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John McAfee on Bitcoin, BlockFi faces backlash and more

Jibin M George

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Daily Crypto News – 21 March

Coindcx launches lending program: Indian crypto exchange, Coindcx, announced the launch of Dcxlend, a crypto-lending program, that will support five cryptocurrencies, including Bitcoin and XRP.

Read more at https://bit.ly/2Cw1wEe

Ledger’s CEO on the cryptoverse: Eric Larchevêque, CEO of the hardware wallet manufacturer, Ledger, stated that financial institutions want to build a back office using cryptocurrency and its underlying technology.

Read more at https://bit.ly/2HJyODf

Facebook joins crypto race: The Mark Zuckerberg-led social media giant is stepping up its crypto project, and is looking for a lead counsel to head its Blockchain division.

Read more at https://bit.ly/2TplUMS

Mike Novogratz on Satoshi Nakamoto: Bitcoin advocate and billionaire is in the news again after he claimed that people should bow down to Satoshi Nakamoto, and thank him for the creation of the world’s premier cryptocurrency.

Read more at https://bit.ly/2ujAEmj

Vitalik Buterin on ICOs: Buterin, the creator of the world’s second largest cryptocurrency and smart contracts platform, Ethereum, claimed that ICO boom would have happened, regardless of the ETH platform

Read more at https://bit.ly/2FnOzwD



Cryptocurrency users surged in 2018: According to a report filed by Silvergate Bank with the United States’ SEC, despite the ongoing crypto-winter, the cryptocurrency user base shot up by 122% in 2018.

Read more at https://bit.ly/2UMWNF9





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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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