Forex News & Market Analysis

Growing Lack of Consensus for Bitcoin SegWit2x

With the SegWit2x Bitcoin hard-fork a little over a month away, the majority of Bitcoin miners are still signaling support for the scaling proposal. The list of exchanges supporting it also appears to comprise a narrow majority of the community.

Disagreement Appears To Be Growing

Disagreement appears to be growing, however, with a number of high-profile dissenters. Large Chinese mining F2Pool for example reneged on their earlier commitment to support SegWit2x. In the exchange arena, Bitcoin peer-to-peer lending platform Wayniloans withdrew support in late August. The majority Bitcoin Core developers are also against the proposal.

Adding to the disagreement, in a blog post this week, Bitcoin.org asked exchanges to make a clear statement that they, “will not under any circumstances list SegWit2x as BTC and/or Bitcoin.” If such statements are not made by October 11th, Bitcoin.org has threatened to denounce those exchanges publicly. In the blog post, Bitcoin.org claims services that default to the Segwit2x chain risk exposing users to replay attacks. This means attackers will be able to broadcast transactions on both blockchains, stealing coins from users who have not manually set up opt-in replay protection.

Bitcoing.org has become a highly-ranking gateway for newcomers to Bitcoin and so appears to have significant influence.

SegWit2x, which came out of the so-called New York Agreement signed by over 50 companies in May, proposes a hard fork of the Bitcoin blockchain in which block size will be increased to 2 megabytes in an effort to improve transaction speed and lower transaction cost.

There are valid arguments for and against the rise of cryptocurrencies and blockchain technology. It is entirely possible that any one cryptocurrency could succeed or fail. It’s also entirely possible that any specific blockchain projects might not work out as planned.

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Bitcoin Shies the $5000 Mark

With the current trends on the digital currencies, Bitcoin has been on the good side of the receiving end. This year alone, Bitcoin has surged a 367% increase in value. This is a move most people would have not seen coming considering 2013 when Bitcoin was facing major falls.

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A Man Sells Everything and Bets on Bitcoin

A 39-year-old man, Didi Taihuttu, has sold all the possession that he and his family own to invest in bitcoins. He has now headed to a campsite to live on a small fortune in an experience described as crypto in a voyage to the moon.

It seems Crazy

Taihuttu sold not only major things like his cars and house but also other minor things such as clothes, shoes, electric and motorbikes and children’s toys for this course.

As he expects to become richer when the bitcoin investment booms, Taihuttu will be stationed at a campsite in Venlo, Netherlands. He even asserts that life would be boring if no risk is taken, so he is not crazy but rather adventurous.

Blockchain revolution phenomena

Taihuttu states that come 5 years in the further people will regret it as a missed opportunity. He says that just like the internet revolutionized information, cryptocurrency and blockchain is now revolutionizing the monetary and banking system.

Not the first experience

It will not be the first time for Taihuttu appearing in the limelight for taking a major risk. Back in 2017 summer, he also made a radical decision to sell everything so as to take his wife and three daughters for a trip to Australia and Asia.

Lessons on the way

It was on the trip that Taihuttu discovered more about cryptocurrencies from the people who invested. As a consequence, since 2010 at the time when bitcoin was worth less than 1 euro, Taihuttu has been investing in such coins.

Russia will create its own cryptocurrency

National cryptocurrency push by Russia’s Central bank

While the central bank remains cynical about other foreign cryptocurrencies like bitcoin, it sees a national equivalent as a possibility. As it anticipates the benefits that a cryptocurrency would bring to a country’s economy, the Russian central bank is set to institute a national cryptocurrency.

Central Bank Favors a National currency

Olga Skorobogatova Russian Federation Central Bank’s Deputy Governor highlighted the specific benefits that a national cryptocurrency is set to bring at the Innovative Financial Technologies Finopolis Forum.

She spoke to reporters at the press conference that a national cryptocurrency will stimulate and make convenient electronic payments and non-cash payments especially the cross-border disbursements to expand in growth.

She also added that literacy about cryptocurrency for the population is key following the recent sale of fake bitcoin in Obninsk, Moscow. The view seems to attract more support from Mikhail Mamuta, Consumer Protection Services head, who sees it as a move towards minimizing elementary mistakes and the finance ministry that suggested a strategy for financial literacy.

Opposition to other foreign cryptocurrencies

Central bank’s governor, Elvira Nabiullin, spoke against cryptocurrencies legalization in a meeting last month where Russian business circles representatives met with President Vladimir Putin. She said that it would help regulate against loss of money from abroad that seems like a surrogate for the Russian federation rubble.

Skorobogatova further pointed out, at the forum’s press conference, that the international committee is thinking about a framework on how to deal with cryptocurrencies anonymity to curb money laundering.

Pay your bills with Bitcoin!

Remixpoint enables bills payment through Bitcoin

Remixpoint has come out to offer a new service to its customers to enable them to carry out their transactions in an orderly manner. The Japanese company which carries out its activities in several industries across the country is set to introduce bitcoin to pay various bills. It allows offers a special discount to customers who will use this payment method to lure more people to use it.

Historical Data

Remixpoint, which was founded back in March 2004, is a company well on the Tokyo Stock Exchange listings. Its market capitalization value is nearly 57 billion yen according to the listing. Remixpoint engages in energy- linked industries like energy-saving consultation, energy-saving equipment sales, electricity retail sale, and energy management systems design and development.

Remixpoint introduced TEPCO service area, a retail electricity business in Feb 2016 that caters for high-voltage clients. It later expanded across Japan in August, but on Oct 1 the retail business decided to accommodate low voltage beneficiaries. Retailers, corporations, and households are the low-voltage customers that benefit the business.

Discounts

With bitcoin payments inclusion in the new service in its operations, Remixpoint will ease the transactions of many of its customers. Bitpoint which is the first 11 virtual currency operators according to Japan’s FSA (Financial Services Agency), is partnering with Evolable Asia to expand bitcoin provisions.

Dubai creates its own cryptocoin: emCash

After constant pressure from unregulated cryptocurrency that threatens the survival of central banks, Dubai local government unveiled EmCash. According to the local news media announcements, the cryptocurrency is intended to settle payments for services that nongovernmental and governmental agencies render.

Emcash is a token that will be regarded as a legal tender cryptocurrency within Dubai as the Dubai Economy’s deputy director general, Ali Ibrahim seems to suggest. It will be useful settling utility charges, money transfers, daily coffee, school children’s fee amongst other government and non-governmental services.

Blockchain technology implemented in Dubai

Dubai’s government has cemented its position as strongly pro-blockchain as it views it as a win-win solution. With cryptocurrencies being convenient and flexible, the government wants to be forward thinking so that it becomes part of the next major paradigm-changing technologies wave.

Dubai has become the perfect place to implement the innovative technology due to its incredible willingness and the fast-paced environment it harbors. Ibrahim asserts that blockchain technology presents a new economic ecosystem that relies upon technology to make financial transactions faster, secure and cheaper for customers, businesses, and governments to embrace.

In the eastern world, Dubai is currently striving to be the fintech hub. It even recently signed several deals to allow property sales to be carried out bitcoins. With the country widely embracing black chain for various services, the country is set to attain new heights as the new currency is unveiled.

Christine Lagarde, chief of International Monetary Fund (IMF), has recently come out to caution various governments not to ignore virtual currencies outrightly. She further asserted that digital currencies might in the future compete with the government-issued currency rapidly.

Countries that have unstable national currencies and weak institutions, as Lagarde in a London conference asserted, will surely adopt a foreign cryptocurrency.

Virtual currencies just like a currency of another country apply pressure to a country’s monetary policy and local currency. As economies continue to evolve in an advanced way, it calls for central bankers to respond with an effective monetary policy rapidly.

Attractiveness of the digital currency

Adoption of virtual currencies is expected to be driven by an anticipated shift in consumer preference amongst other factors as Lagarde cited. Even as the digital currencies become more stable, individuals will find it safer and easier than conventional ones.

However, Lagarde was quick to note that the prospects remain distant on cryptocurrencies takeover from traditional ones. She explained that as the technologies remain not so scalable, the virtual currencies are still too energy intensive, too risky, and too volatile.

IMF Resolution

Virtual currencies, according to IMF, have the long-term deeper financial inclusion and cost reduction that can revolutionalize the financial sector. IMF supports blockchain technology applications and promotes balance in digital currency regulation.

Hong Kong stays strong despite China’s ICO ban

The hardline position against virtual money and trades taken by the local Chinese government has had some negative effect on digital currency showcases as of late. Notwithstanding, Chinese government control has not affected the enthusiasm for Blockchain innovation arrangements in the little island province of Hong Kong.

Hong Kong, known for its generous keeping money and delivery ventures, is looking to make the change to new residential stages for business and is trusting that Blockchain innovation will be the apparatus to make that conceivable.

Government cultivating, ICOs multiplying

The Hong Kong government is trying to make the jump. Charles d’Haussy, the fintech lead at government financial organization InvestHK, stated:

“Blockchain is a high need for us. There is buildup, and there is the quick snatch of cash with ICOs now and again. Be that as it may, what we are taking a gander at working here in Hong Kong is a foundation for new organizations and existing organizations, to ensure the innovation and advancements remain a key empowering influence for money related division development.”

In the mean time, ICOs in the nation are springing up (for instance Dragon Corp., who wants to raise $500 mln from its up and coming ICO), as the city displays a methods for organizations to have a center in east Asia without the devastating directions that China simply forced.

Be that as it may, the legislature isn’t just opening the entryways totally. The nearby Securities and Futures Department as of late issued an announcement cautioning buyers to do due ingenuity before contributing, and cautioned proprietors that some ICOs might be considered securities.

Wolf of Wall Street claims “Bitcoin is a fraud”

The CRITICISM of JPMORGAN CEO BITCOIN is fronted by the WOLF OF WALL STREET

It is just recently, and the dust had not settled yet, when Jamie Dimon of JP Morgan declared bitcoin as a fraud scheme. The criticism raised public fury and investor’s backlash. However, it now seems that other Wall Street financial club members are also provoked with such an opinion.

The infamous ‘Wolf of Wall Street,’ Jordan Belfort, has now come out to front the bitcoin criticism that JPMorgan brought. Belfort explained how he is able to detect a financial fraud during the TheStreet interview since his involvement with pump and dump schemes got him imprisoned. However, the allegations that Belfort leveled against bitcoin were a bit different.

Fraud   

While Belford agrees with Jamie that bitcoin is a fraud, he also believes that the cryptocurrency concept is genuine. He also contends that cryptocurrencies are just an artificial hype since the financial instrument lacks the central bank backing. Even more challenging is the fact that central banks are contemplating on creating a cryptocurrency that is sustainable.

Safety

Belford also raises a huge doubt about the safety of bitcoin. There is the risk of phone hackers stealing bitcoins. He asserts in the interview that there are people who have lost fortunes of money to cases of hacking.

A tip from the wolf of Wall Street

Since Belford has in the past been involved in financial fraud cases, he knows well the loose ends. He is currently trying to pay back the scammed money as he promotes his book the “Way of the Wolf.”

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