The latest Armor Black Market Report reveals that Bitcoin to cash conversion is the newest scheme gaining traction in the current dark web portals. Bitcoin’s illicit exploitation by dark web criminals comes as no surprise, and many of us have already run into those suspicious emails that lure us into the world of illegal digital […]
A new Bitcoin to cash conversion scheme gains ground in dark web
Bitcoin payments leveraging SegWit hit an all-time high of 50.47% on September 15th. The Segregated Witness aka SegWit protocol was developed by Pieter Wiulle in December 2015, separates [or segregates] the digital signatures from the transactions to reduce processing fees and time for Bitcoin to solve the scalability issue. For the most part of 2018 […]
Bitcoin transactions leveraging SegWit hit an all-time high
Canadian Bitcoin Exchange, Bitcoin bull, has decided to join Blockstreams‘ Liquid Network. The Liquid Network is a second layer of built on Bitcoin which aims to establish interconnectivity between crypto exchanges. Francis Pouliot, the Founder, and CEO of Bitcoin Bull tweeted, We decided to become a Liquid federation member to facilitate integration of @Blockstream. Elements Sidechain […]
Canadian Bitcoin Company Joins Inter-Exchange Network of 2 Minute BTC Transactions
Ethereum network is seeing record-high due to the presence of smart contracts. This means that the network has evolved from just being a platform for ETH transactions to something much greater. Ethereum Smart Contracts: Burning too much gas? The most active smart contract on the network is an Ethereum-based Ponzi scheme. The contract has been […]
Smart contracts ensure high Ethereum demand despite low ETH transactions
In the crypto community, there is a debate going on regarding the Bitcoin block size limit. And the community stands divided both in favor and against bigger sizes. Some are totally in favor of larger blocks due to the perks that come along with it, such as less crowding and faster transactions. While some don’t […]
Bitcoin block size limit debate: An overview
Since the Bitcoin Cash upgrade in May 2018, software developers have unleashed a slew of microblogging protocols that utilize OP_return transactions. One application called Member is a BCH-based browser that makes use of these types of transactions and the extra space added to the data carrier size. While still in its infancy, the Member platform has matured into a censorship-resistant Reddit but with geolocated posts, reputational ratings, and native BCH tipping.
Years ago, Reddit was an interesting online place that allowed many groups to connect, share news and content, and discuss in a forum-like atmosphere. These days, Reddit is synonymous with mass censorship and deplatforming as the corporate entity has banned a variety of subreddits this year. The crypto community caught wind of Reddit censorship last year when the company removed the subreddit /r/darknetmarkets. Reddit users can’t even trust the company’s founder and CEO Steve Huffman who was forced to apologize when he got caught altering pro-Trump related thread comments.
Bitcoin supporters have seen severe forms of censorship on the subreddit /r/bitcoin as the owner and moderator Theymos and his minions deleted thousands of comments from visitors and suppressed the conversation during the block size debate. Last May, a former moderator who worked alongside Theymos told Bitcoin.com’s podcast host Matt Aaron how he was removed from the group of administrators after he failed to toe the line. Censorship like this has driven the BCH community to foster censorship-resistant microblogging communities like Memo. In tandem with Memo, another application called Member could push the Reddit-like forum concept to new heights using the BCH chain.
Member has been around for some time now but the application has matured a great deal since news.Bitcoin.com reported on it last year. The application’s creator, a developer called Freetrade, describes the platform on Github, calling it a BCH blockchain browser. “It reads and allows users to create actions in the Memo/Member protocol — The client is an HTML5/JS BCH blockchain browser app with no outside js dependencies and it can be run from a website, or from a local file system,” Freetrade’s Github repo details. “Currently it connects to the Member server to get content, and uses Bitbox to get utxos and broadcast transactions.”
Getting Acquainted With the Member App
In order to use Member, you need to have an account with the social network and microblogging app memo.cash where all posts are permanently recorded to the Bitcoin Cash chain. You can sign up for Memo here and it’s a good idea to fund your Memo wallet with a small fraction of BCH so you can post on memo.cash and the Member platform as well. To access Member, go to the website and press the “Login” tab at the top right side of the screen. You can also sign up directly from the Member Login page by pressing the “Create New Account” tab.
Member will tell you to connect your wallet address to get started so you can post. After pressing “Ok,” Member will direct you to a page that shows your new BCH address so you can send a small fraction of funds. If you already have an account or started by signing up for memo.cash using the link mentioned above then Member asks you to paste your Memo private key (compressed WIF format, starts with ‘L’ or ‘K’) into the Login window. After these steps are complete, you are free to explore the Member app but also to create posts, upvote, tip people BCH, and initiate a geolocated post.
To create a new post on Member, simply press the “New post” tab on the upper left side of the user interface. The platform will open a window that allows you to customize a new post with a title and text. You can also post a memorandum or post directly to the memo.cash feed. After creating a post, other Member users can reply to the thread just like a traditional Reddit post and they can “like” the post as well. Moreover, you can be tipped bitcoin cash as Member offers a native BCH wallet that allows for tipping users. If you observe Member’s main feed, it’s set up similarly to the front page of Reddit and there’s a large variety of threads and discussions hosted on the feed. Additionally, you can check the most recent posts on the Member feed by pressing the “Posts (new)” tab on the upper left side of the screen.
Geolocated Posts, 2,000 Characters, and a Reputation System
You can also tether your location coordinates to a custom message using the Member app. At the top left side of the screen simply press the “Map” tab and the website will take you to a map of the world. Like a traditional geolocation map, your browser will ask you if you want to give the Member map your location coordinates so you can get a visual look at your area. The choice is optional but if you do, you can tie a special message to your location that’s written on the BCH chain. Essentially you or anyone can tether a message to any location in the world for less than a U.S. penny at any time. Just click the map with your mouse pointer to select the message location, write it and post it to the Member map. After a few minutes of exploring the Member app’s features, the platform is relatively easy to understand and use.
Member’s creator Freetrade has been hard at work adding more services to the application like reputational ratings and increased character limits for messages. The software engineer recently made it so Member users can reply with much longer character limits. “Member now allows 2,000 character replies by chaining transactions together — Member also treats topics more like subreddits,” Freetrade toldBCH supporters on September 15. This announcement got the /r/btc community on Reddit pumped due to their intolerance of censorship. “Wow, now we’re talking,” a BCH proponent opined after Freetrade revealed the 2,000 character extension. “Reddit is slowly dying because of censorship and abuse from admins — If we could create a decentralized alternative on BCH that would be huge,” he added. In addition to the character extension, Freetrade has introduced a web of trust infrastructure to the Member platform. The new idea allows you to rate other Memo profiles using the Member app by giving them a public trust rating. Freetrade has shown that as the reputation system matures, robust trust graphs could be created.
There’s been a lot of development within the BCH ecosystem and Member’s improvements have bolstered a microblogging and censorship-resistant Reddit-like experience. As with most peer-to-peer and decentralized blockchain applications, Member needs to gather more users over time. Memo and Member have seen a lot of lively users since they were created and both have grown a great deal. While projects like Blockpress have fallen to the wayside and are now defunct, the Memo and Member apps have remained strong after the long crypto winter and the blockchain split in November 2018. One difference between the two clients is the Memo protocol browses both BCH and BSV blockchains but the Member app only browses the BCH chain. Freetrade continues to work on making the Member client more robust and has put together a list of certain elements of the project he could use help with.
What do you think about the Member client? Let us know what you think about this project in the comments section below.
Image credits: Shutterstock, Member, and Pixabay.
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Bitcoin whales have the power to move the markets. As per research conducted by Diar this time last year, more than 55% of the world’s circulating supply of Bitcoin was controlled by less than 1% of all BTC wallets.
That means that a very small amount of people have a very large influence on what happens to BTC’s price.
But as one user pointed out on Reddit earlier, the number of bitcoins needed to be a BTC whale may change significantly over time.
How Many Bitcoins Make a Whale?
The Reddit user wrote:
10 years ago if you had 10,000 Bitcoin you’re not a whale. You’re merely a pizza eater. Today I believe hodling 1,000 BTC (maybe even less?) would make you a whale. Is there a future ahead where 100 BTC qualifies you as a whale? 10 BTC? Even one single coin?
It’s certainly an interesting question which, naturally, sparked a host of interesting answers.
Some people believe that, in the future, to be a Bitcoin whale, you’ll only need to own 0.28 BTC. Others disagreed, arguing that you’ll still need around the same amount as now.
Why? Because the ability to move the market has “nothing to do” with the USD value but the percentage of the total supply you have.
This may not be the case, however, according to some. After all, they argue that your ability to influence the market is not relative to how much BTC you hold but “the total amount of available liquidity on the markets.”
This means that as more individuals hold bitcoin, there will be less liquidity and smaller amounts of BTC will yield more influence.
The Community Is Undecided
It seems that the Bitcoin community doesn’t have a clear answer to the Redditor’s question of how much BTC you’ll need to be a Bitcoin whale in the future.
The debate raged on inconclusively with others pointing out that, while 10K BTC may make a movement if you moved it all; you would cease to be a whale immediately after.
Moreover, while 1 BTC may be extremely valuable in the future, it will never have the power to move the market since 1/21,000,000 is basically “peanuts.”
How many bitcoins will one need to have to become a whale? In the future? Share your thoughts in the comments below.
Images via Bitcoinist Image Library, Twitter: @whale_alert
The ethereum network is facing unprecedented demand, but it is now used for much more than “merely” transferring ETH tokens. A large part of that demand is due to the activity of smart contracts.
Smart Contracts Take Over Network Usage
The most activesmart contract on the ethereum network as of September 15, 2019, is that of a growing ethereum-based Ponzi scheme. The contract took the lead in the past few days, as social media users noted. The scheme is gathering speed, with more users sending in ETH for a short opportunity window for high returns.
The Tether contract habitually burns up around 30% of all gas on the ethereum network, taking up more computational power than even the most active distributed apps. A usage rate of more than 30% is very rare and usually means the network is overloaded, with higher transaction prices. In the past month, the fees to send ETH, or use the ethereum network, have crept upward, to an average of $0.27.
This price is still relatively low, but the Tether smart contract means some users may have to wait for their transactions to be included in a block. The ethereum network’s strength is also its chief weakness. The Ethereum Virtual Machine is a distributed computer which works on an open market principle. This means anyone that can pay for computation can use the network, regardless of the project’s nature.
Games, Gambling and Tether Overload Ethereum
Ethereum is truly censorship-free. This means any ETH-rich entity can pay for the gas. In the case of the Ponzi scheme, the constant inflows of ETH mean the project has no issues paying for fast computation. So-called lottery FOMO games can also take over the network within days. The presence of a highly active smart contract also hampers the works of smaller distributed apps and discourages developers to launch their projects. Some games may see the price of playing increase significantly due to the presence of big “gas guzzlers”.
The fact that most transactions on the ethereum network do not carry ETH also shows that the token itself is mostly parked on exchanges or held in storage. ETH tokens are used for utility, to pay for transaction fees, but also for speculative trading.
Monero price has been highly fluctuating between in a small range. On September 13, XMR was near the seventy-seven dollars mark ($77) and missed it by just a little. The bulls soon ran out of steam and hence the price action converged around the seventy-four dollars ($74.425) mark before it went for a dip in […]
Monero price analysis: XMR dips are a means for rebound