SegWit signaling is finished, activation set for August 21, 2017. We check up on Bitcoin Cash. Open Bazaar Alpha is Released with a colorful video. Jelurida IGNIS token sale adapts on the fly. JJ published an interview with the founders of the Swap Protocol this past Monday. ICO funding for crypto projects will soon surpass Venture Capital funding. Fidelity is at the head of the pack by integrating crypt holdings. Wikileaks now accepts Zcash for donations. Introducing Centra to the debit card showdown.
We’ve written out short overviews of the topics discussed on today’s show below! Be sure to listen in to the whole podcast to get more information, insights, and thoughts on each of them from Pedro and JJ!
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|Traditional Financial Markets||Cryptocurrency Markets|
|Gold $1,275||Bitcoin (BTC) $3,340|
|Silver $16.88||Ethereum (ETH) $299|
|Oil $49.55||DASH $200|
|Dow Jones 22,048 points||Litecoin (LTC) $48.09|
|30Y UST Yield 2.822%||Bitcoin Cash (BCH) $317|
On Tuesday of this week at a block height of 479,707 the Bitcoin network signaled the activation of SegWit with 100% support from the miners. Early Wednesday morning the two week grace period has begun. During this time miners, wallets, and exchanges ought to prepare for the activation by upgrading software.
Starting at block 481,824 miners will start creating SegWit blocks and rejecting blocks that do not signal SegWit properly. This is estimated to happen on August 21st, 2017.
The next steps include the implementation of the Lightning network and doubling the size of the blocks.
Some current stats of the Bitcoin Network include:
- Network Hashrate is rising over 7 Billion TH/s
- Blocks are coming out at slightly over 10 minute intervals
- The blocks are coming out nearly full with an average of 0.95 MB
- The Mempool is 46 Million bytes in size or roughly 46 full blocks
- The Bitcoin network is handling 255,949 transactions per day
Thanks to coin.dance:
There have been 330 blocks mined since the hard fork.
(951 blocks behind the original chain)
The Bitcoin Cash blockchain is currently operating at 13% of the original chain’s difficulty.
The original chain has grown 1,039.96MB more than the Bitcoin Cash blockchain.
It is currently 27% more profitable to mine on the original chain.
The Jelurida IGNIS token sale started earlier this week with a quickness. The first two rounds of 5 Million JLRDA tokens were sold instantly to one buyer. Reddit was awash with upset NXTers. There were more than a couple hyperbolic posts proclaiming the ICO a disaster.
Next came a message from the NXT address that bought the tokens informing people that he/she had spent a lot of time learning about the NXT API and had created a method to listen for the sale signal and instantly send a buy transaction. More laments from the potential participants.
Well, Lior and the team at Jelurida snapped into action and released an updated client version 1.11.7 which allows a participant to create a buy order before the tokens are released. This has evened the playing field more. Now the quick buyers are setting their transactions as higher priority by upping the fee and running hallmarked nodes on two continents.
In each case someone has studied the protocol and software, and found ways to optimize. They devoted time and energy figuring out the system and adapting. These sorts of individuals ought to be congratulated rather than condemned. Innovation and resourcefulness are rewarded in nearly every other part of our society.
Regardless of the distribution, the ICO has started out well for Jelurida. It’ll be fun to watch what they do with some solid funding.
Related Listening: JJ Interviews Jelurida Core Dev Lior Yaffe discussing NXT, ARDOR, and IGNIS
This brings up an important topic. How can you distribute an ICO evenly and broadly. It seems any token or coin worth owning will be sniped by whales and pools. Limit the transaction size and savvy buyers will figure out a way to send arrays of transactions. Limit the buying address and clever folks will create many new address.
It seems like the more effort you put into even distribution, the more network congestion will be caused by the brute force efforts to grab all the tokens.
On Monday I published an interview with the founders of the Swap Protocol. Don and Michael joined me to discuss how the protocol works and they also made an announcement regarding AIRSWAP. AIRSWAP will be a platform running the SWAP protocol. Their token AIR will be launched during the token sale on October 10th.
Their goal is to create as little friction as possible with the atomic swaps. They hope to accomplish this by keeping the price haggling off the blockchain and having a no fee model. So rather than pay a fee for each swap, each user will have to hold about $10 worth of AIR tokens in their wallet. This membership model is something new and I am excited to see how it will work out.
July was a record-breaking month for ICOs, with over $540 million raised. Coindesk reports that blockchain projects have now raised a total of $1.67 billion in the brief history of ICOs, just shy of the $1.8 billion that has been raised for the sector by venture capital firms. ICOs have obviously had a huge impact on the fintech sector this year, bringing large amounts of capital into startups and growing businesses. I expect we’ll be talking more and more about ICOs in future episodes of Neocash Radio, as they are clearly an important mechanism by which blockchain technology is radically disrupting and decentralizing the worlds of technology, business, and investing.
Fidelity Investments has started allowing clients to use its website to view their holdings of bitcoin and other cryptocurrencies held through digital wallet provider Coinbase, the company said on Wednesday.
The initiative, previously tested with the Boston-based money manager’s employees, is a rare example of an established financial services company warming up to cryptocurrencies.
Starting Wednesday Aug 9th, most Fidelity clients will be able to authorize Coinbase, one of the largest crypto-currency exchanges in the United States, to provide the fund manager with data on their holdings.
WikiLeaks has been accepting cryptocurrencies since 2011, when a banking blockade attempted to cut the nonprofit off from its revenue streams. Wikileaks will now accept the “selectively transparent” cryptocurrency Zcash, which incorporates advanced cryptography to hide information about the sender, receiver, or transaction amounts.
Zcash is now the third cryptocurrency to be accepted by WikiLeaks behind bitcoin and Litecoin.
Zcash employs a specific cryptographic methodology called a zk-Snark, a novel form of zero-knowledge cryptography, which allows the data of a transmission to be concealed. This means that people seeking to donate to WikiLeaks can send a transaction without anyone ever being able to see who sent it or how much, something that WikiLeaks may find advantageous to provide to supporters as time goes on.
We have talked about Tokencard, Monaco, and TenX debit cards many times on Neocash Radio. Speaking for myself, I see debit cards as a fundamental element for creating a closed loop of crypto personal banking. Many people are fortunate enough to be paid in cryptocurrency around the world. The issue has always been spending that money on everyday expenses. This is where the debit card fills the gap — truly allowing someone to earn crypto and pay for everyday expenses.
Centra is conducting their token sale right now. CTR token. They too are using the Ethereum blockchain. The big difference between Centra and the other cards we mentioned is U.S. availability. Centra claims that they have already have access to US markets. Their whitepaper mentions that US residents will receive a VISA care while all other countries will receive a Mastercard.
Just like the others there is a wallet that goes along with the card. The wallet will support Ethereum, Bitcoin, Litecoin, ERC20 Tokens, Dash, Ripple, Zcash, and Monero.
Like TenX they have a currency conversion engine though it looks like it will function differently than commit channels. Like each of the other cards there are rewards with usage and holding the CTR token. The level of rewards depends which tier of card you get.
Their white paper claims they are holding licenses in 38 states. These licenses are held under categories of Money Transmitter, Sales of Checks, Electronic Money Transfers, and Seller of Payment Instruments. New Hampshire is one of the states.
Michael: BTC-e update #5
- The brand name “BTC-e” can not be used any more. Due to the investigation.
- BTC-e people are trying to find investors and sell what’s remaining; in order to relaunch the service (the exchange) and to repay the debt to clients.
- 55% of funds (mostly crypto) remains, 45% of funds was taken/stolen by the US government.
- The way I interpret the announcement everyone who had crypto will get 55% of it back first.
- Those who had fiat will get 55% of its value back in 7 different currencies: including BTC, LTC, DASH, ETHER. This is not 100% clear.
- For the rest – the 45% of funds owed a token will be created called “BTE”. This reminds me of the “BFX” token Bitfinex created when they also had funds stolen. A tradeable token to be repaid in the future.
Bitfinex paid everything back on its tokens.
- KYC AML will be followed. Id checks & verifications will be done.
Targeting end of August for this process to begin!
So – good news.
JJ – email@example.com
Co-Founder, Producer, Managing Director
Darren – Darren@neocashradio.com
Co-Founder, Technical Writer
Pedro – firstname.lastname@example.org
Ethereum and Crypto-mining Expert
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Former Co-host and Cool Dude
BTC Address: 1MmFwDeZPgxJ4GyzbfmZVLJv3aZcpxSfR5
ETH Address: 0xe4689EF88F239C6eed1Ff262876e2499495c1617
DASH Address: XtLEPo6DKeu45e2czdHLEb5EzJRVDz2aLZ
NXT Address: NXT-TT49-WV65-HZJA-5EJF9
BCH Address: 173ADKUvvRcSmb9tnKiYAMQAoB6RhsgQQd