Ethereum Steps Toward 1 Million Transactions Per Second
On today’s episode of The Cryptoverse… I would like to do a pro-Ethereum episode. Raiden, a second layer solution akin to the Lightning network has now been deployed on the mainnet after 2 years on the testnet, with the promise of 1m tps.
Use Christmas coupon code 10youtubexmas18 at the checkout to get $10 per month off for life! Coupon code expires on Christmas Eve the 24th of December 2018.
On today’s episode of The Cryptoverse…
I would like to walk you through what I have discovered about the brand new stellar x exchange simply by reading the official announcement and then playing around with it.
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Stellar X Marketplace:
https://www.stellarx.com
Official Release Notice
https://medium.com/stellarxhq/how-stellarx-will-take-over-the-world-119e280e09fc
Stellar Network Website
https://www.stellar.org
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https://www.youtube.com/watch?v=QheCPxsMryw
On today's episode of The Cryptoverse:
BIP91 has now locked in forcing all blocks to signal for SegWit so I’ll give you an update on the next steps. And speaking of SegWit, you can download a demo of the Eclair wallet and get an experience of what it will be like to use instant payments on the lightning network.
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**Sources:**
https://coin.dance/blocks
https://medium.com/@ACINQ/announcing-eclair-wallet-a8d8c136fc7e
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https://www.youtube.com/watch?v=iI_raPlEUeA
Story 1 - Bitcoin Gold having some launch issues
https://twitter.com/LedgerHQ/status/930130737352802304
That is according to the company who make the Ledger hardware wallets.
That had recently said that they would release support for Bitcoin Gold on the 13th of November just as long as the launch of the main Bitcoin Gold network went smoothly.
While there is no word of any problems on the official Bitcoin Gold website or their Twitter, there is this article:
https://bitcoingold.org/mine-bitcoin-gold-pool/
Which answers the most popular question which is “How to mine Bitcoin Gold”.
I’ll link this article in the video description for today.
When I downloaded the Cuda Miner for my nVidia graphics card, my BitDefender antivirus identified the file as dangers and wouldn’t let me run it.
I’ve seen this happen with NiceHash before and I’m not entirely sure why these files are on a blacklist? I think NiceHash got a bad rep a long time ago and that has lingered.
Any insights in the comments below I’d appreciate it.
Story 2 - Quick note, Bitcoin Core 0.15.1
If you run a Bitcoin Core full node then there’s a new version of the software out if you care to upgrade, which is always advisable.
Story 3 - Bitcoin Cash hard forked successfully last night
If you attended my impromptu livestream, or should we call it ‘robe stream’ last night you’ll know this already because we saw it happen in real time.
The fork was successful however I can’t say anything about the effectiveness of the changes until they have had a few hundred blocks to settle in.
Anyway we observe at this early state won’t mean much.
In Conclusion Then Before We End With The Market Roundup, What Did I Learn Today?
I was trying to figure out why yesterday’s episode ended up in the hall of fame for most disliked videos I’ve ever published.
The general consensus was because I put the words “stop using Bitcoin” in the title.
The thing about that though is that it said “Stop using Bitcoin” Exodus and Gemini, meaning I was quoting those two companies.
I think many people didn’t process the quotes and took it as me saying you should stop using Bitcoin.
Small details matter because they can change the meaning in an instant.
Market roundup - FAST
https://onchainfx.com/
Winners and losers.
Chart Reading - FAST
BCH found resistance at 1400
BTC struggling to break 6500 again
DSH holding above 400 after it’s pump and dump
ETH has broken out of it’s sideways channel, the top of which is $320
And EOS has took off again, breaking 1.30 and heading for 1.65
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https://www.youtube.com/watch?v=MNLncxX7l3U
On today's episode of The Cryptoverse. You can buy Bitcoin, LiteCoin, Ethereum and Dash at over 400 post offices in Austria. Segwit2x accidentally forks on the Bitcoin testnet and has AlphaBay been replaced in a spectacular demonstration of free market economics?
**Jump to segment**
Austrian post offices 3:00
Segwit2x fork 6:00
AlphaBay 10:03
How to support me 15:28
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BitPanda to go at post offices:
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Segwit2x accidentally forks:
http://bitcoinist.com/segwit2x-testnet-unintentionally-forks-prevents-blocks-from-being-created/
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https://news.bitcoin.com/alphabay-offline-week-darknet-alternatives/
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https://www.youtube.com/watch?v=7Fq24kk3Tvs
Story - Ethereum Moons on UBS News
Let’s begin with the Ethereum chart:
https://www.coinigy.com/main/markets/BITF/ETH/USD
3 all time highs in the last 3 days.
The whole Cryptoverse is now capped at half a trillion dollars. Still tiny tiny compared to the old financial system.
So what shot Ethereum’s market cap over $63m?
Well here’s one piece of news that came out:
https://www.ubs.com/global/en/about_ubs/about_us/news/news.html.html/en/2017/12/11/news-release-MiFID-II
Most of you have probably heard of UBS they are a global financial services company based in Switzerland.
They provide things like wealth management, asset management, investment banking, private banking, corporate banking etc.
From the 3rd of January 2018, companies will be subjected to a new regulatory reporting standard called MiFID 2.
I find it interesting that this applies to investment intermediaries, meaning it would not apply to peer to peer systems like a decentralised exchange.
If you only read the headline it sounds like amazing news, however that enthusiasm gets dampened by the first paragraph.
It specifically says they are going to run a permission blockchain on Microsoft Azure cloud platform.
Meaning they are going to build their own separate Ethereum based blockchain to run this on.
Meaning they are not going to be buying Ether from the market to pay transaction fees.
They may find it beneficial to make use of the public Ethereum network but that remains to be seen.
They kind of have to take this approach because the public Ethereum network isn’t going to scale in time for them to make use of it.
I mean it says they are doing this in order to get in line with 2018 EU regulations so they don’t have time to wait for Ethereum to scale.
Story - Coinbase Halts Trading for ETH and LTC
https://www.coindesk.com/coinbase-halts-litecoin-ether-trades-prices-spike/
At the peak GDAX processed $1.8b of LiteCoin trades in a 24 hour period.
I guess that was a bit too much for the Coinbase IT infrastructure to handle so they halted trading.
I know Coinbase keeps cropping up in the news because of the poor performance of its platform and I can imagine how frustrating it is, however we have to get some perspective here.
I don’t think these issues are caused by Coinbase slacking.
I think they are doing their level best to upgrade their infrastructure, but every time they do that, the demand for their services increases by another order of magnitude.
Eventually Coinbase hits certain limits on how far it can grow.
It takes time to hire new people, train them and get them setup in customer support centers.
It takes time to setup additional servers and integrate them into their cluster.
Every time they add something they need to make sure they don’t bre
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Today’s episode is brought you to by… KuCoin
https://www.kucoin.com/#/?r=1geMP
If you’ve been having trouble because other exchanges are not accepting new signs up, have a look at KuCoin.
I find their interface very easy to use, they have a full suite of charging tools built in, exclusive coin listings and competitive trading fees.
**Story - INS Trading Begins On Binance**
https://www.youtube.com/watch?v=6KCBDErIa80
Just over a month ago I published this review an the INS Ecosystem, an ICO that was raising money to build a decentralised marketplace for groceries.
The idea is to allow manufacturers to sell direct to consumers and cut out the supermarkets acting like middlemen.
As a quick update for anyone that decided to buy into this ICO, they successfully raised 60,000 Ether and today the token has been listed on Binance.
https://coinmarketcap.com/currencies/ins-ecosystem/#markets
So here is INS Ecosystem on Coinmarketcap and on the markets tab we see the INS token trading against Bitcoin and Ethereum.
The token is currently trading for around $9.79, which is 47% higher than it’s initial price. Happy days.
Not all the ICOs I review perform like this, I know that, but I thought it was only fair to do just a brief follow up in case any of you bought into INS and were not aware of the situation now.
So do with that information what you will.
**Story - Bitcoin Cash Faces It’s First Real Test**
https://fork.lol/tx/txs
If we load up the site fork.lol and compare the number of transactions being broadcast on Bitcoin vs Bitcoin Cash, we see a significant increase in the number of transactions on the Bitcoin Cash network.
This has been increasing for the last 2 days.
And if we look at Coin Dance:
https://cash.coin.dance/blocks
We see a significant number of 8MB blocks being mined.
So what’s going on here?
Has the Bitcoin Cash network started reaching it’s capacity limits due to mass adoption? I don’t believe so no. It’s happened a bit too quickly for that to be the explanation.
I’ve dug around to see what’s going on and the general consensus within the Bitcoin Cash community is that this is an attack. It’s someone intentionally spamming the network.
One of the main arguments against Bitcoin Cash and it’s cheap transactions is that it also makes spam cheap.
You can spam the Bitcoin Core chain but you won’t get your transactions confirmed unless you pay several dollars per transaction.
That’s a negative for the average user but a positive in that spam is more expensive.
So anyway, here is the first real world experiment for Bitcoin Cash.
This is actuall
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https://www.youtube.com/watch?v=UmSnEfufSNg
Order Ledger Nano X now: https://www.ledger.com/?r=d1da
On today’s episode of The Cryptoverse…
I completely abandoned what I was going to talk about today when I discovered that the new Ledger Nano X hardware wallet is available for pre-order, to be delivered in March.
So in today’s episode I’ll run you through all the key details that I have picked out to save you the time.
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**On today's episode of The Cryptoverse:**
I do a mini market roundup and the great black hole that is Bitcoin begins to overpower governments, as Russia aims to compete with China to reach 30% of total Bitcoin mining power.
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**Sources:**
https://coinmarketcap.com/
https://cointelegraph.com/news/russia-to-rival-china-in-bitcoin-mining-putins-aide-launches-miner-coin-ico
http://bitcoinist.com/russia-power-sell-energy-bitcoin-miners/
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1:07 Story - Some Good News For LiteCoin
https://www.abra.com/blog/decentralized-investment-platform/
Abra started out life as an international remittance app and has now expanded well beyond that.
Here’s a quote from their official release:
“Today, Abra announced a new version of our smartphone app and exchange service, which enables investing in 20 cryptocurrencies and 50 fiat currencies as well as the real-time exchange across all 70 currencies. This is the first time a platform is offering 20 cryptocurrencies plus 50 fiat currencies in a single wallet with real-time exchange across all 70 and no third party custodian.”
One of the most popular questions I get asked is, which wallet can I use that supports all my cryptocurrencies?
The answer to that is often none of them, which is why people have a big incentive to keep all their money on an exchange, because that effectively acts like one big, multi currency wallet.
Anyway the good news for LiteCoin is that it has been chosen as the primary asset class for this new investing platform.
Basically Abra are going to create digital representations of fiat currencies like USD, EUR, JPY, KRW etc. and base it all on multi-sig LiteCoin transactions.
This ultimately means a new wave of demand for LiteCoin which should result in upward price pressure, all things being equal.
For as one reddit user put it
“LiteCoin is no longer on exchanges, the exchanges are now on LiteCoin.”
If you take a look at https://btc.com/ for example, you’ll see the demand for Bitcoin transactions is the lowest I’ve seen it in a while with….
3:14 Story - A New Way To Earn Bitcoin Cash
https://medium.com/@JoyStream/joystream-is-going-live-on-bitcoin-cash-c005551ba0df
JoyStream is something I haven’t talked about in about a year.
Their idea is to take file sharing via bitTorrent and incentivise more people to host the files and speed up the whole network.
I think it is a genius idea but the last time I tried the software was like a year ago and it was very early.
Today’s announcement is that they have a new version to try that makes use of Bitcoin Cash. They give their reasons for this in their announcement post.
So if you have an internet connection with some idle bandwidth, why not host some torrent files and get paid for hosting them.
4:42 Story - Big News For Bits, Great News For Crypto
https://blog.coinbase.com/major-strides-in-europe-coinbase-is-the-first-crypto-exchange-to-obtain-a-uk-bank-account-144f0e8ed7ce
Coinbase has been granted an e-money licence by the Financial Conduct Auth
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https://www.youtube.com/watch?v=yjmFW5ibGgQ