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https://www.kucoin.com/#/?r=1geMP
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Story - INS Trading Begins On Binance
Just over a month ago I published this review an the INS Ecosystem, an ICO that was raising money to build a decentralised marketplace for groceries.
The idea is to allow manufacturers to sell direct to consumers and cut out the supermarkets acting like middlemen.
As a quick update for anyone that decided to buy into this ICO, they successfully raised 60,000 Ether and today the token has been listed on Binance.
https://coinmarketcap.com/currencies/ins-ecosystem/#markets
So here is INS Ecosystem on Coinmarketcap and on the markets tab we see the INS token trading against Bitcoin and Ethereum.
The token is currently trading for around $9.79, which is 47% higher than it’s initial price. Happy days.
Not all the ICOs I review perform like this, I know that, but I thought it was only fair to do just a brief follow up in case any of you bought into INS and were not aware of the situation now.
So do with that information what you will.
Story - Bitcoin Cash Faces It’s First Real Test
https://fork.lol/tx/txs
If we load up the site fork.lol and compare the number of transactions being broadcast on Bitcoin vs Bitcoin Cash, we see a significant increase in the number of transactions on the Bitcoin Cash network.
This has been increasing for the last 2 days.
And if we look at Coin Dance:
https://cash.coin.dance/blocks
We see a significant number of 8MB blocks being mined.
So what’s going on here?
Has the Bitcoin Cash network started reaching it’s capacity limits due to mass adoption? I don’t believe so no. It’s happened a bit too quickly for that to be the explanation.
I’ve dug around to see what’s going on and the general consensus within the Bitcoin Cash community is that this is an attack. It’s someone intentionally spamming the network.
One of the main arguments against Bitcoin Cash and it’s cheap transactions is that it also makes spam cheap.
You can spam the Bitcoin Core chain but you won’t get your transactions confirmed unless you pay several dollars per transaction.
That’s a negative for the average user but a positive in that spam is more expensive.
So anyway, here is the first real world experiment for Bitcoin Cash.
This is actually excellent news for me because I get sick of all the bravado and the rhetoric.
Now we can witness a real world experiment of how the Bitcoin Cash network handles the type of spam attack that we have seen more than once on the Bitcoin network.
https://bch.btc.com/
The Bitcoin Cash network currently has a pool of 85,000 tx waiting to confirm so stay tuned for updates.
Story - Market Roundup
Data provided by:
https://onchainfx.com
Charts provided by:
https://www.coinigy.com/?r=16171fe8
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Was interesting to hear about INS, thanks Chris! I'm now checking it out in more detail, could really be a force for good in the world
I didn’t expect that for this ico. It’s 😜
Thanks for the information on INS.
Haha, we shall see how this plays out for Bcash. BTC is been attacked constantly and always recovered. Bcash only exist for cheap transactions, so when spam will continuo they HAVE TO raise the block size again to make their shitcoin 'useful' again. Finally the spammers can drive the block size to a level where running a full node is impossible for the normal users.
If it hits 8MB on every block there is no way a normal user can afford to run a full node. I'm not going to download 1GB everyday just to support this.
That would be very costly for the "attacker" sending "spam", but you are mixing different topics here.
8MB is meant to be reached at some point, which is fine if it still works, "spam" or otherwise.
Also, normal users were never intended to run full nodes in the long run. Mark Satoshis own words. That's not the system design.
Mark Satoshi lol! I thought he was going by Satoshi Nakamoto, care to link to your quote? As many people as possible need to be able to run nodes to prevent decentralisation and the system WAS designed to account for this.
"With computer systems typically selling with 2GB of RAM as of 2008, and Moore's Law predicting current growth of 1.2GB per year, storage should not be a problem even if the block headers must be kept in memory." P4 bitcoin whitepaper
That particular quote was a quick estimation to show that it could be done by nodes at all. The fundamentals still required specialization over time. Regular users were intended to "just be users" and not run anything but simplified nodes.
Secondly it would seem growth in RAM has kept up rather nicely, just as Satoshi expected.
With the advent of fiber, perhaps to be replaced by even faster and wireless devices, (and VR enviroments boosting demand for memory), I think we can expect quite the ride in the coming years. Not that any of this means regular users should be running full nodes at this point.
Here's a quote just for the sake of providing a source for my claim Satoshi ever said such a thing. (And btw that's what he was frequently called by others, the full name was rarely used)
From the Crypto mailing list. Anything else was, in his own words, "a gentlemen's agreement".
Recovered just fine in no time.
Very nice info, thanks
What is the goal of spamming the network? Cause some sort of panic sell?
Having long confirmation times will cause frustration with the user base. It is no longer a cheap instant payment method. I think Chris mentioned a 90 min backlog - that is a long time to wait if you want to pay someone or transfer money. If you can get enough people to get frustrated and leave BCH and move to another coin, BTC, LTC, ETH, etc. then BCH will drop.
That's the plan. To show that Satoshis design "doesn't work", when in fact it does even with the "spam" so far. But hey, if it ends up becoming a big problem, Bitcoin Cash users are not actually against implementing solutions. We simply don't accept breaking the fundamental design that Satoshi started.
The 1MB blocksize limit for example, horrible as the damage became in the end, was not as horrible in pure technical terms. It could, as Satoshi explained, still be increased way ahead of time so that it never became a big issue. What really harmed the network was deciding to not do this when time came.
In fact, it would probably have been best to automate it somehow whenever possible, but at the time it was simply a bug that needed to be patched and that decision was not made. Instead Satoshi plugged the hole and didn't even tell anyone about it until he was asked.
I'm definitely also interested in seeing how the Bitcoin Cash network handles this.
There had been a lot of boasting lately on how BCH solves most of Bitcoin's scaling issues, so let's see how the network handles a spam attack like this.
It solves the big issue, which was blatant mismanagement bolstered by community manipulation. Technical limitations will only go away either with new hardware tech or optimization/noninvasive innovation in the Bitcoin BCH implementation itself.
Some people boast too much or are just looking for a fight. Can't control them. But it happens in all communities and it's a common trait of smaller ones especially, that both good and bad voices have an easier time getting heard because the smaller crowd means less social policing and less noise drowning them out.
I myself will be looking at this with keen interest to see if BCH can already deal with this type of an event, or if other measures might be useful to lessen the impact. Just as Satoshi accepted a temporary and easy to increase limit on the blocksize, there are no rules against coming up with stabilizing solutions. The only thing not permissible from this point of view is to break the fundamental design and still call it Bitcoin.
Thank Chris... great content!
Hey Chris - maybe not the best place to suggest a review of blockchain dating projects - seems like this should be a pretty big thing. After a quick review I see half a dozen current ICO contenders!
NEO is mooning so hard. I think it mostly has to do with Trinity.
Goodstuff right here, subscribed!
I'd love to hear your opinion on RaiBlocks btw
I bet we're gonna look back at these times like;
Bitcoin = Internet explorer
RaiBlocks = Firefox
Steem = Chrome
Safari = Ripple
I just read an article about Bitcoin Cash Tip Bot Tippr. This bot allows BCH micropayments on social media platforms. Maybe the huge of amount of transactions is caused by this. What are your thoughts? That’s the article https://news.bitcoin.com/bitcoin-cash-tip-bot-tippr-distributes-thousands-of-micropayments/
I'm very interested in how Bcash handles this. BTC always handles it fine. People use Bcash for transferring funds easily (cheap fees) but I'm not sure how it will handle these attacks.
Anyway, keep up the great crypto videos!
Bitcoin Cash will hopefully do just fine. As per Satoshis design. If it doesn't, we'll have to adjust without breaking it.
(BCash is actually a different payment method used in Brazil and the use of that term has simply been encouraged by r/Bitcoin redditors amongst others as an opportunistic disinformation campaign against Bitcoin Cash. The justification mostly used is that Bitcoin Cash is an attack on Bitcoin as a "brand", when Bitcoin is in fact an entire design defined by Satoshi in the white paper and explained in forum posts)
In fact, Bitcoin is an awesome coin thank you to share it among us
great info... thanks for share
I'm excited to hear your thoughts on EOS!
Chris, interested to know your thoughts on fundamentals regarding the BTC price action. My thoughts have been that given the recent increases, investors are cashing out and shifting into other assets. I also think that it could be tax selling where people with gains held the asset until 2018 to sell for a defer tax bill as well as needing to sell to get fiat to pay their taxes.
I was also just sent this