Future is Brighter Than Ever for Crypto, Says Roger Ver

The outspoken CEO of Bitcoin.com believes that the future of cryptocurrencies like Bitcoin and Bitcoin Cash is bright, despite the current market sentiment, fearing that the budding financial technology has already met its demise.
Roger Ver: Based on Fundamentals, Crypto’s Long-Term Future is Bright
Roger Ver is a polarizing character in the cryptocurrency industry.
Love him or hate him, though, there’s no denying the early Bitcoin investor has helped bring cryptocurrency into the mainstream and has pushed the envelope for widespread adoption. In his latest comments, the Bitcoin.com CEO gives a positive outlook on cryptocurrencies.
While speaking to Bloomberg, Ver was questioned about the longevity of cryptocurrencies. As a self-proclaimed “fundamentals investor,” Ver believes that “long-term the future is brighter than ever,” for cryptocurrencies, adding that there’s “more awareness,” “more adoption,” and “more stuff happening all over the world.”
Related Reading: Roger Ver Hints at Launching Bitcoin Cash-Centric Exchange
Pundits like to demonize cryptocurrency for its usage in cyber crimes, for being a Ponzi scheme, or how cryptocurrency exchanges have suffered security breaches resulting in millions of dollars stolen from investors. Ver, on the other hand, claims that these things are nothing more than “bullish signals that cryptocurrency is here to stay and here for the long-term.”
“If anything I think it’s brought additional awareness to the ecosystem in the fact that such big players are involved. The fact that hackers are trying to hack it shows its worth something. If it wasn’t worth anything, it wasn’t useful, hackers wouldn’t be wasting their time trying to hack it,” Ver said justifying his comments.

“I’m incredibly bullish on the entire crypto coin ecosystem, and Bitcoin Cash specifically,” Ver explained.

Ver Wishes Bitcoin SV and Other Crypto “Good Luck”
When asked how cryptocurrencies can shed some of the stigma surrounding them, Ver suggests that influential figures and businesses in the space “need to build an economy based on actually using cryptocurrencies as currencies rather than just a bunch of speculators speculating.” Ver says that’s been Bitcoin’s goals from day one, as is the goal of Bitcoin Cash and recent rival Bitcoin SV.
While a “war” between two Bitcoin Cash factions has been waging for months – which many point to as the uncertainty that led to Bitcoin’s break of support at $6,000, sending it to new lows – Ver wished his opposing camp “good luck.”
Related Reading: Bitcoin Cash Rivals Duke It Out Ahead of Hard Fork
“I wish every cryptocurrency good luck if they’re trying to bring more economic freedom to the world by making them useful as currencies for the world,” Ver added.
Last month, Bitcoin Cash was hard forked to split and create two “camps” as Ver called them: Bitcoin ABC and Bitcoin SV. Bitcoin ABC was favored by Ver and his supporters, while Bitcoin SV – Satoshi’s Vision – was led by Craig Wright, who claims to be Satoshi Nakamoto.
Featured image from Shutterstock.
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Source: New feedNewsBTC.com

Bitcoin ABC protocol update makes attacks easier, more damaging: BitMEX

Bitcoin Cash hard forked on November 15, resulting in Bitcoin ABC and Bitcoin Cash SV [BCHSV]. The Bitcoin ABC protocol updated to version 0.18.5, on November 21. BitMEX analyzed the changes implemented and concluded that the ABC checkpointing system is a “fundamental change to the core network and consensus dynamics”, changes whose implications needed to be better understood before implementation.
The new ABC mechanism finalizes a block once 10 confirmations are received. This prevents large reorganization blockchains. Meaning, if a hostile mines a “shadow chain” that differs from the original over 10 or more blocks, this shadow chain is useless, and can not reorganize the original “honest” chain. However, the risk of consensus chain split seems much aggravated.
BitMEX notes that this consensus chain split is as damaging as a hostile reorg. However, such a split is unlikely to occur as the hostile miner needs to have majority of the hashrate to pull this off.  The consensus split would not necessarily result in the hostile profiting. A double spend attack attempted this way does not have a clear outcome.
According to BitMEX Research:
“[the new system] increases the risk of consensus chain splits and provides new opportunities for a would-be attacking miner. Another tradeoff is that the change increases the damage hostile miners can do to the network, but it reduces the potential reward for such behaviour.”
BitMEX says merchants and exchanges can wait for 10 block confirmations, before treating a transaction as “secure”. However, it fails the Bitcoin Cash original objective of increasing transaction speeds. The Bitcoin whitepaper, treated as “Satoshi’s vision”, stated:
“Nodes can leave and rejoin the network at will, accepting the proof-of-work chain as proof of what happened while they were gone.”
Despite this, working under above conditions it is very easy for a hostile to “take over” a new node, if it receives a checkpoint from a shadow chain first, and the honest chain’s later.
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Source: AMB Crypto

Bitcoin ABC Holds Onto Its Lead, What It Means For The Bitcoin Cash Community?

Bitcoin ABC with a clear lead over Bitcoin SV
Bitcoin SV gaining albeit gradually
The war of words between the two camps continues

The Civil War
By now, every crypto enthusiast knows that Bitcoin ABC and Bitcoin SV are the only two chains that survived the hard fork on Thursday. ABC, led by Roger Ver, has continued to dominate its rival, both on the number of blocks mined and the mining power. At press time, ABC was 16 blocks ahead and controlled 62 percent of the network hash rate according to Coin Dance, an analytics website. It also has a 52.3 percent lead on the proof of work.
However, SV has made some gains in the past 24 hours that have seen it gradually cut off ABC’s lead. At some point, ABC was 50 blocks ahead, but SV has since then cut the lead to 16. According to some experts, this indicates that the pools behind ABC were slowly wearing out and SV was gradually catching up. One of these is Francis Pouliot, a renowned Canadian Bitcoin investor who tweeted:

Ladies and Gentlemen, the race is on 🏇🤡!
BitcoinSV is now only 11 blocks behind. Craig/Calvin caught up 30 blocks and reduced hashrate disanvantage from 5PH/s to 0.6PH/s.
Did Jihan/Roger boost their pony too hard, too soon. Running out of steam?
A Monty Python sketch 🍿 https://t.co/H5sDs93jvf
— Francis Pouliot (@francispouliot_) November 17, 2018

While the two camps continue to trade words on social media platforms, their prices have been tanking. SV was trading at $110 at press time according to data from Poloniex exchange and while this is a slight increase of 2.7 percent, it’s still yet to recover from its downward slump experienced immediately after the fork.
ABC, on the other hand, was trading at $260, a 7.5 percent decline. ABC hasn’t fared well either, with many investors scared of investing in the crypto in the fear that it could tank.
Miners in the two camps have been mining at a loss, a research by BitMEX has shown. According to BitMEX, miners in the SV camp experienced greater losses at $397,000, but those in ABC didn’t fare much well either, running to losses as high as $365,000 since the fork.
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Source: CoinGape