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    Home Unlabelled Crypto Currency Markets Weekly Discussion Megathread - 06/May/2019

    Crypto Currency Markets Weekly Discussion Megathread - 06/May/2019

    May 06, 2019

    Crypto Currency Markets Weekly Discussion Megathread - 06/May/2019

    Weekly Discussion Megathread - 06/May/2019

    Posted: 06 May 2019 10:11 AM PDT

    Welcome to the /r/CryptoMarkets Weekly Discussion thread. The thread guidelines are as follows:

    The thread guidelines are as follows:

    • Discussion topics include, but are not limited to, events of the day, technical analysis, and minor questions.
    • Breaking news or other important content should be submitted as a separate post.
    • Cryptocurrency discussion not related to trading should be referred to the r/CryptoCurrency general discussion thread, see here.

    • Follow the golden rule and be excellent to each other.

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    Thank you in advance for your participation. Enjoy!

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    WSJ identifies Bitcoin as the best investment, Regulators ready to approve Ethereum futures

    Posted: 06 May 2019 07:43 AM PDT

    OLD MEN YELLING AT BITCOIN: Critics Crawl Out of the Woodwork as BTC Prices Climb

    Posted: 06 May 2019 08:22 AM PDT

    Fidelity to Launch Crypto Trading in a Few Weeks - HVY

    Posted: 06 May 2019 05:24 AM PDT

    The Court Ordered Craig Wright to Provide a List of Bitcoin Addresses that Belong to Him - HVY

    Posted: 06 May 2019 07:32 AM PDT

    Fusion Foundation chosen by Alprockz to accelerate adoption of its Swiss Franc-backed Stablecoin

    Posted: 06 May 2019 08:01 AM PDT

    The Growth of the Volume of Tweets and Search Queries on Google Precedes the Rise in Prices of BTC and ETH

    Posted: 06 May 2019 06:42 AM PDT

    Let's put together a list of free/affordable events at NY Blockchain Week

    Posted: 06 May 2019 10:55 AM PDT

    13 Incredible Ways to Earn Job Replacing Cryptocurrency in 2019

    Posted: 06 May 2019 02:23 PM PDT

    NIX — The First PoS Privacy Coin to Adopt Sigma

    Posted: 06 May 2019 11:43 AM PDT

    Bitcoin Gold now does more tx volume than Bitcoin SV

    Posted: 06 May 2019 07:43 AM PDT

    Atomic Swap Weekly Lucky Draw — Win from a pool of 250,000 SWTH!

    Posted: 06 May 2019 08:25 PM PDT

    Bytus comes to rescue for all the crypto users !

    Posted: 06 May 2019 10:27 AM PDT

    It's been a decade when cryptocurrency came into existence. Is it still accepted worldwide? Cryptocurrency has been a taboo lately. Reception of it has always been a problem. Users who have access to digital coins are unable to use them for purchase of goods and services because of a lack of a supportive ecosystem and infrastructure.

    This infrastructure has innumerable concerns that make dealing in cryptocurrency troublesome are listed below:- 1.High and unpredictable commissions. In numerous exchanges including cryptographic forms of money, commission rates for installment is very deregulated making it hard to make precise expectations. Therefore, the expense of any exchange can lead to an out of the blue increment.

    1. Low security Crypto wallets have been trending lately and have been trending all over the online platforms. This online flooding has resulted in low security and also exposes it to many vulnerabilities.

    2. Cryptocurrency confirmation is a long process. In many Cryptocurrency con chains, a single transaction subentry can take up to 30 minutes. This is not ideal for buyers and sellers who are used to instantaneous results in traditional modes of payment.

    3. Poor usability. The average user doesn't know much about blockchain applications and as a result, takes a considerable time to understand each process. A well-implemented blockchain application is easier to understand.

    The major problem with cryptocurrency platform is that very rare one anyone allows to exchange cryptocurrency for fiat. Bytus comes to rescue for all the crypto users. Bytus is inclined to help retail chains introduce cryptocurrencies as a viable payment options. This helps to attract new customers who want to pay in cryptocurrencies, helping clients explore new markets; Enable the user to independently control the security of their funds Bytus has a mission to create a convenient, safe ecosystem (infrastructure) so that the user can conveniently pay both through payment terminals and via the internet using a QR code with instant conversion of cryptocurrency into fiat. After successfully reaching the soft cap for its ITO, Bytus is all determined to build an efficient platform for all crypto users. Visit the website now for more details!

    submitted by /u/rmccle
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    Altcoin News: CFTC Is Ready to Approve Ethereum Futures

    Posted: 06 May 2019 05:04 AM PDT

    Sentivate: The Universal Web releases the 2019 Summer Roadmap

    Posted: 06 May 2019 10:48 AM PDT

    'Unstable’ crypto boss reported to police over safety concerns

    Posted: 06 May 2019 04:46 PM PDT

    Altcoin Analysis: BTC, ETH, XRP, EOS, LTC Cryptocurrency Review

    Posted: 06 May 2019 04:47 AM PDT

    Altcoin News: CoinMarketCap Eliminated Bitfinex Data When Calculating the Inter-Exchange Rate of Bitcoin

    Posted: 06 May 2019 06:02 AM PDT

    Fidelity Set to Launch Crypto Trading Service as Interest in Markets Flourishes. Influx of fresh institutional capital may soon be introduced to the markets.

    Posted: 06 May 2019 04:34 PM PDT

    Blockchain bloat and how to deal with it

    Posted: 06 May 2019 03:27 AM PDT

    IBM’s Hyperledger isn’t a real blockchain — here’s why

    Posted: 05 May 2019 11:36 PM PDT

    Back in 2016, enterprise "private blockchain" was a new, unfamiliar idea.

    There were not many major players in the private permissioned blockchain space; a big name was IBM, whose contributions to Hyperledger Fabric has since brought its tech in front of the likes of Walmart, Nestlé, and Aetna.

    You would think that the prominence and history of IBM's brand would result in wide industry adoption of their blockchain tech, but instead, adoption has been sluggish and most solutions are still in the nascent proof-of-concept stages. This suggests that many of IBM's enterprise customers are not satisfied.

    The reason might be fundamentally about IBM's technology;

    IBM's Hyperledger isn't really a "blockchain," and what it does offer is hard to use and difficult to scale.

    When I worked at JP Morgan in 2016, I led an emerging technology group that researched and vetted blockchains for the bank's potential use and strategic investment. At the time, we did in-depth analyses of early versions of Hyperledger, Axoni, Symbiont, Tendermint, Ripple, and Ethereum.

    My team discovered that the blockchain options in the market were technologically subpar for real enterprise use cases. These tech problems ranged from having code compiled down to computer "bytecode" that rendered business logic unreadable — and therefore hard to check for auditors — to running so slowly that one couldn't perform helpful business transactions any better than with a traditional database.

    We used to joke if we were to go to our bosses at JP Morgan and tell them that you couldn't upgrade your business smart contracts in Ethereum without hard forking the entire network,

    We would be laughed out of the room.

    ​

    So we came up with a list of questions that we asked at JP Morgan while looking at blockchain vendors.

    Questions like:

    • What language will this blockchain use?
    • Is the language designed for safety?
    • Can the system easily express complex business rules?
    • Can you upgrade your contracts, i.e. establish a governance regime over any contract?
    • Can the system interact with external blockchains?
    • Can the system add participants (nodes) without drastically slowing down performance?

    Using these questions as a framework, I believe that blockchain requires architectural elements that IBM's system fundamentally lacks.

    I'm also not the only one who has since suggested that IBM's performance claims don't add up; and while my colleagues and I don't see the numbers game (transactions per second, node count) as the only factor in blockchain adoption, we do think it's important to educate people on what a blockchain is and is not. This education will hopefully help everyone better understand the landscape of this emerging technology.

    What blockchain is and isn't

    In order to really understand where IBM's blockchain fails to satisfy, we need to look at the very definition of a blockchain itself.

    A blockchain is a decentralized and distributed database, an immutable ledger of events or transactions where truth is determined by a consensus mechanism — such as participants voting to agree on what gets written — so that no central authority arbitrates what is true.

    IBM's definition of blockchain captures the distributed and immutable elements of blockchain but conveniently leaves out decentralized consensus — that's because IBM Hyperledger Fabric doesn't require a true consensus mechanism at all.

    Instead, it suggests using an "ordering service" called Kafka, but without enforced, democratized, cryptographically-secure voting between participants, you can't really prove whether an agent tampers with the ledger.

    In effect, IBM's "blockchain" is nothing more than a glorified time-stamped list of entries.

    IBM's architecture exposes numerous potential vulnerabilities that require a very small amount of malicious coordination.

    For instance, IBM introduces public-key cryptography "inside the network" with validator signatures, which fundamentally invalidates the proven security model of Bitcoin and other real blockchains, where the network can never intermediate a user's externally-provided public key signature.

    In a Hyperledger node, the only signatures that matter for consensus are the validator's, while the user signatures disappear into arbitrary data in the "RWSet" which is replicated through the network (see diagram below).

    IBM plays very fast and loose with performance numbers due to their complicated architecture. The architecture, or shape of a blockchain, matters because it controls how information moves on the digital ledger.

    The architecture of IBM's platform is complex, involving non-uniform nodes, unreliable smart contracts, and many points of failure. Security-wise, its architecture provides assurance only within the system, meaning that there is always a risk that someone can subvert the intention of a user.

    Moreover, the performance numbers that IBM Hyperledger Fabric claims are misleading. Hyperledger uses a multi-chain environment (they call them "channels") as part of their confidentiality/network security. However, their transactions cannot be replicated across channels, meaning each channel should be evaluated independently from a performance point of view.

    When looking at individual channels, IBM's system struggles to get above 800 tps, but even a 16-channel configuration can barely get above 1500 tps, with latencies reaching well into the 10-20 second range at the upper throughputs.

    Thus, to achieve maximum performance with IBM, you must deploy multiple channels, which require extra configuration, to achieve maximum performance (which still can't exceed 1800 tps) with latencies soaring into the 10-30 second range.

    Furthermore, that multi-channel network in real life would also be extremely complex to deploy, making it unlikely to actually get used in business.

    Why smart contracts matter

    The final point of consideration consists of the smart contract languages used to program commands in a blockchain.

    A smart contract is not just a piece of code; it is a representation of business logic.

    A smart contract may secure a house on the blockchain, assure a digital identity, or even just represent an escrow transaction between people buying and selling an old TV. It is important that a smart contract is reliable and always does what it says it will.

    When it comes to building anything on a blockchain, you need to be able to represent what you want to do (buy, sell, package data, etc.) through smart contracts. The easier or simpler your language is to use, the faster you will build the thing you want and get it in front of the eyes of stakeholders.

    IBM Hyperledger Fabric smart contracts ("chaincode") can be written in a number of programming languages including general Javascript or Go. Supporting multiple languages might seem beneficial because it allows people to pick up blockchain without necessarily learning a new language.

    But there are trade-offs between the convenience of a programmer already knowing a general purpose language and the security and safety that a domain-specific language provides. When the stakes are as high as in blockchain — where millions of dollars can be lost if code is buggy or incorrect because it wasn't designed for blockchain — the smart contract language must be purpose-built and safe by design.

    Finally, if programming languages are measured by user-friendliness, then coding for Hyperledger isn't exactly simple.

    In order to spell out the classic programmer intro sequence of telling a computer to say, "hello world," you needed 150 lines of code that look like this:

    ​

    The takeaway

    While IBM still dominates a lot of the enterprise blockchain press cycle with their relationship announcements, it's important to look under their hood at what the technology actually can do.

    When I participated in evaluating the tech at JP Morgan, we found that IBM's technology did not stand up to its performance claims and definitely was not offering the simplest or safest solutions for digital ledgers. I believe that challengers will arise offer better tools, better blockchains, and a better vision for the future of our society and how we use technology.

    ​

    STORY BY

    Stuart Popejoy

    Co-founder & President, Kadena — Stuart Popejoy is a co-founder of Kadena and has 15 years experience in building trading systems and exchange backbones for the financial industry. Prior to starting the company in 2016, Stuart worked at JP Morgan in the new products division, where he led and developed their main blockchain product, Juno.

    ​

    NOTE FROM OP:

    This piece has been extracted and formatted for better digestion from thenextweb.

    I find it interesting because we're seeing that IBM's Hyperledger doing a lot of marketing and partnership deals lately, they have a clear advantage because of their roots and credibility. Very insightful but it would be interesting to see how projects with existing blockchain deployments tackle this, from Aergo's Hybrid Blockchain by Blocko (Samsung backed), to LTO's network, and of course, Stuart's own, Kadena. Set up by an ex JP-Morgan & ex SEC. Not disregarding the host of other enterprise blockchains out there too. But could IBM be off guard with all this?

    submitted by /u/Bailiwick9c
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    Monero Records New Transaction All-Time High, Network Shows No Signs of Congestion

    Posted: 06 May 2019 09:09 AM PDT

    Bitcoin Market Cap Hits $100bn As Facebook Reveals Crypto Plans

    Posted: 06 May 2019 01:57 AM PDT

    Popular pro-crypto professor Emi̇n Gün Si̇rer on Rethinking Blockchain, Promoting Good Crypto Use and Leaving Stagnation Behind.

    Posted: 06 May 2019 01:46 AM PDT

    Bitfinex IEO Information

    Posted: 06 May 2019 02:46 PM PDT
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