Segwit 2x fork cancelled. Oops, another huge problem with Parity multisig wallets. DASH upgrade features bigger blocks and lower fees. JP Morgan gets in the blockchain game. Chinese central bank wants state-backed crypto. It’s not too early to start buying holiday gifts from Neoware Apparel!
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 Darren, Pedro and JJ!
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|Traditional Financial Markets||Cryptocurrency Markets|
|Gold $1,280||SegWit (SW) $7,268|
|Silver $16.99||Ethereum (ETH) $312|
|Oil $56.82||DASH $313|
|Dow Jones 23,563 points||Litecoin (LTC) $62.47|
|30Y UST Yield 2.792%||Bitcoin Cash (BCC) $630|
Speculators who were looking forward to getting “free money” in the anticipated 2x fork got a big surprise today when the fork was called off. In an email signed by six people (Mike Belshe, Wences Casares, Jihan Wu, Jeff Garzik, Peter Smith and Erik Voorhees), the fork, which had been planned for Nov. 14, was cancelled. This means the Segwit chain now has no plans to scale anytime in the near future.
Is this really how a decentralized currency should operate? Apparently Bitcoin.com doesn’t think so. They released this public service announcement today:
As we have previously stated, Bitcoin.com believes that behaving with integrity and upholding agreements made is always the proper course of action. As such, we continue to remain committed to supporting the Segwit2x proposal, which has received broad support from Bitcoin industry and community alike.
Due to significant demand from our users, the Bitcoin.com Pool will give mining customers the option of supporting the Bitcoin Cash chain (BCC) with their hashrate, but otherwise Bitcoin.com Pool will by default remain pointed at the chain supporting Segwit2x (BTC).
We trust that our fellow community members will also behave with integrity and uphold agreements made, but in the unlikely event that the 2MB block size increase portion of Segwit2x fails to activate, Bitcoin.com will immediately shift all company resources to supporting Bitcoin Cash exclusively.
Dozens of Parity multisig wallets are on permanent lockdown, and the fate of hundreds of millions of dollars worth of Ethereum hangs in the balance, following yet another major problem with Parity’s code. According to reports, a single user known as Devops199 may have accidentally exploited a bug in the code, turning several multi-signature wallets into regular wallets and then killing the wallet contract, locking the funds away permanently.
Parity issued a “critical” security alert, indicating that the vulnerability was included in the July “fix” that followed the previous Parity exploit.
With so many smart coders out there who are capable of reviewing and testing code before it is deployed, it’s hard to believe that screw-ups of this magnitude continue to happen. And yet, they obviously do, and we continue to report on them here at Neocash Radio.
DASH Upgrade Features Big Blocks, Fee Reductions
Dash has released client version 12.2. Darren reports that this version will activate a larger possible block size, as well as a ten-fold fee reductions. There is also some house cleaning that is included in this release.
On November 4th 2017, Yao Qian the Deputy Director of the PBoC Science and director of its Digital Currency Research Institute, highlighted the importance of state-backed, central bank-issued cryptocurrency.
The “digital economy needs central bank-issued electronic currency more than ever. It’s crucial to speed up the research and issuance,” he said.
In March 2017, PBoC governor Zhou Xiaochuan discussed the potential for instituting negative interest rates when an economy experiences deflation. This approach’s effectiveness depends on whether the economy is grounded in digital currency or traditional cash.
We are now starting to see central banks looking to use state-issued cryptocurrency in what appears to be an attempt to minimize the use of cash and non-state-sponsored cryptocurrencies.
JP Morgan, the Royal Bank of Canada, and the Australian & New Zealand Banking Group are collaborating to develop an Interbank Information Network to increase the speed and securities of payments. This is yet another example of major financial institution seeking to implement blockchain technology.
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An Important Disclaimer
We would like to remind you that any content on the Neocash Radio podcast and/or website should not be regarded as financial or legal advice. Please be mindful of any and all regulations regarding cryptocurrency in your particular jurisdiction. Never invest/gamble more than you are willing to lose and always safeguard any digital currencies you own by keeping them in a wallet whose private keys you control.
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
Randy – email@example.com
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