Bitmain Hard Fork

Bitmain has announced that they will sponsor a hard fork of the Bitcoin network in early August. It is supposed to go live a couple of days after the UASF (user-activated soft fork), which has an activation date of August 1st, 2017. Bitmain is known for building mining hardware and running a mining pool. They … [Read more…]

Bitcoin Fork as Upgrade Mechanism

There are lots of altcoins. Taking Litecoin as an example, an altcoin modifies the Bitcoin protocol in some way or other, starts over with a completely new ledger and a new name. In contrast, there has been no fork of the Bitcoin network until now. A fork changes some rules like an altcoin project. But … [Read more…]

The Altcoin Risk: Regulation Backlash

Bitcoin already has already grown to over $36 billion market cap at the time of this writing. It will either grow much more and become mainstream like the Internet, or fail completely. One way it might fail is aggressive regulation. If all states decide that Bitcoin needs to go, they have quite a lot of … [Read more…]

Initial Coin Offerings and Securities Law

This was the topic of a panel discussion at the recent Consensus 2017 conference. Coindesk reports in an article here. I agree with the skeptic point of view. If you are collecting money from investors, you need to follow the rules laid down in securities law. It doesn’t matter that you are collecting bitcoins instead … [Read more…]

Bundesbank Comments on Bitcoin

The German newspaper Welt cites Bundesbank leader Carl-Ludwig Thiele with some warning comments about Bitcoin. He says Bitcoin is not a good store of value. I disagree. The comment tells people to “look at a chart”. If you do that, you will see that the “safe” Euro has lost massively in value against bitcoin just about … [Read more…]

Brexit and “BUxit”

One of the proposals of scaling Bitcoin is known under the name of “Bitcoin Unlimited” (BU). The recently opened website has this to say about the conditions for activating BU: Bitcoin Unlimited has no script to create a hard fork. It just gives the stakeholders this option. How they use it is up to … [Read more…]

How Bitcoin Rule Making Does Not Work

If you are following Bitcoin, you may have heard that there are differing views on how to increase transaction capacity. I have an opinion on which of those views is preferable. I will keep said opinion to myself here, since it is not relevant for this post. Let’s call them plan A and plan B. … [Read more…]