Weekly Crypto Lust 2017.10.06steemCreated with Sketch.

in cryptocurrency •  2 months ago

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Bitcoin Cash

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Bitcoin cash is a hard fork of the bitcoin project. If you don't know know what a fork is, I'll explain.

As it relates to blockchain technology, a hard fork is a radical change to the protocol that makes previously invalid blocks/transactions valid or vice-versa, and as such requires all nodes or users to upgrade to the latest version of the protocol software.

Bitcoin underwent a user activated soft fork known as segwit or segregated witness. A soft fork does not require anyone to upgrade to a latest version since it is already comparable. This is why Bitcoin Cash was created through a hard fork.

Bitcoin cash was forked by people who want to keep Bitcoin as close to the original white paper as possible. Segwit moved the signatures to make room for more transactions within each block while keeping the size of each block at 1MB. The people that support Bitcoin Cash felt this was a direct attach on a core pillar of Bitcoin. What they did was increase the size of each block to allow in more transactions and lower the fees needed to get each transaction into the block.

Satoshi Nakamoto is quoted saying,

The nature of Bitcoin is such that once version 0.1 was released, the core design was set in stone for the rest of its lifetime.

I hear that in some email Satoshi Nakamoto is in favor of on chain scaling and that's what Bitcoin Cash is doing. That being said, Segwit does fix some issues that may still arise in Bitcoin Cash.

Some argue that moving the signatures from the transactions within each block to another location is changing the core design of Bitcoin and should no longer be called Bitcoin.

What do I support? I currently don't have any Bitcoin Cash as I moved it into Bitcoin when it was around $400 USD/coin. However, the more I learn about this fork the more I want to get back in and am currently waiting for a good time to do so.

I have been into cryptocurrency since 2015 but had not followed the news at all over those two years. I simply spent three to six months learning and understanding the Bitcoin protocol, studying the white paper, and trying to get a good grasp on what it was. Then once I fully understood the concept I started to invest and let it ride, checking the price once a week or so.

Core vs 2X

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Segwit is now considered 'core' in most people's eyes and I'll do the same since saying segwit verses segwit2x could potentially get confusing.

So we know core has moved the signatures within each block to make more room for the transactions and seem to have solved the issue they we were facing with blocks getting full. So what the heck is the 2x? It's a proposal for making the block size 2MB instead of one. Making the block size 2MB will help lower the fees needed to get your transaction into the next block and that is the only reason I see for the segwit2x proposal and upcoming hardfork. This seems quite odd if you ask me, why not just use Bitcoin Cash if you want to mine bigger blocks?

Many of the biggest names in cryptocurrency are very much opposed to the 2x hard fork including Charlie Lee, the creator of Litecoin, Tone Vays, a crypto trader and consultant, MadBitcoins of MadBitcoins.com, and @mir_btc on twitter, the cofounder of scamcoin bot.

With so many people rejecting the 2x hard fork I'm excited to see what chain get's to be called "Bitcoin" and if it's not the current chain then what will it be called? I worry that instead of the longest chain being the official Bitcoin as Satoshi Nakamoto said would be the way to determine what chain is "Bitcoin". That we'll end up calling whatever chain the exchanges and companies that have the most new user interaction choose. That scares me a bit since there needs to be consensus of a majority of miners and nodes.

Whatever happens is going to show us how resilient the cryptocurrency space truly is. If we give the Bitcoin name to the longest chain than Bitcoin Cash should be the one to currently hold the name "Bitcoin" but doesn't. Even if the 2x fork gets the official name and we end up with a name like "Bitcoin Core" for the non-2x version many people wills stay on core and not move to 2x. This could cause "Bitcoin" to die, not the technology or other forks but the chain that holds the name. Then we get to hear he news about the death of Bitcoin when in reality it's still alive and well.

If some thing like that does end up happening because no one moves to the 2x fork then I would assume the name Bitcoin would be assigned to whatever has the longest chain or at least that's what I hope would happen. Just to stay in line with Satoshi's original vision of the project.

Altcoins & Tokens

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Ripple is making gains over the past week. We'll see how long it lasts. I'm not a big fan of Ripple but I know many people are. I tend to buy altcoins and tokens that have some new tech that they are adding or at the very least innovating our current paradigm.

Ethereum has been holding pretty steady between $290-$300 USD.

Litecoin has been taking a beating this week, if you like what litecoin does you should be buying it up as it dips down more and more. I've actually made a successful day trade off litecoin and am now just buying in small chunks as it continues to dip.

OmiseGo has been loosing some steam as it sits around $9 at the time of writing this. OmiseGo is one of those tokens that I'm very in favor of. They have a lot of great potential with good advisers and is backed by Omise which has been round for several years already.

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ChainLink has been having a great week and is currently sitting around $0.40 as of writing this post. ChainLink aims to provide a platform to integrate other, non-blockchain, services into the Ethereum blockchain using their token. The goal is to get companys like Visa, Mastercard, and Paypal to join up along with many other companies that would end up saving money using blockchain technology. It's a lofty goal but with a price this low adding some skin in the game could have good rewards. Make sure to do your research and don't take my word for it. I'm not a financial adviser just a nerd.

Civic is another token that is taking a whipping this week. Sitting around $0.36 per token as I write this. I'm still very bullish on Civic and plan on buying more once the time is right. That may be now... I need to look at the chart more closely.

Finally, Walton has had one of the craziest weeks this week out of all the altcoins and tokens. Walton is looking to provide blockchain technology for RFID chips. RFID chips are used to track a ton of products and equpiment in many industries. Walton jumped from around $5 USD to just under $9 USD at it's peak and is currently sitting around $7 USD as I write this. I'm not invested into Walton and not sure if I'll get in on this one but let me know what you think of using the blockchain in keeping track of RFID information.

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