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How will Bitcoin Cash face bitPico Threats?

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bitPico, an anonymous group has recently declared that they are currently developing numerous “attack nodes” online with the focus on Bitcoin Cash (51% attack) and will create “multiple forks”. There was a rumor in March 2018 that bitPico was responsible for the DDoS (distributed denial-of-service) attacks against the Lightning Network, Bitcoin’s proposed layer-two scaling solution. bitPico, in a Twitter post, had claimed the accusation to be true and revealed that they had created a network stress tool for the Lightning Network.

This means that the anonymous group was testing the network in adversarial conditions and checking out its strength. bitPico had revealed to the press its intentions, “as people with investment into bitcoin, we want to make sure layer-two solutions do not get [overwhelmed] out of the gate.” The measure was appreciated by many and Andreas Antonopoulos, Bitcoin lecturer had said that this free testing would give them the opportunity to strengthen the Lightning Network.

bitPico, it seems, now has turned their attention to Bitcoin Cash (BCH), as per their Twitter post on 22nd June 2018. Their Twitter post read, “It’s time to determine how centralized @rogerkver really is and we are 100% confident we can split the network into multiple forks. Look forward to a 51% attack on the #bitcoin #cash chain this September.”

The next day itself, a Twitter post of bitPico read that the attack has already started and 5,000 “attack nodes” can be expected to run within the next few weeks. The stress test tool used by bitPico lately is also ready for “botnet deployment”.

Bitcoin Cash is quite vulnerable to hacking because nearly 85% of the Bitcoin Cash nodes are located in two data centers. BTC, compared to this is better equipped as it is Sybil proof and will protect unless 50,000 full non-pruned nodes are deployed.  But, the hack will not be accomplished so easily as all their nodes will have to validate bitPico’s payload.

Real World Stress Test

During the Bitcoin Cash Stress Test, the aim is to confirm millions of minimum fee transactions within 24 hours. The BCH Stress Test Day site said, “Such volume of minimum fee transactions will prove to merchants and businesses worldwide, and also to ourselves, that the BCH main network is capable of scaling on chain and is capable of handling such volume of transactions today.”

Bitcoin Cash (BCH) has often been warned about the hard fork move and there have been allegations of instability, vulnerable to attacks and so on. However, Bitcoin Cash has till date defied all such critics and has climbed to the 4th position in the cryptocurrency rank list of coinmarketcap.com. This should say something about the most successful hard fork of Bitcoin (BTC).

The stress test welcomes anyone who is eager to participate and the cost is very less per head as it will be spread across the community. Bitcoin Cash has more or less been dismissive of threats like that of bitPico and Zeger has emailed to Bitsonline, “No, I don’t know anything about it. It seems like nothing, I’ve heard others say that the fellow has made other outlandish claims before that amounted to nothing.”

The stress testing date is scheduled for 12th September 2018, 12:00 UTC. In order to make this an annual event, the network has scheduled it before the BCH November upgrade. The aim is also to test apps, wallets and other services in stress. This way everyone will get useful data and they can use it to make further progress.

The testers assure that the capacity of the Bitcoin Cash network will be assured on that day and it will be a ray of hope for merchants, businesses and investors and they will be able to entrust the BCH network and its ability to scale on-chain. “You can also just like every comment on Memo.cash with 546 satoshi tip, or make lots of 546 satoshi donations to eatBCH.” Heck, chat up some buddies on the Kepyport app while you’re going about all the above, betting on “Satoshi Dice, Satoshi Bones or any other BCH online games.”

Price Details

The price of Bitcoin Cash, at the time of writing, shows approximately $753.18 USD (8.00%) while the market cap is nearly $12,956,527,343 USD. The volume (24h) shows over $574,268,000 USD. (As per coinmarketcap.com) June 2018 has seen some usual fluctuations with the price of BCH sometimes showing a negative slide. However, one can expect the price to rise in this year if Bitcoin Cash makes it through the stress test successfully.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

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Hodium
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I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

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Bitcoin

Behold The Cryptopreneurs – Overcoming The Obstacles Facing The Blockchain Industry

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Integrating blockchain technology is fast becoming a necessity for enterprise ventures and small or large businesses, but with a growing number of choices in the tech revolution, it’s difficult to pick a direction without feeling overwhelmed or taken advantage of. This is where BEHOLD THE CRYPTOPRENEURS comes in.

Private keys, the myth of anonymity, and the battle against anarchist ideology are only a few of the difficult challenges faced by businesses that want to incorporate blockchain into their culture. Author Dennis H. Lewis guides the reader through those challenges and helps them discover the true potential of investing in this new economic paradigm.

Every business has pain points that must be overcome in order to branch out and thrive in an ever-changing commercial environment. Blockchain has real world solutions and cryptopreneurs are not limited to the cryptocurrencies they invest in but rather how they seize economic and technological opportunities to make it work for them.

Innovation, trust, and solutions can differentiate your business from all the noise, but without a solid marketing plan, a cryptopreneur can have the best idea and never get far. Remember: a million great ideas times zero market presence equals zero success.

Investors want to know there is public interest and enthusiasm in a project before they commit any money to it. As a cryptopreneur, you are tasked with generating that interest from the…

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