Fork Wars: Segwit Lock-In and Communication Breakdown

Segregated Witness has officially locked-in and bitcoin’s price is currently coasting along at $3430. Even though Bitcoin market prices have rallied to new all time highs after the August 1 hard fork, both Bitcoin and the newly formed network, Bitcoin Cash still have some uncertain futures ahead.   Bitcoin Cash Pushes Forward as Network Strengthens The hard fork happened, and the Bitcoin network split into two different blockchains that share a previous history. The Bitcoin Cash (BCH) network has survived an entire week, with five mining pools dedicating hashpower towards this alternative chain. Currently, the Bitcoin blockchain is still 899 blocks ahead of the new BCH chain, and it’s also 54 percent more profitable to mine BTC than BCH. However, this will change on August 8 as Bitcoin’s difficulty is going to increase approx. 7 percent while the BCH chain has been lowered to 17 percent of BTC’s current difficulty. At the moment there have been 240 BCH blocks mined since the blockchain split and an ‘unknown miner’ has processed more than… View All ….“Fork Wars: Segwit Lock-In and Communication Breakdown”

Czech National Bank: “Don’t Be Afraid of Bitcoin”

The Czech National Bank has distributed an announcement tending to bitcoin and cryptographic money on its site. The archive tends to the fame of bitcoin in Prague and the Czech Republic, talks about whether digital money represents a risk to the customary keeping money framework, and contends that fiat monetary forms include preferred monetary forms over bitcoin because of value soundness. The Czech National Bank States That There “Is No Reason for Banks to Fear” Bitcoin Czech National Bank: “Don’t Be Afraid of Bitcoin” The Czech National Bank’s announcement with respect to digital currency is titled “Don’t fear bitcoin”, and looks to address famous attestations in regards to the potential dangers that bitcoin and cryptographic money may posture to existing fiscal frameworks. The record begins by expressing that “Prague is home to a solid group of digital currency supporters and clients.” The announcement at that point quickly swings to “questions seeing whether foundations, for example, the Czech National Bank ought to fear bitcoin… . What’s more, of their influence to… View All ….“Czech National Bank: “Don’t Be Afraid of Bitcoin””

Trade sued for 3085 Bitcoins in the wake of Reversing Bitcoin-Ether Trades

A noteworthy bitcoin trade with a solid nearness in Japan, Quoine, is being sued for turning around bitcoin-ether exchanges after it supposedly experienced a framework glitch. Cryptographic money exchanges on the stage should be irreversible, so the offended party claims Quoine acted falsely and looks for the arrival of 3,085 bitcoins. Quoine Sued for Reversing Trades One of Asia’s biggest bitcoin trades, the Singapore-based Quoine, is purportedly being sued over the inversion of bitcoin-ether exchanges. This claim is the nation’s first bitcoin-particular legitimate debate, as per The Straits Times on Monday. The offended party is a market marker known as B2C2, who submitted offer requests on Quoine’s stage at the rate of 10 bitcoins for one ETH on April 19, when the market cost of one Bitcoin Exchange Sued for 3085 Bitcoins After Reversing Bitcoin-Ether TradesETH was around 0.04 bitcoin. The requests were filled and credited around the same time; B2C2 paid 309.2518 ETH and got 3092.517116 bitcoins. In any case, the following day Quoine turned around the exchanges and… View All ….“Trade sued for 3085 Bitcoins in the wake of Reversing Bitcoin-Ether Trades”

Poloniex Quits Wasington States as new Exchange Rules Become Active

Back in April, Washington politicians finished piecing together and finalizing the regulations for bitcoin exchanges. Those guidelines and rules are now active. Lawmakers pushed Senate Bill 5031 through the House and Senate, and it was signed into existence by governor Jay Inslee.  Bill Requirements for Bitcoin Exchanges The rules declare that anyone who operates a cryptocurrency exchange within Washington must apply for a license from the State. They must also contract with a third party auditor and have their system disrobed and inspected. The bill states, “For business models that store virtual currency on behalf of others, the applicant must provide a third-party security audit of all electronic information and data systems acceptable to the director.” Lawmakers also created a rule that says exchanges have to have a bond associated with their business. The figure of the bond has to be tied to the amount of currency transacted in the previous year. Reaction From Popular Exchanges As a result of the new law, major exchanges Poloniex and Bitfinex said they would cease conducting business in the state. The… View All ….“Poloniex Quits Wasington States as new Exchange Rules Become Active”