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LOEx Market Research Report on August 7: The release of the US dollar is the source of the bull market for gold and Bitcoin

LOEx Market Research Report on August 7: The release of the US dollar is the source of the bull market for gold and Bitcoin
[Today's Hot Tips]

1. [Polkadot Official: The project shall not split DOT until block 1248328 has been denominated]

In the morning of August 7, Polkadot officially released the "Announcement on the Change of the DOT Denomination of the Chinese Ecosystem".

2. [Chief Developer of Bitcoin ABC: Agree to implement the ASERT difficulty adjustment proposal]
On the evening of August 6, the chief developer of Bitcoin ABC, Amuary, published an article introducing the November improvement plan of the Bitcoin ABC full node software:
  1. Agree to implement the "aserti3-2d (ASERT)" proposal proposed by the developer, Jonathan Toomim, which has been supported by most BCH node software;
  2. Add a new coinbase rule, all newly mined blocks must contain an output that will allocate 8% of newly mined tokens to a designated address.
The focus of recent controversy in the BCH community is to improve the difficulty adjustment algorithm (DAA).
3. [Multiple BCH developers jointly declared that they will upgrade the implementation of the ASERT DAA algorithm on November 15]
According to Bitcoincash's news on the evening of August 6, multiple BCH developers jointly declared they will implement the aserti3-2d difficulty adjustment algorithm (ASERT DAA) on the Bitcoin Cash (BCH) chain on November 15, 2020. This algorithm was designed by Mark Lundeberg and implemented by Jonathan Toomim and other developers.
[Today's market analysis]
Bitcoin (BTC)BTC fluctuated upwards slightly in the early morning, rising to 11899 USDT, and fluctuating sharply around 5 o'clock. It fell below 11700 USDT in the short-term and fell to 11616 USDT at its lowest, and then rebounded slightly. At present, BTC is finishing in a narrow range around 11750 USDT. Most mainstream currencies showed a volatile downward trend in the early morning. BTC is currently trading at 11871.9 USDT on LOEx Global, an increase of 0.31% in 24h.
The price of gold has exceeded $2,000 per ounce. Many people in the currency circle may not understand the significance of the price of $2,000 to the gold market. This was once considered "the gate of never breaking through." Because more than a year ago, many people still thought that gold might be out of the market. In the future, gold will no longer be used as an important asset and currency reserve. Of course, it has been severely beaten now. This price is a bit similar to Bitcoin's original $10,000, but Bitcoin has broken through $10,000 again and again. Gold's $2,000 barrier is much stronger. However, things have changed and a miracle finally happened.
If Bitcoin's rise and fall to this day have nothing to do with the rise and fall of the US dollar as a global reserve currency, then the prospects of Bitcoin can basically be judged as finished. why? Because the value of Bitcoin is supported by the imagination and consensus that it can become a stored-value asset and reserve currency such as gold. Therefore, Bitcoin is related to the strength of the rise and fall of the US dollar, which is the correct development path. Therefore, the devaluation of the US dollar is the source of the bull market for gold and Bitcoin.
Operation suggestions:
Support level: the first support level is 11000 points, the second support level is 10800 integers;
Resistance level: the first resistance level is 12000 points, the second resistance level is 12500 points.
LOEx is registered in Seychelles. It is a global one-stop digital asset service platform with business distribution nodes in 20 regions around the world. It has been exempted from Seychelles and Singapore Monetary Authority (MAS) digital currency trading services. Provide services and secure encrypted digital currency trading environment for 2 million community members in 24 hours.
submitted by LOEXCHANGE to loex [link] [comments]

Why I am supporting Bitcoin Cash

First, I want to say that I believe that Bitcoin (BTC) will moon and that lambo will rain, for several reasons that I won’t explain here and now. So please don't shit on me or down vote this post without explaining yourself properly. I'm saying this because the crypto community is full of young and emotional person insulting each other all the time without being able to explain their view clearly. I’m just sharing my story and my opinion, if I say something wrong, please let me know. No need to be emotional.
My story: I’m French (Forgive my English), a software engineer, working from home, previously in the banking industry, big noob in blockchain code related. I have been supporting bitcoin for a couple of times now, unfortunately I discovered it a bit late, promoting it to people around me as the peer to peer cash system and hoping that it will give us our financial freedom.
During this bear market and after losing a big part of my coins, I finally took the time to get a better understanding of each coin I’m holding and I quickly realised that Bitcoin Cash wasn’t a scam, that Bitcoin BTC is purely a speculative asset, the playground of professional traders, used to rekt noobs and that Lightning network will end as custodial wallets because no one will take the time/risk for opening/closing/securing a channel, especially poor people (few billions). There is no benefit for the average user in maintaining a LN node. I believe it will be more interesting to mine Bitcoin rather than maintaining a LN node.
So basically, I lost faith in the promise made by the Lightning Network which made me focusing on why Bitcoin Cash is the answer to a decentralized peer-to peer electronic cash system. I can confess that in the past I used to believe that second layer solution was the solution for everything, but I changed my mind.
To make it simple, BCH allows to make instant payment for very cheap whereas BTC can’t and won’t.

For each crypto project, I look at those different points:
1. Length of the chain
BTC and BCH are sharing the longest chain, it has been working well without any issues since now 10 years. No other project has such a good track record. This make me feel confident that the chance that this will continue to work as well for years or decades.

2. Community behind it
A good community for me is when you see technical people, risking their reputation/identity by posting videos, writing stuff and talking in public events about the project they support. Based on that, I believe the BCH community is the biggest of all. By technical people I mean someone talking using technical approach to back their opinion rather than beliefs based on emotions. Usually in the crypto space, those people are developers but it’s not always the case.
I made a small list of technical people supporting BCH:
-Peter R. Rizun: Chief Scientist, Bitcoin Unlimited.
-Vitalik Butterin (he often showed his support regarding BCH but didn’t produce any content)
-Jonald Fyookball: Electron Cash Developer
-Jonathan Toomim: Bitcoin cash developer who made interesting proof regarding scaling onchain)
-George Hotz: no need to present this awesome crazy dude!
-Amaury Séchet: Bitcoin Cash Developer and French! 😊
-Rick Falkvinge: Founder of the swedish pirate party, watch his youtube channel.
-Gabriel Cardona (Bitcoin cash developer)
-Justin Bons : Founder & CIO of Cyber Capital
-Dr. Mark B. Lundeberg: Developer researcher
And there is a lot more, but those people are people that I personally trust for their work they shared and that I like following.
Recently we had the Bitcoin cash city conference, another event full of people supporting BCH, that kind of thing doesn’t happen with other crypto. So many brilliant people supporting BCH, how could it be possible that all those guys are supporting a scam or a shitcoin. As well, there is often meetups and conferences all over the world.
The developer community is not centralized, there is multiple teams (BitcoinABC, Bitcoin Unlimited, BCHD, Bcash, Bitcoin Verde…) independent of each other arguing sometimes about technical and political stuff, this ensure that developments and important decisions are not centralized. I find this very healthy. If a fork occurs, it’s not a problem, it will simply double your coin and allows two different ways of thinking to grow and compete. This won’t happen in Bitcoin (BTC) anymore, the way of thinking is centralized for BTC, they all share the same view: the segwit workaround + small block + layer 2 = (moon + lambo) in 18 months.
Regarding CSW, I don’t believe in this guy for now but maybe I’m wrong, maybe this guy is wrongly understood but based on all the things I know about him, he seems too complicated to be someone honest. Honesty comes with simplicity.
Finally, regarding Roger Ver: He is hated a lot and I still don't understand why, I feel sorry for him, I really tried my best to hate him like the crowd, but I couldn’t find any reasons. Many people are saying that he is lying and scamming people but none of them are technically able to explain why. It's really a crazy story and I understand why some people call him "Bitcoin Jesus". I personally think he is doing a great job and I thank him.

3. The current and future adoption
BCH is used by reel people and reel shops (check the bitcoin cash map), there are transactions on the network to buy and sell real things that exist in the real world. Can you believe this? Maybe the only blockchain having that. Please let me know if you know another blockchain which is today serving the real world.
The Bitcoin cash wallet app is easy and exciting to use. Same for the app for merchant. This can be used by my old mum! The BCH roadmap shows that more features will be added to simplify and enhance the user experience. I can’t find other blockchain having that level of user friendliness.
Recently Roger Ver announced HTC mobile phone with a BCH wallet preinstalled. I read as well that Burger King is accepting BCH, but I haven’t verified if this was legit or not.

4. Existing features and roadmap
-Multiple wallets built on all platform.
-Bitcoin Cash point of sales: this app is the app that merchant should use to accept Bitcoin, as well very easy to use and takes 5min to install.
-Cash shuffle with Cash fusion allowing to transact anonymously, making BCH competing with privacy focused coins such like Zcash, Monero, Dash. I heard this function will be implemented as well on mobile devices.
-SLP token: The simplicity of creating a token and sending dividends make BCH a bit competing with all smart blockchain. Anyone can create a token, raise funds and send dividends easily and it works! Will Bitcoin Cash evolve to a smart economy? A social network stored on the blockchain, fixing the problem of censorship we have on reddit for example. I recently discovered it, it’s awesome to know that you can write whatever you want, and nobody will be able to delete it and this forever. It’s really an awesome experience. I invite you to test it. For example, yesterday I had fun creating, sending token and being tipped in BCH or in any token by random people, it really shows the potential of BCH. I think I made around 50 on chain transactions in less than one hour with less than 10 cents.
-Stable coins: We can build stable coin on BCH; this is something very important as well.
Regarding the roadmap: It’s well described on and looks promising, but no update since the last 5 months. Not sure if it’s normal.

5. Security
SHA256 based algorithm are I believe the most secure, I don’t think we need to add more regarding this. Maybe someone can help me to find some downside regarding security, often some people talk about the potential 51% attack that could occurs on BCH but I couldn’t manage to have my own opinion regarding this.
Regarding the double spending attack because of the zero confirmation, I have asked many people to explain to me how this could potentially be a problem for a real merchant. I think that small and insignificant amount doesn’t need instant confirmation but if you sell a lambo then of course you should wait for at least 5 confirmations.
To summarize I would even consider that zero conf is more advantageous than Lightning Network if you take everything into consideration. Worth case scenario if your restaurant is victim of a double spending attack a few times, you will just increase the confirmation level and prevent your customer from living your place. I think that it’s easier to print fake fiat money and try to pay with it rather than trying a double spending attack. But again, I might have misunderstood something or maybe there is more sophisticated exploits that I haven’t thought of.

6. Price
21 million coins, no inflation, the price currently around 300usd, a boiling community. The potential gains could be as good as BTC and even more. Maybe it’s the so waited coin that you will never convert back to that shit fiat. Certainly, one of the best coins to invest in now.

7. Electricity and efficiency
Since the cost of electricity is the same whatever the size of the block, it means that BCH is more environment friendly than BTC for the same amount of transaction or we can say that it’s "wasting" less energy. Maybe if LN works one day this will change.

My Conclusion:
Bitcoin is technically the worst coin; all others existing coins are better technically. But Bitcoin survives because of the network effect, illustrated by its biggest hash rate, making BTC the most secure blockchain. As well because of promises made by the Lightning Network. Bitcoin is the gold of crypto currencies. Bitcoin like Gold have both almost no utility. In a traditional market, gold drop when economy goes well and goes up when investors need to find a refuge. BTC is the drop zone for fresh meat.
Most of the BTC holders cannot think clearly regarding the BTC/BCH debate, they become completely irrational. This kind of behaviour leads to ruin, especially in trading/investment.With low fees, instant transaction, smart contracts, big community, user friendly apps, stable coin and a lot more to come, Bitcoin Cash has clearly a good future. I hope that someone will find my post useful. Cheers.
submitted by talu3000 to btc [link] [comments]

Is it possible for there to be two chains after a hard fork? | Gavin Andresen | Sep 29 2015

Gavin Andresen on Sep 29 2015:
I keep seeing statements like this:
On Tue, Sep 29, 2015 at 9:30 AM, Jonathan Toomim (Toomim Bros) via
bitcoin-dev <bitcoin-dev at> wrote:
As a further benefit to hard forks, anybody who is ideologically opposed
to the change can continue to use the old version successfully, as long as
there are enough miners to keep the fork alive.
... but I can't see how that would work.
Lets say there is a hard fork, and 5% of miners stubbornly refuse to go
along with the 95% majority (for this thought experiment, it doesn't matter
if the old rules or new rules 'win').
Lets further imagine that some exchange decides to support that 5% and lets
people trade coins from that fork (one of the small altcoin exchanges would
definitely do this if they think they can make a profit).
Now, lets say I've got a lot of pre-fork bitcoin; they're valid on both
sides of the fork. I support the 95% chain (because I'm not insane), but
I'm happy to take people's money if they're stupid enough to give it to me.
So, I do the following:
1) Create a send-to-self transaction on the 95% fork that is ONLY valid on
the 95% fork (maybe I CoinJoin with a post-fork coinbase transaction, or
just move my coins into then out of an exchange's very active hot wallet so
I get coins with a long transaction history on the 95% side of the fork).
2) Transfer those same coins to the 5% exchange and sell them for whatever
price I can get (I don't care how low, it is free money to me-- I will
still own the coins on the 95% fork).
I have to do step (1) to prevent the exchange from taking the
transfer-to-exchange transaction and replaying it on the 95% chain.
I don't see any way of preventing EVERYBODY who has coins on the 95% side
of the fork from doing that. The result would be a huge free-fall in price
as I, and everybody else, rushes to get some free money from anybody
willing to pay us to remain idealogically pure.
Does anybody think something else would happen, and do you think that
ANYBODY would stick to the 5% fork in the face of enormously long
transaction confirmation times (~3 hours), a huge transaction backlog as
lots of the 95%'ers try to sell their coins before the price drops, and a
massive price drop for coins on the 5% fork.

Gavin Andresen
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Bitcoin Price Prediction  $200K by 2020? Bitcoin Price Steady, Crypto Spring, BTC Vs Banks, Tezos In Store & Ripple Cross Border BITCOIN $16,000 On FRIDAY??  PARABOLIC!!  Altcoins CRASHING, But BOOM SOON? Bitcoin Cash DAA Development meeting #3 Bitcoin Price Jumps, Massive Power Grab, Binance In China, Ripple + Santander & Games On Tezos

317k members in the btc community. /r/btc was created to foster and support free and open Bitcoin discussion about cryptocurrency, Bitcoin news, and … Press J to jump to the feed. Press question mark to learn the rest of the keyboard shortcuts. Log in sign up. User account menu • Don’t Worry if Bitcoin Price in U.S. Dollar Is Falling, You Still HODL the Same Number of BTC. Discussion ... Jonathan Toomim. Amaury Séchet. Bitcoin Cash Difficulty Algorithm Debate Heats Up With Fears of Another Chain Split TeamMMG Aug 5, 2020. Amaury Séchet. Bitcoin Cash Difficulty Algorithm Debate Heats Up With Fears of… Browsing Category. Jonathan Toomim. Recent Posts. Indian crypto P2P market size triples despite regulatory uncertainty; Jack Ma’s Ant Group files $30B IPO in Hong Kong and ... Bitcoin Cash developer Jonathan Toomim tells that predicting the cryptocurrency's likely price movements is a fool's errand. "If the markets were rational, they would have already priced in the halving," he says. ... On April 8, BCH developer Jonathan Toomim revealed how far he’s come with the Xthinner block compression protocol. Toomim tested the platform between two Bitcoin ABC full nodes on the BCH main network and a 363 kB block was compressed down to 1,660 bytes, or 99.54%... On March 2, the developers behind the Bitcoin Cash Node project announced the team’s plans for the May upgrade and beyond. The programmers highlighted that the implementation was built to follow ...

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Bitcoin Price Prediction $200K by 2020?

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