Singapore set to receive first fiat-to-crypto exchange

According to the media outlet Financial News, Singapore now has its first fiat-to-cryptocurrency exchange. The platform, EurekaPro, is already accepting beta testers and over 8,000 individuals signed up the first week the testing was offered.

The exchange will make it easier for consumers and businesses to purchase and exchange cryptocurrencies. EurekaPro will support a number of Asian currencies, including the Singapore dollar, the Indonesian rupiah and the Malaysian ringgit, among others.

According to the platform’s CEO, Junus Eu, “Our platform represents a unique proposition for the blockchain space in Southeast Asia, by removing or reducing entry barriers to the crypto market that may otherwise prevent consumers from adopting blockchain technology.”

EurekaPro was founded by Eu in conjunction with Kin-Wai Lau and Douglas Gan. The company began as the Sweden-based Overswitch and has operations in that country, as well as in Singapore and Malaysia.

While cryptocurrency is gaining ground around the world, nowhere is this more evident than in Southeast Asia. It is currently the fastest growing market and is seeing strong adoption, in particular, among the middle class. Out of all the countries in the region, Singapore and Thailand are currently leading the way and have maintained an inviting atmosphere for cryptocurrency.

Last month, Singapore proved its trust in cryptocurrency at the Singapore Consensus conference. The Monetary Authority of Singapore (MAS), which acts as the country’s central bank, indicated that it was ready to accept cryptocurrency. The head of the FinTech Ecosystem division for MAS, Damien Pang, indicated that the bank would not be looking to regulate the technology, but would obviously regulate the purpose.

To assist with its endeavors, the MAS has partnered with the NASDAQ exchange, Deloitte and Anquan in order to create solutions for exchanges and for payment settlement solutions that could incorporate digital currencies and security assets.

Not too far behind, Thailand has been moving quickly to draft regulations for cryptocurrencies. It is also working on developing guidelines to classify different crypto as securities or currencies, depending on their purpose, and has introduces a series of regulations for initial coin offerings (ICO). Since the implementation of the ICO regulations, new offerings have dropped off substantially, a strong indication that only serious players are now willing to participate in the space.

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 Singapore set to receive first fiat-to-crypto exchange appeared first on Coingeek.

Read More

Mayor reveals $108M plan for blockchain smart city in Seoul

Seoul Mayor Park Won-soon is planning to invest KRW123.3 billion ($108 million) to turn the South Korean capital into a blockchain-powered smart city, CoinDesk reported.

During his visit to Zurich, Park revealed his five-year Blockchain Urban Plan, which will cover 14 public services in five major areas—election voting, labour welfare, vehicle history management, donation management, and certification issuance.

According to the official, the technology can be utilized to protect part-time workers who are not covered by employment insurance. Park revealed his blockchain smart city plans several months after winning his re-election bid in June. It would be recalled that during the election campaign, Park made a commitment to support blockchain startups via the Gaepo Digital Innovation Park and Mapo Seoul Startup Hub. He also promised to increase support for blockchain development in Seoul by developing the city’s Mapo district as a centre for blockchain incubation.

Park pointed the complexities the blockchain would solve for the metropolitan city, saying, “There are about 1.15 million people in Seoul who receive various welfare funds, like basic pensions, welfare support for those with disabilities and more. The paperwork can be complicated because one needs to submit information about one’s background and identification to various governmental agencies to receive welfare support.”

However, Park is confident that blockchain technology would pave the way for individuals to share their data securely and with less paperwork.

Seoul’s blockchain blueprint is also in line with the plans of the South Korean government. Earlier in June, the South Korean Ministry of ICT had announced that it would invest $9 million following years to lead blockchain adoption in six major public services. Park also revealed that his administration will spend an additional KRW60 billion ($53 million) by 2021 in building two complexes that will house 200 blockchain startups at the Gaepo Digital Innovation Park and Mapo Seoul Startup Hub.

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 Mayor reveals $108M plan for blockchain smart city in Seoul appeared first on Coingeek.

Read More

Energy-stealing crypto miner faces jail time in China

A man in China has been ordered to spend three years and six months behind bars over charges of mining cryptocurrency using stolen power from a local train station, local news outlets reported.

Authorities said Xu Xinghua, of Datong in China’s northern province of Shanxi, successfully mined 3.2 BTC—worth an estimated 120,000 yuan or $17,400)—as of April. His crypto mining operations, which involved 50 crypto miners and three electric fans, were allegedly powered by electricity stolen from one of the factories at the Kouquan Railway. Xu reportedly ran up an electricity bill of 104,000 yuan ($15,000), according to reports.

The Datong Railway Transport Court confiscated Xu’s mining rigs and also ordered him to pay the 100,000 yuan ($14,500) fine, cnBeta  reported. Xu was sentenced for his “miner theft case” last September 13.

Xu is the latest crypto-related case to have faced the wrath of the Chinese government, which has been relentlessly after crypto miners who it claims have been or are looking into illicitly using the country’s power supply. Recently, reports surfaced that China’s internet finance regulator, the Leading Group of Internet Financial Risks Remediation, has ordered local governments to “guide” crypto mining operations into making an “orderly exit” from the business. This comes on the heels of reports that the Chinese government is looking at limiting electricity supply to crypto miners.

The regulations, however, have yet to stop illegal crypto mining operations in China. In April, six people were reported to have stolen electricity from their local power grid to mine cryptocurrency. Two months later, a man was arrested in Anhui province on charges of stealing power of 150MW and running a bill of 6,000 yuan ($930) daily. According to reports, the man’s mining operation included 200 computers, which he used to mine BTC and ETH.

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 Energy-stealing crypto miner faces jail time in China appeared first on Coingeek.

Read More

BTCC’s Bobby Lee: The essence of Bitcoin is that now information is money

In the seven and a half years that Bobby Lee, a co-founder of BTCC, has been studying blockchain and cryptocurrencies, he’s learned that what happens in the industry is something that “no one has control over.” This keeps him from making predictions on the upcoming Bitcoin Cash (BCH) upgrade.

Lee noted that before the hard fork that led to Bitcoin’s rebirth in BCH in August 2017, “I was begging people not to fork it at the time. But it still forked. So that actually proves the fact that Bitcoin is quite decentralized, that no one can force it: no governments, not even people, regular people or miners, or there’s no decentralization in it to force it one way or the other.”

A self-proclaimed “Bitcoin maximalist,” Lee nonetheless concedes that both BCH and BTC can co-exist. “The best analogy is, it’s like religion. If you look at the world’s religions, there’s many, many religions. I don’t claim to be an expert here, but I think several of them trace back to the same roots.” He considers Bitcoin BCH and BTC as “legitimate children of Bitcoin.”

The primary value of cryptocurrencies, as he sees it, is that money is no longer about specific pieces of paper or lines of credit issued through a governing body. “Very few people realize that the essence of Bitcoin is that now information is money. So it’s not about something physically you hold, it’s not about having ownership under my title, under my name, for example, real estate. Even the car I buy, for example, is owned under my name, and the government enforces it. There’s a matching of my name and the asset—the real estate or the car… With Bitcoin, the ownership is actually proven not through physical means and not through title registration, by identity. But that should only be because you have information, you have the knowledge of the private key. So people don’t get that, and that’s fine because not everyone’s a computer scientist, not everyone’s an economist. So I hope to spread that message, that that’s the essence of Bitcoin, because now people can own Bitcoin by having that information.”

Blockchain’s part in history, according to Lee, “goes back to the fundamental rights as a human being, goes back to the word ‘freedom.’”

“Essentially, we’re not slaves, we’re not enslaved in society. Now how does slavery and freedom matter to Bitcoin? Well, if you think about it, the governments have enacted so much control over the money, essentially, people who have now made money are enslaved to the governments, because the spending restrictions, who they can transfer it to, how much they can receive, and also the value of the money, is also completely and arbitrarily controlled by the central banks through inflation, and so on and so forth,” he said.  “Right now, we’re seeing that the value is highly volatile, so there’s a downside to it right now, because we’re in the early days. We’re barely in the tenth year of Bitcoin, but give it another 10 years, give it 50 years. I think it will be very important to the people of the world.”

It may be just the beginning, but we could already see a big change from just five years ago. Lee said, “I remember distinctly in 2011, even as recently as 2013, saying the word ‘Bitcoin’ into a crowd, no one would understand what you’re talking about. The idea of a ‘bit’ coin, a digital coin, that was just unheard of. So now, through years of pushing it in the media, finally the world knows about Bitcoin. They also know about the word ‘blockchain,’ they also know about the word ‘tokens,’ and so on.”

If you’re interested in helping the growth of merchant adoption of Bitcoin BCH, join the bComm Association, an industry group that intends to be the focal point for miners, merchants, exchanges, developers and members of the BCH community. Developers and merchants of the Bitcoin BCH community will also be on hand for the first CoinGeek Week happening in London in November. Members of bComm Association can avail CoinGeek Week tickets at discounted prices. To purchase tickets or learn more about CoinGeek Week Conference, visit the official website here.

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 BTCC’s Bobby Lee: The essence of Bitcoin is that now information is money appeared first on Coingeek.

Read More

‘Simple alternative’ to cash now available for CoinText users in Hong Kong, Palestine, Israel

A novel cryptcurrency platform was first brought to light this past February and promised to bring Bitcoin BCH to those who have no access to the Internet. Eight months later, that platform, CoinText, is gaining in popularity and is now rolling out its service to several new areas.

In a press release, CoinText announced that its service is now available to users in Hong Kong, Palestine and Israel. Vin Armani, the company’s founder and lead developer, said, “These are important regions for us to connect because they’re financial centers. And CoinText gives them a simple alternative to physical cash.”

CoinText’s brilliance is in its simplicity. It allows a user to send Bitcoin BCH to anyone using just a mobile phone number or a cryptocurrency wallet. It does not require an Internet connection, instead relying on the global Simple Message System (SMS) text messaging protocol.

If cryptocurrency is sent to someone without a crypto wallet, CoinText automatically creates and configures the wallet as soon as the text message is received. Users of the platform can manage their wallets easily by using commands like BALANCE to check the wallet balance, and RECEIVE and SEND for their respective actions. Each geographic area has its own locally assigned number, giving users the ability to send Bitcoin BCH without incurring hefty charges.

Hong Kong became the first country in Asia to be set up with CoinText. While the default language of the platform is English, the company indicates that it will soon have support for both Chinese and Hebrew.

CoinText can be accessed in the new regions by dialing the following numbers: 85257456744 (Hong Kong); 972526230418 (Israel).

CoinText is now available in a total of 25 countries around the world. However, provided a user has an international roaming plan associated with his or her phone, access is available from anywhere. It is available in Canada, the U.S., Mexico, Chile and South Africa, as well as 16 countries in the European Union.

CoinText focused on Bitcoin BCH because it is the only cryptocurrency available today that is still advancing the original purpose of cryptocurrency—to be used as a viable and legitimate digital currency in lieu of fiat. The majority of the blockchain’s developers haven’t waivered from this initial goal, which is why Bitcoin BCH is the fastest growing retail cryptocurrency available today.

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 ‘Simple alternative’ to cash now available for CoinText users in Hong Kong, Palestine, Israel appeared first on Coingeek.

Read More

UK agency studies blockchain use for landlines

The UK’s Office of Communications (Ofcom) announced that it has received £700,000 ($917,000) from the Department for Business, Energy and Industrial Strategy (BEIS) to explore the use of blockchain technology for the management of landline numbers under its jurisdiction.

In its statement, Ofcom said, “Between now and April 2020, we’ll be inviting industry participants to trial the porting and management of millions of telephone numbers using blockchain and ledger technology.”

Hindrances to managing a database for such a purpose were high costs and difficulty in collaborating among parties. Ofcom said, “We have the chance to test the solution before it is rolled out across the industry. We plan to share key learnings, best practices, and the underlying code base, where applicable, with other regulators.” The benefits of the study, it said, would not just be limited to Ofcom’s mandate, due to other participants in the project.

Ofcom Chief Technology Officer Mansoor Hanif said, “We will be working with industry to explore how blockchain could make it quicker and easier for landline customers to switch providers while keeping their number – as well as reducing nuisance calls.”

The agency said that there were about 1 billion landline numbers already in use or reserved, which are issued to telecommunications companies. The challenge, according to Ofcom, was with telco networks moving “from traditional analogue telephone lines to an all-IP (internet protocol) infrastructure.”

Ofcom said that blockchain could help in the process, by facilitating the moving of a number between providers, better handle fraud and nuisance calls, lower costs, and “increased industry agility.”

“Blockchain allows for greater transparency between users and uses underlying open-source software code. It is resilient because the number database can be replicated with each user having a copy. Updates can also be seen in real-time, by all users, but cannot be added to the register,” the agency said.

The BEIS was created in 2016, replacing the Department of Energy and Climate Change, and the Department for Business, Innovation and Skills.

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 UK agency studies blockchain use for landlines appeared first on Coingeek.

Read More

Gap600 service targets crypto exchanges’ common pain point—transaction lags

Swedish financial technology company Cinnober has partnered with cryptocurrency payment solutions provider GAP600 to enable instant confirmation of cryptocurrency transactions on exchanges, according to a press release.

The instant cryptocurrency transactions functionality will be available as an add-on to Cinnober’s cryptocurrency offering for exchanges.

Eric Wall, Cinnober Cryptocurrency and Blockchain Lead, said, “GAP600’s instant confirmation service removes the lag time associated with cryptocurrency deposit transactions between users and exchanges. Such transactions can take 60 minutes or more until they are visible in the user’s trading account. Due to the volatility in the cryptocurrency markets, the value of the assets can change significantly during this time. This problem is removed with GAP600’s service.”

Instant confirmations are made possible by GAP600’s proprietary risk engine, which determines the risk involved with each transaction. Furthermore, cryptocurrency payments are guaranteed through an underwriter, even before a transaction is included in the blockchain.

GAP600 co-founder and CEO Daniel Lipshitz said, “GAP600 is easily integrated, which means the instant payment transaction functionality is ready to go live on the Cinnober platform, offered as a value-added feature to Cinnober customers. Offering this functionality will significantly improve the cryptocurrency exchange value proposition.”

Cinnober Group CEO Peter K. Lenardos noted how delays in confirming cryptocurrency transactions has been a significant concern for traders. “The current lag time for transactions over the blockchain is a major pain point for those trading cryptocurrencies. Being able to offer instant transaction functionality will help our clients improve their competitive advantage in the cryptocurrency exchange space,” he said.

For Bitcoin Cash (BCH) transactions, the new service will be offered on top of instantly verified transactions that allow users to spend amounts that have just been transferred to one’s wallet, almost instantaneously.

Last September, stock exchange company Nasdaq announced its plan to purchase Cinnober through a $190 million all-cash recommended public offer. The move is intended to allow Nasdaq to increase its presence in the cryptocurrency sphere. With Cinnober as strategic partner to cryptocurrency custodian BitGo, the acquisition will allow Nasdaq to venture into custody services using an already regulated entity.

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 Gap600 service targets crypto exchanges’ common pain point—transaction lags appeared first on Coingeek.

Read More

Binance to donate listing fees to charity

Binance, one of the world’s largest cryptocurrency exchanges, has come under fire for what some have viewed as exorbitant listing fees. It’s more than likely because of this, and not some altruistic vision, that the company announced yesterday that all of the fees it collects for listing new cryptocurrencies will be donated to charity.

The company said that its new policy is effective immediately. It added that it will donate the fees for the “greater good” and also that token developers can now tell the exchange what they would like to pay to have their tokens listed. Binance didn’t indicate that it would automatically accept the requested amount, but specified that there would be no minimum fee required.

According to the announcement, “Binance will continue to use the same high standard for the listing review process. A large donation does not guarantee or in any way influence the outcome of our listing review process.” It further said that the new policy applies to any new applications, as well as those that have already been submitting and which are waiting for approval.

Changpeng Zhao, the exchange’s CEO, said on Twitter, “I think this is a net win for us too. Charity will increase adoption, make the industry bigger, which in turn will benefit $bnb and @binance (and others too). Of course, we sacrifice short term direct gains. But if you keep a long term view, it’s a win-win on multiple fronts.”

This past August, Binance was targeted after a cryptocurrency developer tried to have his coin listed on the exchange. Christopher Franko, who created the blockchain platform Expanse, took to social media to complain that the exchange had asked him to pay 400 Bitcoin Core (BTC) to be listed, an amount that equaled approximately $2.6 million – not a reasonable fee for the majority of the startups in the blockchain space.

Zhao denied the allegation, saying that it was fake news. He asserted, “We don’t list shitcoins even if they pay 400 or 4,000 BTC…[The] question is not ‘how much does Binance charge to list?’ but ‘is my coin good enough?’ It’s not the fee, it’s your project! Focus on your own project!”

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 Binance to donate listing fees to charity appeared first on Coingeek.

Read More

Bitcoin ABC doesn’t believe in Bitcoin BCH

The only going debate regarding how to proceed with the Bitcoin BCH blockchain has led some to claim that the upcoming hard fork in November could lead to a new cryptocurrency being created. Those who understand the importance of blockchain integrity, and the place Bitcoin BCH plays in the advancement of digital currencies, are working together to ensure that this doesn’t happen. But, there is a minority of individuals who are apparently pushing for it to happen.

One of these is Bitcoin ABC. The development team has repeatedly spoken out against several advances that are being added to Bitcoin BCH, including the Nakamoto Consensus. Per the application’s white paper, “They (the miners) vote with their CPU power, expressing their acceptance of valid blocks by working on extending them and rejecting invalid blocks by refusing to work on them. Any needed rules and incentives can be enforced with this consensus mechanism.”

However, the Bitcoin ABC doesn’t like this idea. One of the team’s developers, Johnathan Toomim, was asked why Bitcoin ABC is against the model, to which he responded, “Because it doesn’t work! Nakamoto Consensus would work for a soft fork but not a hard fork. You [can’t] use a hash war to resolve this issue! If you have different hard forking rule sets you are going to have a persistent chain split no matter what the hash rate distribution is. Whether or not we are willing to use Nakamoto consensus to resolve issues is not the issue right here. What the issue is, is that it is technically impossible.”

To put it bluntly, this – coupled with other recent developments of which Bitcoin ABC has been apart – show that the developers don’t believe in Bitcoin BCH. They don’t believe, despite overwhelming evidence, that the blockchain can continue as has been designed and seem to be determined to create their own cryptocurrency.

If that’s what they want to do – create their own cryptocurrency – then that’s what they need to do. Just because they don’t understand why models such as the Nakamoto consensus and canonical transaction ordering (CTOR) work doesn’t mean that they need to try to kill them. Given that all of the information on how to create a cryptocurrency is out in the public and is open source, perhaps it’s time that they concentrate on creating their own digital currency and let Bitcoin BCH continue to be the blockchain it is now – one that works.

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 Bitcoin ABC doesn’t believe in Bitcoin BCH appeared first on Coingeek.

Read More

Why Bitmain’s hash war reminds me of Darius III at The Battle of Gaugamela

1,000,000 miners lined up on the plains in formation.

Are they real? Rumours are surfacing that Bitmain has some 1,000,000 “Ghost miners” ready to spring to action to mine BCH (rather than BTC, where the vast amount of Bitmain-controlled mining pool hash now mines) to pervert Bitcoin technology to its Wormhole tech Nov 15th at the next scheduled Bitcoin BCH network upgrade. It’s possible that at least some of this information may be correct, as Bitmain does have a history of not following the rules and especially of throwing its customers under the bus.

We here at CoinGeek have made something of an industry of reporting on Bitmain’s problems and double dealings and how this is likely going to kill their IPO chances. We have also explained in detail a number of times why Bitmain’s WormHole plans are reckless and self-serving at best. And we have also covered their hardware design teams leaving the company and its inability to stay competitive with their hardware offerings.

However, this new rumour brings up another issue, one that goes to the heart of whether or not anyone can trust them. I know I don’t. I bought over a US$100 million from them leading up to Q1 of this year and I can confirm they would never have gotten one Bitcoin BCH from me if I would have known they were going to use my money to try to kill the only technology that actually works as money to the world today.

Since we already know that the entire Mining industry, other than those paid or supported by Bitmain, support Satoshi Vision and will be joining CoinGeek’s side pre upgrade, there are only two possibilities here. Either: (1) this hash is a bluff and will soon be exposed as such; or (2) it’s real and is a kind of fraud or cheating by Bitmain unfairly using its conflicted interests as a hardware sales operation (and a controller of public mining pools which now largely mine BTC not BCH) to stomp on the interests of its own clients.

My purpose in writing this article is to outline my argument that: it is unconscionable that Bitmain should be rewarded for violating its obligations to its BTC mining pool customers by suddenly turning on or moving “ghost miners” to BCH (when its mining pool customers expected to be mining BTC) and operating in violation of the rules of Nakamoto Consensus that the longest chain is a chain of truly competing miners (who I repeat are in fact Bitmain-controlled mining pool customers who invested a lot of money that went to Bitmain to compete fairly).

I have already publicly stated that “I will support the longest Chain” with the most Proof of Work to be recognized as BCH. What I meant by this is the longest chain of legitimate miners competing with each other as outlined in the original Satoshi white paper and as is supported by all who support Satoshi Vision. I still maintain this pledge. I will not, however, follow Bitmain down a rabbit hole of their own making based on cheating by Bitmain.

Furthermore, the longest chain needs to be determined by legitimate, sustained hash power from miners. It would be ridiculously unfair for Bitmain to move or activate 1,000,000 “ghost miners” onto the BCH network only for a temporary basis starting November 15 or short bursts of time, in order to potentially declare an artificial victory in a BCH hash war—but then quickly deactivate those miners or intermittently move them back to the BTC network, while neglecting their own clients. Proof of Work is about true investment to provide computing power and security for the Bitcoin network; it’s a long term commitment, not a one-night stand.  Therefore, the longest chain with the most Proof of Work should be determined by what is legitimate, sustained hash power by miners who are truly committing long-term investment for BCH.

If Bitmain cheats and forces a fork to its own new coin—running its backed Bitcoin ABC changes to the original Bitcoin protocol and also supporting Wormhole—this will result in a chain fork. The entire industry minus Bitmain and friends will stay with Satoshi Vision (as represented by the new Bitcoin SV and other compatible implementations) and this will be the longest legitimate chain as outlined in the original white paper. The Satoshi Vision chain will be the sole remaining version of true Bitcoin in the world and will deserve to remain being called Bitcoin BCH at exchanges globally.

Bitmain can move forward with its Wormhole coin and onto its Wormhole technology that will eventually kill the underlying chain and move to its centralized (with Bitmain) Proof of Stake Wormhole platform. If exchanges want to have this token on their exchanges they can call it what it is, WHL. Exchanges need to make a stand and protect Bitcoin by recognizing Bitcoin BCH as the longest chain with the most legitimate, sustained Proof of Work.

If they do, Bitcoin will survive as Satoshi Vision will have won the day due to legitimate hash investment in spite of all attempts by Darius to cheat on the battlefield.

CoinGeek will actively fight any efforts by Bitmain to fork away from a Satoshi Vision version of Bitcoin.

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 Why Bitmain’s hash war reminds me of Darius III at The Battle of Gaugamela appeared first on Coingeek.

Read More
Top