Debunking TNW: Hard Fork doesn’t understand Bitcoin

Another day, another sad attempt at disinformation. On Monday, The Next Web’s (TNW) Hard Fork came out with an article claiming that as much as 98% of Bitcoin SV’s (BSV) network activity was “from a dumb weather app.”

The story was based on a tweet by a user named Painted Frog, who claimed that WeatherSV—an app that records local weather and climate data on the BSV blockchain—accounted “for 98.4% of BSV transactions over the past 30 days.”

https://twitter.com/painted_frog/status/1143157145204076545

The stats, generated by blockchain visualizer Trends.cash platform, showed that WeatherSV generated the most “actions” in the past 30 days, followed by Memo, Open Directory, B, and Money Button, among others.


The figures don’t lie, but the parties that want to spread FUD often do. Painted Frog, as well as the Hard Fork article, failed to note that the graph didn’t include all BSV transactions. As John Goldberg, CTO of Pixel Wallet, explained to CoinGeek: “This website displaying transactions is purely based on OP_return transactions. This website doesn’t account for wallets and other outlets for broadcasting transactions on chain.”

Bitcoin wallet HandCash, it’s worth noting, isn’t included in the Trends.cash list.

Wrong perspective
The stats make sense—if taken at face value. The Hard Fork article, however, has taken a wrong perspective because, of course, it also makes sense to pounce on a protocol that represents a threat to the future of other cryptocurrencies despite only launching less than a year ago.

According to the article, “It’s still unclear why this [WeatherSV] service is necessary.”

But the app is necessary, not because it tracks “the silly weather,” but because WeatherSV shows the potential of BSV and on-chain transactions. With BSV, the transaction volumes, essentially the key to any network’s success, come from a thriving ecosystem of products built for the blockchain—financial or not.

There is a reason why the recently held CoinGeek Toronto scaling conference’s Developers Day was a well-attended event, with participants overflowing with ideas on how to take the BSV technology to the moon. There’s already a number of developments taking place, and tons of infrastructure being set up—not bad for the past seven months.

More creative projects are following the footsteps of “silly” WeatherSV and choosing to build to BSV. There’s Zweispace, which has started to record Tokyo earthquake data on BSV chain, while Kronoverse has also brought its CryptoFights player battles to BSV. There’s also OpenWifiSV, video platform concept Metaflix, native BSV photo app Bitstagram, along with many other projects.

Encouraging developers to build their “dumb” projects on BSV, and then turn it into well-designed and usable applications, will enable the ecosystem to grow. That’s a no-brainer.

To get the latest updates on the growing BSV ecosystem, check out Bitcoin Association Founding President Jimmy Nguyen’s weekly Bitcoin Vision, where he updates the world about Bitcoin SV wins. Watch the videos and learn more about BSV, and who knows, maybe you’ll get a Satoshi shout-out in the future. For reporting facts correctly.

Coinsecure delays reimbursements following million-dollar hack

Coinsecure delays reimbursements following million-dollar hack

There’s a bit of bad news for some cryptocurrency investors in India. Coinsecure, a Delhi-based cryptocurrency exchange, has announced that expected reimbursements following a hack earlier this month will be delayed. The exchange didn’t provide an estimate of when the digital currency payments would finally make their way to the customers.

The theft of 438 Bitcoin (BTC), around $3 million, took place on April 9. In announcing the delay this past Sunday, the exchange said that it had anticipated beginning to hand out reimbursements last week, but cannot due to the ongoing investigation into the theft. Part of the announcement reads, “When investigations are underway, we don’t have much of a say and do need permissions from the authorities to start the compensation process, which we are yet to receive. We will update you when we have definite dates around the start of the process.”

The working theory is that the theft was an inside job and the main suspect is the company’s Chief Science Officer (CSO), Dr. Amitabh Saxena.  Coinbase CEO Mohit Kalra stated following the theft, “As the private keys are kept with Dr. Amitabh Saxena, we feel that he is making a false story to divert our attention and he might have a role to play in this entire incident. The incident reported by Dr. Amitabh Saxena does not seem convincing to us.”

Dr. Saxena reported the alleged theft to Kalra. Only Kalra and the CSO held the company’s private wallet keys. In the initial investigation, it was determined that the company’s keys had been exported online, ostensibly as Dr. Saxena was extracting Bitcoin Gold to distribute to the exchange’s customers. Since Kalra believes that Dr. Saxena is behind the theft, he asked police to seize his passport to prevent him from being able to leave the country.

Coinsecure has agreed to make full restitution if the BTC are recovered. If not, it will pay 10% of the stolen balances in BTC, with the balance being provided in rupees. Based on current market rates, users could lose as much as 35% of the BTC value if they receive partial payments in rupees. Coinsecure is currently shut down following the theft and pending results of the investigation.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Bitcoin Cash-powered Ayr United secures return to Scottish Championship

Bitcoin Cash-powered Ayr United secures return to Scottish Championship

Bitcoin Cash (BCH), the only true bitcoin and the world’s only functional cryptocurrency, is set to make its debut at the Scottish Championship, courtesy of Ayr United.

Ayr United secured its return to the Scottish Championship on Saturday, after beating Albion Rovers 2-0 to clinch a dramatic Scottish League One title glory. Their win against Albion Rovers helped them overtake the league’s frontrunner Raith Rovers, who was leading by a point before the weekend Somerset Park football showdown. Raith, for its part, bungled their last assignment after they were reduced to a 0-0 draw against Alloa Athletic.

Keeping ‘abreast’ with changing currency market

Ayr United recently ended its seven-year association with online bookmaker Bodog, with CoinGeek.com taking over the shirt branding of the football club.

Starting next season, Ayr United players will don the shirt bearing the name Bitcoin Cash, the true remaining Bitcoin as envisioned by the Satoshi Nakamoto white paper. This is considered to be a historic event asit’s the league’s first shirt sponsorship deal paid in Bitcoin BCH—the first public blockchain to sponsor a sporting club.

“We were initially approached to see whether we could accept sponsorship payment in BCH. It was a big learning curve for us but we are very happy to be the first club to accept not just payment by BCH but also to promote the cryptocurrency to a wider audience,” Ayr United’s Commercial Director Graeme Miller said in a statement.

The newly crowned Scottish League One champions has already unveiled their new kit for next season, much to the delight of their fans. Needless to say, the ever-controversial launch of the new kits—featuring models in body paint—gained media attention worldwide.

For The Scottish Sun, the new Ayr United kit keeps fans “abreast” with the changing currency market, especially since the Honest Men have become the first Scottish side to be paid in Bitcoin BCH.The news was also featured in other UK-based websites such as The Daily Mail UKThe Daily Record UK and The Sun.

European news websites like Spor24AreanapoliSky Sports ItalySportsnieuws.nlBahisMedyaCanal3.mdItaly’s Premium Sport HD, and SportoweFakty all featured Ayr United’s newest kit.

HongKong-based news website Apple Daily, which has a large Chinese audience, also carried the Bitcoin BCH sponsorship news, noting that the Scottish Football Club made history (again) for tapping a male model to don the new kits for the first time.

Chinese websites Yahoo! Sports HongKong and World Gaming Information also featured Ayr’s kit launch. Other Asian news outlets that carried out the news included Bongda.comNetnews.Vn and Bamoi.com in Vietnam; as well as Liputan6.comWarkotalive.comSkanaa, and Viva Newstainment in Indonesia.

The news about the new Ayr United kit also reached Mexico through the news websites El Dictamen and Celebrity Rave, while Americans got a first look at the kit through news websites Football News HoundCapital Bay, and Cetusnews.com.

Long-time BCH advocate and CoinGeek.com owner Calvin Ayre hopes that the sponsorship of Ayr United with the use of BCH will encourage merchants to use the cryptocurrency as global payments system.

“I think it’s great for BCH that such boundaries and promotional ideas are being used to show merchants and consumers that BCH really is the only true bitcoin,” Ayre said.

Bitcoin BCH, with its very low transaction fees, is the best choice for both merchants and customers in a Bitcoin commerce (bCommerce) future.

At the inaugural CoinGeek.com Conference, which will take place at the Four Seasons Hotel in Hong Kong on May 18, the who’s who of the cryptocurrency community will discuss how merchants, including gambling operators, can harness the potential of Bitcoin Cash as a global payments system.

Find out how you can integrate blockchain into your business by registering for the CoinGeek.com conference today. Registration for the CoinGeek Conference is open with a 50% discount for those paying in BCH, but credit card payments are also welcome.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Statement: CoinGeek will support Bitcoin.com in lawsuit over the real Bitcoin

Statement: CoinGeek will support Bitcoin.com in lawsuit over the real Bitcoin

CoinGeek welcomes this opportunity to subject the merits of both BTC and Bitcoin Cash BCH to scrutiny in court.

Recently, a group of BTC devotees launched a website in hopes of gathering a crowd as well as some funds to aid their effort in filing a lawsuit against the website, Bitcoin.com. The group, which also has a dedicated Telegram group started by Twitter user @MoneyTrigz, alleges that Bitcoin.com’s user interface confuses buyers by using the same logo colour for both BTC and Bitcoin Cash (BCH). They add that referring to BTC as Bitcoin Core was enough to mislead BTC buyers into mistakenly purchasing BCH.

The group is now soliciting donations for their cause through their website bitcoincomlawsuit.info. Whether this complaint or its proponents have any viable claims is yet to be seen.

CoinGeek welcomes this as an opportunity to challenge the cultist dogma and subject to scrutiny the merits of BCH against that of BTC in court. Below is CoinGeek’s official statement about the matter.

A statement from Calvin Ayre, CoinGeek.com Founder

CoinGeek.com will support and join any lawsuit related to what is the real Bitcoin.  We look forward to a court reviewing the original white paper and the evolution of the two major branches that are on the chain that originated with the bitcoin genesis block.

It is clear to anyone who knows the history and technology that Bitcoin BTC is inaccurately using the Bitcoin name and has forked to Segwit technology and is no longer bitcoin or even a cryptocurrency.   

Bitcoin BCH forked back to being bitcoin after the Segwit fork and is staying true to the original white paper. CoinGeek has been studying how we could get this issue before a court and would welcome the opportunity to put our substantial resources into getting a judge to review the science and make a decision. We are confident there is only one outcome to this and that is that BTC has stolen the Bitcoin name for a Segwit technology alt coin. 

Bitcoin.com has every right to also have its own opinion in this area and we support this 100 percent also.  Nobody is in a better position to know bitcoin when they see it than bitcoin.com and Roger Ver who have been there since the very start.”

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Bitcoin network on the brink of second capacity upgrade

Bitcoin network on the brink of second capacity upgrade

On August 1st, 2017, the Bitcoin network experienced an upgrade which saw the maximum capacity throughput multiplied by 8. Bitcoin Core developers’ resistance to upgrade their own software, meant that the majority of nodes did not receive the luxuries now enjoyed by the Bitcoin Cash community – namely, instant transactions, sub-cent fees, and a bigger pipeline. Their stance also created a polarity, which meant that the upgraded nodes were forced to re-stablish an entire eco-system.

The mere fact that in under one year, Bitcoin Cash has managed to establish itself on territory lost by Core, is very, very telling. Make no mistake it was from the ground up – Merchants, payment processors, exchanges, a new ticker, a new address format, some new development teams… The political climate was toxic, but as the movement to re-enable Bitcoin as Cash once again drew momentum, it became unstoppable.

The two biggest commerce based entities in the space – BitPay and Coinbase, have already integrated Bitcoin Cash (BCH) within their systems, and full integration is almost complete. A wave of app explosions has caused speculators to take sharp notice.

Applications that tie into the Bitcoin blockchain can realistically only take off the ground in a low-fee environment. Satoshi Nakamoto had created a profound technology, that invited developers all around the world to create applications in a permissionless environment. Fees were always meant to stay small. With tiny fees, comes the incentive to create and innovate, freely.

Satoshi once said “the fee the market would settle on should be minimal. If a node requires a higher fee, that node would be passing up all transactions with lower fees. It could do more volume and probably make more money by processing as many paying transactions as it can. The transition is not controlled by some human in charge of the system though, just individuals reacting on their own to market forces.”

Bitcoin was supposed to be a self-sustaining system. Free of dictatorial influence. It was almost complete – except for one aspect that required human intervention. – That was, raising the maximum blocksize (a capacity variable). Satoshi’s mistake was adding that one element of ‘trust’ in what was supposed to be inherently a trustless system. He trusted that humans would be incentivised to increase the capacity, in the best interests of the system, and themselves. What he did not anticipate was a corporate takeover.

So when he left an instruction to raise the blocksize “in versions way ahead” as he put it, Blockstream aligned Core developers chose to ignore it, and instead worked towards a second layer solution, which they hoped would turn profitable.

With Bitcoin Cash, effectively being the legitimate upgrade to Bitcoin, a revitalised eco-system of developers, merchants, businesses and enthusiasts have swarmed right back to the home, where most crypto purists, always wished it did.

So which BCH, Bitcoin has the express back on the rail, and on May 15, another major upgrade takes place, to yet again, increase the maximum transaction throughput, but also, to re-activate smart scripting capabilities that were in the original Satoshi codebase, but have laid dormant since… The upcoming hardfork is this time non political for BCH, which means there’ll be no coin-split.

On May 15, Bitcoin BCH becomes many things that Ethereum dreamed to be. While important scripting capabilities that work with strings and arithmetic operations are being reactivated, there’s still a few more that remain outstanding, which the community can look to re-enable in another future hard-fork.

What we do know is that the app-explosion that has materialised on the BCH blockchain is only going to become more acute, given the additional smart scripting options developers are provided.

Incredibly, in less than one year, we already have an incentive based content network like yours.org, a social platform: memo.cash, the SMS based CoinText, the tap’n’go HandCash, tipping bots, point of sale apps.

One keen redditor even noted how simple it would be to utilise the memo.cash platform to build a un-censorable file sharing capability.

When you have a coin, that can, and is allowed to grow, the sky’s the limit. And the market is beginning to realise this. Bring on May 15.

Eli Afram
@justicemate

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Skycoin proposes blockchain solution

Skycoin proposes blockchain solution, but does it understand the problem?

The difficulties with SegWit and scalability have been well documented, with the resulting transactional congestion now almost universally accepted as a problem that must be overcome. The latest protocol claiming to offer the solution comes in the form of Skycoin’s much-publicised Fiber platform. But do the claims actually stack up?

Their protocol claims to solve several issues with SegWit as it currently stands—namely scalability, and the centralization effect that comes from concentrated mining pools. Yet some are far from convinced that Skycoin holds the answer to these problems.

The blockchain works by enabling each token to serve as its own validated fork, which can then be customised to meet the needs of specific dApps. Their consensus protocol, known as ‘Obelisk,’ claims to reduce the costs and processing times for transactions on the protocol.

Despite the hype around this “sounds-too-good-to-be-true” coin, there remain serious concerns over its design and deployment. Some analysts are even less polite. TheNextWeb‘s Tristan Greene said Skycoin was ‘probably’ to ‘even more probably’ a scam.

“Skycoin, the sounds-too-good-to-be-true coin with so many problems its likelihood of being a scam is somewhere between ‘probably’ and ‘even more probably.’ On the one-hand, it meets all the requirements for a legit cryptocurrency. It’s got a nice website, a white paper that passes a novice glance, and a positive community presence (perhaps a little too positive, which is explained by this bounty program). Plus it’s been around since 2012 making it old AF in the crypto world,” Greene wrote. “But why does Altcoins.com list it as a scamcoin due to pre-mining? And, as blogger Ilya pointed out, its whitepapers don’t make sense.”

Greene’s comments are far from isolated, with commentators throughout the blockchain community raising serious questions over the project.

Aside from the pre-mining issue, and concerns over the so-called ‘mining’ hardware, which has caused confusion, given that Skycoin is already pre-mined, a number of other issues have been flagged throughout their white paper and documentation, suggesting either a lack of understanding, or a deliberate attempt to confuse.

For those still considering getting involved in Skycoin, there are too many unanswered questions around the protocol, and little sign that the Skycoin team actually understand the problems, let alone the possible solutions.

The issues they raise are already resolved in large part by Bitcoin Cash (BCH), the true model of Satoshi’s original vision for Bitcoin, and the only blockchain capable of reaching scale—no dodgy ‘mining’ equipment required.

Note: Tokens in the SegWit chain are referred to as SegWit-Coin BTC (inaccurately called Bitcoin Legacy or Core by many) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Underground cryptocurrency trade thrives in China

Underground cryptocurrency trade thrives in China

Cryptocurrency investors in China have resorted to underground activities after the Beijing government banned Bitcoin trade in the country last year. But when it outlawed cryptocurrency-related activities like initial coin offerings (ICOs), the government unknowingly opened doors for underground businesses to thrive. According to a Reuters report, underground traders of SegWit-Coin BTC had quite a booming business—making between 30%-40% returns—when the price of coin, which was inaccurately referred to as Bitcoin Legacy or Core by many, hovered close to $20,000.

The lucrative business, however, was short-lived after “mules” joined the trade and overcrowded the market. This resulted in the profits falling to a low of 7% or less in the last couple of months, according to the report. In addition to the mules, cryptocurrency funds and individual computer-assisted traders have also flooded the market making it even harder to enjoy the previous premiums.

The mules operate by physically carrying cash across borders in pursuit of SegWit-Coin BTC and other cryptocurrencies. These businesses had the mules working hard to get virtual currencies for their clients in China, with some even illegally entering another country for the sole purpose of buying cryptocurrencies.

Initially, the businesses would look for platforms with low SegWit-Coin BTC prices and sell them at a profit, according to the report. The ban resulted in entrepreneurs buying cryptocurrencies from countries like Thailand (unregulated market) and Japan (legalized market) and selling them in banned markets like South Korea, India, and China.

The underground cryptocurrency trade in China started with closed groups that used popular platforms like WeChat and face to face meetings at bars. They met the seller and bought their desired digital currency away from the authorities. This grew to other peer-to-peer platforms like CoinCola and retail platforms like Taobao for over-the-counter (OTC) cryptocurrency trade, while some traders operate through bank transfers.

Some believe the underground cryptocurrency trade will not last for long as hedge funds are quickly flooding the markets. Many people have moved to trading with these hedge funds as they offer faster transactions at a lower price compared to the retail traders. These hedge funds operate similarly to the retail traders by buying cryptocurrencies from smaller platforms and selling them to other larger platforms for profits.

Note: Tokens in the SegWit chain are referred to as SegWit-Coin BTC (inaccurately called Bitcoin Legacy or Core by many) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

source: https://coingeek.com/underground-cryptocurrency-trade-thrives-china/

Dr. Craig Wright: With Bitcoin

Dr. Craig Wright: With Bitcoin, the power is within

Sorry Raspberry Pi users, your tiny computers aren’t enough to handle a full Bitcoin node.

At the recently held Satoshi’s Vision conference in Tokyo, Japan, Dr. Craig Wright explained how network topology works, and, in the process, debunked the notion that an outfitted Raspberry Pi can be used as a full Bitcoin node.

The nChain chief scientist prefaced his presentation, “Bitcoin network topology: Small world vs mesh,” by saying that the key to understanding connectivity and Bitcoin is to bear in mind that Bitcoin is incentivized. Bitcoin, he said, is “actually very close to a biological system,” where nodes aren’t the important part—the connections are.

“With Bitcoin, the power is within. The code is rich enough. The network is strong enough. We don’t need to do half the things people tell us we need to do. We don’t need to rebuild it, we don’t need to change it, we don’t need to bastardize it. Bitcoin is powerful right now,” Wright said.

So where do the Raspberry Pis fit in? Nowhere. Miners, after all, are incentivized to process a transaction on the network, and a Raspberry Pi does not have enough processing power, memory and network bandwidth to maintain it all, according to Wright.

“If you have to open up many, many connections, your machine grinds to a halt and it becomes slower. So all those Raspberry Pis out there end up slower, they take 30 seconds, 40 seconds to transmit a transaction. And as you send that transaction, it hits all the miners, and all the miners have that transaction in 1-3 seconds, and it can get faster than that as well. By the time any Raspberry Pi decides that’s a valid transaction, the miners have either accepted or rejected it,” Wright said, “because miners are incentivized to connect to miners. Every second matters to a miner. Every second, if you can mine one second faster, verify one second faster, get a block out one second faster, you make money. Making money makes people want to do this. We use greed for good. This is what Bitcoin does. Bitcoin is not a system of cryptographic protocols, it uses them. It is an incentive system. You can’t cheat the system because if you do, you lose money. That’s what it’s about.”

Watch Dr. Craig Wright’s “Bitcoin network topology: Small world vs mesh” presentation here:

Note: Tokens in the SegWit chain are referred to as SegWit-Coin BTC (inaccurately called Bitcoin Legacy or Core by many) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

source: https://coingeek.com/dr-craig-wright-bitcoin-power-within-video/

Roger Ver at Satoshi Vision

Bitcoin Cash will usher global economic freedom, Roger Ver says

Economic freedom is defined as the ability of people in a society or a country to take economic actions. It’s the measure of how easy it is for members of a society to participate in the economy, where freedom exists for everybody from free markets to free trade and free enterprise.

Digital currencies like Bitcoin have been touted as the best tools the world has ever seen that will bring economic freedom to the world—until the governments stepped in.

In his presentation at the recently held Satoshi’s Vision conference in Tokyo, Japan, Bitcoin.com owner Roger Ver explained how he thinks the world governments have been encroaching upon the economic freedom of the people. It’s simple, Ver said. They did it by advocating for 1MB blocks to intentionally create high fees, less privacy, slow confirmations, and unreliable transactions, and that would end up resulting in fewer users, fewer nodes, lower adoption, less privacy, a lower Bitcoin market cap, a lower Bitcoin market share, and less censorship resistance.

“I’m not saying that Blockstream and Core are intentionally in the government attack on the adoption of cryptocurrencies around the world, but if you stop and think about it, I can’t really think of a more effective way to do it—they literally shattered what used to be this unified Bitcoin ecosystem, they’ve now shattered it into a thousand and one altcoins around the world with in-fighting within the communities and people competing on this and that, and all sorts of hostilities, and get it through primarily censorship and propaganda and lies,” Ver said. “If you’re in favor of a censorship resistant currency for the entire world to use to gain more economic freedom, you shouldn’t be using censorship to promote it, and that’s exactly what the Bitcoin Core supporters have been doing which should be condemned by anybody who supports free speech.”

This is reason why the market has moved to alt coins, particularly Bitcoin Cash, which continues to stay true to the spirit of Bitcoin. But Ver said there’s “a thousand and one” competitors out there, so the community needs to step up and make Bitcoin Cash the most useful digital currency in the world, with fast, cheap, reliable transactions for everybody, permissionless innovations, censorship resistance, private transactions.

“This is why I’m here, supporting Bitcoin Cash before you because I want to use it to bring more economic freedom to the world, and whatever tool does it, I’m on board with that,” Ver said. “I think Bitcoin Cash has the biggest chance of doing that because it has the Bitcoin name, it has almost all the early adopters of Bitcoin, all the people that made Bitcoin useful as currency around the world are supporting it.”

Watch Roger Ver talk about Bitcoin Cash and economic freedom here:

Note: Tokens in the SegWit chain are referred to as SegWit-Coin BTC (inaccurately called Bitcoin Legacy or Core by many) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

source: https://coingeek.com/bitcoin-cash-will-usher-global-economic-freedom-roger-ver-says-video/

Dr. Craig Wright exposes Blockstream’s false narrative

Dr. Craig Wright exposes Blockstream’s false narrative

Don’t believe the lies, according to Dr. Craig Wright. Bitcoin is incentive-compatible.

On Tuesday, the nChain chief scientist took the stage at the inaugural Deconomy 2018 blockchain forum in Seoul, South Korea, to debunk the myths perpetuated by Blockstream, which were designed to take away the power of Bitcoin and basically tell everyone that it needed to be fixed.

“One of the issues you are told is you need to run a full node and verify everything,” Wright said. “No, you don’t. No, you can’t. You can sit there and verify things if you want, but you don’t actually do anything as a node unless you are a full node, and a full node, if you read the white paper, mines. You vote with CPU power.”

The people behind Lightning Network think Bitcoin works as a mesh, according to Wright. In actuality, Bitcoin is an overlay network that pulls everything into a tight ball as it forms, with every machine connecting to everything it can—or what is also referred to as near-complete.

“You connect as much as possible as a miner because you’re incentivized to,” he said. “What this actually means is we start connecting all over the place, so we are resilient because we connect everywhere.”

Wright also debunked the notion that an outfitted Raspberry Pi can be used as a full Bitcoin node, saying that there is not a single piece of data on the Bitcoin network that has ever been verified by a non-miner.

“By the time any Raspberry Pi ever existed on the network has verified a packet, every single miner has decided whether to mine it or not,” he said. “You’re not helping because there’s nothing altruistic in Bitcoin. Nothing. Bitcoin is money. It is working because it is competitive. It is working because people fight to get their transactions on the blockchain fast.”

Watch Dr. Craig Wright’s presentation here:

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

source: https://coingeek.com/dr-craig-wright-exposes-blockstreams-false-narrative-video/

14 arrested over alleged discount Bitcoin mining in South Korea

14 arrested over alleged discount Bitcoin mining in South Korea

Authorities in South Korea have arrested 14 people in connection with legacy Bitcoin (BTC) mining. While mining itself is certainly not illegal, as it’s almost a necessary component of the cryptocurrency cycle, these individuals tried to take advantage of the system to reduce their expenses and gain inflated values, according to a Yonhap report.

The mining operations were able to set up their activities and pay 10% less than the going rate for electricity, as well as pay rent for factory space at prices lower than market rates. In total, 13 companies were involved, using 350 machines to mine BTC since May 2017. While it’s highly unlikely that any of those involved will see prison time, there is a very good chance that they will be forced to pay steep fines for their activity.

Looking for ways to reduce expenses and maximize profits is the backbone of any business. However, most will normally pursue legal avenues to reach their goals. Those that don’t almost invariably end up meeting their appropriate fate.

Large-scale mining operations have recently fallen out of grace with several jurisdictions due to their energy demands. In Plattsburgh, New York, for example, new mining operations are being refused, leaving only existing operations in place while the city reviews its cryptocurrency policy. Plattsburgh is unique in that it benefits from a hydroelectric dam close by that results in extremely low–$0.045 per kilowatt hour (kWh)—rates. However, when cryptocurrency mining operations were allowed in, they were given a greater discount, cutting their kWh rate in half.

Despite the reduction in price, the miners account for 10% of the overall energy usage in the city, a fact that hasn’t sit well with residents or lawmakers. The usage has caused residents’ overall electricity bills to increase by as much as $200. Plattsburgh Mayor Colin Read is currently researching options with the community to find a meeting point that will make both the residents and the miners happy. For their part, the miners reportedly are more than willing to pay for any overages incurred by the city.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

source: https://coingeek.com/14-arrested-alleged-discount-bitcoin-mining-south-korea/

Roger Ver

Roger Ver, Samson Mow Deconomy 2018 debate goes off the rails

The war of the words continues this week at the inaugural Deconomy 2018 blockchain forum in Seoul, South Korea.

On Tuesday, Bitcoin.com owner Roger Ver was pitted against Blockstream Chief Strategy Officer Samson Mow in a panel discussion that tackled the controversial question, “Can Bitcoin Scale?”

As expected, the debate on Bitcoin’s scaling issues as well as Satoshi Nakamoto’s vision for Bitcoin—as a peer-to-peer electronic cash system—turned into a tension-filled exchange between the two panelists. Mow pointed out that the computer science behind scaling Bitcoin needs to be taken into consideration, which means looking at the code and following the consensus rule.

“I think the scaling that works is to take an engineering standpoint to look at the code and to follow consensus rules and build layer 2 solutions,” Mow said. “I think scaling Bitcoin, we have to take into consideration the computer science aspect of it. We can’t just make things up. We actually have to look at the code and we have to follow the consensus rule, so if you look at what Bitcoin Core has been doing, is they’ve been scaling all along so that everything is backwards compatible.”

The intention might be good, Ver responded, but the effect was damaging—Bitcoin lost its first-mover advantage, the market cap of altcoins skyrocketed, and the number of transactions on the Bitcoin Core (BTC) network today was only half of what it was in December 2017.

Bitcoin Core is having negative merchant adoption around the world. Bitcoin Cash is having positive merchant adoption around the world,” Ver said.“So even if Samson and Blockstream and Bitcoin Core supporters have the absolute best intentions in their heart, we have the empirical evidence to show that the effects were negative and incredibly damaging to Bitcoin. Let’s judge things by their effect and their results, not the intent of the people that were putting it together.”

And that’s just the first 10 minutes of the debate, ladies and gentlemen.

Watch how it all went down here:

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

source: https://coingeek.com/roger-ver-samson-mow-deconomy-2018-debate-goes-off-rail-video/