Pro 24

Bitmain Fires Entire Bitcoin Cash Development Team: Report

Things appear to be far from well with Bitcoin Mining firm Bitmain as several reports indicate another round of employee layoffs at the firm. This news follows reports that the company’s IPO is also dead in the water after rumors of Q3 losses running into over $700 million.


Bitmain on Firing Spree

According to Blockstream CSO, Samson Mow, there are rumors swirling that the mining giant laid off its entire Copernicus team. Mow cited posts from Chinese LinkedIn published by company employees. The Copernicus team was responsible for developing the Bitcoin Cash GO client for Bitmain.

In another report, other messages indicate a far more extensive labor cutback, which could target up to half of Bitmain’s entire workforce. Earlier in the month, Bitcoinist reported that the company closed down its research division in Israel. More than 20 employees lost their jobs after the move.

BCH Blues

Bitmain bet on Bitcoin Cash 00, a move that now appears to have backfired leading to severe losses for the company. Rumors of massive Q3 2018 losses are also casting huge doubts over the company financials and will likely stonewall its IPO plans.

The second half of 2018 has turned out to be a challenging one for the company. From the massive fall in BCH prices to the Bitcoin Cash hash wars, Bitmain’s bitcoin mining industry monopoly could be in jeopardy.

Recently, US IT firm UnitedCorp sued Bitmain along with Kraken, Bitcoin.com, and Roger Ver for allegedly manipulating the BCH network.

Tis the Season of Layoffs

Bitmain is only the latest in a series of mass layoffs in the cryptocurrency and blockchain technology industry. Earlier this month, Consensys fired 100 of its employees (about 10 percent of its entire staff strength) as Ethereum price 00 plummeted from an all-time high of $1,400 in January to as low as $83 in early December. Reports even indicate that the company isn’t through with its downsizing.

Others like Steemit and Ethereum mobile dApp maker Status have also significantly reduced their workforce in the past months. For many of these startups, the reason for their downsizing is directly tied to the dramatic fall in cryptocurrency prices with many experiencing drop of over 90 percent.

Oddly enough, despite the increasing layoffs, the latest figures show that talent is still very much in demand in the space. A recent Glassdoor survey found that job openings in the cryptocurrency industry are at an 18-month high.

What do you think the situation at Bitmain reveals about the state of similar companies in the cryptocurrency scene at the moment? Please share your thoughts with us in the comments below.


Image courtesy of Twitter (@DoveyWan and @Excellion), Shutterstock

Share
Pro 06

Where Will Bitcoin Price Go as It Nears November Lows?

The Bitcoin price was hovering near its lowest levels in 14 months December 6 a fresh downturn continued to take its toll on investors.


Another Grim Day For Bitcoin Traders

Having lost support at $4000 Tuesday, 00 slipped further towards lows set last month around $3500, reaching $3680 before appearing to claim new support at $3700.

In common with behavior which has prevailed since the Bitcoin Cash contentious hard fork November 15, altcoin suffered similar and often worse losses, led by Bitcoin Cash itself.

The troubled asset, which split into two rival chains following the forking event, was trading at its lowest price ever Thursday at just $118.

BCH00, which has come to refer to the BCH ABC chain of Bitcoin Cash favored by Bitcoin.com owner Roger Ver and Bitmain co-founder Jihan Wu, has consistently performed the worst out of the top twenty cryptocurrencies by market cap.

Rival chain Bitcoin SV00, by contrast, was showing rare strength at press time, extending its inverse correlation with BTC.

ABC’s woes have increased this week after rumors Wu’s Bitmain had sustained Q3 losses amounting to around $740 million – the company’s worst ever result.

Eyeing ‘Final Capitulation’

For Bitcoin itself meanwhile, commentators appeared displeased yet undisturbed by the latest dip.

In an analysis on December 2, technical guru Willy Woo produced his latest mid-term forecast for BTC, which forecast a “final capitulation” followed by a decisive end to the 2018 bear market should Bitcoin hit its current levels.

“…We can expect more range bound sideways action, followed by final capitulation, and an end of the bear market earlier, around Q1 2019,” he wrote on Twitter, adding in a subsequent comment:

If capitulation has indeed happened then we would be in an accumulation phase right now. But the key signs of this have not happened.

What do you think about the Bitcoin price? Let us know in the comments below!


Images courtesy of

Share
Lis 22

Kraken ‘Named’ in SEC Investigation, Calvin Ayre Claims as Bitcoin Cash Forks Go Live

The controversy surrounding the Bitcoin Cash (BCH) hard fork is increasingly engulfing cryptocurrency exchange Kraken as the altcoin’s proponents take aim at its treatment of its two forks.


Deposits, Withdrawals And Up To 30 Confirmations

After BCH split into ABC and SV forks, Kraken opted to keep the BCH ticker to describe ABC, crediting users with SV tokens while describing it as an “extremely high risk investment.”

SV has suffered a tumultuous first few days as a standalone fork of BCH, a blockchain reorganization sparking claims of overt centralization from some of Bitcoin’s best-known names.

Since trading opened on Kraken, SV tokens have changed hands for less than $30. Deposits and withdrawals begin today, subject to 15 confirmations for ABC and 30 for SV.

Ayre: Kraken ‘Mentioned’ in SEC ‘Investigations’

Retaliating on social media, SV proponent Calvin Ayre hit back at Kraken’s decision to use the BCH ticker for rival chain ABC, further claiming that both entities were part of unnamed legal proceedings by US regulators.

“(My) current prediction is that ABC chain will collapse and BCH will remain Satoshi Vision as the most likely outcome of the hash war,” he wrote on Twitter November 21.

Criminal and SEC investigations are under way in the US based on docs leaked to us. Kraken named also.

bitcoin cash calvin ayre

Ayre did not provide evidence for the accusations, which he’s promising to release “next week.”

While Kraken has yet to publicly react, Ayre’s words could well end up buried beneath the mountain of rhetoric, which has emerged on social media from all parties in the BCH debacle over the past week.

SV sources have been particularly vocal, nChain chief scientist and self-proclaimed Satoshi Nakamoto Craig Wright accusing ABC’s lead figures of myriad transgressions.

“You are my enemy,” he allegedly told Bitcoin.com owner Roger Ver in an email before the hard-fork.

BCH recorded the biggest drop of all the top twenty cryptocurrencies by market cap over the past 24 hours at around 7.5 percent, data from Coinmarketcap shows.

What do you think about Calvin Ayre’s accusations? Let us know in the comments below!


Images courtesy of Shutterstock, Youtube.com

Share
Lis 17

One Cryptocurrency to HODL, Two to FODL (YOYO, BCHABC, BCHSV)

Forks can be beneficial to the cryptocurrency space. This is specifically true when they add desired attributes to underlying cryptocurrencies. In many instances, forks do not bring any benefit but are the result of infighting.


Cryptocurrency Chaos: BCHSV and BCHABC

Cryptocurrencies dealing with infighting and hash wars should be avoided while coins reaching milestones with tiny market caps should be accumulated. Following this logic, both Bitcoin Cash forks should be sold, while the project YOYO deserves major recognition. YOYO is a HODL, while BCHSV and BCHABC are both immediate FODLs.

“BTC is the new stable coin,” was the resounding statement the prior month. Right as the entire cryptocurrency market expected stability from the market leader it lost more than 10 percent in under 48 hours. Many speculated about the reasoning but it seems fairly clear to those who did a little investigating.

Bitcoin Price Analysis: Will Bitcoin Bite Back?

The Bitcoin Cash [BCH] 00 fork sent the market into a tailspin this week. Now that the BCH fork has concluded it seems the same fork that created market panic has demonstrated bullish market signals.

Let’s start with the lovely ticker symbols: BCHSV and BCHABC.

Bitcoin Cash price technical analysis BCH

How can anyone take someone seriously when they claim “BCHABC is the original BTC.” The sentence is almost laughable. When the parties that tore BTC apart were working in tandem to try to be the ‘original BTC’ they had a chance. Albeit a small chance, one that existed. Now having forked their fork, neither Bitcoin maximalist nor novice cryptocurrency trader will believe BCHSV or BCHABC is the “original bitcoin.”

Could either be a possible winner regarding a short-term trade? Sure, however, regarding long-term utility, neither solves a problem BTC 00 has not already resolved, and neither have communities like the original BTC.

With discussions raging regarding a hash war between the two new BCH chains, it seems like neither is the ‘right’ choice in the short term.

To capitalize on the market rebound that is likely to occur from this week’s overcorrection small caps on the largest exchanges should be targeted.

A cryptocurrency that clearly meets most investors guidelines with a tiny market cap on major exchanges is YOYO.

YOYO (YOYOW)

 YOYO, is a clever acronym for “You Own Your Own Words.” YOYOW trades under the ticker symbol YOYO 00. The concept behind YOYO is very simple; you own what you create. The content a user creates deserves to be rewarded.

What makes YOYO a unique acquisition target, especially during this week’s correction are multiple things:

  1. Confirmation speeds of 3 seconds compared to BTC’s 10 minutes.
  2. A throughput of more than 3,000 transactions per second.
  3. The first blockchain authorization login.
  4. Network governance for token holders.
  5. The total circulating supply is equal to the total supply.
    1. This means all coins are in circulation and the team is unlikely to be able to ‘dump’ on the market during major price shifts.
  6. The market cap is under $7.5 million and is traded on multiple Top 5 exchanges.
  7. 2018 Q3: Dapps were integrated.
  8. 2018 Q4: Token Feature Optimization, Authorization Feature, Lockup Feature, and Dividend.
  9. 2019 Q1: Enable Content Rewards.

Finbitex

There are almost 10 reasons that make YOYO a short-term acquisition target as they roll out their content rewards at the beginning of next quarter. Confirmation speeds of just seconds mean your cryptocurrency can be sent anywhere and received before a sentence can be completed. Being able to process 3,000 transactions per second means as a payment for content provider they will be well ahead of the curve.

YOYO intends to be the first blockchain with authorization login. This feature will separate YOYO from the majority of other similar content platforms. Those who hold tokens of any cryptocurrency appreciate being able to help govern the platform, this attribute will be implemented for YOYO imminently.

The market cap of YOYO being under $7.5 million makes it a ripe target for rapid growth as any substantial news or meeting of deadlines will push the market cap exponentially higher.

Despite the bear market, YOYO continued to integrate Dapps while building out their reward and incentive platforms. This quarter has the implementation of many of YOYO’s coin features. This includes their Authorization Feature, Lockup Feature, Dividend, and Governance.

It does not appear that either BCH fork added any value to the cryptocurrency space but instead created a 48-hour correction. Due to their lack of adding real value or utility both BCH forks should be avoided.

YOYO is a project that deserves the attention being diverted to unnecessary forks and market corrections.

Look for YOYO to outperform during any rebound the next few days and through the possible upcoming bull run.

[Disclaimer: This views expressed in this article do not reflect the views of Bitcoinist and should not be taken as financial advice. Also, this is the first time the word FODL has been used (opposite of HODL)**]


To read the Crypto King’s prior articles or to get in contact directly with him, you can on Twitter (@JbtheCryptoKing) or Reddit. The King is the founder of ANON and actively trades cryptocurrencies.

Share
Říj 26

Litecoin Core 0.17 Will ‘Beat Bitcoin Cash’ On Cost And Speed

Litecoin’s (LTC) forthcoming client release will make it “faster” and “cheaper” than Bitcoin Cash (BCH), according to one analyst as developers confirm transaction fees will reduce 90 percent.


10X Fee Decrease Puts LTC In Front

Litecoin Core 0.17, which the Litecoin Foundation said was “upcoming” in a blog post on its now-suspended Medium account, will deliver a host of end-user improvements.

Specifically, while LTC 00 currently costs around $0.05 in average fees, after the update this will reduce closer to $0.005.

This, Alternative Assets performance analyst and LearnCrypto.io president Nich Hellmann notes, will end the status quo in which Litecoin is more expensive to use than Bitcoin Cash.

Despite its larger market cap, he continues, BCH 00 is slower and has a more “contentious” community.

“Currently because the blocks aren’t full there is no need to pay higher fees, which is one reason why the move is being taken,” developers wrote explaining the updates.

Togami: BCH Attack ‘Not Hypothetical’

LTC markets have so far not reacted to the update, trading behavior broadly falling in the line other major altcoin assets this week.

Cryptocurrency users suspicious of BCH’s development and marketing practices will no doubt have doubled down on their perspective after data this week showed its network is in a precarious position.

Updating his ongoing tracking of BCH, Blockstream VP solutions head Warren Togami noted the network’s 30-day average hashrate had fallen below 7 percent of Bitcoin’s.

This, he warned “matters (because) of the risk of exchange insolvency from double-spend theft.”

The hashrate proportion had dipped below 8 percent at the start of September, Bitcoinist reporting on Togami’s preexisting concerns about network security.

At the time, he compared the state of the network to an LTC hard fork from 2013, which imploded due to a 51 percent attack months afterwards.

Now, he says, the danger of BCH following suit is “not hypothetical.”

What do you think about Litecoin’s coming update? Let us know in the comments below!


Images courtesy of Shutterstock

Share
Zář 24

John Newbery: I’m Responsible For ‘Worst Bitcoin Bug Since 2010’

Bitcoin Core developers have decried infighting between Bitcoin (BTC) and Bitcoin Cash (BCH) supporters after John Newbery claimed responsibility for last week’s CVE-2018-17144 network bug.


‘Embarrassed And Sorry’

In comments on Twitter September 23, Newbery, who is tasked with checking the Bitcoin codebase, said it was because of him that the bug had gone unnoticed.

As Bitcoinist reported, the incident occurred last week, with Core developers urging the entire network to upgrade to a patched version of the Core client as a matter of urgency.

A full summary of what happened, including the technical specifications of the bug and its eradication, has since been published.

“There’s no chance I haven’t read CheckTransaction(). When I read it, the “…so we skip it in CheckBlock” comment should have jumped out at me,” Newbery wrote discussing the technical details he claims he failed to notice.

“That comment and the fCheckDuplicateInputs flag don’t just smell, they stink. I should have followed my nose. At the very least I should have looked up Bitcoin Core PR #9049. I didn’t.”

While Newbery added he felt “embarrassed and sorry” as a result of the problems, community reactions appeared to reveal little interest in blaming any one party for it.

At the same time, other sources have warned over the serious nature of the oversight, with Bitcoin.org creator Cobra describing it as “very scary” and Bitcointalk’s Theymos considering it the “worst bug since 2010.”

Van Der Laan Blasts Community Squabbling

Fellow Core developer Wladimir van der Laan had previously said a collaborative failure had led to the situation emerging.

“It was wrong that the buggy code was merged. Yes, we screwed up but the ‘we’ that screwed up is very wide,” he commented in further tweets Sunday.

The whole community screwed up by not reviewing consensus changes thoroughly enough, more developers need to pay attention! It’s your all responsibility.

Van der Laan was writing as part of a debate on the bug’s discovery becoming fertile ground for supporters of both Bitcoin and hard fork Bitcoin Cash to criticize each other’s perceived shortcomings.

“‘Unprofessional’ doesn’t even begin to describe it,” he added.

What do you think about the fallout from Bitcoin’s code bug? Let us know in the comments below!


Images courtesy of

Share
Zář 23

Handling of Recent Bitcoin Bug Ruffles Feathers

Bitcoin Core developers urged all nodes to implement a patch on Friday, September 21, in order to prevent the exploitation of a recently discovered bug in the Bitcoin protocol. The bug, called CVE-2018-17144, was originally reported to the Bitcoin Core team by Bitcoin Cash developer Awemany on September 17.


A Bug in the System

The discovery of the bug and the Core developers attempts to address it have caused ruffled feathers in the crypto community. Allegations of incompetence and bad-faith have been leveled by members of both the Bitcoin (BTC) 00 and Bitcoin Cash community as developers attempt to patch the bug.

CVE-2018-17144 was initially reported as a potential denial of service bug, but developers on the Core team discovered the root issue impacted both denials of service and inflation vulnerability. The Bitcoin Core team has released a timeline in its announcement about the bug, showing the steps undertaken as the team went from being made aware of the bug’s existence to releasing a patch.

The CVE-2018-17144 bug originated in Bitcoin Core .15, originating as part of a change which was designed to help simplify the tracking of unspent transaction output. This change left Bitcoin versions .15X through .16.2 vulnerable to the bug — as well as any altcoins or forked versions of Bitcoin that were still using code containing the bug.

Crucially, the implantation of the code which caused the bug was led by the same developer who was integral in implementing the fix. This has added to suspicions that the release of the patch was not handled correctly.

Bitcoin bug

Lying in Wait

Worryingly for many, the bug had been sitting undiscovered in the code for two years, raising concerns about what other issues may be lurking in Bitcoin just waiting to be exploited. In a post from Medium contributor Awemany, it’s noted that it would have been just as easy for him to short BTC — and exploit the bug — as it was for him to report the bug the Core team.

The Bitcoin Core team has been heavily criticized for the manner in which they rolled out the announcement about both the bug and the patch. For Bitcoin and many of the altcoins which rely on the same code, the decision to announce the bug and patch without consulting members of the altcoin networks that would have been impacted by a successful exploit was seen by some as political and mean-spirited.   

Despite the promise of decentralization and transparency promised by crypto advocates, the CVE-2018-17144 episode illustrates just how dependent many projects are on the decisions made by a relatively small number of members of the community. If the actors in this saga had made a handful of decisions differently, billions of dollars of value could have been wiped out. Hopefully, this episode leads to clearer standards around bug discovery and patching, and a more harmonious culture between various developer teams.

What are your thoughts on Bitcoin bugs? Let us know in the comments below!


Images courtesy of Shutterstock.

Share
Srp 31

Bitcoin Cash Will Cost 0.3% Of Bitcoin, Ripple to $0.01 By 2023: Forecast

Ripple (XRP) will be worth just 1 US cent within five years and Bitcoin Cash (BCH) will fade, a damning new report from ICO advisory firm Satis Group predicts August 30.


Satis: Ripple ‘Misleadingly Marketed’

Forecasting the future trajectory for the cryptocurrency industry, Satis drew a sharp distinction between assets that “apply unique value propositions within deep and viral markets” and copycat tokens.

Bitcoin, Monero, and Decred, as examples of the former, are set for huge gains by 2023 – Bitcoin should costs $96,000, Monero $18,000 and Decred $535.

Bitcoin Cash, on the contrary, is an example of “cryptoassets which attempt to inherit brand recognition and provide minimal technological advantage to incumbents.”

Ripple, Satis continues, represents “cryptoassets which are misleadingly marketed, not needed within their own network, and have centralized ownership/validation.”

As such, Bitcoin Cash 00 will pale in comparison to Bitcoin at $268 in five years’ time, while Ripple will de facto become worthless. Satis adds:

Most ‘Other Utility’ application-specific networks hold very little value, in their current construct.

Cryptocurrency Market Value Will Hit $3.6T

The remarks constitute some of the most pessimistic to hit Ripple’s XRP token 00, which has battled a slew of negative publicity this month. As Bitcoinist reported, confusion of its token utility and conflicting statements by executives have earned the company scorn from various sources.

Similarly embattled, Bitcoin Cash has become a focus for criticism and even ridicule this month following the alleged liquidity issues suffered by mining giant Bitmain, a major bagholder of the altcoin.

Beyond those assets’ failings, Satis meanwhile predicts, cryptocurrency markets, in general, are set to boom throughout the coming decade.

“We estimate the amount of cryptoasset market value needed to support economic activities to expand from (~$500 billion) next year to ($3.6 trillion) in 2028,” the company states.

The findings are part of a five-installment series examining the cryptocurrency industry.

What do you think about Satis Group’s forecast? Let us know in the comments below!


Images courtesy of Shutterstock

Share
Srp 08

First U.S. Congress Member Reveals Owning Bitcoin, Ethereum

Congressman Bob Goodlatte, Chairman of the Judiciary Committee in the US House of Representatives, recently disclosed his personal cryptocurrency holdings. The revelation comes amidst rule changes mandating disclosure for members of the House.


Cryptocurrencies Stepping In Congress

Cryptocurrencies have made their way up in the high ranks of US politics. Congressman Bob Goodlatte filed his annual Financial Disclosure Statement on May 10, disclosing that he owns between $17,000 and $80,000 in digital currencies.

The statement was filed just before the House Ethics Committee passed new rules which required the members of the House to officially disclose in their annual reports whether or not they own cryptocurrencies. They also have to report on the holdings of their spouse’s if they amount to more than $1,000. Members of the House also have to report transactions involving more than $1,000 of crypto within 45 days of the event.

According to the statement, Goodlatte has invested in Bitcoin00, Bitcoin Cash, and Ethereum. The Sludge reports that his son, Bobby Goodlatte Jr., is an angel investor in Coinbase. His financial involvement in the company, though, is not disclosed.

Congressman Bob Goodlatte, who is the Chairman of the Judiciary Committee in the US House of Representatives, may become the first member of Congress to disclose that he owns cryptocurrencies.

Things Are Getting Serious

The last few months have marked interesting developments involving cryptocurrencies and politics. In May, fellow Democrats Dave Min and Brian Forde clashed over accepting cryptocurrencies as donations for the 45th Congressional race.

Earlier in January, former Republican Ron Paul said he’s in favor of legalizing alternative currencies so long as they are not used for fraudulent purposes.

Just a few days ago, Bitcoinist reported that a 2020 U.S. Presidential Candidate Andrew Yang will be accepting cryptocurrencies as official forms of donations for his campaign.

While the US Government remains uncertain on its position towards cryptocurrencies and the way they are treated, all of the above signals that they are beginning to have an impact on the American political landscape.

What do you think of Bob Goodlatte’s cryptocurrency holdings? Don’t hesitate to let us know in the comments below!


Images courtesy of Shutterstock

Share
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