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Slow and Empty Blocks With a Mysterious Message – ABC’s New Chain Off to a Rocky Start

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Slow and Empty Blocks With a Mysterious Message - ABC's New Chain Off to a Rocky Start

On November 15, 2020, the Bitcoin Cash blockchain experienced a network upgrade and a bifurcation of the chain as well. While the Bitcoin Cash network continued on smoothly, the ABC pro infrastructure funding plan (IFP) side of the chain had a rocky and extremely slow start. Since the 15th, the nameless ABC chain has seen 197 blocks processed to-date, as a few miners are pointing hashrate at the network keeping the new blockchain going.

Just recently Bitcoin Cash (BCH) endured a network upgrade and a consensus split when the full node project Bitcoin ABC decided to keep the IFP baked into the code. The IFP was very contentious and during the months leading up to the fork, miners and major business operations began switching over to the non-IFP node BCHN and other full node implementations.

The last Bitcoin Cash common block on November 15, 2020, was at block height 661,647 and was mined by Binance. After that point at approximately 12:33 p.m. EST, the ABC pro-IFP side continued on as its own chain, as two distinct blocks were mined. Bitcoin Cash (BCH) was 20 blocks ahead of the ABC chain at this point in time that afternoon.

Slow and Empty Blocks With a Mysterious Message - ABC's New Chain Off to a Rocky Start

As of today, the ABC chain has processed 197 blocks, as miners have dedicated a diminutive amount of SHA256 hashrate to the alternative network. Coin Dance statistics show the ABC airdrop coin has roughly 0.13 exahash per second (EH/s), while BCH has 1.93 EH/s dedicated to the Bitcoin Cash chain.

While ABC’s side found 197 blocks, BCH miners have found 1093 blocks under the new consensus rules. At the time of publication, the ABC chain, otherwise known as “BAB,” has three known mining pools pointing hashrate at the chain. Viabtc, BCHA Pro, and Mining-Dutch are mining the coin, alongside a much larger hashrate of stealth miners.

More than 79% of the ABC airdrop’s network is being mined by an unknown group of miners. During the last 24 hours, the unknown hashrate has been mining consecutive empty blocks. The empty ABC chain blocks also had a coinbase parameter message that once said: “/Nov 25th 2020/.” Although, that coinbase message has changed in recent hours.

On Sunday, Bitcoin Cash proponent Javier González tweeted that the BAB chain was at extreme risk of a blockchain reorganization (reorg). “The BAB empty blocks now include this message: ‘> Nov 25th 2020: bcha dump |voluntarism.dev:6174 u/p: x/x,’” González wrote.

A great number of people are speculating on something happening on November 25th, but no one knows what to expect. Yesterday, during the market run-up, BCHA (ABC chain or BAB) was trading for $21 in USDT per coin and on Sunday, the token is swapping for $18.93 per unit on Coinex. If prices were to hover around $18.93 per BAB coin, the token’s overall market cap would be around $350 million. This estimated market valuation would place the nameless ABC chain’s token at the 47th position in terms of market cap.

Meanwhile, a number of crypto enthusiasts have been posting threads on how to split coins. Bitcoinbch.com’s CEO, Hayden Otto, published a video on how to split tokens in an easy fashion by leveraging the Coinex exchange. However, because the unknown miner has been mining empty blocks and the blockchain is much slower than other networks, ABC chain confirmation times can be a very long wait.

Furthermore, on November 20, 2020, the Bitcoin ABC official Twitter account tweeted about the new chain. The team explained that an official brand launch would be coming soon.

“BCHA will soon be branded with an official coin name, logo, and ticker. When it launches we’ll reach out to exchanges and other businesses directly to make them aware,” the ABC team disclosed in a blog post. Unfortunately, the nameless chain has no replay protection, and ABC developers have casually addressed the concern by simply stating: “Splitting the coins can be tricky, so take care.”

What do you think about the ABC chain’s developments and the new network? Let us know what you think about this subject in the comments section below.

The post Slow and Empty Blocks With a Mysterious Message – ABC’s New Chain Off to a Rocky Start appeared first on Bitcoin News.

Silk Road Bitcoin Seizure: Analytics Firm Claims Tokens Worth Millions Still Outstanding

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Analytics firm Coinfirm says the US Department of Justice (DOJ)’s seizure of digital assets associated with the now-defunct Silk Road left behind tokens worth millions of dollars. According to Coinfirm, there are still valuable balances held on forked addresses originating from that wallet.

On November 5, the DOJ announced that a hacker known as Individual X had cooperated with law enforcement and agreed to relinquish control of over $1 billion worth of bitcoins. At the time of the seizure of the 69,370 BTC, news.Bitcoin.com reported the DOJ confirming that 1HQ3-the address that was controlled by Individual X also contained approximately 69,370 BCH, BTG, and BSV.

However, in its update following “a self-funded investigation”, the analytics firm says the US “government seemingly overlooked and left it in the hands of whoever has access to the private keys of the main wallet.” While Coinfirm is claiming that funds worth millions of dollars are still outstanding, the firm has so far only released information on tokens whose total value does not exceed $1 million.

According to the investigation, the following digital assets were left behind by the DOJ:

  • 693701 Bitcoin Diamond (“BCD”), which is presently worth approximately 310,000 USD.
  • 69370 Super Bitcoin (“SBTC”), which is presently worth approximately 66,000 USD.
  • 69370.11453606 Bitcoin Private (“BTCP”), which is presently worth approximately 11,000 USD.

After cooperating with US authorities “Individual X walked away from the incident without facing any criminal charges” according to Coinfirm. It remains to be seen if this latest revelation (if confirmed true) is going to result in changes to Individual X’s deal.

Meanwhile, Coinfirm claims that its cryptographic tracing efforts have identified dozens of cases in which law enforcement authorities may have unknowingly left substantial funds accessible to suspects instead of properly accounting for and seizing those assets.

Do you agree with Coinfirm that the DOJ left tokens worth millions of dollars after the Silk Road seizure? Tell us what you think in the comments section below.

The post Silk Road Bitcoin Seizure: Analytics Firm Claims Tokens Worth Millions Still Outstanding appeared first on Bitcoin News.

Blog Author Tipped $10,000 for Well Phrased Peer-to-Peer Cash Conviction

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Blog Author Gets Tipped $10,000 for His Well Phrased Peer-to-Peer Cash Conviction

Following the Bitcoin Cash upgrade, the BCH proponent known as Mobtwo published a post on the read.cash blogging website called “Bitcoin Cash – Simple Fundamentals.” The editorial’s author says he wholeheartedly believes that BCH will one day overtake BTC in the long run. After the read.cash blog post published, Mobtwo’s article was tipped $10,000 worth of BCH from a single donor for his strong convictions.

The BCH supporter known as Mobtwo has been well known in the Bitcoin Cash community for quite some time now. On November 18, three days after the BCH upgrade, Mobtwo decided to pen a few opinions on the web portal read.cash. The website read.cash is a blogging site fueled by BCH payments and it’s an extremely popular platform among BCH proponents. At the time of publication, there are 39,963 users on read.cash earning money for participation according to the web portal’s stats.

Blog Author Tipped $10,000 for Well Phrased Peer-to-Peer Cash Conviction

In the article called “Bitcoin Cash – Simple Fundamentals,” Mobtwo said that “as long as the price for Bitcoin Cash remains affordable, I will continue to buy them every month.” This is because, in Mobtwo’s opinion, BCH works “so much better, in many ways.” Benefits include Cashfusion privacy, SLP tokenization, human-readable cash accounts, and a much larger network effect than most coins in existence.

“This is really super simple to understand,” Mobtwo wrote on Wednesday. “Try sending $10 worth of Bitcoin or $10 worth of Ethereum or $10 worth of Bitcoin Cash to yourself. You end up with only $2 of Bitcoin because $8 went to transaction fees. You end up with $7.5 of Ethereum because $2.5 went to transaction fees. But you still end up with $10 worth of Bitcoin Cash,” the author added. Mobtwo insists that if BTC was a new coin today, with unreliable transactions and ghastly fees, he bets that “nobody would want it.”

“This is nothing complicated, just simple common sense— Would you want to use a slow unreliable service that charges you $8 just to send $10?” Mobtwo asked. “You don’t need to be a rocket scientist to know that’s ridiculously stupid.”

The author added:

I am unshakable in my conviction that Bitcoin Cash will overtake Bitcoin in the long run because there is no rationale where humans would prefer to pay higher fees for an inferior unreliable slower service. And businesses will discover eventually these fees eat into their margins and it is no longer feasible to accept Bitcoin, but it is still feasible to accept Bitcoin Cash.

Toward the end of the editorial, Mobtwo stressed that BTC looks more like a pyramid scheme and he believes truth will eventually prevail. The BCH proponent also said that there’s a great number of people who wish they could go back in time and buy bitcoin at a lower price, and with BCH they still can.

“What makes Bitcoin popular in the first place is exactly what Bitcoin Cash is today, the ability to transact freely onchain peer-to-peer with anyone anywhere in the world for less than a cent,” Mobtwo emphasized.

Blog Author Tipped $10,000 for Well Phrased Peer-to-Peer Cash Conviction

Following the post publishing on the read.cash platform, the well known BCH investor Marc DeMesel sent Mobtwo a generous donation of $10,000 worth of bitcoin cash. Mobtwo was extremely grateful for the donation and wrote: “I’m literally shaking from the generosity from Marc DeMesel,” he said after getting the massive tip. “That’s super motivating and I will work harder to keep growing the value of Bitcoin Cash,” Mobtwo added.

“The pleasure is mine Mobtwo,” DeMesel responded. “The article is really good. It summarizes very well, in plain language, why Bitcoin Cash is a tremendous opportunity.” Following the tip, a number of BCH fans discussed the $10k tip sent to the author on Twitter and Reddit forums. Certainly, a $10,000 donation in digital currency, tells something about the dedication from the crypto community.

What do you think about the $10,000 bitcoin cash donation to Mobtwo? Let us know what you think about this subject in the comments section below.

The post Blog Author Tipped $10,000 for Well Phrased Peer-to-Peer Cash Conviction appeared first on Bitcoin News.

Coinflex Launches Noncustodial Interest-Bearing Stablecoin on BCH and ETH Networks

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Coinflex Launches Noncustodial Interest-Bearing Stablecoin on BCH and ETH Networks

The cryptocurrency exchange Coinflex has announced the launch of a unique interest-bearing stablecoin called Flexusd. The new stablecoin is considered to be the first dollar-backed crypto that pays interest at the base level. Moreover, the new token is built on the Ethereum blockchain and the Bitcoin Cash network as well by leveraging the Simple Ledger Protocol.

The digital currency trading platform Coinflex has revealed the creation of a new stablecoin token that bears interest. A stablecoin is a cryptocurrency that is tied to the price of a fiat currency and traditionally it’s the U.S. dollar. This allows people to hold crypto assets without exposing themselves to massive price fluctuations found in bitcoin (BTC) or ethereum (ETH) markets.

The stablecoin economy has grown massive and today there’s $23 billion worth of fiat-pegged digital assets. Coinflex.com’s CEO Mark Lamb told his Twitter followers about the new stablecoin token on Wednesday.

“We’re proud to have launched the first interest bearing stablecoin,” Lamb tweeted. “Flexusd pays yield while you hold the private keys. Currently paying 8% interest, it earns yield from our repo market which powers our deliverable perps. The only sustainable yield is from leverage,” the Coinflex CEO added.

Coinflex Launches Noncustodial Interest-Bearing Stablecoin on BCH and ETH Networks

The new token’s website description explains that Flexusd is a multi-yield bearing stablecoin that operates in a noncustodial fashion. Traditionally, stablecoins give some of the highest yields on the market but users need to use them as collateral or deposit them on a centralized exchange.

“Flexusd and all Flex assets earn interest even when just sitting in a wallet, defi app, exchange or margin account,” the web portal notes. “This enables what we call ‘yield on yield’ i.e. using natively yield-bearing Flex Assets to earn extra yield on top from these various sources in crypto.”

Coinflex details that the token will be made available via the Ethereum and Bitcoin Cash blockchain during the initial launch. The exchange is leveraging the Simple Ledger Protocol (SLP) framework for the coins on the BCH side. In the future, Coinflex plans to spread Flexusd across a myriad of chains including networks like Polkadot, Tron, and EOS. The Coinflex issued stablecoin will also be available via a variety of decentralized finance (defi) platforms.

The ‘yield on yield’ scheme not only provides benefits for Flexusd stablecoin owners as Coinflex details that the concept works with Flex wrapped assets like Flexbtc, Flexeth, and Flexlink. Accordingly, Coinflex says the exchange will undertake three repo auctions per day, and Flex asset users will get a “pro-rata share of any interest earned by users borrowing assets that underlie the flex assets.”

On social media and crypto-related forums, a number of BCH proponents were excited about the interest-bearing stablecoin. “This is huge,” the full node Bitcoin Cash development team Bitcoin Unlimited tweeted.

On Reddit, one Bitcoin Cash supporter asked what the difference between Flexusd and tether was and whether or not the new tokens were backed and audited. The Coinflex CEO responded to the question and said: “It’s always fully backed. Flexusd lends the underlying USDC into Coinflex’s repo market.”

“There will be audits, in fact, we’re open-sourcing the code of the repo lending bot and also the read-only API keys,” Lamb concluded. “So you will be able to see all balances at all times and verify exactly what’s going on underneath the hood. The difference versus USDT is USDT pays 0% interest and Flexusd pays interest.”

What do you think about the stablecoin Flexusd and the concept of earning interest at the base layer? Let us know what you think about this subject in the comments section below.

The post Coinflex Launches Noncustodial Interest-Bearing Stablecoin on BCH and ETH Networks appeared first on Bitcoin News.

Bitcoin Unlimited Hosts Week-Long Hackathon to Bolster the Future of Finance

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Bitcoin Unlimited Hosts Week-Long Hackathon to Bolster the Future of Finance

On December 2, 2020, the organization and full node project Bitcoin Unlimited is hosting a week-long hackathon that aims to build the future of finance by leveraging the decentralized crypto network Bitcoin Cash. The event dubbed “Coinparty 2020” aims to get the top crypto talent in the world to compete for $17k worth of bitcoin cash prizes.

The cryptocurrency community has grown massively in 2020, and there’s been a number of new and exciting innovations this year. Bitcoin Unlimited (BU) wants to bring a number of useful innovations to the Bitcoin Cash (BCH) network and the organization is hosting a hackathon to bolster this goal.

The event is called “Coinparty 2020” and it’s not only supported by BU, but also the team of peer-to-peer electronic cash proponents Satoshi’s Angels and the firm General Protocols as well.

“Join our hackathon to collaborate and compete with top crypto talent from around the world,” the event’s web portal details. “We welcome talented people from all different skill-sets including: developers, marketers, designers, and business people. CoinParty is for anyone who wants to build amazing blockchain tools and products using cryptocurrency,” the website adds.

Bitcoin Unlimited Hosts Week-Long Hackathon to Bolster the Future of Finance

The $17k worth of bitcoin cash (BCH) prizes will be split into different focus groups like the Coinparty all-stars, user focus, and the Nakamoto award. Six judges have been announced including BU’s lead developer Andrew Stone, BU engineer Andrea Suisani, Bitcoin Verde’s Josh Green, Coinbase staff engineer Josh Ellithorpe, BCHN developer Calin Caliau, and General Protocol’s lead developer Jonathan Silverblood.

Participants will be advised by qualified experts such as Satoshi’s Angels senior marketing manager Eléonore Blanc, Knuth lead developer Fernando Pelliccioni, BU developer Dagur Valberg, Simpleledger.cash CEO James Cramer, and General Protocols senior developer Rosco Kalis. The Coinparty 2020 event will also be hosted by John Moriarty and Paul Wasensteiner. The Coinparty kickoff starts on December 2, with the team foundings, ideation, and the Coinparty Opening Ceremony.

Throughout December 4th through the 7th, there will be live stream interviews with some of the teams, as onlookers will get live progress updates. Final presentations on each project will be due December 8th, as Coinparty judges will follow through with deliberations and an official prize ceremony on the 9th.

Individuals who are interested in participating in the Coinparty 2020 event this year can register with this web document. People can also leave their email address in order to get updates about the upcoming Coinparty hackathon as well.

What do you think about Bitcoin Unlimited’s Coinparty 2020 event? Let us know what you think about this subject in the comments section below.

The post Bitcoin Unlimited Hosts Week-Long Hackathon to Bolster the Future of Finance appeared first on Bitcoin News.