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Sunday, November 12, 2017

Cryptocurrency News for 12 Nov 2017

 

My Disappointment for the Crypto Community Has Reached a New Height by Randy Hilarski

My Disappointment for the Crypto Community Has Reached a New Height by Randy Hilarski

 

Since the beginning of 2017 when the verbal war / social media war began between big block and and small block Bitcoin supporters I have been hesitant to say anything negative. I think it is time that I voiced how I feel as someone who has put the vast majority of their wealth into crypto. Bitcoin and other Crypto Currencies are my money, my savings and families future.

A small bunch of egomaniacs has gone and expressed their need to push their personal agenda on the mass of users who just want a form of money outside of the fiat system. Seriously, it looks like greed and ego have over taken rational thought.

Do users of Bitcoin and Crypto Currency a favor and do a little soul searching. Is your behavior constructive? Does it add anything positive to the conversation? When I look at your Tweets all I see is a bunch of whining, infighting and a need to be right.

This behavior that is being exhibited across social media is leaving a trail of victims. This violates a core principle that many of us live by, the Non-Aggression Principle. When you harm others whether it is mentally, physically or financially it makes you look like totalitarians rather than people we thought were chosen to lead us out of the financial slavery we have been in since we were born.


Full story at http://bit.ly/2hsjKPL


Source: Steemit


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Bitcoin $400,000 Says Investing Guru Mark Yusko

Bitcoin $400,000 Says Investing Guru Mark Yusko

 

he Chicago Mercantile Exchange (CME) has announced it will add Bitcoin futures trading in the fourth quarter of 2017. Bitcoin price almost instantaneously jumped on the news, reaching all-time highs over $7,500.

However, the cancellation of SegWit2x has led to a sudden slump in the price, and would-be investors have been scared away from previous high priced predictions. However, Mark Yusko, founder and CEO of Morgan Creek Capital Management ($3.7 bln in assets under management) has not shied away from making predictions, suggesting that Bitcoin will eventually be worth $400,000.

The investing guru first bought into the cryptocurrency scene in 2011 but regrets not purchasing more. He was clear about the future, however, in spite of the lack of support among institutional bankers. He noted:

"This will change the supply and demand equation for banking. It is that big. I'm not surprised at all that bankers, financiers and Saudi Princes are coming out against it. This is a truly disruptive technology.”


Full story at http://bit.ly/2htgFyW


Source: CoinTelegraph


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Lightning Must Strike Soon, Bitcoin Facing Backlogs as Scalability Solution Awaited

Lightning Must Strike Soon, Bitcoin Facing Backlogs as Scalability Solution Awaited

 

At press time, the Bitcoin network is currently facing a backlog of over 135,000 unconfirmed transactions and fees have soared. This comes days after the proponents of the SegWit2x scaling solution announced they wouldn’t move forward with a doubling of Bitcoin’s block size due to lack of consensus. Since larger blocks are clearly dead in the water, there is only one apparent solution to the scalability problem: lightning network.

The lightning network is scale-free, low-fee solution that has the potential to solve Bitcoin's scalability problem. As transaction volume on the Bitcoin network increases and the amount of data that can fit in a block remains the same, the Bitcoin economy suffers from a congested network. It is beginning to take longer than usual--up to several hours--for a transaction to be confirmed on the Bitcoin network and high transaction fees plague the network once again.

Bitcoin’s blocks are limited to 1MB in size and the transaction volume on the Bitcoin network is rapidly increasing. The current block size is not sufficient to manage the number of transactions taking place on the Bitcoin network. The scalability problem can be thought of as feeding a large number of inputs through a narrow funnel. As large amounts of Bitcoin transaction data enter into the wide mouth of the funnel, the current amount of block space restricts the amount of transactions that the Bitcoin network can effectively process.

The result is that transactions are written to the Blockchain more slowly than they are created by users. Over time a backlog develops, and transactions may wait hours to be included in a block. Users can ensure their transactions will be confirmed faster, but only for exorbitant fees.   


Full story at http://bit.ly/2hqF5sI


Source: CoinTelegraph


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Confusion and Euphoria As Bitcoin Cash Surges Past $30 Billion

Confusion and Euphoria As Bitcoin Cash Surges Past $30 Billion

 

"BITCOIN CASH IS BITCOIN NOW."

Issued by Li Ang, head of China-based bitcoin mining outfit Canoe Pool, the proclamation may not be distinguishable from typical cryptocurrency banter. However, the difference this time around is the context.

No idle statement, Ang's comment comes amid what can only be characterized as one of the biggest migrations of capital yet seen in the nascent asset class. Billions are on the move in the crypto markets, and it's plainly observable where the funds are headed.

After hitting a record high above $800 on Friday, the price of bitcoin cash, the alternative cryptocurrency forked from the bitcoin blockchain in August, has doubled within 24 hours, hitting a high of $1,856 according to figures from data firm CoinMarketCap. At that price, bitcoin cash is now valued at more than $30 billion, passing ethereum for second-place standing in the market.


Full story at http://bit.ly/2hsZ7CQ


Source: CoinDesk


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Everything you wanted to know about bitcoin but were afraid to ask

Everything you wanted to know about bitcoin but were afraid to ask

 

The money has become too much to ignore and so bitcoin and cryptocurrencies are back in the news. You may have heard about Ethereum, a cryptocurrency that has risen in value by more than 2,500% over the course of 2017. Or maybe you’ve heard about one of the many smaller cryptocurrencies that raised hundreds of millions of dollars in the first few days they were on sale, during their “initial coin offering”. Or you’ve just spotted that bitcoin, which made headlines in 2013 for hitting a high of $200, is now worth nearly $7,000 (£5,250), making a lot of people very rich in the process.

Are these cryptocurrencies simply speculative bubbles or will they actually transform our financial system? It’s time to answer a few common questions about this new technology – and assess whether a lot of people have just pulled off the investment of their lifetime or made a huge mistake.

Bitcoin is a cryptocurrency, the first and still the biggest example of its type. At its core, it’s a new form of digital asset, created through a canny combination of encryption (the same technology that protects WhatsApp from eavesdropping) and peer-to-peer networking (which allowed music piracy to blossom in the 00s through services such as Kazaa).

If you own a bitcoin, what you actually control is a secret digital key you can use to prove to anyone on the network that a certain amount of bitcoin is yours.


Full story at http://bit.ly/2hsV6i2


Source: The Guardian


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Bitcoin Cash Skyrockets, Bitcoin Price Drops As Civil War Continues

Bitcoin Cash Skyrockets, Bitcoin Price Drops As Civil War Continues

 

Earlier this week, a planned hard fork on the Bitcoin blockchain that threatened to create two new coins, causing disruptions on exchanges and potential losses for users on both sides -- but also possibly one of the most exciting chapters in Bitcoin's history -- was called off.

But in the last few days, a previous fork of Bitcoin (BTC) called Bitcoin Cash (BCH) that was launched in August and immediately dismissed by many Bitcoiners and the wider crypto world alike, has skyrocketed in value. After languishing in the $300 range for a while and jumping up to the $600 range in November, it has now nearly quadrupled to around $2,500 a coin as of press time -- it had traded as low as $650 on Friday.

Meanwhile, Bitcoin, which was trading at an all-time high of around $7,800 on Wednesday, is now down to around $6,000 as of press time but had dipped as low as about $5,500.


Full story at http://bit.ly/2hrJYBN


Source: Forbes


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