1Broker reopens platform to allow withdrawals

1Broker, a BTC futures trading firm, announced that it would be reopening withdrawals as of Thursday. The announcement comes several weeks after the firm was accused of acting as an unregistered security-based swap dealer, as well as for allegedly violating money-laundering and wire fraud laws.

1Broker started having issues when the U. S. Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC) and the Federal Bureau of Investigation (FBI) filed charges in the U.S. District Court for the District of Columbia against its CEO, Patrick Brunner, and its parent company, 1Pool, for not complying with the law. According to reports, an agent went undercover and made a few transactions on the platform, in violation with established regulations, including proper Know Your Customer processes as stated by the law.

1Broker reopened its platform in a read-only mode earlier this month. During this time, the platform announced that they are seeking legal counsel to help them work out the issues and to resume operations.

Many of its clients are happy with the latest announcement from 1Broker. Initially, when the domain was seized, the trading platform claimed to have enough funds to cover all withdrawals request by the customers and claimed it was waiting on approval from the authorities in order to process the transactions. Customers were allowed to start withdrawing at 12:00 UTC on Oct. 11.

Authorities are still seeking a permanent injunction against Brunner and 1Pool. They are also seeking to have the two pay monetary penalties.

1Broker, in its announcement, did not state if and when they will reactivate their operations and it is unclear when the authorities will allow the company to resume them. According to 1Pool, the platform has been running smooth and has created a respected working relationship with its customers. It stated that the company has been complying with established laws and hopes to clear the misunderstanding soon.

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.

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BTC cult gets creepier at Baltic Honeybadger 2018 Conference

For the second year, Rīga, Latvia was host to the Baltic Honeybadger conference (BH). Billed as “the first major event in Latvia dedicated to Bitcoin and the technologies built around it,” the website read, their “goal is to create an educational and community-driven event with high-profile speakers from all around the world and with different backgrounds — from technical engineers and cybersecurity professionals to business owners and bestselling authors.” And if there was any doubt, they’re “not promoting various so called altcoins, ICOs, banks and other blockchain-based ‘snake oil.’”

Of the two day conference, the final morning in Rīga began 9 a.m. in the Riseba, Arhitektūras un mediju centrs H2O 6. Bitcoin Maximalism Dissected by Giacomo Zucco was that day’s kickoff presentation. Mr. Zucco is a lesser-known personality in the space, CEO of the Italy-based Blockchainlab, and a polemicist who increasingly divides the world between those who embrace Bitcoin core (BTC) and those who are evil dupes.

BTC cult gets creepier at Baltic Honeybadger 2018 Conference

For the uninitiated, bitcoin maximalism was essentially a neologism fashioned a slur by Vitalik Buterin, one of Ethereum’s founders. The insinuation was how certain factions within the ecosystem refused to consider anything other than the BTC ticker as a viable cryptocurrency project. Little did he know a group of pasty social media mavens would embrace the phrase, fully remaking it into a kind of religion complete with dietary restrictions.

Such factions embraced Mr. Buterin’s characterization, doubling down on the concept, all the while themselves insisting BTC needed to be changed in rather significant ways—by their own admission, the Satoshi Nakamoto white paper left a lot to be desired, and this became the entry point into altering BTC away from its once cash-like qualities, and on purpose.

Chris Pacia of OpenBazaar and a tweetstorm

“As some background to this presentation,” Mr. Zucco, self-described bitcoin maximalist, begins, “the idea for this presentation comes from an infamous tweetstorm. Basically, there was a day in May where basically Chris Pacia asked why do I think that bcashers are either malicious or stupid. He seemed interested in an honest debate about that. I tried to formalize my argument about why I do think that bcashers are either malicious or stupid.”

Mr. Pacia is a very well-known and sober voice within the community. His credits include being lead back-end developer for OpenBazaar. He often has tried to be a go-between, offering to debate publicly those who demonize and hector Bitcoin Cash (BCH) enthusiasts. It was here Mr. Zucco was able to use the good name of Mr. Pacia and gain some notice. Their back and forth on Twitter eventually was turned into an essay by a maximalist admirer, one summarizing Mr. Zucco’s position while arguing against Mr. Pacia’s larger block, pro BCH stance.

BTC cult gets creepier at Baltic Honeybadger 2018 Conference

Making the Strongest Case for Small Blocks,” then, was published by blogger Sosthène on the Le Blog de Sosthène. Written originally in French, its English version is careful to take Mr. Zucco’s broken Italian-English tweetstorm and form it into sensical statements. It doesn’t take long to figure out where all of this is headed.

After the fork creating Bitcoin BCH, Sosthène writes Bitcoin Cash “became a tool of agitprop leveraged by a small group whose leaders are a prooved [sic] scammer and a narcist [sic] sociopath that have made up a new narrative in which Bcash is the true and unique Bitcoin.”

BTC cult gets creepier at Baltic Honeybadger 2018 Conference

Unironic irony

“Bitcoin is not a business,” Sosthène continues, insisting such truths are a prerequisite for understanding BTC’s purpose, “nor is it a currency and most importantly it is not a payment network. Factually, Bitcoin is a software, it is code, information, period.” You get the idea. The blog post is referred to as a way for listeners to get a fuller fleshing out of Mr. Zucco’s ideas, such as they are.

At any rate, Mr. Zucco anticipates the most common objections to the maximalist position, seizing on how people “have this vision of bitcoin maximalists as something that is emotional …,” he explained, and how “maximalists are ‘toxic;’ if you see the word ‘toxic,’ you should walk away because it’s usually someone who can’t conversate with you logically. Some people say maximalists are creating a bad environment and people feel unwelcome because of this. Maximalist means rude; you have to be kind of a dick in order to be maximalist, and it’s like… rude… we are maximalists, we don’t eat carbs, we are sad,” Mr. Zucco said tongue firmly in cheek.

BTC cult gets creepier at Baltic Honeybadger 2018 Conference

The above stereotype is well-earned. A quick trip to an open conference, Twitter, YouTube will disabuse anyone of the notion maximalists are somehow being maligned unjustly. No, no. Maximalists have worked extremely hard and consistently for their dickish label. They are for sure toxic to any healthy debate and future innovation in the crypto space.

In fact, the uniformity in argumentative style, the insults, the dismissive tones, the dogmatic clinging to groupthink, have all combined to basically make BTC maximalists a cult. And it’s not even a cool cult with sex orgies and parties. It’s just a bunch of sullen dudes who’ve held on to a speculative science project that, had they jumped-in late 2017, has plummeted in price … thus almost defeating their entire reason for being. At least Scientology has Tom Cruise.

BTC cult gets creepier at Baltic Honeybadger 2018 Conference

Carnivory
The next part of his presentation veers into a very strange place. I am sure it is meant to be funny, ironic, and truthful all at the same time. But the reaction by fellow maximalists to it says more about the BTC cult that I could ever in one installment of A Power of Facing.

Modeling in a jokey way so-called Universal Truths of Buddhism, Mr. Zucco outlines “four universal truth of maximalists. The first truth is that everything which is not bitcoin is a scam. The second universal truth is that every attempt at changing bitcoin is a scam. The third universal truth is that every attempting at pushing people to spend bitcoin is a scam. The fourth universal truth is that we shouldn’t be nice to scammers.”

BTC cult gets creepier at Baltic Honeybadger 2018 Conference

The meme has made its way around the Crypto Twitter, and it has become a kind of Rorschach for the maximalist camp. The slide with four points was immediately retweeted by supporters with a Hell Yes! zeal. Dickishness was on full display, especially as they championed the final bullet point. Intolerance in the least charitable manner seemed to carry the day. It wasn’t until a few who actually attended or viewed the presentation informed brutish cheerleaders much of it was on the jokey side of things that maximalists began to lighten up. A little. They then turned it back on BCH supporters who pointed to the slide’s bald assertions, suggesting BCH enthusiasts lacked a sense of humor. This simple display alone reminded me of cultish inside jokes, where members laugh maniacally at their leaders’ assumptions without explanation. Really creepy.

Lest readers feel I am being unfair with the cult charge, consider the fad these idiots are currently embracing, so-called carnivory. That’s right, an all meat diet. Oh, you’re reading, you mean paleo or keto. No. All meat. That’s it. And water. It’s one thing to grope and grasp at a theory of money, and struggle to find a balance between mediums of exchange and settlement layers, fungibility, tech security … but to take diet advice, like real life health advice, from dudes who cannot get laid … well, that’s just fucking stupid.

C. Edward Kelso is a financial technology journalist based in Southern California. Follow him on Twitter.

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.

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Ebang E11 miners boast of up to 44 TH/s; Squire taps Samsung for next-gen ASIC chips

One of Bitmain’s biggest rivals, Ebang Communication, has announced three new crypto mining rigs, which reportedly feature hashrate speeds of up to 44 trillion hashes per second (TH/s).

The China-based ASIC mining chip maker revealed its E11 series miners at the World Digital Mining Summit in Georgia. On its website, Ebang stated that sales for Ebit Miner E11, E11+ and E11++ will be “forthcoming.”

Like its E10 product line, Ebang’s E11 series features a 10nm chip. According to a product flyer posted by Blockstream CSO Samson Mow on Twitter, the E11++ offers efficiencies of 45 J/TH at 44 TH/s “for the entire miner at the wall, not the chip.” E11+ is capable of 37 TH/s, while E11 can reach 30 TH/s.

Eban’s E11 miners are expected to come out ahead of its competition, such as the Whatsminer M10, the Bitfury Clarke, and Bitmain’s yet-to-be-released 7nm miner. Announced just last week, Whatsminer M10 is a 16nm ASIC miner from Pangolin, which is specifically designed for the SHA256 algorithm and can mine Bitcoin BCH, as well as BTC, at 33 TH/s. In comparison, Bitfury’s 14nm Clarke fully customized ASIC promises up to 120 gigahashes per second (GH/s) hashrate.

Bitmain claimed it has a 7nm chip capable of up to 41 J/TH power efficiency—which falls in comparison to Pangolin’s E11 miner series.

Red flags over the competitiveness of Bitmain’s chips have been raised recently. According to analysts from Sanford C Bernstein & Co, the Beijing-based ASIC device manufacturer has begun to lose the competitive edge that allowed it to control as much of 85% of the market for crypto mining chips.

Ebang Communication, along with another Bitmain rival Canaan Creative, have announced plans to hold initial public offerings (IPO) on the Hong Kong Stock Exchange, targeting to raise as much as $1 billion. Bitmain is also supposedly preparing for a September IPO, but recent reports indicate the company is suffering from inventory losses, a lack of new manufacturing and the dwindling crypto mining market, which has already caused Nvidia to pull back on its production and financial forecasts.

Squire taps Samsung to manufacture ASIC chips

Meanwhile, another player is gearing up to join the ASIC crypto miner market.

On Tuesday, Canada’s Squire Mining Ltd. announced that it has chosen Samsung Electronics as its foundry partner to manufacture its next-generation ASIC chips in South Korea. Gaonchips is designing the chip for mining of Bitcoin Cash (BCH) as well as alt coins such as those using SegWit technology.

The FPGA (field programmable gate array) prototype for Squire’s first ASIC chip is expected to be completed by Sept. 30, 2018.

In a statement, Squire said, “Our front-end development team of engineers and programmers is currently working with Gaonchips to develop the company’s initial ASIC chip to mine Bitcoin Cash, [BTC], and other associated cryptocurrencies using a wafer process technology that, once confirmed and accepted as meeting certain prescribed specifications and criteria, will form the basis of an initial mass production test run of the ASIC chip by Samsung Electronics.”

Squire’s joint venture with Hong Kong-based tech firm Future Farm Developments Ltd., Arasystems Technology Corp., which will manage the development, manufacturing and assembly of Squire’s ASIC chip-powered mining rigs.

The pilot production test run of Squire’s initial ASIC chip and mining systems for Bitcoin BCH is expected to be completed by the end of fourth quarter of 2018. Squire Mining will then deliver the ASIC chips and mining rigs to associates of Bitcoin BCH’s largest mining company, CoinGeek.com, which has been granted the exclusive right to market, promote, solicit, sell and distribute Squire’s new ASIC chips and mining rigs to Bitcoin BCH and other alt coin miners throughout the world.

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.

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All hell breaks loose: Bitcoin BCH vs. BTC debate

Get those Bitcoin Core (BTC) supporters and Bitcoin Cash (BCH) proponents out on a leisurely cruise from Barcelona, on to Monte Carlo, France, Italy, to Ibiza and back again to Barca over five days, and they’ll cool way out.

Arrange a good-natured debate between a legendary ecosystem investor, passionate BCH protestlytizer Roger Ver, CEO of Bitcoin.com, versus BTC developer, budding technical author, and coding evangelist Jimmy Song. Sun, poolside, a paradisal venue for disputation, argument of the refined sort—what could possibly go wrong?

All hell breaks loose: Bitcoin BCH vs. BTC debate

That idea lasted a full 30 seconds, and then all hell broke loose.

First, a disclosure: I am a paid shill, a full-on fanboy of Roger Ver. I think he’s a heroic figure, one seldom appreciated. I won’t toady it up and insist he can do no wrong, but even when he’s wrong-ish, he’s almost just about right. I also used to enjoy Jimmy Song’s YouTube episodes about coding and his program, Morning Brief. Mr. Song and I agree quite a bit on economics and political worldview. There is a lot to like about him. Oh, I am paid in Bitcoin Cash (BCH).

No more easy smile

Before the formal debate had even begun, stage right, off the platform, Mr. Song was holding court, as an Eazy-E circa early NWA looking Roger Ver and a gaggle of folks wearing BCH PLS t-shirts leered on. Mr. Song, decked out in a multi-gallon cowboy hat, sports coat, and matching suit attire, animatedly accused Mr. Ver of stacking the crowd with BCH supporters. He frantically pointed to them one by one, angrily insisting the fix was in.

And maybe it was, crowd wise. But, then again, video audio can be heard clearly enough, a tad later in the debate, how a healthy gaggle of Mr. Song supporters managed to find their way poolside. So maybe Mr. Song was making something out of nothing, fighting nerves. That normally relaxed Jimmy Song face, easy smile, was gone. It was replaced by someone who very much felt wronged, and wronged from the outset.

All hell breaks loose: Bitcoin BCH vs. BTC debate

The two men managed to hammer out to their satisfaction enough to ascend the stage. A lone podium with a single microphone was between to chairs—Mr. Song, back and to stage right; Mr. Ver, stage left, immediately to the left side. Mr. Ver wore a snapback baseball cap, black, with BCH PLS embroidered atop. He also hid behind very black sunglasses and a wry smile as he sat, giving Mr. Song the floor.

Jimmy Song came prepared. He whispered something about a page missing from his prepared remarks, and then appeared to attempt wrestling a format structure to the debate. Almost immediately, Mr. Ver, still seated, offered mild protest about not having agreed to any such format, nevermind a “Lincoln-Douglas” style exchange.

This Song is done

It wasn’t too much longer when Mr. Ver decided to stand and talk over Mr. Song’s presumption at an agreed-to format. Roger Ver teased at grabbing the microphone, and Mr. Song dutifully un-holstered it from the podium, away from Mr. Ver. The two men argued more about time and whether Mr. Song’s introduction of the format constituted his introduction or counted against Mr. Ver’s time. Exasperated, Mr. Song’s face shook, and he threatened to not debate should this persist.

A few exchanges more, and Mr. Song exited for the first time. He diva’d, almost hopping, off the stage in a huff. Mr. Ver commandeered the microphone, explaining the ambush Mr. Song complained of was actually happening to him. Mr. Song had rigged the format to suit his debating style, and without consulting Mr. Ver. After having said his peace, Mr. Ver essentially begged Mr. Song back to the stage, “C’mon Jimmy!”

Protestations more, and Jimmy Song did return. He moved to the podium, categorically insisted this to be the reason no one wants to debate Mr. Ver, and set about making his case as to why Bitcoin Cash is fiat money. Graciously, Mr. Song began, “I’d also like to thank Roger Ver, particularly for his early evangelism of Bitcoin. We may be debating today, but there is a lot that we do agree on philosophically and I admire your contributions toward the cause of liberty.”

Pleasantries dispensed, Mr. Song began to lay out a case Bitcoin Cash as it is presently configured behaved much like government money, specifically following along the lines of mid 20th century English economist John Maynard Keynes. Mr. Song insisted, “The economic philosophy of BCH is Keynesian in that central authorities intervene to ‘spur innovation’ or ‘solve problems’. The method of payment use case has been subsidized by central authorities through large blocks, despite all market signals to the contrary. My opponent says things like ‘transactions should be free’ as if they’re entitlements. The smart contract use case has also been subsidized by central authorities, despite there being very little utility or demand for such a thing. BCH is very much paternalistic.”

1 million dollar wager

He further explained BCH was centrally controlled by a large mining concern, one that attempts to peg it to BTC, a policy Mr. Song concluded has done little but fail. “BCH is a fiat money, and their main appeal is that they’ll be better than the fiat central bankers that you already know,” he stressed. “The promise of BCH is governance as a benevolent ruler versus granting you self-sovereignty over your own money. This is the major difference between BTC and BCH and is the reason why BCH is no different than any altcoin.”

At almost exactly 16 minutes into the debate, Mr. Ver offered his rebuttal. After reminding the assembled this was not an agreed-to format, Mr. Ver dismissed Mr. Song’s thesis as “a bunch of nonsense.” Mr. Ver then went on to offer a confidence play, a challenge. “I’ll bet a million dollars in whatever cryptocurrency you want that within 10 years Bitcoin Cash will have a larger market cap than the BTC version of Bitcoin today. I yield the rest of my time to you, Jimmy.”

All hell breaks loose: Bitcoin BCH vs. BTC debate

Very much stunned by the offer, Mr. Song once again regained the microphone. Since Mr. Ver didn’t address his points one by one, Mr. Song decided Mr. Ver had conceded that much of the debate. Mr. Song then continued reading from his prepared remarks, pouding home the point BCH was centralized.

One of the key points of centralization, Mr. Song said, was the very contentious debate happening within the Bitcoin Cash universe at the moment. Normally once aligned forces were now at one another’s throats, Mr. Song said. This was evident the factions were fighting for control. And if something can be controlled, that means it is too centralized.

This Song is done, again

Roger Ver again took his turn, and immediately reversed the claim. It is precisely the sign of a vibrant, healthy community when different ideas can be debated and discussed, he answered. Even when the debates run hot, Mr. Ver said, people have the chance to humble themselves and listen.

He said BTC was so centralized, so controlled, developers and those challenging their assumptions have been literally banished. The consensus among BTCers, in fact, was a sign of centralization, of control. Mr. Ver then pointed to his favorite target, the Reddit sub forum r/bitcoin.

All hell breaks loose: Bitcoin BCH vs. BTC debate

BTC proponents have silenced BCH voices among them, Mr. Ver said, and wasn’t this a sign of a closed, unhealthy community. And as to its being a fiat currency, BCH is exactly the opposite, Mr. Ver maintained. A primary definition of a fiat currency is its being dictated, its use mandated by government force. Enthusiasts have literally thousands of choices among cryptocurrencies, and BCH is just one. “Cryptocurrencies are the currencies of freedom!” he shouted.

Mr. Song regained the podium, reading from prepared remarks. He attempted to fit those into the context of the debate, mentioning many times BTC is a meritocracy and how no one was entitled to be heard in the community. Mr. Ver then responded by suggesting he hadn’t argued for entitlement but more for an ethos, a way of acting inside the space. That it has changed in favor of one group to the exclusion of any other voices troubled Mr. Ver. The rest of what was to constitute the debate actually turned interesting, as the two men traded questions and answers between themselves. At the 44-minute mark, Mr. Song announced he was finished, disgusted, and he left unceremoniously. A member of the crowd jumped on stage in proxy. This Song was done, again.

C. Edward Kelso is a financial technology journalist based in Southern California. Follow him on Twitter.

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.

The post All hell breaks loose: Bitcoin BCH vs. BTC debate appeared first on Coingeek.

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All hell breaks loose: Bitcoin BCH vs. BTC debate

Get those Bitcoin Core (BTC) supporters and Bitcoin Cash (BCH) proponents out on a leisurely cruise from Barcelona, on to Monte Carlo, France, Italy, to Ibiza and back again to Barca over five days, and they’ll cool way out.

Arrange a good-natured debate between a legendary ecosystem investor, passionate BCH protestlytizer Roger Ver, CEO of Bitcoin.com, versus BTC developer, budding technical author, and coding evangelist Jimmy Song. Sun, poolside, a paradisal venue for disputation, argument of the refined sort—what could possibly go wrong?

All hell breaks loose: Bitcoin BCH vs. BTC debate

That idea lasted a full 30 seconds, and then all hell broke loose.

First, a disclosure: I am a paid shill, a full-on fanboy of Roger Ver. I think he’s a heroic figure, one seldom appreciated. I won’t toady it up and insist he can do no wrong, but even when he’s wrong-ish, he’s almost just about right. I also used to enjoy Jimmy Song’s YouTube episodes about coding and his program, Morning Brief. Mr. Song and I agree quite a bit on economics and political worldview. There is a lot to like about him. Oh, I am paid in Bitcoin Cash (BCH).

No more easy smile

Before the formal debate had even begun, stage right, off the platform, Mr. Song was holding court, as an Eazy-E circa early NWA looking Roger Ver and a gaggle of folks wearing BCH PLS t-shirts leered on. Mr. Song, decked out in a multi-gallon cowboy hat, sports coat, and matching suit attire, animatedly accused Mr. Ver of stacking the crowd with BCH supporters. He frantically pointed to them one by one, angrily insisting the fix was in.

And maybe it was, crowd wise. But, then again, video audio can be heard clearly enough, a tad later in the debate, how a healthy gaggle of Mr. Song supporters managed to find their way poolside. So maybe Mr. Song was making something out of nothing, fighting nerves. That normally relaxed Jimmy Song face, easy smile, was gone. It was replaced by someone who very much felt wronged, and wronged from the outset.

All hell breaks loose: Bitcoin BCH vs. BTC debate

The two men managed to hammer out to their satisfaction enough to ascend the stage. A lone podium with a single microphone was between to chairs—Mr. Song, back and to stage right; Mr. Ver, stage left, immediately to the left side. Mr. Ver wore a snapback baseball cap, black, with BCH PLS embroidered atop. He also hid behind very black sunglasses and a wry smile as he sat, giving Mr. Song the floor.

Jimmy Song came prepared. He whispered something about a page missing from his prepared remarks, and then appeared to attempt wrestling a format structure to the debate. Almost immediately, Mr. Ver, still seated, offered mild protest about not having agreed to any such format, nevermind a “Lincoln-Douglas” style exchange.

This Song is done

It wasn’t too much longer when Mr. Ver decided to stand and talk over Mr. Song’s presumption at an agreed-to format. Roger Ver teased at grabbing the microphone, and Mr. Song dutifully un-holstered it from the podium, away from Mr. Ver. The two men argued more about time and whether Mr. Song’s introduction of the format constituted his introduction or counted against Mr. Ver’s time. Exasperated, Mr. Song’s face shook, and he threatened to not debate should this persist.

A few exchanges more, and Mr. Song exited for the first time. He diva’d, almost hopping, off the stage in a huff. Mr. Ver commandeered the microphone, explaining the ambush Mr. Song complained of was actually happening to him. Mr. Song had rigged the format to suit his debating style, and without consulting Mr. Ver. After having said his peace, Mr. Ver essentially begged Mr. Song back to the stage, “C’mon Jimmy!”

Protestations more, and Jimmy Song did return. He moved to the podium, categorically insisted this to be the reason no one wants to debate Mr. Ver, and set about making his case as to why Bitcoin Cash is fiat money. Graciously, Mr. Song began, “I’d also like to thank Roger Ver, particularly for his early evangelism of Bitcoin. We may be debating today, but there is a lot that we do agree on philosophically and I admire your contributions toward the cause of liberty.”

Pleasantries dispensed, Mr. Song began to lay out a case Bitcoin Cash as it is presently configured behaved much like government money, specifically following along the lines of mid 20th century English economist John Maynard Keynes. Mr. Song insisted, “The economic philosophy of BCH is Keynesian in that central authorities intervene to ‘spur innovation’ or ‘solve problems’. The method of payment use case has been subsidized by central authorities through large blocks, despite all market signals to the contrary. My opponent says things like ‘transactions should be free’ as if they’re entitlements. The smart contract use case has also been subsidized by central authorities, despite there being very little utility or demand for such a thing. BCH is very much paternalistic.”

1 million dollar wager

He further explained BCH was centrally controlled by a large mining concern, one that attempts to peg it to BTC, a policy Mr. Song concluded has done little but fail. “BCH is a fiat money, and their main appeal is that they’ll be better than the fiat central bankers that you already know,” he stressed. “The promise of BCH is governance as a benevolent ruler versus granting you self-sovereignty over your own money. This is the major difference between BTC and BCH and is the reason why BCH is no different than any altcoin.”

At almost exactly 16 minutes into the debate, Mr. Ver offered his rebuttal. After reminding the assembled this was not an agreed-to format, Mr. Ver dismissed Mr. Song’s thesis as “a bunch of nonsense.” Mr. Ver then went on to offer a confidence play, a challenge. “I’ll bet a million dollars in whatever cryptocurrency you want that within 10 years Bitcoin Cash will have a larger market cap than the BTC version of Bitcoin today. I yield the rest of my time to you, Jimmy.”

All hell breaks loose: Bitcoin BCH vs. BTC debate

Very much stunned by the offer, Mr. Song once again regained the microphone. Since Mr. Ver didn’t address his points one by one, Mr. Song decided Mr. Ver had conceded that much of the debate. Mr. Song then continued reading from his prepared remarks, pouding home the point BCH was centralized.

One of the key points of centralization, Mr. Song said, was the very contentious debate happening within the Bitcoin Cash universe at the moment. Normally once aligned forces were now at one another’s throats, Mr. Song said. This was evident the factions were fighting for control. And if something can be controlled, that means it is too centralized.

This Song is done, again

Roger Ver again took his turn, and immediately reversed the claim. It is precisely the sign of a vibrant, healthy community when different ideas can be debated and discussed, he answered. Even when the debates run hot, Mr. Ver said, people have the chance to humble themselves and listen.

He said BTC was so centralized, so controlled, developers and those challenging their assumptions have been literally banished. The consensus among BTCers, in fact, was a sign of centralization, of control. Mr. Ver then pointed to his favorite target, the Reddit sub forum r/bitcoin.

All hell breaks loose: Bitcoin BCH vs. BTC debate

BTC proponents have silenced BCH voices among them, Mr. Ver said, and wasn’t this a sign of a closed, unhealthy community. And as to its being a fiat currency, BCH is exactly the opposite, Mr. Ver maintained. A primary definition of a fiat currency is its being dictated, its use mandated by government force. Enthusiasts have literally thousands of choices among cryptocurrencies, and BCH is just one. “Cryptocurrencies are the currencies of freedom!” he shouted.

Mr. Song regained the podium, reading from prepared remarks. He attempted to fit those into the context of the debate, mentioning many times BTC is a meritocracy and how no one was entitled to be heard in the community. Mr. Ver then responded by suggesting he hadn’t argued for entitlement but more for an ethos, a way of acting inside the space. That it has changed in favor of one group to the exclusion of any other voices troubled Mr. Ver. The rest of what was to constitute the debate actually turned interesting, as the two men traded questions and answers between themselves. At the 44-minute mark, Mr. Song announced he was finished, disgusted, and he left unceremoniously. A member of the crowd jumped on stage in proxy. This Song was done, again.

C. Edward Kelso is a financial technology journalist based in Southern California. Follow him on Twitter.

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.

The post All hell breaks loose: Bitcoin BCH vs. BTC debate appeared first on Coingeek.

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Monetary Authority of Singapore warns investors of yet another crypto scam

Another day, yet another crypto scam—this time, in the form of a website, which, according to the Monetary Authority of Singapore (MAS), falsely represents comments from MAS chairman and the country’s Deputy Prime Minister, Tharman Shanmugaratnam.

In a warning to investors, the Monetary Authority of Singapore said that the reported comments from Shanmugaratnam about BTC were fictional, except for a remark he made about the presently low volumes of crypto trading in the country.

Monetary Authority of Singapore warns investors of yet another crypto scam

On Thursday, the central bank said it found another fraudulent BTC site that “has been similarly soliciting investments” in the cryptocurrency by using fabricated statements attributed to Shanmugaratnam.

Monetary Authority of Singapore warns investors of yet another crypto scam

As a result of their concerns over the BTC scam, MAS warned investors not to provide any information through the website, cautioning against clicking the link to create a BTC account and submit personal data.

The position is consistent with MAS’s stance on other BTC scams, with the authority regularly warning investors on the dangers of investing in the cryptocurrency. Even more broadly, the authority has taken a dim view on trading in BTC, warning investors back in December 2017—a period of all-time highs for the crypto—that they would ‘lose their shirts’ backing BTC.

The authority urged anyone who might be suspicious about a BTC scam to refer the matter immediately to law enforcement, and of course to refrain from engaging with the scam.

The development comes at a time when officials in Singapore are becoming more aggressive in their efforts to crack down on nefarious activity around BTC.

The increase in regulation has been partly driven by China’s crackdown on crypto trading and ICOs, which has seen Singapore become a haven for crypto exchanges and ICO promoters. However, the central bank has been quick to act against those pushing the boundaries with their cryptocurrency offerings, of which today’s scam warnings are the latest example.

Back in May, MAS wrote to eight cryptocurrency exchanges in the country warning them that they were required to be regulated before they could issue or trade in cryptocurrencies and tokens.

The authority also put a stop to an ICO at the time, after identifying the ICO as an unregulated equity, without the required prospectus or MAS authorisation demanded by Singapore securities law.

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.

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Monetary Authority of Singapore warns investors of yet another crypto scam

Another day, yet another crypto scam—this time, in the form of a website, which, according to the Monetary Authority of Singapore (MAS), falsely represents comments from MAS chairman and the country’s Deputy Prime Minister, Tharman Shanmugaratnam.

In a warning to investors, the Monetary Authority of Singapore said that the reported comments from Shanmugaratnam about BTC were fictional, except for a remark he made about the presently low volumes of crypto trading in the country.

Monetary Authority of Singapore warns investors of yet another crypto scam

On Thursday, the central bank said it found another fraudulent BTC site that “has been similarly soliciting investments” in the cryptocurrency by using fabricated statements attributed to Shanmugaratnam.

Monetary Authority of Singapore warns investors of yet another crypto scam

As a result of their concerns over the BTC scam, MAS warned investors not to provide any information through the website, cautioning against clicking the link to create a BTC account and submit personal data.

The position is consistent with MAS’s stance on other BTC scams, with the authority regularly warning investors on the dangers of investing in the cryptocurrency. Even more broadly, the authority has taken a dim view on trading in BTC, warning investors back in December 2017—a period of all-time highs for the crypto—that they would ‘lose their shirts’ backing BTC.

The authority urged anyone who might be suspicious about a BTC scam to refer the matter immediately to law enforcement, and of course to refrain from engaging with the scam.

The development comes at a time when officials in Singapore are becoming more aggressive in their efforts to crack down on nefarious activity around BTC.

The increase in regulation has been partly driven by China’s crackdown on crypto trading and ICOs, which has seen Singapore become a haven for crypto exchanges and ICO promoters. However, the central bank has been quick to act against those pushing the boundaries with their cryptocurrency offerings, of which today’s scam warnings are the latest example.

Back in May, MAS wrote to eight cryptocurrency exchanges in the country warning them that they were required to be regulated before they could issue or trade in cryptocurrencies and tokens.

The authority also put a stop to an ICO at the time, after identifying the ICO as an unregulated equity, without the required prospectus or MAS authorisation demanded by Singapore securities law.

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.

The post Monetary Authority of Singapore warns investors of yet another crypto scam appeared first on Coingeek.

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Crypto market daily report – September 3, 2018

The cryptocurrency markets continued their impressive recovery on Monday with most coins showing positive increases after a positive weekend following many months of bearish activity. BTC held above the $7200 level after having even superseded the $7300 mark in a flurry of activity with turnover also increasing considerably.

Bitcoin Cash was the star of the show over the past 48 hours, rising by no less than 20% on Sunday to reach the $650 level before dropping back slightly to the $630 level on Monday morning at press time. Ripple remained stuck between the $0.33 and $0.35 range, but analysts have predicted a considerable move upwards in the coming weeks as interest and positive news surrounding the cryptocurrency continued to increase.

Ethereum was the only outlier in this positive move upwards with a price range that continued to hover between the $280 and the $300 mark, although there was very little movement either way. EOS performed an impressive climb of over 20% over the past few days –in fact it is around 35% up on a weekly basis to settle at the $6.50 mark with a further push upwards not unexpected.

Other coins with smaller market caps also saw a good increase with Ethereum Classic charging ahead and bullying the $14 level on Monday at press time—a level not seen since July. Litecoin registered a good increase to the $66 level before falling back slightly to the $65 mark but appeared well supported at that level. NEO was also up by over 15% over the weekend and was trading at the $22 level at press time, whilst XLM appeared slightly static with a trade range between the $0.22 and $0.23 levels. Cardano was slightly disappointing as it retraced slightly to the $0.103 level after having touched the $0.105 mark on Saturday or an 8% increase.

IOTA retained the $0.70 mark on Monday after having retraced slightly over the weekend, whilst ICX and ONT saw 5% declines to the $0.90 and $2.40 levels respectively. DASH also performed positively and held above the $200 mark although it decreased slightly over the past 24 hours by around 2%.

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.

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