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CZ believes Amazon will have to have its own altcoin

Cz believes amazon will have to have its own altcoin

CZ believes Amazon will have to have its own altcoin

Cz believes amazon will have to have its own altcoin

The CEO of one of the greatest exchanges, Binance, CZ (Chanpeng Zhao) believes online retail giant, Amazon, will have its own Altcoin in the future in a tween on Feb. 2.
Changpeng Zhao — CEO of Binance — doesn’t think it so much of a question as to why, but rather when will Amazon issue its own coin. The retail giant has made efforts to adopt forms of blockchain technology in the past, but as far as we know those efforts are tied to rumors. These rumors periodically appear in the press; including those that Amazon could integrate Bitcoin (BTC) as a payment method.

Zhao stated his outlook for online companies:

CZ Binance✔@cz_binance

For any internet (non-physical) based business, I don’t understand why anyone would not accept crypto for payments. It is easier, faster and cheaper to integration than traditional payment gateways. Less paperwork. And reaches more diverse demographic and geography.

https://twitter.com/cz_binance/status/1091691801587548160

Followed by

Dan The BULL@CryptoDaniii

· Feb 2, 2019

Replying to @cz_binance

ask jeff bezos.. if he do everyone will copy

CZ Binance✔@cz_binance

Amazon will have to issue a currency sooner or later.

141

8:55 AM — Feb 2, 2019

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Now, one question remains; why does Amazon need its own currency? The purpose of having currencies that hold a monetary value such as; bitcoin, bitcoin cash, USDC/USDT, or even Monero, is to be able to make purchases through authorized retailers. Therefore having a coin that is acceptable as a form of payment already exists. Personally, Amazon having its own currency could work in two ways.
The first route Amazon’s coin could take is to be traded on an exchange as a utility asset for the company, holding a stock like value. The second route this coin could take would be very similar to Amazons store card. The coins would be an exclusive method of payment on Amazon; chances are Amazon would have to offer an incentive in order to get people to use the coin.
Although Zhao is correct on cryptocurrencies being more useful for internet-based companies, Amazons very own altcoin is technically unnecessary and may or may not be in their favor. It all depends if it’s done right in order for the coin to hold its true intrinsic value.

What do you all think? Leave a comment below and if you want to chat more with us or need additional assistance with crypto/blockchain, don’t forget to sign up for silver tier service from BitsAndTokens.com for 24/7 support from our team of enthusiasts!

Published at Thu, 07 Feb 2019 08:09:59 +0000

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Core dev maxwell: uasf ‘does not measure up to standard’

Core Dev Maxwell: UASF ‘Does Not Measure Up To Standard’

bitcoin core developer Greg Maxwell has newly outlined why he “does not support” a user-activated soft fork (UASF) as it figures in BIP 148.


Maxwell: UASF ‘Guarantees Disruption’

In a circular to the Core mailing list Friday, Maxwell said that although he is not strictly against a soft fork, its incarnation in BIP 148’s UASF does not “really measure up to the standard set by segwit itself.”

The debate over whether to galvanize the entire bitcoin ecosystem into Segwit activation via a UASF has gained considerable traction over the last month.

Proponents say it is the quickest way to move bitcoin on from its current stalemate, yet detractors highlight its disruptive nature as a reason for caution. If a UASF occurred, for example, non-supportive miners would find their blocks invalid after the deadline, and would not receive rewards for their work.

Maxwell too notes that this “disruption” is a key difference between a UASF and segwit activation via miners.

“The primary flaw in BIP148 is that by forcing the activation of the existing (non-UASF segwit) nodes it almost guarantees at a minor level of disruption,” he continued. “Segwit was carefully engineered so that older unmodified miners could continue operating _completely_ [sic] without interruption after segwit activates.”

 

Time Still Not Of The Essence

Despite the increasingly slow and expensive nature of the bitcoin network, Maxwell still advocates a measured approach without speed as a priority.

…The fastest support should not be our goal, as a community– there is always some reckless altcoin or centralized system that can support something faster than we can– trying to match that would only erode our distinguishing value in being well engineered and stable.

First do no harm.’ We should use the least disruptive mechanisms available, and the BIP148 proposal does not meet that test.

The developer has meanwhile found himself under fire lately from bitcoin Unlimited proponents, notably Roger Ver, who released a dedicated presentation with quotes from Maxwell highlighting alleged errors.

“It’s important the users not be at the mercy of any one part of the ecosystem to the extent that we can avoid it– be it developers, exchanges, chat forums, or mining hardware makers,” Maxwell concluded.

Ultimately the rules of bitcoin work because they’re enforced by the users collectively– that is what makes bitcoin bitcoin, it’s what makes it something people can count on: the rules aren’t easy to just change.

Meanwhile, bitcoin’s recent price spike over $1,200 has been attributed by some to a sharp rise in the number of UASF-signaling nodes. Though this does not necessarily imply causation, the price has also dipped following the publication of Maxwell’s post.

What do you think about Greg Maxwell’s perspective on a UASF? Let us know in the comments below!


Images courtesy of uasf.org, twitter.com, shutterstock

The post Core Dev Maxwell: UASF ‘Does Not Measure Up To Standard’ appeared first on Bitcoinist.com.

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