Bitcoin

‘Small’ hard fork bug results in near zero-tx per block on Bitcoin Cash network

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The Bitcoin Cash network underwent its planned hard fork upgrade on May 15, with a goal of implementing security and privacy features to the blockchain. Things, however, aren’t going as planned.The protocol upgrade was activated on block 582680, but the network appeared to be stuck without new blocks produced for some time—it took approximately half an hour before the next block was produced. BitMEX Research pointed out a possible problem with the BCH hard fork, tweeting that “the number of txs per block is low (0 in the last 9 blocks, other than the coinbase txn).”It appears as if there may be a problem with the Bitcoin Cash hardfork upgrade, the number of txs per block is low (0 in the last 9 blocks, other than the coinbase txn). Our mempool has 1622 txsBelow chart is number of txs per block and the orange line is the hardfork point pic.twitter.com/UR3jQuN6Zm— BitMEX Research (@BitMEXResearch) May 15, 2019The BCH network had been processing only one transaction per block, essentially just the block reward, for the last 10 blocks until block 582697, in which it processed 89 transactions.Source: Cash.Coin.DanceBU developer Greg Griffith explained on Reddit that the glitch had been an ABC client issue, stating that “any miner who is mining with ABC is affected. If they are mining with BU [Bitcoin Unlimited] they don’t have the issue.”The glitch, in which the BCH blocks did include any transactions except the Coinbase transaction, has caused the mempool to fill up. In fact, Reddit users pointed out that the mempool grew 10MB during the two hours that the network processed zero transactions per block.In response, ABC developers are reportedly deploying a patch to solve the issue. Reddit user Ferriesta Patronum, a developer with Bitcoin Verde, explained that “there was a small bug in the mempool-acceptance rules for after the HF [hard fork] for reference-client-derived nodes.” Though no coins were in danger, the bug highlighted “the need for a more distributed codebase,” the developer stressed.Still, the incident has prompted users to ask why such a major bug wasn’t caught before the release. To which Griffith answered: “Unfortunately tests do not cover 100% of the possibilities as much as developers might try to account for everything. Sometimes things are missed.”This story will be updated as new information comes in.Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.


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Altcoin

Winklevoss: Buying Bitcoin isn’t “as crazy as sitting on the sidelines”

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While it could be argued that investing in Bitcoin is certainly a risk, Cameron Winklevoss, – one-half of the famous Winklevoss twins – believes that it’s not as risky, or as he puts it “crazy” as waiting on the sidelines.

The Winklevoss brothers are known for their bullish ways, especially when it comes to Bitcoin (BTC); and today is no exception with Cameron offering his famous rhetoric on the #1, encouraging speculators to jump in and invest.

According to Cameron while some think you would be mad to invest in BTC, he states that you would be crazy not too, equating the rise of cryptocurrencies to the “future of money”



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Blockchain

Update From New York City’s Blockchain Week

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PHOTO:
Kai Pilger

For the last five years, every spring CoinDesk has been hosting its blockchain technology conference Consensus in New York City. The idea is to bring together the top brands and developers in the cryptocurrency and blockchain spaces to learn what’s new and what’s next. The event has grown to include the surrounding Blockchain Week, which includes both official and unofficial events thanks to the volume of attendees.

Related Article: Blockchain Will Stall Until it Finds Its Killer App

What’s New in Blockchain?

Cryptocurrency is moving past the toddler stage and people are starting to pay more attention to the underlying blockchain technology. The CryptoNouveau event was a great place to meet the top thinkers in the blockchain space and learn where they think the technology is going next.

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Regulation

Central Bank of Russia Expects Crypto Draft Bill to Be Adopted in Spring 2019

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The central bank of Russia believes that the draft bill on crypto regulation is prepared enough to be adopted in the spring of 2019, local news agency TASS reports on May 22.

Olga Skorobogatova, first deputy governor of the Russian central bank, has stated that the bank expects the crypto bill, “On Digital Financial Assets” (DFA), to be adopted during the spring session in 2019 in accordance with the order of the country’s president, Vladimir Putin.

Speaking at a recent meeting of the Parliament, Skorobogatova argued that the DFA, as well as a draft law on crowdfunding and other crypto-related bills, are at a “sufficiently high degree of preparedness” to be adopted during the session.

The official has also emphasized that all those draft laws are “crucial for the country and will allow for the implementation of new projects.” Conversely, Russian prime minister and former president Dmitry Medvedev had…



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Bitcoin

Goldman-Sachs Backed Circle Blames ‘Restrictive’ US Laws for Layoffs

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Bitcoin and crypto are rising, but Goldman Sachs-backed Circle laid off 10 percent of its workforce blaming a ‘restrictive’ regulatory climate. But is that just a smokescreen to mask Circle’s dwindling user base?


SEC Bullish on Bitcoin, Bearish on Alts

OK, so we may not call the SEC exactly ‘bullish’ on Bitcoin. In fact, quietly cautious at best, downright suspicious at worst.

But at least the regulatory body has it clear that Bitcoin is not a security. It’s even considering Bitcoin ETF proposals, albeit at a glacially slow pace.

The same cannot be said for the majority of ICOs. While there are rumors of change on the horizon, it appears that for now, they…



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Ethereum

Bitcoin Falls Under $7,900 as US Stock Market Sees Minor Uptrend

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Wednesday, May 22 — most of the top 20 cryptocurrencies are reporting moderate losses on the day by press time, as bitcoin (BTC) falls under the $7,900 mark again.

Market visualization courtesy of Coin360

Bitcoin is down over .5% on the day, trading at $7,850 at press time, according to CoinMarketCap. Looking at its weekly chart, the coin is down over 1.83%.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: CoinMarketCap

This week, Cointelegraph reported that CME Group, the second global exchange to list bitcoin (BTC) futures, is about to record the biggest trading month for BTC futures trading.

Ether (ETH) is holding onto its position as the largest altcoin by market cap, which currently stands at $26.9 billion. The second-largest altcoin, XRP, has a market cap of $16.5 billion at press time.

CoinMarketCap data shows that ETH is up over .5% over…



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