Dubai Blockchain Ecology behind Halal Chain

Nine hundred million dollars reported - an exclusive interview with Mr. Sultan Al Howymel, co-founder of Dubai on the Halal Chain (Green Food Chain) project. Sultan is the Economic Director of Dubai International Islamic Center and has a deep and unique political background and financial resources in the Middle East countries.

According to statistics, the global Halalfood market has grown from 2.3 trillion U.S. dollars in 2014 to 3.2 trillion U.S. dollars now. At the same time, this figure is still growing. It is estimated that the annual Halal industry output in the world will increase to 6.4 trillion U.S. dollars in 2018. With the rapid growth of market demand, Halalfood in the market is waiting to be tapped.

So what is the size of the Halal industry? Halal is a legal act alleged by sharia law. Especially the Halal on the basis of the development and the formation of the world's Muslim diet commonly used protocol.

Halal Industry Information Asymmetric Issues Serious Trust Establishes Difficulties

Halalfood, food that meets the Islamic HALAL food standards. In China, Halalfood usually refers to Halal-compliant diet products that have been slaughtered, processed and prepared according to the Chinese Muslim diet. However, there are many obstacles to the development of this vast market. First, there is a lack of Halal product certification system. With nearly 2 billion Muslims scattered around the world, each region has a relatively closed market for Halal products, resulting in many of Halalfood's outstanding domestic industries being unable to connect with international markets. Halal product information, there is a serious problem of information asymmetry, leading to many ordinary users can not identify the purchase of the product is indeed Halal products, especially for small and medium brands, their HALAL products can not get the trust of consumers, which is the product Sales and circulation created obstacles. The lack of a viable regulatory portal for regulation allows regulators to systematically control the entire supply chain from raw material supply to sales. For some centralized management mechanism is not perfect The state laws and regulations on Halalfood market regulation has not yet promulgated, will lead to Halal industry problems.

In response to this series of questions, an international team is using blockchain technology to address the painful Halal industry. Halal Chain came into being. Blockchain is inherently deconcentrated, traceable, tampered with, and so on, all of which can solve the pain points in Halal's industry.

Halal Chain Upcoming Chinese investors can join

Mr. Sultan said the Halal industry will see tremendous growth at the upcoming critical juncture.The Halal industry includes more than just Halalfood (halal food) but also all Halal industries involved. The volume of Halal-related products in 2021 will double in 2014. Investors who expect to invest in Halal products in the near future will be rewarded with huge returns. One of Halal's plans for Dubai's industrial development is Halal Chain, which will debut in Dubai on November 21 and the Halal Chain project will be officially launched to the public with an introduction to its use. This project will allow more businesses and more transactions to enter the blockchain, and it is expected that after the launch of Halal Chain, the trading volume in the chain will be very alarming. Chinese investors will also be involved in the project, just as UAE investors expect the project to become one of the largest landmark projects in the global Halal market in three years.

This program encourages businesses and commodity manufacturers to trade on this Halal Chain, and whatever type of product you offer will be presented to consumers around the world in this chain, and will allow companies to provide JAKIM compliant halal standards The highest quality products to trade. Second, since the users of the blockchain come from all over the world and face the global market, the user base will be huge. This huge market will also make the enterprises willing to join Halal Chain for trading.

Halal Chain will integrate market resources and will benefit every company that joins the ecosystem. However, the project is still in the distribution phase and will start inviting enterprises to join the project after the project is released.

Halal Chain leverages blockchain traceability to add more SMEs to the Halal industry

Before the advent of the Halal Chain, JAKIM-certified products made it clear that consumers were told at the time of purchase that the product was halal, and that consumers were relieved to buy it, but there was no other method than this s Choice. The emergence of Halal Chain will encourage small and medium-sized enterprises, especially small businesses, to join this blockchain ecosystem and enter the HALAL market. There are currently far fewer players in the HALAL market than they should be in this market and we are going to encourage businesses that should have entered the market to join the HALAL industry.

The global halal market reached 1.2 trillion U.S. dollars in 2014, and by 2021 this figure will grow to 1.9 trillion U.S. dollars. The growth of this market is huge. This is just the food industry, HALAL industry and tourism, Fashion, media and other sub-industries, you can expect the entire industry will have big growth.

The blockchain brings the entire market to a new era where traditional halal labeling is the only way to import and export goods in the market without which it will not be able to offer goods in the market but new Technology is blockchain technology, driven by more companies to join the industry, new technology will also lead the company to move beyond the traditional barriers to move forward. For the Dubai government, this is not just planning but actually putting it into practice. They want Dubai to be the center of the world's blockchain. Just four weeks ago, Dubai government officials announced that " As of 2020, all Dubai government agencies will use blockchain technology. "So by 2020 the blockchain will be spread across Dubai, and Halal Chain is one of the key components. When Halal Chain joins this ecosystem, it will create a billions of dollars in revenue, and companies from China will also be able to join the economy. Dubai wants to be a global leader in the Halal industry, so the industry-related ecology will be backed by the government.

Dubai government supports blockchain development Halal Chain is an important part of the plan

Dubai's government affairs are also considering the use of blockchain technology to improve government efficiency, there are six government departments in Dubai to consider the introduction of blockchain projects, including Smart Dubai (Smart Dubai) and so on. The Halal Chain project will also be introduced to the government. Before Dubai has never done Halal Chain project, Halal Chain is a unique project, which is why this project is widely supported reasons.

Dubai will actively embrace new technologies like blockchain and will devote itself to promoting the development of blockchain technology. Every Dubaiman will inevitably use a blockchain in future life. In the future, government departments will close down their offices, Instead, they use online offices to encourage people to use technology to deal with business issues. Not only is everyone encouraged to use blockchain technology, but more importantly, every individual is added to the ecology of the blockchain, especially Halal Chain.

Halal Chain will host a global conference in Dubai on the 21st of this month. The media will follow up all the time, so stay tuned.

AMERICAN EXPRESS OPENS THE FIRST BLOCKADE CORRIDOR ON RIPPLE TECHNOLOGY

In 1927, the pilot Charles Lindberg could fly with cash across the Atlantic Ocean faster than most payments cross the same water space at the present time.

While Lindberg made his historic single flight from New York to Paris in 33 hours, a typical bank transfer today takes 1-2 days using Swift, and a typical ACH transaction can take twice as long.

Today's news has been waiting a long time: American Express (Amex) has opened a payment corridor using Ripple. According to the website Coindesk , with the help of it you can send money from England to the United States of America in just a few seconds.

The new corridor was created in cooperation with the Spanish bank Santander. Managing the strategic accounts of Ripple, McRus Tricher, called it obviously a faster, but at the same time, safer way of sending money across the Atlantic.

Tricher, who was previously on the board of directors of Swift, said:

Earlier Amex had to send Swift messages to banks for requesting payment, now Amex is directly connected to banks thanks to Ripple and its cryptography, so the value transfer is instantaneous.

The corridor is managed by the American Express Division for International Payments in Foreign Currency (FXIP). It connects US Amex users using dollars to Santander bank accounts in the UK using British pounds. All this is done with the help of Ripple - RippleNet.

According to Tricher, integration directs non-card payments through a distributed payment network for the possibility of almost instantaneous, verifiable cross-border payments.

DIRECT CONNECTIONS

The project is the last important Amex event for this year. In 2017, the credit giant managed to join the Hyperledger consortium and enter into partnerships with the Bitcoin application provider Abra.

For Ripple, which recently hosted a conference called Swell, the new project is the next step to allow its own blocking platform, which was tested during the first half of 2016, to go on a free flight.

For example, Ripple recently joined Europe and the US through joint work with the Swedish bank SEB, which at the end of last year revealed its intentions to connect Stockholm with New York using Ripple technology.

Tricher said that since the launch in the second quarter of this year, the SEB platform has already conducted transactions for $ 630 million.

If you believe him, the project moves forward and makes it possible to make a transaction in nine seconds or less. Now it is limited to "clean" blocking, which does not require crypto currency.

He said that both projects have something in common: "direct connection". "There is no intermediary in the form of a crypto currency."

ABOUT THE CRYPTO CURRENCY HAVE NOT FORGOTTEN

However, Tricher also shared his expectations that other banks will increasingly follow the example of financial services provider Cuallix. Last month, the company became the first Ripple partner to convert cross-border funds transfers into its own XRP lock token.

Instead of storing dozens of "exotic currencies" (as Tricher called them) on so-called nostro accounts all over the world, Cuallix took the first step towards the release of these funds through the storage of XRP. Otherwise, the funds would be frozen for reuse.

It is the use of Ripple's own crypto currency, says Tricher, which will lead to the company's rise above its competitors. The main one, Swift, creates its own block system using Hyperledger. There are many smaller companies with their own cross-border payments options.

"If banks and bank users accept Ripple like American Express and start connecting, XRP will be an option that they can use for liquidity," he said, adding the following:

It is at this moment that everything will truly come to life.

WALLSTREET FEARS THAT BITCOIN FUTURES "DESTABILIZE THE REAL ECONOMY"

Wall Street is not too happy about the fact that this year before Christmas will have to open the market of crypto-currency futures. A number of high-profile names from this sphere express their concerns aloud, news.bitcoin.com reports . Their rhetoric makes it clear that Bitcoin and others are not very happy in such a society.
WALL STREET ASKS THE REGULATOR TO SEPARATE THE CRYPTO-CURRENCIES

The purpose of the letter is to ask the Commission on Futures Exchange Commission [CFTC] to set the following requirement: each clearing house wishing to work with any crypto currency or derivative financial instrument will have to do it in a separate clearing system, isolated from other products," wrote Chairman of Interactive Brokers (IB) Thomas Pieterfy.

IB is one of the leading suppliers of derivative financial instruments and services for brokered clearing on Wall Street. The letter was published on November 14, 2017 in the Wall Street Journal as an advertisement.

As reported in a variety of sources, Chicago Merc plans to release bitcoin futures in the last weeks of this year. Among the supporters of Bitcoin, the news was adopted with cautious optimism, but, apparently, in the traditional industry, not everyone would like to see such a financial future.

The open letter, which took up the whole page of the ad slot, referred to the chairman of the CFTC, J. Christopher Giancarlo. It warned about the fact that the fate of capital markets is at stake. Mr. Peterfi has called for the isolation of bitcoin futures, so as not to risk the possibility of "destabilizing the real economy".
CRYPTO-CURRENCIES ARE QUITE "NOT RIPE" YET
The letter also says the following: if CME "will clear the crypto currency with other products, a large price movement of the crypto currency destabilizing the participants clearing the crypto currency will destabilize the clearinghouse itself and its ability to fulfill its basic obligation to pay the winners and collect money from the losers for other products in the same clearing pool. "

The crypto currency has no mature, regulated and tested base market," continues to criticize Peterfy. "Products and their markets have existed for less than 10 years and have very little (if any) attitudes to any economic conditions or realities in the world.

Undoubtedly, here the tycoon of derivative instruments refers to the movement "up, down and quickly again up", characteristic of the Bitcoin price. For many current financiers, such volatility violates almost all historical precedents, not to mention technology or other disputes around the crypto currency.

This resonant advertising campaign is the second one for Mr. Peterfi. In 2012, he spent millions on television advertising during the presidential election. Then he lamented over what seemed to him the growth of socialist sentiments and said what now seems ironic:

America is rich thanks to the efforts of people who are hungry for success. Take away their incentive by untruthful criticism, and you take away the wealth that helps us take care of the poor. 

Blockchain technology is in the field of education 10 world-class universities have set up blockchain courses

Blockchain Technology is one of the fastest growing industries in the world. The purpose of blockchain technology is to increase the efficiency of other industries - from music and energy to the financial sector, etc. Blockchain technology will also reduce the costs in these areas.

As society's demand for blockchain technology continues to grow, so do students' demands for educational opportunities. The company paid large sums of money to train qualified blockchain industry professionals and currently blockchain is one of the best in the industry. This article is about 10 universities offering blockchain classes.

Cornell UniversityCornell University is one of the leading computer-centric universities and its blockchain classes are worth learning by learners. Emin Gun Sirer, who has been a leader in blockchain technology for many years, is an orthodox blockchain course.

Cambridge UniversityCambridge is one of the best universities in the world and has many opportunities both on campus and in the future. Cambridge University focuses primarily on economics in the area of ​​blockchain courses.

Princeton UniversityPrinceton, one of the most prestigious universities in the United States, has pioneered a course called Bitcoin and Encrypted Digital Currency Technology. The course is actually online, answering many questions about bitcoin and foreseeing the future of bitcoin.

University of Nicosia, CyprusThe University is the largest university in Cyprus and its blockchain courses are mainly those related to the introduction of digital currency. This course is freely available on the web and is a publicly registered MOOC course.

Stanford UniversitySurprisingly, Stanford University introduced a unique course called "Bitcoin Engineering." The main purpose of this course is to guide students to create their own bitcoin application that is more computerized.

British B9 Laboratory CollegeThe B9 Lab Academy is devoted to understanding and developing more technologies behind bitcoin and blockchain technology and analyzing its social impact.

University of Copenhagen, DenmarkRobin Baldwin, an educator, writes: "Denmark has always been the leader in technology and the university is the best choice where you can understand the blockchain technology development."

New York UniversityIn 2014, New York University opened a blockchain course titled "The Law and Business of Bitcoin and Other cryptocurrencies," which was originally opened The course is still being taught at present.

Duke UniversityUndoubtedly, Duke University, one of the leading universities in the United States, will start a blockchain course. Its main course, entitled Innovation, Subversion and Password Investment, provides an in-depth discussion of the future of bitcoin and blockchain technology.

Massachusetts Institute of TechnologyAs a leading university, MIT is involved in a wide range of technologies. Of course, it also offers a blockchain technology course. MIT is one of the first universities to offer blockchain technology-related courses and is the defender of the current Bitcoin agreement.

CHINA WILL TURN OFF BITCOIN-MINERS CHEAP ELECTRICITY

It seems that the Chinese government does not intend to abandon its anti-crypto currency position: the Cointelegraph website shares with local media reports that the cheap hydroelectric power used by the largest Bitcoin farms of the Middle Kingdom may soon go into oblivion.

The statement on stopping the supply of cheap electricity for mining refers to the fact that Sichuan Electric Power Company issued a circular with a notice that it will no longer provide the necessary energy from its connected hydroelectric power stations. The document also allegedly calls the mining of the bitcoins "an illegal operation." So far, the data on the circular has not been fully confirmed.
THE GOVERNMENT CONTINUES TO PRESS

The statement from the energy companies does not reflect the general mood among the miners, according to the article of local media . They believe that for crypto-currency operations, "unnecessary water" is used, that is, water that flows without generating electricity. Therefore, the price was so low.

And yet, the power cutoff goes on two fronts: the province not only stated that "there will be no new power stations," but it also buys existing ones. Here's what you can read in the article:

On the one hand, Sichuan Province issued a circular at the political level, banning the emergence of new small hydroelectric power stations; [At the same time,] the energy company is moving towards acquiring such stations to promote its own power grid. This greatly reduces the amount of cheap electric energy for Bitcoin.

Such a change would well correspond to the attempts of the Chinese government to penetrate all spheres of the crypto currency.

Since the veracity of the story has not yet been confirmed, we advise interested readers to follow the further development of events.

United Nations agencies turned to enabling blockchain to combat child trafficking

The United Nations has partnered with the World Identity Network (WIN) to conduct blockchain certification pilots aimed at deterring child trafficking.
On Friday, the humanitarian blockchain summit held in New York announced the news and said that UNOPS and the UN Office of Information and Communications Technology (UN-OICT) will also participate in the pilot project .
The statement released said that if the digital identity is stored in the blockchain, "the chances of seizing the traffickers will be greatly increased." In addition, storing identity data in a tamper-proof block chain will make child trafficking more "traceable and preventative".
According to Dr. Mariana Dahan, co-founder and CEO of WIN, children under the age of five who are "unknown" and do not have a birth certificate are at risk of falling into the hands of traffickers. These children are often missed by social programs provided by the government or development agencies.
She added: "Some developing countries are actively looking for more effective ways to stop the trafficking of children, and identification has always been at the heart of the solution."
Traffickers use fake ID documents to transport adolescents across borders who are eventually forced to engage in serious illicit activities, including sexual transactions and illegal human organ transactions.
Yannick Glemarec, deputy executive director of the UN Women's Organization, said: "Child trafficking is one of the biggest violations of human rights."
She went on to say that the blockchain was a "potentially powerful" technology that could be used to solve the problem and potentially save "millions of children."

Should Overstock be transformed into a blockchain company?

Taken From Cointelegraph

Overstock is an online retailer with blockchain investments, but the market sees it as a blockchain. Should Overstock now shift its focus to blockchain business?

Loss, but stock prices
Overstock did a great job in 2017. Shares rose from $ 17.70 at the beginning of the year to $ 53.15 at the close of November 10, or 200%. After the company reported a pretax loss of $ 6.5 million in the third quarter of 2017, its share price soared 30% on Thursday. The bottom line seems to have nothing to do with the market valuation of Overstock. This optimism stems from the belief that Overstock will eventually be rewarded for its investment in blockchain technology.Overstock's ICO program also seems to have stimulated the market.

Should Overstock shift the focus to the blockchain?
In terms of valuations, the stock market seems to have neglected Overstock's core business of selling household goods and apparel. The whole point seems to be the ICO and investment in the blockchain area. The market seems to be really pleased that Overstock has changed its home electronics business. DA Davidson analyst Tom Forte raised his price target for Overstock from $ 57 to $ 85. In the client's report, Tom Forte wrote:

We now see the potential to unlock value in its two most important assets, home-e-commerce and Medici Ventures, a portfolio of nine companies that leverage the blockchain to varying degrees.

Unpredictable market
Although the main goal of corporate management is to raise shareholder value (and increase market value), they should remember that the market is a fickle animal. Earlier this month, a company rose 400% after it changed its name from On-line Plc to On-line Blockchain Plc.Therefore, changing a company's strategy based on the latest fashion may not be a good way to drive shareholder value over the long term. Although Overstock may transform itself into a blockchain company, this should not be why the blockchain company is highly valued by the market.

Amazon started from the bookstore
While the idea of ​​Overstock, the online retailer of homeware and apparel, shifting its core business looks radical, there is no precedent. Founded in 1994, Amazon started as an online bookstore but has now surpassed its conviction. It earned about $ 16 billion in sales of cloud computing services alone. Nokia, the main seller of cell phones in 2000, was a pulp mill founded in 1865. Many companies are changing themselves with the times. If Overstock does shift its focus to blockchain business and succeed, then few should remember that it was initially an online retailer.

IN "THE BIG BANG THEORY" THERE WILL BE A WHOLE EPISODE ABOUT BITCOIN

As the site Cryptocoinsnews , "The Big Bang Theory" will devote a whole episode of Bitcoin crypto currency. This sitcom is one of the most popular in the world - the series of 11 seasons on average looked 17 million spectators.

BITCOIN ON TV

9 episode 11 of the season will be shown on November 30, 2017; it will be called "Confusion with Bitcoin" (English "The Bitcoin Entanglement"). Analysts believe that the show will introduce a wider audience to the crypto currency. The show is most often watched by spectators aged between 19 and 35 - a relatively "young" figure for the popular sitcom.

Over the past 12 months, the crypto currency has appeared in several popular TV series, including "Mr. Robot". Thanks to this, people who had never heard anything about him knew about Bitcoin. Therefore, coverage in television series with a huge audience is extremely important for the spread of BTC and other virtual currencies, and also making them a reliable means of preserving value in subsequent years.

THE BIG BANG THEORY AND CHINA

In 2014, the Chinese government took to the top Western television series and video hosting. Among others, the "Big Bang Theory" came under the ban - the reasons were never explained.

In mid-2015, the series returned to the Chinese screens with the help of Sohu, one of the country's most popular video platforms. However, it was noted that the PRC government requires sending them entire seasons before they can be shown to people.

Since the Celestial Empire recently banned the trade in crypto-currencies, it remains unclear whether this episode falls under the press censorship.

FORBES: BUILDING BLOCKCHAIN MAY REVOLUTIONIZE THE HIRING INDUSTRY

Walkout commentary: As people deepen understanding of the blockchain, more and more people realize that the role of the technology is far more than limited to the financial sector. For example, hiring is also a department where it can play a role to improve. The technology's powerful verification capabilities help employers verify candidate identities and information, potentially saving them time and money on hiring, benefiting both employers and candidates.

Another transformative new application of blockchain technology may have a wide range of implications on the way employers evaluate candidates and recruit staff.

Blockchain is essentially a way to record information on distributed, encrypted books - eliminating the trust or middleman's role for third parties in many applications. Today, it is known as the breakthrough technology behind virtual currency bitcoin. But it actually affects any industry that records, stores, and trades deals.

This week, APPII introduced the "World's First Blockchain Proofing Platform" - using a blockchain feature to build a "de-trust" system that enables employers to understand whether the information given by the candidates in front of them is real.

Gary McKay, general manager of APPII, encountered the blockchain for the first time in the financial services industry and soon came to a conclusion that the impact of this technology went far beyond his area.

McKay said:

I think this can be used in any brokerage industry that needs to trust to exchange the value of both, so real estate or the hiring industry is possible, for example, as a candidate exchange between the candidate's finder and the employer.

The APPII platform allows candidates to create "smart files" - to record the details of a professional achievement or educational certification on a distributed ledger, which can be verified and saved permanently.

The platform then allows organizations such as businesses or educational institutions to verify the "statements" in the candidate's application. When the statement is confirmed, records can be made on the candidate's file and there is no need to check again.

It also uses face recognition technology to validate the identity of candidates, asking them to take pictures using mobile applications and compare them with photos on official IDs such as passports.

McKay said:

In high-risk industries employers have to do due diligence and if you're going to invest your money in the financial services industry to invest, you certainly do not want that person to get the job through resume fraud. The same is true for nurses.

In the public sector and in the financial services industry, it typically takes four to six weeks to review identity and resume information, so simplifying this process clearly has significant benefits.The system also has a clear purpose in the increasingly global job market. Candidates now have the opportunity to search for jobs elsewhere online with information from others. This will also save costs for IT and other fields as some professionals sign new contracts three to four times a year.

Technojobs users now have access to this system to meet the search for candidates for IT and technology jobs.

McKay emphasizes that this platform not only benefits employers but also benefits candidates - ensuring that employers evaluate them based on their merits rather than their resume style or template. Of course, this also provides a fair competitive environment for one-third of the honest people and exposes the other two-thirds who exaggerate or fictitiously.

McKay said:

This makes candidates more likely to be hired because they can use the blockchain to validate their careers and gain people's trust, which benefits employers by reducing the time and cost of finding talent.

Technojobs director Anthony Sherick said:

From an employer's point of view, they often have to spend a lot of time hiring someone and may fail - which is a waste of time because they typically check the certificate at the end of the hiring process. With this new approach, Save a lot of time and cost, they are also assured of the authenticity and quality of the information.

The company plans to perfect its service next year, including rewarding employers and candidates. They send the token to the organization that validates the statement, as well as the candidate submitting their resume for verification. According to the plan, these tokens will be used to redeem classes and education.

It is naturally exciting to see the blockchain getting applied in this innovative way and realizing what we could not do before. The concept of distributed cryptography has a significant impact in the financial arena - many believe it can replace many of the bank's traditional functions. But beyond that, I believe it can be used effectively and innovatively in any function that involves recording, verifying and tracking data.

GERMANY'S TOP FINANCIAL REGULATOR BAFIN WARNS OF ICO RISKS

The Federal Office for Financial Supervision (BaFin), Germany's supreme financial regulator, issued a warning to investors, Cointelegraph reports . In it, representatives of the institution went through the risks associated with investing in primary offers of tokens (ICO). Thus, BaFin became the last at the moment the market supervision authority that issued a warning about the sales of tokens.

Among the risks was the possibility of an absolute loss of investment. The agency also warned that the ICO financing model is capable of "attracting scammers" who can present their projects to potential investors in a false light.

Part of the document reads as follows:

"Due to the lack of legal requirements and transparency rules, consumers only have to rely on themselves when it comes to identifying, respecting, and credit rating of the token supplier, as well as evaluating the investment or supply. In addition, we can not guarantee that personal data will be protected in accordance with German standards. "

OTHER PLANS OF BAFIN
Although in this statement BaFin has not established any new requirements or instructions for the organizers of the ICO, the institution announced the forthcoming release of a more complete guide for investors. Hyde should leave on November 15.

The regulator warned consumers about participation in the ICO: such people are advised to make sure of the full understanding of the advantages and risks of investing in the project. They added that the adoption of the necessary measures against the ICO may entail possible losses for investors. However, this concerns only those sales that will prove to be fraudulent.

"Before any consumer decides to participate in the ICO, he should make sure that all the advantages and risks of the project or investment are fully understood."

With Bitcoin's Adolescence Comes Real Competition

With the calling off of the New York Agreement to force the implementation of Segwit2x Bitcoin is now at a fascinating fork in the road(all puns intended). Bitcoin prices are falling as people leave the network and Bitcoin Cash prices are spiking.

I advised my subscribers to hedge 15-25% of their Bitcoin position with Bitcoin Cash at $400 on October 28th. That trade has a current return of over 300% with Bitcoin Cash now trading solidly above $1200.

Even with what now looks like a blow-off, near-term top in Bitcoin prices, Bitcoin investors are still up around $600 per Bitcoin (around 12%) since that day. So, no one should be crying in their beer just yet.

Where Winning Looks Like Losing
But, as Rhett Creighton points out in a very good article at Cointelegraph,com, Bitcoin’s newfound weakness may be structural for more than just a few days worth of healthy, technical correction.

In short, the Bitcoin Core Developer team which won the battle over Segwit2x may have lost the war. Bitcoin needs a transaction-scaling solution. And it needs one quick.

Bitcoin Cash is a real competitor to Bitcoin because it combines big 8MB block and quick settlement times without any of the off-chain or side-chain complications associated with segregated witness (Segwit).

But it does have the drawback of a single core developer. But, I’m a hard-core free-market guy. Competition is what keeps everyone honest.

This is not to say that I’m not a fan of Segwit. I am. But, am I a fan of Segwit on Bitcoin? I don’t know.

In the world of cryptocurrencies I want a reserve asset that sits at the bottom of Exter’s Monetary Pyramid that can be 1) incorruptible and 2) a standard against which all other monetary-like assets, including utility tokens like Ethereum, can be measured.

The Current Monetary System – Exter’s Pyramid with Gold as the Foundation Asset

It’s the function that gold still functions within the global monetary system, despite protestations to the contrary by everyone from central bankers like Ben Bernanke (“I don’t know? Tradition?”) to students of history like Martin Armstrong (a hedge against government incompetence).

Bitcoin has to continue to be that asset for the cryptocurrency and crypto-token community or the community will go adrift, unmoored from the anchor of sequentially-verified transactions from previous blocks.

The Real Battle for Bitcoin

And that’s where I have a bone to pick with Rhett over the following:

I fully expect the market cap of all crypto tokens to increase exponentially over the next few years, but this is not a winner-take-all scenario. Today, mainstream media financial advisors are touting Bitcoin as “the new gold,” but it can’t ever be that. To get a sense of how it’s different, imagine a universe where anyone could create a new kind of metal with essentially the same properties of gold.

Expecting Bitcoin to have the majority market share of Blockchains in the future is about as ridiculous as expecting the East India Company to be more valuable than all other corporations combined today.

Nonsense. The cryptocurrency market languished for four years because there was no compelling reason to back any other coin than Bitcoin in any substantive way. The past is littered with technologically superior coins to Bitcoin and yet Bitcoin is $6000+ and many of them are $0.001.

The market craves those unit of account and store of wealth attributes that real monies have. Just because something has the potential to be that doesn’t mean the market has to pay it any attention. Otherwise Feathercoin or Litecoin would have out-competed Bitcoin three years ago.

Litecoin would have never had to incorporate the Lightning Network to differentiate itself from Bitcoin.
Rhett’s own project, Zcash, wouldn’t have been looking for its niche in the privacy space. But, the use of these coins doesn’t mean that Bitcoin can’t act like digital gold. In fact, with the collapse of Segwit2x and maintaining its high fees and low transaction density Bitcoin has more in common with physical gold than it has ever had previously now that the cryptocurrency market is maturing into one that settles actual trade.

Crypto-Gold Mine
It’s become a bad medium of exchange, just like gold.

If you want to move money around the net Litecoin is far superior as are dozens of other coins. But, if you want the security of the oldest blockchain with the most trust built up over time, then Bitcoin is absolutely where you store your wealth.

Just like Gold.

Bitcoin’s Flaws Become Strengths when viewed as a Foundation Monetary Asset

Do you see the similarities here? Gold is hard to do real business in. Who wants to weigh out 0.1 grams of gold to buy a hamburger (around $4.50)? There’s a real cost to doing transactions using gold as a medium of exchange. It’s a time cost.

Bitcoin now looks exactly like Gold. It’s expensive to own and or move Gold when compared against the dollar just like it is expensive and slow to move Bitcoins when compared with Litecoin or something else.

That makes its flaws strengths as a means by which to interface the ‘real’ world with the ‘crypto’ world. Bitcoin doesn’t need to maintain transaction market share to maintain its relevance. In fact, it losing market share is an expression that it is becoming that foundation asset we need it to be.

What we need is the volatility of the cryptocurrency exchange rates to stabilize. For Litecoin to trade consistently within a 10% band relative to Bitcoin. If we begin to see that volatility of the LTC/BTC pair die down over the next 18 months or so, then remember then you’ll know what is happening.

It will prove the whole cryptocurrency thesis that lack of central control over the issuance of monetary assets will be driven by end-users not central planners.

The dollar price of these coins will continue to rise, but they will do so in concert, in relation to the foundation asset, most likely Bitcoin. Over time, we should see one currency emerge as the standard by which all others are measured.

Bitcoin’s Competition

But, Rhett is right that Bitcoin Cash has the real potential to be the real winner here. Why? Because it is a soft fork of that original Bitcoin blockchain with the added advantages of a it being, for now, an excellent medium of exchange — low fees, short settlement times, no side-chains.

What this means is that Bitcoin Cash can, if its backers and developers stay on mission and are honest, compete with Bitcoin for the role of foundation asset. Litecoin can’t. It made it’s choice by going with side-chain payment processing.

The dark horse in this race is Bitcoin Gold. But, it too has the potential to become the new crypto-gold.

What Does this Look Like?

What we don’t know at this point is what the market wants in terms of cost structure for its reserve asset.

Do we want a very liquid one or a relatively-speaking liquid one like Gold? It’s a good question that I don’t have an answer to today. My guess is an liquid one that can reflect the value of the crypto-markets versus the value of the fiat-markets better by resisting hot money flows because of the high barrier to exchange.

Either Bitcoin or Bitcoin Gold.

But what I do know is that the entire cryptocurrency market just grew up a little and real world growing pains are on the horizon.

I would be hedged accordingly amongst all of the top market-cap coins that the market is right now separating off as serving real market needs. I believe in the division of labor. Each will serve different niches and work to keep the foundation coin developers honest.

There is no one blockchain can rule them all.

We tried that in the ‘real world,’ it was called the petrodollar and it gave rise to a level of wealth inequality and systemic corruption orders of magnitude larger than the world has ever seen.

Why would we want to recreate that in the crypto-world? That’s what, ideologically, the Bitcoin Core developers were fighting for against Segwit2x.

Bitcoin rival doubles in price in four days as Bitcoin price slumps

One bitcoin is now worth less than $5,900, down 25 percent from Wednesday's high above $7,800. Meanwhile, the currency of a rival, spinoff network called Bitcoin Cash has doubled to more than $1,500 over the same four-day period.

This is good news for one side in Bitcoin's ongoing civil war—the side that sees an urgent need to boost the network's capacity to deal with growing congestion and rising transaction fees. People in this camp have been flocking to Bitcoin Cash after a plan to expand the capacity of the main Bitcoin network fell apart on Wednesday.

"Bitcoin Cash is what I started working on in 2010," tweeted Gavin Andresen on Saturday. "A store of value AND means of exchange." It was a pointed dig to the mainstream Bitcoin network, where slow transactions and rising fees have made it an increasingly unappealing way to make everyday payments.

The endorsement is significant because Andresen was chosen by founder Satoshi Nakamoto to lead the Bitcoin project after Nakamoto faded from the scene in 2011. Andresen was frozen out of the Bitcoin Core development team last year in the midst of a bitter debate over the network's future.

Right now, Bitcoin Cash is still the underdog, as the value of conventional bitcoins is about four times the value of "cash" bitcoins. But supporters are betting that this will change as demand for both networks continues to grow. The Bitcoin Cash network has greater capacity now and it has a community that's committed to expand the network further as needed.

Bitcoin Cash backers believe that with the leaders of the mainstream Bitcoin network stubbornly resisting such capacity increases, it's only a matter of time before these advantages make it the dominant payment network in the Bitcoin world.

Why some have opposed expanding Bitcoin's capacity
Until recently, a hard-coded limit in the Bitcoin software—one megabyte per block—limited the network to processing no more than about seven transactions per second. The big-block faction has argued that this limit should be raised to accommodate further network growth.

But others saw decentralization as the essential attribute of the Bitcoin network. They worried that enabling a flood of transactions would make it too difficult for ordinary people to participate in Bitcoin's transaction-clearing process. They've promoted a hack called segregated witness that helps to squeeze more transactions into each one-megabyte block. But beyond that, they've argued that it's actually healthy for Bitcoin fees to rise over time to prevent the network from getting cluttered with low-value transactions.

The conflict came to a head in recent months. In August, some in the big-block camp split off from the main Bitcoin network to create rival network Bitcoin Cash, which supports blocks up to eight megabytes. This provided an alternative platform for those who were frustrated with the lack of growth in the main Bitcoin network.

Later that month, the main Bitcoin network activated the segregated witness hack, which moves cryptographic signatures outside the one-megabyte block limit. This change has roughly doubled the capacity of the network and brought some temporary relief to congestion that had plagued the network for months.

Under the terms of a May compromise, the activation of segregated witness—long favored by the small-block faction—would be followed by an increase in the block size limit to 2 megabytes. That change was supposed to take place in mid-November. But after segregated witness went into effect in August, the apparent consensus began to evaporate.

By the start of November, the proposal to double the block size had become hotly contested. The Bitcoin network is based on consensus, so it's risky to make changes unless they'll be broadly supported. Last week, the leaders of the effort to double block sizes threw in the towel, announcing that the controversial change would not take place after all.

Bitcoin Cash has deepened polarization in the Bitcoin world
Obviously, the fact that Bitcoin won't get a capacity increase this week doesn't mean it can never get a capacity increase. As congestion in the Bitcoin network gets worse, a consensus might still emerge about the need to allow larger blocks.

But it also might not. Many small-block advocates envision an alternative future for Bitcoin in which Bitcoin itself becomes a low-volume settlement layer for high-value transactions—much as banks once shipped gold bars to each other to settle their obligations.

Small-block fans have pinned their hopes on Lightning, a new type of payment network that allows people to make fast, small Bitcoin payments without having to post every transaction to the Bitcoin blockchain. In theory, Lightning could allow millions of bitcoin-denominated payments to happen every day without changing Bitcoin's one-megabyte block size limit. But Lightning is still in development, and it's far from clear if it will work as well as advocates hope.

In any event, excitement about Lightning has convinced some small-block advocates that block size increases aren't necessary at all. And as more big-blockers flee to Bitcoin Cash, opponents of larger blocks will gain the upper hand in Bitcoin's internal politics. That could leave Bitcoin stuck with one-megabyte blocks indefinitely.

Meanwhile, the big-block faction has broad support from Bitcoin's business community—including well-funded Silicon Valley startups. So far, a lot of these companies have continued focusing on mainstream Bitcoin. But with proposals to upgrade the Bitcoin network stalled, it wouldn't be surprising if these companies have a change of heart, concluding that the future of Bitcoin rests with Bitcoin Cash.

And these companies are the main way that many users interact with Bitcoin. If they made it as easy to use Bitcoin Cash as it is to use mainstream Bitcoin—and if capacity constraints continue to cause slow transactions and high fees on the conventional Bitcoin network—users could start switching over to Bitcoin Cash as their preferred network. Which might be why markets have shifted so dramatically toward Bitcoin Cash in the last four days.

THE ABOLITION OF SEGWIT2X LED TO THE RISE OF BITCOIN CASH IN THE MIDDLE OF THE CRYPTO-CURRENCY SLAUGHTERHOUSE

Market observers expected that after the cancellation of the Segwit2x's hard- core , Algonquins would run hot money from Bitcoin. Instead, it looks like the entire alt-coy market has collapsed with the original Bitcoin, while Bitcoin Cash is flying up - at the time of its release its price is $ 1,650

BITCOIN PULLED THE CRYPTO MARKET TO THE BOTTOM
The adherents of the Altkoins were cruelly mistaken if they thought that the cancellation of the November hardfoot Segwit2x should lead to a rise in prices for alternative crypto-currencies. The collapse of Bitcoin's cost (minus $ 2,300 for the last three days) was accompanied by a drop in prices and the majority of altcoyins. Over the past 24 hours, out of the top 40, only Bitcoin Cash, Ethereum Classic and Dash have seen growth in market capitalization.

LARGE BLOCKS AGAINST SMALL BLOCKS
The Bitcoin community section was evident long before the offshoot of Bitcoin Cash and the concept of Segwit2x. The community was divided due to the problem of the size of the transaction block into two main groups:

• Those who believe in the need for small blocks for decentralization
• Those who believe Bitcoin needs bigger blocks to expand

The second group also split between the Bitcoin and Bitcoin Cash camps. The first pinned hopes on the introduction of Segwit2x and the increase in the block size to 2MB. With the collapse of Segwit2x, the Bitcoin Cash side increased, and the price increased.

Winnie Linam wrote on Twitter about a possible "resettlement":

"While it's too early to say, but @adam3us and @eric_lombrozo did recommend going to Bitcoin Cash for people who did not support the second expansion. It seems that now it happens ... "

FROM ZERO TO $ 16 BILLION IN THREE MONTHS
Bitcoin Cash was created on August 1, and in three months its market capitalization increased to $ 16 billion. At the moment Bitcoin Cash costs more Twitter - the latter has a value of $ 15 billion. After an initial setback, Bitcoin Cash quickly recovered from the better, that now it was he unites those who want to scale Bitcoin with the help of large blocks. Supporters of Ethereum expected that the new crypto currency will outperform Bitcoin in market capitalization (the so-called "flipping"), but now they should be concerned about whether Bitcoin Cash Ethereum will overtake.

A source

Beware of Bitcoin's possible incompatibility with some major services

A subsection of the Bitcoin economy including prominent businesses such as Coinbase, Xapo, and BitPay have signed an agreement to adopt and implement a contentious hard fork of Bitcoin sometime in November. A hard fork is a backwards incompatible change to the Bitcoin network. This hard fork is not supported by the majority of the Bitcoin users and developers and is therefore a contentious hard fork. By adopting this hard fork, we believe the supporters of this agreement are shifting their users to an alternative currency (an altcoin) which is incompatible with Bitcoin.

The signatories of this agreement wrongly believe that the currency created by adopting this contentious hard fork will eventually become Bitcoin. Therefore storing any BTC on services such as Coinbase, Bitpay and Xapo is strongly not recommended. By storing BTC on these services, you could find that after the hard fork, your BTC has been renamed to something else or replaced entirely with the new altcoin. The best way to ensure that your BTC is protected is to download the latest version of Bitcoin Core and transfer out any BTC stored on services that are a signatory to this agreement. We have listed the businesses supporting this contentious hard fork at the bottom of this document.

For users who aren’t prepared to install Bitcoin Core and go through the lengthy set up process, we recommend a wallet such as GreenAddress, Electrum or TREZOR. Avoid using web wallets like blockchain.info. However users should only use these wallets to store their coins and never perform transactions until well after the hard fork. Any transactions you make on the Bitcoin blockchain can also be replicated and “replayed” on the altcoin chain. If the coins on the contentious hard fork have any value, there will be methods you can use to “split” your coins and have access to them. Pay extra attention to major Bitcoin communication channels and media shortly after the fork so you stay informed.

Mobile wallets

Miners in Bitcoin are responsible for transaction ordering through putting transactions into blocks, and collectively creating a chain of these blocks. Most mobile wallets depend on blindly trusting the longest chain produced by the miners in order to safely send and receive transactions. There is considerable mining power supporting the contentious hard fork. A majority of miners have pledged to support the contentious hard fork, therefore the longest chain as seen by most mobile wallets may not be the true block chain. As a result of this, spending money from a mobile wallet during a hard fork is dangerous. You will be vulnerable to many attacks as your wallet is not aware that the miners are breaking the consensus rules on the longest chain.

If the contentious hard fork has failed and the majority of miners have broken their pledge to support the hard fork, it is safe to continue using mobile wallets, however you should check multiple sources of Bitcoin news such as this website, /r/bitcoin, and the Bitcoin Forum to make sure that it’s safe to continue using your particular wallet. As a general rule, you should not perform any transactions during and shortly after the hard fork.

After the fork

Blocks may be slower shortly after the hard fork and your transactions will take longer to confirm. You will have to pay a higher transaction fee if your transaction is high priority and you want it confirmed in the next block. You should try to get any important transactions done a few days before the hard fork date. A lot of websites and programs will likely pop up around the time of the hard fork offering to split your Bitcoin so you can have access to both your BTC and to the new altcoin created by this contentious hard fork, you should exercise caution as many of these services are likely to be scams trying to steal your bitcoin. As the hard fork has very little replay protection, most transactions you perform on the Bitcoin network will also be valid on the hard fork network. You should keep this in mind when transacting.
Some services may continue to present and name the altcoin created by this contentious hard fork as Bitcoin. Users should be aware that this new currency is not Bitcoin. Bitcoin can only be changed with the overwhelming consensus of the entire Bitcoin community of individuals, miners, developers and economy. Even when there is overwhelming consensus, unless in an emergency, a hard fork should have at least a year notice period to give enough time for users to upgrade. This hard fork being adopted by the signatories of this agreement achieves none of these things. It is a rushed and hasty upgrade which only has minority community support and has been thoroughly rejected by users and the technical community. As this new altcoin is not Bitcoin, Bitcoin.org will not list wallets and services that present this altcoin as “Bitcoin” or “BTC” to their users after the hard fork. These services have exited the Bitcoin system in a contentious manner and therefore are no longer useful to our visitors.

The following companies and services have pledged to adopt the contentious hard fork:

Wallets

• Abra (United States)
• Bitcoin.com (St. Kitts & Nevis)
• BitPay (United States)
• BitPesa (Kenya)
• Blockchain.info (UK)
• BTC.com (China)
• Circle (United States)
• Coinbase (United States)
• Coins.ph (Phillipines)
• GoCoin (Isle of Man)
• Jaxx (Canada)
• Luno (Singapore)
• Ripio (Argentina)
• Unocoin (India)
• Xapo (United States)

Exchanges

• ANX (Hong Kong)
• Bitex (Argentina)
• bitFlyer (Japan)
• Bitso (Mexico)
• BTCC (China)
• BTER.com (China)
• Coinbase (United States)
• Coins.ph (Phillipines)
• CryptoFacilities (UK)
• Korbit (South Korea)
• Safello (Sweden)
• SFOX (United States)
• ShapeShift (Switzerland)

Miners

• 1Hash (China)
• Bitcoin.com (St. Kitts & Nevis)
• Bitfury (United States)
• Bitmain (China)
• Bixin.com (China)
• Genesis Mining (Hong Kong)
• ViaBTC (China)

Other

• Bitangel.com /Chandler Guo (China)
• BitClub Network (Hong Kong)
• Bloq (United States)
• Civic (United States)
• Decentral (Canada)
• Digital Currency Group (United States)
• Filament (United States)
• Genesis Global Trading (United States)
• Grayscale Investments (United States)
• MONI (Finland)
• OB1 (United States)
• Netki (United States)
• Purse (United States)
• Veem (United States)

A Source

IBM AND KRUNGSRI ANNOUNCED THE SUCCESS OF THE PILOT PROJECT USING BLOCKCHAIN

Krungsri (Bank of Ayudhya PCL) and IBM made public the information on the successful completion of the development of a pilot project on the basis of a block of flats, which was created to optimize the processing of bank contracts. Block-technology has improved this process by making information more secure, and transactions transparent. In addition, the efficiency of work was increased and its duration was reduced.

TESTS BLOCKAGE IN ONE OF THE THAI BANKS

Krungsri is now the fifth-largest universal bank in Thailand in terms of assets, loans and deposits. The institution provides a wide range of financial services, including state management, credit card issuance, insurance (not life-related), asset management, securities trading, etc.

Voranouch Deykayisaya, one of the main managers of Krungsri, stated the following:

"A pilot contract management project is a test of the use of the power of block-technology in the system of internal processes and back-office; its purpose is to increase the efficiency of internal operations and the convenience of users. We started testing the pilot project last year - the results satisfied us. The current task is to digitize the processing of documents, store the documents themselves with information about authentication and approval in the database on the block, as well as the distribution of this platform throughout the network of branches of our bank. "

Together with the team IBM Cloud Garage, the bank Krungsri can translate the initial plans into reality in three months, using Hyperledger Fabric and blocking services on the IBM Cloud. As a toolkit and framework for development, Hyperledger Composer was used to accelerate the development of a blocking application.

THERE WERE NEW CHARGES AGAINST THE TRADER WHO USED BITCOINS TO CONCEAL PROFITS FROM FRAUD

The court put forward new charges against the intranet trader from Philadelphia, who was previously accused of running a number of online brokerage accounts, Coindesk reports . It is assumed that this man used bitcoins to conceal the source of his income.
HACKING AND TRADING

Joseph Willner was accused at once of several crimes, including cases involving the intrusion into other people's computers and securities fraud. This month , the Securities and Exchange Commission of the United States of America (SEC) brought charges of hacking the digital brokers' accounts of the victims and conducting a series of short-selling (unrequited sales), which were supposed to bring about $ 2 million in profits. This scheme allegedly involved more than 50 trading accounts, the prosecution said.

The SEC suggested that Willner received about $ 700,000 in profits. This amount was hidden by using the crypto currency, which was sent to an unnamed partner. The SEC's case is different from the official charge brought by the Justice Department.

And about. Prosecutor Bridget Rod stated the following:

"Cybercriminals continue to come up with innovative ways to steal money from victims using the Internet, as happened in this case: allegedly the accomplices accused Willner hacked accounts of victims for fraudulent urgent sales."

If found guilty, Willner faces up to 20 years in prison.

RELIEF AND BEWILDERMENT: BITCOIN REACTION TO THE SUDDEN CANCELLATION OF SEGWIT2X

Twitter is bursting with messages - new tweets appear with stunning speed.

After months of anger and controversy, a group of businesses and miner farms using Bitcoin software to provide services suddenly abolished an attempt to change the rules of the network. Segwit2x was scheduled for mid-November - this upgrade has become something of a monster frightened by small children. Hardfork not only provoked a lot of discussions; he also overtook a cloud of uncertainty about the future of Bitcoin, but he still retreated.

An obvious joy was taking away those who for months had spoken out against this proposal and spoke about a distorted understanding of how the further development of the protocol should proceed.

"The Segwit2x hardcore has been canceled! Common sense triumphs, "exclaimed Litecoin creator Charlie Lee. "I left Twitter for 15 minutes, and you had time to cancel B2X, while I was not looking," joked Andreas Antonopoulos.

The developer Akin Fernandez, one of the legion of bloggers who strongly opposed the proposal, left a laconic message:

"Bitcoin won."

Of course, the most "loud" were the initial reactions of those people who joined the long smoldering protest movement called "NO2X". The movement secured the support of dozens of companies and users. They expressed their resistance to adding the prefix "NO2X" to their names in social media.

Criticism of Segwit2x was mainly from developers, many of whom did not even deny the need to increase the blocks. Discontent was caused by the culture that arose around start-ups. She was very lacking in competence over how previously changes were made to the network or even what kinds of ways to make changes.

UNEXPECTED INVESTMENT

Surprisingly, even many Segwit2x supporters sighed with relief when they heard about the cancellation.

"I'm glad that everything is over," said Guy Corem, a former miner who signed the original Segwit2x agreement in May. "This was the right decision."

Others noted the hostility that their public support entailed, as well as the tactics used by the adherents of the NO2X segment. Participants of the last part were criticized for humiliating comments and attacks towards people supporting Segwit2x.

"I think now I can finally pay more attention to more productive technical pursuits than tracking news and fighting trolls on the Internet," the developer of Segwit2x, Jean-Pierre Rapp, shared his impressions.

Stinging debates almost did not stop at such social resources as Reddit and Twitter. It allegedly even reached death threats.

This state of affairs led to a feeling that the Segwit2x proposal was not so welcomed by the community, as expected at the beginning.

"We feel relieved. The goal of NYA was to rally the community and to keep most users on one block, at least a little longer, "wrote in his blog Peter Smith, the CEO of the crypto-software provider Blockchain.

Others talked about this: they say, there is a sense in hardforks to increase the size of the block, but only if support is from all corners of the ecosystem.

"We are all in favor of increasing the size of the bloc, as our clients deal with the commission, but we want it to be done in a responsible way that will bring the whole community together and take more votes into consideration," said Ron Coins.ph founder and CEO Hows.

NEW SOLUTIONS

However, there remains a strong feeling that Bitcoin still needs to somehow expand in the future, if the crypto currency is trying to attract new users.

"We will either bring larger blocks to people [with Bitcoin], or lead people to larger blocks [using Bitcoin Cash]," said developer Peter Reisun.

It is not surprising that the news about the cancellation of the desire to increase the size of the bloc caused the extreme approval of the supporters of the Lightning Network - the proposed "out-of-cheek" microtransaction network, which intends to displace bitcoin transactions from the blockade itself.

"Now that 2x is officially over, I'm very excited to go back to developing long-term solutions like Lightning!", Elizabeth Stark, Lightning Network CEO, wrote on Twitter.

But in spite of the fact that the news can present Lightning as a probable solution, the large proposals, which supposedly should help the network to move from the dead point, will now be very carefully considered.

At the Scaling Bitcoin conference at Stanford University, unresolved issues that could be resolved technologically were considered during this weekend. They included ensuring the confidentiality of transactions and a better understanding of the economics of their interactions.

As Aviv Zohar of the Hebrew University in Jerusalem said, in the long run, larger blocks may still be needed to optimize the network.

In this regard, some people consider not so much Lightning, but alternative protocols like Bitcoin Cash.

"We can see more and more businesses that switch to Bitcoin Cash for on-chain transactions because of the high cost of Bitcoin transfers that Segwit2x tried to solve," said Civic CEO and CEO Winnie Linem.

Other people, such as Jake Smith, decided that "Bitcoin signed a death sentence," so they sold or are going to sell their BTC.

NOT LAST

But while everyone sighs with relief, new thoughts are emerging about the future of Bitcoin.

The key factor dividing the community for many is a decentralized, digital way of moving value that is not controlled by anyone. For some, the failure of the Segwit2x simply shows the power of technology when it comes to protecting against the influence that can destroy it all.

Bitcoin developer Bashco pointed to a long chain of attempts to increase the size of the block or to link hands to developers with the help of similar suggestions. He believes that there will be others.

"They will pour their wounds and regroup," the developer said in a conversation with Coindesk.

This view of things implies that Segwit2x was an attempt to "capture" Bitcoin - the developers of the upgrade allegedly wanted to rewrite the rules of the crypto currency without obtaining full approval from the community.

A controversial step was also the decision of the Segwit2x developers to remove the code, which included protection from the so-called "replay attack". This meant that the fork could take place in such a way that the users' funds would be at risk of the appearance of two jams.

Some people used the news to call for changes in culture and community. First of all, it concerned those who understood how governments can use such methods to distort or harm the protocol in subsequent years.

"We must continue to investigate the forks and divisions of the Cheyne, as well as create tools and proper protection, because it is almost certain to try again."

Blogger under the pseudonym WhalePanda wrote the following tweet :

"We won this battle ... but they will come again and again to destroy Bitcoin. We will not forget. "

A source