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Christine Lagarde: Need to spread awareness about how blockchain can revolutionize privacy, freedom

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Christine Lagarde: Need to spread awareness about how blockchain can revolutionize privacy, freedom
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Christine Lagarde, managing director of the International Monetary Fund [IMF], spoke at the Kissinger Lecture in Foreign Policy and International Relations about the changing scenarios in the economic and the financial industries and also addressed the growing need for cryptocurrency adoption.

Lagarde, who is currently ranking number 3 on the Forbes’ Power Women 2018, said that cryptocurrency regulation is important and should not be entirely left in the hands of corporate sectors or representatives. She continued:

“They’re [corporate sectors] dealing with the common good and your privacy and their data and they’re dealing with your freedom. So governmental authorities, parliamentarians, have to be involved. And they have to be helped along the way for those, who are not computer literate, those who feel completely alien to these digital transformations.”

Lagarde strengthened her statement by saying that it is the public’s responsibility to include all the related sectors like the IMF or the banks and educate them on these technologies [blockchain].



She said that all the important people like the engineers and the corporations who understand the implications of the data and how it affects the future must be informed about such technologies. She stated:

“So there are many technologies that you don’t master and I don’t, either, but having enough knowledge to understand the key principles that need to be respected, is something that I believe falls on the shoulders of the parliamentarians and the governments because they today have the responsibility to represent the people.”

Christine Lagarde recently even detailed the benefits of Bitcoin [BTC], Ethereum [ETH] and cryptocurrencies in general. In an IMF blog post, Lagarde wrote:

“Just as a few technologies that emerged from the dot-com era have transformed our lives, the crypto assets that survive could have a significant impact on how we save, invest and pay our bills.”





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

Altcoins

Bitcoin SV [BSV] gets hit with another reorg as multiple blocks get orphaned, including a 128 MB block

Akash Anand

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Bitcoin SV [BSV] gets hit with another reorg as multiple blocks get orphaned, including a 128 MB block
Source: Pixabay

Bitcoin SV [BSV] and its proponents have been making headlines over the past couple of weeks, either due to developments or because of comments made by its major proponents, Craig Wright, the chief scientist at nChain, and Calvin Ayre.

The network was also hit with several members of the cryptocurrency community alleging that the cryptocurrency itself is a sham without any use cases, as evidenced by its delisting on several popular cryptocurrency exchanges like Binance, Kraken and Shapeshift.

The latest news added salt to BSV’s wounds after it was revealed that the network went through another blockchain reorganization on a 128 MB block. This fact was pointed out by Nikita Zhavoronkov, the lead developer of Blockchair, who had tweeted:

“Whoops! $BSV has experienced yet another reorg, this time 6 (six!) consecutive blocks were orphaned (#578640–578645), this chain included a 128 MB block #578644 🤦‍♂️ The network was basically stuck for 1.5 hours, and this shows that even 6 confirmations are not enough.”

Orphaned blocks are valid blocks which are not part of the main chain. There are ways that they can occur naturally when two miners produce blocks at similar times or they can be a result of an attacker with enough hashing power using it for nefarious activities like reversing transactions.

A major reason why this reorg event made news was that a major 128 MB block was stuck in transaction, something that was not supposed to occur according to the initial claims made by the SV camp. Supporters of the cryptocurrency, however, have stated that despite being slower than promised, the transactions on the block settled faster than that on a Bitcoin Core block.



One supporter of BSV, mboyd1, tweeted:

“Orphaned blocks are a feature, not a bug”

To this tweet, Zyo, another cryptocurrency enthusiast replied:

“yes, but orphaning 6 blocks in a row is not good, that means that 6 confirmations is not safe. It’s a bug because the 100+ MB take way too long to propagate and validate. There is a reason why BCH doesn’t have [yet] 100+ MB blocks.”





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