XBT Provider Unveils Distribution Plan After Selling 44,471 Bitcoin Cash Coins

Source : XBT Provider Unveils Distribution Plan After Selling 44,471 Bitcoin Cash Coins XBT Provider has announced its plans to distribute the proceeds from the sale of 44,471 bitcoin cash to eligible holders of its exchange-traded notes (ETNs). Also read: Bitcoin ETN Crosses $100 Million After Unprecedented Demand From Investors, Partners With Xapo XBT Provider’s Bitcoin Cash The Swedish-domicile issuer of bitcoin and ether ETNs, XBT Provider, announced on Thursday its plans to distribute bitcoin cash (BCH) proceeds. XBT Provider offers two bitcoin ETNs called Bitcoin Tracker One and Bitcoin Tracker Euro. It also recently launched ether ETNs called Ether Tracker One and Ether Tracker Euro. All four certificates are listed on the Nasdaq Nordic exchange in Stockholm and are currently available for trade in 179 countries. “These trackers are designed to mirror the return of the underlying asset, bitcoin (in Swedish Kronor and Euro, respectively),” the company described its bitcoin products, reiterating that “investors in the issuer’s certificates are not holders of bitcoin.” While ETN investors do not hold bitcoin, there is a hedging arrangement between XBT Provider and its certificates’ guarantor, Global Advisors (Jersey) Limited. XBT Provider elaborated: Notwithstanding that the issuer and the guarantor have no legal requirement to distribute any value created from a fork (including the BCH fork) (other than any enhanced performance of the coin which remains as ‘bitcoin’), the issuer wishes to pass such value created (or as much thereof as is practicable) through to the holders of its certificates at the time of the fork. Bitcoin Cash Proceeds Distribution Plan Following the BCH fork, on August 1, XBT Provider entered a three-month “observation period” to discuss the best approach to distributing BCH proceeds as well as to sell the coins obtained from the fork. The company detailed on Thursday: During the three-month ‘observation period’, the issuer sold 44,471 ‘bitcoin cash’ coins, for a USD value of $14,587,291. These proceeds, less the costs of implementing and administering the distribution plan, will be available for remittance for the benefit of the holders of its bitcoin-referenced certificates at the opening of trading on August 1st. Based on the proceeds, XBT Provider received approximately $328 per BCH on average. At the time of writing, the BCH price has almost doubled to $641.36. “Individuals and / or nominees will be required to provide additional identification / ‘know your customer’ information in order to be able to receive a distribution,” the company explained. In addition, a portal is being developed for eligible certificate holders to apply for a distribution. The portal is “currently anticipated to be available for use by Monday, 20 November 2017,” the company added. XBT Provider’s bitcoin ETNs have been gaining popularity over time. In June, they experienced an “unprecedented volume in trading and demand from both retail and institutional investors searching for exposure to bitcoin,” the company announced, adding that its assets under management had crossed the $100 million threshold. This followed their addition to the platform of Britain’s brokerage firm for private investors, Hargreaves Lansdown. What …

Plus…XBT Provider Unveils Distribution Plan After Selling 44,471 Bitcoin Cash Coins

Pundi X ICO backed by angel investors including NEM President and OmiseGo investor

Source : Pundi X ICO backed by angel investors including NEM President and OmiseGo investor Jakarta, Indonesia – November 8, 2017 – Pundi X, a blockchain startup that aims to make cryptocurrencies an enabler of ubiquitous cashless payment environments across South East Asia, is pleased to announce several key appointments to strengthen its roster of angel investors and advisers including Professor David Lee Kuo Chen, a Stanford scholar and angel investor in OmiseGo and Kyber; Lon Wong, NEM Foundation founder and president; and Kenneth Oh, senior partner at law firm Dentons Rodyk and TenX advisor. “We are very fortunate to have new active investors with experience in the development of some of the most successful blockchain ventures to date including NEM, OmiseGo, Kyber and TenX,” said Zac Cheah, CEO of Pundi X. “Having them on board is a testament to the potential for Pundi X to reach the goal of bringing cryptocurrencies and services to the next billion people across Asia and beyond.” Professor David Lee is often credited as a driving force behind OmiseGo’s record ICO that sold out before it had even started. He is a visiting Fulbright Scholar (2015) at Stanford University and Professor for Fintech and Blockchain at SUSS. In addition to starting several companies, he is an active cryptocurrency and digital finance scholar, speaker, advisor and investor. Professor Lee’s previous investments include ZCash, Qtum, TenX, InfoCorp, Cybex, Netki, Bloq, HelloGold, Scry and Stack. Lon Wong oversees the development and strategic growth of the NEM.io Foundation which was created for the promotion, adoption and support of NEM blockchain technology around the world. This open source technology utilizes advanced cryptography to execute transactions that can be used by both private and public enterprises. NEM’s native cryptocurrency, XEM, is ranked in the global top 10 by market cap, according to Coinmarketcap.com. Kenneth Oh is a senior partner in the Dentons Rodyk and Davidson corporate legal practice in Singapore. He is also a partner in the firm’s China and Indonesia practices, advising companies such as TenX on business structure and on legal, contractual, tax, intellectual property, corporate finance and regulatory aspects of their cryptocurrency token sale. Pundi X aims to solve the last mile challenge for access to reliable and trusted financial services for the next billion by enabling wide cryptocurrency adoption thanks to their POS smart device. The Pundi X POS (Point of Sale) device enables anybody to buy, sell and use cryptocurrencies to pay for goods and services in retail stores as well as to access financial services, making them available to the large “unbanked” population in developing markets for the first time. Pundi X will first deploy the POS device in Indonesia by building on the company’s existing Pundi-Pundi business model of cashless payment systems, which enables smartphone users to scan QR codes and makes instant payments in retail and restaurant outlets. Pundi-Pundi has already signed up more than 100,000 users and over 500 merchant partners in Jakarta in less than a year of operation. About …

Plus…Pundi X ICO backed by angel investors including NEM President and OmiseGo investor

Cracks Appear as Critics Label Bitconnect a Ponzi Scheme

Source : Cracks Appear as Critics Label Bitconnect a Ponzi Scheme To its founders, Bitconnect “is an open source, peer-to-peer, community-driven decentralized cryptocurrency that allow people to store and invest their wealth in a non-government controlled currency, and even earn a substantial interest on investment”. To its critics, Bitconnect is a pyramid scheme that rewards early adopters and leaves stragglers holding their bags. While cynics might argue the same of many cryptocurrencies, evidence is mounting that Bitconnect is guilty of greater malfeasance. Also read: A Closer Look at How Three of the Biggest Scamcoins Lure Its Investors A P2P Ponzi? Accusations of “scam coin” are tossed about readily in crypto, with even such robust institutions as Dash not immune from the pejoratives. Pre-mining an overly-generous amount of coins and directly scamming investors are two very different matters, however. In recent weeks, cracks have started to appear in the dam holding together Bitconnect which suggest that all is not as it seems. After launching in 2016, the market cap of Bitconnect’s BCC currency swiftly rose to $2 billion, placing it in the crypto big league. It’s since plummeted to a quarter of its ATH, and, in a widely shared tweet from Vitalik Buterin, the Ethereum chief deployed the word that every enterprise dreads – ponzi. Referrals Upon Referrals It is not so much Bitconnect’s market cap that has caused concern as the referral scheme that the company deploys. Such programs are not unusual, fueling everything from health supplements to crypto, where many traders share referral links to exchanges, wallets, and token sales. There’s a difference between receiving an Amazon affiliate-style commission however and joining a scheme in which the only way to profit is by ensnaring more investors. Sooner or later that house of cards is bound to come toppling down. Investors who put $10,000 into Bitconnect are promised daily interest of 0.25%, which works out at an annual return of over 90%. Throw in generous bonuses on top, and Bitconnect starts to sound extremely comfy…at first. A cursory glance at BCC’s Coinmarketcap chart shows the coin to be in rude health, trading at around $270. But what’s that plummeting blue line? That’ll be Bitconnect’s market cap, which has fallen through the floor since the start of November. Falling is a recurring theme here, as anyone who’s tried to research Bitconnect and fallen through a rabbit hole of shell companies and crazy videos will attest. As one YouTube commenter put it: It’s like scientology merged with hillsong infused with dorks and used car salesmen. Seven Circles of Earnings Not BitconnectBitconnect is a multi-faceted platform (that’s why its explainer video alone runs for three minutes), but it’s the lending program which has caused the most commotion. The scam/legitimate money-making opportunity works as follows: 1. Deposit bitcoin with Bitconnect 2. Purchase BCC on their exchange 3. Invest these coins in Bitconnect Lending 4. Earn daily interest and get your capital back after so many days Where does Bitconnect make the money to pay all …

Plus…Cracks Appear as Critics Label Bitconnect a Ponzi Scheme

Pundi X ICO Backed by Angel Investors Including NEM President and OmiseGo Investor

Source : Pundi X ICO Backed by Angel Investors Including NEM President and OmiseGo Investor Jakarta, Indonesia – November 9, 2017 – Pundi X, a blockchain startup that aims to make cryptocurrencies an enabler of ubiquitous cashless payment environments across South East Asia, is pleased to announce several key appointments to strengthen its roster of angel investors and advisers including Professor David Lee Kuo Chen, a Stanford scholar and angel investor in OmiseGo and Kyber; Lon Wong, NEM Foundation founder and president; and Kenneth Oh, senior partner at law firm Dentons Rodyk and TenX advisor. [Note: This is a press release.] CEO of Pundi X, Zac Cheah, announced: We are very fortunate to have new active investors with experience in the development of some of the most successful blockchain ventures to date including NEM, OmiseGo, Kyber, and TenX. […] Having them on board is a testament to the potential for Pundi X to reach the goal of bringing cryptocurrencies and services to the next billion people across Asia and beyond. Professor David Lee is often credited as a driving force behind OmiseGo’s record ICO that sold out before it had even started. He is a visiting Fulbright Scholar (2015) at Stanford University and Professor for Fintech and Blockchain at SUSS. In addition to starting several companies, he is an active cryptocurrency and digital finance scholar, speaker, advisor, and investor. Professor Lee’s previous investments include ZCash, Qtum, TenX, InfoCorp, Cybex, Netki, Bloq, HelloGold, Scry, and Stack. Lon Wong oversees the development and strategic growth of the NEM.io Foundation which was created for the promotion, adoption, and support of NEM blockchain technology around the world. This open source technology utilizes advanced cryptography to execute transactions that can be used by both private and public enterprises. NEM’s native cryptocurrency, XEM, is ranked in the global top 10 by market cap, according to Coinmarketcap.com. Kenneth Oh is a senior partner in the Dentons Rodyk and Davidson corporate legal practice in Singapore. He is also a partner in the firm’s China and Indonesia practices, advising companies such as TenX on business structure and on legal, contractual, tax, intellectual property, corporate finance and regulatory aspects of their cryptocurrency token sale. Pundi X aims to solve the last mile challenge for access to reliable and trusted financial services for the next billion by enabling wide cryptocurrency adoption thanks to their POS smart device. The Pundi X POS (Point of Sale) device enables anybody to buy, sell and use cryptocurrencies to pay for goods and services in retail stores as well as to access financial services, making them available to the large “unbanked” population in developing markets for the first time. Pundi X will first deploy the POS device in Indonesia by building on the company’s existing Pundi-Pundi business model of cashless payment systems, which enables smartphone users to scan QR codes and makes instant payments in retail and restaurant outlets. Pundi-Pundi has already signed up more than 100,000 users and over 500 merchant partners in Jakarta in …

Plus…Pundi X ICO Backed by Angel Investors Including NEM President and OmiseGo Investor

Segwit2x Futures Continue to Trade Despite Fork Cancellation

Source : Segwit2x Futures Continue to Trade Despite Fork Cancellation Despite yesterday’s announcement that the anticipated Segwit2x hard fork will not be taking place, Segwit2x futures markets continue to trade. As of this writing, Segwit2x futures are trading for approximately $250 USD on Hitbtc and Exrate, and trading for approximately $180 USD on Bitfinex. Also Read: Closing the Curtains on Segwit2x and the Following Aftermath Yesterday’s Announcement That the Contentious Segwit2x Fork Will Not Occur Sent Shockwaves Through the Cryptocurrency Markets In response to the news regarding Segwit2x, bitcoin suddenly spiked upward from $7500 USD to establish a new all-time high of $7900 USD before an aggressive round of dumping drove the price down to establish support at roughly $7000. After a brief overnight recovery of approximately 5%, the price of bitcoin hovers around 7150 USD after retesting the $7000 support area as of this writing. The news, however, proved to be catastrophic for many traders who had invested in Segwit2x futures, such as the author of this article who spent $85,000 to purchase 90 futures on Bitfinex. Segwit2x futures plummeted from approximately $1300 USD down to a low of $150 USD, before bouncing up to the $300 – $400 USD range, according to Coinmarketcap. As of this writing, Coinmarketcap reports that prices have sunk back down to approximately $250 USD. Bitfinex’s BT2 tokens are trading significantly lower at approximately $180 USD. Since the all-time high of approximately $2400 USD on the 3rd of November, Segwit2x futures have lost roughly 90% percent of their value. After Losing Approximately 80% of Their Value in One Day, Segwit2x Futures Contracts Continue to Change Hands Mike Belshe’s post stated that the goal of Segwit2x “has always been a smooth upgrade for Bitcoin. Although we strongly believe in the need for a larger blocksize, there is something we believe is even more important: keeping the community together.” Belshe acknowledged that Segwit2x had “failed to buil[d] sufficient consensus for a clean blocksize upgrade,” and that “continuing on the current path could divide the community and be a setback to Bitcoin’s growth.” Segwit2x’s initial bounce was likely driven by traders closing short positions, however, many traders are uncertain as to why market participants are still willing to purchase Segwit2x futures in spite of Mike Belshe’s announcement canceling the fork. One possible reason factoring in could be the mining group Bitpico’s announcement they’ll continue with activation of the Segwit2x fork Why do you think traders are still posting buy orders for Segwit2x futures despite the announced cancellation of the fork? Share your thoughts in the comments section below! Images courtesy of Shutterstock Want to create your own secure cold storage paper wallet? Check our tools section. The post Segwit2x Futures Continue to Trade Despite Fork Cancellation appeared first on Bitcoin News.

Markets Update: Bitcoin’s Daily Trade Volume Surpasses $5B

Source : Markets Update: Bitcoin’s Daily Trade Volume Surpasses B Bitcoin markets over the past week have seen some phenomenal energy and the past three days has been a thrilling run. Also read: Bitpico Claims Segwit2X is Still Alive Despite All Evidence to the Contrary After the Canceled Fork Announcement Bitcoin Trade Volume Spikes Exponentially Action across bitcoin markets have been all over the place. For instance, on Tuesday, November 7, the price dipped below the $7K zone and rebounded back above that territory a few hours later. The very next day on November 8, immediately following the announcement that Segwit2x was canceled, bitcoin’s market value spiked to a high of $7,900 per BTC. The peak didn’t last long, and the price per bitcoin has been hovering between $7,100-7,450 over the course of the past 12-hours. The last few days bitcoin has been trading over $3B a day in 24-hour trade volume, but on November 9 the decentralized currency swapped over $5B in BTC trades. Presently, bitcoin’s value is trading at $7,150-7,210 across a variety of global exchanges.   As far as trade volume is concerned, Japan is still leading the pack, but not as much as it has been since our last markets update. In our last update, the yen was commanding over 60 percent of the market, but that statistic has dropped to 53 percent. The USD/BTC pair has increased significantly by capturing 10 percent more volume by currency this week at 33 percent. Most of the massive volume is currently being swapped between ten exchanges who are trading above $100M+ in bitcoin trade volume daily. The top five exchanges with the highest trade volumes worldwide include Bitfinex, Bithumb, GDAX, Bitflyer, and Bitstamp. Technical Indicators Charts and technical indicators have been crazy since the canceled fork announcement and watching order books, and significant price swings can make you dizzy. After yesterday’s quick rally to the $7,900 territory, the value of bitcoin has been extremely volatile swinging back and forth both ways by 2-5 percent. Presently, the 100 Simple Moving Average (SMA) is just a hair above the long-term 200 SMA as they only crossed just a few hours ago. This indicates some short-term consolidation needs to happen before bulls try to break to the upside. The Relative Strength Index (RSI) started moving south last night with the price following its lead. Stochastic indicates the same sentiment as more consolidation needs to happen before the next move upwards. Looking at order books, there’s a bunch of resistance past the $7,500 zone, and at $8K there’s an extremely large sell wall. After some consolidation bulls could try to test the highs reached on November 8, but buy pressure from the fork is exiting as we speak. If the price continues to head south, then there are some strong foundations between $6,900-7,000 and a more prominent drop will stop temporarily at 7,700 as there’s some decent support there as well. The Rush to Get Cheap Coins Most of the other digital asset markets …

Plus…Markets Update: Bitcoin’s Daily Trade Volume Surpasses $5B

Pundi X ICO Backed by Angel Investors NEM President and OmiseGo Investor

Source : Pundi X ICO Backed by Angel Investors NEM President and OmiseGo Investor Bitcoin Press Release: Jakarta, Indonesia – Pundi X, a blockchain startup that aims to make cryptocurrencies an enabler of ubiquitous cashless payment environments across South East Asia, is pleased to announce several key appointments to strengthen its roster of angel investors and advisers including Professor David Lee Kuo Chen, a Stanford scholar and angel investor in OmiseGo and Kyber; Lon Wong, NEM Foundation founder and president; and Kenneth Oh, senior partner at law firm Dentons Rodyk and TenX advisor. “We are very fortunate to have new active investors with experience in the development of some of the most successful blockchain ventures to date including NEM, OmiseGo, Kyber and TenX,” said Zac Cheah, CEO of Pundi X. “Having them on board is a testament to the potential for Pundi X to reach the goal of bringing cryptocurrencies and services to the next billion people across Asia and beyond.” Professor David Lee is often credited as a driving force behind OmiseGo’s record ICO that sold out before it had even started. He is a visiting Fulbright Scholar (2015) at Stanford University and Professor for Fintech and Blockchain at SUSS. In addition to starting several companies, he is an active cryptocurrency and digital finance scholar, speaker, advisor and investor. Professor Lee’s previous investments include ZCash, Qtum, TenX, InfoCorp, Cybex, Netki, Bloq, HelloGold, Scry and Stack. Lon Wong oversees the development and strategic growth of the NEM.io Foundation which was created for the promotion, adoption and support of NEM blockchain technology around the world. This open source technology utilizes advanced cryptography to execute transactions that can be used by both private and public enterprises. NEM’s native cryptocurrency, XEM, is ranked in the global top 10 by market cap, according to Coinmarketcap. Kenneth Oh is a senior partner in the Dentons Rodyk and Davidson corporate legal practice in Singapore. He is also a partner in the firm’s China and Indonesia practices, advising companies such as TenX on business structure and on legal, contractual, tax, intellectual property, corporate finance and regulatory aspects of their cryptocurrency token sale. Pundi X aims to solve the last mile challenge for access to reliable and trusted financial services for the next billion by enabling wide cryptocurrency adoption thanks to their POS smart device. The Pundi X POS (Point of Sale) device enables anybody to buy, sell and use cryptocurrencies to pay for goods and services in retail stores as well as to access financial services, making them available to the large “unbanked” population in developing markets for the first time. Pundi X will first deploy the POS device in Indonesia by building on the company’s existing Pundi-Pundi business model of cashless payment systems, which enables smartphone users to scan QR codes and makes instant payments in retail and restaurant outlets. Pundi-Pundi has already signed up more than 100,000 users and over 500 merchant partners in Jakarta in less than a year of operation. About Pundi X Pundi …

Plus…Pundi X ICO Backed by Angel Investors NEM President and OmiseGo Investor

Pundi X ICO Backed by Angel Investors including NEM President & OmiseGo Investor

Source : Pundi X ICO Backed by Angel Investors including NEM President & OmiseGo Investor Pundi X, a blockchain startup that aims to make cryptocurrencies an enabler of ubiquitous cashless payment environments across South East Asia, is pleased to announce several key appointments to strengthen its roster of angel investors and advisers including Professor David Lee Kuo Chen, a Stanford scholar and angel investor in OmiseGo and Kyber; Lon Wong, NEM Foundation founder and president; and Kenneth Oh, senior partner at law firm Dentons Rodyk and TenX advisor. “We are very fortunate to have new active investors with experience in the development of some of the most successful blockchain ventures to date including NEM, OmiseGo, Kyber and TenX,” said Zac Cheah, CEO of Pundi X. “Having them on board is a testament to the potential for Pundi X to reach the goal of bringing cryptocurrencies and services to the next billion people across Asia and beyond.” Professor David Lee is often credited as a driving force behind OmiseGo’s record ICO that sold out before it had even started. He is a visiting Fulbright Scholar (2015) at Stanford University and Professor for Fintech and Blockchain at SUSS. In addition to starting several companies, he is an active cryptocurrency and digital finance scholar, speaker, advisor and investor. Professor Lee’s previous investments include ZCash, Qtum, TenX, InfoCorp, Cybex, Netki, Bloq, HelloGold, Scry and Stack. Lon Wong oversees the development and strategic growth of the NEM.io Foundation which was created for the promotion, adoption and support of NEM blockchain technology around the world. This open source technology utilizes advanced cryptography to execute transactions that can be used by both private and public enterprises. NEM’s native cryptocurrency, XEM, is ranked in the global top 10 by market cap, according to Coinmarketcap.com. Kenneth Oh is a senior partner in the Dentons Rodyk and Davidson corporate legal practice in Singapore. He is also a partner in the firm’s China and Indonesia practices, advising companies such as TenX on business structure and on legal, contractual, tax, intellectual property, corporate finance and regulatory aspects of their cryptocurrency token sale. Pundi X aims to solve the last mile challenge for access to reliable and trusted financial services for the next billion by enabling wide cryptocurrency adoption thanks to their POS smart device. The Pundi X POS (Point of Sale) device enables anybody to buy, sell and use cryptocurrencies to pay for goods and services in retail stores as well as to access financial services, making them available to the large “unbanked” population in developing markets for the first time. Pundi X will first deploy the POS device in Indonesia by building on the company’s existing Pundi-Pundi business model of cashless payment systems, which enables smartphone users to scan QR codes and makes instant payments in retail and restaurant outlets. Pundi-Pundi has already signed up more than 100,000 users and over 500 merchant partners in Jakarta in less than a year of operation. About Pundi X Pundi X is a blockchain …

Plus…Pundi X ICO Backed by Angel Investors including NEM President & OmiseGo Investor

Goldman Sachs Analyst Predicts Next Bitcoin Target at $8000

Source : Goldman Sachs Analyst Predicts Next Bitcoin Target at 00 The unprecedented bullish run in the price and valuations of Bitcoin, in the past two weeks, has swept a new wave of optimism within retail investors and big financial institutions alike. Off lately, the fourth largest bank in U.S. – Goldman Sachs – has been showing optimism in this cryptocurrency and believes that Bitcoin has a bright future going ahead. Last week, Bitcoin convincingly crossed the $7000 mark on the news that CME Group of U.S. is going to start Bitcoin Futures contract by the year-end. CME has announced that it also keep an option for all cash-settled contracts which is expected to bring more liquidity in the cryptocurrency market. The bullish momentum in Bitcoin prices when it finally settled after Bitcoin hitting an all-time high of $7598 this Monday. Now, the vice president of the Goldman Sachs FICC market strategies team, Sheba Jafari says that the Bitcoin Price is all set to inch even high and will move closer to $8000 where it will be consolidating before the next move. Sheba made a forecast during the weekend where she writes “The market has shown evidence of an impulsive rally since breaking above 6,044. Next in focus $7,941. Might consolidate there before continuing higher.” After hitting its all-time high, Bitcoin fell by nearly 3% as per coinmarketcap.com to around $7200 on Tuesday while it seems to have recovered from then and is currently trading at a price of $7379.13. However, in addition to the optimism fueled by the CME Group’s announced of bitcoin futures contracts, many analysts also believe that the possibility of Segwit2x hard fork is pushing the Bitcoin prices higher. SegWit2x fork is scheduled next week on 16th of November and Trevor Koverko, CEO of Polymath believes that people are purchasing Bitcoins with the hopes and anticipation that they could get additional bitcoins. Another analyst Willy Woo believes that Bitcoin is heading for a major correction by the end of November after the SegWit2x fork. The analysts say that a large number of investors have pulled their money out of altcoins for the time-being and pumped it into buying Bitcoins for getting new coins during the SegWit2x fork. Once the hard fork is initiated and the bitcoin investors get new coins, they will again pull-out all their investments and distribute it back into buying altcoins. On the other hand, there are contrarian views that the market has given enough time for investors to prepare for the hard fork and it is quite unlikely that the bitcoin prices will suddenly crash post SegWit2x. While investing in such instruments, one should always take notice that Bitcoin is vulnerable to huge volatility and have shown huge swings in either direction based on good and bad news. The post Goldman Sachs Analyst Predicts Next Bitcoin Target at $8000 appeared first on CoinSpeaker.

Bittrex on SegWit2x: We Need ‘Clear Chain Preference’ From Industry

Source : Bittrex on SegWit2x: We Need ‘Clear Chain Preference’ From Industry Major Bitcoin and altcoin exchange Bittrex has released a key statement on its treatment of the SegWit2x hard fork. Bittrex: Bitcoin is BTC Until ‘Clear Chain Preference’ In explanatory comments today, Bittrex announced it would adopt a more conservative approach and refer to the Bitcoin core chain as ‘Bitcoin’ “until the industry and ecosystem demonstrates a clear chain preference.” The exchange joins the increasing number of major cryptocurrency businesses taking an official stance on SegWit2x. Some have reacted in defense of Core, shunning the incoming chain and refusing to support it, while others – Xapo being a notable example – have said they would rename the SegWit2x chain as ‘Bitcoin’ should the market so dictate. Bitcointalk and Bitcoin.org co-owner Cobra has by contrast called for a whole new Bitcoin hard fork. Bittrex meanwhile stopped short of making references to renaming chains or supporting that “with the most accumulated difficulty”, as Xapo and others have mentioned. Maintaining its “neutral” position, Bittrex’s statement continues: In the event of a chain split, ‘BTC’ will remain the existing Bitcoin chain with 1 MB blocks until the industry and ecosystem demonstrate a clear chain preference for Bitcoin. $1.4k SegWit2x Fails to Make Pre-Fork Friends SegWit2x is facing no end of hurdles in the run-up to its release. Mass letters of opposition have combined with New York Agreement signees U-turning on their support, while KanoPool this week became the latest mining pool to stop signaling. SegWit2x ‘futures’ offered by exchanges Bitfinex are also struggling to gain recognition, prices hovering at around 15% of the price of the BTC chain per coin, data from Coinmarketcap shows.   As a form of social media ‘nail in the coffin,’ Monday also saw a final appeal to the community from vocal Twitter commentator WhalePanda. In a dedicated blog post, the personality appealed to readers not “give up your financial freedom and independence and put it in the hands of a couple of VC’s and CEO’s.” What do you think about Bittrex’s approach to SegWit2x? Let us know in the comments below! Images courtesy of iStockPhoto The post Bittrex on SegWit2x: We Need ‘Clear Chain Preference’ From Industry appeared first on Bitcoinist.com.

Do NOT follow this link or you will be banned from the site!