Halving in 2020 Will ‘fix’ Bitcoin’s Price, Blockstream’s Samson Mow Explains

The upcoming bitcoin block reward halving is set to solve current Bitcoin (BTC) price problems, Samson Mow preempts as BTC struggles below support resistance level at $7,500 USD. He urges investors to HODL as the May 2020 event draws closer despite the current price challenges.
BTC halving will solve BTC price issues, Mow
A bearish narrative is starting to take shape in the Bitcoin community as the May 2020 halving event, as investors witnessed the price of Bitcoin drop to the $7,000’s region in the past few days. While price is up to $7,200 USD once again, after a slight 1.05% increase in the past 24 hours, the sentiments leading to the halving event remain bearish.
However according to Blockstream’s, Samson Mow, the reward halving will push the prices back up as supply of BTC reduces.
Replying to a published post on Forbes titled, “Bitcoin Isn’t Down Because of China, It’s Down Because You Don’t Need It”, Mow explains that at $9,000 levels, over $16.2 million USD is required to keep the price stable every day to buy up the 1,800 BTC mined daily.

Bitcoin is down because we’re still in the phase where we mint 1,800 $BTC a day. At $9,000 price levels, $16.2 million a day is required to maintain a stable price. The upcoming halving will fix this. Weak hands can GTFO. https://t.co/05j6nc5Wci
— Samson Mow (@Excellion) November 24, 2019

With the halving on the horizon, a lower supply of BTC will hypothetically mean miners can sell BTC at higher prices if the daily buyback value remains anything close to $16 million.
It is prudent however to include miners who HODL, effectively reducing the BTC supply sold hence the $16.2 million estimation may be a stretch.

Not all mined #BTC are coming straight to the market, so your thesis isn’t right. Halving is just a narrative which was priced in already, it’s nothing fundamental. For a higher price we need more speculators + adoption.
— KVESTOR (@KVESTOR11) November 24, 2019

Samson however believes that miners with a capacity to sell should sell as it would make it equally profitable as a non-miner HODLing. He said,
“Bitcoin mined is “on the market” already. A miner hodling is the same as a non-miner hodling.”
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Source: CoinGape

How Blockchain Revolution is Driving Central Banks to Issue Crypto backed by FIAT

US Feds adds stablecoins to the list of risks of the potential risk to the financial system.
The CSO of Blockstream, Samson Mow, explains how stablecoins won’t last for long, and it will to ‘hyperbitcoinization.’
China’s push towards digital renminbi could act as the catalyst for further adoption of crypto.

In its recent report on financial stability, the Federal Reserve in the US said the economy was resilient. While rising debt is a reason for worry, there is still time before the destructive effects of rising corporate deficits will affect the economy.
Nevertheless, that does not mean that it is not prone to adversities. According to the report, low-interest rates and stablecoins pose a severe risk to stability in the future. The report concluded,
“The possibility for a stablecoin payment network to quickly achieve global scale introduces important challenges and risks related to financial stability, monetary policy, safeguards against money laundering and terrorist financing, and consumer and investor protection,”
Privately Issued Stablecoins and International Competition Leaves Little Choice
A blockchain-based currency provides for seamless, transparent, and efficient global payments. However, their application can be exploited for money laundering and other international crimes. Hence, the western governments of the world have been wary of them.
Stablecoins has become mainstream in 2019 after Facebook’s Libra announcement and China’s push towards Digital Renminbi. There are various other independent private efforts from the likes of Facebook, JP Morgan, and Walmart to issue USD backed stablecoins. Hence, the most natural path for the central banks will be issue to one of their own.
Leading crypto analyst and entrepreneur, Samson Mow talked about the current state of the stablecoins market with USDT leading the space. He said,
They’re a temporary thing. The main threat they face is from the national cryptocurrencies. How open will those national cryptocurrencies be? …But stablecoins will then have no reason to exist with a national cryptocurrency.
He also added that this would eventually lead to ‘hyperbitcoinization.’ The growth of stablecoins and national cryptocurrencies is leading the world towards an of bitcoin.
Do you agree with the analysts’ views? Please share your views with us.  
The post How Blockchain Revolution is Driving Central Banks to Issue Crypto backed by FIAT appeared first on Coingape.
Source: CoinGape

How Google’s Quantum Supremacy Would Affect Bitcoin – Expert at Litecoin Summit

Samson Mow, the CSO at Blockstream, recently addressed one of the biggest threats to the Bitcoin blockchain – Google’s Quantum Supremacy at the Litecoin Summit in Las Vegas. He explains why one mustn’t panic, but also focused on the building resistances against the tech.
On Wednesday last week, Google published a paper in the issue of the science journal Nature claiming quantum supremacy. The new quantum computers threaten the secure encryption of Bitcoin transactions by its tremendous computing power. Co-incidentally, Bitcoin plummeted about 13% the following day.
There is plenty of noise on the internet, which finds a strong correlation between the drop. Google claims that its computers solved a random number generation problem in 200 seconds that would take an ordinary computer 10,000 years. Bitcoin’s hashing encryption works out a similar mathematical problem that limits double-spent and block time. Hence, it seems only logical that Google could disrupt the undisputed ledger.
Nevertheless, crypto experts like Mati Greenspan and Vitalik Buterin shunned the possibility right away. Greenspan, the Senior Market Analyst at eToro says,
Not a chance. These computers came out a month ago. As I understand, they’re not nearly strong enough to crack Bitcoin.
Similarly, Vitalik Buterin, the co-founder of Ethereum, tweeted that it is just a phenomenon and “still far from directed use toward useful things.”
At the Litecoin Summit currently underway, Samson Mow goes on to explain the phenomenon and why it won’t be a threat to Bitcoin ever.
The power or the capability of the quantum computers is measured in qubits. Google says it has built a 53 qubits system. This is quite impressive but still not enough. Mow told at the crowd at the conference that,
“We’re at 53 qubits now but we would need about 3,000 and then another million to do something meaningful.” He also added, “In the time that we develop quantum computing ASICs will advance as well.”
Furthermore, if need be, even Bitcoin’s protocol can be made quantum-resistant by implementing changes in the protocol through a soft fork. Hence, technical experts would take these measures without inducing any changes in the market or Bitcoin’s utility.
Do you agree with their views? Please share your findings with us. 
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Source: CoinGape

Next Target For ETH is $90 Says Max Keiser and This is Why He Might Be Right

Popular tweet poet and cryptocurrency influencer, Max Keiser took to his Twitter handle recently to make a bold prediction regarding the price of Ethereum. In his Twitter prediction, Max speculated that Ethereum was going to plummet to the $90 mark.

Next target for ETH, $90.
— Max Keiser, tweet poet. (@maxkeiser) August 29, 2019

Max Keiser, who goes by the title “Tweet Poet” on Twitter is the founder of Heisenberg Capital, the very first crypto-only VC fund. Max also founded the Keiser Report which proclaims to be the most-watched financial news and opinion show in the world.
Ethereum is a Technological Dead End
Max’s $90 Ethereum price speculation comes after Samson Mow’s statement on Ethereum which described Ethereum as a “technological dead end.” Interestingly, Vitalik Buterin had also commented on Ethereum’s scalability earlier in August, stating that “Ethereum was almost full.” Mow went ahead to include that Ethereum’s death was in directly correlated to its usage. According to Samson Mow,

Source: Twitter
Ethereum, at present, is the No 2 cryptocurrency by both market capitalization and adjusted volume, according to CoinMarketCap. At the time of writing this piece, Ethereum is trading at $169.56 with a daily trading volume of $7.70 billion. The price of ETH has fallen more than 9% within the last 24 hours from yesterday’s price of $187.85.
Ethereum Price Has Decreased By 40% In Q3 2019
Going by quarterly price movement, Ethereum is at a quarterly low today. Ethereum began this quarter starting from July 1st with a price of around $30o and a daily trading volume of $10.3 billion. Ethereum has recorded an almost 40% dip since the beginning of this quarter and a 46% dip since the beginning of this year.
Also, Ethereum also seems to have drastically lost popularity compared to bitcoin. In statistical  data showing how many searches both ETH and BTC receive on search engines worldwide, records show how Bitcoin is a much more searched term than Ethereum.
Source: Google Trends
Giving Ethereum’s price decline over the last year and the fall in its popularity, Max Keiser’s prediction may prove to be right.
The post Next Target For ETH is $90 Says Max Keiser and This is Why He Might Be Right appeared first on Coingape.
Source: CoinGape

Vitalik Buterin Trolls Bitcoin Maximalist for Anti-Shilling Ethereum

Samson Mow, the CSO of Blockstream recently tweeted in Ethereum’s opposition. He attacked Ethereum’s scalability issue and proposed its ‘slow death’. Vitalik responded to the Mow sarcastically for proposing the Liquid Network in place of Ethereum.
Recently, Vitalik Buterin, the Co-Founder of Ethereum, had himself accepted that Ethereum network is getting clogged up. Soon the fees for transactions might become higher, and the block confirmations could take longer.
Numerous blockchains are running on Ethereum. Tether is one of the tokens, and due to its large market capitalization, and transaction volume is evidently increasing the network load. Hence, some experts are proposing a delay in development on Dapps on Ethereum. To this, Vitalik told the media
“The Ethereum blockchain has been ‘almost full for years, I think it’s still good to develop apps, but anything substantial should be developed with scalability techniques in mind…”
Ethereum is due for a significant update – Serenity, in 2020. While the exact timeline on the transition to Ethereum 2.0 is still not clear. The new protocol for Ethereum is expected to fix all scalability issues.
However, Samson Mow suggested otherwise. According to him, it is a “technological dead end.” He also proposed a shift for USDT to the Liquid Network being developed by Blockstream. Blockstream is one of the largest crypto research firms and contributors to the Bitcoin core developing group.
Liquid Network is an inter-exchange settlement platform allowing for a new way to operate financial exchanges. It is expected to comply with the new FATF travel rule.

Also Read: Telegram Picks Liquid.com For the Exclusive Token Sale of its Native Token, Gram
Vitalik’s Response
However, Vitalik did not take like the interpretation that Mow took from his statements. He refuted Mow’s claims by attacking his stand on ‘Bitcoin maximalism.’ Since Bitcoin is also facing scalability issues at the moment, Vitalik said,

You do realize that Bitcoin is also “almost full” in exactly the same way ethereum is, right?

Furthermore, on Liquid Network, Vitalik noted that it is nothing but a centralized blockchain. He trolled the project by referring to the marketing head of Clearmatics, Tim Swanson. He replied,

I’m sure @ofnumbers will be glad to hear about your support of permissioned consortium chains!
Clearmatics is working on the similar proposed design of Liquid Network since 2015. It provides for blockchain-based architecture for member-owned and governed networks to exchange value.
Public, permissionless blockchain networks are supposed to run like an open-source program. Vitalik also seemed to take a jibe on the fact that the ‘consortium’ would not adhere to the spirit of decentralized control.
Moreover, Mow has been criticized in the past for investing in an ERC-20 token. Hence, the whole issue raises more questions on his stand on Ethereum.
Furthermore, both Bitcoin and Ethereum are expecting an up-gradation in the future. The success and failure of these projects will depend a lot of their adoption. While Blockstream is a leading Research firm that is transforming the crypto space with Bitcoin at its helm, Ethereum intends to maintain its position as well.
Do you think that Ethereum would eventually give up dominance on Dapps and smart contracts to new projects? Please share your views with us. 
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Source: CoinGape

How Bitcoin is Becoming Omnipresent Using Satellites and Networking

Bitcoin [BTC] is a virtual currency whose transactions are primarily executed on the internet. Its dependence on it to exist, however, raises doubts on its store of value and currency argument. While the internet is ubiquitous during today’s time, there are still places on Earth where access is limited.
Nevertheless, Bitcoin is growing more powerful than ever. Samson Mow, the Chief Strategic Officer of Blockstream tweeted about the Blockstream’s satellite service which was launched two years ago. The satellites provide for free synchronization with the Bitcoin ledger.
Furthermore, there also possibilities that are being explored on Earth itself to create a secure offline system for Bitcoin.
The Blockstream Sattelite
The Blockstream Sattelite covers 2/3 of the Earth. The satellite also enables broadcasting data all over the world to the Bitcoin network. Hence, by paying Bitcoin through the lightning network, any message can be broadcasted across the globe.

The #BlockstreamSatellite service has now been operational for 2 years. That's 2 years of free #Bitcoin blockchain data synchronization, improved privacy with offline full-nodes, and making Bitcoin more resilient against network splits. 📡 @Blockstream #BitcoinInfrastructure pic.twitter.com/wYJw6tLbNX
— Samson Mow (@Excellion) August 15, 2019

There are five commercial satellites used by Blockstream which synchronize with the Blocks on the network in real-time. This provides security against forks or network splits from occurring. Hence, restricting ‘51% attack’ and ‘chain re-org’ attempts.
Blockstream Satellites in Space (Source)
Other ISP Free Networks on Earth
Currently, the data on the internet follows a centralized path comprising of specific nodes controlled by corporations. According to sources, Amazon’s AWS transmits more than 50% data on the world wide web.
Meltem Demirors, the Chief Strategy Officer at UK-based Coinshares, held a podcast – ‘What Grinds My Gears.’ In her recent episode, she talks about another ISP (Internet Service Provider) independent services – the mesh technology, Bitcoin Relay Network, and FIBRE, transaction services, nano-satellites (Bitsat), and space-based cloud computing (Cubesats).
The mesh technology uses decentralized nodes to transmit data over the internet. Just like Bitcoin and cryptocurrency, there are many scattered nodes that all participate in the transmission of data. As Meltem noted in her blog post, there are a couple of bitcoin and cryptocurrency-based mesh networks like the TxTenna, Bitcoin Venezuela Mesh Network, Althea, Helen, and NKN. 
The Relay networks have been exploited continually in the past by spammers. However, Bitcoin relay networks are designed to filter the data, allowing only ledger information to be broadcasted. FIBRE (or Fast Internet Bitcoin Relay Engine) is an extension of the Relay network with lightning response.
The mesh can also be connected to the Blocksteam Satellite for synchronization with the latest blocks without any delay.
The networks, as mentioned above, form a financial ecosystem that incentivizes the use of the network while providing security. These are technological attempts at making Bitcoin ubiquitous and free from the internet, becoming genuinely decentralized.
The Future Beyond Conspiracies
The network providers benefit a lot from the existing system of data transmission. Remember the electrical car conspiracy or unleaded Gas story? Any innovation that disrupts the revenue of large organizations has always faced resistance in the beginning.
Moreover, some of these mesh networks are providing an incredibly cheap source for connection to the world without the use of ISP. While privacy will reduce cyber-attacks and unethical surveillance, the system surely distresses the networking Giants.
There are many ‘censored’ areas on earth, it is imposed for geopolitical security and to implement national laws. However, money or currency should be borderless and censorship-resistant. Hence, in the words of US Congressman Patrick Mchenry,
Due to the nature of the technology of Bitcoin, Governments cannot kill it, nor should they and you can’t kill digital currencies broadly. They will be enduring, they will be strong. That is the new framework of the next generation of the internet.
Furthermore, Bitcoin and cryptocurrencies bring security and at the same time, intrinsically incentivizes the players supporting the network. Hence, the barriers to entry for small players are also limited.
With firms working aggressively on Bitcoin, how do you think other cryptocurrencies will find a space in the next era of decentralized internet? Please share your views with us.
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Source: CoinGape

Warren Buffett is not, and won’t ever be into Bitcoin, claims Litecoin’s Charlie Lee

Out of all the promises made over the last decade, the crypto-ecosystem delivered two of them: a volatile market and persistent leadership. Although entrepreneurs have rooted for their own personal agenda, the cryptoverse has witnessed a new era of mutual inclusion. Highlighting this development, a recent podcast featured Litecoin’s Charlie Lee and Blockstream’s Samson Mow. Touching upon […]
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Source: AMB Crypto

Blockstream’s Samson Mow targets Facebook’s Libra; claims David Marcus has no idea of what he is building

Facebook’s latest venture into the cryptospace has encountered a lot of debate and criticism, since the day it was first introduced. The contentious Libra project led by 28 corporate giants including Facebook, has been touted as a “centralized digital crypto” by many skeptics. The latest hearing before the United States’ Senate Banking Committee has only […]
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Source: AMB Crypto

Facebook’s Blockchain Head, David Marcus, Speaks Up on Libra Vs. Bitcoin [BTC]

Facebook released the Whitepaper of its cryptocurrency, Libra on 18th June 2019. The cryptocurrency community and Bitcoin maximalists welcomed the news as a positive impetus for awareness about Bitcoin. Nevertheless, one might still argue that, if Libra is globally used as a medium of exchange, what the use of Bitcoin [BTC] is?
An analogy with Gold could explain the difference between the two. While Bitcoin is a store of value, Libra, like many other FIAT currencies, is a medium of exchange. David Marcus, the Co-Creator of Libra, Head of Facebook’s Blockchain team and former head of PayPal suggested the same in a tweet, he said,
“Many want to pit Libra vs. Bitcoin. In my mind these two are not in the same category. BTC is a decorrelated (investment) asset. Libra is designed to be a stable medium-of-exchange. I have been, and remain a fan of BTC, but for very different purposes.”
If there was a competition between Libra and Bitcoin, Marcus seems to have conceded rather than overselling the facts. Moreover, he mentioned that Bitcoin is a ‘decorrelated asset’; an asset that has no particular utility; however, ubiquitous and limited in nature like Gold.
Also Read: “I Believe in Bitcoin,” says Edith Yeung As She Talks About Rising Institutional Interest
Samson Mow, Crypto-analyst and Blockchain expert agreed with David Marcus as he tweeted,
‘Totally agree with David. They are not in the same category. Libra is the western clone of Alipay, marketed as a cryptocurrency.’
What is Bitcoin then?
Andreas Antonopolous, an educator and author of several books on Bitcoin and cryptocurrencies, explained that since Libra is not borderless (imposed by Government constraints), censored,  ‘permissioned‘ and even mutable to a certain degree on validators consent, it not an ideal cryptocurrency.  
Bitcoin is open, borderless, permissionless, censorship-resistant, publicly verifiable and immutable.
All the other currencies like US Dollar, Euros, Yen, Yuan, and so on, are backed by the GDP of a country. The stablecoins pegged to these currencies are hence exposed to the same degree of risk a FIAT is. Libra, on the other hand, is backed by a basket of currencies and Government bonds. Being a cryptocurrency, it is also transparent and partly decentralized.
Hence, there is a high possibility that will become a popular medium if Exchange and challenge the current banking system. The new cryptocurrency enabled system will allow the ‘unbanked’ population of the world to transact freely using their phones.
Which cryptocurrencies do you think will become favorite mediums of exchange in the future? Please share your views with us. 
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Source: CoinGape

Ethereum 2.0 migration is similar to a hard fork says, Blockstream’s Samson Mow

Ethereum 2.0 project was designed to solve the scalability and consensus problems as Vitalik Buterin , the co-founder of Ethereum said. The much-anticipated rollout features revamp in terms of security, scalability, and decentralization which could not be introduced by means of a hard fork in the existing Ethereum network. According to Samson Mow, the Chief Strategy Officer of Blockstream, “migration of one chain to another, in the case of Ethereum 2.0, is similar to a hard fork”.
In the latest edition of Magical Crypto Friends, hosted by Whale Panda, a prominent figure in the crypto space, took a jibe at the network and stated that Ethereum is basically “dumping Ethereum 1 for Ethereum 2” which would require jumping from one chain to another and “starting from scratch”, and subsequently crop up issues of “potential bugs” on the network.
Responding to which, Mow said,
“You have to expect that everyone is going to give up their old Ethereum or you find a way to migrate it to the new chain. [..] you’re still expecting everyone’s going to migrate right if people don’t migrate then technically you would have the legacy chain alive “
Mow went on draw parallels to the upcoming Ethereum 2.0’s Beacon chain. According to the CSO of the Bitcoin startup firm, the Beacon chain, which is the central blockchain that is responsible for coordinating other Ethereum blockchains, is “similar to Bitcoin main chain”. He further compared the Ethereum’s “shards” to that of Bitcoin’s “side chains”. Following the comparison, Riccardo Spagni, aka Fluffy Pony ridiculed,
“so maybe the dream is to take existing stuff that someone invaded for Bitcoin, rename it, and then that’s how you make it real”
Mow, who is a Bitcoin bull, had earlier singled out Ethereum and said that the blockchain has “no future”.
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Source: AMB Crypto

Top Bitcoin Supporter Irritably Criticizes Bloomberg Report that Claims ‘Almost Nobody Uses Bitcoin’

Bitcoin, the crowning cryptocurrency of all the time is almost not being used by anybody, Bloomberg report claims recently. However, the depth of the sentence is gotten the attention of Blockstream’s CSO Samson Mow who appears to be a bitcoin adherent. He took twitter back-lashing Bloomberg’s write-up and states ‘so many things are wrong in this article about Bitcoin’.
Criticizing ‘Almost Nobody Uses Bitcoin’
At the essence, Bloomberg media on May 31, 2019, published an article entitling ‘Bitcoin’s Rally Masks Uncomfortable Fact: Almost Nobody Uses It’, by citing the report of Chainalysis data. Bloomberg in conjunction with Chainalysis data report, claims that only 1.3% of economic transactions came from merchants until April 2019.
As the article looks quite negative in terms of Bitcoin mass adoption, especially for Bitcoin proponents. Consequently, Blockstrem’s CSO, Samson Mow criticized most aspects of the article and posted continuous tweets, explaining why and how the points mentioned in the Bloomberg article is wrong.
Image Source – Twitter
The co-relation between Bitcoin Hype and Mass Adoption
It mentions about AT&T pointing out the crypto adoption, speculators who seek to pay in digital currency when it comes to wireless service, besides that it points to have the mass appeal of Bitcoin, there needs the hype of Bitcoin.
Bitcoin needs the hype to attract mass appeal to be considered a viable electronic alternative to money but it has developed a culture of “holders” who advocate accumulation rather than spending.
By criticizing the above statement, Samson Mow says that Bitcoin is already viable alternative money. It doesn’t need hype to attract mass appeal. Nevertheless, according to him, Hype is even worse for Bitcoin. He justifies this statement by adding if there are hype people would make Bitcoin purchases without a basic understanding of its use cases, in fact, they’ll find difficulty in dealing with volatility. He further adds;
“Hodlers” don’t advocate anything either. Hodlers are just following Gresham’s law: “bad money drives out good.”
Moreover, the article also quoted Chainalysis’s senior economist Kim Grauer’s report and referred his view sent via email;
“Bitcoin economic activity continues to be dominated by exchange trading. “This suggests Bitcoin’s top use case remains speculative, and the mainstream use of Bitcoin for everyday purchases is not yet a reality.”
Also Read – Billionaire Wants to Purchase 25% of Bitcoin’s [BTC] Circulating Supply: Report
The vision of Satoshi Nakamoto
Pointing out the lack of mass adoption, the article mentioned the vision of Satoshi Nakamoto and adds that the lower trend of merchant’s using Bitcoin will be troublesome for Bitcoin’s longevity. Referring to this statement, Samson Mow rants to provide the source where he said that;
Wut? Where did he say this? Source on (link: http://bitcointalk.org) bitcointalk.org, please?
In a nutshell, Bloomberg added Jeff Doman’s statement that says ‘Bitcoin itself will never be money’. Jeff Dorman who is the chief investment officer at LA-based Arca said in an email;
“Bitcoin is the leader today, and may continue to be the leader due to having the largest network effect and ‘brand,’ but I don’t think Bitcoin itself will ever be ‘money,”’
Concerning Bitcoin doesn’t have to money to be a success, Samson Mow says ‘no Bitcoin didn’t ever and doesn’t have a roadmap.
Speaking about the speculation, Samson Mow agreed on the existence of speculation but notes that; the bulk of it is essentially HODLing property to store value’
Sure, there is speculation, but the bulk of it is essentially HODLing property to store value. Also, Bitcoin supply is inflating at the rate of 1800 coins a day. Seeing even a flat price at 8k would indicate ~$14.4 million dollars being stored in Bitcoin every day.
While pointing out the VISA’s financial status mentioned in the article, Samson Mow says Bitcoin is not a payment rail. The article noted VISA’s success of handling $11.2trillion in payment and cash volume in 2018, Samson Mow says;
Image Source – Twitter
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Source: CoinGape

Bitcoin Cash [BCH] is ‘unsecure’ and the recent BCH chain reorg is a ‘sh*t show’, says Blockstream CSO

Bitcoin Cash, the fourth largest cryptocurrency in the world, has had more than a few hiccups this month. The scheduled upgrade for BCH didn’t quite go as planned, the SegWit BCH funds were stolen, two mining pools had to reorg to blocks to return the stolen funds, and other developments marred the otherwise peaceful bullish month.
In addition, Roger Ver’s bet against Tone Vays is yet to be decided as Ver argued that Tone Vays cheated. The important thing, however, is the reorg of the BCH blockchain, which caused massive waves in the BCH community.
The Bitcoin Cash blockchain was hit by an attacker who waited months to exploit a bug, which led to the production of massive empty blocks with one valid transaction. Moreover, an attacker ‘stole’ SegWit funds, which caused two mining pools, BTC.com and BTC.top to reorg two blocks to recover those funds.
A lot of people in the community circulated the tweet below:

#BCH /#bcash was hit by 51% attack from just 2 miners, https://t.co/gZNf6P1G3l & https://t.co/2gkV6KUcCt– & no one seems to be talking about it.
1/ What I've gathered from loose details:First, there was an unintentional split with the recent #BCH "upgrade."
— Guy Swann (@TheCryptoconomy) May 24, 2019

Samson Mow, the CSO  of blockchain, tweeted:
“The irony here is that #Bcash is so damn unsecure that it’s not even good for coffee transactions. What a shit show. ”
Although the mining pools reorged the chain to prevent the hacker from allegedly stealing the funds, it broke the ethos of decentralization. Moreover, a few days before the incident, BTC.top controlled over 50% of the hash rate for Bitcoin Cash mining, which raised alarms over one mining pool controlling such a massive amount of hash rate.
Mow further tweeted:
“These are not specifically #Bcash mining pools. They are general mining pools that support a few coins, including #Bitcoin. BTC.com is run by Bitmain & BTC.TOP is affiliated with Jiang Zhuoer. This is why you run your own node. #DontTrustVerify”
The bug was resolved and Bitcoin Cash network was functioning without a hitch, at press time. The price of Bitcoin Cash seemed to be greatly unaffected by this incident as it was, at press time, still above $400. BCH was still the fourth largest cryptocurrency in the world, however, the price decreased by approximately 7.4% in 24 hours.
The post Bitcoin Cash [BCH] is ‘unsecure’ and the recent BCH chain reorg is a ‘sh*t show’, says Blockstream CSO appeared first on AMBCrypto.
Source: AMB Crypto

Litecoin [LTC] creator Charlie Lee: People deleting Coinbase don’t actually use it

Charlie Lee, the creator of Litecoin, spoke about the recent events surrounding Coinbase, in the seventeenth episode of Magical Crypto Friends. The podcast also included Riccardo Spagni aka Fluffypony, Samson Mow, and WhalePanda, the rest three members of Magical Crypto Friends.
Coinbase, one of the biggest exchanges in the U.S., has been in the headlines since the announcement of XRP listing, however, the negative news outweighed the positive ones. The negative fame started with rumors over insider trading, which broke out days after the platform listed the third-largest cryptocurrency by market cap. This gained momentum with the acquisition of a blockchain analytics firm, Neutrino, as it was revealed that the firm had an association with Hacking Team. This report led to the start of the #DeleteCoinbase movement.
Furthermore, the Director of Institutional Sales, Christine Sandler, stated that they were aware of the Neutrino-HackingTeam association, in an interview with Cheddar. To make things worse, she stated that they acquired the blockchain analytics firm because their “current clients were selling client data to outside sources”.
The controversy surrounding Coinbase-Hacking Team was soon addressed by Brian Armstrong, the CEO of Coinbase. In a blog post, he stated that the firm decided to let go of all the members previously associated with Hacking Team.
Charlie Lee said on #DeleteCoinbase,
“I thought like people have been deleting Coinbase for a while now right. I guess this Neutrino thing really brought this back out and people are like more upset about Coinbase and actually going out and deleting their accounts. But, you know, from my point of view, people who actually delete Coinbase, don’t actually use it anyways, right. So, its not really going to affect anything.”
This was followed with Riccardo Spagni, the lead maintainer of Monero, speaking about the topic. He said:
“I don’t think that the people that are deleting Coinbase are going to have more than a very minimal impact on the bottom line. […] I do think that there would be a trickle-down effect from the people that are deleting Coinbase […] So it is atleast going to provide a slow shift away from Coinbase as a first point of Contact for people wanting to get into Bitcoin.”
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Source: AMB Crypto

Litecoin [LTC] creator Charlie Lee elucidates on the fungibility of Bitcoin and Litecoin

Charlie Lee, the creator of Litecoin, elucidated on Fungibility, during the thirteenth episode of Magical Crypto Friends. Here, even Samson Mow, the CSO of Blockstream, opined on the same topic by adding the concept of tainted coins.
Prior to speaking about Fungibility, the creator of one of the world’s largest cryptocurrencies emphasized on the importance of privacy and fungibility and added that they are the next battleground for the currency. Moreover, Litecoin is currently looking into Confidential Transactions, in order to ensure that the coin is fungible, according to the announcement made by Charlie Lee earlier this month on Twitter.
During the discussion, Lee explained Fungibility as,
“So, fungibility basically means that each unit of the coin or money whatever it is is indistinguishable and cannot be discriminated against. Right, so if you, for example, I like give you go to a store and need to pay like $5 for a cup of coffee and you pick up a $20 bill from there from wallet you don’t really care which one you take out it they’re exactly the same to the recipient.”
However on the contrary, this is not the same case with Bitcoin and Litecoin, implied Charlie. He added that a person’s account is shut down if Bitcoin or Litecoin is being sent from a darknet marketplace or a gambling site or any place that is not approved by regulations. He said,
“So, the coins that you spend are not fungible so a lot of times even myself when I’m spending coins I have to like decide which output to you use right if I just buy the coins for an exchange I may not know may not want someone to know how many coins I have or link to my other coins and I choose an output that came from somewhere else”
He went on to say,
“And that’s just not a very good way not very good money when you have to do that so something like confidential transactional will help right it will make amounts blind it so you don’t know how much you’re spending how much people won’t be able to see how many coins you’re actually spending that helps a lot with privacy but it’s not it’s not a perfect solution like you need some route privacy also so you can’t track coins.”
This was followed with Samson Mow speaking about Fungibility and tainted coins. He said,
“The whole idea of taint also comes into play. So the idea that some coins are dirty some are clean because some might have been used for you know on Silk Road or whatever so they’re dirty coins and some coins are cleaner. So you might want like straight off the coin base from from a mining or maybe one hop away from mining mining pools wallet or something like that but having this kind of differentiation between different coins at least theoretically is bad for the ecosystem because then your money is not sound money it’s not really good.”
The post Litecoin [LTC] creator Charlie Lee elucidates on the fungibility of Bitcoin and Litecoin appeared first on AMBCrypto.
Source: AMB Crypto

Litecoin [LTC]’s Charlie Lee: MimbleWimble is a good way to get privacy and scaling

Recently, a cryptocurrency known as Grin was launched in the cryptocurrency space. The coin grew to be one of the most controversial cryptocurrencies in the space within hours of its launch. The credit directly goes to the protocol the coin is based on, MimbleWimble.
The protocol was initially introduced to solve the scaling and privacy problems in Bitcoin, by an anonymous developer Tom Elvis Jedusor. Interestingly, both the pen name and the name of the technology are an inspiration from Harry Potter. The developer ensured that privacy would be the core of this technology.
More so, the protocol makes sure that apart from the information that is absolutely required to confirm a transaction, no other information is revealed, including the addresses involved in the transaction and the amount of cryptocurrency involved in the transaction.
During the sixteenth episode of Magical Crypto Friends, Charlie Lee, the creator of Litecoin, Riccardo Spagni, the lead developer of Monero, Samson Mow, the CSO of Blockstream, and Whale Panda, discussed the new privacy-oriented coin. Here, Lee opined about the technology that made the coin one of the most controversial ones in the space. He said:
“I think MimbleWimble technology is actually pretty cool. So when I first learned about it, seems like a good way to get both privacy and scaling and privacy that doesn’t make scaling hard or much worse which is very cool. So I’m yeah happy to see where where this technology goes”
This was followed by Riccardo Spagni aka FluffyPony speaking about Grin’s mining, which drew the attention of even the VCs. Spagni said:
“If you look at at Grin’s economic design it’s clearly designed to be currency. It’s designed to have this crushing inflation so that you’re forced to spend it so hodling is not really part of the economic design. So, they’re throwing money at it because they know that there’s be hype and that, you know, the moms and the pops would eventually go in to buy it.
The post Litecoin [LTC]’s Charlie Lee: MimbleWimble is a good way to get privacy and scaling appeared first on AMBCrypto.
Source: AMB Crypto