Ep. 43 Coinbase Deprecates the Shitcoin Bundle

On this episode of the unhashed podcast, Mario returns to the show from his month-long vision quest, but will we actually cut him out of the podcast will? Ruben tries to teach us everything he knows about drivechains so we aren’t totally lost after the last episode with Paul Sports, but will it ever be possible for us chimps to understand what Paul is proposing? And...is Veriblock just professionally spamming the bitcoin network...and even if it is, might that be a good thing?

0:01:50 Introduction

0:03:00 Prediction Markets and Drivechains Review

0:23:40 Coinbase Bundle’s Deprecations

0:28:38 Veriblock - Spam or Not?

0:48:09 Btcpay fundraises for Tor

0:54:00 Trump weights in on Bitcoin

0:57:52 Justice Transactions!

1:08:08 Price Analysis

1:08:21 Lightning Round

Weekly News Wrap Up:

  1. Coinbase Bundle, a program that allows new investors to purchase a basket of cryptocurrencies through the popular exchange, has gotten the boot. “Coinbase Bundle purchases have been deprecated, as such all assets purchased in the Coinbase Bundle have been redistributed to their respective individual asset wallets,” the exchange platform’s updated FAQ reads. (source)

  2. Blockchain validation platform VeriBlock produced almost 25% of on-chain Bitcoin (BTC) transactions in 24 hours July 14, the company confirmed on social media. VeriBlock, which uses its own ‘Proof-of-Proof’ protocol to validate blockchains using Bitcoin’s computing power, launched its mainnet implementation in March. The service allows miners to compete for block rewards on altcoin blockchains, while tapping into Bitcoin’s superior levels of security due to the computing power sustaining its Proof-of-Work algorithm. The roughly one-quarter figure signalled by VeriBlock this weekend equates to around 68,000 transactions. Veriblock had previously generated higher proportions of Bitcoin traffic. According to statistics from monitoring resource and wallet provider Blockchain, however, the more recent figures appeared to coincide with a sharp spike in the average block size on the Bitcoin blockchain to over 3MB. (source)

  3. In a show of open-source solidarity, the Bitcoin payment processor BTCPay Server is launching a crowdfunding campaign for the privacy-preserving Tor browser, a fundraise which, its benefactor hopes, will demonstrate the impact of bitcoin-based fundraising and the community’s support for open-source initiatives. BTCPay Server began as a project to offer people a self-hosted, feeless alternative to popular crypto payment processors like BitPay. Its creator, Nicolas Dorier, actually forked the open-source payment portal from BitPay in 2017 with the expressed purpose of obsolescing its progenitor. (source)  

  4. President Donald Trump finally broke his silence on Bitcoin, saying he is “not a fan of Bitcoin and other Cryptocurrencies, which are not money and whose value is highly volatile and based on thin air.” He then went on to cite Washington, D.C.’s most referenced use case for cryptocurrency (drugs and “other illegal activities”). Bitcoin then rallied 3 percent following Trump’s comments, and everyone said Trump accidentally pumped Bitcoin. Then Bitcoin dumped to 10k, and everyone said Trump caused the dump. (source)

  5. Bitcoin (BTC) Lightning Network nodes have claimed 2.2 BTC in “justice transactions” to deter potential thieves, a BitMex Research analysis revealed on July 15. A so-dubbed “justice transaction” is a punitive mechanism involving the closure of a lightning channel that is suspected to be attempting theft. As the report outlines: “[B]y design, when a thief attempts to steal funds on the lightning network, if caught, they do not only lose the money they tried to steal, they lose all the funds in the relevant channel. This ‘punishment’ is expected to act as a deterrent and is sometimes called ‘justice’. BitMEX researchers claim to have potentially identified 241 justice transactions since the second-layer network’s in December 2017 — all the while noting that there is a possibility the data includes false positives and that other, more robust tools exist to identify such transactions than the basic search methodology used for their report. (source)

Price Analysis:

Number go sideways

Shout Outs: 

Bryan: Joe Kernen and the hosts of Squawk Box on CNBC present the Bitcoin thesis in 2 min.  

One Final Note:

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Colin aulds