News

Don’t miss the CoinGeek Week Conference in London this November

What started out to be just a one-day conference has received such a great amount of support that it had to be extended by two additional days. The CoinGeek Week Conference, which will be held at the The Mermaid at Puddle Dock in London in November, is simply one of the most important cryptocurrency conferences of the year and is a must-attend for anyone in the industry, from novices to expert developers. Anyone who understands the importance of Bitcoin BCH and the role in plays in revolutionizing digital currency will benefit from the three-day event.

The historic conference will be held from November 28-30. The leading blockchain and cryptocurrency developers will be on hand to share their experience and expertise, while discussing the advantages of digital currency in a retail environment. Not only is cryptocurrency an additional form of payment, it’s also a way for merchants to increase their revenue.

While attendance on all three days will provide the most benefits, it’s possible to attend a single-day conference based on what area of crypto best suits you. The first day is designed to focus on application development, giving attendees an in-depth understanding of the latest in blockchain technology. There will be a networking event held in the afternoon to allow attendees an opportunity to create new alliances and expand their businesses.

Day 2 is aptly entitled “Application Merchants Day.” The conferences will target how to gain an edge on the competition and how easy it is to integrate Bitcoin BCH to grow your business. The afternoon networking event, as on Day 1, will prove to be extremely beneficial to those wishing to expand their enterprises.

The future of crypto and blockchain technology will be the highlight of Day 3. Learn from the experts, who will talk about what lies ahead for the currency evolution and how it will impact the global financial landscape.

For those who attend all three days, an after-party will be hosted by Calvin Ayre, founder of CoinGeek and Bitcoin BCH pioneer. You’ve never partied until you’ve partied with CoinGeek.

Tickets are available now and space is limited. You can purchase a single-day or a multi-day ticket for a discount, and all tickets can be purchased with Bitcoin BCH. Members of bComm automatically qualify for a discount. Take advantage of this unique opportunity to get ahead and help your business thrive.

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 Don’t miss the CoinGeek Week Conference in London this November appeared first on Coingeek.

Bitcoin BCH stress test a huge success, over 10MB blocks mined

September 1 marked the day a massive stress test was done on the Bitcoin BCH network, and the results are in. Over 2.1 million transactions were registered on the network with a significant number of 10MB blocks—and some up to 21MB—being mined, with most of the 10MB blocks being mined by CoinGeek, the worlds first enterprise-level Bitcoin mining operation. The stress test was administered to verify the strength of the network prior to the upcoming hard fork scheduled for this November, and will more than likely turn into a regular annual event.

The number of transactions seen on the Bitcoin BCH network equates to 63% of all cryptocurrency transactions registered last September 1. It overwhelmed that of the second-most seen currency in the period, Ethereum, and was over 20 times that of BTC. According to Coin Dance, the number of microtransactions on the BCH network spiked to 14,300 per block. The average number for BTC is around 1,000 to 1,500.

As an added benefit, there was no increase in transaction fees. In fact, according to BitInfoCharts, the transaction fees actually dropped. They dipped from the normal average of $0.022 to $0.0017.

Jameson Lopp, software engineer and founder of bitcoinsig.com, was somewhat impressed by the results. He tweeted that the test had “succeeded in breaking various transaction and mempool visualizers.” In a separate tweet he posted more of the technical details of the stress test, pointing to some limitations. He said, “BCH Stress test recap: * Bottlenecks caused services such as the transaction generators to slow & error out, preventing mempool from exceeding 22 MB. * Largest block: 21.35 MB * Avg block size was ~3.6 MB: 11% of max capacity * 16% of Bitcoin ABC nodes dropped off the network.”

Not only did Bitcoin ABC have trouble keeping up, so did ViaBTC. This isn’t too much of a surprise, as Dr. Craig Wright had already predicted that the mining operation would not be able to function properly in a large-scale scenario and said that it couldn’t handle blocks larger than 8MB. As the information seen on blockchair.com confirms, ViaBTC didn’t mine any blocks above 7.999MB. For miners, it’s high time to upgrade to suppliers offering software that can scale as Bitcoin clearly scales already if you are working with the correct suppliers.

The stress test has also been successful for Bitcoin BCH’s price. It rose from $521 a week ago to hit $648 on September 1. As of this writing, it sits at $634.61, an increase of 2.78% over the past 24 hours.

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 BCH stress test a huge success, over 10MB blocks mined appeared first on Coingeek.

Questions surround Bitmain’s business plan ahead of IPO

Bitmain, one of the largest cryptocurrency mining equipment manufacturers and mining operations in the world, is looking to go public this month, but a series of missteps may just about put those plans in jeopardy. Apart from making egregious financial backing claims that have since been refuted, new questions have come up regarding the company’s financial solvency and, most recently, its business practices.

Internal Bitmain documents that were leaked to the public has shown that the company may have indulged in some creative accounting. In the documents, which were posted on Twitter and is in Chinese, Bitmain asserted that it holds assets worth around $2.6 billion. Of these, $1.2 billion-worth is reportedly held in inventory, which means that almost half of its assets are devices that it has not been able to ship. In other words, the company has a large quantity of machines that it hasn’t been able to push out to the market because demand has fallen.

That conclusion was reached by the Bitcoin Mercantile Exchange (BitMEX), which translated and analyzed the leaked documents. It asserted, “We have reason to believe the authenticity of these documents, which forms the basis for this report.”

BitMEX also concluded that Bitmain’s sales dropped from 2.5 million to 1.9 million between last year and the first quarter of this year. This represents a revenue decline of around $500 million, despite the fact that the company’s largest microchip supplier, Taiwan Semiconductor Manufacturing, reached a new revenue high of $866 million last year.

Bitmain is the owner of the two largest crypto mining pools in the world, Antpool and BTC.com, and is part owner of another, ViaBTC. The three pools mine about 48% of all mined Bitcoins; however, the revenue generated from them for Bitmain dropped to 3.3% in the first quarter of the year, down from 18.4% in 2016. These figures are proportionate, as the company’s mining revenue increased last year as mining activity increased. However, crypto mining is now losing profitability.

Bitmain has hinted at an initial public offering (IPO) for several months and had anticipated a $30-billion valuation before going public. After a recent funding round, it said that it was halfway there, thanks, in part, to Japan’s Softbank and China-based Tencent. Both companies have now publicly denied any involvement in funding the company. It is now time to seriously consider how viable the company is and take a deep look into its operations before the IPO is allowed to move forward.

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 Questions surround Bitmain’s business plan ahead of IPO appeared first on Coingeek.

Rick Falkvinge on why Bitcoin BCH is true driver of digital currency

As part of his “We Are All Satoshi” series, Bitcoin BCH pioneer and supporter Rick Falkvinge has published his latest video. Falkvinge raises several good points about the motivation behind different cryptocurrencies and how these motivations impact the direction the currency takes. It all comes down to one fundamental question: Why are we here?

In perusing the various cryptocurrency forums, patterns of discussion begin to emerge. On the one hand, the BTC community has a propensity to discuss price, almost to the point of being obsessed with how the value changes from one minute to the next or how to make the biggest return on a BTC investment. On the other hand, the topics of concern in the Bitcoin BCH forums are more focused on the community and developing the cryptocurrency ecosystem.

While it may appear, then, that the Bitcoin BCH community is apathetic toward the price of the currency. It would almost seem as though the topic of price is being suppressed. However, as Falkvinge points out, this isn’t the case. Instead, there is a “collective disinterest.” The difference is that Bitcoin BCH proponents are more concerned with ensuring the development and survivability of cryptocurrency than they are with lining their own pockets.

In the early days of cryptocurrency, it seemed that supporters were breaking off into one of two camps—activists or entrepreneurs. Activists can live off of what’s available, while entrepreneurs want to make money. An entrepreneur who only wants to make money will only turn out to be an “acceptable entrepreneur.” Great entrepreneurs excel because they want to make a difference in the world. These types of entrepreneurs have a great deal in common with the activists.

Falkvinge’s rightfully points out that the number one “guiding star”—or prime directive, as he calls it—for cryptocurrency, in keeping with the original design created by Satoshi Nakamoto, is to employ the “create liberty through profit” motive. In other words, liberty comes first, profit is secondary. This is the complete opposite of the way the BTC community, which is singularly focused on making money, thinks. To them, it’s a status symbol, not a digital currency. This isn’t how you change the world.

This is why BCH community doesn’t care about getting rich. It is concerned about making things better. Falkvinge acknowledges what virtually all cryptocurrency enthusiasts think—that if it makes money in the process, it will be great. However, this is not, nor should it be, the primary goal of cryptocurrency.

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 Rick Falkvinge on why Bitcoin BCH is true driver of digital currency appeared first on Coingeek.

CoinEx produces a confusing and misleading statement about supposed Bitcoin Cash fork

Yesterday morning, CoinEx, a company whose CEO, Haipo Yang of ViaBTC, supports Bitmain on the ABC stance, issued the following statement concerning the Bitcoin Cash hard fork in November:

The statement has caused confusion among investors, who were otherwise led to believe by Bitcoin SV supporting teams that the competing client would not produce a split.

nChain and CoinGeek, two of the biggest mining backers of the Bitcoin SV client, categorically deny any willingness or attempt to create an alternate fork chain, and will instead be competing over Bitcoin BCH directly, by the very definition of ‘Nakamoto consensus’. That is, the consensus mechanism inherently built into Bitcoin, as referenced in the founding whitepaper.

CoinGeek has noted a number of factually incorrect statements and issues the following responses:

“Bitcoin-SV (BSV) is the altered version of Bitcoin Cash protocols.”

This point is blatantly false. CoinGeek would like to request from CoinEx, a definition of ‘Bitcoin Cash protocols’. By implying that Bitcoin SV introduces an altered set of protocols, then by definition, so does ABC with their November hard-fork. Any upgrade would be effectively doing this.

Interestingly, ABC lead dev also made a remark in similar vain, stating the following:

We are therefore led to believe the only possible explanation to this statement is that CoinEx believes that ABC holds literal ownership of the Bitcoin Cash (BCH) brand.

This is not too dissimilar to a time in 2015, when Bitcoin XT, a competing client to the ‘BitcoinCore’ client was incorrectly labelled an alt-coin. Despite being an optional fork of the client with slightly different network protocols, Bitcoin XT was misleadingly branded an alt-coin on all BitcoinCore backed websites and forums. We fear the implication here is similar.

The next point on CoinEx’s statement follows on:

“BSV is likely to bring a potential fork of Bitcoin Cash by causing incompatibility with Bitcoin Cash network and therefore create a new cryptocurrency asset – Bitcoin-SV (Token: BSV)”

If Nakamoto consensus rules that Bitcoin SV is the dominant client, then there is no “incompatibility”. In fact in such a scenario, the only incompatibility will come from non Bitcoin SV compliant nodes in that case, which would mean ABC in this case.

Fundamentally it is premature to specify which client is “incompatible” and which client will be majority or minority. Nakamoto consensus determines this, not exchanges. Bitcoin is not democratic. The vote isn’t 1 vote per person, but 1 vote per CPU (hash).

In response to the statement, CEO of nChain Group, Jimmy Nguyen makes the key point that “Bitcoin SV is not intending nor trying to fork off from Bitcoin Cash, and Bitcoin SV is not intending to create a new coin or token. Instead, as stated in its announcement, Bitcoin SV is a professionally-driven implementation of the Bitcoin full node software for use on BCH, and is intended to provide a clear BCH implementation choice for miners who support Bitcoin’s original vision. Bitcoin SV intends to compete for miners’ votes (under Nakamoto consensus) to be the winning BCH chain”.

It is worth also noting, that recently, yet another team announced a new BCH implementation, like Bitcoin SV, it intends to fulfill the original Satoshi vision. This is called “Protocol Client” and its github repository can be found here:

CoinEx has made no mention of “Protocol Client” however, despite this being another client with different rules.

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 CoinEx produces a confusing and misleading statement about supposed Bitcoin Cash fork appeared first on Coingeek.

Wal-Mart files patent for blockchain-powered army of autonomous robots

First it was a crypto-powered electrical grid. Then came a  system for health records stored on the blockchain. Now, Wal-Mart has turned to blockchain again, this time to create an army of autonomous robots that will be controlled by the technology.

On Thursday, the U.S. Patent & Trademark Office published a document explaining Wal-Mart’s patent application for a system of in-field authentication electronic devices that will use blockchain keys for authentication. Wal-Mart’s proposal, filed in January 2018, will create a system involving several robots that will handle package delivery throughout the supply chain. The robots will use wireless signals to communicate and authenticate the identity of each another.

As autonomous technologies become “more affordable and available for use,” this could result in increased likelihood of security breaches, such as hacking. This is why Wal-Mart wants to use distributed ledger technology to develop “a medium for autonomous vehicles to authenticate each other, which allows for the security and authentication of the autonomous electronic devices.” The proposed system will also record the delivery information on the ledger making it possible for clients to access and track their products.

“In some embodiments of described above, blockchain technology may be utilized to record authentication signals and identification information to facilitate or resulting from in-field authentication between autonomous electronic devices. One or more of the autonomous electronic devices described herein may comprise a node in a distributed blockchain system storing a copy of the blockchain record. Updates to the blockchain may comprise authentication signals or identification information, and one or more nodes on the system may be configured to incorporate one or more updates into blocks to add to the distributed database,” according to Wal-Mart’s patent application.

Walmart has applied for several blockchain-based patents for systems to help in the delivery process. Last year, the company applied to patent a system that would use distributed ledger technology to manage package delivery hubs like a locker. This system would automatically reserve a locker space for packages and make sure the good are only delivered to a locker with enough space.

The company also applied for a patent for a system that uses blockchain technology to track delivery drones as they transmit packages from physical sores to customers.

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 Wal-Mart files patent for blockchain-powered army of autonomous robots appeared first on Coingeek.

Kenya’s cryptocurrency project seeks to improve logistics quality

Several days after Kenya’s electoral agency decided to integrate blockchain into its voting system, the East African country is now reportedly preparing to launch its first blockchain-based cryptocurrency for value supply chain by the end of September.

According to the Daily Nation report, the cryptocurrency project, called TMX Global Coin, aims to solve the problems in the logistics industry in Africa.

TMX Global Coin was reportedly developed in 2017 as a decentralized platform that utilizes smart contracts to eliminate problems associated with both domestic and international import and export business.

Speaking to nation.co.ke, TMX Global CEO Anthony Njoroge pointed that the numerous reports and complaints arising from the supply chain sector especially in Africa, led to the development of Kenya’s own cryptocurrency. He said, “We are using blockchain technology to enhance cargo logistics business to have more open, transparent and democratized process using a decentralized system where all users are able to talk to each other on an open platform.”

With the TMX platform, customers can place their orders online and monitor the whole supply chain process. They can also review all of the required documentation before they start the trading. According to Njoroge, “The consumer as well gets to know the amount of money required through the different processes the cargo goes through and the estimated amount of time.”

Kenya’s landmark crypto project is set to launch by the end of September 2018, with a goal of gaining adoption in the trading sector by May 2019.

Kenya has recently turned to blockchain for help in its bid to boost its economic and political development. The East African country’s Independent Electoral and Boundaries Commission (IEBC) chairman Wafula Chebukati announced that the government is eyeing distributed ledger technology (DLT) to improve the efficiency and transparency of Kenya’s electoral system.

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 Kenya’s cryptocurrency project seeks to improve logistics quality appeared first on Coingeek.

Squire Closes $25,500,000 Private Placement Financing; Signs Exclusive Distributor Agreement

VANCOUVER, British Columbia, Aug. 10, 2018 (GLOBE NEWSWIRE) — Squire Mining Ltd. (CSE: SQR) – Further to the Company’s news release dated July 5, 2018, the Company is pleased to announce that it has closed its non-brokered private placement equity financing of $25,500,000 (the “Financing”) to fund its change in business (the “Change in Business”) as more particularly described in the Company’s Form 2A Listing Statement dated July 31, 2018 (the “Listing Statement”) posted under the Company’s profile on the Canadian Securities Exchange’s website at https://thecse.com/ and on SEDAR at www.sedar.com.  The Company is now engaged in the business of developing, manufacturing and selling data mining infrastructure and system technology (including ASIC chips and mining rigs) to support global blockchain applications in the cryptoasset mining space. Shareholder approval for the Change in Business by a majority of the Company’s disinterested shareholders has also been obtained by way of written consent resolution.

Continue reading

Squire Posts Listing Statement for Change of Business

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES 

VANCOUVER, British Columbia, Aug. 02, 2018 (GLOBE NEWSWIRE) — Squire Mining Ltd. (CSE: SQR) Further to the Company’s news releases dated July 5, 2018 and August 1, 2018, the Company has now posted its Form 2A Listing Statement dated July 31, 2018 (the “Listing Statement”) with respect to its previously announced change of business (the “Change of Business”) on the Canadian Securities Exchange’s website at https://thecse.com/.  A copy of the Listing Statement has also been filed and is available for review under the Company’s profile on SEDAR at www.sedar.com.

Continue reading

Squire Signs Design Service Agreement for ASIC Chips; Announces Officer Changes

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, British Columbia, Aug. 01, 2018 (GLOBE NEWSWIRE) — Squire Mining Ltd. (CSE:SQR) – Further to the Company’s news release dated July 5, 2018 announcing its change of business (the “Change of Business”) to the development and manufacture of data mining infrastructure and system technology to support global blockchain applications in the mining space, the Company has entered into a design service agreement (the “Design Agreement”) with an arm’s length design fabrication company (the “Design Firm”) for the back-end design, testing and initial mass production run of the Company’s next generation ASIC chip for mining bitcoin.

Continue reading

Squire Announces Change of Business; Arranges C$25,500,000 Financing

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, British Columbia, July 05, 2018 (GLOBE NEWSWIRE) — Squire Mining Ltd. (CSE:SQR) – The Company announces that, subject to shareholder and regulatory approvals, it is undertaking a change of business (the “Change of Business”) from a mineral exploration company to a developer and manufacturer of data mining infrastructure and system technology to support global blockchain applications in the mining space.

Continue reading

Squire Announces Final Closing of Non-Brokered Private Placement and Change of Officer

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, British Columbia, May 29, 2018 (GLOBE NEWSWIRE) — Squire Mining Ltd. (CSE:SQR) – The Company has now completed the second and final tranche of its non-brokered private placement announced on March 14, 2018, as amended May 4, 2018.  The Company issued an additional 3,744,500 units (the “Units”) at a price of C$0.25 per Unit for gross proceeds of $936,125. Each Unit consisted of one common share and one-half (1/2) of a share purchase warrant, each whole warrant entitling the holder to purchase an additional common share at a price of C$0.50 for a period of two years. The Company completed an initial tranche of 9,430,000 Units for gross proceeds of $2,357,500 on May 16, 2018 for a total combined offering of 13,174,500 Units or $3,293,625 (the “Offering”). The net proceeds of the Offering will be used for the purposes disclosed on March 14, 2018.

Continue reading