link735 link736 link737 link738 link739 link740 link741 link742 link743 link744 link745 link746 link747 link748 link749 link750 link751 link752 link753 link754 link755 link756 link757 link758 link759 link760 link761 link762 link763 link764 link765 link766 link767 link768 link769 link770 link771 link772 link773 link774 link775 link776 link777 link778 link779 link780 link781 link782 link783 link784 link785 link786 link787 link788 link789 link790 link791 link792 link793 link794 link795 link796 link797 link798 link799 link800 link801 link802 link803 link804 link805 link806 link807 link808 link809 link810 link811 link812 link813 link814 link815 link816 link817 link818 link819 link820 link821 link822 link823 link824 link825 link826 link827 link828 link829 link830 link831 link832 link833 link834 link835 link836 link837 link838 link839 link840 link841 link842 link843 link844 link845 link846 link847 link848 link849 link850 link851 link852 link853 link854 link855 link856 link857 link858 link859 link860 link861 link862 link863 link864 link865 link866 link867 link868 link869 link870 link871 link872 link873 link874 link875 link876 link877 link878 link879 link880 link881

Tag: bitcoin bitclub network

Is Bitcoin Repeating Its own history

2014 Bitcoin crash layout by trader babyjungle — published April 20 .

2 weeks ago I found this fractal made from trader @chewner. We all know that trading is based on news and history, and it was funny just to watch how the price was following almost exactly the same path as in 2014. Of course now the scenario is quite different, we are not in a massive adoption yet, but there is a lot of industry and big players in this space. Despite those facts, the price is moved by cicles and by repetitive patterns and today the price just hit exactly the level marked on the chart.
 

It may be just a coincidence, but I´ll watch the chart just for fun. I´m actually expecting the price to reach around 9200 before a correction.

 

Here is the chart.

 

Posted by David Ogden

Link to Original Post https://www.tradingview.com/chart/BTCUSD/EbhIJvue-2014-Bitcoin-crash-layout/

Alan Zibluk Markethive Founding Member

Bitcoin Gold — What to Know About the Blockchain’s Next Split

Bitcoin Gold - What to Know About the Blockchain's Next Split

Bitcoin Gold — What to Know About the Blockchain's Next Split

Anyone who owns bitcoin will soon be able to receive a new cryptocurrency.

As of block 491,407 on the bitcoin blockchain, another alternative version of the protocol will be launched, resulting in a variant that's being branded bitcoin gold (BTG).

The project, which seeks to improve bitcoin's technology by changing how its competition for rewards is conducted, is the second to launch since August via an increasingly common process called a "hard fork."

Readers may remember the term from the launch of bitcoin cash, the alternative version of the bitcoin protocol that spurred global headlines for unexpectedly creating billions of dollars in value, seemingly out of thin air.

Looking ahead, many industry observers are expecting the same results this time around, though there may be reasons for enthusiasm to be tempered.
 

What is bitcoin gold?

In short, bitcoin gold aims to achieve two goals:

  • First, bitcoin gold wants to change how mining works by making it so the most powerful mining machines (called ASICs) can no longer be used.
  • Second, by attracting more people to this system over time, it hopes to free the bitcoin network from the large companies that offer these products, and it argues, command undue influence on the network.

Instead of scaling bitcoin to support more users, bitcoin gold tweaks bitcoin in an effort to "make bitcoin decentralized again." This, proponents argue, will make the network, designed to offer an egalitarian way to send payments digitally around the globe, more accessible to users.

And while created via the same mechanism, bitcoin gold differs from bitcoin cash in a few ways, most notably in its distribution.

Differences include:

  • The bitcoin gold cryptocurrency is set to be created in advance (prior to the code being open-sourced to the public).
  • About 1 percent of the total cryptocurrency tokens mined before the blockchain goes public will be used to pay the bitcoin gold development team.
  • Once this distribution is over, the team claims it will launch the cryptocurrency so that users can redeem their coins.

Of course, while it aims to become the de-facto version of bitcoin,others might consider bitcoin gold an "altcoin" — the term has long been used to denote any cryptocurrency launched using bitcoin’s existing code, but that has an alternative market or use case.

Do I have bitcoin gold?

All bitcoin owners will receive the cryptocurrency at a rate of 1 BTC to 1 BTG, setting the stage for possible market activity.

But, that's not to say it's totally intuitive to retrieve.

One quirk is that it'll be easier to redeem the funds from wallets or exchanges that recognize the cryptocurrency. The easiest way, then, to retrieve the bitcoin gold is to move bitcoin to a wallet or exchange that supports bitcoin gold, or to hold bitcoin in a wallet where you own your private keys (rather than holding them with an exchange).

To date, 20 exchanges and wallets promise to support bitcoin gold once it launches, according to the project's website.

Although one of the most popular U.S.-based exchanges, Coinbase stated on October 20 that it does not support bitcoin gold due to skepticism about how developers have made project information available to others.

"At this time, Coinbase cannot support bitcoin gold because its developers have not made the code available to the public for review. This is a major security risk,” the post reads.

This is perhaps something to keep an eye on as the project progresses. Although the project will officially fork on Monday night, it's not yet open to anyone and everyone, and there’s still plenty left on the developers' to-do list.
 

Who is behind bitcoin gold?

The team behind the hard fork appears to be a relatively small group.

Hong Kong-based LightningAsic CEO Jack Liao, who's an outspoken critic of the state of bitcoin mining, first broached the idea of bitcoin gold back in July.

His company LightningAsic sells mining equipment, including GPUs, the type of computing hardware bitcoin gold is supposed to rely on.

Since first introduced earlier this summer, the team has expanded to include pseudonymous lead developer h4x3rotab, as well as a team of five other volunteers who are now working on developing and promoting the cryptocurrency in their spare time.

The project can be tracked on Github and on the community Slack group.
 

How do people feel about bitcoin gold?

All that said, for those interested in exploring or using bitcoin gold, it's worth noting that it has generated its share of controversy.

Satoshi Labs CEO Marek Palatinus, who launched bitcoin's first ever mining pool, is skeptical the project will actually work to decentralize mining as planned.

And he's not the only one to throw shade at the new project.

Bitcoin developer Rhett Creighton is working on alternative bitcoin gold "protest fork" software that seeks to pursue the same idea but without setting aside some of the new cryptocurrency for development.

If more than 51% of miners choose to use his software, the so-called pre-distribution to developers will be erased, he told CoinDesk. "It's up to the miners to decide what they want," he added.

All in all, it's unclear if business and mining groups will ultimately support the project, and if they do, how much value the alternative blockchain could create.

For example, while a list of roughly 50 businesses and miners support the so-called Segwit2x fork, similar support hasn't been seen for bitcoin gold. Likewise, though bitcoin cash began with support from vocal miners and exchanges, bitcoin gold has arguably yet to benefit from such early activity.

 

Author: Alyssa Hertig

 

Posted by David Ogden Entrepreneur
David Ogden Cryptocurrency Entrepreneur

Alan Zibluk Markethive Founding Member