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Outraged Pro-BTC Community Alleges Bitcoin.com Is Misleading Buyers Into Buying BCH

Outraged pro-btc community alleges bitcoin. Com is misleading buyers into buying bch

Outraged Pro-BTC Community Alleges Bitcoin.com Is Misleading Buyers Into Buying BCH

A bitcoin (BTC)-supporting community movement has evidently galvanized, alleging that Bitcoin.com is misleading buyers into purchasing bitcoin Cash (BCH) instead of bitcoin, with outraged users launching a website bitcoincomlawsuit.info to gather claimants and donations Friday, April 27.

The group has also established a Telegramchannel, created by Twitter user @MoneyTrigz, which has amassed 911 members as of press time. One of the supports of the community-led movement posted an explanation of the claim on Twitter today, April 28:

The newly launched website will soon be accepting bitcoin donations in support of levelling a promised lawsuit against bitcoin.com, which outraged users claim has recently modified its interface so as to blur the distinction between bitcoin and bitcoin Cash, a coin that hard-forked from the bitcoin blockchain in August, 2017 and has since been competing with bitcoin for brand recognition.

As the aggrieved users point out, bitcoin.com, which provides a BTC and BCH-supporting wallet, shows buyers both cryptocurrencies’ logos in the same color (unlike, for example, wallet and exchange service Coinbase), as well as unusually referring to bitcoin as ‘bitcoin Core’, the name of its software client, rather than the more widely recognizable ‘bitcoin’.   

Bitcoin. Com

Many indignant users have gone so far as to suggest these practices amount to “fraud”. The ongoing controversy is forcing a rift between bitcoin.com’s creator and major BCH-proponent Roger Ver and crypto industry heavyweights, such as Erik Voorhees, CEO of ShapeShift:

Earlier this year, a US government institute itself misstepped into the muddy waters, publishing an official research paper that mistakenly claimed that  bitcoin Cash was the “original” bitcoin, while bitcoin was its “fork”.

Published at Sat, 28 Apr 2018 18:09:16 +0000

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Setting Bitcoin’s Price Mechanism: CME Group to Launch BTC Futures

Setting Bitcoin’s Price Mechanism: CME Group to Launch BTC Futures

On the anniversary of the publication of Satoshi Nakamoto’s bitcoin white paper, the price of bitcoin reached a new all-time high, following the news that CME Group, one of the world’s largest derivatives exchanges, will launch a bitcoin futures product on November 14, 2017.

Futures or derivatives in general are understood by their relationship to risk. They are investment products that can be bought and sold in the future based on being pinned to a fixed price through a contractual agreement. Basing futures off another fixed price allows investors to avoid financial risk or assume it for profit during price fluctuations.

Like most futures, CME’s bitcoin futures product will be cash-settled, based on the CME CF bitcoin Reference Rate (BRR). According to CME, the BRR is a standardized reference rate, which — along with a bitcoin spot price index, the CME CF bitcoin Real Time Index (BRTI) — “accelerat[es] the professionalization of bitcoin trading.”

Like most other financial institutions exploring cryptocurrency, CME is launching a bitcoin futures product to both satisfy client interests and investigate the rewards of testing blockchain technology’s “transparency, price discovery and risk transfer capabilities,” as noted by Group Chairman and Chief Executive Terry Duffy.

The BRR and BRTI are two tools that have become consistent and reliable price references for bitcoin globally. The BRR has been calculated and published by CME and Crypto Facilities Ltd. since November 2016. Designed according to the IOSCO Principles of Financial Benchmarks, the BRR computes price by compiling and calculating data from a number of bitcoin exchanges including Bitstamp, GDAX, itBit and Kraken.

The implications of this bitcoin futures product launch are far-reaching. It signifies both mainstream network adoption and a reduction in price volatility. As an investment product, it can readily fit into the stock portfolio of a traditional investor.

The post Setting Bitcoin’s Price Mechanism: CME Group to Launch BTC Futures appeared first on Bitcoin Magazine.