Monday, November 5, 2018

Bitcoin Ranks...19th? 😮

November 5, 2018

China Releases its Newest Blockchain Rankings, Bitcoin Ranks 19th

Banned crypto, but ranking them

Currently, China has a blanket ban on all cryptocurrencies. Citizens are barred from trading crypto or investing in initial coin offerings. This ban has been in place since September 2017.

While the government has banned cryptocurrencies, it still keeps an eye on the technology and the market. Over the past year, while the ban has been in place, rumors have popped up claiming that China is researching different plans to implement the technology for different use cases. The government has even gone far enough to evaluate the different cryptocurrencies on the market and compile a ranking of the top coins.

Newest rankings unveiled

The China Electronic Information Industry Development, a government organization, has published its 6th blockchain rankings. Surprisingly the Chinese government ranked 18 cryptocurrencies ahead of Bitcoin, which is by far the highest valued crypto.

Here are the full rankings:

EOS
Ethereum
BitShares
Nebulas
NEO
Steem
Ripple
GXChain
NULS
Komodo
Lisk
Stellar
Ark
IOTA
Waves
Stratis
Qtum
Cardano
Bitcoin
Verge
Monero
Ethereum Classic
NANO
Tezos
Zcash
Dash
Hcash
Bitcoin Cash
Sia
Bytecoin
Litecoin
Decred
NEM

How is Bitcoin 19th?

The China Electronic Information Industry Development gives each cryptocurrency a score in three categories: basic-tech, applicability, and creativity.

The critics gave credit to Bitcoin for pioneering this industry, ranking it first in the creativity category. However, Bitcoin ranked bottom of the pack in terms of 'basic-tech' and in the near the middle for practicability.

REVIEW

What's Going on with Bitcoin Cash?

Hard fork incoming

Twice a year, the Bitcoin Cash (BCH) network hard forks, or upgrades, as it tweaks its protocol for improvements.

While the network's scheduled hard forks are usually used to facilitate upgrades rather than split the blockchain into two different blockchains, the upcoming hard fork on November 15th might do just that.

That's because the Bitcoin Cash community is stuck in a fight between which new upgrade will suit the network best - only a year after its community split from Bitcoin in a hard fork on August 1st, 2017.

ABC, SV, and Unlimited

There are currently three proposals for the upcoming Bitcoin Cash hard fork, however, the battle weighs mostly on Bitcoin ABC and Bitcoin SV.

For Bitcoin ABC, the proposal is looking to introduce a few changes to the Bitcoin Cash network including changing the way transactions are organized in a block and new codes to permit communication from outside the blockchain.

For Bitcoin SV, the proposal is looking to increase Bitcoin Cash's current block size from 32MB to a maximum size of 128MB. Since the goal of Bitcoin Cash has been to lower transaction fees and speed up the network from the beginning, increasing the block size to fill more transactions could help the network scale.

Meanwhile, Bitcoin Unlimited, the third proposal, will implement both Bitcoin ABC and Bitcoin SV features to allow miners to vote for their preferred proposal.

To sum up, here are the three arguments:

Bitcoin ABC: Lay the technical groundwork first, then scale over time.
Bitcoin SV: Increasing block size will achieve the goal, we don't need extra.
Bitcoin Unlimited: I'll sit on the sidelines for this one.

Support on both sides

As we get closer to November 15th, major influencers and businesses in the space have voiced their opinions on the hard fork.

So far, Coinbase, Binance, and Bitmain have all published official support for Bitcoin ABC. On the flipside, Bitcoin SV has gained support from popular influencer Craig Wright, CoinGeek, and the anonymous owner of Bitcoin.org, Cobra.

Investors are happy

While developers battle out a grueling debate on which proposals to implement, investors have enjoyed recent gains.

Historically, when coins show the possibility of a hard fork that will split the chain into two different cryptocurrencies, investors have flocked to receive their new 'free' coins.

This time around seems to be no different as Bitcoin Cash is up over 30% in the last 7 days.

STABLECOIN

Tether Loses Dollar Peg... Again

Tether's tumultuous time

Tether has had a wild past month or so for a cryptocurrency that is supposed to be a 'stablecoin'. Due to new stablecoins entering the market and exchanges supporting these new stablecoins, money has been flowing out of Tether.

In the middle of October, so much money exited Tether so quickly that it lost its peg to the dollar, sinking all the way down to $0.85. To regain dollar parity, Tether had to take coins out of the market and burned a sizable portion of its treasury.

Then, earlier this week, Tether tried to ease investors worries by disclosing its banking relationship and account details. The company shared that it banks with Deltec Bank & Trust in the Bahamas. It also shared that its bank balance was $1,831,322,828 on October 31st.

On Sunday, Tether once again decoupled from the dollar, dropping to $0.95. The most likely cause for the devaluation is that exchanges are unable to compensate for all of the Tether investors are looking to cash out. In other words, their is a supply surplus of Tether in the market, causing the price to decrease.

BITS

But wait, there's more...

Cybersecurity experts from Mitsubishi Group say they may have identified data that could locate the hackers of the Zaif crypto exchange.
The People's Bank of China, the country's central bank, is looking to clamp down on airdrops – free distributions of crypto tokens.
Bank of America won a patent for a new crypto storage system that will provide customers secure custody of private keys.

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COIN	PRICE	24H

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