Markets are down all across the globe. Wall Street has seen significant declines in its prices, futures trading was temporarily suspended and the general sentiment has been somewhat bleak. According to CoinMarketCap, even Bitcoin Core (BTC) is down, dropping 2.81% in the past 24 hours. In fact, all of the top five cryptocurrencies have seen declines of as much as 13%. In all of the chaos, though, there is a beacon that is shining bright. As of this writing, Bitcoin SV (BSV) has climbed 24.80%.
BSV now sits in the number five spot in the cryptocurrency rankings by market cap. Its current price sits at $110.94 and doesn’t show any signs of slowing down. This makes BSV more valuable than Ether, which is trading at just $97.57. Bitcoin Cash (BCH), which includes the controversial Bitcoin ABC version of BCH following the hard fork earlier this month, has dropped by 18.32% in the same period and now sits in seventh place by market cap – below Tether.
One of the reasons BSV is gaining ground is because of miners. They have remained loyal to BSV and their loyalty is beginning to show signs of paying off. It has been a difficult road, but one that has been well worth it in order to continue to develop the only cryptocurrency that follows the original definition of what a digital currency should be.
BSV has seen increases of almost 40% over the past week. While it’s difficult to determine exactly why it continues to climb, there are educated conclusions that can be made. BCH was running solid when it was still being rightfully viewed as the original Bitcoin as defined by Satoshi. As soon as chatter began that there were discrepancies in the direction the blockchain would take, the wobbling began. That wobbling continued through the hard fork, leading to the unprecedented drops seen in the price of BCH.
BSV is moving forward with a model that will ensure that Bitcoin lives on. This is being recognized by crypto enthusiasts who are beginning to understand that BSV and its supporters were right all along. Of course, a lawsuit against everything Bitcoin ABC stood for doesn’t help BCH’s cause, either.
There’s no way to know whether or not this bullish trend will continue. However, things are certainly looking up for BSV.
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In this interview with CoinGeek’s Becky Liggero, Bitstocks founder Michael Hudson explains what makes Bitcoin, Bitcoin.
Michael Hudson founded Bitstocks in 2014, when “Bitcoin was really Bitcoin.” In terms of its technical properties, such as ability to scale, Bitcoin Cash—now Bitcoin SV—continues functioning as an instant medium of exchange.
“So we’re now in a transition in our business where we are building an ecosystem. For us, if you’re building an ecosystem and you’re building a business, you want the most solid, robust foundations,” Hudson said. Bitstocks initially supported Bitcoin Cash as it has “the most solid and robust foundation for us to put our house, our ecosystem, our work on top of; however, Hudson announced at the recently held CoinGeek Week Conference that they will now use Bitcoin SV as the supporting cryptocurrency.
ICYMI: @btchudson has FINALLY revealed what we're building. This is Gravity, the Bitstocks Banking Ecosystem, underpinned by #BitcoinSV. Get a sneak peek at just some of the products coming in 2019. https://t.co/31aRPMHpjW pic.twitter.com/vRAT3QyZGn
— Bitstocks (@Bitstocks_) November 30, 2018
Practical application of the technology is most clear when this is embraced by merchants. “Merchants play a huge role, especially from a miner’s perspective as well. Miners are making huge amounts of financial investment which, over years, they need to get a return on investment,” according to Hudson. “In order for miners to feel truly secure and not flip-flop with their hash power, we need activity, we need genuine merchants. If there’s businesses built on top of this technology, then miners have the security to keep and continuing funding this initiative, funding this project.”
Hudson also pointed to initial coin offerings (ICOs), which he said were not bad in themselves. “ICOs gained a lot of traction in the space. There is some positive to ICOs. The negatives clearly are, you have a bunch of wasted energy, which is getting funded, to curate more inefficient wills than the original will. Bitcoin was the original will. So having projects being funded to create a more inefficient version is a complete, utter waste of time and resources. However, it has brought a lot of attention into the space,” he explained.
The important thing at present, he said, was to shift attention gained from ICOs, for real-world use. “What we need to ensure that we’re doing is that when this attention which is now being attracted to the space, the narrative and how they’re guiding that attention is done in a correct way. Education is there so people can now make real choices. We need to move from just speculation, and speculation is very fickle as well, especially with investors, to now real, genuine businesses,” he said.
Hudson also pointed to outlets such as CoinGeek as having “a very important role… in controlling this narrative and ensuring that the right education is being put out there, where people realize, ‘Hold on, maybe it’s not just all about this, this is real, this is not a fad, this isn’t just a way of making a quick buck. There’s real businesses being built on top of this stuff.’”
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Controversial Bitcoin visionary Dr. Craig Wright recently discussed the mathematical and biological models behind the Bitcoin protocol, in a talk on the philosophy behind Bitcoin released this week.
The chief scientist at nChain, Dr. Wright expressed his theories on the philosophical and technical underpinnings of Bitcoin in conversation with Michael Hudson, founder and CEO at crypto advisory service Bitstocks, in the first episode of the Bitstocks podcast.
Dr. Wright and Hudson also discussed the universal importance of the numbers 3, 6 and 9 in Bitcoin protocols, as well as touching on the role of quantum mechanics and Wolfram 110 of cellular automation in shaping the Bitcoin network.
The discussion explores the philosophy behind bitcoin in technical detail, as well as Dr. Wright’s views on the role of Bitcoin in the wider economy. He suggested that in order to become a global commercial currency, Bitcoin would have to become a universal unit of measurement.
According to Dr. Wright, “If we want one system that can become a global commercial backbone, we need something that can be as universal as a metre. If you take a meter, it’s the same metre here as in France as it is in America. That’s really what we want for money, and a backbone to the economy.”
On ICOs and tokens, Dr. Wright drew parallels with collateralized debt obligations, and the negative impact of the so-called shadow banking industry, which proved damaging to the wider economy.
“Everyone jumping on board this idea of creating tokens and tokenizing things for the sake of it is a more democratised version of the shadow banking industry,” he said. “All the problems that allowed us to have the boom a bust in the housing market and the false economy, we’re now seeing pumped into tokens to make a quick buck.”
One of the most vocal proponents of Bitcoin—now reborn as Bitcoin SV—Dr. Craig Wright summed up by calling for greater cooperation between divergent factions in the bitcoin space, to fully leverage the global free trade benefits of Bitcoin.
He said, “What people need to start considering is not any nationalistic idea of borders, but to remember we’re all one people in one world. That means we should be willing to open up and trade with everyone. Bitcoin allows us to have that level of trade…with free trade, we choose.”
The Bitstocks podcast is available on YouTube from Bitstocks TV and Spotify.
The post Dr. Craig Wright engages in philosophical discussion about ‘hidden math’ of Bitcoin appeared first on CoinGeek.
The cryptocurrency sell-off has a number of investors singing the blues. More than a handful of individuals bought into crypto following Bitcoin Core’s (BTC) massive price gains last year, expecting to see the same explosive growth in 2018. It hasn’t happened; in fact, the numbers are down significantly from the beginning of the year with many digital currencies losing as much as 75% of their value. However, instead of looking at this as a glass-half-empty scenario, it needs to be seen as a glass-half-full situation that is going to produce great things for cryptocurrency.
Many people have forgotten why cryptocurrency was created. They have become blinded by the dollar signs, hoping to be able to convert a few Bitcoin into a new Lamborghini or oceanfront party house by seeing substantial returns. What was presented by Satoshi Nakamoto about ten years ago was designed to be a currency, a form of money that was peer-to-peer, not controlled by a central bank and which allowed for instant transactions. A currency is only good if it can be spent; as long as there are any obstacles that prevent it from reaching widespread mainstream adoption – such as massive volatility – it can never flourish.
The sell-off is a good thing. It is helping a great number of people to begin to take cryptocurrency more seriously. It is eliminating the get-rich-quick scammers operating through initial coin offerings (ICO) and new – but worthless – digital tokens that provide no utility.
It has also produced a market that is, on some levels, cleaner than before. Despite wild fluctuations, price volatility has been less than what was seen last year, meaning there is more stability in the markets. This is going to help produce an ecosystem that is able to thrive and provide the results that everyone should desire to see – a world that accepts digital currency as a legitimate currency and which removes the ability for central banks or countries to whimsically manipulate prices.
Those behind Bitcoin SV are not looking to create a cryptocurrency that sees its price head to the moon one day, only to come crashing back down the next. Instead, the goal is to create a sustainable cryptocurrency that is a viable alternative to fiat. Despite the actions of some individuals to try and derail the train from the tracks, Bitcoin SV has been able to remain true to the original Satoshi’s Vision and create a cryptocurrency that is not only looking at the long-term prospects, but which, in a sea of wanna-be digital currencies, has true, tangible utility value.
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Squire Mining Ltd., a listed issuer on the Canadian Stock Exchange, announced on Friday that is has entered an agreement to acquire crypto mining assets owned by CoinGeek and its affiliates, paving the way for the formation of the largest publicly-owned crypto mining operation in the world—henceforth known as CoinGeek Technologies Ltd.
Under the deal, Squire will take under its wing CoinGeek assets consisting of 62,440 ASIC mining rigs, representing an estimated 960,000 terahash/s or about 90MW of power consumption. These assets are operated by host providers across the United States, with 35,940 rigs, as well as Canada (6,000 rigs), and Kazakhstan (20,500 rigs). The crypto mining assets have an all-in weighted operational cost of US$0.073 per kilowatt hour.
The deal is valued at CAD$60.3 million (US$45.33 million), consisting of 114.8 million Squire common shares worth CAD$34.4 million (US$25.86 million) based on the Nov. 29 closing price of CAD$0.30 (US$0.23) per share. CoinGeek will also receive an unsecured vendor-take-back note worth CAD$25.8 million (US$19.4 million), which it can convert into additional Squire common shares. CoinGeek, for its part, has agreed to enter into a voluntary one-year lock up on the common shares it received.
As part of the agreement, Squire will be taking on CoinGeek’s employees and consultants who are involved with the management and operation of the assets, as well as the CoinGeek.com website and domain, along with all the marketing and advertising assets related to the CoinGeek name.
The Canadian company is also acquiring CoinGeek’s outstanding global distribution agreement for Squire’s ASIC chips and rigs. Earlier this year, Squire granted associates of CoinGeek the exclusive right to market, promote, solicit, sell and distribute Squire’s new ASIC chips and mining rigs to Bitcoin SV and other alt coin miners throughout the world.
Taras Kulyk, chief executive officer at Squire, said: “This transaction would provide Squire with a leading, recognized brand via the acquisition of the CoinGeek.com and CoinGeek name, but it would also make us the largest, publicly traded Bitcoin miner globally. It is expected to deliver significant shareholder value by enabling Squire to become vertically integrated with our growing chip design and manufacturing business, which we would seek to have commercial within 2019.”
“I believe the next phase of growth for this industry is upon us and that means massive scaling of the Bitcoin blockchain to accommodate the throughput needed for enterprises to make use of this technology. By vending my mining and CoinGeek branded assets into Squire, I would be doubling-down on my commitment to Bitcoin’s success. These assets would enable Squire Mining Ltd to compete at a global level to pave a path for enterprise usage of blockchain technology to flourish,” said Calvin Ayre, owner of the CoinGeek brand.
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Steve Shadders, director of solutions and engineering at nChain, wants to make one thing clear: there will be no more split down the road for Bitcoin SV.
On the sidelines of the CoinGeek Week Conference in London, Shadders explained why the chances of a potential split down the road for Bitcoin SV “are pretty unlikely,” saying: “The reason for that is because everyone who has come along and followed the Bitcoin SV roadmap understands that part of that roadmap is locking down the protocol. And that is all we really actually had to fight about and the only reason why there was ever going to be a split.”
Sure, there will be disagreements, but people will deal with these “by building whatever it is that they want to build and compete”—and none of these will affect the base protocol, he stressed.
For nChain, the roadmap for the next couple of months will be “much bigger blocks,” with the Teranode project taking the original Satoshi Vision to the next level. Teranode is not a monolithic “one size fit all” implementation. Instead, the project separates four core functions into a modular microservices architecture approach—making a separate Business (RPC) Layer, Network (P2P) Layer, Process Layer and Storage Layer. It will also seek to solve a technical issue that arises with a massively scaled Bitcoin network with terabyte-size blocks: how to optimize the unspent transaction output (UTXO) database maintained by nodes to prevent double-spending of Bitcoins.
Shadders, however, pointed out that collusion double-spending is highly unlikely “because it’s not in the miners’ interest to undermine the value proposition of the very coin that they get paid in.” For other types of broadcast double-spends, Shadders said there simple mitigations—just make sure that the merchant knows about it.
“Right now merchants aren’t really doing that. They’re not going out and querying the miners and we don’t have an easy mechanism for them to do that but that’s one thing that we’re planning on, not just planning we’re in progress, building right now so a merchant will be able to query multiple miners and check on the status of their transaction. They will be able to check with the miners and find out what minimum fee is required to guarantee you’re going to mine this transaction,” he explained.
The post Expect ‘much bigger blocks’ for 2019, nChain’s Steve Shadders says appeared first on coingeek.
“It’s time for Bitcoin to grow up”, said Jimmy Nyguyen in his opening remarks at the CoinGeek Week conference. That set the tone for the next three days and 30 or so presentations.
The hash war between Bitcoin ABC and SV had played out. It was fierce - and had changed the world for the combatants in just a couple of short weeks. But Jimmy, and Calvin Ayre, who introduced the conference, were confident that their team - including CoinGeek, nChain and SVPool - are now in a great place from which to build for the future around Bitcoin SV.
Since the conference was held just ahead of the tenth anniversary of the first transaction on the Bitcoin blockchain, the sense of growing up and moving on to the next chapter had an extra resonance. As to what the way forward would look like, Craig Wright came on stage later that morning and captured it in his first words: “OK, it’s really, really simple: we need transaction volume.”
During the rest of the conference at London’s Mermaid Theatre, the path to more transactions, of more kinds, was explained through a kaleidoscope of big visions and inspiring implementations that are already up and running.
One theme that jumped out was the sense that crypto is starting to work with the grain of the world as it exists - rather than trying to build a parallel universe. Just three examples: Elizabeth White announced a debit card that uses crypto and has Mastercard as a partner. Stephan Nilsson is building a supply chain ID system that works on the blockchain alongside SAP - a global data management giant.
And CentBee’s Angus Brown talked about how his wallet was part of a recent initiative with the (very real) bar chain Brewdog. Again, it was a question of working with the world as it is: “bank cards are not going away tomorrow,” said Angus. So CentBee “needs to feel like a payment card, but better.” The experience with giving people wallets to buy beer a few minutes later produced an “I get it” reaction: “it’s not Lambos, it’s just beer”.
That kind of ordinariness and familiarity is one of the aims of Ryan X. Charles’ Moneybutton. It’s designed to integrate with any online site, with an endless array of possible functions - starting with money. As Ryan put it, we’re “making payments as easy as the Facebook Like button”. Crucially, Moneybutton is “just an interface for you to use the power of the blockchain”. The end user sees money in the currency they’re familiar with - pounds, dollars or whatever. So if you want to leave a tip, you don’t need to know what it is in Bitcoin: that side of the transaction is all behind the scenes.
Talking of working with the real world, what could be more real that using the power of crypto mining to grow vegetables? Or drying, er, human waste to turn it into fuel. That’s what’s happening just outside Montreal, courtesy of BlockchainDomes. The idea is that the heat generated during the mining process shouldn’t be wasted. Is this the start of a green crypto movement?
Summing up at the end of day two, Jimmy Nyguyen reminded his audience that technical solutions are just part of the work in crypto. Alongside that, “a business-minded, real world approach is important”.
Embracing reality - that’s what crypto is doing today. Now please fasten your seatbelts for day three of the conference, whose theme is The Future.
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