Čvn 19

Such Currency, Much #Fail: Dogecoin Transactions 300% Higher Than Bitcoin Cash

· June 18, 2018 · 10:00 pm

Dogecoin (DOGE) processes three times as many transactions as Bitcoin Cash (BCH) per day, data shows this month — as Bitcoin’s (BTC) hash rate expands to an all-time high. 


Unlikely Success?

Figures reproduced on Twitter by social media commentator Armin van Bitcoin confirm the curious rise of DOGE, which has seen renewed attention this year after its surprise use in a chain swap project with Ethereum.

As of June 15, the Dogecoin network’s daily transaction numbers outran Bitcoin Cash by a ratio of three to one. Against BCH’s 12,700 transactions, Dogecoin saw 38,400.

DOGE currently trades at under $0.002, having lost around half its value since April, when prices reached their most recent peak of $0.0056. The altcoin’s highest-ever price continues to be $0.017 from January, while holders continue waiting for a previously-promised hard fork later in the year.

Bitcoin Hashrate Hits All-Time High

The latest performance continues a trend which has captured cryptocurrency industry attention in 2018 — Bitcoin Cash having lost out to Bitcoin’s Lightning Network in April when its node count surpassed the number of available BCH nodes for processing transactions. Lightning had begun its mainnet existence at the beginning of the year, while BCH had debuted in August 2017.

At the same time, despite downward market pressure deflating prices, Bitcoin continues to exhibit increasingly strong fundamental network statistics.

Running data from Blockchain.info reveals the Bitcoin network hash rate reached its highest level in history earlier in June, capping an upward trend which continues to rise.

As Bitcoinist reported Monday, naysayers calling the beginning of the end for Bitcoin continue to be confined to traditional banking circles, while warnings of further price slides do not reflect sentiment beyond that of trading circles. 

What do you think about Dogecoin’s transaction numbers and Bitcoin’s hash rate? Let us know in the comments section below! 


Images courtesy of Twitter/@ArminVanBitcoin, CoinMarketCap.com.

Show comments

Share
Kvě 29

Bitcoin Cash Still Missing 13% of Its Nodes 2 Weeks After Hard Fork

· May 28, 2018 · 8:00 pm

Two weeks after its hard fork, 13% of Bitcoin Cash nodes are still running old software which is incompatible with the rest of its network, data reveals.


Theories Emerge Over Rogue BCH Nodes

As shown by Coin Dance and uploaded to social media by cryptocurrency commentator Ben Verret Sunday, Bitcoin Cash has so far failed to gain full support for its new fork, which split off from the main chain May 15.

The statistics present fresh controversy around Bitcoin Cash for certain cryptocurrency users, commentators this week also picking up on how Bitcoin (BTC) has outperformed the altcoin for the past week on network cost, and now has lower transaction fees.

When it came into being in August 2017, Bitcoin Cash proponents stated one of its essential features was to provide cheaper transactions than Bitcoin.

Debating with Verret, however, others suggested the 87% incorporated all nodes still being maintained, claiming the nodes not following the majority consensus were de facto dormant.

“If they would have any economic value they would continue mining unforked chain,” one response reads.

A Tellingly Quiet Disagreement?

Meanwhile, a similar report on the lack of consensus in Bitcoin Cash post-fork focused on the lack of publicity it received.

Bitcoin core developer Kalle Alm noted that 16-17% of nodes were not following the new chain May 16, adding “everyone would explode” if a similar phenomenon occurred on the Bitcoin network, whose nodes are running at 100 percent with the consensus rules.

“You can tell BCH is not bitcoin by looking at how not everyone is losing their shit all over the place,” he wrote.

Imagine if 20% of BTC nodes failed consensus? Everyone would explode. And there would be forks as miners are not just one dude running a farm.

BitcoinVPC creator grubles had gone further, describing the hard fork as “an epic screw up for a network marketed as a store of value and a medium of exchange.”

What do you think about Bitcoin Cash nodes’ inability to form consensus? Let us know in the comments section below!


Images courtesy of Shutterstock, Twitter

Show comments

Share
Bře 10

Bitcoin Cash Propaganda Poll Backfires

· March 10, 2018 · 12:00 pm

The Twitter account @Bitcoin — an intentionally misleading account which only supports Bitcoin Cash (BCH) — recently tried to defame Bitcoin (BTC) in a poll on the popular social media website. Unfortunately for them, it didn’t work.


Oops!

For those who aren’t aware, the Twitter account @Bitcoin actually has nothing to do with Bitcoin (BTC). Rather, the account uses Bitcoin’s name while pumping out anti-Bitcoin propaganda and shilling the dominant cryptocurrency’s largely-unwanted step-brother, Bitcoin Cash (BCH). As noted by Badbitcoin.org:

The Bitcoin account on Twitter @Bitcoin has been hijacked or bought by those scoundrels promoting the Bcash (Bitcoin Cash) Scam. Mail Order Explosives, Bitcoin, Scams – They do the lot! 1/8/18.

The borderline-scam account posted a poll on Thursday, asking which ‘Bitcoin’ Twitter users prefer. Of course, in doing so, the Twitter handle explicitly made biased and incorrect statements in an attempt to prove that Bitcoin Cash is the superior cryptocurrency. It backfired:

When all was said and done, Bitcoin (BTC) proved to be the overwhelming favorite, despite the Bcash scammers best efforts to undermine the dominant cryptocurrency. Out of 17,437 votes — a sizeable sample — 74% of users preferred the real Bitcoin (BTC) to Bitcoin Cash (BCH).

Additionally, the @Bitcoin Twitter handle was recently restricted on the popular social media site, though the reasons behind both the account’s restriction and restoration of permissions aren’t clear.

‘Btrash’

Bitcoin Cash — a hard fork of Bitcoin — largely markets itself as being ‘Satoshi Nakamoto’s real vision’ for Bitcoin and, in doing so, claims to be ‘the true Bitcoin.’ Meanwhile, misleading accounts like @Bitcoin on Twitter spew intentionally misleading information in desperate attempts to gain support.

As evidenced by the Bcash shill account’s own Twitter poll, however, many cryptocurrency investors view Bitcoin Cash as little more than an attempted hijacking of the Bitcoin brand by Roger Ver, Calvin Ayre, and others, to capitalize on the confusion of new investors.

MillionBitcoinCash - Updated POW & POS Technology With Low Fees with limited Coins

Bitcoin Cash, however, is making headway in one particular field. Recently, reports surfaced that, for the first time, Bcash is being accepted as a form of ransom payment by ransomware — intrusive software, which encrypts victims files and demands payment in return.

In other news, Ayre himself is launching his own Bcash-only vacation resort in Antigua, where he has primarily resided since being indicted by the US Attorney for Maryland on charges of illegal gambling and money laundering.

[Full disclosure: the author is a holder of Bitcoin (BTC)]

Which do you prefer: Bitcoin (BTC) or Bitcoin Cash (BCH)? Let us know in the comments below!


Images courtesy of Twitter/@Bitcoin, Bitcoinist archives

Show comments

Share
Úno 19

Billionaire Calvin Ayre is Building a $100m Bitcoin Cash Resort in Antigua

· February 19, 2018 · 9:45 am

Soon, wealthy tourists looking to live large in the Caribbean will be able to reserve rooms at controversial billionaire Calvin Ayre’s resort in Antigua — if you’ve got the Bitcoin Cash.


A ‘Novel and Exciting Concept’

The billionaire founder of the Ayre Group and the Bodog entertainment brand, Calvin Ayre, is reportedly building a $100 million five-star resort on Antigua’s Valley Church beach — funded entirely by profits made from investments in digital currencies.

Antigua

The prime minister of Antigua and Barbuda, Gaston Browne, is excited by the news, as the islands have long been supportive of cryptocurrency. Browne says of the project:

We expect the resort’s novel and exciting concept to broaden Antigua and Barbuda’s tourism product and bring a new category of tourists to our islands. We look forward to working with Mr Ayre on this resort and the many other investments he has made in Antigua.

Calvin Ayre, officially known as “his excellency” on the Caribbean islands where he holds the title of special economic envoy, says:

This resort will attract a totally new market segment of tourism on the island — successful wellness-seekers who also want to have fun. The property will not be an all-inclusive destination. Instead, its amenities will be available to residents of Antigua and Barbuda and visitors alike.

Bring Your Bcash

Unsurprisingly, Ayre’s resort will accept Bitcoin Cash at point-of-sale terminals on the property.

Unaffectionately known as Bcash, the controversial cryptocurrency forked from Bitcoin on August 1st, 2017, and has sparked debate amongst cryptocurrency enthusiasts ever since — with some calling it a get-rich-quick scheme primarily profiting from the unnecessary confusion of others by co-opting the Bitcoin brand.

MillionBitcoinCash - Updated POW & POS Technology With Low Fees with limited Coins

Ayre and Bcash bull Roger Ver are arguably the two biggest proponents of the forked cryptocurrency, claiming the Bcash blockchain is vastly superior to all other blockchains — despite little evidence to support such a claim.

Of course, Ayre himself is no stranger to controversy.

In 2012, Ayre and three other individuals were indicted by the US Attorney for Maryland on charges of illegal gambling and money laundering, leading to the billionaire evading authorities for nearly a decade.

In 2017, however, Ayre got off easy by pleading guilty to a single misdemeanor charge, while the remaining felony charges against him were dropped. According to Forbes, Ayre never came to the US to face the charges.

Would you be interested in spending cryptocurrency while on vacation in the Caribbean? Would you prefer that such cryptocurrency wasn’t Bcash? Let us know in the comments below!


Images courtesy of Shutterstock, Bitcoinist archives.

Show comments

Share
Pro 26

New Evidence Emerges, Points to Possible Insider Trading at Coinbase

· December 26, 2017 · 4:30 am

It was just a few days ago that news broke alleging “insider trading” after a botched Bitcoin Cash launch which saw prices spiking close to $9000. Now, new evidence has emerged appearing to bolster those allegations.


Entrepreneur and cryptocurrency enthusiast Albert Renshaw is claiming that he has discovered additional evidence pointing to insider trading of Bitcoin Cash related to its recent adoption by Coinbase and their cryptocurrency exchange, GDAX.

Speaking with Forbes, Renshaw states:

I’ve found and isolated one instance of insider trading on BCH addition to GDAX/Coinbase.

He references the following discussion thread that took place on /r/Coinbase:

The highlighted comments in the thread have since been deleted, however, the conversation was archived in its entirety at Archive.is.

Timeline of Events

The screenshot above focuses primarily on the comments of one Redditor, /u/mukiwa2. The conversation was archived on December 20, 2017, making the ‘2 days ago’ time stamp (see mukiwa2’s first highlighted comment) December 18 – a day before Coinbase announced their addition of Bitcoin Cash.

December 18

  • Bitcoin Cash is trading between $1900 – $2200 (CoinMarketCap).
  • /u/mukiwa2 announces to the thread that Bitcoin Cash is coming to Coinbase and that he has “a mate at CB”.

December 19

  • Coinbase announces the addition of Bitcoin Cash.
  • Bitcoin Cash begins trading on GDAX at 10:20 pm EST.
  • Within minutes the price of BCH jumps to $8500 – more than double the previous day’s price.
  • GDAX suspends trading at 10:22 pm EST, later tweeting, “All BCH books will enter cancel-only mode, and all existing orders will be cleared. While in cancel-only mode, no new orders will be accepted. We will post an update shortly.”

December 20

  • GDAX resumes Bitcoin Cash trading.

Between /u/mukiwa2’s comment on Reddit and the opening of trade on GDAX, the price of Bitcoin Cash jumped by over 370%. To put that in perspective, if a person bought $50,000 worth of BCH at $1900 on December 18 and was able to sell it as soon as trading opened on December 19 at $8500, they would have made a profit $223,684, less their initial investment.

So Who is /u/mukiwa2?

Well, that’s where things start to get murky. Nobody knows. Shortly after the crypto community began calling Coinbase out over possible insider trading, /u/mukiwa2 deleted his comments from the thread. Shortly thereafter, he deleted his account entirely. Bitcoinist was able to dig up a cached copy of his Redditor profile page, but that provided little information other than the fact that it was a new account, created on December 6, 2017.

So Who is /u/mukiwa2?

Some further research yielded some possible clues to his identity, and Bitcoinist has reached out to this person for confirmation and possible comment. At the time of this writing, we have received no response.

So What Happens Next?

In the wee hours of the morning on December 20, Coinbase issued a statement via Twitter that all of its employees have been prohibited from trading Bitcoin Cash for several weeks. Coinbase CEO Brian Armstrong addressed the matter personally, as well. In a blog post published on the same day, Armstrong clarified Coinbase’s employee trading policy and also addressed the accusations of insider trading, stating:

Given the price increase in the hours leading up the announcement, we will be conducting an investigation into this matter. If we find evidence of any employee or contractor violating our policies — directly or indirectly — I will not hesitate to terminate the employee immediately and take appropriate legal action.

This is all well and good, but it’s a little bit like shutting the barn door after the horse has already bolted. It doesn’t change what happened, if insider trading did, indeed, take place, and it doesn’t prevent it from happening again in the future with some other coin on some other exchange.

While it is heartening that Armstrong isn’t simply dismissing the accusations, the whole idea of an internal investigation being offered up as a panacea should be concerning to the entire crypto community. If a non-crypto investment firm were accused of insider trading, there would be no self-policing. The SEC would investigate the company and, if found guilty, the parties responsible would face fines and most likely jail time.

The crypto community is at a crossroad. On the one hand, they don’t want regulators mucking about and trying to control things. On the other hand, when something goes wrong – like an exchange being hacked or insider trading – they clamor for the protection that only regulation would provide. There is no simple solution, but one thing is clear – we can’t have it both ways.

Does this new information change your opinion on Coinbase’s involvement (or lack of involvement) in insider trading? Let us know in the comments below.


Images courtesy of Archive.is, Google Cache

Share