Grin Developers Agree to Alter Technical Development Roadmap

The privacy-oriented Grin token held a developers’ meeting where they agreed to hold off on making changes to planned proof-of-work updates for the foreseeable future.

In a move intended to give ASIC manufacturers a return on investment on the chips they have already built, a previously scheduled phase out of Cuckatoo32s chips will be delayed until past 2021.

After a public turnaround on the viability and inevitability of single chip ASICs – citing the improvements to heat density, lowered upfront costs, and potentially reduced electrical costs – of the technological usurpation, Grin is no longer supporting the mass-market miners that were compelled by market forces to run GPUs.

The team had originally pledged to keep single chip ASICs “at bay,” but now that Grin-specific ASICs, differentiated by the SHA256 ASICs, have advanced to a position of market dominance and affordability, the team has committed only to eliminate Cuckatoo31s from the roster.

“In short, preventing single chip ASICs no longer seems worthwhile or feasible, but an earlier version of me thought it was, which had led me to the phase-outs,” wrote Grin developer John Tromp.

Three foundries, Samsung, TSMC, and Intel should be able to produce the increasingly efficient Cuckatoo32 ASICs, said Tromp, whose backing hopes will provide the manufacturers with the confidence to continue production.

Tromp is “90 percent” certain the C32s are ready for deployment, but noted if “in [the] worst case, primary graphrate will fall, and GPU miners will be happy to pick up slack with secondary.” All that is certain is that, “c31 phaseout is a foregone conclusion.”

He wrote to CoinDesk, Cuckatoo31s, “currently have a weight of 2^8*31=7936, will see this weight linearly reduced starting around Jan 15, 2020, over the coarse of 31 weeks, to 2^8*0 = 0, at which point it’s effectively gone, leaving only C32.”

The developers also noted that in time if reason arises to decouple Cuckatoo31s, a simple code upgrade will enable Cuckatoo33s to supplant the outdated technology. Though this decision would also be delayed by an 18 month period of deliberation.

Additional updates

Prominent developer Yeastplume said, “First, as you know, 2.0.0 is just around the corner, which is our first scheduled hard fork (or you can call it a ‘network upgrade’ if you prefer). Fortunately for our current situation, this is a forced upgrade, which means that all users of Grin will have to upgrade their software to the 2.0.0 release.”

Yeastplume’s efforts to ensure adoption come after months of incompatibility within the network caused by a previous update that did not receive total adoption. “For whatever reasons many users and particularly exchanges haven’t been keeping up with the latest versions of Grin,” he wrote, which caused miscommunication between Grin and their wallets.

To ensure complete compliance, Yeastplume said that, “all current versions of Grin will stop working as of the HF block in a few weeks,” hoping it won’t come as a surprise when user’s nodes quit.

He also motioned towards coming changes in governance structure, including a request-for-comments period that seeks more community involvement, as well as slower roll outs of planned upgrades.

Additionally, he said the 2.0.0 code is “much better at doing version checks and the software should be better at explicitly informing users of potential incompatibilities, which we hope will greatly help when we do have to introduce new features to support upcoming technologies.

Christine Kim contributed reporting to this article.

Image via CoinDesk archives 

Financial Analyst: Current Correction is Healthy if Bitcoin (BTC) Support Found Above $10k

One of the regular financial analysts on CNBC’s “Future’s Now” segment has argued that the sharp drop in the Bitcoin (BTC) price over the last 24 hours is healthy for the market. Jim Iuorio is hoping to see prices bounce above the $10,000 mark.

If Bitcoin is able to find support above the psychologically-relevant price point, Iuorio has faith that the price will continue on the generally upwards trajectory of the last few months.

Can Bitcoin Hold on to $10,000?

Managing director of TJM Institutional Services and experienced futures and options trader Jim Iuorio appeared on CNBC earlier today to discuss the recent extreme moves in Bitcoin prices. Alongside fellow regular analyst Scott Nations, Iuorio argues that the drop is not only to be expected but is healthy for the market:

“This is what has to happen. I think it could easily gather itself above the $10,000 level and resume what it was doing before.”

For Iuorio, dips like the one that has seen Bitcoin prices plunge to below $11,000 from a high of almost $14,000 just yesterday are not only to be expected but are to be welcomed since they “shake out the weak hands”.

Bitcoin (BTC) is having quite a substantial pullback after surging upwards for days.

Driving the recent rally for the CNBC regular is the Federal Reserve’s latest programme of quantitative easing. He believes that people are hedging against the controversial policy by investing in alternative assets such as Bitcoin.

Perhaps because of Iuorio’s optimism for a greater-than-$10,000-bounce and how beneficial such a move will be in the bigger picture, the CNBC anchor felt compelled to remind viewers to be “quite cautious” when considering taking up a position in the market.

Iuorio agreed but also added that for those that understand markets well, such volatile market conditions present heightened chances to profit:

“Quite cautious? It’s absolutely the Wild West out there!… Where there’s huge volatility there’s opportunity as well.”

Finally, Iuorio speculated on the future of Bitcoin. He opined that, based on its volatility, the financial and technological innovation is not ready for mainstream use yet and that this had come as something as a surprise to him. The prolonged periods of stability experienced at the apparent end of the last bull market had signalled a more stable asset to the experienced trader and investor.

The return of the wild 20 percent or more swings in just 24 hours confirmed for Iuorio that this is not the case. However, he does admit that with each big infrastructural development – the much-anticipated Bakkt launch, as well as the of Fidelity and TD Ameritrade entering the market with products – the industry gets more robust and therefore is increasingly unlikely to be going anywhere anytime soon:

“Everything that comes into [the industry] validates [Bitcoin] a little bit more.”

 

Related Reading: Bitcoin Price Rising Alongside Negative-Yielding Government Debt

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Brimhall Foods to Deliver Products Through Blockchain-based Ordering System

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Bitcoin Will ‘Break Records’ That’ll Be Exceeded by Altcoins, John McAfee Says

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John McAfee, an eccentric cybersecurity pioneer who’s running for the Oval Office in the 2020 elections, has recently revealed he believes bitcoin is going to “break records” that are only going to be exceeded by altcoins in the future.

Via the microblogging platform Twitter, McAfee revealed he believes the recent bull run that saw bitcoin surpass $13,400 will continue, but will also briefly be reversed. In the long run, he added, BTC will “break records” that altcoins will beat, in a “phenomenon that will go down in history as the single most important economic upheaval since the invention of minted coins.”

In follow-up tweets, the eccentric cybersecurity pioneer and well-known bitcoin bull added that it’s a “mathematical certainty that the growth you are seeing is a yawn compared to what’s coming,” hinting the price of some cryptocurrencies will surge in the future.

He responded to users’ questions by clarifying he was referring to growth some altcoins will see, “especially [those] in the medical field and in privacy coins.” When asked which coins he would recommend, McAfee pointed towards Monero (XMR), Zcash (ZEC), MTC, Apollo, and Safex.

It’s worth noting that John McAfee is standing by a prediction he made, that bitcoin’s price will hit $1 million by 2020. According to a website tracking the bet, BTC is currently 82.88% McAfee’s price target, as its trading at $11,800 and needs to increase by $69,200 to be on target for $1 million by 2020.

The entrepreneur has also recently launched a “Bitcoin Play” app that lets users earn cryptocurrency while testing their knowledge, as well as a bitcoin debit card that can be used “anywhere” where Visa cards are accepted.

McAfee’s predictions may notably be shared by some prominent analysts in the cryptocurrency space. Tom Lee, the co-founder of Fundstrat Global Advisors and a bitcoin permabull, has recently stated “there will be an alt season” on Twitter.

Lee’s words imply we will in the future see alternative currencies – cryptocurrencies other than bitcoin – start surging and outperforming BTC itself, presumably as traders turn bullish on specific projects and use bitcoin to buy their tokens.

CoinMarketCap Acquires Hashtag Capital to Strengthen Crypto Pricing Algorithm

CoinMarketCap Acquires Hashtag Capital to Strengthen Crypto Pricing Algorithm

CoinMarketCap (CMC) has made their first ever acquisition after buying out Hashtag Capital for their proprietary algorithm called “true price.” This will allow the company to go beyond traditional volume-weighted pricing models, as per a blog post, June 26, 2019.

Accurate Price Structures

Following the acquisition, the team will merge with CMC to work on its vision of widening their data accountability and transparency measures, which launched in May 2019.

The Hashtag Capital team will work on bringing more transparency and accuracy to the pricing of nearly 2,000 different tokens on the platform. A side focus for them will be to deliver new data techniques and services to give users the most accurate depiction of market pricing.

CMC has faced public scrutiny for poor diligence in fake trading volume and using shady exchanges to build up market volumes far beyond reality.

A report by BitWise earlier this year claimed 95 percent of volume in the crypto market was non-existent as they were merely a base for wash trades, structured to deceive investors. Following the allegations, CMC decided to up their standards by introducing reforms to the way they calculate trading volume.

Data aggregation in crypto is a huge opportunity, owing to the lack of reliable data sources and high levels of information asymmetry. When CMC came under pressure for questionable practices, Messari launched their Real10 Index, allowing users to see realistic trading volumes from the top ten exchanges in the space.

The cryptocurrency market requires an air of legitimacy to grow to its potential. As of today, adoption is constrained because of the way the public perceives cryptocurrencies. Media coverage tends to highlight the negatives and only showcase positives in terms of price movement during significant bullish rallies.

CoinMarketCap’s decision to improve the accuracy of their readings is thus a welcome decision, as they have the largest user base in the crypto data game. Other providers like Messari and Digital Assets Data may be more reliable, but not free. Most users are hobbyists not willing to pay money for data collection, meaning CMC’s latest move will continue to serve their monopoly over the data market.

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ShapeShift Founder Says His Service Will Support Libra

ShapeShift could be integrating Facebook’s Libra in the near future, Erik Voorhees said.

The Shapeshift CEO commented on Facebook’s cryptocurrency project from a personal perspective at the Bitcoin2019 event, declaring that even though Libra doesn’t exist yet, there’s a space for it in his platform.

“It’s too early because it doesn’t exist yet but I would love to integrate Libra into ShapeShift when it does exist,” Voorhees said.

The cryptocurrency and blockchain entrepreneur explained that his interest in Libra depended on how well the project would work.

“The really interesting thing about Libra is what rules are based on it,” he said.

Voorhees also had a few concerns, pointing out that what its presented in Libra’s white paper could change when the project actually launches.

“So, fundamentally it’s based on a relatively decentralized worldview, but that could be very different when it actually launches versus what’s been reported,” he said.

He also assessed the control Libra could give to users from a technical aspect.

“We will see how freely it can move. For example, does someone need permission to integrate it into something?” Voorhees asked.

Gateway To Bitcoin

Libra could also serve as a way to usher in broader bitcoin adoption.

The entrepreneur explained that Libra’s value could surpass the dollar’s, making it a more attractive form of payment.

“I’m very excited that Libra isn’t just on a one-on-one parity with the dollar,” he said.

Voorhees also said that Libra could make Facebook users more open to digital currencies.

“One of the effects is that people, specially Americans, will start to get more comfortable with a coin that is a little bit more powerful versus the dollar,” he said.

On the other hand, the use of Libra is also a way for new users to get into bitcoin and to get used to price volatility.

“It’s price will vary, but nothing like bitcoin’s,” he said. “People will realize that is OK to have an asset that moves, and indeed there isn’t an asset in the world that doesn’t move.”

Crypto Chaos: Altcoin Capitulation Continues, But Bitcoin Bull Run is Just Beginning

As Bitcoin price approached $14,000 just mere hours after breaking through $13,000, a violent flash crash occurred that knocked the price of the leading crypto asset by market cap down by more than $2,000 in seconds, and with it took out many top crypto exchanges.

While Bitcoin continues to climb, altcoins are experiencing a major capitulation event, reaching lows not seen in years relative to their BTC trading pairs. Now, as even USD values of altcoins start dropping, many are calling for doom for altcoins. However, others believe that Bitcoin profits have started to flow into altcoins at these levels, and soon, they’ll catch up to to BTC in the coming days and finally kick off the alt season analysts have been calling for since the start of 2019.

Bitcoin Blasts Off, But The Bull Run is Just Beginning

In the face of growing fears of an impending economic collapse and increase pressure in the face of the ongoing trade war between the US and China, both gold and Bitcoin have skyrocketed in recent days, proving their value as an economic hedge.

Related Reading | Crypto Pundit Peter Schiff Says Gold Is In Early Bull Market, But Bitcoin Is a Sucker’s Rally 

While some naysayers may be calling Bitcoin’s rise a sucker’s rally, most analysts are confident another bull run is about to begin. A chart shared by crypto trader Nik Patel, best-selling author of An Altcoin Trader’s Handbook, shows that once the 360-week and 200-week moving averages crossed, which is days away from occurring, Bitcoin went on nearly a two-year-long bull run that topped out at its all-time high of $20,000. The rally took the world by storm, and caused a massive bubble to grow and eventually pop.

The chart and altcoin-focused analyst suggest that Bitcoin is about to embark on its next bull run and uptrend, once the two moving averages cross. The chart also clearly shows the 260-week MA acting as support throughout the entire uptrend, until the parabolic advance eventually broke and the price corrected deeply.

Altcoins Capitulate Relative to BTC, and Now USD, Will We Ever See Alt Season Again?

Bitcoin’s deep price correction eventually ended, which prompted the current rally. However, once Bitcoin price really took off back in April, altcoins have plummeted to new lows relative to their BTC trading pairs, and are currently experiencing a major capitulation event, as crypto traders dump their bags in exchange for Bitcoin gains.

Scrolling down CoinMarketCap viewing the price change in BTC value shows an absolute see of red, and it’s been that way throughout most of Bitcoin’s climb. The leading crypto by market cap is sucking up all of the value out of the market, at the expense of just about all altcoins.

Capitulation really began to set in when Binance announced they’d be blocking US investors from their exchange where many exotic altcoins are traded – signaling that regulation is near. Altcoins don’t have as much regulatory support as Bitcoin, and it’s causing investors to see that Bitcoin is a safer bet.

Related Reading | Crypto Analyst: Don’t Expect Altcoin Season Until New Bitcoin All-Time High 

Still, many saw yesterdays powerful crash in Bitcoin coinciding with new lows as a signal to buy altcoins. Some believe that the sold Bitcoin that caused the flash crash was moved into altcoins, and a massive rally is expected. Others say that Bitcoin simply crashed harder in USD value relative to alts, making it appear as though a bounce had occurred.

Bitcoin dominance broke above 60% in recent days, and is targeting higher. 63.5% dominance may be an important area where altcoins bounce, according to analysts. If they do bounce, alts like Ethereum, Ripple, and Litecoin are expected to skyrocket and start a new alt season, while others, like the Binance IEOs that were once pitched as the next golden goose, are likely to be seen as too risky in the face of regulatory uncertainty and bleeding altcoin prices.

Featured image from Shutterstock

Brazilian Exchanges to Integrate the Real-T, a Stablecoin Pegged to the Real

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Over 22,000 Traders Have Now Signed up to Local.Bitcoin.com

Over 22,000 Traders Have Now Signed up to Local.Bitcoin.com

People from all over the world have opened accounts to trade bitcoin cash anonymously and without any KYC on Local.Bitcoin.com. Almost 1,000 BCH has already been exchanged privately through blind escrow via the new platform.

Also Read: Namecheap Lets You Buy a Domain and Host Your Website With BCH

Userbase on Local.Bitcoin.com Grows Rapidly

Local.Bitcoin.com, the privacy-focused peer to peer global marketplace for trading bitcoin cash (BCH), was only officially launched on June 4. Since then over 22,000 people have already signed up to open accounts on the service and created thousands of active orders. The platform continues to grow rapidly and is currently gaining 500 new users each day.

Transactions using the platform have already been successfully completed in 45 countries so far. The top market by the number of trades completed is the U.S., followed by Australia, China, Canada, Germany, Sweden, India, the U.K., Serbia, Poland and Venezuela in that order.

Over 22,000 Traders Have Now Signed up to Local.Bitcoin.com
Screenshot local.bitcoin.com/offers/Buy

Local.Bitcoin.com lets traders choose any payment method available to them for making transactions. Currently the most popular payment methods are bank transfer at 35%, Paypal at 11%, Alipay at 12%, Venmo at 6%, cash in person at 6%, UPI (India) at 5%, cash deposit at 5% and gift cards at 5%.

Human to Human Trading

While many centralized exchanges are now forcing users to jump through hoops like submitting a selfie with their passport or government ID to prove their identity, Local.Bitcoin.com enables you to trade anonymously and without any KYC, which has likely contributed to its rapid growth. Additionally, the launch of the platform couldn’t have come at a better time for cryptocurrency traders who prefer to transact in person for cash as Localbitcoins just removed that option at the beginning of the month.

Over 22,000 Traders Have Now Signed up to Local.Bitcoin.com

“The amount of bitcoin cash changing hands each day through blind escrows is growing every day. The current total is nearing 1,000 BCH,” the lead developer of the platform, Michael Foster, commented on Thursday. “It might seem a bit slow compared to high-frequency-trading exchanges, but it’s a great start for a new human-to-human platform. Each trade represents a real person, not a robot, moving real wealth from one economic era to another.”

What do you think about trading bitcoin cash on Local.Bitcoin.com? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Bitcoin.com Markets, another original and free service from Bitcoin.com.

Avi Mizrahi

Avi Mizrahi is an economist and entrepreneur who has been covering Bitcoin as a journalist since 2013. He has spoken about the promise of cryptocurrency and blockchain technology at numerous financial conferences around the world, from London to Hong-Kong.

Bitcoin Falls Under $10,800 as US Stock Market Sees Minor Uptrend

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