Twitter CEO, Jack Dorsey, took another step towards financial sovereignty yesterday when he tweeted about his new toy, a Casa Bitcoin full node.
MI CASA ES SU CASA
The Casa Node is a plug-and-play solution for running your own full Bitcoin and Lightning Network node at home. Running a Bitcoin full node allows you to validate the blockchain and verify your own transactions. Aside from this, it also increases decentralization and hence the security of the network.
Lightning Network relies on interconnected nodes to route payments, so running one increases the network capacity and usability. Owners of nodes can also earn fees for routing payments, but bear in mind these are lightning payments, so the fees are very low.
HIT THE NODE, JACK!
Dorsey was clearly excited to receive his new piece of kit, tweeting firstly a picture of the unboxing, and then images of the set-up. Eagle-eyed readers may also have noticed the Bitcoin FUD dice in the unboxing shot
The Twitter and Square CEO
A BUSY FEBRUARY
Of late, Dorsey’s Bitcoin evangelism seems to be going into overdrive. February alone saw him participate in the Lightning Torch initiative, decry all alt-coins, accept LN tips on Twitter, and announce his desire for Lightning integration in the Cash app.
Not content with this, he also found time to appear on the Joe Rogan Experience podcast, again plugging Bitcoin as the currency of the internet.
At this rate, he’s fast becoming the sort of high-profile Bitcoin advocate people hoped Elon Musk would be. He’s certainly a more credible option than Alex Jones.
2018’s bear market, which we are still experiencing today, has taken its toll on the majority of crypto investors. Many people have already capitulated, selling their crypto holdings and leaving the scene. However, not all hope is lost, and there are still plenty of us believers still here.
One such believer in Bitcoin’s long-term value is the prominent crypto trader and top author on TradingView, MagicPoopCannon. The top trader recently stated that he sees Bitcoin (BTC) going to at least $100,000 within 4 years, and surpassing $1,000,000 in the long term.
Bitcoin (BTC) Price Poll
Shortly after MagicPoopCannon shared his positive outlook on Bitcoin, he took to Twitter with a poll, asking his 20,000 plus followers what they think Bitcoin’s long-term value will be.
According to the poll results, the vast majority of his followers agree that Bitcoin has a bright future and will eventually see unprecedented prices. The poll received nearly 3,000 votes, 42% stating that Bitcoin’s price will reach $100,000 to $1M+ long term.
30% of voters weren’t quite as bullish, as they see Bitcoin reaching the previous all-time high of $20,000 and potentially going up to $100,000. As for the remaining voters, 13% see Bitcoin remaining in the price range of $3,000 to $20,000, with 15% of voters having essentially lost all faith, seeing Bitcoin’s long-term price below $3,000 and worthless at $0.
MagicPoopCannon – Highly Reputable Trader and Technical Analyst
While nobody knows where Bitcoin’s price will eventually end up, we can look at what top crypto analysts think will happen and take their ideas and analyses into consideration.
For instance, MagicPoopCannon’s technical analysis has proven to be quite accurate over the past couple of years, and the prominent trader has generated a considerable following, with over 50,000 followers on TradingView and over 10 million views across his trading ideas.
The popular trader earned a name for himself after making a multitude of correct calls for the short, medium, and long-term views of Bitcoin’s price. One of the best examples of a great call of his was Bitcoin’s break of the critical $6,000 support.
MagicPoopCannon called for a break below $6,000 back in May 2018, while the actual break took place in mid-November 2018 – a full 6 months prior to the drastic price breakdown.
Now, the prominent crypto trader is claiming that Bitcoin already reached its bottom on December 14, 2018, at the price of $3,150. He states that Bitcoin is in a period of accumulation that could last months before the next bull run is in full force.
It may come as something of a surprise but, in certain circles, Bitcoin still has a somewhat poor reputation. Between high-profile hacks and assassins on the dark-web, many high-profile Bitcoin-evangelists are, to put it mildly, interesting characters. Now we can add conspiracy-theory propagation mouthpiece, Alex Jones, to Bitcoin’s illustrious list of champions.
Outspoken conspiracy-theorist and dietary-supplement peddler Alex Jones recently appeared on the Joe Rogan Experience podcast, where he called cryptocurrencies ‘the future.’
In typical anti-establishment fashion, Jones sowed mistrust about the government-controlled fiat-based economy, saying:
We have a private federal reserve that’s all fiat – I’m not judging anybody, I’m just saying: be careful.
Jones’ support for cryptocurrency is perhaps unsurprising, as last year he was de-platformed by the majority of social media and PayPal. This came as part of the wave of PayPal banning of purportedly right-wing outlets such as Gab and The Hacker News towards the end of 2018.
As a poster boy for Bitcoin, there’s a risk that his supporting message will drown in the background noise.
For example, he also told Rogan that eight years ago George Soros had offered him $5 million to pump Bitcoin. This, he claimed, was worth $38 million at the peak of 2017’s bull-run, but he refused it. This may just be a miscalculation of value or timing; the approximately 2,000 bitcoin which were worth $38 million at peak was actually worth $5 million just 21 months ago.
But true or not, this quite incredible claim pales into insignificance compared to some of the outlandish things Jones has said.
WHAT IF STEPHEN HAWKING WAS SATOSHI NAKAMOTO?
Bitcoin needs a champion with both credibility and popularity to truly become mainstream. If we found out that Stephen Hawking was Satoshi Nakamoto, it would do the trick. Hawking’s reputation as a clever person would convince many a person thus far untroubled by thoughts of Bitcoin that it was a good idea.
Heck, for the UK at least, even cut-price Hawking — TV physicist, and ex-pop star, Brian Cox — saying that Bitcoin is ‘kinda good’ would probably do the trick.
We had high hopes for Musk, but he seems intent on blowing both his credibility and his popularity of late.
There are plenty of credible sports and entertainment stars who have expressed their love of cryptocurrency. All we need is one or two of them to promote a sustained pump to get the world listening again.
A judge has ruled that an ongoing class action lawsuit against Ripple must remain in federal court, potentially giving the payments firm a slight advantage going forward.
U.S. District Judge Phyllis Hamilton, of the Northern District of California, ruled Thursday that a class action lawsuit filed against Ripple and affiliated subsidiaries and individuals would not be shifted back to lower courts after lawyers for the company first moved to district court last year.
This is a “minor but meaningful victory” for the firm, said Kobre Kim attorney Jake Chervinsky on Twitter.
Stephen Palley, a partner at Anderson Kill, previously told that typically, corporate defendants in cases feel more comfortable with federal courts as lower court juries and judges are locally selected and thus could be more sympathetic to plaintiffs.
Chervinsky agreed, noting that “Ripple fought hard” to keep the case at the federal court level.
The case centers around XRP. The plaintiffs in the case allege that Ripple issued the cryptocurrency as an unregistered securities offering, a claim Ripple has frequently denied.
Ripple Labs, its subsidiary XRP II, CEO Brad Garlinghouse and a number of other individuals have been named as defendants in the case.
Despite Ripple’s win on the jurisdictional question, “the case won’t go to trial for years, if it goes to trial at all,” Chervinsky told via email. The lawsuit will have to move past several other stages, starting with a likely motion to dismiss.
“Ripple will argue that the complaint fails to state a legally cognizable claim as a matter of law, even assuming all the allegations in the complaint are true,” he said.
If a judge rules against such a motion, or if Ripple decides not to file one, the plaintiffs can then file for class certification. Right now, Chervinsky explained, “the lawsuit is styled as a class action but technically does not become one until and unless the Court grants a motion for class certification.”
Only then can the discovery process begin, which would include plaintiffs and defendants exchanging documents, answering questions and conducting depositions.
The case would still have to sort through motions for summary judgment before the judge can determine whether a trial is necessary.
It is entirely possible the case may end prior to this, however. Ripple and the plaintiffs may choose to settle the case, though Chervinsky does not believe this can happen in the immediate future due to procedural roadblocks.
In particular, any settlement prior to class certification would result in individual payouts to the plaintiffs currently attached to the lawsuit. This would not prevent any future lawsuits from being filed against Ripple, and the investors suing the firm would likely not recover much of the funds.
Should the parties settle after class certification, members of the class would waive their rights to another lawsuit, which the company would likely prefer.
“As a result, there isn’t much incentive for Ripple or the plaintiffs to settle the case before the class certification stage,” Chervinsky said.
He noted that while this case has been before the court system since May 2018, very litigation has actually occurred. “Ripple still hasn’t had to file a substantive response to any of the plaintiffs’ complaints,”Chervinsky said, adding:
“This demonstrates a few points: (1) Ripple’s litigation team seems comfortable delaying the case as long as possible; (2) assuming Ripple’s strategy is to delay, they are so far executing that strategy with great success; and (3) it will probably be a very long time – on the order of months or years – before this dispute is finally resolved.”
According to Thursday’s ruling, the parties now have two weeks to meet and determine how they might want to proceed. The plaintiffs have 30 days to file an amended consolidated complaint, while Ripple has 30 days to file a motion to dismiss or notify the court that it does not intend to do so.
Read the full ruling here:
Ripple Denial of Motion to … by on Scribd
Ripple CEO Brad Garlinghouse image via CBInsights
Cryptocurrency exchange Binance is hoping to boost the number of people testing its upcoming decentralized exchange (DEX) platform by giving away $100,000 in tokens.
Announcing the news on Twitter on Friday, Binance CEO Changpeng “CZ” Zhao said:
“To test the hell out of @Binance_DEX, we are giving away roughly $100,000 USD equivalent, in REAL $BNB, as reward for our testnet trading competition.”
The initiative, he said, would help the exchange launch the mainnet, or live version, of Binance DEX more quickly.
According to Binance’s website, the funds will be made available as prizes in a simulated trading competition kicking off next Thursday.
Exchange users who hold at least one Binance Coin token (BNB) in their account will be eligible to participate in the event. Each account can register up to 20 Binance Chain addresses and will receive 200 virtual BNB tokens for each address to use as starting funds for the competition.
The firm noted that the Binance Chain testnet will be reset before 08:00 UTC on March 7, clearing all existing asset balances. Once complete, trading for the competition will commence.
Binance is dividing the competition into two different events, with prizes in BNB for each.
Firstly, there’s the “Token Competition for Healthy Price Volatility,” which will see users compete to issue and list tokens on the testnet.
“The addresses that own tokens will be ranked in terms of the sum of each token price’s volatility over every five-minute interval on the ‘Token’/BNB trading pair during the competition period,” the exchange says.
There are three prizes up for grabs, ranging from 1,000–3,000 BNB.
Secondly, there an “Absolute Return Competition” event that will be ranked according to the absolute returns users achieve with their trading strategies on specific tokens. This one offers 20 prizes ranging from 50–1,000 BNB.
The BNB token is trading at just over $11 at press time, according to CoinMarketCap data.
Binance announced on Feb. 20 that the DEX was open for public testing, allowing users to create wallets and interact with the trading platform’s interface. At the same time, it revealed a blockchain explorer for the testnet of its Binance Chain network, which supports the DEX.
Developers in the ethereum community are seeking a new specialist to help coordinate major software upgrades.
Following the departure of core developer Afri Schoedon from the open-source project in late February, ethereum developers discussed the issue of who would take his place in coordinating hard forks, or system-wide software upgrades, in a meeting Friday. Schoeden left just last week after favorable remarks he made about another blockchain project sparked social media outcry.
The role as highlighted by Ethereum Foundation community relations manager Hudson Jameson would consist of “[deciding] on hard dates for submitting [Ethereum Improvement Proposals] for consideration, deciding on those EIPs, implementation and testing and then finally what day the hard fork would be.”
“Of course, they wouldn’t be a dictator in this regard, but they would be the one to come up with suggestions or different options to bring to the table,” added Jameson during the call.
Rather than delegating the role to a single individual, ethereum core developers agreed that the role of hard fork coordination could be split between two to three individuals.
Highlighting that a number of candidates have already stepped up to offer their support, Jameson concluded that the task of assessing applicants would be delegated to a group of ethereum volunteers called the “Ethereum Cat Herders.”
The group was initially started back in January by developer Lane Rettig, Jameson and Schoedon “for the broader purpose of coordination and project management” within the ethereum ecosystem.
Coordinating the ‘ProgPow’ Audits
Having successfully implemented two hard forks yesterday, ethereum core developers are now preparing for the next system-wide upgrade called Istanbul, as well as a possible upgrade to a new mining algorithm known as ProgPoW.
On the latter subject, Jameson gave an update explaining that blockchain testing platform WhiteBlockwould be responsible for conducting benchmarking experiments comparing the performance of various ethereum mining devices on ProgPoW. A second audit is also in the works to test whether specialized mining hardware can be built and deployed to take advantage of the proposed mining algorithm.
At this time, the Cat Herders have not finalized a company to proceed with the second audit.
Jameson also noted during today’s call that over half of the miners in the ethereum ecosystem – 55 percent to be exact – are in favor of ProgPoW according to stats from an ongoing “hashvote” using blockchain analytics site, EtherChain.
As Jameson explained, hashvotes are specifically targeted at ethereum miners in the ecosystem who by leveraging an extra data field during their operations can indicate whether or not they favor the proposal.
However, as pointed out by core developer Alexey Akhunov, these results may depict a somewhat skewed interpretation of miner signaling, saying:
“There is another interpretation which could be useful of this 55 percent number…Essentially if those 55 percent who turned out all voted in favor that gives you essentially a lower bound on how many GPUs are currently mining in the network.”
The comments show that discussion on implementation of the proposal are still ongoing.