More DDoS Attacks on Bitcoin (BCH-SV) Friendly Websites

More DDoS attacks on Bitcoin (BCH-SV) friendly websites

If the only defence of your policies is to silence your critics, the chances of your ideas being the wrong ones are pretty high.

Over the past week, CoinGeek.com has suffered through several distributed denial of service attacks (DDoS). The first one was a big one, and we had to upgrade our defences. Thank-you to the beautiful people at Cloud Flare, subsequent attacks have caused minimal disruptions.

On Thursday BitcoinSV.io was hit with a massive DDoS attack.

The attack comes soon after the website published a listing of wallets, block explorers and other business and services that have chosen to add their support for Bitcoin SV after the ABC decision to move away from Bitcoin BCH.

The timing of these attacks could be coincidental, but the timing of the attacks is somewhat suspect. We won’t cast aspersions towards any of the bastions of free speech in the bitcoin community, but it does highlight a problem with society in recent years.

I was always led to believe that you let your opponent talk and you listen. You present your well-reasoned arguments and allow the better ideas to succeed for the betterment of the society.

With their most recent changes, 5th since the upgrade, ABC’s critics continue to grow. People are critical on social media, and now the mainstream tech press is starting to join the chorus of critics admonishing the Bitmain and Bitcoin.com funded group of developers.

TNW, formerly known as The Next Web, has written a scathing article titled “Bitcoin Cash ABC update exposes potentially catastrophic vulnerability” where it highlights the vulnerabilities opened up by ABC’s slapdashed approach to blockchain development.

For many on Twitter, the checkpoints are a bridge too far as it removes the security provided by the proof of work principal as laid out in the original whitepaper, with many saying and we agree, that ABC is no longer Bitcoin.

The move removes the trustless decentralized system, and it allows a “trusted central authority” to publish these checkpoints. Ask yourself, whom do you trust? Roger Ver, Jihan Wu or Amaury Sechet, I’m sure they’re all nice people to share a meal with but do you trust them with all your money?

DDoS attacks, several updates untested updates and all manner of collusion with wallets and exchanges seem like the actions of desperate men.

There are rumours that the Chinese government is behind this or there is a secretive cabal trying to control the chain for nefarious reasons. I believe it’s much simpler than a crazy conspiracy; this is about plain old-fashioned greed.

The group is desperate to make Wormhole token a thing. Back in August, there was an offer, 1000 wormhole tokens for every BCH burned. This 1000-1 ratio isn’t for everyone, the general public would be and will be offered 10-1 rate when wormhole becomes a widely accepted token.

My sources tell me that Jihan, Roger and a few trusted allies either orchestrated or took advantage of this 1000-1 proposal.

Despite crowing from Ver, the hash war isn’t over and as the chorus of dissent against ABC’s move away from Bitcoin grows louder, and the support for SV swells, we expect more attempts to silence the critics but you can’t DDoS the planet.

CoinGeek partners on Teranode project with nChain; enabling path to 1 terabyte blocks and 7 million transactions per second for Bitcoin Cash (BCH)

CoinGeek partners on Teranode project with nChain; enabling path to 1 terabyte blocks and 7 million transactions per second for Bitcoin (BCH-SV)

CoinGeek announces it will partner with nChain, the blockchain research & development firm, on the Teranode project to create an enterprise-class full node implementation for Bitcoin (BCH-SV). nChain announced Teranode at the May 2018 CoinGeek conference in Hong Kong, and CoinGeek will now provide additional funding and business support for the project. Teranode takes the original Satoshi Vision to the next level. It will enable the true Bitcoin, now represented by BCH-SV (Bitcoin SV), to massively scale to terabyte (1 million megabyte) size blocks, 7 million transactions per second, and global enterprise usage.

CoinGeek and nChain believe terabyte-size blocks are viable and necessary for the Bitcoin BCH-SV blockchain to become the global public ledger of the future. A single terabyte block (added every 10 minutes) can contain about 4 billion Bitcoin transactions, and provide capacity of 7 million transactions per second. The scale of a network with 1 TB blocks would be immense, and enable BCH to power not just monetary transactions but token, smart contract, enterprise application, and machine-to-machine data transactions of many types.

Teranode is the next evolution of Bitcoin SV, the new full node implementation for Bitcoin Cash (BCH). Bitcoin SV is currently competing with Bitcoin ABC in a miners hash vote to become the ruleset for BCH. Developed by nChain at CoinGeek Mining’s request and owned by the Antigua-based bComm Association, Bitcoin SV seeks to fulfil the original Satoshi Vision for Bitcoin. It will restore the original Bitcoin protocol, keep it stable and allow it to massively scale. This path is critical to give major enterprises confidence to build their projects on top of the Bitcoin BCH-SV blockchain. Having Teranode planned for the future is another reason why miners and businesses should now choose Bitcoin SV.

Teranode is unique because it will not be a monolithic “one size fits all” implementation. Instead, the project separates four core functions into a modular microservices architecture approach – making a separate Business (RPC) Layer, Network (P2P) Layer, Process Layer and Storage Layer. This microservices architecture allows a business to customize for its needs, and provides several advantages:

  • Each component may have multiple implementations that can be easily swapped out for a particular company and its industry needs.
  • Components can be written using different computing languages, tools and hardware that are best suited to their particular purpose, rather than having to make a single choice for the entire node.
  • It enables massive on-chain scaling capability. A network aware interface like zeroMQ means components can, but do not necessarily need to run on the same machines.  As scaling requirements grow, the components can be further broken down and clusterized to match any foreseeable load requirement.

In addition, the Teranode project will seek to solve a technical issue that arises with a massively scaled Bitcoin network with TB size blocks: how to optimize the unspent transaction output (UTXO) database maintained by nodes to prevent double-spending of Bitcoins. Determining the correct amount of coins associated with each output is an essential set in the validation of a new block. With massive transaction volume possible in 1TB blocks, the UTXO database would also grow immensely. Teranode will seek to deliver a microservice API and software implementations that can support the throughput required for gigabyte (1000 MB) and then TB size blocks.

nChain’s Director of Solutions & Engineering Steve Shadders comments:

“Teranode is my baby. The first prototypical iteration of Teranode was just born after the November 15 hard fork of BCH. As we are watching Bitcoin SV in real-life action, we are studying performance hurdles and building new solutions for the enterprise-class Teranode. It’s time for Bitcoin to grow up and professionalize. We appreciate CoinGeek’s support in that journey make Bitcoin useable for the world’s major enterprises.”

CoinGeek founder Calvin Ayre adds:

“I was thrilled to see Bitcoin SV recently mine the world’s first 64 MB block on Bitcoin, and I know we can achieve even bigger blocks. As a mining group, CoinGeek wants to see massive on-chain scaling to unleash the blockchain’s true power and so miners can earn more transaction fees. We believe Teranode provides that path to fulfil the true Satoshi Vision, which is now represented by Bitcoin BCH-SV.”

To learn more about Teranode and Bitcoin SV, come to the CoinGeek Week conference in London, UK, November 28-30 (with an advance Miners Day on November 27). Get information and tickets at https://coingeekweek.com/

More Companies Choose Bitcoin SV

更多公司选择Bitcoin SV

随着人为的造势和连篇的废话,第一场比特币算力大战已尘埃落定,我们也可更理智地评估现实。愈加清晰的是:真正的企业坚信最初的比特币中本聪愿景。就在今天,CashPay钱包宣布对比特币现金(BCH)的支持,加入Centbee和HandCash钱包的阵营。

除此之外,今天我们还看到Fivebucks和Pixel钱包加入了其他许多支持Bitcoin SV的比特币现金(BCH)服务提供商的队伍,即CashPay Solutions、Coins Coloured、Cryptonize.it、HoneyBadger.com、Keyport TV、Lighthouse.cash、Matter、Money Button、Yours.org以及Tokenized。

在备受争议的比特币现金(BCH)硬分叉以及矿工投票进行过程中,更多的公司宣布支持Bitcoin SV实现方式和中本聪愿景。

以下列出所有支持Bitcoin SV的钱包、服务提供商和区块浏览器:

钱包

CashPay钱包

Centbee

HandCash

Pixel钱包

服务

CashPay Solutions

Coins Coloured

Cryptonize.it

HoneyBadger

Keyport TV

Lighthouse

Matter

Money Button

Simple Swap

Tokenized

Yours.org

Fivebucks

推出Bitcoin SV的区块浏览器

bchsvexplorer.com (由Guarda提供)

bchsv-explorer.com

bsvexplorer.info

bestminingpool.net/explorer/bchSV

bitfire.io/blocks

svblox.com

More Companies Choose Bitcoin SV

More companies choose Bitcoin SV

As the dust settles on the first ever Bitcoin hash war, with its contrived spikes and trash talk the realities can be better assessed. What is becoming clear is; real businesses believe in the original Satoshi Vision for Bitcoin. Just today the CashPay wallet announced its support joining BCH darlings CentBee and HandCash wallets.

Add to that today has also seen Fivebucks and Pixel Wallet join a host of other BCH service providers supporting Bitcoin SV, namely, CashPay Solutions, Coins Coloured, Cryptonize.it, HoneyBadger.com, Keyport TV, Lighthouse.cash, Matter, Money Button, Yours.org and Tokenized.

In the midst of the on-going contentious BCH hard fork and miner voting, more companies have announced they support the Bitcoin SV implementation and the Satoshi Vision.

A full list of wallets, services and explorers supporting Bitcoin SV: 

WALLETS

CashPay Wallet

Centbee

HandCash

Pixel wallet

SERVICES

CashPay Solutions

Coins Coloured

Cryptonize.it

HoneyBadger

Keyport TV

Lighthouse

Matter

Money Button

Simple Swap

Tokenized

Yours.org

Fivebucks

BITCOIN SV BLOCK EXPLORERS LAUNCHED

bchsvexplorer.com (by Guarda)

bchsv-explorer.com

bsvexplorer.info

bestminingpool.net/explorer/bchSV

bitfire.io/blocks

svblox.com

bcomm-association-bitcoin-sv-big-blocks

After 64Mb, bComm Association scaling plan for Bitcoin (BCH SV) – 1 Gb Blocks in 12 months

After Bitcoin (BCH SV) successfully mined a record-setting 64mb block (an hour after a record-setting 38MB block) in the past couple of days, the bComm Association has released its scaling plan – 512gb blocks in six months, 1gb blocks in 12 months – raising block cap limits to 512 MB in six months, and 1 GB in 12 months –which will eventually lead to complete removal of default block size limits in the future.

The planned numbers would mean the capabilities of the network go far beyond what’s required today, amply preparing the network for future demands. A 512MB block limit would allow up to 2,000 transactions per second (TPS) – more than Ripple, Ethereum, BTC and all other blockchains, and even PayPal. It’s worth noting Ripple can settle 1,500 TPS in a lab but only 175 TPS in the wild.

When the network eventually scales to 2GB size block capacity, that’s 8,000 TPS, which will put it on par with the global Visa network.

Big blocks mean big business, as the ability to handle such a large volume of transactions combined, and means the network would be able to handle all global payment card traffic on the blockchain for a fraction of what it costs now with legacy technology.   Furthermore, big blocks are crucial to provide capacity for more complex transaction types – such as token and smart contract transactions –  that require more data size than a simple payment. With the new Tokenized solution  coming on the scene, bigger blocks will enable major enterprises across the world to do tokens at scale.

With the Bitcoin block reward scheduled to halve in the two years (from 12.5 to 6.25 coins), miners will need to earn more in transaction fees to remain profitable.  Complex transaction types that require more data will help miners earn more transactions, to make up for the reduced 6.25 block reward.

As Dr. Craig S. Wright explained in his talk at our November 2 miners’ summit in Hong Kong, companies are paying an average of $3.20 for an Electronic Data Interchange (EDI) transaction. Wal-Mart is currently doing $1.4 trillion in EDI transactions globally; when it and other global businesses realize they can do these for just half a cent, the Bitcoin SV implementation designed for massive on-chain scaling will be ready to handle them. (Watch the entirety of Dr. Wright’s presentation at the bottom of the page.)

Bitcoin mining rig manufacturers and miners would be wise to support Bitcoin SV’s scaling plan. Without higher transaction volumes and more transaction  fees, miners will risk unprofitability, forcing businesses to make tough decisions on whether to mine at a loss because of ideology or close up shop. Anyone who has run a business knows, it’s not about charity, it’s about revenue and profits.

CoinGeek founder Calvin Ayre said, “The current bComm Association scaling plan has my full support both ideologically and financially as it’s the best path forward to maximize miner revenue and create sound money with enterprise scaling for the world.”

The ABC development group has worked to make the current hash battle a fight about personalities against Craig Wright, taking an emotional stance of “I don’t like that guy, so I’m not backing that guy.” Such attacks are reminiscent of American politics: if one politician is wearing a red tie, everyone wearing a blue tie must disagree with their plans, even if they’re the most sensible solutions. It doesn’t work in politics, and it’s of absolutely no use in the business community.

People may not like Dr. Wright’s politically incorrect delivery but he’s singularly focused on one goal:  it’s to fulfill the exact vision of the Bitcoin whitepaper, and not radically change anything in Bitcoin’s original design. He wants massive on-chain scaling and transaction volume for Bitcoin, and as we’re seeing more and more each day, there are plenty of others – investors, miners, developers and consumers – who want the same thing.

For CoinGeek, nChain and everyone associated with the Bitcoin (BCH SV) project, it’s always been about making a sound technical choice, and we believe time will prove us correct. When that happens, we’ll welcome those who want the same thing – Sound money for the globe.

Please enjoy Dr. Wright’s talk from the Hong Kong Miner’s summit back on November 2, 2018.

OKEx exchange denies allegations it manipulated the crypto markets

OKEx exchange denies allegations it manipulated the crypto markets

Customers of the OKEx cryptocurrency exchange woke up recently to find that the exchange had fooled around with options on its platform. OKEx had settled Bitcoin BCH futures contracts with virtually no warning prior to last week’s hard fork of the BCH blockchain, leading to what some are calling “multi-million-dollar” losses. In fact, one investor said that his fund dropped $700,000 almost instantaneously because OKEx closed the contracts at a level different than what was reflected in market prices. The decision has caused a hurricane of bad press for the exchange, with many calling for an investigation. As is to be expected, the exchange has publicly come forward to that it did nothing wrong.

A Medium user, “AMBER AI,” addressed the issue in a recent post, accusing OKEx of “outright market manipulation and one of the more serious acts of fraud in the history of limit order book trading in the cryptocurrency markets.”

The poster added that traders have lost as much as $24 million over the decision. The post continues, “The course of events surrounding the BCH hard fork are indicative of market manipulation, fraud and deceit.”

After OKEX made the move, it weakly tried to explain its decision as a means to protect user assets. It said, “It has come to our concern that an early announcement may make room for market manipulation and cause loss to our users. Therefore, we decided to give a short notice in order to maintain the fairness and stability of the market.”

In response to the accusations levied against it by AMBER AI, it said, “In the absence of evidence, Amber AI alleged us for trading against our own customers and manipulating the markets. These are completely false allegations and the defamatory statements have caused serious damages to OKEx’s reputation.”

Its reputation was already damaged, due to its own decisions. This past August, the exchange froze a user’s account and began a forced liquidation because the user took a long position of 4,168,515 Bitcoin futures contracts. OKEx then contacted the user and asked him to lower the position, a request that was refused. The exchange had no business getting involved with the user’s actions.

OKEx has apparently had its feelings hurt by the AMBER AI Medium post. It said that it is considering legal action against the user. Given that the Hong Kong Securities and Futures Commission could be poised to investigate OKEx over its handling of the contracts, a post on Medium seems to be the least of its problems.

Kraken's crackin' up

Kraken’s crackin’ up

The Kraken cryptocurrency exchange is having a difficult time adjusting to the Bitcoin BCH hard fork. The exchange, which is backed by Bitcoin.com’s Roger Ver, called out BCHSV after the network upgrade, accusing it of not being a viable option, as it had no known replay protection and no support from major block explorers. Despite BCHSV apparently being a very bad idea and “an extremely high risk investment,” the exchange is moving forward with plans to support it.

Kraken’s own statement on BCHSV even says that “Some large holders have indicated they’d be dumping everything ASAP.” The exchange has repeatedly tried to push BCHSV under the bus for not being legitimate, which is surprising given that it admits, “Kraken has done only very minimal code review.”

Kevin Pham – crypto fan, Ethereum investor and outspoken voice of reason, decided to call out Kraken over its decision. When Kraken announced, “Kraken will credit client accounts with BSV and launch BSV trading at approximately 15:30 PST today, November 18th, 2018. The BSV order books will come online first, then accounts will be credited with BSV a short time later,” Pham wasted no time in reacting. He said on Twitter, “So you’re going to steal from BSV fork hodlers who are prudently waiting for the war to end before making an investment decision?”

Pham wasn’t done. He later targeted the exchange’s CEO, Brian Armstrong, directly, tweeting, “And Brian, Didn’t the ETC clusterfuck teach you to not listen to cult leaders and prematurely pick sides?

How are you still CEO?”

Kraken has already (erroneously) said that BCHSV is going to fail. If it believes that this could happen, it certainly doesn’t seem like a wise business decision to launch support of the cryptocurrency.

Pham, who is attributed with being a key figure in the ousting of Wells Fargo’s former CEO, John Stumpf, wasn’t done showing Kraken for what it truly is. He said in a recent Twitter post, “Coinbase has always been a political exchange. Sadly, Kraken now falls into that category now. Bullish on @binance, @Poloniex, @Gemini, @bitfinex? & @bitFlyer. Let me know of any other non-political exchanges that put user’s interests first.”

The California native knows his stuff and isn’t afraid to speak his mind. He is able to see through the fog and understand the bigger picture in a way that most people can’t. This is probably what led him to tweet yesterday, “ETH & ABC support cult leaders, short-sighted behavior (checkpoints/bailouts) & shitcoinery. BTC & SV support sound money & strict adherence to consensus rules. Bitcoin is ultimately an idea based in economic reality, not a ticker symbol. Not choosing a side is choosing a side.”

Exchanges selling BCHABC could be conducting fraud

Exchanges selling BCHABC could be conducting fraud

In anticipation of the Bitcoin Cash hard fork last week, two cryptocurrencies were launched—BCHABC and BCHSV. Each corresponded to one of the two camps that were pushing BCH’s divide, but only one has the potential to be considered a fraudulent pump-and-dump scheme—BCHABC.

Medium user “Without Fear” provides a considerable amount of data to support that belief in a recent thread on the social media platform. Before anyone goes off the deep end and accuses Without Fear of being nothing more than a puppet for BCHSV, it would be in their best interest to read the post and understand better the scenario.

Without Fear points out that, prior to the hard fork, “[W]e have hash that wasn’t mining BCH before the fork, which means that (without looking at it) this is either pragmatic hash that makes money by selling the ABC coins they mine, or hash rented by the people who wanted or believed in the ABC ruleset. However it became clear after the following announcement by Bitcoin.com that a lot of the hash that would mine BCHABC the day of the fork would be stolen hash from Bitcoin.com pool miners.”

The author goes on to show that there have been a number of mining pools that have stolen hash from their customers in order to point them to BCHABC proponent Bitcoin.com, including Antpool, viaBTC and BTC.TOP, creating a pool that post’s author refers to as BABV. This hash, asserts Without Fear, is unstable and is being mined against the market’s wishes—it is forced hash.

He also shows how the Kraken exchange is trying to manipulate public sentiment. Kraken is backed by Bitcoin.com’s Roger Ver and recently stated that it will support BCHSV, but warned that Bitcoin SV “should be seen as an extremely high risk investment, citing several “red flags”: BCHSV has no wallets that support replay protection, it has no support in major block explorers and because miners are subsidized or operating at a loss, among others. This is a blatant disregard of the facts and a manipulation of the truth. Neither BCHSV nor BCHABC offer replay protection and BCHSV most definitely has support in block explorers. There is no evidence to support the fact that BCHSV miners are being subsidized, whereas Without Fear provides several examples of how BCHABC is subsidized. Ver himself has even admitted to it, telling CoinGeek’s Calvin Ayre that Bitcoin.com can subsidize BCHABC with 4000 petahashes for a decade.

So, where does this leave us? BABV is a pool that is creating hash that is supposed to be mined elsewhere, but whose components have been pointed by the pool operators—not the miners—to mine BCHABC in an attempt to signal market strength. As Without Fear correctly ascertains, “However, this is not real demand, the machine owners never asked or consented to mine BCHABC. This is being done behind their back while they are paid as if machines are mining BTC, or whatever is most profitable.”

In the absence of true market demand, the forced hash will revert to its original source and BCHABC will, by default, stop progressing. Explains Without Fear, “Considering that ABC hash support was 800 when the BCH price was around $500 and that the current BCHABC price is less than $300, such plunge in hash would spiral out of control and lead to a full halt in what these exchanges have labelled as the “BCH” chain. The portfolios of people who held BCH before the fork would now be worth zero while the BCHSV chain keeps being mined.”

Without Fear’s advice is simple and insightful: “[S]teer clear of exchanges that try to sell ABC as ‘BCH’ as ABC is extremely unstable and not comparable to your BCH holdings.”

Bitcoin SV sees huge jump over Bitcoin ABC ahead of hard fork

Bitcoin SV sees huge jump over Bitcoin ABC ahead of protocol upgrade

With the protocol upgrade of the Bitcoin BCH blockchain scheduled for today, most Bitcoin BCH enthusiasts had expected Bitcoin ABC to be the strong favorite above rival Bitcoin SV. However, the community is speaking, and speaking loudly. Not only is Bitcoin SV proving to control the hash war, BCHSV is proving to be stronger than BCHABC in the markets.

BCHABC has dropped substantially in price, falling more than 38% since its inception, according to the Poloniex exchange. Conversely, BCHSV is surging and has increased by more than 100%. At the time of this writing, in the past 24 hours, BCHSV has climbed 8.57% and BCHABC has fallen another 15.22%.

Two days ago, BCHABC saw one of its biggest movements. BitMEX futures showed the price drop a little more than 62%.

The debate over which direction Bitcoin BCH should head has been greatly heated and has resulted in two distinct trains of thought. On the one hand, Bitcoin ABC has been more concerned with creating a virtual “playground” out of Bitcoin BCH, where developers can introduce new features and changes basically on a whim without taking into consideration the impact those changes have on the long-term acceptance of the blockchain.

On the other hand, Bitcoin SV proponents want to improve the network. They want to make it highly scalable for future acceptance by both businesses and merchants and continue to allow the cryptocurrency to grow as a viable currency. This is the only reason that cryptocurrency even makes sense.

Bitcoin ABC also supports the highly contentious OP_CHECKDATASIG, or DSV, OP_CODE, which has already shown to not provide any utility to the network. Despite repeated demonstrations that it can be detrimental to Bitcoin BCH’s growth, Bitcoin ABC pundits have continued to push forward, against the will of a growing number of enthusiasts.

While everyone is entitled to their own opinions, when those opinions stifle progress and go against the wishes of a community, they become irrelevant. Cryptocurrency exists for one reason and one reason only—to be spent. Some developers have felt it necessary to try and force their will on the community, but it is now apparent that the community has spoken and its wishes need to be respected, as well as accepted.