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Friday, November 17, 2017

Crypto News: BitMEX is Dumping Bitcoin Cash and Crediting Users With Bitcoin

BitMEX is Dumping Bitcoin Cash and Crediting Users With Bitcoin

The Hong Kong-based Bitcoin Mercantile Exchange (BitMEX) has announced it will sell all its customers’ airdropped bitcoin cash balances and distribute the proceeds in bitcoin form.

The exchange — which offers BTC/USD swaps but is best known for its futures market — made the announcement on Wednesday, explaining that because bitcoin cash was created through a “contentious hard fork” it will not allow users who received BCH at the time of the August 1 fork to withdraw the coins to their personal wallets:

"BitMEX does not agree with contentious hard forks, and does not accept the manner in which Bitcoin Cash was forked, or the lack of preparation or notice before the fork; we consider this a dangerous action that imposes unacceptable costs on end-users and businesses."

BitMEX has not looked fondly upon attempts to fork away from the main bitcoin blockchain. The exchange had also taken a hard stance against the SegWit2x hard fork, which has since been called off. Prior to the fork’s cancellation, the exchange had stated that it did not intend to support SegWit2x coin trading on its platform, nor did it plan to distribute airdropped coins to its customers.


Full story at http://bit.ly/2zP4S4M


Source: CryptoCoinsNews


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Tuesday, November 14, 2017

Cryptocurrency News for 14 Nov 2017

 

Cryptocurrency trading volumes reached a record high over the weekend that beats some US stock exchanges

Cryptocurrency trading volumes reached a record high over the weekend that beats some US stock exchanges

 

Bitcoin crashed more than 25% from Wednesday's all-time high to a low of $5,617 Sunday. Bitcoin cash, the rival clone of bitcoin, witnessed an impressive rally that propelled the coin to a record-high of $2,500 early Sunday morning.

24-hour trading volumes for cryptocurrencies reached a record high above $26 billion on Sunday, according to data site CoinMarketCap.com.

To put that in perspective, that is higher than the 5-day average trading volumes for two US stock exchanges. Both IEX, the upstart exchange based in New York, and the Chicago Stock Exchange averaged less than $10 billion in trading each day for the last five days, according to data by Cboe Global Markets.

IEX saw $7.8 billion worth of shares exchange on its venue, whereas CHX witness $3.1 billion in trading volumes.


Full story at http://read.bi/2AGOVKU


Source: Business Insider Nordic


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Bitcoin's High Transaction Fees Show Its Limits

Bitcoins High Transaction Fees Show Its Limits

 

The Bitcoin rate spike, still alive despite bitter divisions in the community that supports the cryptocurrency, has laid bare the biggest problem with Bitcoin: Compared with fiat currencies, it's painfully inconvenient and expensive to use as a means of payment. 

Bitcoin is set up to reward users for verifying transactions. Miners who package transactions into "blocks" receive two kinds of rewards: The additional Bitcoin they produce by using their hardware to solve mathematical problems (an income stream that will eventually cease since 21 million bitcoins are the maximum that can be mined) and the transaction fees paid by users to get their payments into blocks.

The Bitcoin system is designed around scarcity and its traditionalists insist on keeping the block size small (rebels who did away with that tenet founded an offshoot, Bitcoin Cash, earlier this year). Their reasoning is that only people with more computing power can live in a big-block world and going down that path would make Bitcoin less democratic. But that horse has bolted: Mining is already largely the province of people who invest significant money in equipment and the huge amount of energy required to run it. As Bitcoin's exchange rate rose rapidly and more people wanted to get in on the boom, getting into blocks became difficult, and miners prioritize transactions on which users are willing to pay a higher fee. It works a bit like Uber's surge pricing, except the user sets the fee based on how long she's prepared to wait for the transaction to go through -- using one of several sites that link fees to waiting times or show median and average fees. 


Full story at https://bloom.bg/2AGMUyt


Source: Bloomberg


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Bitcoin Cash Network Completes a Successful Hard Fork

Bitcoin Cash Network Completes a Successful Hard Fork

 

November 13 is a memorable day for bitcoin cashsupporters, as the network is forking in order to fix the BCH blockchain’s DAA. The primary development teams who have been working on the bitcoin cash protocol consensus change include Bitcoin ABC, Unlimited, Nchain, and XT developers. The original DAA applied to the BCH network allowed the currency to thrive but also produced wild hashrate fluctuations. After several DAA proposals were researched and tested by the above-mentioned development teams, the community chose to implement a DAA proposal from Bitcoin ABC’s lead developer Amaury Sechet.

The new BCH consensus change hopes to adjust the difficulty to hashrate to target a mean block interval of 600 seconds. Alongside this, the DAA aims to make sudden difficulty drops and spikes avoidable. For instance, the network will adjust difficulty rapidly when the hashrate changes exponentially, while also avoiding feedback oscillations. Sechet’s DAA is based on a 144-period simple moving average according to the ABC team.

“The difficulty is adjusted each block, based on the amount of work done and the elapsed time of the previous 144 blocks,” explains the Bitcoin ABC development team.

Essentially the consensus change means the new DAA should keep block times stable and consistent at roughly 10 minutes per block. So far this goal of 10-minute block intervals has come to fruition. Now that the fork has happened BCH network participants will wait and see what happens with miners who have been hopping back and forth between two chains. Many BCH supporters believe this will level the playing field and from here on out, as the BTC and BCH competition should be fair without any miners gaming the system.


Full story at http://bit.ly/2AFWC43


Source: Bitcoin News


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CME CEO: Bitcoin Futures Could Begin Trading As Soon As December

 

CME Group chairman and CEO Terry Duffy has said that the derivatives exchange operator could list a planned bitcoin futures product as early as next month.

Speaking to CNBC today, Duffy said that trading could begin as early as the second week of December.

"I think sometime in the second week of December you'll see our contract out for listing," he told the network.

The firm made waves in October when it revealed that it was seeking regulatory approval to list its first bitcoin-related product. At the time, CME said that the futures would be tied to its existing price index, launched in 2016, and be settled via cash.


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


Source: CoinDesk


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Bitcoin retains its crown as crypto king — but issues still hang over the cryptocurrency

Bitcoin retains its crown as crypto king — but issues still hang over the cryptocurrency

 

Bitcoin crashed more than 25% from Wednesday's all-time high of $7,721 a coin to a low of $5,617 Sunday. During its fall, bitcoin's market cap as a percentage of the entire crypto-market dipped below 50% for the first time since early October, according to CoinMarketCap.com.

Bitcoin cash, on the other hand, witnessed an impressive rally that propelled the coin to a record-high of $2,500 early Sunday morning. Its share of the market rose to an all-time high above 17%.

By Monday morning, however, the situation was flipped.

At 9:40 a.m. ET, bitcoin was trading up 10.9% at $6,544 and had regained its more than 50% command of the cryptocurrency market. Bitcoin cashwas trading down 20% at $1,262 per coin.


Full story at http://read.bi/2AFF0VY


Source: Business Insider Nordic


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After periodic drops of 20 percent, bitcoin tends to come back even stronger

After periodic drops of 20 percent, bitcoin tends to come back even stronger

 

Bitcoin cash briefly surged past ether to become the second-largest cryptocurrency

Bitcoin fell about 20 percent over the weekend before recovering much of its losses. The last four times bitcoin has fallen more than 20 percent this year, it has gained an average 28 percent in the two weeks following, according to digital currency trading firm Genesis Global Trading.

Four weeks out, the digital currency has gained an average 61.5 percent, the data showed.

Bitcoin performance in the weeks after a drop of more than 20%


Full story at http://cnb.cx/2AFOalf


Source: CNBC


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Crypto News: Bitcoin's High Transaction Fees Show Its Limits

Bitcoins High Transaction Fees Show Its Limits

The Bitcoin rate spike, still alive despite bitter divisions in the community that supports the cryptocurrency, has laid bare the biggest problem with Bitcoin: Compared with fiat currencies, it's painfully inconvenient and expensive to use as a means of payment. 

Bitcoin is set up to reward users for verifying transactions. Miners who package transactions into "blocks" receive two kinds of rewards: The additional Bitcoin they produce by using their hardware to solve mathematical problems (an income stream that will eventually cease since 21 million bitcoins are the maximum that can be mined) and the transaction fees paid by users to get their payments into blocks.

The Bitcoin system is designed around scarcity and its traditionalists insist on keeping the block size small (rebels who did away with that tenet founded an offshoot, Bitcoin Cash, earlier this year). Their reasoning is that only people with more computing power can live in a big-block world and going down that path would make Bitcoin less democratic. But that horse has bolted: Mining is already largely the province of people who invest significant money in equipment and the huge amount of energy required to run it. As Bitcoin's exchange rate rose rapidly and more people wanted to get in on the boom, getting into blocks became difficult, and miners prioritize transactions on which users are willing to pay a higher fee. It works a bit like Uber's surge pricing, except the user sets the fee based on how long she's prepared to wait for the transaction to go through -- using one of several sites that link fees to waiting times or show median and average fees. 


Full story at https://bloom.bg/2AGMUyt


Source: Bloomberg


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Donation:
If you appreciate the things I share, consider making a contribution
no matter how small via PayPal or with TransferWise (EUR).
If you use Waves my wallet address is: 3PPeCnXEDAiRVzvsuGRycrNDHhWgDq68uVt
If you use Bitcoin my wallet address is: 12pAsyMdZoTHPvkiRAZiuQhC8bF4DLbYpQ

Bitcoin QR-Code

Crypto News: After periodic drops of 20 percent, bitcoin tends to come back even stronger

After periodic drops of 20 percent, bitcoin tends to come back even stronger

Bitcoin cash briefly surged past ether to become the second-largest cryptocurrency

Bitcoin fell about 20 percent over the weekend before recovering much of its losses. The last four times bitcoin has fallen more than 20 percent this year, it has gained an average 28 percent in the two weeks following, according to digital currency trading firm Genesis Global Trading.

Four weeks out, the digital currency has gained an average 61.5 percent, the data showed.

Bitcoin performance in the weeks after a drop of more than 20%


Full story at http://cnb.cx/2AFOalf


Source: CNBC


Tweet This Story

 

 

 

Donation:
If you appreciate the things I share, consider making a contribution
no matter how small via PayPal or with TransferWise (EUR).
If you use Waves my wallet address is: 3PPeCnXEDAiRVzvsuGRycrNDHhWgDq68uVt
If you use Bitcoin my wallet address is: 12pAsyMdZoTHPvkiRAZiuQhC8bF4DLbYpQ

Bitcoin QR-Code

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