AlphaBay Admin Had $8 Million in Bitcoin and Altcoins, Bragged About Porsche Purchase

Source From https://coinjournal.net/alphabay-admin-8-million-bitcoin-altcoins-bragged-porsche-purchase/

According to the verified complaint for forfeiture regarding accused AlphaBay administrator Alexandre Cazes, the alleged criminal mastermind was holding just over $23 million worth of assets at the time of his arrest. Of that total amount, roughly $8.8 million are said to have been held in bitcoin, ether, zcash, and monero. Attorney General Jeff Sessions […]

This post AlphaBay Admin Had $8 Million in Bitcoin and Altcoins, Bragged About Porsche Purchase first appeared on Coinjournal.

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Coinbase & GDAX Will Not Support Bitmain’s Hard Forked Bitcoin

Source From https://coinjournal.net/coinbase-gdax-will-not-support-bitmains-hard-forked-bitcoin/

Coinbase, the world’s largest bitcoin wallet service provider with 28.9 million wallets and 8.7 million active users, and GDAX, its flagship digital asset exchange, will not support Bitmain’s hard forked bitcoin. In an official announcement, the Coinbase team stated:   Update on Potential Bitcoin User Activated Hard Fork (UAHF) pic.twitter.com/UXfEs9cmbg — Coinbase (@coinbase) July 19, […]

This post Coinbase & GDAX Will Not Support Bitmain’s Hard Forked Bitcoin first appeared on Coinjournal.

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Op Ed No Governance for Old Men Coordinating Protocol Upgrades in the Future

Source From http://cryptscout.com/news-portal/?id=20&ref=1829&utm_source=RSS&utm_medium=rss&utm_campaign=news-portal

Make no mistake. We are witnessing a high-stakes protocol standards battle play out in real time. And it is just as important as last centurys battle for the internets TCP standard.Current capacity constraints on the Bitcoin blockchain have brought us to this impasse.The Bitcoin protocol, as the dominant value transfer network effect leader, battles against upstart cryptocurrency protocols like Ethereum and Monero. But it also battles with itself as divergent forces push for either on-chain s

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The Ether Review #70 – CoinList Battens down the Hatches with Watertight Token Launch Compliance

Source From https://letstalkbitcoin.com/blog/post/the-ether-review-70-coinlist-battens-down-the-hatches-with-watertight-token-launch-compliance

Juan Benet and Jesse Clayburgh of Protocol Labs, and Ryan Zurrer of Polychain Capital, discuss CoinList, a platform for token-backed networks to raise money through pre-launch token sales.

While planning the Filecoin token sale, the team at Protocol Labs developed a method of accreditation for US investors in order to comply with securities law. Realising the importance of such a system for the whole ecosystem, they partnered with AngelList to develop this into a platform on which other projects can host their token pre-sales. The end result, CoinList, streamlines the complicated token launch process for developers and investors alike.

By supporting a wide variety of sale mechanics, contracts, and pricing schemes within a standard set of requirements, the platform allows developers to focus on optimising their projects instead of spending time on convoluted compliance processes. Its focus on simplifying due diligence reduces complications for developers while ?’?œfiltering out the signal from the noise?’.

With the ability to clear transactions simultaneously across fiat and cryptocurrencies, and the aim of hosting high-quality and high-integrity projects, CoinList opens up the token ecosystem to an influx of capital from a range of new investors. It gives these investors visibility into the progress of a sale, a clear quality checklist for each token, and a record of their previous investments and the requisite legal agreements.

The significant institutional capital still pushing into the cryptocurrency space highlights the demand for such a versatile yet user-friendly platform at this time. With its solutions to regulatory uncertainty, costly compliance and the current knowledge barrier to investing, CoinList is well-placed to bring in the era of Web 3.0

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consensys.netconsensysmedia.netetherreview.infoitunes.apple.com//podcast/the-eth?’id899090462?mt=2

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Markets Update: Bitcoin Bulls Are Back With Vigorous Energy

Source From https://news.bitcoin.com/markets-update-bitcoin-bulls-are-back-with-vigorous-energy/

markets

July 20 was an exciting day for bitcoin proponents as markets suddenly switched from a bear crawl to a full fledged bull charge. The price spike resulted with a high of US$2930 per BTC across many global exchanges, showing a huge price difference between the recent low into the $1850s last week.

Also read: Global Police Operation Undermines Darknet Markets

Bitcoin Bulls Are Back

Bitcoin markets had a spectacular day on July 20 as the decentralized currency came real close to reaching $3K per BTC. At the time of writing, the price was hovering around $2750-2770. The digital currency has been experiencing a recent break-out since reaching a low of $1850 per BTC on July 16. The initial drop was attributed to fear and uncertainty concerning a possible bitcoin split on August 1. Now speculators are crediting the recent jump in price to the BIP91 lock-in and the possibility of Segregated Witness (Segwit) activation. Trade volume has increased over the past three days as bitcoin markets are now seeing 24-hour trade volumes cross over $2 billion. Moreover, bitcoin’s market capitalization dominance against altcoin markets has risen to 48 percent.

Markets Update: Bitcoin Bulls Are Back With Vigorous Energy
Bitcoin price 10:55 am EDT on July 21, 2017.

Technical Indicators

Markets Update: Bitcoin Bulls Are Back With Vigorous Energy
Sell walls are massive in the $3K range. Bitstamp order book.

Bitcoin charts and order books across exchanges are looking healthy at the moment. Looking at the charts over the past 48 hours the 100 Simple Moving Average (SMA) crossed over the long term 200 SMA showing bulls will continue to try and push past resistance levels. The gap between these two averages on July 21 is pretty decent considering the price downfall five days ago.

Using Fibonacci retracement after yesterday’s high above $2900 indicates we may see resistance points again above that price range. The stochastic and relative strength Index (RSI) reveal similar stories as both suggest more profit taking may occur, and there’s likely to be more volatility. Further, on Bitstamp and a few other popular exchanges, there are gigantic sell walls around the $3K territory.

Markets Update: Bitcoin Bulls Are Back With Vigorous Energy
There’s a decent gap between the green upper 100 SMA and long term white lower 200 SMA trendlines.

The Top Ten Cryptocurrency Markets

Overall cryptocurrency markets, in general, are all in the green as many altcoins are experiencing pumps from bitcoin’s 20 percent price rise in the last 24 hours. Ethereum markets, which still hold the second largest market capitalizations, are seeing a less climactic rebound up only a few percentages. At the moment ethereum is $227 per ETH with a market cap of roughly $21B.

Ripple (XRP) is up about 3 percent at $0.18 per XRP after seeing a significant decline last week. Litecoin (LTC) is up 5 percent and has managed to hold a token value of over $45 per LTC. The number five position is held by Ethereum Classic (ETC) which is currently hovering at $16 per ETC at press time. The rest of the top ten is also seeing small percentage increases as well. Dash is $190 per token, NEM $0.14, IOTA $0.29, Monero $41, and Stratis is $5.80. Notably, Stratis markets have done just as well as bitcoin, increasing 20 percent over the past 24 hours.

Markets Update: Bitcoin Bulls Are Back With Vigorous Energy
Top ten cryptocurrencies see a boost from bitcoin’s performance. 7-21-17

The Verdict

For now, the cryptocurrency ‘community’ seems relatively optimistic due to the current market rebound and the progress happening with the Segwit2x roadmap. Since the network’s mining pools joined together to enact BIP91, the price coincided with the approaching lock-in activity. However, the rise to $2930 as BIP91 locked-in was short lived as the price dropped to sub-$2700 about an hour and a half later. The price has also stayed resilient during the recent darknet markets busts as global law enforcement announced on July 20 the official takedown of Alphabay and Hansa.

Bear Scenario: The scaling compromise is not set in stone, and other less positive events could take place this coming week. It’s likely the price will be quite volatile over the next few days, and day-traders should do quite well in this environment. Currently, looking at order books, there’s a solid foundation in the $2400-2500 range that should hold for the time being. If these zones are broken due to negative news or some kind of market phenomena, then we could approach the $2000 levels again.

Bull Scenario: After Thursday’s incredible bull run it’s quite possible bitcoin could surpass $3K per BTC in the near future. However, there will be large sell offs in that price territory, but the price could go higher if buyers manage to chew through resistance. Bitcoin markets and overall trade volume is doing quite well, and BTC markets should continue to be very active this week. At press time bulls have to break the resistance past the $2800s and above to see some smooth sailing, and all-time highs once again.

Where do you see the price going from here? Let us know in the comments below.

Disclaimer: Bitcoin price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


Images via Shutterstock, Bitcoin.com, Coinmarketcap.com, and Bitstamp Trade View.


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The post Markets Update: Bitcoin Bulls Are Back With Vigorous Energy appeared first on Bitcoin News.

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SegWit2x Deployment: ‘Excited Traders’ Drive Bitcoin Price Up

Source From https://cointelegraph.com/news/segwit2x-deployment-excited-traders-drive-bitcoin-price-up

Bitcoin price has bounced back from price slump after SegWit2

Bitcoin has bounced back from its huge loss after bridging an ideological gap that poses a threat to the number one cryptocurrency.

After its record breaking slump over the last week, Bitcoin re-surges to 2,300 levels as miners began deploying SegWit2x. The Bitcoin price has risen to as high as $2,356, $598 higher than its record low of $1,758 last weekend. Bitcoin’s big jump is only short $644 before it reaches its June 12 record of more than $3,000 again.

Bitcoin’s big jump was attributed to the use of SegWit2x, a new software that is believed to have been the major compromise for the erring Bitcoin faction: the miners who deploy costly computers to verify transactions acting as the backbone of the Blockchain, and the developers or the Core who uphold Bitcoin’s bug-free software.

With Bitcoin’s lack of central figure or authority, reaching an agreement has been difficult. But SegWit2x has become the first major solution to Bitcoin’s ideological gap.

55 percent of blocks mined

With its release over the weekend, SegWit2x has finally secured adoption by large miners like Antpool, BTTC and Bixin. More or less 55 percent of the blocks were seen to be done with SegWit2x as monitored by coin.dance.

If support for SegWit2x reaches 80 percent and maintains that threshold from more than two days, it will definitely keep Bitcoin from splitting.

Thomas Glucksmann, Head of Marketing at Hong Kong-based Bitcoin exchange Gatecoin, says:

“Traders are excited by the prospect of a resolution to the scaling debate, which is why the price has rallied.”

Not off the hook yet

While there has been progress with the use of SegWit2x, some miners warned that the Bitcoin issue wasn’t fully solved yet.

Many core members are still not open to the use of SegWit2x because they say it hasn’t been tested for bugs yet. Also, not all miners support SegWit2x, which they say is a flawed compromise that doesn’t solve the root scaling problem.

Harry Yeh, Managing partner at Digital currency dealer Binary Financial, says:

“This price rally is a bounce, we are very bearish in the near term for a number of reasons.”

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BIP 91 Has Locked In. Here’s What That Means (and What It Does Not)

Source From https://bitcoinmagazine.com/articles/bip-91-has-activated-heres-what-means-and-what-it-does-not/

BIP91.jpg

It looks as if Bitcoin is getting Segregated Witness.

Bitcoin Improvement Proposal 91 (BIP 91) just locked in. Up to 90 percent of all hash power signaled support for this soft fork, which implies miners intend, in turn, to trigger Segregated Witness (SegWit) activation. By extension, this should make BIP 148 obsolete and August 1 a non-event.

But SegWit is not certain. In fact, on a technical level, SegWit is not any closer to activation at all.

BIP 91

Segregated Witness, defined by BIP 141, locks in if at least 95 percent of miners (by hash power) signal support for the upgrade within a two-week difficulty period. To do so, miners need to embed a piece of data called “bit 1” in the blocks they mine.

Importantly, this is technically the only way for SegWit to activate right now. And this threshold has not yet been met.

But there are alternative strategies to try and trigger this threshold “indirectly” — like BIP 91.

BIP 91 is a Bitcoin Improvement Proposal proposed by Bitmain Warranty engineer James Hilliard. It is compatible with the New York Agreement and backed by a number of Bitcoin companies and mining pools. It is also compatible with BIP 148, another strategy to trigger the BIP 141 threshold indirectly.

Miners have been signaling support for BIP 91 over the past couple of days through another piece of data, “bit 4.” Once 269 blocks within a 336-block window included bit 4, this BIP 91 soft fork locks in. This threshold was just met.

This means that after another 336 blocks, a little over two days from now, all BIP 91–compatible nodes will reject any block that doesn’t include bit 1.

As long as a majority of hash power enforces BIP 91, this majority should eventually control the longest valid chain according to all Bitcoin nodes. And as this chain consists of bit 1 SegWit-signaling blocks only, it would in turn lock in SegWit on all SegWit-ready nodes by mid-August. SegWit itself should then be live on the Bitcoin network after a two-week “grace period” by the end of that month.

If all goes well …

What Could Go Wrong?

Although well over 80 percent of hash power has signaled bit 4 for BIP 91 lock in, this doesn’t actually guarantee anything. Most importantly, it doesn’t in itself mean that these miners will signal bit 1 for SegWit.

Indeed, so far, most miners don’t. Currently, the proportion of miners signaling bit 1 is still far lower than BIP 91 activation would suggest. It is even lower than 50 percent.

Moreover, BIP 91 will probably be enforced by hardly any economically relevant nodes; that is, nodes operated by users that accept bitcoins as payment. Almost no Bitcoin users on the network recognize BIP 91 or its bit 4 signaling at all, and will therefore continue to accept blocks with or without bit 1.

BIP 91 will, instead, be enforced by hash power alone. This in turn means that a majority of miners (by hash power) could back out of BIP 91 with little more than reputational damage. They could continue to mine blocks that do not signal bit 1, even after BIP 91 activates in a few days. As long as these miners are in a majority, they will still control the longest valid chain: valid according to most miners, and valid to most users.

Furthermore, any minority of miners and the few nodes that do enforce the BIP 91 soft fork would then be forked off the Bitcoin network. In a few days from now, these miners would mine (on top of) blocks that almost only they themselves would care for, while most of the rest of the entire Bitcoin network would completely ignore them.

With this week’s bit 4 signaling, a majority of miners have effectively made a statement that they intend to start to activate the SegWit soft fork within a couple of days. But for now, that’s really all it is: a very public, blockchain-based statement of intent.

Actual SegWit activation should start next week, if miners stick to their stated intent.

The post BIP 91 Has Locked In. Here’s What That Means (and What It Does Not) appeared first on Bitcoin Magazine.

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