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Bitcoin Headline News January 14th, 2019 Monday Edition 📊📰📈🚀

bitcoin Headline News January 14th, 2019 Monday Edition
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Bitmain’s Struggle is Real But Analyst Says Crypto Miners are OK

http://bit.ly/2VUinJ4

Just in the past two months, Bitmain has fired more than half of its staff, has closed an entire office in Tel Aviv, has shuffled top management, and removed two of its chief operations officers. And today, the Chinese bitcoin BTCUSD mining giant decided that it would close another overseas workplace – this time in Amsterdam.

But Eric Conner, the founder of Eth Founder, believes that the health of miners does not impact the crypto space.

Mining is Just a Service
In his latest tweet, Conner requested the crypto community to stop thinking much about miners, stating that they won’t hold any relevance to the overall growth of the crypto space.

“Honestly, I wish we’d stop worrying about miners so much,” said the cryptocurrency analyst. “They provide a service to what Ethereum users decide they want to run. I don’t think they should have a say in governance decisions. In [two] years we won’t need them. Let’s quit wasting so much time worrying about them.”

Conner didn’t mention Bitmain specifically, but his statement came at a time when the Beijing-based company is shrinking at a rapid pace. The year-long crashing in the value of leading cryptocurrencies has led mining companies like Bitmain to huge losses. Also, the infamous bitcoin [BTC] Cash hash war in November reportedly caused the company additional losses worth millions of dollars.

Ethereum, which was a part of Bitmain’s mining portfolio, meanwhile announced that it would switch its core consensus algorithm from proof-of-work to proof-of-stake. By doing so, Ethereum replaces miners with validators.

“These validators vote on the next block, and the weight of each validator’s vote depends on the size of his stake,” explained Johannes Hagemann, a software programmer, and Ethereum enthusiast. “To become a validator, you have to send a special type of transaction that locks up your ether into a deposit. The amount of ether someone locks up is his stake. The validators get a reward for their service, like in a PoW blockchain.”

The PoS protocol expects to remove expensive ASIC machines used by miners like Bitmain to stay ahead in mining crypto blocks. According to Conner, whether or not these companies will survive the crypto winter does not matter – at least to Ethereum that is reducing its dependence on them.

What of Bitmain, Then?
Bitmain is imploding. The company in 2017 scaled against the expected demand for its mining operations. It is now waiting to scale back to match the real market demand, which means it will reduce its expansion plans. The process is typical for any industry and Bitmain is no different. Either it would keep shrinking to address a small market or would entirely close down its operations – as many small miners had done.

Bitmain currently holds 1097 ETH tokens, according to a leaked financial report, so it could still become a stakeholder in the new Ethereum protocol. Nevertheless, its poor health remains troublesome for bitcoin [BTC], Litecoin and bitcoin Cash – the coins it holds in large and could encash in the event of crash scarcity.

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Blockstack Announces Its Own Token Sale

Blockstack token

New York–based decentralized internet and developer platform Blockstack has announced its own token sale.

Blockstack recently partnered with a number of venture capital groups to launch the $25 million Blockstack Signature fund. The group also released the “Blockstack Token Whitepaper,” which explains the technical details of the Blockstack Token mining system, the incentive mechanisms and genesis block.

The white paper highlights that the traditional internet is a 40-year-old technology that was originally meant to be a decentralized network. Even though the lower layers of the internet remain fairly decentralized, the application layer of the internet has several centralized points of control and failure. This is what Blockstack intends to solve.

The paper presents Stack, a blockchain token protocol that upgrades the Blockstack blockchain and introduces decentralized governance and incentive mechanisms for a decentralized app ecosystem. Stack enables several new features such as atomic swaps and support for light clients, and it introduces a novel mining mechanism.

Muneeb Ali, co-founder at Blockstack, told bitcoin Magazine: “The Blockstack Token is introducing incentive mechanisms for developers and users to participate in an ecosystem of decentralized apps. Our token white paper describes a novel mining system where in addition to a mining mechanism that secures the blockchain, there is a mechanism for app developers and early users to get new tokens released into the system. We believe that these built-in incentive mechanisms can play a critical role in sustainable growth of the ecosystem.”

Ali added: “In addition, the token enables decentralized governance for protocol upgrades and enables new features like support for truly independent mobile clients, atomic swaps and more.”

The group founders explained in a press release that their primary goal for the Blockstack token sale event is to achieve a wide distribution of tokens. They believe token holders are the “economic stakeholders” of the ecosystem, and that it’s important that the economic distribution represents a broad community.

Highlights of the Blockstack token sale:

  • Everyone will participate at the same time and get the same price.

  • There will be no variable prices during the sale, just a single, constant price.

  • There is no pre-sale or discounts for the upcoming token sale.

  • Existing shareholders of Blockstack PBC purchased tokens allocated for the “Creators” earlier in a separate offering.

  • No other party can buy current or future tokens until the sale opens.

  • Unaccredited users, accredited investors and qualified purchasers can participate in the sale at the same terms.

  • Unaccredited users will get a “voucher” that they can bring back to finish the transaction and will make the payment at a later date.


For more details, see Blockstack’s announcement on their blog.

The post Blockstack Announces Its Own Token Sale appeared first on Bitcoin Magazine.

Ethereum price analysis: can eth/usd recover further?

Ethereum Price Analysis: Can ETH/USD Recover Further?

Ethereum Price Analysis: Can ETH/USD Recover Further? Key Highlights ETH price found support near the $677 level and started an upside correction against the US Dollar. There was a break above a contracting triangle pattern […]

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