Vitalik Buterin proposes Ethereum Classic blockchain as criticism over considering BCH grows

Ethereum ran into scalability difficulties, processing only 15 transactions per second [TPS]. Despite the much-hyped 2.0 version, which was all set to roll out next year, Vitalik Buterin had planned on abandoning its native blockchain for a short period and instead, deploy other blockchains. The Co-founder’s latest proposition of leveraging Bitcoin Cash [BCH] blockchain as […]
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Source: AMB Crypto

Vitalik Buterin weighs Bitcoin Cash Vs. Ethereum for network scalability

With the rise in crypto adoption, heavyweights of the crypto ecosystem are moving forward with the aim to improve the existing security standards and speed, in order to gain an edge over others. One of the major influencers in the crypto ecosystem, Vitalik Buterin shared his view to infuse a scalable data layer for detecting […]
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Source: AMB Crypto

Ethereum Falls by 20% as Bitcoin Taps $10,000, Is There Hope for ETH?

Ouch, Ethereum (ETH) isn’t looking too hot. In the past 24 hours, the cryptocurrency has lost 20%, while Bitcoin (BTC) has shed a relatively mere 10% in the same time frame.
According to Three Arrows Capital’s Su Zhu, Monday’s performance was the “top single-day downward move” for Ethereum since January 1st of 2017 — youch.
As of the time of writing this, ETH is changing hands for $220 — a level not seen since June. Against Bitcoin, ETH has fallen to 0.022 — the lowest this pair has traded at in over two years, back when Ethereum was but a fledgling smart contract platform with not as many applications as it has now.
Related Reading: After Flash-Crashing to $191, Analysts Expect Ethereum to Continue Dropping
This dramatic underperformance may be for good reason. Zhu points out that over 15,000 ETH was market sold on Bitstamp earlier today due to the liquidation of a decentralized loan liquidation.

Largest $ETH liquidations ever on #DeFi in thin markets –led by 15k ETH market sell on Bitstamp sending spot to $195.
Auto-liquidation w/ no-KYC vs margin call w/ KYC — some may start to re-evaluate Peer-to-Contract vs Peer-to-Broker. pic.twitter.com/Ek2j6fy0on
— Su Zhu (@zhusu) July 15, 2019

This led to a dramatic selloff from $260 to $190 per Ethereum on certain platforms. The crypto market is presumably still reeling from that sharp collapse.
Also, some on Twitter have suggested that Vitalik Buterin’s suggestion to move some of Ethereum’s processes onto the Bitcoin Cash chain resulted in a selloff.
You see, by making such a proposal, the Russian-Canadian wunderkind is de-facto admitting that his blockchain is not scalable in the short term
So is there hope for ETH bulls? Yes, there might just be.
Corporate Adoption of Ethereum
Firstly, you’ve seen monumental levels of corporate adoption of the cryptocurrency.
Just recently, Samsung released a beta version of an Ethereum blockchain-focused software development kit (SDK) for developers. This will allow developers that are partnered with the South Korean technology giant to build decentralized applications built for Samsung devices. The Galaxy S10 lineup currently supports the storage of ETH.
Also, JP Morgan has continued to make use of its JPM Coin, which is reported to be based on the Ethereum-esque Quorum chain.
CME Futures Market
As corporations have adopted Ethereum seemingly en-masse, reports have begun to reveal that the cryptocurrency may soon get its own U.S.-regulated, institutionally-faced futures market.
Per previous reports from NewsBTC, trade publication The Block wrote that the CME may soon be launching an Ethereum trading vehicle.
The Block’s Frank “Fintech Frank” Chaparro suggests that the CME altering its reference rate and index for Ethereum could mean that futures are coming. An industry source told the outlet that this change is being done to “prep for an Ether” vehicle.
Related Reading: Crypto Markets Crash $35 Billion as Bitcoin Revisits Double Digits
You see, according to the individual in question, cash-settled futures like the CME’s cryptocurrency contracts can be manipulated, requiring a robust index to mitigate such risk. This recent alteration may be taking place to convince regulators to approve of Ethereum-related products.
Plus, an unnamed CFTC official that spoke to CoinDesk earlier this year claimed that those at the governmental organization are amicable towards Ethereum.
Ethereum 2.0, Serenity, On the Horizon
This all comes as the Serenity (Ethereum 2.0) upgrade is on the horizon. Just weeks ago, Justin Drake revealed that the first specification freeze for Phase Zero of Serenity occurred, which could indicate that the tentative January 3rd, 2020 date for the start of the shift to Serenity is on track.
A brief aside, Ethereum creator and Canadian wunderkind Vitalik Buterin describes Serenity as  “a way to bring technical improvements, like PoS and sharding, together to improve the Virtual Machine, Merkle Trees, the efficiency of the protocol, and a whole bunch of small technical things that you have never heard of.”
Per Buterin, all this is being done in a bid to create a “next-generation blockchain” that will be hundreds of times faster and scalable than Ethereum’s current iteration.
What’s more, Drake, a researcher at the Ethereum Foundation, explained that the inflation rate of ETH may be reduced by upwards of 90% by March 2021:
“Here’s a possible timeline (dates likely totally wrong!) highlighting the key milestones: January 2020: beacon chain launch… March 2021: eth1 fork #2 to reduce issuance by 10x.”
According to a Twitter user going by “Token State”, this reduction will reduce Ethereum’s inflation to 0.5%, which is, by many standards, extremely low and even negligible.
This is so low that from a standpoint of pure percentages, less Ethereum will be issued than Bitcoin, even after 2020’s auspicious halving event. In other words, as long as demand for ETH is maintained or even grows, the planned upgrade should be crazy bullish for the asset’s price.
Do or Die for ETH
While the news cycle is bullish for Ethereum, the charts don’t look all too pretty. In fact, many have quipped that if the cryptocurrency drops a tad further, it’s curtains closed for the asset.
As Hornhairs points out, if ETH manages to close under the green zone, it may be doomed to “die”. But, seeing that there are some potentially positive news events, ETH bulls need not feel hopeless.

$ETH 2M chart – bounce or die zone
I think we close this candle above 0.024, let's come back to this in September pic.twitter.com/AU6rmZJ6ya
— HornHairs (@CryptoHornHairs) July 15, 2019

 
Featured Image from Shutterstock
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Source: New feedNewsBTC.com

Bitcoin Cash [BCH] is fully focused on adoption of cryptocurrencies in commerce, says Roger Ver

The cryptocurrency space is finally getting mainstream attention these days, following the efforts of the many thought leaders who have worked hard towards its promotion and subsequent adoption. Roger Ver is one of these thought leaders, with Ver promoting Bitcoin Cash [BCH] as the original Bitcoin. In doing so, he recently featured in an interview to discuss BCH’s new capabilities and its work against the current system of law.
Ver began by speaking about BCH’s latest innovation, “self-custodial blind escrow,” as a differentiator from the current cryptocurrency leader, Bitcoin [BTC]. He explained,
“This (blind escrow) platform allows anybody to buy and sell Bitcoin Cash [BCH] in any country and any payment method, with no AML KYC required from Bitcoin.com. The people are only required to abide by their local regulations.”
The core of this technology is powered by a special op-code that leverages a third-party’s datasig to verify and settle payment or transaction disputes. While highlighting that BTC did not support this feature yet, Ver stated that neither the chosen third party authority nor Bitcoin.com will hold any access to the transaction data, due to the system’s end to end encrypted infrastructure. He also supported BCH’s sluggish trading value recovery by saying,
“If you want the long term price to go up, you should be focusing on the adoption of cryptocurrencies and commerce. And that’s exactly what we’re doing at Bitcoin Cash.”
Global BCH trading has commenced from June 4th, in honor of the 1989 Tienanmen Square protests in Beijing, China. While the move strongly hints at Ver’s attempt to monopolize the crypto-hungry Chinese market, he stressed that people from across the world can use any payment methods to make BCH purchases, including “PayPal, wire transfer or even a suitcase full of cash at Starbucks.”
Speaking about the implications of using Bitcoin.com’s services in countries where crypto is banned, Ver compared the situation with marijuana’s legality, stating,
“If a law is a bad one or a stupid one, people should disobey it. Smoking a plant that makes you feel happy isn’t a crime.”
He also pointed out the problem of tribalism in the crypto-community, while complimenting peer blockchains including Ethereum, Dash, Monero, and Zcash. On the other hand, Ver called out the bad players that attempted a hack on the Bitcoin Cash network during the recent hard fork. As a collective response on behalf of other prominent leaders such as Peter McCormack and Vitalik Buterin (who are also sued by BSV’s Craig Wright), Ver said,
“Craig, you’re wasting everybody’s time and retarding the rate of economic growth at the entire world by wasting everybody’s time. So please stop, go and go and live your life and do something else.”
The post Bitcoin Cash [BCH] is fully focused on adoption of cryptocurrencies in commerce, says Roger Ver appeared first on AMBCrypto.
Source: AMB Crypto

Vitalik Buterin: Bitcoin SV is a Scam but Binance May Be Centralizing Its Power

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Vitalik Buterin: Bitcoin SV is a Scam but Binance May Be Centralizing Its Power
Ethereum co-founder Vitalik Buterin has publicly questioned both Binance and Bitcoin SV in an interview he gave to YouTuber Hardcore Crypto. He called Craig S Wright’s Bitcoin SV a “complete scam”.
Vitalik Buterin: Bitcoin SV is a Scam but Binance May Be Centralizing Its Power

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Source: CoinSpeaker

Binance CEO Turns Down Justin Sun’s Offer to Join $4.5M Lunch with Warren Buffett

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Binance CEO Turns Down Justin Sun’s Offer to Join $4.5M Lunch with Warren Buffett
Changpeng Zhao of Binance declined an offer to attend Justin Sun’s $4.5 million lunch date with Warren Buffet before taking a jibe on the legendary billionaire for his vehement criticism of cryptos.
Binance CEO Turns Down Justin Sun’s Offer to Join $4.5M Lunch with Warren Buffett

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Source: CoinSpeaker

Ethereum’s Vitalik Buterin says, ‘Bitcoin SV is a complete scam; Binance has a lot of power’

Recently, Vitalik Buterin, the creator of Ethereum [ETH], the leading smart contract platform and the second largest cryptocurrency, spoke about Bitcoin SV and the famous episode of the coin being delisted from Binance. Buterin also elucidated about his opinion on centralized exchanges, in an interview for The Great Ave podcast.
The creator, who previously stated that “BSV is a pure dumpster fire“, remarked that the Craig Wright backed digital currency was “obviously a complete scam”, adding the coin being delisted from one of the biggest exchange was “interesting”. He further pointed out that there were arguments that were in favor of the step taken by Binance and also the other way around, where the argument was that it was an exchange “wielding a lot of centralized power.”
This was followed by Buterin stating that Binance, in reality, does have “a lot of power” and that it was “wielding it in a lot of ways”. Under this, Vitalik highlighted the points of the exchange asking for “big listing fees” and its influence over tokens, where the exchange “influences which coins win and lose” by choosing its trading pairs.
Buterin went on to state,
“it’s weird to kind of criticize like that one decision without looking at all their others […] the more long-term thing is, […] I do really want to decentralize exchanges to succeed and at least kind of offer enough of a level of service that coins tokens can exist and do well like even regardless of what centralized exchanges do”
In October 2018, Binance released an official statement on its blog post, declaring that all its listing fee would be donated to its charity initiative, Blockchain Charity Foundation. Additionally, the exchange had stated that it would donate 100 percent of listing fee and also make the process transparent. This move was made by the leading exchange in order to “increase the use of blockchain for greater good”. The exchange had stated,
“Project teams will still propose the number they would like to provide for a ‘listing fee’, or now more appropriately called a ‘donation’. Binance will not dictate a number, nor is there a minimum required listing fee”

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Source: AMB Crypto

Ethereum is mostly a browser plug-in for Bitcointalk, says Director of Research at Tierion; Vitalik Buterin replies

Recently, Paul Sztorc, Director of Research at Tierion, commented on Ethereum [ETH], the second largest cryptocurrency by market cap and a leading smart contract platform. This comment eventually grabbed the attention of Vitalik Buterin, the creator of Ethereum, who replied to his statement.
Paul Sztorc had tweeted,

This is just what Ethereum does all day
After BTC popularized Lightning, Eth “invented” Raiden, confidentially the name (if you didn’t know) of a video game character that fights with lightning bolts https://t.co/sN9XAbRToJ
— Paul Sztorc (@Truthcoin) May 27, 2019

The Bitcoin Researcher went on to state that it was possible that Ethereum “had invented *nothing* at all,” further asking whether there was any Ethereum idea that was not previously discussed on Bitcointalk. He remarked that Ethereum was “mostly a browser plug-in for bitcointalk.”
This was however countered by Cyrus Younessi, Risk Management Lead at MakerDAO, who affirmed that execution was everything, implying that neither where it came from nor who thought of it was important. He further added that whether Ethereum invented anything or not did not really matter.
However, Vitalik Buterin disagreed with the remarks made by Cyrus Younessi, adding that ideas were indeed easily copyable, “but it’s also true that nuggets of insight can lead to epochal leaps of progress in a field.” He added,

The bitcoin whitepaper itself was arguably a major instance of that. The code quality was apparently quite bad, see thread; but the idea was powerful enough to bring in people who could fix it.https://t.co/PjzmJbjBxK
— Vitalik Non-giver of Ether (@VitalikButerin) May 27, 2019

This was followed by Buterin listing ideas invented by people working on Ethereum. This included the gas mechanism, Casper FFG, Casper CBC, several concepts in blockchain sharding, Plasma MVP, concepts in state channel design, data availability proofs, and constant product market makers.
The post Ethereum is mostly a browser plug-in for Bitcointalk, says Director of Research at Tierion; Vitalik Buterin replies appeared first on AMBCrypto.
Source: AMB Crypto

Binance CEO Collecting Charity to Fight Craig Wright

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Binance CEO Collecting Charity to Fight Craig Wright
Binance CEO Changpeng Zhao established a new Binance Charity Foundation program to help out those who struggle to pay legal fees after being sued by Craig Wright. In such a way, he wants to prevent the self-proclaimed Satoshi from bullying people.
Binance CEO Collecting Charity to Fight Craig Wright

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Source: CoinSpeaker

CFTC Ready For Ethereum Futures, Will ETH Price Rise to $200?

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CFTC Ready For Ethereum Futures, Will ETH Price Rise to $200?
The U.S. Commodity Futures Trading Commission (CFTC) said they are willing to approve Ethereum futures contract – provided it does everything right.
CFTC Ready For Ethereum Futures, Will ETH Price Rise to $200?

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Source: CoinSpeaker

Craig Wright Ordered to Provide Bitcoin Ownership Records

Coinspeaker
Craig Wright Ordered to Provide Bitcoin Ownership Records
The order directs Wright to produce a copy of documents detailing the “formation, administration, and operation of the blind trust” to the plaintiffs.
Craig Wright Ordered to Provide Bitcoin Ownership Records

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Source: CoinSpeaker

Singapore Govt Set To Issue Graduate Digital Certificates on Ethereum Mainnet

The recent report reveals that Ngee Ann Polytechnic, a Singaporean education institution is set on blockchain technology to issue ‘tamper-resistant’ digital certificates. Accordingly, graduate students from local schools, junior colleges, and tertiary institutions will obtain digital certifications from this year.
It was first confirmed by Singapore Education Minister Ong Ye Kung on May 03, 2019 – per the announcement, a Government-led initiative ‘OpenCerts’ which is powered by Ethereum blockchain -will cover 18 educational institutions to processed digital certificates for graduate students in Singapore. The Opencert is a collective effort by the Ministry of Education (MOE), Government Technology Agency (GovTech), SkillsFuture Singapore (SSG), and National Ann Polytechnic (NP).
The update looks quite surprising to the founder of Ethereum, Vitalik Buterin who took Twitter and appreciates the initiation. He states as follows;
Source: Twitter
However, his tweet quickly gained much attention with both positive as well as criticizing comments. One such user criticized his opinion of using blockchain for certification’ – with this, he states ‘You don’t need a blockchain for this. Given a valid certificate, to check revocation status you can simply ask the issuing institution’. As a response to this comment, Vitalik posted continued tweets and justified why digital certifications based on blockchain is worth considering in Singapore.
Source: Twitter
You only need the blockchain for the *revocation* list; certificates that have been *issued* would simply be signed (and this is how this specific app actually works).
The decision to employ ETH powered Opercert blockchain platforms comes as a solution to resolve productivity issues. This process purges two key requirements – physically leveraged document and verification mechanism.
Also Read: Elon Musk Just Kidding with the ‘Ethereum’ Tweet; Crypto-Twitter Goes Hysteric Anyway
Concerning what Opencerts will do in educational institutions, Ngee Ann Polytechnic Principal Clarence Ti says that;
“We issue over 4,000 diploma certificates and other kinds of certificates every year. The process of verifying the authenticity of certificates can be very manual,” he explained. “With blockchain, we can simplify this process, make it user-driven, and boost productivity. Not only will this help students effectively kickstart their career, but employers also get them on board with minimal hassle.”
What’s your stake on Digital certifications on top of ETH mainnet.? let us know in the comment below.
The post Singapore Govt Set To Issue Graduate Digital Certificates on Ethereum Mainnet appeared first on Coingape.
Source: CoinGape

Changpeng Zhao Proposes Cryptocurrency Named SpaceXcoin to Elon Musk

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Changpeng Zhao Proposes Cryptocurrency Named SpaceXcoin to Elon Musk
Crypto community has made numerous attempts to lure SpaceX’s and Tesla creator Elon Musk into the crypto family. The latest try comes from Binance’s CEO offering Musk make his own coin called ‘SpaceXcoin’.
Changpeng Zhao Proposes Cryptocurrency Named SpaceXcoin to Elon Musk

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Source: CoinSpeaker

Musk Trolling Ethereum for Real or As a Result of SEC Decision?

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Musk Trolling Ethereum for Real or As a Result of SEC Decision?
Crypto-Twitter is known for its hysterics. Elon Musk challenged this fact when he just tweeted “Ethereum”, and it went in a frenzy as expected, being re-tweeted more than 3000 times in only 2 hours.
Musk Trolling Ethereum for Real or As a Result of SEC Decision?

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Source: CoinSpeaker

Elon Musk Just Kidding with the ‘Ethereum’ Tweet; Crypto-Twitter Goes Hysteric Anyway

Elon Musk, one of the most successful entrepreneurs and brightest minds of the 21st century is looked up to for a lot of reasons. The CEO of SpaceX and Tesla needs no introduction almost everywhere in the world. He has 26.2 million followers on Twitter and more often than not Musk indulges in light-hearted banter with the Twitter community.
Crypto-Twitter (CT), on the other hand, is known for its hysterics. Any cryptocurrency related tweet be it allegations, opinions, or news invites an avalanche of tweets and it spreads like fire.
Elon Musk once again put this fact to test on early morning 30th April 2019. He just tweeted the name of one of the most popular cryptocurrencies, and CT went in a frenzy as expected. It was re-tweeted more than 3000 times in only 2 hours.

Ethereum
— Elon Musk (@elonmusk) April 30, 2019

However, he had also followed the Tweet with a reply saying:

jk
— Elon Musk (@elonmusk) April 30, 2019

Vitalik Buterin, the co-founder and lead figurehead of Ethereum was delighted by the joke, invited Elon to the Ethereum DevCon.
You should come to our Devcon in October 🙂
The Twitter thread grew longer with each passing minute, as Justin Sun came to shilling Tron and Bittorrent. A similar tweet was sent by Gabor Gurbacs, the CEO and Digital Asset Director at VanEck also sent a two-word reply shilling his favorite coin.

No. #Bitcoin
— Gabor Gurbacs (@gaborgurbacs) April 30, 2019

It is sort of building up as an inside joke between Elon and the Crypto-community because this isn’t the first time for Elon. Earlier Elon this year Elon had mentioned that Dogecoin was his favorite cryptocurrency. In the turn of events that followed, rather not surprisingly, the price of Dogecoin started gaining extreme momentum in the following days. Elon Musk, due to his entrepreneurial brilliance and being the founder of Paypal has also been occasionally dubbed as ‘Satoshi Nakamoto.’
Nevertheless, the strong conviction and optimism of the Crypto-Twitter community have been unshaken in the face of negative market sentiments and criticism. Elon Musk has also been drawn towards it with a positive outlook.
Also read: Elon Musk Believe Bitcoin is Better Than a Paper Money, Calls it ‘Quite Brilliant Structure’
Furthermore, the cryptocurrency fanatics are always wary of big movements in the market. Any positive or negative piece of news has a considerable impact on the price of the cryptocurrency almost instantly. This highlights the vulnerability of the markets, currently. However, it wasn’t witnessed on this occasion as the price of Ethereum is still below $160. Hence, no resistances have been tested yet.
Do you think that the markets are becoming stronger and stabler with time or vulnerability still exists? Please share your views with us. 
The post Elon Musk Just Kidding with the ‘Ethereum’ Tweet; Crypto-Twitter Goes Hysteric Anyway appeared first on Coingape.
Source: CoinGape