocurrency. Now crypto enthusiasts can donate and help stick it to The Man.

What do you think about WikiLeaks now supporting Bitcoin SegWit addresses? Have you ever donated to WikiLeaks? Let us know in the comments below.


Images courtesy of Twitter/@JulianAssange and Wikimedia Commons.

Share