Bisq, a major decentralized exchange, has announced that it is dropping support for Bitcoin Cash (BCH) as part of its latest update. Unlike some …
Bisq, a major decentralized exchange, has announced that it is dropping support for Bitcoin Cash (BCH) as part of its latest update. Unlike some decentralized exchanges, which often trade minor tokens, Bisq has always focused on supporting leading coins. Now, one major cryptocurrency will no longer be available to users.
Bisq v0.9.1 is out now!
It’s a bit of a mixed bag…you can now run Bisq in testnet mode directly from the GUI (just toggle the option in Settings), but you can no longer trade BCH.
The removal is a direct result of the recent Bitcoin Cash hard fork, which left the coin’s mining community divided. Many leading exchanges temporarily delisted Bitcoin Cash during the fork, but quickly restored the coin once a dominant faction (Bitcoin ABC) emerged. The fork has concluded, and Bitcoin Cash is now offered on most exchanges once again — although it is trading at a much lower price than it once was.
Bisq, however, does not see eye-to-eye with those major exchanges, and it relies on community opinion to decide which coins are included on the exchange. Last week, Bisq Founder Manfred Karrer began a thread in which he expressed contempt for Bitcoin SV, a Bitcoin Cash faction that has filed lawsuits against the dominant faction, Bitcoin ABC. Karrer wrote:
“Those lunatics from the BCH [SV] camp are starting to [sue] exchanges who listed BCH (Kraken). I think now the time has come to cut any connection with those scammers. If you support that proposal please add a thumbs up.”
Karrer also criticized the hash war, in which each faction is attempting to mine more blocks than the other in order to gain control of the Bitcoin Cash blockchain:
“BCH has created so much damage and their hash-war is probably the main reason for the current price crash in BTC. So that all sums up more then enough reason to not support anything related to BCH in any way.”
Within a day, the removal had received overwhelming support, with 44 upvotes and zero downvotes. Many users stated concern about the possibility of a 51% attack on Bitcoin Cash and the coin’s declining value. Others expressed distrust in market cap rankings, which allegedly make Bitcoin Cash appear to be more significant than it actually is.
Nevertheless, there was tempered support for Bitcoin Cash. One Bisq user argued that it is “bold to remove a top 5 cap currency” from the exchange. Another claimed that it is “not a good idea to take sides” in general. However, these responses did not persuade the community to continue its support for the coin.
Suggested Reading : Learn about our picks for the best Bitcoin Cash wallets.
It should be noted that Bisq has doubled back on related decisions in the past. When Bitcoin Cash was first released in August 2017, Karrer and the Bisq community stated that they would not include the coin in the exchange. Bisq nevertheless added support for the coin a few months later.
Whether Bisq’s decision to remove Bitcoin Cash will last permanently remains to be seen. Although the discussion was heated, the decision was made quite hastily. It is possible that an effort to reintroduce Bitcoin Cash to Bisq will take place, or that a forked version of Bisq that supports the coin will be created.
In any case, the Bisq proceedings are certainly part of a larger division that has formed in the crypto community. The conflict shows no signs of dying down any time soon, and whether Bitcoin Cash will be able to maintain its high-ranking position in the aftermath of the fork is still uncertain.
Lee added the Bitcoin Cash hard fork and the floundering initial coin offering, or ICO, market to his list of factors that weighed on cryptocurrencies in …
Monday, Dec. 17, will mark one year since the price of bitcoin — the best-known cryptocurrency — hit an all-time high just shy of $20,000. For bulls who bought the hype, it’s been a long — and painful — ride down.
At the time, the digital currency was up more than 1,000% for 2017, both the CME Group and Cboe had just launched bitcoin futures contracts, and everyone seemed to be making money as talk about the previously obscure crypto market made its way into the mainstream media.
In retrospect, it appeared all too easy: Bitcoin rose 11 of the 12 weeks leading up to the Dec. 17 peak and logged gains in eight of the last nine months in 2017. Day traders were millionaires, analysts were predicting further drastic price increases and investors jumped on what looked like an endless gravy train.
According to Crypto Fund Research, 85 crypto-related funds launched in the first three months of 2018, and at Jan. 1 2018, there was $5.8 billion of assets under management in the crypto hedge fund industry, compared with $675 million a year earlier.
But, in the blink of an eye, the tide turned: A January correction soon turned into a collapse and then turned into what was dubbed a prolonged crypto winter — a season that has yet to end.
From their peaks, most major coins lost more than 80%. Bitcoin BTCUSD, -2.17% has shed as much as 85%. Ether, ETHUSD, -1.58% the popular currency that runs on the ethereum blockchain, fell as much as 95%, losing its title of the second-largest digital currency.
There were warnings, of course. JPMorgan Chase & Co. JPM, -0.99% Chief Executive Jamie Dimon called bitcoin a “fraud” in September 2017, though he later said he regretted using the word. Billionaire investor Warren Buffett called bitcoin mania a “mirage” and predicted it would “come to a bad ending.” And they weren’t alone.
After a stellar call in late 2016, when Kay Van-Petersen of Saxo Bank said bitcoin would rise to $2,000 in 2017 — a feat achieved five months into the year — the analyst told CNBC in January that bitcoin could trade as high as $100,000 in 2018.
“First off, you could argue we have had a proper correction in bitcoin, it has had a 50% pullback at one point, which is healthy. But we have still not seen the full effect of the futures contracts,” he told CNBC.
On the heels of Van-Petersen, venture capital guru Tim Draper, who famously purchased around 30,000 bitcoins in 2014 from the Silk Road bust, said the price of a single bitcoin could trade as high as $250,000. Draper can say he has time on his side, saying it would take until 2022 for bitcoin to reach the quarter of a million milestone.
Former Goldman Sachs partner and hedge-fund manager Mike Novogratz was another who called the run-up in digital currencies, saying in 2017 that bitcoin would reach $10,000. However, after riding the wave up, Novogratz said on Sept. 13, with bitcoin trading around $6,300, that he believes the low for 2018 was in and a week later he told CNBC that he sees a potential 30% rally by the end of the year.
Another who thought bitcoin would base around $6,000 to $6,500 was Dan Morehead, chief executive and co-chief investment officer at Pantera Capital Management. In April he said widespread adoption would propel bitcoin to a new high.
“I rarely have such strong conviction on timing. A wall of institutional money will drive the markets much higher,” Morehead said in the company’s April newsletter.
Elsewhere, perennial bitcoin bull Tom Lee said in July that he’d rather own bitcoin than equities, putting a price target of $25,000 by the end of the year. As the cryptocurrency continued to stumble, Lee dropped his price target to $15,000 in November.
Since Lee’s July 5 call, bitcoin has fallen 48% compared with the S&P 500, SPX, -1.97% which has fallen 3.1%, the Dow Jones Industrial Average, DJIA, -2.15% which has gained 0.9% and the Nasdaq Composite, COMP, -2.09% which has lost 6.8%.
The head of New York-based Fundstrat Global Advisors said bitcoin’s network value, coupled with a supply model that uses break-even mining costs to value bitcoin puts the fair value of the largest cryptocurrency between $13,800 and $14,800.
Now, 12 months since the peak and two weeks out from the end of the year, many analysts are in a reflective mood. Lee said a number of factors lead to the underperformance of the broader crypto market, including regulatory hurdles, industry disagreements and a generally risk-averse, global market environment.
“Global markets have seen massive de-risking, and this resulted in further selling pressure on bitcoin. Consider that some holders of bitcoin have large exposure to FANG or equities (Silicon Valley entrepreneurs, for instance),” wrote Lee, in a note to clients. FANG is an acronym referring to previously highflying, large-cap tech shares, including Facebook Inc. FB, -0.41% Apple Inc. AAPL, -2.79% Netflix Inc. NFLX, -2.17% and Google parent Alphabet Inc. GOOG, -1.78%GOOGL, -2.04%
Lee added the Bitcoin Cash hard fork and the floundering initial coin offering, or ICO, market to his list of factors that weighed on cryptocurrencies in 2018.
Investment in ICOs stalled in the second half of 2018 as a number of regulatory rulings turned investors off the alternative method of capital raising. In November, the Securities and Exchange Commission slapped two companies with fines for launching unregistered coin offerings. The ruling was the first nonfraudulent case, meaning the companies could continue operations once they registers the tokens as securities.
A hard fork occurs when developers and miners no longer agree on a proposed change to the software, despite operating on the same blockchain. Once the fork takes place, one group of so-called nodes — computers that are connected to the network and are part of the transaction confirmation process — will upgrade to the new software and the other will operate on the old rules, creating two separate blockchains and digital currencies.
For Novogratz, he agreed the contentious hard fork played a role in bitcoin’s underperformance.
“It felt like the selling was finished. But then Bitcoin Cash decided to fork again,” Novogratz told Bloomberg in Dec. 11 interview. “At the same time the SEC came out and sanctioned a few ICOs and said, ‘Oh, by the way, your investors can sue for damages.’ That scared the heck out of a lot of people.”
Bitcoin cash has in fact dropped 25 percent in value within a week, despite haemorrhaging nearly half of its value over the previous seven day period.
In other news, Google’s artificial intelligence platform briefly briefly described bitcoin as a “collapsed economic bubble” when the term “bitcoin” is Googled.
The card reportedly explained bitcoin as a “form of electronic cash” and went on to note that since its all-time high in December of last year, the cryptocurrency has lost 82 percent of its value.
The Google card read: “Bitcoin is a cryptocurrency, a form of electronic cash. The bitcoin market is widely viewed as a collapsed economic bubble as the price fell by 82 percent in the year ending December 2018.”
Google linked back to bitcoin’s Wikipedia page as a source for what was in the card, but the page only refers to “the possibility that bitcoin is an economic bubble” in its criticism section.
Although the page was edited within hours, the issue calls the influence of Google’s artificial intelligence into question.
The card currently describes bitcoin as a “decentralised digital currency without a central bank or single administrator that can be sent from user-to-user on the peer-to-peer bitcoin network without the need for intermediaries.”
The current bitcoin bear market, labeled crypto winter for its debilitating effect on the broader market and industry, has seen more than $700 billion wiped from the total value of all cryptocurrencies so far this year, some 80% of its value since its all-time high.
Bitcoin has seen similar price percentage declines before, however, and has managed to recover from them. Now, researchers from the University of Cambridge Judge Business School have found the bitcoin industry will “likely” bounce back again.
The bitcoin price has been on a downward trend all year, with the sell-off gathering pace in recent weeks.Getty
“Statements proclaiming the death of the crypto-asset industry have been made after every global ecosystem bubble,” researchers wrote in the second Global Cryptoasset Benchmarking Study. “While it is true that the 2017 bubble was the largest in bitcoin’s history, the market capitalization of both bitcoin and the crypto-asset ecosystem still exceeds its January 2017 levels–prior to the start of the bubble.
“The speculation of the death of the market and ecosystem has been greatly exaggerated, and so it seems likely that the future expansion plans of industry participants will, at most, be delayed.”
The bitcoin price soared throughout 2017 before being heavily sold off this year.CoinDesk
Researchers also found that millions of new users have entered the ecosystem over the last 12 months, though most are passive—buying bitcoin or other cryptocurrencies with newly created wallets and then not moving or using them.
Total user accounts at service providers now exceed 139 million with at least 35 million identity-verified users, the latter growing nearly four-fold in 2017 and doubling again in the first three quarters of 2018, according to the report.
Only 38% of all users can be considered active, although definitions and criteria of activity levels vary significantly across service providers.
Researchers found the 2017 boom and subsequent bust was the second global cryptocurrency bubble.University of Cambridge Judge Business School
Meanwhile, the study found that the top six proof-of-work cryptocurrencies (including bitcoin and ethereum) collectively consume between 52 TWh and 111 TWh of electricity per year: the mid-point of the estimate (82 TWh) is the equivalent of the total energy consumed by the entire country of Belgium—but also constitutes less than 0.01% of the world’s global energy production per year.
A “notable” share of the energy consumed by these facilities is supplied by renewable energy sources in regions with excess capacity, the researchers revealed.
The report also found that cryptocurrency mining appears to be less concentrated geographically, in hashing power ownership, and in manufacturer options, than is widely thought.
Bitcoin W Spectrum (BWS) traded down -2.09 percent versus American dollar during the last 24h period ending 04:30 on December 14th EST. Bitcoin …
Bitcoin W Spectrum (BWS) Crypto Cap Hits $51,846 as Price Down to $0.000493
December 14, 2018
Share this article:
Bitcoin W Spectrum (BWS) traded down -2.09 percent versus American dollar during the last 24h period ending 04:30 on December 14th EST. Bitcoin W Spectrum presently has a marketcap of $51,846 and its twenty four hour volume is around $15. During the last seven days, Bitcoin W Spectrum is -7.75 percent against the American dollar with a movement of -0.19 percent during the last hr.
Now let’s look at how the other cryptos have performed in the last day:
Bitcoin W Spectrum Knowledge
Bitcoin W Spectrum has a total supply of 105,231,376 coins. It started on 18th February, 2018.
CryptoCompare.com states that: “BitcoinWSpectrum is a PoS cryptocurrency based on the SHA256 algorithm.”
A handful of useful web links are listed below, in case you wish to get more information concerning Bitcoin W Spectrum:
It’s not necessarily always feasible to buy digital coins like Bitcoin W Spectrum directly using dollars. Investors aiming to attain BWS might have to first buy BTC or ETH using an market place that provides US dollar currency trading pairs such as Coinbase or perhaps GDAX. Investors may then make use of this Bitcoin or ETH to pay for Bitcoin W Spectrum using one of the trading exchanges we detailed previously.