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Bitcoin Has Larger Blockchain Than Its "Big Block" Forks: Jameson Lopp

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  • Alex Dovbnya
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    Apparently, bigger blocks do not create a bigger blockchain when your coin has very few users

Bitcoin Has Larger Blockchain Than Its "Big Block" Forks: Jameson Lopp
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Cypherpunk Jameson Lopp has taken to Twitter to call attention to the fact that Bitcoin still outperforms its "big block" forks when it comes to blockchain size. His tweet almost inevitably riled up the communities of Bitcoin Cash and Bitcoin SV.

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The tired debate

Each block on the Bitcoin blockchain is limited to 1 MB of data, which takes a huge toll on the coin's scalability and, subsequently, its mainstream adoption. The BTC network is able to process about seven transactions per second (TPS). For comparison, VISA can handle up to 24,000 TPS. 

This problem led to the everlasting debate that ultimately resulted in the creation of two controversial forks -- Bitcoin Cash and Bitcoin SV that increased the block size to 8 MB and 128 MB respectively.

While they do increase the speed of transactions and reduce fees, it's expensive to operate full nodes with bigger blocks, which makes Bitcoin more centralized and undermines its value proposition of complete trustlessness.

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Two failing forks

The two Bitcoin forks failed to live up to their investors' expectations. Bitcoin Cash (BCH) is currently down by more than 94 percent. However, Roger Ver, the loudest proponent of Bitcoin's stepbrother, apparently believes that BCH is able to increase in value by up 1,000 times as it reaches new adoption milestones.    

Bitcoin SV is still at the same price level when it dramatically split from BCH after a few wild price spikes that were fueled by fake news about self-proclaimed Satoshi Craig Wright who also happens to be the coin's biggest backer along with gambling tycoon Calvin Ayre. 

As reported by U.Today, the BSV could soon experience a price implosion since 50 percent of all mined coins remain untouched. To top that off, almost all of its transactions are attributed to a random weather app.       

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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$13 Mln in ETH Transferred to Poloniex from Wallet Inactive for Almost 2 Years

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  • Yuri Molchan
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    The Whale Alert account reports that nearly 89,000 ETH was wired to Poloniex from a wallet that had remained inactive since April 2018

$13 Mln in ETH Transferred to Poloniex from Wallet Inactive for Almost 2 Years
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On Friday, the Twitter account Whale Alert that tracks large movements of crypto on the blockchain, spotted nearly 89,000 ETH (that’s around $13 mln in Ethereum) sent to the Poloniex exchange.

The account points out that the wallet which sent the money had been inactive since April 1 last year. No one has used it for nearly two years, apparently, waiting for the crypto winter to be over and hoping for a price surge afterwards.

One of the possible reasons of this wallet becoming active again is the Ethereum hard fork Istanbul which is about to happen today, on December 7, at block 9069000.

Very often the price of an asset goes up after a major upgrade (the Istanbul hard fork will not cause an appearance of a separate coin as it was with Ethereum Classic).

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Earlier, U.Today reported that the South Korean exchange Upbit suffered from a hacker's attack and lost around $50 mln in Ethereum. Whale Alert on Twitter has recently published data about $37 mln stolen from Upbit that was moved by the hacker from one wallet to another.

The head of Binance, CZ, has promised that all funds stolen from Upbit that would end up on Binance would be immediately frozen.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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