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Bitcoin Cash [BCH]’s Craig Wright says Silk Road killed the adoption of Bitcoin [BTC]




Bitcoin Cash [BCH]'s Craig Wright says Silk Road killed the adoption of Bitcoin [BTC]
Source: Pixabay

Craig Wright aka Faketoshi, a Bitcoin Satoshi’s Vision proponent for the Bitcoin Cash [BCH] blockchain, recently appeared on a video hosted by Tone Vays, a Bitcoin advocate, to speak about the upcoming hard fork. The hard fork is scheduled for November 15, 2018.

Wright continued to show his dissent towards the upcoming fork as he believes that the implementation would result in all the countries pronouncing the token illegal. Faketoshi stated that he did not mind if people wanted them to make a greater version of Bitcoin, but they would not build it in Bitcoin. He also opined that the Silk Road was not one of the main catalysts for Bitcoin’s adoption.

Silk Road was the most popular black marketplace which provided services ranging from drugs to weapons to contract assassinations. The marketplace boomed on the darknet and so did Bitcoin as it was the only acceptable means of payment. However, when the Feds cracked down Silk Road, it became the talk of the town. This also resulted in the arrest of Ross Ulbricht and Bitcoin being mentioned on every popular media platform.

He said:

“Adoption didn’t happen because of Silk Road. If you looked at other centralized coins that happened in the 90s and things like this within the first three years, you actually had banks starting to use them; Deutsche Bank was using DigiCash, others were using it. So Silk Road actually killed adoption in Bitcoin. Right now, we would be in a world with probably 500 million people using Bitcoin at least on a daily basis if it wasn’t for Silk Road.”

Wright further spoke about the new 7-nanometer mining machines, Antminer S15, and T15, which were released earlier this month. The Bitmain announcement was made on their official Twitter handle, which read:

“We are officially announcing the release of our new 7nm miners which possess industry-leading hash rates designed to mine with the SHA256 algorithm. Two models will be offered, the Antminer S15 and T15. Available for purchase on 11/8.”

The self-proclaimed Satoshi Nakamoto stated that the Jihan, the co-founder of Bitmain, had good mining machines two years ago. However, now, the machines that will be released by Squire Mining Ltd. next year, are going to be 50% more efficient in comparison to the 7nm machines. Furthermore, he stated that Jihan made profits in the previous quarter prior to stopping sales because nChain and CoinGeek bought the machines from Bitmain.

He said:

“We bought the majority of Bitmain sales. His sales tanked because we stopped buying. We packed it on BTC and its still packed in on BTC. We bought those machines. BMG and CoinGeek, who we’re aligned with bought all those machines. Jihan sold his own end to us.”

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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.


HitBTC responds to allegations of insolvency, refutes claims made by Redditors




HitBTC responds to allegations of insolvency
Source: Unsplash

HitBTC, a Hong Kong-based exchange has been the center of accusations among users on Reddit, Twitter, and other forums. HitBTC users started complaining about issues regarding withdrawal and extensive procedures after one particular user @ProofofReserach put out a thread alleging insolvency of HitBTC.

To put an end to all the accusations, HitBTC has broken its silence with a blog post explaining their side of the story. According to HitBTC, their systems performed well during the winter of 2017-18, however, HitBTC mentioned that due to overwhelming demand for the services, they experienced bottlenecks at an operational level.

Referring to the BitcoinExchangeGuide article, HitBTC responded:

“A widely quoted article, in its entirety, is based on only 2 AML cases. One of them was initiated as part of the investigation into the December, 2018 BTCP security breach, at the request of the coin’s core team. Unfortunately, there is no clear indication of the nature of the second case that can be discerned from the article. The author of the article failed to track the deposit/withdrawal dynamics that did not uncover any irregularities. A simple block explorer or our public System Monitor would suffice for these purposes”

Additionally, referring to the altcoins being added and removed from the platform, the exchange said that they were honored to work with a diverse range of projects, however, since the crypto sphere was still nascent, there were lapses in their judgment in assessing the integration partners. With the above-mentioned prominent cases, HitBTC also addressed other topics.

@ProofofResearch replied to HitBTC’s blog:

“Is there a reason why you’re unable to tell people us where your Bitcoin storage is at? If what I published is as untrue as you claim it is, then providing a wallet address where your Bitcoin funds are stored will go a long way in *proving that*.”

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