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Bitcoin Gold News - Bitcoin Gold Loses 90 Percent Hash Rate After Anti-ASIC Hard Fork

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Bitcoin Gold, in an attempt to avoid ASIC mining domination, has hard forked resulting in a loss of 90 percent of their hash rate
Bitcoin Gold Loses 90 Percent Hash Rate After Anti-ASIC Hard Fork
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Bitcoin Gold came into being in November last year as a way for people to mine the cryptocurrency at home on normal computers, and as such, they have been steadfast against the ASIC mining domination.

Using supposedly ASIC-resistant Equihash mining algorithm Bitcoin Gold became subject to a 51 percent attack in May this year. And also since then, it has been discovered that ASIC miners make up a large portion of the equihash rate.

So, Bitcoin Gold’s hard fork was intended to shake off the ASIC miners, and it looks as if it was a little too successful.

Down 90 percent

Looking across the hash rate of Bitcoin Gold, there is a significant and notable dip of as much as 90 percent after the fork. Now, this does not necessarily mean ASIC miners were making up 90 percent of the hash rate, but it does show that they had a big part to play.

It's reasonable to expect a drop as not all miners update, and other obstacles come up. It hasn't been long since the fork either, but the hash rate is still down and not showing signs yet of climbing.

Bitcoin Gold

Source

Buying time

Even if the hash rate was made up predominantly of ASIC miners, this move by Bitcoin Gold has achieved their end goals- that is to shake off ASIC mining. However, it is only a temporary solution.

Forks only buy about five or six months of ASIC resistance before the manufacturers catch up. And furthermore, new ASIC mining cards usually stay secret for a long time before the public becomes aware of their existence.

In the early secret phase of their existence, they're usually used by miner manufacturers themselves and sold in limited numbers to individual mining companies who pay huge amounts for a certain amount of exclusive mining time.

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Indonesia Sets New Requirements for Cryptocurrency Futures Trading

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While Bitcoin remains banned in Indonesia as a payment method, the country’s regulatory watchdog further stifles the industry
Indonesia Sets New Requirements for Cryptocurrency Futures Trading
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Indonesian regulatory agency Bappebti has just announced that businesses are now required to follow a new set of requirements in order to get approval for trading cryptocurrency futures. In particular, the new regulations deal with minimum capital requirements and numerous safety precautions.  

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What are the requirements?

Thus, the regulatory watchdog is doubling down on its promise to regulate digital assets. Earlier, it was revealed that those who want to engage in the cryptocurrency futures market are required to have paid-up capital of $106 mln and a closing balance of $85 mln.

On top of that, in order to get the green light from Bappebti, these businesses will be required to have ‘a good level of security’ and a team with at least three CISSP-certified workers. They are also supposed to detect any possible AML violations.

Futures traders are also affected

As reported by U.Today, futures traders will be required to have a minimum account of $7.3 mln, which would make the market inaccessible for a lot of them. That move, according to local crypto figures, will further stifle the industry growth in the country, but Rekeningku.com CEO Sumardi Fung is certain that these rules will be revised.  

Bringing legal clarity

There is also a silver lining given that Bappebti brought clarity to the table by reaffirming that digital assets could be traded on the country’s future exchange as commodities. Indrasari Wisnu Wardhana, the head of Bappebti, claims that the purpose of the new regulations is to get cryptocurrencies out of the legal grey zone and protect investors who are willing to dip their toes into the nascent industry.

U.Today reminds readers that Indonesia remains one of the very few countries where merchants are barred from using Bitcoin as a payment method. Indonesia’s economy chief Darmin Nasution recently confirmed that the ban, which was imposed in December 2017, will not be lifted anytime soon.  
 

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Waves Labs Starts Twitter Contest for Developers, Offering a 1,000 WAVES Reward

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Waves Labs intends to encourage devs to share their ideas for interesting projects, launching a Twitter competition with a crypto prize fund
Waves Labs Starts Twitter Contest for Developers, Offering a 1,000 WAVES Reward
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As the week kicks off, the Waves team has published a post on Medium, saying that Waves Labs is eager to encourage developers working on new ideas.

Therefore, the platform is launching a contest on Twitter, offering a prize of 1,000 WAVES for the best Waves-based idea or project under the tag #BuildOnWaves.

Everything built on Waves matters

The ‘Russian response to Ethereum’ seems to be curious as to how popular it is and what ideas developers are quietly making on the platform.

“We’d like to get updates from projects we already know about, and to find out what new projects have recently been launched”.

The new contest is meant to enable developer teams to bring their Waves-powered projects to light and share the details of their making, purpose, etc.

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Rules to follow

The competition will take place between Feb 18 and March 4. Dev teams must share the details of their projects via Twitter, posts particularly between these two dates, and mark them with the #buildonwaves tag.

They have to mention what Waves solution is used in the project. Apart from the tag above, @sasha35625 and @waveslabs must be mentioned so that the tweet does not get missed.

Prize giveaway

The first prize totals 500 WAVES – it will be given to the tweet which gets retweeted the largest number of times.

The project chosen by the Waves Oracle on a random basis will get 300 WAVES – the second reward.

The team that will receive a prize of 200 WAVES will be decided on by the jury. It will include Waves Labs members, Waves management team folks and some reps of DevRel.

The most interesting messages, from the point of view of the contest organizers, will be retweeted by Waves CEO Sasha Ivanov, Waves Labs or by the Waves platform Twitter account.

Contest results

The results will be published in March, and the Waves team will contact the winners regarding receiving the prize. The company warns that there is no need to provide wallet addresses so far.

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JP Morgan’s Coin is Not Crypto, Global Community – Rest Assured: Forbes

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JP Morgan bank recently announced the upcoming release of a digital coin for faster transactions between customers, thus raising fears of XRP fans
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At the end of last week, U.Today reported that the JP Morgan banking behemoth announced the upcoming beta launch of its own digital coin dubbed simply and originally JPM Coin.

Numerous news outlets rushed to assume that this is ‘the empire striking back’ at the rebellious XRP, which dreams of leaving traditional bank transfers way behind.

Now Forbes dismisses these panic-smelling assumptions, saying that the newly-made JPM Coin is no crypto at all in the narrow sense of the word.

JP Morgan’s Coin is Not Crypto, Global Community – Rest Assured: Forbes

JP Morgan to foray into digital assets

Jamie Dimon from JP Morgan has been a long-time critic of Bitcoin and the whole crypto industry, calling it a bubble. Still, the bank has decided to take advantage of the technology that promises to transfer payments with the speed of light. Nevertheless, the author of the Forbes article insists that the digital token that JP Morgan plans to test in the short term is anything but cryptocurrency.

The original material published by CNBC says that the JPM Coin intends to be used for quick payments – the speed will be comparable to those provided by smart contracts, leaving behind the conventional wire payments, which in the era of blockchain looks as old as the hills. JPM Coin will also be backed by US dollars, making the asset more stable compared to regular crypto – the principle of stablecoins.

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JPM Coin is crypto – Forget about it

However, reminds the Forbes writer, the bank plans to use the coin for internal transfers only – for its corporate clients, large corporations, transacting securities, etc. Another option is that JPM Coin will replace the USD that the bank’s subsidiaries store in their vaults.

However, it will not be used on any public networks, unlike BTC, ETH or the aforementioned XRP, for instance.

Besides, JPM Coin will be operating on the Quorum blockchain, created by the bank, which means that any entity using the newly-created token will have to be approved by JP Morgan. This is also very much different from the way ‘regular’ crypto coins work.

Thus, some experts believe the JPM Coin, which seems to have already become a little controversial in the crypto world, will be just another digital coin, not crypto.

As an example, the head of the Coin Center research platform said that the difference will be the same as between the Internet, free and open to any participant, and AOL, a closed permissioned network. It seems like the currently hyped coin of JP Morgan will be just another electronic payment system.

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Tim Draper Predicts That JPM Coin Will Ignite More Interest in Bitcoin

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Tim Draper, who is himself a huge Bitcoin proponent, is certain that JP Morgan shifting its stance on crypto is a good thing for Bitcoin
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Billionaire investor Tim Draper was the latest pundit to weigh in on JP Morgan’s recent foray into crypto. As Fox Business reports, Draper, who earlier predicted that the total cryptocurrency market capitalization would reach $80 trln, believes that it’s ‘great news’ for the whole industry.

Tim Draper

A spark of interest in Bitcoin

Draper says that the new coin will help ignite interest in Bitcoin, comparing it to Apple and IBM’s partnership. According to the legendary venture capitalist investor, JPM Coin might be yet another Bitcoin knock-off that won’t live up to its hype, but it will still ‘add to the interest in Bitcoin.’ Draper also claimed that he would start ‘moving everything’ from banks when they start accepting Bitcoin.     

Another Bitcoin killer   

The launch of JPM Coin by JP Morgan Chase, one of America’s leading banks, produced a mixed reaction. Some experts are ‘I-told-you-so’-ing while celebrating the fact that one of Bitcoin’s haters finally caved in to crypto. Others remain cautious about the potential impact of the brand new coin. Many media outlets have jumped to conclusions, claiming that JPM Coin will make Bitcoin and other altcoins obsolete.

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Ripple’s in the crosshairs

Ripple, the crypto juggernaut that provides cross-border payment solutions for banks, became the major target now that JP Morgan presented its own cryptocurrency. However, as reported by U.Today, Ripple CEO Brad Garlinghouse dismissed the potential of banking coins due to their poor interoperability.

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Craig Wright, the Self-Proclaimed Satoshi, Promises to Swear Oath He Is Bitcoin Inventor, Thus ‘Proving’ His Claims Once and for All

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Replying to the comments of the CFTC, Dr. Craig Wright says he is prepared to give an oath to prove he is the One, Satoshi Nakamoto
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In December last year, the Commodity Futures Trading Commission of the US (CFTC) published an RFI (request for input) regarding Crypto-Asset Mechanics and Markets.

Numerous companies from the world of blockchain and crypto gave their response to the regulator, including ConsenSys, the US-based Coinbase exchange, etc. Among those who replied was also the self-proclaimed Bitcoin inventor, Dr. Craig Wright.

“Fake Satoshi” goes with his story all over again

At the end of last week, the controversial personality from the crypto world and the frontman of the Bitcoin Cash SV chain that came to existence in November 2018 repeated his offer to comment, again saying that he is allegedly the Satoshi Nakamoto who has been hiding from the public all these years but has now decided to reveal himself to the crypto world.

This happened just a short while after a few crypto news outlets criticized Mr. Wright for setting up and publishing fake evidence that can supposedly prove he is the mysterious creator of Bitcoin.

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The scratched record of Wright claiming to be Satoshi

For several years now, Mr. Wright has been trying to convince the crypto community that he is indeed the real Satoshi Nakamoto. This started back in 2015, when two news platforms, Wired and Gizmodo, released materials of self-conducted investigations which said that Craig Wright could in theory be the mysterious Satoshi Nakamoto who finally decided to present himself to the world.

Still, several discords and mismatches found in the claims of Mr. Wright strongly suggested that he was nothing but a thimblerigger, setting up a deliberate hoax.

Then, he reemerged in the media in May 2016 and again announced his claim of being Satoshi Nakamoto. The so-called proofs of him being the one have been dismissed since he last published them.

Now, replying to further questions from the CFTC, Mr. Wright has offered to testify under oath that he is the only possible Satoshi Nakamoto on the planet.

“I plan to make myself available for questioning from the CFTC outside of the scope of this response. I note in particular that when I talk of bitcoin and other systems, I reference that which was defined in the original white paper and code release.

I am willing to testify under oath.”

Sceptics believe that this should finally solve the problem and dot all the i’s, as lying while under oath has never been the case in the history of the world.

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