The price of Bitcoin was down 3.89% in the last 24 hours, with a last of 2357, a high of 2450 and a low of 2243.
Why is the price falling? We’re not entirely certain, but it may have something to do with the fact that the mainstream media is now covering the Bitcoin scaling drama. Bloomberg weighed in with the dramatic “Will bitcoin tear itself apart?” headline and an article that quotes only one side, with Jihan Wu saying that “SegWit is itself a great technology, but the reason it hasn’t taken off is because its interest doesn’t align with [the] miners,” and Bitpay CEO Stephen Pair saying “It’s moderates versus extremists.” For Pair the moderates are the ones attempting to run untested secret code developed in two weeks on the world’s most valuable open source project.
Just yesterday the BTC1 test net became stuck because too many small blocks were mined in a row without anyone mining a big block. But I’m sure that’s just moderate talk for there’s nothing to see here. Pay no attention to the man behind the curtain.
Meanwhile a shocking development from the Coinbase vs. the IRS case. Coinbase has won a significant victory! Following last week’s story that the IRS has agreed to reduce their request and to not demand passwords and security settings, they have now reduced the scope of their investigation further, now applying only to customers transacting more than $20,000, allowing most bitcoiners to breathe a sigh of relief that they won’t be audited for that one time they used bitcoin to buy something, or maybe they made $100, but forgot to note it on their taxes. Good decision by the IRS and very surprising outcome for Coinbase. Congrats to them for taking the risk and having it pay off. Now if they could just keep those servers up...
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Today is Tuesday July 11, 2017
My name is Thomas Hunt
And that’s what happened, Today in Bitcoin…
Links:
Bitcoin Price down almost 4%
http://winkdex.com/graph#?exchanges=winkdex,bitfinex,bitstamp,gemini,itbit&range=7D
Will Bitcoin Tear Itself Apart?
https://www.bloomberg.com/news/articles/2017-07-10/bitcoin-risks-splintering-as-civil-war-enters-critical-month
Testnet stuck on block 27070 #65
https://github.com/btc1/bitcoin/issues/65
IRS Blinks in Bitcoin Probe, Exempts Coinbase Transactions Under $20,000
http://fortune.com/2017/07/10/bitcoin-irs-coinbase/
This post receiver 99% upvote from @xdark21 really good job man you will be a millionaire son. Great post
wow very informative post thanks didnt even know IRS was involved