Bře 27

Vision of No Future? Bitcoin Unlimited Token Dives 30% in 7 Days

· March 27, 2017 · 6:00 am

Bitcoin Unlimited’s ghostly new asset BCU is already evaporating on the two exchanges hosting it, having reached an all-time low since its launch.


BCU Drops 30% in a Week

Its two trade venues, exchanges Bitfinex and HitBTC, have both recorded falls in the price of the BCU token, with Bitfinex seeing a near 30% deterioration versus USD.

BCU is currently trading at $180 per coin, or 0.177 BTC, versus $254 and 0.254 BTC respectively seven days ago.

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The underwhelming performance appears to have done little to alter the mindset of the Bitcoin scaling debate’s major parties, with Bitcoin Unlimited proponents dismissing Bitfinex’s trading pair when it launched.

With HitBTC now following suit, however, it appears the natural trend for BCU is down prior to its actual conception, which would only occur in the event of a hard fork March 31.

In a blog post over the weekend, HitBTC explained the reasoning behind adding the pair was to “provide [users] with the tools for avoiding any risk.”

The exchange has further blocked withdrawals until around 48 hours after the deadline, ostensibly to avoid exposure to replay attacks. Existing and future user balances are currently duplicated in BCU as well as BTC, effective immediately.

The move attracted criticism from Reddit commentators, along with the content of the blog post itself, which stated Bitcoin Unlimited pool support “could become the majority.”

Core nodes currently account for over 90% of the network.

Armory Signals Core Support

Bitcoin Core meanwhile has compiled a list of known companies and services which have signalled or are already preparing for Segregated Witness activation.

112 names from throughout cryptocurrency, including Coinbase and Armory in addition to Bitfinex, are currently registered.

Of the total, 57 are described as “Segwit ready,” 30 as being in a state of “work in progress” and the remaining 25 “planned.”

Armory

Armory itself released a dedicated announcement on its Core adherence, stating it “does not support any controversial hard forks such as Bitcoin Unlimited and will continue to support Segregated Witness and Bitcoin Core.”

In the event BU becomes a bonafide chain, however, developer Andrew Chow said the service would be compatible.

“…The Armory wallet software does not perform any consensus checks as it relies on its connection to a local Bitcoin node. This node is typically Bitcoin Core, but anything based upon that will work as well; this includes Bitcoin Unlimited,” he said.

“Thus should a hard fork occur, […] Armory will be compatible with the hard fork and will allow users to continue to transact on the forked network.”

Chances of a hard fork actually occurring are at the same time themselves decreasing. Wang Chun, head of major mining pool F2pool, tweeted Monday that he – and therefore his pool – would not countenance such a change.

What do you think about BCU’s performance? Let us know in the comments below!


Images courtesy of Twitter, Armory, cryptocoincharts. Shutterstock

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Bře 22

Roger Ver Confirms He’ll Sell His Bitcoin: 130K BTU Trade a ‘Great Deal’

· March 22, 2017 · 5:00 am

Roger Ver has received a pre-hard fork trade offer worth “up to” 130,000 bitcoins in a bargain receiving heavy publicity.


Ver: Up To 130k Trade ‘Sounds Like Great Deal’

According to a post of the Bitcointalk forum, a Bitcoin bagholder known as “Loaded” signed a message from a wallet containing 40,000 BTC.

In the message, Loaded challenges Ver to a one-to-one BTC/BTU trade in the event of a hard fork occurring.

“@RogerVer lets make a deal, 1 for 1 trade. At least 60k, possibly up to 130k, my BTU for your BTC,” the message reads.

“The offer is open to Jihan Wu as well,” Loaded continued in a further post.

Consider it primarily as a vote of no confidence in the Bitcoin Unlimited software and development team as it currently stands. I’ll add the contingency that the deal is null and void if there are major changes to either.

Responding to the offer, Ver seemed enthusiastic.

Roger Ver Bitcoin Uncensored block size

“This sounds like a great deal for both of us.  I look forward to ironing out the exact details and terms,” he said, adding he was too busy to confirm for the next two days.

Ver to Dump BTC Stash as Foreboding Grips Bitcoin

While the trade cannot go ahead unless or until Bitcoin Unlimited becomes a separate chain, Ver has already signaled his own vote of no confidence in Core, stating in an interview with MadBitcoins at the weekend that he would dump his BTC holdings.

Rumored to have a total of around 300,000 coins, the trade would produce significant downward pressure on the price of BTC, though it seems that some “whales” will be ready to scoop up Ver’s coins in no time.

Uncertainty over the future and its consequences is meanwhile filtering through the rest of Bitcoin’s best-known names.

Rhetoric first over the so-called UASF, then later changing Bitcoin’s proof-of-work algorithm, is now increasingly concerned with value protection.

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In his latest blog post titled “For the Love of Bitcoin,” entrepreneur and veteran commentator Vinny Lingham cited the “old adage” in investment that “markets will stay irrational longer than you can stay liquid.”

“Roger Ver confirmed exactly what I wrote in [a previous post] ‘A Fork in the Road’ — that he will be dumping his BTC. That will send the market spinning, for sure,” he added.

Bitcoin Unlimited meanwhile suffered another denial of service attack Tuesday, with its node count plummeting in minutes due to a bug occurring “just six lines above” the previous one, which halved node numbers last week.

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Also predicting the forked future is Bitfinex, which is currently offering BTU futures at a rate of $351 per coin at press time. BTC futures, with the ticker BCC, are trading at $720.

What do you think about Roger Ver’s trade? Let us know in the comments below!


Images courtesy of Twitter, Shutterstock, Coin.dance

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Bře 18

Could This Be The End For Bitcoin Unlimited?

· March 17, 2017 · 11:30 pm

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20 Bitcoin Exchanges have agreed to list Bitcoin Unlimited (BTU/XBU) as an altcoin, if a hard fork should occur.


BTC & BTU

In the midst of a heated discussion on the scalability and future of Bitcoin, a group of 20 Bitcoin exchanges, including major eastern and western ones, have announced that should a hard fork occur, they will list BTC (Bitcoin Core) and BTU (Bitcoin Unlimited) as two separate currencies.

This decision, backed by BitFinex, BitStamp, Kraken, BTCC, BTCChina, ShapeShift, BitSquare, QuadrigaCX, and other exchanges, was announced in a joint statement.

This announcement reads:

Since it appears likely we may see a hardfork initiated by the Bitcoin Unlimited project, we have decided to designate the Bitcoin Unlimited fork as BTU (or XBU). The Bitcoin Core implementation will continue to trade as BTC (or XBT) and all exchanges will process deposits and withdrawals in BTC even if the BTU chain has more hashing power.

These exchanges have pledged to only add Bitcoin Unlimited (BTU) as an altcoin only if both chains can be run without any conflicts, something that currently is a concern due to the risk of transaction replays.

bitcoin-unlimited

A few hours after this announcement, Poloniex and BitMEX joined in as well, both supporting the plan released by the other exchanges. BitMEX in particular stated:

BU will not be listed or used as a deposit/withdrawal currency until replay protection is implemented and BU is not at risk of a blockchain reorganization if the Core chain becomes longer.

Transaction Replays & Hard Forks

This isn’t the first time a major cryptocurrency has come under danger of hard forking; in fact, Ethereum experienced a similar situation last year. However, this wasn’t without mishaps; Ethereum experienced a number of replay attacks after the fork.

A replay attack is where a transaction carried out on one chain is broadcasted on the other chain. For example, Bob may want to send BTU to Alice. However, this transaction could be rebroadcast on the BTC chain, meaning that Bob would lose both his BTU and BTC.

The announcement states that the exchanges will only list Bitcoin Unlimited if the replay attack vector is eliminated, such as by changing address formats or moving coins to new addresses.

“[N]one of the undersigned can list BTU unless we can run both [blockchains] independently without incident. Consequently, we insist that the Bitcoin Unlimited community (or any other consensus breaking implementation) build in strong two-way replay protection,” the group said. “Failure to do so will impede our ability to preserve BTU for customers and will either delay or outright preclude the listing of BTU.”

The End of the Road for Bitcoin Unlimited?

This new decision could be a devastating blow to Bitcoin Unlimited’s (BU) approach in what has been a tough week for BU. Earlier this week, a critical bug was discovered and later patched, but not before taking half the network’s nodes offline and leading many in the community, including Andreas Antonopoulos, to question BU’s code QA (quality assurance) process.

Additionally, according to coin.dance, a large majority of the companies and services in the Bitcoin Space prefer SegWit over Bitcoin Unlimited by a wide margin.

SegWit Bitcoin Unlimited Support

Furthermore, a majority of miners also support Bitcoin Core. However, if Bitcoin were to fork off into Bitcoin and Bitcoin Unlimited, the loss of a large amount of hashpower could still be detrimental to Bitcoin.

Bitcoin Core Bitcoin Unlimited Pie Chart

Many users and prominent community members have also voiced out against Bitcoin Unlimited, believing that it is a rash and unprofessional attempt to scale bitcoin or even an “attempted robbery.” Some have even gone as far as to suggest a User Activated Soft Fork (UASF), a type of fork where nodes actively reject blocks that don’t signal for SegWit activation.

However, this might not even be necessary, seeing that many exchanges will now only see Bitcoin Unlimited’s approach as an attempt to create an altcoin.

Do you think that Bitcoin Unlimited will try to hard fork the network? If so, do you think that their chain will survive? Let us know your thoughts in the comments below!


Images courtesy of Coin Dance, AdobeStock, Shutterstock

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Bře 07

Roger Ver Will Reward Miners 110% for Supporting Bitcoin Unlimited

· March 7, 2017 · 3:00 am

Roger Ver has launched a Bitcoin mining pool from his own Bitcoin.com brand which offers miners a 110% block reward.


10% Premium for Mining Bitcoin Unlimited

The entrepreneur and staunch Bitcoin Unlimited supporter unveiled the Bitcoin.com Mining Pool on Twitter Monday.

Described as “the world’s highest paying mining pool,” Bitcoin.com incentivizes miners to maintain Bitcoin Unlimited with a 10% premium – effectively turning Bitcoin into a proof-of-stake system. The pool currently comprises about 2.49% of the global hashrate. 

Replies to Ver’s Twitter announcement were predictably charged with the internal politics constantly following the Bitcoin scaling debate.

Disparaging reactions included accusations of Ver “centralizing” Bitcoin, as well as a vow to make miners stay away from pools championing Bitcoin Unlimited over Segregated Witness (SegWit).

More Harm Than Good?

Ver himself has created an increasingly controversial persona in recent months through his advocacy of Bitcoin Unlimited, which has been noted for its comparatively emotional style compared to other commentators.

His position has frequently been met with criticism and even ridicule, not only from lay consumers but well-known figures in the cryptocurrency industry.

Most recently, Tone Vays uploaded a list of altcoins Ver had “diversified into for better privacy & cheaper transaction costs.”

Spotlight USAF

The weekend meanwhile saw increasing debate over the idea of an alternative way of implemented SegWit. Despite the scaling solution receiving its equal rap of criticism, it is being suggested that a so-called user-activated soft fork (UASF) may be the safest and most popular way to provide an end to the deadlock.

“This is a true market solution where users (validating nodes and wallets) pick an activation date in the future and begin relaying segwit transactions,” an explainer from the Bitcoin & Markets podcast said last week.

“Since these are valid transaction to older clients (backwards compatible) there’s no issue with validating the transaction.”

Former BTCC COO Samson Mow even took to Twitter announcing a bounty of 1 BTC to the party able to generate code for a “safe UASF.”

The latest data from Coin Dance shows 25.9% of the Bitcoin mining network in support of SegWit, while Bitcoin Unlimited is slightly behind at 22.7%.

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Bitcoin’s mempool, the size of unprocessed transactions waiting in a queue, meanwhile continues to hover near all-time high levels.

What do you think about Roger Ver’s new mining pool? Let us know in the comments below!


Images courtesy of Twitter, Coin.dance, Shutterstock, alchetron.com

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