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Well-known developer explained why Bitcoin hard fork is unacceptable for protection against “51% attack”

Bitcoin Core developer Gregory Maxwell said that people calling for a bitcoin hard fork to provide protection against a “51% attack” demonstrate a fundamental misunderstanding of the first cryptocurrency. Greg Maxwell responds to the question: “Why not hard-fork Bitcoin to make it less vulnerable to 51% attacks?” (HT @AlyseKilleen) pic.twitter.com/k9yb9KBc9I – Tuur Demeester (@TuurDemeester) October 6, 2019 He explained , Oh really […]

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Bitcoin Core developer Gregory Maxwell said that people calling for a bitcoin hard fork to provide protection against a “51% attack” demonstrate a fundamental misunderstanding of the first cryptocurrency.

He explained that truly decentralized systems use public voting to combat the problem of duplication (re-spending). At the same time, one cannot simply gather the participants of such a network for the election process, since this requires centralization.

Bitcoin uses voting by computing power, the results of which can be verified without third parties.

“When people talk about a 51% attack, they mean falsifying this vote by changing the generally accepted transaction history. But the fact is that a mechanism that will allow you to limit the ability of one subject to get too much power will almost certainly allow you to completely abandon mining , ”Maxwell emphasized.

In his opinion, today all known methods of abandoning mining involve centralization or hidden centralization.

“People are obsessed with this attack, they launched mysteries around it. If you are worried that someone will rewrite transactions, then you just need more confirmations in order to consider your transaction completed, ” he concluded.

Maxwell is convinced that the real threat to Bitcoin is that people can stop defending decentralization because of misunderstanding.

“The ability of systems with fake decentralization to change the rules without the consent of users scares me much more than the likelihood of an expensive attack for theft.”

Recall that earlier Maxwell criticized Vitalik Buterin for supporting “rescue hard forks”.

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Institutionals bet on bitcoin growth, positions on BTC futures doubled

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One of the indicators that signal a possible change in the price of bitcoin is the number of open futures positions on the Chicago SME exchange.

In October 2019, institutional investors doubled the cost of long positions in BTC futures contracts , the Cointelegraph reports.

Institutional Investors Interested in BTC

According to a study conducted by analysts on October 22, the estimated value of the long positions of institutional investors rose to a value above 1000 bitcoins, compared with data on October 1, when this value fell below 500 BTC.

Data on long-term futures on the CME exchange indicate a turning point in the downward interest of the institutional, outlined in September 2019. The sharp collapse coincided with the launch date of physically delivered bitcoin futures from the Bakkt platform , when interest fell from 1300 VTC to below 500 bitcoins.

Analysts at Skew Markets have additionally indicated that institutional investors include:

"… pension funds, insurance companies, mutual funds and investment portfolio managers."

Such analytical data may indicate the continuing desire of large investors to enter the cryptocurrency market.

Recall, the head of CFTC believes that next year, the market may begin to trade futures on Ethereum (ETH) . He also noted that in addition to Bitcoin and Ethereum, other cryptocurrencies can also be classified as goods.

Publication date 10/23/2019
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Tim Draper believes that Ripple coin is preparing for a sharp increase in

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The investor, Bitcoin bull Tim Draper, believes that the current situation in the Ripple market can be called the “calm before the storm” – in his opinion, in the near future, the XRP rate may suffer explosive growth.

During his communication with the participants of the crypto market at the Quora forum, Draper noted that, given the three-fold increase in the Bitcoin exchange rate over the past 5 months, it can be expected that the Ripple coin will also demonstrate similar behavior.

According to the investor, the price of XRP should have already increased to about $ 0.6 or $ 0.9, taking into account all the latest developments of the project and the conclusion of new partnerships. Draper drew attention to the fact that the project is constantly improving its technology for cross-border payments. Moreover, Ripple belongs to the largest SBI corporation, which includes such a serious company as R3. So, according to the investor, everything indicates that now there is only a “calm before the storm”, that is, a calm before the explosive increase in the value of the coin.

Meanwhile, Ripple is developing further. On the eve it became known about the intention of the project to expand its presence in Washington. Brad Garlinhouse, CEO of Ripple, noted that this step will allow the company to be closer to regulators, to train them on the principle of operation of blockchain technology and cryptocurrencies.

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Opera became the first browser in which the built-in bitcoin-wallet

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Opera web browser developers have added support for TRON bitcoin payments and cryptocurrencies to their application for Android devices, CoinDesk writes.

From now on, Opera users will be able to make payments in Bitcoin (BTC) directly from the digital wallet built into the application and interact with decentralized applications on the TRON network. According to the company, these features can help attract new holders to its cryptocurrencies from its database of 300 million users.

“Most people heard about Bitcoin, and we decided to add its support, as well as introduce a wider group of users to this function ,” said Charles Hamel, head of cryptocurrency business at Opera.

In July 2018, an Ethereum wallet was added to the Opera app for Android. The company explained this decision by its desire to contribute to the development of Web 3.0 and implement the vision of creating a decentralized Internet of the future on the blockchain. Later, the release of a cryptocurrency- oriented browser for iOS and a desktop version with support for a digital wallet took place.

Hamel claims that Opera applications are already optimized for working with Web 3.0, however, the integration of bitcoin required additional resources due to the differences of the first cryptocurrency.

“Bitcoin is a completely different phenomenon, which requires its own infrastructure and has a payment-oriented application scenario,” he added.

Publication date 10/23/2019
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Name Price24H (%)
Bitcoin (BTC)
$7,492.09
-8.77%
Ethereum (ETH)
$158.71
-8.12%
XRP (XRP)
$0.271271
-7.64%
Bitcoin Cash (BCH)
$207.84
-9.44%
EOS (EOS)
$2.72
-7.33%
Stellar (XLM)
$0.059656
-6.30%
Litecoin (LTC)
$48.98
-9.90%
Cardano (ADA)
$0.036390
-7.78%
Tether (USDT)
$1.00
-0.23%
Monero (XMR)
$53.35
-8.18%
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