BitPay Backpedals on Payment Limits

Online Bitcoin payments provider BitPay announced last week that the minimum accepted payment would be $100. This was in response to escalating Bitcoin transaction fees during the big sell off. However, just two days later, the provider backpedaled to restore the previous minimum of $5.


Last week saw Bitcoin’s biggest selloff this year, even bigger than the Chinese ICO ban in September. The crypto coin dumped 40% of its value in a matter of days, and the digital avalanche took most of the altcoins with it. When mass selling occurs, the exchanges get overwhelmed and transaction speeds grind seemingly to a halt. Conversely, the cost of sending or receiving Bitcoin escalates.

BitPay Responds

According to reports, the initial decision was explained on BitPay’s blog:

The Bitcoin network has been seeing record transaction volume in the last few weeks. This growth has also led to record network congestion and record-high bitcoin miner fees. Bitcoin miner fees are now more than $30 per transaction on average. To protect purchasers and to continue to offer service for Bitcoin payments, we are now requiring a new invoice minimum payment amount of $100 on all BitPay invoices.

Frustration reigned as traders tried to sell off their Bitcoin amid a market slide. However, the ‘hodlers’ were the victors as the coin has since rebounded back up to $15,000.

Backtracking

As the markets settled, the payments provider retracted the limit, returning it to its previous level of $5. In an updated post on Saturday, it stated that payment protocol improvements facilitated the implementation of the lower limit:

Our recent Payment Protocol improvements to the BitPay payment experience have effectively eliminated these payment mistakes. This has allowed us to make $5 or greater invoices available once again. Many invoice payments under $100 may still be uneconomical for bitcoin purchasers due to high bitcoin network fees. However, they again have the option to send these smaller payments if they choose.

To lower costs even further, BitPay is working towards implementing SegWit to their network:

We will be working in the coming months to implement Segregated Witness (Segwit) in various parts of our platform. Segregated Witness reduces the size of bitcoin transactions, allowing for an average bitcoin miner fee reduction of over 40%.

Users are urging the rapid implementation for fee reduction, but BitPay has still not made the change four months after it has been activated on the Bitcoin network.

Are you a BitPay user? Were you impacted by the $100 minimum that was in place for two days? Share your thoughts in the comments below. 


Images courtesy of PublicDomainPictures, Pixabay, and Bitcoinist archives.

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Source: bitcoinist
BitPay Backpedals on Payment Limits

Apple Self-Driving Car Patent Points To “Characterizations” Of Roads Already Traveled On

New details regarding Apple’s efforts in autonomous car technology were revealed in a patent published this week, spotted by Autoblog. The patent, called “Autonomous Navigation System,” was filed by Apple in 2015, about a year after the company reportedly started working on self-driving technology. The paperwork filed with the U.S. Patent and Trademark Office details […]
Source: bitcoinwarrior
Apple Self-Driving Car Patent Points To “Characterizations” Of Roads Already Traveled On

Classic Mainstream Media Clickbait Scare Resurfaces: ”Chinese Government Can Take Over Bitcoin”

Another Mainstream Media Clickbait Scare: ”Chinese Government Can Take Over Bitcoin”

The latest story (again) on mainstream media meant to scare away uninformed people from using bitcoin is about the possibility of China taking over the cryptocurrency. This particular FUD (fear, uncertainty and doubt) meme was also publicized widely in 2015 and 2016.

Also Read: The Psychology of the Cryptocurrency FOMO-FUD Cycle Has Been Weaponized

Scare Tactics

Another Mainstream Media Clickbait Scare: ”Chinese Government Can Take Over Bitcoin”After a flood of articles about how bitcoin mining is about to consume all power sources on the face of the Earth in just a few years, leading to an unstoppable environmental catastrophe, a new attempt to gin up paranoia against the cryptocurrency resurfaces. The issue we should all be scared of now is the Chinese government taking control of bitcoin.

The article “Bitcoin at risk of Chinese sabotage” first appeared on the UK’s Sunday Telegraph and has already been republished by a number of English language newspapers as far away as Australian and New Zealand. As these type of stories get propagated, it should soon be translated into many more languages by local media partners and republished in many more regions of the world in the coming days.

Hashing Super Power

Red Scare: Chinese Government Can Take Over BitcoinThe source for the scary claim behind the headlines is a report from bitcoin “security researchers.” Two minutes of googling by the newspaper writers would have found that the couple of university students that they rely on are peddling their own security ICOs at the moment, and that the concentration of hashing power in China is a well known issue, and that the information cited is widely available without their help.

Other than saying that the Chinese government can use its power over the miners to sabotage the Bitcoin network, the article fails to add anything new to the discussion. They even don’t mention how China tried to ban or kill bitcoin many times before, and always fail, or how the cryptocurrency is inherently designed to go around government attempts to control it. They do acknowledge that technical solutions against this eventuality exist, while others are still being developed, but say that a mere attempted attack by China can cause an irreparable loss of faith in bitcoin.

The real take away from this story is that, if you want to promote yourself as an expert on bitcoin or cyber security at the moment, all you need to do is throw the media some red meat.

Should we fear the government of China taking over bitcoin? Let us know in the comments section below.


Images courtesy of Shutterstock.


Do you like to research and read about Bitcoin technology? Check out Bitcoin.com’s Wiki page for an in-depth look at Bitcoin’s innovative technology and interesting history.

The post Classic Mainstream Media Clickbait Scare Resurfaces: ”Chinese Government Can Take Over Bitcoin” appeared first on Bitcoin News.


Source: bitcoin.com
Classic Mainstream Media Clickbait Scare Resurfaces: ”Chinese Government Can Take Over Bitcoin”

Chinese Programmer Arrested Over ¥20 Million Bitcoin Theft

Chinese Programmer Arrested Over ¥20 Million Bitcoin Theft

The news channel of China Central Television, CCTV13, reported this weekend that the Zhongyuan Oil Field Public Security Bureau of Henan Province (Henan Police) has been investigating a report filed by a bitcoin investor alleging that funds were stolen from his bitcoin wallet. 

Also Read: Securities Lawyers Say Barry Silbert Tweets Are Red Flags for Regulators

188 BTC Gone

Chinese Programmer Arrested Over ¥20 Million Bitcoin Theft

According to an incident report filed on July 27, a Henan resident surnamed Wu stated that he lost 188.31 bitcoins, valued at over 3.4 million CNY at the time. Wu is said to be a professional investor who stepped into the new digital currency world in 2016. In early 2017, he was invited into a group of bitcoiners on Wechat, a popular Chinese messenger app.

Wu told the police that the group’s moderator, named Dai, often shared links to news about crypto exchanges being hacked to warn group members how dangerous it is to keep coins on exchanges. Wu gradually began to show his concerns, and added Dai as a friend for the safety suggestions. That’s where his nightmare began. The moderator sent Wu an application to generate a new bitcoin wallet address. The victim downloaded the application, and transferred all of his 188.31 BTC into the new address.

Chinese Programmer Arrested Over ¥20 Million Bitcoin TheftBased on their Wechat history, Wu transferred his BTC on July 16 and only realized his loss a week later on July 26 when he returned home from a trip. Wu immediately told Dai about the incident and demanded to meet the moderator in person, but was rejected. Instead, Dai transferred ¥120,000 to console the victim:

“I feel sorry for you. After all, I recommended you the wallet. Let me pay you 120,000 yuan as a gesture of good will.”

This had prompted Wu to call police as he thought no innocent person would give such a large amount of money just to console a stranger.

Chinese Programmer Arrested Over ¥20 Million Bitcoin Theft

Arrest, Confession

The police identified group moderator Dai as a suspect when the preliminary investigation was completed. On August 9 Dai was arrested in Shanghai in cooperation with Henan authorities, with police seizing multiple laptops and 27 credit cards from his room. On one of the computers the police discovered a bitcoin wallet identical to the one downloaded by Wu.

Chinese Programmer Arrested Over ¥20 Million Bitcoin TheftDuring a police interrogation, Dai admitted his crime. It turned out that Dai was a programmer. He would crack a genuine bitcoin wallet, writing a small program that automatically transmits users’ account names and passwords. Once someone downloads and sends bitcoin into the wallet, Dai would simply transfer the assets into his own wallet, and sell them on exchanges right away. The criminal has committed three separate thefts in such a way, involving over ¥20 million (about 3 million USD). At present, the police have accessed and freezed Dai’s bank accounts with $2 million recovered.

 Bull Market = More Security Issues

Group moderator Dai will get what he deserves, but he was at least right about one thing: it is unsafe to keep coins on exchanges.

According to a post at 8btc, A crypto investor this Saturday found that he lost 38.8 LTC, 2 ETH and 2,003 USDT at Huobi.pro exchange. As if it wasn’t strange enough, the user noticed that there was no trading history on the exchange. He reached customer service and was told that it was a technical problem which should be solved in 24 hours. But the next day Huobi.pro told him it was not a technical problem and that the user himself shall bear the responsibility for the loss because he didn’t enable Google 2-step verification. Curious, because if that was the case, why was there no record of a trading history? Huobi.pro so far has replied that there would be no compensation to the client and suggested that they let police deal with the incident.

Another one of the big three exchanges, Okex, has also witnessed a couple of safety incidents one after the other since China’s ICO ban in September. China Finance Information reported that nine bitcoiners lost 600 BTC in total this October. A victim surnamed Wang lost 5 million CNY worth of BTC. He told news.bitcoin.com that it was difficult to file a police report because some police authorities think bitcoin is “unreal”, or a ponzi, and refuse to help recover something “unreal”. And when Wang turned to popular media services in the industry, they simply told the victim that they didn’t want to “mess with” OKex. As a result, he could only reach out to traditional media such as Tuoniao and Cfi.cn and ZAKER to report details of his loss.

Do you have a clue why cryptocurrency safety incidents are on the rise in China? Leave your comments below!


Images courtesy of Shutterstock, CCTV13.


Need to calculate your bitcoin holdings? Check our tools section.

The post Chinese Programmer Arrested Over ¥20 Million Bitcoin Theft appeared first on Bitcoin News.


Source: bitcoin.com
Chinese Programmer Arrested Over ¥20 Million Bitcoin Theft

PR: Segwit2x to Be Reborn in Coming Weeks Ahead

Segwit2x

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

Information about the revival of the project has been updated on the site dedicated to Bitcoin Segwit2X!

The Segwit2X hard fork was planned to be carried out in mid-November. However, futures trading is still conducted at a number of crypto-exchange markets at a price near 0.01 BTC (HitBTC). In addition to implementing Segregated Witness, our team has already implemented:

• Block size increased up to 4 mb
• The high production rate of the block is 2.5 minutes
• Unique address format
• Recalculation of complexity after each block
• Protection against repeated transactions
• Using the X11 encryption algorithm

Yet, we are not going to stop here. The following positive changes are planned, according to Roadmap:

• Offline codes
• Support for Lightning Network, instant transactions
• ZkSnark
• Ethereum smart contracts
• Anonymous Transactions

As the project CEO, Jaap Terlouw, says: “Commission and transaction speed within the Bitcoin network reached inconceivable values. In the last month, the average commission of the network was 15 US dollars! While Bitcoin turns into a digital analog of gold, it is simply impossible to use it as a payment tool.”

Our team’s plans do not include a complete replacement of the existing standard, but a peaceful existence and addition to the classic Bitcoin. During the hard fork on the block 501451 (December 28th, 2017) Bitcoin Segwit2X will not only revive itself, but it will make the network even better.

In addition, we guarantee that all BTC holders will receive, not only B2X in the ratio of 1:1, but also as a reward for your commitment to progress, the proportional number of Bitcoin of Satoshi Nakamoto who mined it in the first year of the network’s existence.

You can follow the Bitcoin Segwit2X news at: http://b2x-segwit.io and in the social channels of the project:

https://bitcointalk.org/index.php?topic=2595620
https://t.me/Segwit2_X
https://twitter.com/Segwit_2X

Contact Email Address
pr@b2x-segwit.io
Supporting Link
http://b2x-segwit.io/?utm_source=bitcoincom

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

The post PR: Segwit2x to Be Reborn in Coming Weeks Ahead appeared first on Bitcoin News.


Source: bitcoin.com
PR: Segwit2x to Be Reborn in Coming Weeks Ahead

New Evidence Emerges, Points to Possible Insider Trading at Coinbase

It was just a few days ago that news broke alleging “insider trading” after a botched Bitcoin Cash launch which saw prices spiking close to $9000. Now, new evidence has emerged appearing to bolster those allegations. Entrepreneur and cryptocurrency enthusiast Albert Renshaw is claiming that he has discovered additional evidence pointing to insider trading of Bitcoin Cash related to its recent adoption by Coinbase and their cryptocurrency exchange, GDAX. Speaking with Forbes, Renshaw states: I’ve found<br />Read More<br />The post New Evidence Emerges, Points to Possible Insider Trading at Coinbase appeared first on Bitcoinist.com.
Source: worldnewsoffice
New Evidence Emerges, Points to Possible Insider Trading at Coinbase