The Daily Decrypt is a daily weekday video broadcast covering a wide variety of cryptocurrency and blockchain technology topics and news stories. At CORE Media we’ve found the broadcast to be an invaluable and entertaining resource in cryptocurrency news and provide a weekly summary of The Daily Decrypt episodes. Welcome to the Weekly Decrypt!
This episode was filmed during host Amanda’s time at the Liberty Forum in Manchester, New Hampshire, an annual conference hosted by the Free State Project where several blockchain and cryptocurrency projects gave speeches or presentations.
Notable presentations were given by MaidSafe – a decentralized internet project 10 years in the making, LBRY – a decentralized content hosting and distribution project, Ubiquity – a service providing colored coins on the Bitcoin blockchain to organizations registering property titles, and Arcade City – a decentralized ride sharing application project which is incorporating cryptocurrency into its app in an effort to compete with Uber.
Although the presentations were exciting and informative, most attendees were most excited about the live Q&A session with Edward Snowden via teleconference. Snowden spoke on the power of technology to empower individuals in an age where nations states are looking to continue to leverage technology to its advantage in its efforts to control the general population.
Amanda spent some quality time interviewing conference attendees about cryptocurrency. As is to be expected in the Bitcoin Capital of America, many of the attendees had heard of cryptocurrency, had used it to buy things like groceries and beer or had accepted it as payment for goods and services.
Many of the vendors at the conference were accepting Bitcoin as payment for their goods. The conference full of cryptocurrency fans culminated with an awards ceremony and an evening dance party.
Amanda sat down for an interview with Eric Sammons who discussed some of the ways in which DASH is structuring its governance model in an effort to mitigate some of the problems Bitcoin has encountered with its development, funding and conflict of interests between miners and investors.
At the time of this episode, the sixth Bitcoin Classic block out of the last 1000 Bitcoin blocks had been mined by KnCMiner, a mining pool with roughly 4% of the networks’ hashrate. SlushPool, a mining pool with about 5% of the network’s hashrate, also announced they would soon give its miners a choice which codebase they’d like to support in a measure that could provide Classic with up to 9% of 75% of the network’s hashrate required to elicit an upgrade.
Two-thirds of the last 1000 Bitcoin blocks were at or above 90% data capacity. This figure means that the Bitcoin network is fast approaching the time at which the data capacity of its blocks will not be able to accommodate the demand. This situation has caused an increase in reports of transactions taking sometimes in excess of 24 hours to be accepted into a block. Many Classic supporters have begun leveraging their own Bitcoin in an effort to spread support for the variant which supports doubling the block size.
Reports of Bitcoiners selling their coins for popular altcoins like ETH, DASH, and DOGE due to the persistent infighting in Bitcoin development circles are also becoming more common and the numbers from coinmarketcap.com confirm this. In December 2015, all of cryptocurrency’s market capitalization was $7.6 billion and Bitcoin was responsible for 90% of it. This month’s numbers show that just two months later the total market capitalization of all cryptocurrencies is still $7.6 billion with Bitcoin’s share of it dropping to 84%.
What these numbers mean is up for interpretation, but the bottom line is that competition between digital currencies is certainly alive and well.
At the time of this episode, Bitcoin mining pools KnCMiner and SlushPool had mined 14 Bitcoin Classic blocks out of the last 1000 Bitcoin blocks. The world’s largest contributor to Bitcoin’s hashpower, F2Pool mining pool, also announced this week that it would allow their miners to vote on whether or not they want the bigger blocks being offered by Bitcoin Classic.
This announcement by F2Pool has come as quite the surprise to many after one of its representatives last week signed an agreement alongside the likes of Blockstream to support Bitcoin Core and a strategy it had outlined for the road ahead. There had apparently been some confusion as to where F2Pool stands with the Bitcoin Core agreement as evidenced by a known representative from F2Pool posting on BitcoinTalk this week that F2Pool feels it has been cheated by Blockstream and plans to withdraw its support of the agreement.
Some are speculating that F2Pool has realized it must compete with other smaller pools who are offering a choice between Bitcoin Core and Bitcoin Classic or risk losing miners and their hashpower. It is important to note at this point, however, that F2Pool is not yet running any Bitcoin Classic nodes. Doing so will become necessary if support and demand for Bitcoin Classic continues to grow as it has been.
Amanda sat down for an interview with Alexandro Colorado, a Daily Decrypt viewer and member of Cancun Bitcoin meetup group ‘Bitcuners‘, whom she met at a Bitcoin conference in Mexico City.
Alexandro details some things about his cryptocurrency trading strategy, particularly the ways in which he uses trading bots somewhat like those available at CryptoTrader.org and the fiat-pegged assets available through Nubits, NXT and Bitshares to minimize risk and exchange fees and hedge against cryptocurrency volatility without actually selling his coins for a fiat currency.
All episodes of The Daily Decrypt broadcast to date can be found on their YouTube channel as well as their website and you may get involved in the discussion on cryptocurrency competition at the Daily Decrypt subreddit.