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Charlie Lee Vs Roger Ver, on the term: Bitcoin Cash

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Roger Ver bantered with Charlie Lee, the maker of Litecoin about Lee's explanation behind not considering Bitcoin Cash as the real Bitcoin.

As of late, Roger Ver, Chief Executive Office of Bitcoin.com bantered with Charlie Lee, the maker of Litecoin [LTC] about Charlie Lee’s explanation behind not considering Bitcoin Cash as the real Bitcoin.

Charlie Lee uncovered that he doesn’t like the term ‘Bitcoin Cash‘ due to the confusion it makes in the community, with a few people alluding to it as the first Bitcoin [BTC]. He stated:

“For language, confusion is bad. If a merchant says I said Bitcoin and the person buying whatever product says, you said Bitcoin Cash and the merchant will be like, I said Bitcoin and Cash. Is that what you mean? And then it gets confusing. And if the sender sends Bitcoin Cash, the merchant didn’t get it because he only accepts Bitcoin. It’s just not good for communication.”

Charlie Lee further included that an individual from the community recommended to term Bitcoin Cash as ‘BCash’ due to the confusion. This was trailed by Roger Ver guaranteeing that changing in terminology was a “deliberate online networking control crusade”.  Roger Ver kept on saying that the Bitcoin community purposely registered Bitcoin Cash as BCash on Reddit, Twitter, and other platforms.

Roger Ver stated:

“It was an intentional effort to have the name of Bitcoin Cash become BCash and to steer all people that were looking into that particular fork or that particular version of Bitcoin.”

In light of this announcement, Charlie Lee talked about Bitcoin.com endeavoring to proliferate Bitcoin Cash as Bitcoin. He stated:

“On the other side, there is a campaign to steer Bitcoin Cash to Bitcoin. And to confuse people to saying, from Bitcoin.com to saying Bitcoin Cash is Bitcoin. From Bitcoin’s Twitter account to saying Bitcoin Cash is Bitcoin”

Roger Ver reacted by saying that he isn’t associated with the Bitcoin Twitter handle. He proceeded to state that the community on the internet trust that he is associated with the account regardless of him not owning or paying for the account. This was trailed by Charlie Lee expressing that he doesn’t trust that Roger Ver is associated with the Twitter account.

Roger Ver additionally solicited Charlie Lee’s definition from Bitcoin, to which he expressed that it was “what most of the general population” thought. He additionally expounded by giving a case of word ‘Crypto’ and how it was called cryptography preceding the landing of cryptocurrency. As indicated by Charlie Lee, time changes a considerable measure of things and it was critical to pursue the agreement. He included:

“So if you stick to the old definition of crypto, you can confuse people and that’s not good. So, if Bitcoin Cash eventually does become Bitcoin then everyone will call that Bitcoin and not Bitcoin Cash.”

As per Roger Ver, the genuine Bitcoin was the one that fulfilled the hidden major characteristics which were said in the Bitcoin whitepaper. The major characteristics were: P2P Electronic Cash Framework, Low Expenses, Quick Installments, Solid Installments, On Chain Scaling, Non-Reversible Installments, Chain of computerized marks, Operation Codes Empowered, SHA-256. Roger Ver expressed that Bitcoin [BTC] neglected to fulfill eight of these criteria, though Bitcoin Cash [BCH] neglected to fulfill one criterion.

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Bitcoin Core Client Controvercy, BitMEX vs Bitcoin Core Client

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The Bitcoin Core client has always been in the news for its controversies or bottlenecks. Therefore, it is a fantastic step taken by Bitmex.

Why do we need updates concerning Bitcoin clients?

Bitcoin has many controversies revolving around it, and so does Bitcoin Core Client. However, history has been evident that the one which is the most valuable is also the most controversial one. To keep up with the changing times, many upgradations have been done to the Bitcoin skeleton. Many updates regarding the Bitcoin transactions. size of the Bitcoin blocks etc, to keep the Bitcoin network viable enough to be used.

 

What is Bitcoin Core client?

A Bitcoin client is a node which is required by every user who wishes to join the Bitcoin network. He or she is enabled to initiate transactions on the network as the client provides a Bitcoin wallet. There are various versions of Bitcoin clients which have been developed until now, and Bitcoin Core is the third in the list. Initially designed by Wladimir van der Laan, it requires the availability of the entire Bitcoin ledger to use its services which approximately accounts to 155 GB. However, this particular Bitcoin client has been under constant controversies for various reasons, since its inception.

 

Hardships faced by the Bitcoin Core client

Bitcoin core client was initially known as just Bitcoin. To avoid confusion, its developer decided to rename it as Bitcoin Core, but he faced a lot of criticism as people believed that this was against the idea of decentralization. Nevertheless, many Bitcoin enthusiasts supported the idea. Although Bitcoin Core governs the consensus rules of the Bitcoin network, it is not as powerful as it seems. One can very quickly shift to other Bitcoin repositories if the client becomes inefficient. This was evident when many Bitcoin enthusiasts, slipped from Bitcoin Core to Bitcoin UASF, in 2017 during the block size war.

 

Bitcoin Bitmex Research to dethrone Bitcoin core client

Bitmex has come up with a unique idea of initiating a dedicated Bitcoin client to compete with the Bitcoin Core. In their official blog post, the company also explicitly mentioned that it was solely doing it to eradicate the belief from the minds of people that Bitcoin Core controls the Bitcoin network. Specifically, it is a soft fork of the Bitcoin Core implementation. Therefore, the users need not worry about, the Bitcoin Core getting tampered, as subsequent improvements can be initiated with the new Bitcoin Bitmex research. Bitcoin Core client was considered as an excellent influencing authority which controls the market price of Bitcoin, but it is the end users to manage the Bitcoin network as designed by Satoshi Nakamoto.  

 

Lethargic attitude of developers of the Bitcoin Core client

The Bitcoin Core client is highly inefficient as the network requires the synchronization of the entire blockchain, which is enormous. Therefore, many users have been complaining in this particular regard, as it took some of them, days together to complete the process. More recently in September 2018, the Bitcoin Core client was once again in the LimeLight for it’s a critical bug which was discovered two years back, in November 2016. The problem was so delicate that would have led to a complete crash of a particular node if left unchanged. The developers took the matter seriously only now, and have updated the version by fixing the bug, from versions 0.14 to 0.16.3.

 

Bitcoin Bitmex research would be there to serve people

The Bitcoin Core client has always been in the news for its controversies or bottlenecks. Therefore, it is a fantastic step taken by Bitmex which has recently announced to release a dedicated client, Bitcoin Bitmex Research. This would be a great sigh of relief, as the customers would be less vulnerable to illicit activities that happen in the Crypto space leading to the losses of funds. Therefore, for the people who are looking forward to the Bitcoin Bitmex research client, some amount of patience is inevitable, as developers are still in the process of developing it.  

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Mt Gox Deadline Chaos: Users taking flights to Tokyo for refunds

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The biggest civil rehabilitation in history: Mt Gox is presently to begin tomorrow after the deadline for filing civil rehabilitation claims passes.

Mt Gox Civil Rehabilitation

The biggest civil rehabilitation in history: Mt Gox is presently to begin tomorrow after the October 22nd deadline for filing civil rehabilitation claims passes.

The process has been somewhat tumultuous. After filing for insolvency claims in 2015, numerous through Kraken, they are currently being asked to file again for civil rehabilitation.

The Issue with the refund process

The problem is these year old events have been forgotten by most. Online logins and passwords are not remembered. Few even know exactly what online logging, the one for Mt Gox, the one for the insolvency claim, or something else.

Plenty of people have been forced to file by post because, for reasons unknown, you can not e-mail the PDF application to the now revived [email protected]. So a surge is on for some and this is transforming into a nightmare for some people.

People are advised to not go in person because imagine if thousands of people suddenly appear at the Mt Gox offices in Tokyo to put their paper application through the letterbox. Yet Nobuaki Kobayashi, the Mt Gox Rehabilitation Trustee, says in an email:

“On the off chance that you file a proof of claim by the Offline Method, please make sure that the proof of rehabilitation claim must be received by the Office of the Rehabilitation Trustee before the end of the period for filing rehabilitation claims (i.e., no later than October 22, 2018 (Japan time).”

 

What is the Process

A simple reading of that suggests the post needs to arrive at their offices by circa 5 PM Japan time on the 22nd of October. The same number of applications are made from everywhere throughout the world, however, it may be very hard to guarantee a delivery by that day.

Logically you’d figure they will consider all applications dated prior to October 22nd as having been filed inside the deadline, yet sometimes logic and law don’t fit, so bureaucracy may get in transit.

In that case, it might be that all post that was received after the 22nd may have to re-file again through a late claims process. In spite of the fact that who knows, perhaps the presence of mind will prevail.

Once every one of these applications is made and processed, Kobayashi will then have to distribute to tens of thousands of goxers $1.5 billion worth of dollars and crypto, with $500 million of it in fiat and about $1 billion of it in 140,000 BTC and 140,000 BCH.

 

Kraken comes into the picture

It is probably every one of these funds will be distributed through Kraken, meaning that all goxers may have to join with them on the off chance that they haven’t done so already. Kraken stated:

“We are working with the rehabilitation Trustee to provide payout support for Kraken clients. On October 5, 2018, Kraken executed a memorandum agreement with the rehabilitation Trustee regarding future support from Kraken. However, the details of Kraken’s support have not yet been determined.”

How quick they move currently remains to be seen, yet nearly five years since liquidation was declared, this case may have now reached the stage where just last touches are needed for circulation.

 

The Scenario

Kobayashi has sold $500 million worth of BTC and BCH. That is the fiat value measure of all cryptos and fiat holdings on MT Gox at the time of liquidation with one BTC fixed at a price of circa $400.

In other words, if Mt Gox had not been bankrupt at that time, it would have needed just $500 million to pay every one of its customers all they were due.

That means $1 billion is in profits. That has been retained in BTC and BCH, with individuals free to choose whether they need it back in crypto or in fiat.

Then there’s another $250 million worth of bitcoin and bitcoin cash which has been converted into fiat and is kind of ring-fenced to cover claims or counterclaims Mt Gox had with other businesses that are disputed and are kind of unrelated to the insolvency.

So everything is at long last in place now for this $1.5 billion to be given back. When remains to be seen. This year looks unlikely as they make last preparations, yet around the beginning of 2019 may seem probable.

How the market would be affected remains to be seen. Most have completely written off these Mt Gox holdings, yet now that it would appear that they may really receive 3x the fiat sum they thought they lost, some may get excited and should seriously think about it as a nice reward.

What they will do with it nobody knows. There are some 10,000 individuals involved, so some may need the fiat, some may keep on holding. Some who receive fiat may transform it into crypto.

Making it perhaps a cheerful ending to a terrible series of events as now after years of forced holdings many are in profit and by quite a bit.

So bringing up that issue again of whether history will consider MT Gox as the devil, or perhaps after all as the angel that bootstrapped the bitcoin economy when few were eager to do as such or to keep doing as such for whatever length of time that they did.

Something which may depend on how this dispersion progresses, with a considerable lot of an entire generation presently experiencing a genuinely unique process that makes this whole crypto scene simply that bit more exciting.

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#Bitcoin Cash Price Analysis

BCH Price Analysis: Bitcoin Cash Declining Further 21 Oct

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BCH Key Focuses

  • BCH price declined forcefully, however it discovered support close to the $420 level against the US Dollar.
  • There was a break over a noteworthy bearish pattern line with resistance at $435 on the 4-hours graph of the BCH/USD pair (information feed from Kraken).
  • The pair may well keep on moving higher once there is a break over the $450 resistance.

BCH price is set well over the $420 support against the US Dollar. BCH/USD could quicken over the $450 and $460 resistances in the close term.

 

BCH Price Analysis

This previous week, there were misfortunes noted beneath the $450 support level in BCH price against the US Dollar. The BCH/USD pair declined and even broke the $440 support. It exchanged near the $420 support zone where purchasers developed. There was a solid purchasing enthusiasm close to the $420 level and later BCH price began a good recuperation. It moved over the half Lie retracement level of the ongoing slide from the $458 high to $423 low.

All the more imperatively, there was a break over a noteworthy bearish pattern line with resistance at $435 on the 4-hours graph of the BCH/USD pair. The pair moved over the $440 resistance also, yet it is as yet exchanging admirably beneath the 100 basic moving normal (4-hours). The current wave is confronting obstacles close to the $450 resistance (the past support). Besides, the 76.4% Lie retracement level of the ongoing slide from the $458 high to $423 low is additionally going about as a solid resistance.

 

BCHUSD Price Chart 21 October

BCHUSD Price Chart 21 October

 

Taking a gander at the diagram, BCH price must break the $450 resistance level to enter a bullish zone. The following significant obstacles for purchasers are close to the $460 and $475 levels. The fundamental support on the drawback is at $420.

 

Taking a gander at the specialized pointers:

4-hours MACD – The MACD for BCH/USD is marginally in the bullish zone.

4-hours RSI (Relative Strength File) – The RSI for BTC/USD is well over the 50 level.

Real Support Level – $420

Real Resistance Level – $450

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