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Orca Pool Mining Operation Aims to Defend Altcoins and Forks From Attacks

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Last November the Bitcoin Cash (BCH) community witnessed a hash war that resulted in a bifurcation of the main chain. The spat saw one of the first examples of the alpha miner strategy and an attempt to truly test Nakamoto consensus. About a week before the fork, a new mining operation was announced called Shark Pool aimed at explicitly attacking weaker chains. However, a new type of mining organization revealed itself on Feb. 15 called Orca Pool which seeks to protect altcoins and forks from being attacked by malicious miners.

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Blockchains Beware: Sharks in the Water

Just before the BCH hard fork and blockchain split which saw the birth of BSV, a new mining pool announced its plan to attack smaller cryptocurrency networks in order to cause disruption to the coin’s ecosystem. The operation Shark Pool explained during the first week of November 2018 that the mining organization would exclusively mine blocks on low proof-of-work chains and create a series of orphaned blocks. Furthermore, Shark Pool would also sell profits from mining these other coins in order to acquire BSV. Shark Pool was founded by Cashpay Solutions cofounder Ari Kuqi who is also known for the project Cryptonize.it.

“All altcoins, including forks and splits, are acts of war against Bitcoin and are going to be treated as such,” explained Shark Pool when they launched.

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Even after the BCH fork, the Shark Pool organization had continued to announce threats toward certain coins they planned on ambushing. Three days after the split, Shark Pool warned community members of projects like bitcoin gold (BTG), bitcoin interest (BCI), bitcoin diamond (BCD) and bitcoin private (BTCP). Some people also accused Shark Pool of attacking the BCH testnet at this time as well. Just before the new year, the pool explained that 2019 would be the “Year of the Shark” and the organization emphasized that it still had its sights set on BTCP’s mainnet. “Exchanges will require 1,500+ confirms for BTCP, devastating for a cryptocurrency,” Shark Pool detailed on Dec. 23, 2018.

The Orca, Predator of the Shark

Since then, Shark Pool has continued to try and recruit more miners to join the mining operation. For instance, on Jan. 5, the well known BSV supporter Kevin Pham explained to his Twitter followers that “real Bitcoin maximalists” are like Shark Pool and “you’d want to destroy shitcoins like litecoin, not support them.” Not everyone agrees with the BSV community’s mentality though and on Feb. 15 a new pool was born in order to retaliate against miners like Shark Pool. On Friday afternoon a newly created Twitter handle stated:

Sign up for Orca Pool, a mining pool that counters attacks by Shark Pool and sells the rewards for bitcoin.

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Orca Pool’s tweet leads to a website which explains that miners can sign up for early registration to join the pool’s resources. The website details that the Orca, otherwise known as the killer whale, is a predator of the shark. The mining organization’s website Orcapool.cash says the group believes miners should defend blockchain censorship and the site explains in detail why they started the group.

“All Altcoins, including forks and splits, should compete in the free market — Predatory pools have emerged that wish to interfere with this process by illegally attacking blockchains with hashpower,” it reads. “Orca Pool miners will exclusively mine chains needing defense from attackers, and sell the rewards for bitcoin.”

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Once again, the cryptocurrency mining ecosystem and its players have shown how the industry is swift to adapt to new ideas. The concept of miners mining other chains so they can acquire their favorite coin is nothing new, but maliciously orphaning blocks and causing chaos for exchanges has been a relatively new threat since last November’s hash wars. Small chains with very low amounts of hashrate like bitcoin gold and vertcoin have been attacked recently which indicates that some miners think it’s open season and have been on the hunt for these chains. Lastly, there’s also been a lot of mining pools hiding their identities recently and a resurgence of “unknown miners” has been seen on both the BCH and BTC networks.

What do you think about mining operations like Shark Pool and Orca Pool? Let us know what you think about this subject in the comments section below.

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Crypto Gains Neutralize

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Cryptocurrency markets are once again riding a long period of consolidation as the last seven days has failed to show any meaningful moves. During our last markets update, digital asset values spiked considerably, gaining billions in one hour on Feb. 8. But a week later cryptocurrencies have offset those gains and most markets have been following a narrow range for more than a week.

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Crypto Gains Neutralize and Follow a Falling Narrow Range

Digital currency prices have been consolidating again into what looks like a falling wedge after seeing a significant jump in value eight days ago. The overall market capitalization of all 2,000+ cryptocurrencies is around $120 billion. Global trade volume is still decent, even though it’s a touch lighter than last week at $18.8 billion over the last 24 hours. Currently, bitcoin core (BTC) is priced at $3,635 with a market valuation of about $63.7 billion at the time of writing. BTC is down around 0.81% over the last week but has managed to gain 0.3% during this morning’s early trading sessions.

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Top 10 cryptocurrencies on Feb. 16, 2019.

The second highest market capitalization belongs to ethereum (ETH) as each token is trading for $123. Ethereum markets have managed to knock ripple (XRP) from the second position as XRP is swapping for $0.30 this Saturday. Litecoin (LTC) captures the fourth position with each coin trading for $43 as markets have gained 3.5% today. Lastly, eos (EOS) prices are up 1.5% as each eos is sitting at $2.83 per coin.

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Top 20 cryptocurrencies by market cap on Feb. 16, 2019.

Bitcoin Cash (BCH) Market Action

Bitcoin cash (BCH) prices have been coasting along at $122 per coin this weekend and markets are up 0.44%. BCH has an overall market valuation of around $2.1 billion and about $192 million traded over the last 24 hours. The top five exchanges trading the most bitcoin cash today are Lbank, Hitbtc, Fcoin, Binance, and Upbit. The top trading pair with BCH this weekend is ETH by 42.2% over the last day. This is followed by USDT (30.1%), BTC (17.4%), USD (4.2%) and KRW (3.7%). Over the last few weeks, larger concentrations of KRW/BCH pairs have been increasing. This weekend BCH is the ninth most traded cryptocurrency below dash and just above qtum.

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Bitcoin cash (BCH) seven-day chart on Feb. 16, 2019.

BCH/USD Technical Indicators

Looking at the 4-hour chart on Kraken and Bittrex shows the momentum from BCH bulls has neutralized. Over the last seven days, heavier resistance was able to build up and will make things more difficult for northbound movements. The two Simple Moving Average (SMA) trendlines show the long-term 200 SMA is still above the short-term 100 SMA. This solidifies the fact that the path toward the least resistance is still the downside. Although as noted in prior market updates, the two moving averages look to be converging in the near future unless some big changes await.

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BCH/USD on Bittrex 4-hour on Feb. 16, 2019.

Moving on to the Relative Strength Index (RSI), Stochastic, and MACd indicators we can see things meandering back and forth. RSI and the Stochastic oscillator levels are coasting along at 48.4 on the 4-hour chart, indicating traders seem to be cautious at the moment. MACd shows signals that BCH bears are getting exhausted and a reversed MACd divergence suggests the bottom may be in and market trends seem to be on the verge of change. Order books indicate some thick resistance between the current vantage point and prices above $150. The bears will struggle between today’s spot prices and numerous areas of support until $95.

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BCH/USD on Kraken 4-hour on Feb. 16, 2019. Extremely tight Bollinger Bands at 10:30 a.m. EST.

Traders Still Speculating on the Next Bull Run

Last week’s run-up in prices had given some cryptocurrency traders a new breath of optimism but others still think it was just another dead cat bounce. Many digital asset traders are selecting positions and just hoping they found the right seats during this game of musical chairs. One trader who goes by the name “Financial Survivalism” on Twitter thinks BTC prices might drop considerably before a big reversal in his “Hyperwave” price analysis. The trader suggests that BTC could fall to $1,165 before a large jump to $10,000.

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Fiat-to-crypto money flow on Feb. 16, 2019.

Furthermore, Zhu Fa, the cofounder of Poolin, a China-based mining operation, believes the price of BTC will skyrocket 10–20x higher than its prior all-time high of $20,000. The Poolin cofounder thinks that BTC will be priced between $70,000 or 5 million yuan ($738,000). Other traders also believe the next big cryptocurrency bull run will be the last huge run-up and the crypto economy’s subsequent years of life will see much slower growth.

Where do you see the price of BCH, BTC, and other coins heading from here? Let us know in the comments below.

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”

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BCH-Powered Badger Wallet Now Connects to a Variety of Blockchain Apps

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Since its inception, the bitcoin cash (BCH) light client Badger Wallet has become one of the most versatile BCH platforms. Over the last few weeks, Badger developers have added a slew of new features including Simple Ledger Protocol (SLP) support and integration with projects like Satoshi Dice and Sideshift.io.

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Badger Wallet Wants to Be the Gateway for BCH-Centric Applications

The Badger Wallet light client has been making strides lately by showing the BCH community the application’s versatility with multiple BCH-centric applications. The Chrome and Firefox-based Badger software is similar to the ethereum (ETH) client Metamask and aims to be the gateway to a wide variety of BCH applications. With Badger, the developers have given the software the ability to communicate with BCH and tokens that have been created with the chain. Badger developers have emphasized that the wallet enables an entirely new dimension to the web with “micro-payments, smart-assets, decentralized exchanges, distributed autonomous organizations and more.” Over the last few weeks, Badger has shown its ability to adapt by being implemented into some of the most popular BCH-based platforms.

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Badger Wallet working with the Cash-ID protocol.

For instance, last November Badger integrated Wormhole token support which allowed users to send and receive Wormhole-based tokens. On Feb. 6, 2019, Badger developer Gabriel Cardona revealed that the wallet’s version 0.1.4 is live and SLP tokens are now enabled. Because Badger supports both Wormhole and SLP tokens, it is the first wallet client that can support bitcoin cash and tokens from two different projects. Badger also works with the Cash-ID protocol and can act as an identity vault. The Cash-ID concept is an open protocol developed by Jonathan Silverblood. Within the Badger user interface, it provides individuals with the ability to sign in to web pages and BCH-based applications and also unlock content by using their private keys.

“We see this as an entirely new paradigm in identity management and an enabling technology in our goal to be your identity vault and gateway to Bitcoin Cash apps,” explains Badger’s website.

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Badger wallet connects with Sideshift.io and Satoshi Dice.

Satoshi Dice, Sideshift and Memo.cash Integrations

Badger has also integrated with a few other platforms in the BCH universe recently. The popular bitcoin cash-powered betting platform Satoshi Dice has connected with the wallet’s “Badger Button” (an automated payment button) that adds a seamless and near instant user experience. Instead of having to scan QR codes with the Badger Button and the Satoshi Dice platform’s zero-confirmation acceptance, players can wager in a frictionless fashion. On Feb. 6, the side-shifting application Sideshift.io also added Badger support and “test pilots” do not have to scan QR codes to send BCH. Sideshift is an application that’s similar to Shapeshift and Badger swapping coins with BCH makes the process move much quicker.

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The Badger OP return API allows users to send a memo on Memo.cash with Badger

The wallet’s development team has also published its new OP return API that allows users to send a memo on Memo.cash with Badger. If a user has a Badger Wallet installed on Chrome or Firefox then they can type the memo and after pressing confirm the wallet will sync with a bitcoin cash tethered OP return smart contract. After accepting the terms of the contract using the Badger interface, the message will be executed on the Memo.cash platform after confirming the payment. Overall, Badger’s developers in striving to reach their goal have continued to connect with well-known platforms and token solutions within the BCH ecosystem.

“Badger is your identity on this new web — You can pay for premium content, run smart contracts and experience Bitcoin Cash apps seamlessly and trust free,” the Badger Wallet developers explain.

What do you think about Badger Wallet? Let us know what you think about this subject in the comments section below.

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Bitcoin’s Social Contract Must Be Resilient to the Whims of Future Generations

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How to get free Bitcoin (Click here to get free BTC)

Over the last few years, infighting and different visions has led to significant divides within the Bitcoin community, weakening the network effects no matter which chain you support. With all the arguments about scaling, privacy, consensus changes and the various forks, it is amazing that these public networks are still thriving. Nevertheless, the people who maintain the various software protocols that communicate with Bitcoin and the network’s many participants have lives that are finite — which means we don’t know if future generations will change the social contract Satoshi Nakamoto created years ago.

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Understanding the Social Layer of Bitcoin

The technology we all know and love called Bitcoin has changed the lives of many individuals over the last 10 years. However, during the latter half of that decade, the humans who have maintained the protocol have relentlessly argued over how it should operate. This has led to a large community divide, endless fighting, and many different forks. The protocol itself, however, has been able to continuously perpetuate the social contract we call “Bitcoin” during this period. However, the arguments have led to wavering opinions and whimsical ideas that threaten the Bitcoin network’s social contract.

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“Money presents an important lesson: The larger and more valuable a social institution gets, the more it attracts others to seek control over it,” Hasu Fly Dec. 3, 2018. 

The independent cryptocurrency researcher Hasu Fly details the social contract very well in his memorable essay “Unpacking Bitcoin’s Social Contract.” Within the editorial Hasu details that fiat money is a social contract or an agreement between the citizens and the state. Many individuals reject this social contract though and believe the state fails to gain true consensus because it uses force as a means to manage each country’s economy. With Bitcoin, things are quite different and the protocol is used by individuals and organizations in a completely voluntary manner.

“Many don’t realize that Bitcoin works through a social contract as well,” explains Hasu’s essay. “The social layer and its rules are the heart of Bitcoin.”

After describing in great detail on how fiat money and Bitcoin are both social contracts, Hasu then reveals the rules of the network’s underlying social contract. The researcher details that Satoshi Nakamoto settled on four distinct rules: confiscation resistance, censorship resistance, inflation resistance, and counterfeit resistance. Essentially this means the owner of the coins can hold keys to the currency without it being taken away, and the owner can also transact on the network without permission. An owner of any amount of bitcoin knows that the protocol has a limited supply, and last but not least anyone can verify the first three rules at any time using the transparent and public blockchain.

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The four rules of Bitcoin according to Hasu Fly’s essay “Unpacking Bitcoin’s Social Contract.”

Future Generations Could Drastically Change Bitcoin

So far the technology has stayed true to the social contract and one could easily say this applies to each network whether it be BTC or BCH. Hasu’s essay also details that most of the time social contracts do not fork, but the BCH fork was a rare case scenario and what was left over was “two weaker social contracts — each agreed to by fewer people than the old one.” However, we have yet to cross past one generation with the social contract in the decade since the genesis block. When people recently discussed changing the 21 million capped supply the community went ballistic, but in 10 more years we don’t know if future generations will be more willing. The average human generation is between 25-30 years and bitcoin could be changed drastically in 40 years if the social contract is not upheld today. Let’s face it, over time generations change things and some of those revisions are good and sometimes they are awful — like changing from the gold standard to fiat and trusting central banks.

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Satoshi Nakamoto suggested in the genesis block back in Jan. 2009 that society had put too much trust in the central banking system. Future generations have continued to bolster centrally planned economics and Keynesianism.

For now, some of the lead developers of reference implementations are kings of the hill – or at least that’s how they act. But over time, younger generations who are smarter and can code better will challenge these open source developers, and at some point their skills will be useless. Ultimately when money is used as a social contract, participants vote by either using the tender or seeking alternatives. Furthermore, money not only applies to its own social contract theory in a general sense, but also weaves within other social contracts within our society. Like it or not, any one of the two dominant Bitcoin chains may be chosen by the masses by coexisting in an entirely different way and one chain may not survive over the next decade.

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“Bitcoin at its most fundamental level is a breakthrough in computer science – one that builds on 20 years of research into cryptographic currency, and 40 years of research in cryptography, by thousands of researchers around the world,” – Marc Andreessen Jan. 21, 2014.

Bitcoin’s 4 Fundamentals Must Be Passed On

Still, if the first generation of users decides to stick to the rules of Bitcoin’s social contract they must continue to strengthen the agreement. After 10 years, many well-known bitcoiners are willing to dismiss the global understanding and want to discuss changing the rules. Some supporters want to instill censorship by only giving affluent individuals the ability to transact onchain and store value in Bitcoin, by bolstering a barrier to entry with expensive network fees.

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All Bitcoin supporters can do is pass on Bitcoin’s social contract and rules to future generations and hope they won’t change the fundamentals.

The ultimate goal has always been “hyperbitcoinztion,” but if we waver on the very foundations of Bitcoin’s social convention then nothing will be socially, morally, and rationally justified. Over the last few years, some people have dismissed Satoshi’s genius and the fact he created a near perfect system that has been Byzantine fault tolerant for 10 years with 99.98332 percent uptime. Many people to this day, whichever camp they are in (BCH or BTC), still believe in Bitcoin’s rules wholeheartedly. However, with all the infighting and shifting opinions on the true meaning of rules 1-4 these issues may challenge future generations. The Bitcoin network we know of today may not be the same when our sons and daughters begin to truly participate unless we keep some consistency on the social layer. It is quite obvious that those who do not want Bitcoin’s technology to succeed are attacking the root of the social layer today, and will not relent until they have achieved their aims.

What do you think about future generations changing the social contract called Bitcoin? Let us know what you think about this subject in the comments section below.

OP-ed disclaimer: This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information in this Op-ed article.

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Core Developer’s 300kb Block Proposal Bolstered in Bid to Push Lightning Adoption

u 768x517 - Core Developer’s 300kb Block Proposal Bolstered in Bid to Push Lightning Adoption

Bitcoin Core (BTC) developer Luke Dash Jr has once again sparked controversy with his idea to shrink the BTC chain’s block size down to 300kb. It’s not the first time the concept was proposed by the developer, but this time around there’s more support for the idea in order to drive Lightning Network adoption.

Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations

Luke Dash Jr Proposes Temporary 300kb Block Soft Fork

Back in January 2017, cryptocurrency developer Luke Dash Jr proposed a Bitcoin Improvement Proposal (BIP) requesting the block size to be decreased down to 300kb per block. The proposal was submitted months before network fees skyrocketed to $30-50 per transaction, but at the time the mempool (transaction queue) had already started to fill up. Back then the BIP was brushed off pretty quickly, since the scaling debate was starting to peak and people were already upset about the rising fee market.

Fast forward to today and Dash Jr is again proposing to shrink the block size down to less than one third of the 1mb limit. “This patch would enforce a very simple soft fork, reducing Bitcoin block sizes to ~300kb between Aug 1 and Dec 31 — It demonstrates how one can make a truly temporary soft fork,” the developer explained to on Twitter. “Do not run this in production even if you support UASF.”

Core Developer's 300kb Block Proposal Bolstered in Bid to Push Lightning Adoption

‘Increase Fees and Move Transactions to Lightning’

Three days later Bitrefill’s John Carvalho told his followers Dash Jr’s plan was something he could get behind. “I agree with Luke Dash Jr that the block size should be smaller. I feel more confident to say it now that we have Lightning Network making strides — I’ll run the soft fork,” Carvalho explained. When he was asked what financial incentives smaller blocks offered, Carvalho replied by bolstering higher network fees.

“I could imagine a few,” Carvalho stated. “To increase fees (doesn’t even have to be malicious, could be for survival). To move transactions to Lightning Network (maybe miners realize they can make easier money by increasing fees on L2, under the right conditions). To reduce costs (new network/web conditions).”

Core Developer's 300kb Block Proposal Bolstered in Bid to Push Lightning Adoption

In response to Carvalho’s tweet, the cryptocurrency entrepreneur Vinny Lingham replied to the discussion by saying that he totally agrees with Dash Jr’s plan and has been saying it for a while. “1mb is an arbitrary number and if Bitcoin is going to rely on L2 to scale, then it makes no sense to keep it at 1mb. — Reducing it to 350k as per the research from Luke Dash Jr is practical and can help move transactions to layer 2,” Lingham emphasized. A slew of people on Twitter believed that Lingham’s statement was said in jest, however, and was basically poking fun at the idea. Core Developer's 300kb Block Proposal Bolstered in Bid to Push Lightning Adoption

‘Stop the Madness’

However, not everyone agreed with Dash Jr’s concept and Carvalho’s statements about higher fees to push more Lightning Network adoption. One observer on Twitter commented: “Smaller blocks simply means less transactions on the chain, purposefully hard-coding a lower limit — It doesn’t make any logical sense.” However, Carvalho, Dash Jr, and Bitcoin Core developer Jorge Timón simply dismissed the individual’s statements after he said Lightning Network was “centralized, bloated, and overcomplicated”.

Core Developer's 300kb Block Proposal Bolstered in Bid to Push Lightning Adoption

Whatever the case may be, this time around Dash Jr’s concept to decrease the block size to 300kb has been more fruitful, especially for those pushing for adoption of the Lightning Network. However, Cobra the anonymous owner of Bitcoin.org, wants this discussion to end and has asked the community to “stop the madness.”

“A soft fork to ‘reduce the block size’ is a hard fork in all but name and this will split off from the established consensus, cause massive drama, and damage trust in Bitcoin,” Cobra stated. Once again it seems certain cryptocurrency proponents are all about high onchain fees due to their distrust for miners and the hope that the Lightning Network will work as well as Nakamoto consensus.

What do you think about Luke Dash Jr’s idea to temporarily soft fork bitcoin to decrease the block size to 300kb? Let us know what you think about this subject in the comments section below.


Image credits: Shutterstock, and Twitter. 


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Markets Update: Cryptocurrencies Test Key Levels From 2017 Bull Trend

Markets Update: Cryptocurrencies Test Key Levels From 2017 Bull Trend

The cryptocurrency markets are trading at significant long-term price areas, with BTC currently channeling between key levels from the 2017 bull run. In other market action, BCH and ETH have continued to consolidate above the $100 area.

Also Read: ETF Filed With SEC to Invest in Bitcoin Futures, Bonds, and Mutual Funds

BTC Trades Between Major Long-Term Price Zones

For the last two months, BTC has established a price range corresponding to areas of long-term significance.

Markets Update: Cryptocurrencies Test Key Levels From 2017 Bull Trend
BTC/USD – Bitfinex – 1D

As of this writing, bulls are attempting to establish support at roughly $3,600 after bouncing off what may comprise a higher low at the $3,400 area. During 2019 so far, BTC is yet to re-test last year’s low of roughly $3,100, nor has price action broken above resistance at $4,400.

Markets Update: Cryptocurrencies Test Key Levels From 2017 Bull Trend
BTC/USD – Bitfinex – 4HR

When looking back to mid-2017, the price levels correspond to key areas from BTC’s first run up to $5,000, in addition to the subsequent retrace and rally to five digits.

During the initial run to $5,000, BTC stair-stepped its way from $3,200 to $3,400 before jumping to establish a then-record high at roughly $4,400. BTC then established local support at $3,600 and then rallied to set a new record at $5,000.

Markets Update: Cryptocurrencies Test Key Levels From 2017 Bull Trend
BTC/USD – Bitfinex – 1D

After tagging $5,000, the $4,400 area comprised the shoulder line of the lopsided head and shoulders pattern that preceded the violent retracement down to $3,000. BTC currently has a market cap of $63.55 billion and a dominance of 52.9%.

BCH Consolidates Above 2018 Low

Bitcoin Cash is consolidating at a possible higher-low, with BCH currently trading for $119 after bouncing off support at $100. Despite the sideways price action, BCH has broken outside of multiple major descending trendlines in recent weeks.

Markets Update: Cryptocurrencies Test Key Levels From 2017 Bull Trend
BCH/USD – Kraken – 1D

When measured against BTC, BCH is also consolidating above 2018’s low, with bitcoin cash currently trading for 0.0335 BTC. Bitcoin cash is currently the sixth largest cryptocurrency with a market cap of $2.14 billion and a dominance of 1.78%.

Markets Update: Cryptocurrencies Test Key Levels From 2017 Bull Trend
BCH/BTC – Bittrex – 1D

Ethereum Reclaims Second Largest Market Cap

Ethereum has also spent recent months trading between key price levels from ETH’s first break into triple figures during mid-2017.

Markets Update: Cryptocurrencies Test Key Levels From 2017 Bull Trend
ETH/USD – Poloniex – 1D (Calculated by Tradingview)

After reaching a low of $80 in December, ETH rallied to test resistance at approximately $175 at the start of 2019, with the markets having since retraced to establish local support at $100.

When measured against BTC, ETH has again oscillated between significant long-term price zones, with ETH currently attempting to establish support at the 0.0333 BTC area, the market’s former record high that was established during March 2016 before being broken one year later.

Markets Update: Cryptocurrencies Test Key Levels From 2017 Bull Trend
ETH/BTC – Poloniex – 1D

ETH currently comprises the second largest crypto asset with a market cap of nearly $12.73 billion and a dominance of 10.50%.

What do you make of current market structure? Are predicting 2019 to be bull or bear? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Tradingview


Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”

The post Markets Update: Cryptocurrencies Test Key Levels From 2017 Bull Trend appeared first on Bitcoin News.

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Venezuelan Nonprofit Eatbch Celebrates First Anniversary Amidst Hyperinflation

Venezuelan Nonprofit Eatbch Celebrates First Anniversary in the Midst of Hyper-Inflation

On Sunday, Feb. 10, the creators of the charitable organization Eatbch, a nonprofit food drive powered by bitcoin cash, celebrated its one-year anniversary. Eatbch has come along way since its inception feeding Venezuelans thousands of meals alongside branching out to other less fortunate regions like South Sudan.

Also read: BCH Avalanche Transactions Show Finality Speeds 10x Faster Than Ethereum

Eatbch Celebrates One Year of Helping People in Need

This week the nonprofit Eatbch is celebrating its one-year anniversary after two individuals started the charity with just a $5 donation. With this small fraction of bitcoin cash, the organization managed to give 40 arepas (a type of food made of ground maize dough or cooked flour) in just one location and the group realized the potential of this type of charity.

Venezuelan Nonprofit Eatbch Celebrates First Anniversary Amidst Hyperinflation

“After a few months, we were giving thousands of meals each week in 23 locations in 6 states of the country,” explained José the cofounder of Eatbch Venezuela. Even though the funds have helped Venezuelans a great deal, José detailed that the economic situation in the country has not improved.

“A few days ago, the Venezuelan-Colombian crossing was blocked to avoid tons of aid from entering to the country — And the Venezuelan people highly need this. Inflation has skyrocketed to unseen levels, as high as 2,500,000 percent,” José emphasized while discussing the one-year anniversary.

The Eatbch cofounder added:

According to many economists worldwide, it will reach 10,000,000 percent at the end of the year and the level of uncertainty and fear we feel right now is unimaginable — For most of the people who receive hot meals each week, we are their only guaranteed meal that they can count on.

Venezuelan Nonprofit Eatbch Celebrates First Anniversary Amidst Hyperinflation

Crypto’s Utility Phase Emerging

In addition to helping people in Venezuela, the operation also branched off into South Sudan back in the summer of 2018. The region also has one of the highest inflation rates in the world and the citizens of South Sudan have been dealing with economic turmoil and a lack of daily nourishment.

Venezuelan Nonprofit Eatbch Celebrates First Anniversary Amidst Hyperinflation

“[Eatbch South Sudan] has been doing an amazing job providing meals for thousands for people who have been escaping the ongoing war,” José remarked. Last year, the group also caught the attention of the CEO of Coinbase, Brian Armstrong, who believes cryptocurrencies can give people in need economic freedom.

“In terms of crypto helping people (the utility phase emerging) this is pretty awesome,” Armstrong stated at the time.

Venezuelan Nonprofit Eatbch Celebrates First Anniversary Amidst Hyperinflation

José further detailed how the cofounders first started the nonprofit and debated on how Eatbch would operate. Many people asked the group to accept several different cryptocurrencies but the charity decided to accept just one. “Bitcoin Cash was and still is, the best cryptocurrency for us — It has the lowest fees, ensuring that we won’t lose your donations because of transaction costs,” José’s anniversary blog post emphasized.

The cofounder noted:

[Bitcoin cash] has widespread exchange support and it’s also easy to use, so we could convince merchants to accept BCH.

After finishing a year of good deeds, the Eatbch team said they are very thankful for the BCH community and all the volunteers who have helped them. Because of this growth and excitement, José said the nonprofit has gained attention from the mainstream press. The cofounder concluded that this attention is of no surprise to him because the community has impacted the lives of thousands of Venezuelans. “I thank you all deeply from the bottom of my heart for all your help and support,” the charity’s creator finished.

What do you think about the nonprofit Eatbch and its one-year anniversary? Do you think cryptocurrencies can empower global citizens suffering from economic turmoil? Let us know what you think about this subject in the comments section below.


Image credits: Eatbch, Shutterstock, and Pixabay. 


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Bitcoin Friendly Micronation Acknowledged by European Commission President

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In 2019 the sovereign state of Liberland continues to gather headway by getting recognized by key leaders in the European Union and members of parliament. On Jan. 31, the micronation claiming the parcel of land between Croatia and Serbia was validated by Jean-Claude Juncker, President of the European Commission.

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Liberland Continues to Strive for Recognition

Key members of the European Commission have recently been discussing the micronation known as the Free Republic of Liberland. The seven square kilometer territory on the banks of the Danube was claimed in 2015 by a group of individuals who believe in libertarian ideologies. The President of Liberland, Vít Jedlička, and citizens of the small country profess that no nation claims the land as its own. Since then the group has been fighting to get acknowledged by the rest of the world’s leaders by following the protocol of terra nullius. Seven months ago, Liberland presented its case to members of the EU Parliament in order to get recognized as a sovereign nation state. So far the region has garnered over 550,000 applicants who want to be citizens of Liberland.

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The Free Republic of Liberland is a seven square kilometer territory on the banks of the Danube river between Croatia and Serbia and was claimed in April 2015.

Now the micronation has been acknowledged in a recent parliamentary question asked on Jan. 31 about the parcel of land between Croatia and Serbia. Jean-Claude Juncker, president of the European Commission (EC), stated that Liberland, also known as Gornja Siga, “requires further clarification.” President Juncker’s comments were in response to a question from a member of the European Parliament from the West Midlands region, Bill Etheridge. The question asked about whether the Liberland territory is part of the European Union. Etheridge is also well known for his staunch libertarian beliefs. In the eyes of Liberland citizens, Juncker’s statement seemed to accredit the negotiation between Croatia and Serbia. The micronation believes the EC president’s remark is a step in the right direction towards “global recognition” of a voluntary based government.

“This is an extremely important development and represent real progress for us,” Vit Jedlička, President of the Free Republic of Liberland explained after the EC president’s commentary.

Jedlička continued:

We are a step closer to knowing that it may not be EU territory and that it can become an independent sovereign state.

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The Liberland Embassy (left) and Miss. Liberland, Kristýna Dolníčková. (right).

Cryptocurrency, DAOs and an Open Source Linear TV

Liberland is also still very much involved with spreading decentralized and innovative new technologies like cryptocurrencies. The Free Republic of Liberland’s official website states that in a world filled with over-taxation and over-regulation, the citizens of the land believe in bolstering forward-looking technologies such as cryptocurrencies and DAO (Decentralized Autonomous Organization) incorporated systems.

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Liberland’s “Bitcoin Freedom” boat.

The region has also been accepting digital currencies for funding for years and the mini-state utilizes currencies like bitcoin cash (BCH), ethereum (ETH), and bitcoin core (BTC). On Feb. 10, Bitcoin entrepreneur Roger Ver explained on social media that Liberland “has been funded with bitcoin cash more than any other cryptocurrency.” Lead Bitcoin ABC developer Amaury Séchet responded: “They also accepted it from day one — Vít is a great guy.”

Moreover, the region is currently in the midst of setting up the first Liberland private linear broadcasting service (online TV) called “Liber TV.” The platform was created by one of the founders of Liberland, Jiří Kreibich, and the application is open source and running in its early phases. Overall, the world’s third smallest nation state continues to make strides towards being acknowledged by global leaders.

What do you think about what’s happening with Liberland? Do you think that the micronation will finally get recognized by the larger nation states? Let us know what you think about this subject in the comments section below.


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Crypto Investor Brock Pierce Is Attempting to Pull Mt. Gox From the Ashes

Crypto Proponent Brock Pierce Is Attempting to Pull Mt. Gox From the Ashes

Prominent cryptocurrency entrepreneur Brock Pierce is attempting to revive the defunct Mt. Gox exchange by submitting a single rehabilitation plan for creditors called Gox Rising. Back in 2014, the former CEO of Mt. Gox, Mark Karpeles, reportedly signed over all of the business’s assets to Pierce and a firm called Sunlot Holdings Limited.

Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations

The Wild Attempt to Revive Mt. Gox

According to Goxrising.com, a plan is in motion to help the creditors of Mt. Gox gain restitution. At The North American Bitcoin Conference (TNABC) in Miami, Brock Pierce revealed the plan to help claimants get their return of bitcoin lost years ago. On Jan. 22, Gox Rising Limited published a press release describing the ‘United We Rise’ rehabilitation proposal which outlines the effort in greater detail. The plan calls for an implementation that should focus on a high degree of certainty so that claims can be “repaid in bitcoin and bitcoin cash.”

“The Gox Rising movement aims to restore the creditors’ losses as well as the world’s faith in the cryptocurrency industry,” stated Brock Pierce during his speech in Miami.

Crypto Investor Brock Pierce Is Attempting to Pull Mt. Gox From the Ashes
Gox Rising Limited hopes to revamp Mt. Gox in order to pay creditors back.

Following the announcement, leaked documents stemming from the trial have been revealed over the last two weeks concerning Mt. Gox creditors, the company’s trustee, and Coinlab. According to additional reports, Pierce and the firm Sunlot Holdings Limited allegedly purchased all of the remaining Mt. Gox assets for a single bitcoin. The deal was supposedly agreed upon by Mark Karpeles and Tibanne (Mt. Gox’s parent company) but it is unclear if the agreement is binding. The documents stem from the infamous leaker Goxdox who published Sunlot Holdings’ proposed rehabilitation plan, which is dated March 28, 2014. The proposal submitted at the time is very similar to the ‘United We Rise’ plan and the document says the sponsor company has the “resource for the capacity to make payments to creditors.”

‘A Pro Rata Portion of All the Mt. Gox Cash and Coins’

On Feb. 7, a few cryptocurrency proponents spoke out on Twitter about Pierce’s involvement with the defunct exchange. Blocktech founder Devon James said, “Wow — Really impressed by the plan Brock Pierce has been working on for the past five years, as well as the patience involved.” The same day, Bitcoin Private founder Rhett Creighton also remarked “[Brock Pierce] owns 100% of Mt. Gox and plans to relaunch — Payback creditors, leave Mark Karpeles with nothing.” Following the statement, Pierce responded to Creighton’s tweet and stated:

It should be honored as soon as possible without selling any more coins and you should get your pro rata portion of all the cash and coins.

The original 2014 Sunlot proposal was filed with the Tokyo District Court and subsequently leaked to the press by Goxdox. At the time, a few crypto proponents discussed the “rebirth” of Mt. Gox but the Sunlot proposal eventually fizzled away. Now, after five years of creditors fighting the liquidation phase, the bankruptcy case has transformed into a civil rehabilitation plan. Gox Rising is hoping people who had deposits on Mt. Gox will support the organization’s plan, but there are still many issues at hand.

Crypto Investor Brock Pierce Is Attempting to Pull Mt. Gox From the Ashes
Brock Pierce and the Gox Rising Limited logo.

Our sources in Tokyo have told our newsdesk that Gox creditors are absolutely terrified that their claims will still be brushed aside or payouts will be delayed further. Claimants want to be sure no one will make an equity claim with the Mt. Gox estate and delay payouts for even longer. Some creditors believe it would be a public service to all Mt. Gox victims to get Pierce to make a statement publicly saying that the original Sunlot agreement is non-binding and that he will not make any equity claims with it. Most people’s Mt. Gox claims to date have not been actionable, as the statute of limitations has run on just about everyone.

The Gox Rising plan does emphasize: “Equity will make no claim on any of the cash and coins held by the trustee.” Also, if the trustee does not have any intentions to relaunch Mt. Gox then Gox Rising Limited will bid for the former trading platform’s intangible assets which include intellectual property, the Mt. Gox Estate, brand, domain names, and trademarks. “Gox Rising is separately putting forward a vision for this new Mt. Gox Exchange, which will voluntarily create significant additional value for participating crypto creditors towards full recovery of their claims,” the CR Pillars plan written by the Gox Rising team reads.

“The New Mt. Gox Exchange (the “Exchange”) will be launched as an institutional grade, fully licensed and partially decentralized crypto exchange,” the Gox Rising “vision” roadmap explains. The vision statement continues further by stating:

Crypto Creditors will be eligible to receive a 16.5% economic interest from the operations of the Exchange on a pro-rata basis — To participate, Crypto Creditors simply need to maintain an account with the Exchange.

Additionally, the Gox Rising team claims it will attempt the continued pursuit of residual assets including the lost or stolen coins. In the meantime, the trustee and the thousands of claimants still have the Coinlab claim hovering above them like a dark cloud.

What do you think about Brock Pierce’s plan to revive Mt. Gox and pay creditors back with this new plan? Let us know what you think about this subject in the comments section below. 


Image credits: Shutterstock, Pixabay, and Youtube. 


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Markets Update: Leading Markets Break ATH Descending Trendlines

Markets Update: Leading Markets Break ATH Descending Trendlines

BTC price action has broken above a major long-term trendline stemming back to December 2017’s all-time highs. When looking at the 2014 – 2015 bear market, a similar move precipitated the final sell-off of the trend before price action moved into an accumulation pattern. BCH also appears to have broken above two major descending trendlines stemming back to the market’s all-time high in recent weeks.

Also Read: Public Transportation Across Argentina Can Now Be Paid With BTC

BTC Breaks Major Descending Trendline

Amid the anxiety and FUD surrounding BTC’s seemingly inevitable retest of support at 2018’s price low just above $3,000, price action has firmly broken above a major descending trendline stemming back to the all-time high of nearly $20,000.

Markets Update: Leading Markets Break ATH Descending Trendlines
BTC/USD – Bitstamp – 1D

The break appears to have taken place across multiple time-frames, however, only the current weekly candle appears entirely outside of the trendline’s range, and is yet to close.

Markets Update: Leading Markets Break ATH Descending Trendlines
BTC/USD – Bitfinex – 1W

When looking at the 2014 – 2015 bear trend, a comparable trendline was broken following 15 months of bearish fallout after the then-all-time high of nearly $1,200 was posted during the end of November 2013. While BTC would not produce a higher high until 10 months later, the break of the trendline comprised a catalyst for both a retest of the support area of the downtrend’s low and the upper side of the descending line, after which the markets channeled sideways to produce a multi-month accumulation pattern.

Markets Update: Leading Markets Break ATH Descending Trendlines
BTC/USD – Bitfinex – 1W – Aug. 2013 to May 2017

As of this writing, Bitcoin Core has a market capitalization of $59.64 billion and a dominance of 53.4%. BTC is currently trading for approximately $3,400.

BCH Breaks Multiple ATH Trendlines

BCH/USD appears to have broken two major trendlines stemming back to the market’s all-time high, in the process breaking out of a range that has guided price since November.

Markets Update: Leading Markets Break ATH Descending Trendlines
BCH/USD – Kraken – 1W

The first ATH descending trendline was broken at the end of October, with BCH gaining more than 50% during the following two weeks as price action rallied from roughly $410 to $640. The failure for prices to break above $650 created a secondary ATH trendline and led to approximately six weeks of selling pressure, during which the upper side of the broken trendline guided price action. After a dramatic rally during mid-December, BCH produced sideways consolidation, recently resulting in a break of the secondary all-time high trendline.

When measured against BTC, BCH has spent most of 2019 channeling sideways in a tight range between approximately 0.033 BTC and 0.036 BTC.

Markets Update: Leading Markets Break ATH Descending Trendlines
BCH/USD – Bittrex – 1W

BCH currently is the fifth-largest cryptocurrency with a market cap of $2.04 billion and dominance of 1.83%.

XRP Retains Second Largest Cryptocurrency Market Cap

While the scale and speed of the parabola that drove XRP’s all-time high 14 months ago makes it hard to draw trendlines from the ATH area, XRP appears to have broken above its major descending trendline stemming from February 2018 during mid-December. As of this writing, XRP is trading for nearly $0.30 following several weeks of tight consolidation.

Markets Update: Leading Markets Break ATH Descending Trendlines
XRP/USD – Poloniex – 1W

When measured against BTC, XRP has spent approximately 12 weeks consolidating between 0.000085 BTC and 0.00010 BTC.

Markets Update: Leading Markets Break ATH Descending Trendlines
XRP/USD – Poloniex – 1W (Calculated by Tradingview)

XRP has continued to rank as the second largest crypto asset by capitalization, posting a market cap of over $12 billion and a dominance of 10.75% as of this writing.

ETH Holds Above $100

ETH price action has continued to hold above double digits following several weeks of tight consolidation, with ETH currently trading for roughly $105.

Markets Update: Leading Markets Break ATH Descending Trendlines
ETH/USD – Bitfinex – 1W

When measured against BTC, ETH has continued to test support at the 0.03 BTC area following nearly five months of sideways consolidation.

Markets Update: Leading Markets Break ATH Descending Trendlines
ETH/BTC – Bitfinex – 1W

Ethereum is currently the third largest cryptocurrency with a market cap of nearly $11 billion and a dominance of 9.85%.

Do you think that the markets are preparing to shift gears, or will we see further downtrend throughout 2019? Share your thoughts in the comments section below!

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


Images courtesy of Shutterstock, Tradingview


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