Ep. 15 Server Fire or Total Exit Scam?
In this episode of the Unhashed Podcast: The bitcoin blockchain transaction fees just hit a 3-year-low despite increased tx output. Should bitcoin go ahead and follow bitcoin cash’s lead and increase the block size just to be safe or is this debate finally kaput? The Etherieum classic chain just experienced a 100 block reorg attack. What does that mean for bitcoin forks, most of which make up an even smaller percent of the hashing power of their respective algorithm And...as more details of the singaporean exchange BiteBTC fiasco come to light on the eve of the first annual proof of keys event...which is better? A legit server fire or an exit scam?
Weekly News Wrap Up:
An investigative report by Bloomberg News has revealed bank statements spanning four separate months detailing the cash held in Tether Ltd.’s accounts. While the documents don’t provide a complete accounting of Tether’s finances, they do offer more detail than has ever been made public. For example, one statement shows $2.2 billion was in Tether’s account at Puerto Rico’s Noble Bank Ltd. on Jan. 31. That same day, 2.195 billion Tethers existed, according to data compiled by Coinmarketcap.com. The numbers also match up in September and October 2017.
At CES on Sunday, the crypto wallet company Ledger revealed its latest device — the Bluetooth-enabled Ledger Nano X. The device is similar to the previous Nano S, offering more support for multiple wallets and coin types but leaving internals otherwise the same. However Bluetooth will allow the X to connect to mobile devices through the new Ledger Live app, providing a new access point for the device.
Gab, an anti-censorship social media platform mimicking twitter, has reportedly been de-platformed by Coinbase, one of the world’s largest Bitcoin wallets and exchanges.
Gab’s press release reads: As predicted: the on ramps and off ramps (exchanges) are going to start censoring not only companies, but also individuals. @coinbase has now banned both Gab's merchant account and Andrew Torba's personal account. Decentralized exchanges are the future.
While the owner of the New York Stock Exchange is expected to start offering Bitcoin futures contracts shortly and Eris Exchange LLC plans to follow, the firm that says it was first to market has spun off from its previous owners and will provide the derivatives on some of the largest digital coins to Asian retail investors beginning next month.
Started last year as CoinfloorEX, then a unit of the U.K. Bitcoin exchange Coinfloor, the platform will now be called Coin Futures and Lending Exchange, or CoinFLEX. The venture is owned by a consortium including famed early crypto advocate Roger Ver and Trading Technologies International Inc. Unlike bitmex, these futures contracts tout physical delivery of the coins.
Bitcoin’s transaction fees just hit a 3 year low, according to BitInfoCharts. The median transaction fee on the flagship cryptocurrency’s network is just $0.029. As pointed out by cryptocurrency community researcher Kevin Rooke on Twitter, the Bitcoin network hadn’t had fees this low since October 2015, when it was trading at about $270. Back then, daily transactions totaled 134,000 while on jan 1 of 2019, total tx output equaled 234,000. Are Segwit and lightning actually responsible for the decreased fees despite the nearly doubling tx output?
BiteBTC, A bitcoin exchange in Singapore, reported on January 3 that on New Year’s Day, their data center experienced a “fire”. According to BiteBTC, this fire resulted in 7% of users losing access to their accounts. After a small press release with no supporting evidence of the fire and with the events coinciding with the first annual Proof of Keys event, fears of an exit scam began to mount. And it appears that BiteBTC has failed to weather the proof of keys event, with more details seeming to confirm suspicions that much of Bite’s trading volume is fake and that 7% may be closer to 100%. Bite is not responding to any request for comment. New users can, however, still create new accounts…
Is there actually a Bitcoin breaking bug in segwit? No… https://twitter.com/BryceWeiner/status/1081434134264725504
ETC 100+ Block reorg and double spends - Coinbase suspends trading of ETC
“We observed repeated deep reorganizations of the Ethereum Classic blockchain, most of which contained double spends. The total value of the double spends that we have observed thus far is 88,500 ETC (~$460,000).”
ETC devs claim “Most likely selfish mining”
“Regarding the recent mining events. We may have an idea of where the hashrate came from.
ASIC manufacturer Linzhi confirmed testing of new 1,400/Mh ethash machines
Biggest change - Common ancestor: 7254568. Depth 123 / Length 140
ICO My God, They’re Serious (Mario):
ONE FINAL NOTE:
Make sure you are storing your crypto on something secure like a Ledger and backing it up on something sturdy like a Billfodl. If you buy these items through the links above, we do take a cut of the profits but it also helps support the show - a win/win for all involved.