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Indian Lawmaker Raises Hope of Positive Crypto Regulation

12/09/2019 by Idelto Editor

A member of the upper house of the Indian parliament has given the crypto community some advice on what can be done to influence the government’s crypto decisions. He encourages anyone to reach out to him and discuss their concerns, including issues related to the draft bill to ban cryptocurrencies in India. His words and suggestions have given the crypto community hope.

Also read: India’s Popular ‘Who Wants to Be a Millionaire’ Show Gives Crypto a Boost

Rajya Sabha MP Ready to Discuss Crypto

Indian Member of Parliament (MP) Rajeev Chandrasekhar has given the crypto community some advice in Tuesday’s episode of the Blockworks Group’s Untold Stories podcast. He discussed various crypto-related topics, ranging from the Indian government’s policies and the draft bill to ban cryptocurrencies to the banking restrictions by the central bank and the supreme court hearing. The MP is scheduled to meet with some members of the Indian crypto community next week.

Chandrasekhar is a member of Rajya Sabha, the upper house of the parliament of India, and the ruling party, Bharatiya Janata Party (BJP). He represents the state of Karnataka, of which Bengaluru is the capital.

During the podcast, the MP was asked about the report and draft bill to ban cryptocurrencies, submitted by an interministerial committee headed by former Secretary of the Department of Economic Affairs Subhash Chandra Garg. The question came from Nischal Shetty, CEO of local crypto exchange Wazirx, who was a guest on the podcast. He informed the MP that this bill proposes a ban on cryptocurrencies in India without involving or consulting any industry experts. “Can we expect industry participation to make the report more positive, and better for our crypto ecosystem in India?” the CEO asked the MP.

“Those of you, who have a view on crypto and believe that there is sufficient room, in the public policy space, for the policies to evolve and be inclusive of innovation, and at the same time, address the security and other concerns. They should just reach out to me,” Chandrasekhar replied, elaborating:

I have the ability to create, let us say, documents with your inputs, and have that presented either in parliament or to the government.

“So, don’t worry about what goes on in government, and that is one particular point of view,” he remarked. “India is a fairly vibrant democracy in the sense that you can still approach people like me, and evolve an alternate view and have that alternate view be discussed, narrated, and debated within government. I can do that, you know, I’d encourage you to reach out to me.”

First Step to Influencing Government’s Policies

Chandrasekhar further detailed how anyone can get in touch with elected representatives and discuss their concerns, adding that many are already doing so on all kinds of issues. He reiterated that India is a vibrant democracy and there are many MPs like him who would listen. Many of them can be contacted via Twitter or Facebook; some have even posted their mobile numbers online, he said. The MP proceeded to encourage the crypto community to reach out and meet with him to discuss their concerns, declaring:

I actively encourage people to come, sit with me, and believe in my ability to articulate their positions, and their points of view to people in government and their leadership of the government, and hopefully persuade them to do the right thing.

As for the pending crypto case at the country’s supreme court, he admitted that he has not studied the case and has only read about it in media reports. Nonetheless, the MP emphasized: “I’m happy to look at it, I’m happy to even suggest an approach that is workable, if there is any room for that. I am happy to engage. I never say no to having a conversation with anybody on any issues related to technology.”

Sathvik Vishwanath, CEO of local crypto exchange Unocoin, tweeted that he felt “super pumped” after listening to Chandrasekhar. He is scheduled to meet the MP next week. Noting that the lawmaker “acknowledges innovation and can also influence policymaking,” Vishwanath is now convinced:

Banning need not be the destiny of crypto in India.

MP Wants to Help Crypto Community

Shetty is also meeting Chandrasekhar next week to further discuss the issue concerning crypto regulation in India. He has also been running an “India Wants Crypto” social media campaign, calling for positive crypto regulation in the country. The campaign has entered its 315th day.

Besides being an MP, Chandrasekhar is an entrepreneur with experience in technology, finance, entrepreneurship, and the economy. He founded BPL Mobile in 1994 and Jupiter Capital in 2005. The latter is an investment and financial services firm headquartered in Bangalore, with a presence in nine countries. Bangalore, known as a high-tech hub of India, ranked number one in the country for crypto jobs, according to job listing site Indeed.

In 2006, Chandrasekhar was elected to the Rajya Sabha to represent Urban Bengaluru, after serving on several committees including the Prime Minister’s Council on Trade and Development. He has also been on various standing and select committees of parliament including defense, finance, telecom, urban development, GST, and real estate. The MP has advocated and intervened on issues such as governance and regulatory reforms, policymaking, institution building, freedom of speech, net neutrality, privacy, protection of children, national security and the welfare of the armed forces personnel.

Shetty told news.Bitcoin.com Wednesday:

He said he wants to help. And the best thing is that he’s previously helped with net neutrality in India and with making privacy laws better for people. I’m looking forward to the meeting and knowing his background I’m confident he’ll help us.

“He has a tech background and that will help crypto immensely as he understands technology really well,” the Wazirx CEO elaborated. “He has been an entrepreneur who has been instrumental in the telecom revolution of India. It is natural for him to understand cutting edge technologies such as crypto. We’re going to discuss the way forward with him, get his inputs and chart out our next path under his guidance.”

Chandrasekhar Asked RBI to Develop Framework

The Rajya Sabha MP has previously urged the government and the Reserve Bank of India (RBI) to develop a framework to handle new innovations and trends. In December 2016, he wrote a letter to the late Finance Minister Arun Jaitley, detailing some issues he expected to emerge as the government and the RBI moved to increasingly digitize the Indian economy. Particularly, he suggested that the banking and payments ecosystem would need to be transformed.

Citing a surge in domestic bitcoin trade, a “move of black economy to the dark internet,” and how “The surveillance and policing requirements are challenging,” he wrote:

I suspect the government and RBI are ill-equipped currently to deal with this … I am drawing your attention to the need to be ahead of the curve on this rather than behind and so the RBI must develop the capabilities on this urgently.

However, the duo did not create any framework. The RBI and the Ministry of Finance independently dealt with the rising interest in cryptocurrencies by issuing several warnings to the public about the risks associated with them. When interest did not wane, the central bank issued a circular, banning regulated financial institutions from providing services to crypto businesses. The ban went into effect in July last year, and banks subsequently closed the accounts of crypto exchanges, forcing some of them out of business.

Chandrasekhar shared his thoughts on why the RBI decided to issue a banking ban instead of setting up a framework to deal with crypto assets. He asserted that there are two ways of addressing a problem in any governmental system. One is to stay ahead of the curve, which he said is hard for a government to do, while the other is to shut down the threat. While maintaining that he himself does not want “innovation to be trampled by a paranoid approach to regulation,” the MP acknowledged that the RBI has chosen this path.

During last month’s supreme court hearing of the writ petitions against the RBI ban, the court gave the central bank two weeks to answer the representation filed by the Internet and Mobile Association of India (IAMAI) regarding measures crypto exchanges could take. The hearing is scheduled to resume on Sept. 25.

Do you think the Indian crypto community will succeed in convincing the government to introduce positive crypto regulation with the help of MP Chandrasekhar? Let us know in the comments section below.

Images courtesy of Shutterstock, Rajeev Chandrasekhar, and Nischal Shetty.

Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The Local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

The post Indian Lawmaker Raises Hope of Positive Crypto Regulation appeared first on Bitcoin News.

Bitmain Launches Next Gen Miner as Bitcoin Hashrate Touches 100 Exahash

10/09/2019 by Idelto Editor

Last Thursday the China-based mining rig manufacturer Bitmain announced the launch of two new Antminers that offer hashrates between 53 to 64 terahash per second (TH/s). When the Antminer sale started on Monday, first batch devices sold extremely fast and Bitmain expects to deliver units by mid-November. Meanwhile, the combined SHA256 hashrate (BCH and BTC) has grown exponentially, touching 100 exahash per second (EH/s) on Tuesday.

Also Read: Plans to Build $50M Bitcoin Cash Tech Park Revealed

Bitmain Launches Two New Next-Generation Miners With Hashrates of 53-64TH/s

Mining coins like BCH and BTC is extremely competitive and recently mining rig manufacturers have been launching next-generation devices making the competition even greater. Last week, on Sep. 5, Bitmain Technologies announced the launch of its newest set of Antminers after releasing multiple versions of SHA256 mining rigs over the last few months. The latest versions include the Antminer S17e and the T17e which will be sold in three batches. According to Bitmain’s specifications, both machines have been optimized to perform with “significant improvements to power efficiency and hashrate.” The S17e has an average hashrate of 64TH/s and 45 joules per terahash (J/TH). The Antminer T17e offers hashrate speeds of up to 53TH/s and power efficiency of roughly 55J/TH. So far both batches of the new Antminers have sold out and the last sale will end Wednesday morning on Sep. 11.

In addition to the new Antminers, Bitmain introduced a compensation strategy for delivery delay. So if mining rigs are not shipped on the specified delivery dates then Bitmain will compensate customers with coupons for each day of delay, based on PPS rewards of the mining pool and electricity cost deducted. Bitmain explained that both new models have been created for better efficiency and longevity as well. “Both new models have been designed for more stable operations in the long-term to reduce maintenance costs for customers,” Bitmain detailed last week. “This is made possible through the dual tube heat dissipation technology which improves how efficiently heat dissipates. The models are also equipped with a more secure software system to prevent malicious attacks.”

Bitmain will also be hosting the second annual World Digital Mining Summit (WDMS) in Frankfurt Germany on Oct. 8-10 2019. The two-day event will bring together some of the biggest entrepreneurs in the mining industry like Genesis Mining Marco Streng and Bitmain’s cofounder Jihan Wu. One specific event at the WDMS conference announced this week will be a contest for the “top ten mining farms around the world.” This will allow the mining industry to vote on the best mining farms out there today. In order to participate, miners need to disclose their location, capacity, mining farm systems, hosting price, length of operations, and submit photos of their crypto mines. Participants must submit all required materials by email before September 13 and winners will receive VIP tickets to WDMS.

High-Powered Mining Rigs Push the SHA256 Hashrate Above 100EH/s

With 64TH/s and 45J/TH, the new Antminer S17e would be the most profitable mining rig today, according to asicminervalue.com. At the time of writing, calculating current prices and with an electricity cost of $0.13 per kWh, the S17e would profit by $8.86 per day mining BTC (if it was available to the public today). Profits per day might be entirely different depending on the price per coin on Nov. 2019 and network difficulty. The new Antminer models will compete with the Microbt Whatsminer M20S (68TH/s), Ebang Ebit E11++ (44TH/s), and the Strongu STU-U8 pro (60TH/s).

The rest of the competitive mining rigs in the top list are other Bitmain models too such as the S17 pro (53TH/s), and the S17 (56TH/s). In 2019 Bitmain has released a wide assortment of SHA256 compatible miners including the new legacy S9 series, and the T version models. There’s still a bunch of low hashrate miners available on the Bitmain website, but most higher performance machines are selling out quickly. Still, with an electricity cost of $0.13 per kWh, any mining rig on the market that performs at more than 13TH/s is profiting at today’s BTC and BCH prices. On Sep. 10, it is currently 4% more profitable to mine on the Bitcoin Cash blockchain according to prices and Coin Dance statistics.

Both chains’ SHA256 hashrate combined on Sep. 10 crossed the 100 exahash per second (EH/s) region as BTC captured 98.53EH/s and BCH gathered 2.4EH/s. If and when SHA256 networks can exceed 500 exahash per second, the processing power will penetrate the zetahash era. BTC’s hashrate is 8X more powerful than Dec. 2017 at the height of the bull run, and this past June the BTC hashrate was 55EH/s which nearly doubled in three months. The BCH network hashrate has hovered between 2-2.6EH/s over the last three months with 11 pools processing BCH blocks. There are 10 pools mining BTC with 18.1% of the hashrate being stealth mined by unknown miners. On Sep. 10, 22% of the BCH network hashrate consists of unknown mining pools as well.

With market prices at what they are today, both BCH and BTC miners are seeing significant profits compared to last year’s prices. At current speeds, both SHA256 networks’ reward halvings will be at different times. The BTC chain is expected to see its reward halving in 248 days on May 16, 2020, while the BCH chain is expected to cut its block reward on April 8, 2020. Both dates are not exact and the time could change if hashrates increase or decline from here. The onslaught of new machines produced by manufacturers like Bitmain, Strongu, Innosilicon, and Microbt should continue to increase the overall SHA256 hashrates on both networks.

What do you think about the latest Bitmain miners and the exponential SHA256 hashrate? Let us know what you think about this subject in the comments section below.

Disclaimer: Readers should do their own due diligence before taking any actions related to the mentioned manufacturers and products associated with this article. Bitcoin.com or the author 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 content, goods or services, products, websites, and vendors mentioned in this article. This editorial review is for informational purposes only.

Image credits: Shutterstock, Bitmain, asicminervalue.com, Fork.lol, Coin Dance, Wiki Commons, and Pixabay.

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India’s Popular ‘Who Wants to Be a Millionaire’ Show Gives Crypto a Boost

10/09/2019 by Idelto Editor

One of the most popular reality TV shows in India called Kaun Banega Crorepati, based on the show ‘Who Wants to Be a Millionaire,’ has just given crypto a boost. A contestant on the show was asked a question about Facebook’s Libra cryptocurrency, and the show’s host, Amitabh Bachchan, proceeded to explain what cryptocurrencies are to millions of viewers.

Also read: Indian Government’s New Report Views Crypto Positively

Indian Version of ‘Who Wants to Be a Millionaire’

Kaun Banega Crorepati (KBC) is one of the most popular reality TV shows in India. Based on the British program “Who Wants to Be a Millionaire,” the game show began airing in the year 2000 and is now in its 11th season. It is hosted by veteran actor Amitabh Bachchan. During Monday’s episode, he asked a contestant about Facebook’s Libra and then talked briefly about cryptocurrencies in general.

Himanshu Dhuria, a 19-year-old contestant from Uttar Pradesh who is training to be a commercial pilot, was in the hot seat. Among the questions presented to him was “What is Libra, proposed by Facebook?” He had to choose between four options: artificial intelligence camera, instant messenger app, short video platform, and cryptocurrency.

Similar to its Western counterparts, the show allows the use of lifelines to help contestants answer difficult questions, such as asking the audience, removing two of the four choices (50:50), and asking experts. Without using one of his lifelines, Dhuria correctly answered that Libra was a cryptocurrency. Host Bachchan then proceeded to briefly explain what cryptocurrencies are, stating:

Cryptocurrency is a form of digital and global money system — currency. Bitcoin, litecoin, [and] ripple are some existing cryptocurrencies.

The Indian crypto community is overjoyed that millions of KBC viewers have now been exposed to cryptocurrency. Nischal Shetty, CEO of local crypto exchange Wazirx, tweeted after the show that “Millions of Indians now know about crypto thanks to this.”

According to local media, the game show is among the most popular in India. Rediff.com reported earlier this month that the show racked up a viewership of 246 million in 2017, which dropped to 223 million the following year. Data by the Indian Broadcast Audience Research Council (BARC) shows that, in September 2017, KBC was the second most watched show in the country.

Danny Boyle’s 2008 film Slumdog Millionaire was loosely based on this show. It won eight out of the 10 Oscars it was nominated for at the 81st Academy Awards, including Best Picture. Further, the host in the movie, a role portrayed by Anil Kapoor, was based loosely on Bachchan. The actor has since appeared on a celebrity version of KBC. Bachchan himself is also an actor and producer. He gained popularity in the early 1970s and has won numerous awards.

Facebook’s Libra Scrutinized Globally

Facebook unveiled its plans in June for a newly formed subsidiary, Calibra, to provide financial services via the Libra network. “The first product Calibra will introduce is a digital wallet for Libra, a new global currency powered by blockchain technology,” the social media giant detailed. “The wallet will be available in Messenger, Whatsapp and as a standalone app — and we expect to launch in 2020.”

Since Facebook’s announcement, many countries have been scrutinizing Libra due to its massive scale which could propel the digital currency into the mainstream, jeopardizing the role of central banks worldwide. Several U.S. lawmakers have voiced their concerns and tried to stop Facebook from continuing its work on the project. The G7 countries have held several discussions on the matter. There have even been reports that some countries are escalating their efforts to launch central bank digital currencies to get ahead of Libra. China, for example, is reportedly close to launching its own digital currency that will resemble Libra.

As for India, former Secretary of the Department of Economic Affairs (DEA) Subhash Chandra Garg said at the time that the “Design of the Facebook currency has not been fully explained.” He elaborated, “But whatever it is, it would be a private cryptocurrency and that’s not something we have been comfortable with.” Garg headed an interministerial committee (IMC) tasked with studying all aspects of cryptocurrencies and providing recommendations. The IMC has submitted its report with a draft bill entitled “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019” to the Ministry of Finance. The government has told the country’s supreme court that this bill may be introduced in the next parliament session.

Positive News and Supreme Court Hearings

Since the IMC report and draft bill were made public on July 22, the Indian crypto community has been putting a lot of effort into convincing lawmakers how flawed the recommendations are. Instead of banning cryptocurrencies, the community is calling for positive regulation for the Indian crypto industry.

The Indian crypto community’s efforts have gained the support of some major industry groups such as the Internet and Mobile Association of India (IAMAI) and the National Association of Software and Services Companies (Nasscom). Both believe that banning is not the solution. The IAMAI also has a writ petition pending at the supreme court which challenges the banking ban by the Reserve Bank of India (RBI). The central bank issued a circular in April last year, banning banks from providing services to crypto businesses including exchanges. The ban went into effect 90 days later.

Last week, the Steering Committee constituted by the DEA, also under the chairmanship of Garg, submitted its final fintech report to the finance minister. The report put crypto in a positive light. It states that the “Use of digital tokens resolves the issue of multiple currencies, improves liquidity and capital compliance costs, allows for micro-payments and expedites the payment process, which further eliminates liquidity risks.” It further adds that “The mechanisms surrounding cryptocurrencies, particularly the blockchain and initial coin offerings (ICOs), are revolutionizing the global fintech landscape.”

The Indian supreme court is scheduled to resume hearing the case against RBI’s banking ban on Sept. 25. During the latest hearing of this case, the court ordered the central bank to reply to the representation filed by the IAMAI which outlines measures crypto exchanges could implement such as those related to KYC and AML. Meanwhile, the case concerning the country’s crypto policies has been moved to the end of January.

What do you think of this popular Indian TV show mentioning cryptocurrency and Libra? Let us know in the comments section below.

Images courtesy of Shutterstock, Fox Pictures, and Sony TV India.

Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

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10 Useful Browser Plugins to Help Crypto Users

09/09/2019 by Idelto Editor

There are many different browser extensions or plugins that benefit cryptocurrency users, ranging from price trackers and wallets to those that help crypto users with security and privacy. Bitcoin.com has produced a video, listing 10 of the most useful browser extensions with explanations of how they can help crypto users.

Also read: Central Banks Worldwide Testing Their Own Digital Currencies

Video: 10 Useful Plugins for Crypto Users

Many browser extensions are useful and sometimes even necessary for cryptocurrency users. Popular browsers — including Chrome and Chromium, Firefox, Safari, Opera, Internet Explorer, Brave, and Edge — support many of them. The latest installment of Bitcoin.com’s top lists video series entitled “10 Useful Plugins for Cryptocurrency Users” features the 10 most useful browser extensions that all crypto owners should be aware of. It also explains how to use them as well as why they are beneficial to crypto enthusiasts.

Among the plugins featured in the video are those tracking prices of cryptocurrencies. One is Coinmarketcap Price Ticker which can display prices of up to five cryptocurrencies from listings on the popular website Coinmarketcap.com. Another price tracking browser extension, Crypto Price Tracker, also made the list. Alongside them, hardware wallet plugins can sometimes be necessary for crypto users, as the video details.

A different type of browser extension featured in the video is Metamask, an in-browser Ethereum wallet which allows ETH and ERC20 tokens to be sent and received. Available for Chrome, Firefox, Opera, and Brave, it also lets users access Ethereum-enabled dapps in their browsers. For Bitcoin Cash (BCH), the Badger Wallet extension allows users to interact with BCH apps, as described in the video.

Some browser extensions are not crypto-specific, but users of cryptocurrencies should find useful. One example is Adblock Plus, one of the most popular ad blockers with over 10 million Chrome users utilizing it to block ads they come across on the web. It provides crypto users with additional privacy and security, such as by way of blocking ad-delivered viruses and putting a stop to ad-based tracking. Another useful plugin is Privacy Badger, which automatically learns to block invisible trackers and removes outgoing link click tracking such as the types used by Facebook, Google and Twitter.

There are also browser extensions which block crypto-mining scripts, preventing crooks from using your computer’s resources to mine cryptocurrencies for them. The video features one in particular called Minerblock, an extension which uses two different approaches to block mining scripts. One is based on blocking requests/scripts loaded from a blacklist, while the other detects potential mining behavior inside loaded scripts and kills them immediately.

In protecting your computer against different types of malware, the video also recommends Metacert’s Cryptonite which installs a new shield on your browser toolbar that turns green when a link or a website is safe. It aims to protect against phishing, malware, ransomware, and crypto mining. While the above browser extensions focus on computer and browsing security, the video also has a plugin on its list that helps users shop online at discount. Purse.io has been helping many crypto users get between 5-33% off of anything on Amazon when paid with BCH or BTC.

Possible Risks of Using Browser Extensions

While browser extensions can be useful and convenient, there are several factors crypto users should be aware of when installing them. While most of them may be perfectly harmless, some can log keystrokes, steal passwords, collecting data, and even harvest information from companies’ employees. Users should only install browser extensions directly from companies’ websites or official web stores which at least undergo some level of scrutiny. User ratings, number of installs, and reviews by other users can also help you decide whether a browser extension is safe. Nonetheless, some extensions in official web stores may still contain malicious code.

In July, researcher Sam Jadali discovered several Chrome and Firefox browser extensions that collect browsing history and transfer it to a third party. In addition, he found a platform where such data is bought and sold.

Cybersecurity and anti-virus provider Kaspersky Lab explained that crooks are attracted to browser extensions because many of them have massive user bases, and they update automatically so malicious code is pushed to a large number of users instantly. The malicious code could be uploaded by the extensions’ developers themselves, or their computers could be hijacked. Further, the firm noted that browser extensions are difficult to monetize so companies often approach developers to purchase them. Once the ownership changes, malicious features could be included in the next update and pushed to users. This was the case with “Particle” (formerly known as Youtube+), a Chrome extension which allowed users to change the UI and behavior of some of Youtube’s standard features. It was sold to a company that immediately turned it into adware.

When using browser extensions, experts advise not to install too many which would affect your computer’s performance and increase attack vectors. Further, it is important for you to pay attention to the permissions required by the extensions, particularly those asking for permission to read and change your data. Permission requests should logically match the functionality of the app, otherwise, it’s a red flag. If an already-installed plugin requests new permission, it could also be a red flag that it might have been hijacked or sold. Lastly, there are anti-virus software programs to help you neutralize malicious code in browser extensions.

What do you think of the 10 plugins featured in the video? Let us know in the comments section below.

Disclaimer: Bitcoin.com does not endorse or support claims made by any parties in this article. None of the information in this article is intended as investment advice, as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Neither Bitcoin.com nor the author is 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 content, goods or services mentioned in this article.

Images courtesy of Shutterstock and Google’s Chrome Web Store.

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‘Avoid Biased Calculations’ Says Crypto Researcher After Cherry-Picked Chart Debate

08/09/2019 by Idelto Editor

On Friday, crypto analytics site Messari and data analyst Zack Voell shared a controversial chart called “Bitcoin Cash versus Lightning,” which claims to display a comparison of activity for both networks. Voell contended that the Lightning Network was growing at a faster rate than the scaling solution BCH has to offer. The way the chart was portrayed and the written critique was contentious, to say the least, and crypto supporters accused the Messari analyst of being biased and “cherry picking” data.

Also Read: Bitcoin’s Early Days: How Crypto’s Past Is Much Different Than the Present

Messari Analyst Accused of Cherry Picking Data

Zack Voell, a data analyst from Messari, stands accused of producing biased material for the website that claims to “promote transparency and smarter decision-making in the cryptoasset community.” On Sep. 6, Voell tweeted a chart that claimed to show the comparative growth and use of BCH versus the Lightning Network. A quick glimpse at the chart shared by Voell makes it look like the Lightning Network has seen exponential growth while the BCH side is dreary. According to the author, “[BCH] transaction count, traded volume, returns (denominated in Bitcoin), and active addresses all fell by double-digit percentages since September 2018.”

Bitcoin Cash versus Lightning

YTD of comparative network activity seems to show one scaling solution growing significantly faster than the other. (Obviously, the comparison is imperfect, but these data are still telling.) https://t.co/Uvf5z2WoBW pic.twitter.com/qzjFdYkPSC

— Peter Ryan (@_PeterRyan) September 7, 2019

Following Voell’s tweet, live stream host Collin Enstad laughed at the Messari analyst’s chart and asked: “Did you just cherry pick a stress test day from a year ago and then claim the transaction count is down over 90% — 12 months later?” During the first week of September 2018, BCH participants had multiple stress tests and the network saw millions of transactions per day on a few occasions that week. In fact, many BCH supporters believe the September stress tests proved that Bitcoin can scale, when miners processed 2.4 million transactions in one day and fees remained at $0.003-0.001 per transaction.

In response to Voell’s tweet and chart, the researcher from Ryan Research, Peter Ryan, asked the Messari analyst why he didn’t use year-to-date (YTD). Ryan further explained that looking at the comparative growth and use of Bitcoin Cash versus Lightning is better with YTD metrics. “YTD of comparative network activity seems to show one scaling solution growing significantly faster than the other. (Obviously, the comparison is imperfect, but these data are still telling),” Ryan’s tweet said. Following the discussion on Twitter, news.Bitcoin.com spoke with Peter Ryan about Voell’s assessment of both networks.

A Discussion With Researcher Peter Ryan

News.Bitcoin.com (BC): What do you think about the recent chart Zack Voell from Messari shared yesterday?

Peter Ryan (PR): While it appeared to use valid data, the comparison was dubious in a few ways.

One, BCH and the Lightning Network (LN) are two different technologies with different metrics. This is a classic apples to oranges fallacy. For instance, there’s no way to measure the transaction count on the LN and no equivalent of “node capacity” on BCH.

Two, the choice of data was biased. It showed 12 months back to a stress test on the BCH network which could distort how one could view growth. This is why most analysis comes out quarterly or monthly because it provides an objective choice of dates rather than one that is arbitrary.

BC: Why do you think someone from a startup that’s supposed to share unbiased data concerning crypto networks and markets would share something like that?

I’m sure he would paint it as “just reporting the data,” but this is obviously a low-brow attempt to justify the fragile scaling narrative around the Lightning Network.

BC: Do you think the chart and report reflected poorly on Messari?

PR: Yes. It’s a shame that their tools for better data analysis get overshadowed by their team’s repeated demonstrations of bias. It’s possible that this bias could taint their quantitative reporting, although that hopefully seems unlikely. I’m more concerned about them leveraging the brand of an objective data provider to perform distorted punditry.

BC: You recently shared a chart of your own from Ryan Research can you tell us about the data stemming from this?

PR: It was more a lark than a chart. I was displeased with the sleight of hand by Zack, so I duplicated the exact same chart as his but changed only one parameter: the date.

My chart compared YTD instead of his 12-month version and showed a different picture. Bitcoin Cash actually performed better than Lightning. For instance, BCH’s transactions grew 691% compared to much lower growth figures from Lightning.

BC: Can you tell our readers a little about Ryan Research and how you got into researching cryptocurrency data?

PR: Ryan Research is a firm focused on analyzing complex subjects and communicating clear explanations.

Whether through data, like showing an objective analysis of supply forecasts on different bitcoins, or through more qualitative content, like a survey of thought leader commentaries from across the crypto industry.

I have a degree in economics from New York University and have worked as an analyst in various venture capital and startup contexts. More recently, I was the lead research analyst at Coindesk and assisted them in enhancing their cryptocurrency data research.

BC: If you were to compare BCH scaling data versus Lightning Network scaling data how do you see the two competing?

PR: It’s very difficult to make comparisons between the two, let alone any unique cryptocurrency. If I were to suggest a somewhat sufficient one, it might be Lightning Network Nodes vs. Bitcoin Cash Active Addresses as they are both used as rough proxies for users. As of today, BCH has about 40,000 active addresses compared to about 5,000 nodes on Lightning.

BC: Where do you recommend cryptocurrency enthusiasts find unbiased cryptocurrency network and market data?

PR: I recommend Coinmetrics, Coingecko, Cryptocompare, Bitinfocharts, Coin Dance, and of course charts.Bitcoin.com. Always try to get to the raw numbers and avoid any “adjusted” or fancy metrics derived from biased calculations. However, you could avoid all that bean-counting agony and read Ryan Research, where we do it all for you.

What do you think about the chart shared by the Messari analyst? What do you think about Peter Ryan’s opinion? Let us know what you think about this subject in the comments section below.

Image credits: Shutterstock, Feature Image on computer by @karbonbased, Ryan Research, and Twitter.

Do you want to dig deeper into Bitcoin? Explore past and present cryptocurrency prices through our Bitcoin Markets tool and head to our Blockchain Explorer to view specific transactions, addresses, and blocks.

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