October 12th, 2017
In my humble opinion...
There will always be resistance in the face of great innovation.
All forms of money are fictional stories we collectively agree on.#Bitcoin however democratizes this story in ways central banks never could
— Philip Charles (@PhilCrypto77) October 11, 2017
Coin of the Day
Stop using ineffective online educational resources
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The Bitcoin Gold debate has gotten even more dramatic.
Just to clarify, there are two forks approaching: Ethereum (the "Byzantium" fork) and Bitcoin (SegWit2x). Yesterday afternoon, Bitcoin.org went through on its "threat" to publicly denounces supporters of SegWit2x in a public blog post titled "Beware of Bitcoin's possible incompatibility with some major services." SegWit2x stands for Segregated Witness, a program that decreases the number of "nodes" (computers) it takes to approve a transaction. It essentially streamlines the approval process for a Bitcoin transaction. Whether or not that results in faster transaction times is up in the air; there are many conflicting reports about the functionality of the blockchain, and the transaction times. Ugh.
There may be some key fundamental issues here outlined by Bitcoin.org's proposal, and Bitcoin.com did an exposé on the actual project and its validity - supposedly only one developer has been working on SegWit2x (which is, in theory, bad news for the project). What should you do? We'll leave this Reddit comment as a solid argument that some have made for what SegWit2x really is: a cash grab.
The support for Bitcoin Gold is undetermined at this time, and we need to know more about the development team and what their capabilities are.
Representatives from Bitcoin Gold have not responded to our editor's request for comment.
Meanwhile, in the real world, crypto is still in a legal grey area – but Wall Street is warming to it.
Yesterday, an exchange-traded note (ETN) for ethereum was launched by CoinShares, the "iShares equivalent for crypto investments" (iShares is a group of ETFs managed by BlackRock). This is the first time that an Ethereum-focused investment product is available on the Nasdaq Stockholm exchange (or any Nasdaq exchange, or that matter). CoinShares is headed by a former JP Morgan trader named Daniel Masters. Currently, there is a Bitcoin-based asset already in existence on the Nasdaq Stockholm exchange, but this move is a big deal.
Ethereum's now become just a little more anonymous, which is good news for Wall Street – their main complaint for crypto trading (besides the whole SEC problem and decentralization aspect) is that although it does provide immutability, it doesn't provide complete security and anonymity that would allow traders to maintain their positions private. These are keys for enterprise-level financial adoption. Whether Wall Street accepts crypto or not, Europe is starting to embrace it with open arms. Get ready.
It's a waiting game: a judge in New York pushed a decision back that would decide if Bitcoin is a commodity or currency. Short term thoughts: who cares.
Bitcoin is being mighty flirty with that $5,000 benchmark, and it's only a matter of time before it surpasses it. Putin's comments didn't help.
The Ledger Nano 5 is currently #8 on Amazon's best seller list for computer & accessories department. Cha-ching.
Coin to Watch
The market looks strong today! Bitcoin and altcoins are up, but if you're feeling adventurous, BitConnect (BCC) is climbing fast today.
Seems about right. pic.twitter.com/cxd0c9DLfn
— CryptoChrisG (@CryptoChrisG) October 11, 2017