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Is Bitcoin Cash the Original Blockchain?

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Bitcoin vs. bitcoin cash

Contrary to conventional wisdom, the title of original blockchain belongs to bitcoin cash and not bitcoin, according to a recently published paper by the National Institute of Standards and Technology (NIST).

The Original Blockchain

In a 57-page draft paper published by NIST’s Computer Security Resource Center, researchers Dylan Yaga, Peter Mell, Nik Roby and Karen Scarfone argue that bitcoin cash is the original blockchain created by Satoshi Nakamoto. The paper reads:

“When SegWit was activated, it caused a hard fork, and all the mining nodes and users who did not want to change started calling the original Bitcoin blockchain Bitcoin Cash (BCC). Technically, Bitcoin is a fork and Bitcoin Cash is the original blockchain. When the hard fork occurred, people had access to the same amount of coins on Bitcoin and Bitcoin Cash.”

Interestingly, this was the only thing the researchers said on the subject, with the rest of the paper devoted to a broad overview of blockchain technology.

NIST is a non-regulatory arm of the U.S. Department of Commerce that conducts research and promotes industrial competitiveness for the world’s largest economy. The institute provides standards and measurement infrastructure that support a diverse range of industries including nanomaterials and computer chips.

Contentious Debate

Of course, not everybody agrees with NIST’s assertion that bitcoin cash is the original blockchain. After all, it was bitcoin cash and not BTC that came into existence following the highly anticipated Aug. 1 fork. The NIST’s claim that Segregated Witness  (SegWit) was implemented through a hard fork is also contentious because the protocol is still compatible with legacy bitcoin infrastructure. This would make SegWit a soft fork.

Others argue that NIST is technically correct in its claim because the bitcoin cash fork moved the blockchain back to its original path instead of the new direction set forth by the SegWit protocol. Looking at it today, bitcoin cash incorporates fewer changes than the post-SegWit bitcoin. The key point in this argument is that bitcoin and bitcoin cash both forked from the original, with BCH more closely mirroring the previous version. (Although bitcoin cash forked on Aug. 1, SegWit didn’t activate until three weeks later.)

The NIST will allow the public to comment on the paper until Feb. 23. Given the highly contentious nature of the debate, the institute will likely generate significant interest from the blockchain community.

BCH Price Levels

Bitcoin cash was among the crypto market’s top performers on Monday. The coin rose nearly 6% against the dollar to trade around $1,650.

At the time of writing, the coin was down slightly at $1,631 for a market cap of $28 billion, placing it fourth among active cryptocurrencies. Daily trade volumes exceeded $365 million, according to CoinMarketCap, with the bulk of the turnover handled by HitBTC and OKEx.

Bitcoin cash peaked above $4,000 more than one month ago, but like the broader cryptocurrency market, has struggled to regain momentum in recent weeks.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 544 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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Altcoins

Augur (REP) Backtracks to 16-Month Lows; Aurora (AOA) Falls Away

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Augur (REP) fell 24% throughout Tuesday on its way to a token valuation last seen in April of last year. Daily volumes have halved for the decentralized prediction market platform as today’s sell-off accelerates the process that began on August 7th with the Bitcoin drop-off.

Augur Backtracks to April 2017

In one of the most elongated price reversals in the market cap top one hundred, Augur has gone beyond mere yearly lows in its descent to the price of $15.16, recorded just a few hours ago. That’s down from the daily high of $19.96 recorded 24 hours ago – it has been nothing but descent for Augur since then.

The weekly numbers look no better, with 42% losses for the week. The month looks much better in comparison, with 46% losses over thirty days, thus showing the extent of just how bad this past week has been. A rebound is being attempted at the time of writing, as the price pushes back up to the $15.30 range.

Augur made a splash in the daily news cycle in recent weeks with its assassination markets – a feature open to be used, or created by any user on the Augur platform. The heat died down after the initial splash, which saw around $1.5 million worth of bets placed on various markets.

Sudden Influx From Korea

After seeing no more than a $3-$5 million daily volume for the entire week, Augur suddenly felt a sudden influx of $60 million on August 13th. The volume peaked overnight at $61 million before a massive reduction sent it back down to $27 million from which it continues to fall.

Right now, $23 million of that sum is coming from REP/KRW trades emanating from Bithumb – that’s 81.5% of the daily volume. The subsequent REP price on Bithumb has climbed as high as $167, although that price has been excluded from CMC’s readings.

Aurora Falls Off

The worst losses for the day have come from Aurora (AOA) which is down 45% at the time of writing. Aurora has been sinking all week long to the tune of 66% losses over seven days.

Aurora was listed on Kucoin in June, and has been hailed (by some) as (yet another) contender for Ethereum’s crown as king of the dApps. But besides a recently launched bug bounty program not much seems to be happening over at Aurora at the moment.

While it’s fun to speculate on why Aurora has taken the worst of the hit, it may have something to do with the fact that it is only available for trading on one exchange – the aforementioned Kucoin. Today on Kucoin AOA/ETH trades were the most popular; perhaps a sign that the current low Ethereum prices proved more attractive than holding onto AOA for any longer.

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.4 stars on average, based on 38 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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Altcoins

The Long-Awaited Altcoin Extinction Event May Be Near

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The cryptocurrency market is undergoing a major paradigm shift as low-quality altcoins embark on a mass extinction event, according to Xapo President Ted Rogers. This view, which is shared by industry titans like Vitalik Buterin, suggests things will get a lot worse before they get better.

Mass Extinction

In a Monday tweet, Rogers warned that more than 90% of altcoins and tokens could disappear in the not-too-distant future.

“We could be in the midst of the extinction-level event for “cryptoassets” that many maximalists have predicted. 90%+ of CoinMarketCap list will disappear eventually – might as well happen now.  Meantime, lower BTC price means incredible opportunity to buy more bitcoin,” he said.

Rogers’ tweet echoes previous comments by Ethereum founder Vitalik Buterin, who believes that 90% of tokens listed on CoinMarketCap will go to zero. Buterin made the comments back in October during the historic run-up in cryptocurrency prices.

Whereas Buterin emphasized the emergence of higher quality coin offerings following a mass-scale correction, Rogers believes now is the ideal time to buy more bitcoin. The leading digital currency continues to cannibalize altcoins with its share of the total market crossing 54% on Tuesday.

At the time of writing, there were 1,833 cryptocurrencies listed on CoinMarketCap. A couple hundred were added to the website’s tracker in the last few weeks.

ICO Cash-Out?

Crypto assets have shed roughly $220 billion over the past three months and are trading at less than a quarter of their all-time highs. Although the recent meltdown originated last Tuesday when the SEC communicated its non-decision on the VanEck SolidX Bitcoin ETF, the extent of the selloff suggests there are other factors in play.

With the bulk of the declines concentrated in altcoins and tokens, many are blaming the latest rout on a large-scale cash-out of initial coin offerings (ICOs). This has direct implications on Ethereum, which is one of the most important bellwethers of the ICO market.

The ether price has experienced an unprecedented drop over the past seven days, losing more than a third of its value to trade at its lowest level in 14 months. Previously, the developer’s cryptocurrency had shown resilience in the face of broader market moves.

While ICOs have raised more than $6.6 billion this year, investors appear to be selling too early. Short holding periods are placing significant pressure on the market.

Although the path forward is paved with uncertainty, a structural shift in the ICO market will ultimately benefit cryptocurrencies. As Buterin said last October, “there are some good ideas, there are a lot of very bad ideas, and there’s a lot of very, very bad ideas, and quite a few scams as well.” Cleaning up this image is a good thing even with the accompanying pain it has produced.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 544 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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XRP Price Plunges Again; Down 93% from Record High 

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Ripple’s XRP fell on Tuesday to its lowest level of the year, highlighting collective panic in the cryptocurrency market following last week’s non-decision by the SEC concerning a highly touted bitcoin ETF. Although XRP’s losses aren’t unique, the so-called banker’s cryptocurrency is among the biggest losers in the top-ten.

XRP/USD Price Update

The XRP price fell 13.4% on Tuesday to a new yearly low of $0.262, according to CoinMarketCap. The decline puts XRP back 36% over the past seven days and a whopping 93% from its record high of $3.75.

At present values, XRP has a total market capitalization of $10.3 billion. Bitcoin cash, the fourth largest cryptocurrency by market cap, now trails XRP by less than $2 billion.

XRP’s 24-hour trade volumes amounted to $304 million, with Bitbank processing nearly one-fifth of the turnover.

Market Searches for Direction

As Hacked previously reported, the recent selloff began last Tuesday when the U.S. Securities and Exchange Commission (SEC) delayed a ruling on a keenly awaited bitcoin exchange-traded fund (ETF). From there, the market meltdown intensified amid signs that initial coin offerings (ICOs) are cashing out. Ethereum, whose protocol is responsible for at least three-quarters of ICOs, has declined to 14-month lows as a result.

With respect to ICO liquidation, Matthew Newton of eToro summed up the situation:

“The crypto market seems to have hit panic mode, with prices falling significantly across the board. As we can see in the case of ethereum, investors seem to be increasing liquidations of their ICO holdings, with significant drops in price and increased volumes.”

XRP’s fate, at least in the short-term, is tied to these broader market forces.

Ripple’s Regulatory Scrutiny

Unlike some of its well-known peers, XRP has faced growing scrutiny from regulators over its potential security status – so much so that Ripple Labs appears to have hired a PR company to remove the term “Ripple XRP” from online sources.

Ripple Labs has made it clear that the San Francisco-based company is not synonymous with the XRP currency, and that ownership of XRP does not give investors a stake in Ripple Labs. This is consistent with Hacked’s previous reporting on the matter, which showed the vast majority of Ripple’s business partners have not adopted XRP. In other words, banks and clearing companies have experimented with Ripple’s technology without adopting XRP as a base or quote currency.

On Aug. 11, a California district court dismissed a remand request related to a lawsuit against Ripple Labs by an investor seeking damages over alleged price manipulation. Plaintiff Ryan Coffey, a former XRP investor, sought to keep the case in the state’s lower courts rather than have the final verdict decided by a Federal judge.

The court issued the following statement:

“Having read the papers filed by the parties and carefully considered their arguments and the relevant legal authority, and good cause appearing, the court hereby DENIES plaintiff’s motion.”

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 544 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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