70 Percent of the Bitcoin Hashrate Begins Signaling Segwit2x

SignalingOn June 16 the alpha code for the scaling solution Segwit2x was released to the public following a large number of mining pools having vocally supported the plan. Since then a large majority of miners who back the Segwit2x roadmap have started signaling with their hashrate. Also Read: Australian Opposition Leader Believes Bitcoin is Fueling

The post 70 Percent of the Bitcoin Hashrate Begins Signaling Segwit2x appeared first on Bitcoin News.

Signaling

On June 16 the alpha code for the scaling solution Segwit2x was released to the public following a large number of mining pools having vocally supported the plan. Since then a large majority of miners who back the Segwit2x roadmap have started signaling with their hashrate.

Also Read: Australian Opposition Leader Believes Bitcoin is Fueling Terrorism   

The New York Agreement Moves Forward With the Segwit2x Alpha Release and Significant Miner Support

Over the past few weeks, the topic of scaling the Bitcoin network and the recent Segwit2x plan has been a hot subject amongst bitcoiners. A few days ago Bitcoin.com reported on the many Chinese mining companies who have agreed to back the Segwit2x protocol. Alongside this, the Digital Currency Group’s Barry Silbert who organized the New York agreement has been sharing information on the progress every day via Twitter.

On June 18 the mining pool Bitfury began signaling for the New York agreement by using the call letters “NYA” in its mined blocks. The very next day a large majority of miners have also started showing support for the Segwit2x plan. As of right now, mining pools who support the agreement by signaling NYA in their blocks are Antpool, Bitcoin.com, Bixin, BTC.com, BTC.top, F2pool, Viabtc, and 1hash. The amount of support for the Segwit2x agreement is close to 70 percent of the network hashrate.

70 Percent of the Bitcoin Hashrate Begins Signaling Segwit2x
The current percentage of blocks signaling Segwit2x according to Blockchain.info at 10 am EST 6/19/17.

What Will Happen If Segwit2x Reaches Consensus?

70 Percent of the Bitcoin Hashrate Begins Signaling Segwit2x
The organizer of Segwit2x, Barry Silbert, has been tweeting about the protocols progress daily.

The Segwit2x idea was first introduced by Rootstock’s Chief Scientist, Sergio Demian Lerner. Since then many miners and businesses within the bitcoin industry signed a pact during the Consensus conference in New York last month. The code itself is being worked on by a Segwit2x working group with Bitcoin developer Jeff Garzik leading the way. Since the alpha code has been launched mining pools are now signaling their support for the protocol implementation.

A recent Reddit public service announcement (PSA) that details how Segwit2x will actually work gives a great explanation of the entire process. Essentially if enough hashrate continues to support Segwit2x and reaches 80 percent over a 336 block signaling period that will lock in Segregated Witness. The protocol will then activate after another 336 blocks later for those running Segwit2x implementations. The Reddit thread also explains how the following hard fork (HF) after Segwit will be implemented on the main network.

Then, exactly 12,960 blocks (~3 months) after Segwit activates on the Segwit2x clients, the Segwit2x 2MB hardfork will automatically activate on any/all nodes that are still running Segwit2x at that time. That hardfork, if it maintains 75+% of the hashpower at the time of its activation, will force every other node in the entire network to update to SegWit2x (or Segwit2x compatibility), or be forked off the network.

Bitcoin developer Jeff Garzik also adds his two cents to the PSA.   

“Very close on 2M HF activation,” explains Garzik. “The prediction is that miners activate rapidly. Therefore, block 485218 (BIP102_FORK_MIN_HEIGHT) becomes the hard fork point. “+3 months” is the fallback safety measure, in case activation is slower than predicted.”

70 Percent of the Bitcoin Hashrate Begins Signaling Segwit2x
Bitfury began signaling for Segwit2x on June 18.

The Possibility of a 4MB Increase and 8,000 to 10,000 Transactions Per Block

On forums and social media, there are quite a bit of people within the bitcoin community on both sides of the debate who agree with the Segwit2x plan. On the other hand, there are also those who vehemently disagree with the idea of this type of compromise. However it seems a vast majority of mining pools, and many bitcoin-centric businesses are moving forward with Segwit2x despite forum commentary.

The protocol is nearly identical to Core’s 0.14.1 client with some minor changes for signaling Segwit2x and the following activation of a soft fork and hard fork across the network. If consensus is reached, block size results would be roughly around 4MB as opposed to 1MB and will hopefully process 8,000 to 10,000 transactions per block. It will be interesting to see the outcome of the New York agreement as it seems to have gained more ground than the Hong Kong agreement in the past. It’s also worth noting that normal bitcoin users who hold their private keys will not have to do anything during the process except watch the procedure unfold.

What do you think about the Segwit2x plan? Let us know your thoughts in the comments below.


Images via Shutterstock, Blockchain.info, Pixabay, and Twitter. 


Need to calculate your bitcoin holdings? Check our tools section.

The post 70 Percent of the Bitcoin Hashrate Begins Signaling Segwit2x appeared first on Bitcoin News.

Study Shows Forum Comments Can Predict Bitcoin’s Price with Over 80% Accuracy

Study Shows Forum Comments Can Predict Bitcoin's Price with Over 80% AccuracyA research paper published last week shows that forum user comments can be used to predict the value fluctuation of bitcoin to an accuracy of over 80 percent. Also read: Asset Managers Recommend Bitcoin to Hedge Against US Stock Market Risks Study Funded by Korean Government A research paper entitled “When Bitcoin encounters information in an

The post Study Shows Forum Comments Can Predict Bitcoin’s Price with Over 80% Accuracy appeared first on Bitcoin News.

Study Shows Forum Comments Can Predict Bitcoin's Price with Over 80% Accuracy

A research paper published last week shows that forum user comments can be used to predict the value fluctuation of bitcoin to an accuracy of over 80 percent.

Also read: Asset Managers Recommend Bitcoin to Hedge Against US Stock Market Risks

Study Funded by Korean Government

Study Shows Forum Comments Can Predict Bitcoin's Price with Over 80% AccuracyA research paper entitled “When Bitcoin encounters information in an online forum: Using text mining to analyse user opinions and predict value fluctuation” was published last week. It is co-authored by five researchers from two universities in South Korea; Korea University and Kangnam University.

This study was supported by Basic Science Research Program through the National Research Foundation of Korea (NRF) funded by the Ministry of Education, Science, ICT and Future Planning. It is also funded by the Korean government through Institute for Information & communications Technology Promotion (IITP).

“In order to predict the price fluctuation of bitcoin, we analyse the comments posted in the Bitcoin online forum,” the authors wrote, referring to the Bitcointalk forum, adding that:

Our approach involved extracting keywords from Bitcoin-related user comments posted on the online forum with the aim of analytically predicting the price and extent of transaction fluctuation of the currency.

The Method

Study Shows Forum Comments Can Predict Bitcoin's Price with Over 80% AccuracyThe method used in this study involves data extraction, data gathering, data analysis and model development. Keywords of interest from user comments were extracted as well as daily bitcoin transaction counts and prices.

Data were crawled from the “Bitcoin Discussion” section of the Bitcointalk forum from December 1, 2013, to September 21, 2016. The daily bitcoin price and the number of transactions for the above period were crawled from Coindesk. In addition, Google Trends data and Wikipedia usage data were gathered using the keyword “Bitcoin”.

The relationship between the Bitcoin transaction count and price based on the extracted keywords and quantification was analyzed. “Then, we developed a model based on deep learning to predict the Bitcoin transaction count and price,” the paper details.

Over 80% Accuracy

After extensive analysis, the researchers concluded:

We analysed the user comments posted on a Bitcoin online forum to predict the fluctuation in the bitcoin price and transaction count. Based on the easily accessible online data, the proposed method predicted the bitcoin price fluctuation with an accuracy rate of over 80%.

Study Shows Forum Comments Can Predict Bitcoin's Price with Over 80% Accuracy“Online user postings influenced Bitcoin transactions,” the authors found, claiming that their method shed light on some aspects of how comments affect users’ decisions to buy and sell the cryptocurrency.

They then suggested various ways of improving the accuracy of prediction such as using quantitative analysis on search results or relevant content. Forum posts could also be filtered more meticulously for added accuracy.

In conclusion, they asserted that their method “is conducive to understanding a range of cryptocurrencies other than bitcoin and increasing their usability,” adding that it can also be useful in many other fields.

Do you agree with their finding that forum user comments can predict bitcoin’s price fluctuation with more than 80% accuracy? Let us know in the comments section below.


Images courtesy of Shutterstock


Need to calculate your bitcoin holdings? Check our tools section.

The post Study Shows Forum Comments Can Predict Bitcoin’s Price with Over 80% Accuracy appeared first on Bitcoin News.

Bitcoin Double Taxation Ends in Australia July 1st

Double TaxationBitcoin.com recently reported that Australia’s government was planning to end the double taxation of bitcoin and increase fintech research and development within the country. In a recent budget report published on May 10, Australian authorities have revealed they will end the double taxation of virtual currencies July 1st as leaders plan to position “Australia to

The post Bitcoin Double Taxation Ends in Australia July 1st appeared first on Bitcoin News.

Double Taxation

Bitcoin.com recently reported that Australia’s government was planning to end the double taxation of bitcoin and increase fintech research and development within the country. In a recent budget report published on May 10, Australian authorities have revealed they will end the double taxation of virtual currencies July 1st as leaders plan to position “Australia to be a world-leader in fintech.”

Also read: Bitcoin Price Hits $1750 as Trade Volumes Continue to Soar

Australia Will End Bitcoin Double Taxation This July

Bitcoin Double Taxation Ends in Australia July 1stAustralia is looking to embrace financial technology and digital currencies according to the country’s 2017-2018 budget report. The report details that Australia is committed to becoming a global technology leader and the budget package aims to position the local industry. As far as bitcoin is concerned the government has decided to amend the country’s goods and services tax (GST) law to end digital currency double taxation.

“The Government will make it easier for new innovative digital currency businesses to operate in Australia. From 1 July 2017, purchases of digital currency will no longer be subject to the GST, allowing digital currencies to be treated just like money for GST purposes,” explains the budget report. “Currently, consumers who use digital currencies can effectively bear GST twice: once on the purchase of the digital currency and once again on its use in exchange for other goods and services subject to the GST.”

‘Backing Innovation and Fintech’

Bitcoin Double Taxation Ends in Australia July 1stThe Australian bitcoin community is sure to welcome the new changes after being subject to capital gains and fringe benefits tax since July of 2014. A year later in August of 2015, a Senate inquiry revealed leaders wanted to overturn the Australian Taxation Office (ATO) ruling and began working on amending the tax guidelines. At the time Senator Sam Dastyari believed the states and the Commonwealth should reconsider the ATO’s decision to classify digital currencies as “intangible assets” and treat bitcoin as a regular currency.

Australia’s “Backing innovation and fintech” budget report also explains new businesses are encouraged to join a regulated fintech sandbox that can help early startup funding. Furthermore, the government has introduced new tax incentives for qualifying fintech start-ups and early stage innovation companies (ESIC). The report explains amending the digital currency taxation statutes will enhance innovation between consumers and Australian businesses.

Transactions Will Produce the Same Outcome as Australian Dollars

The 2017-2018 budget statutes also give a detailed explanation of how digital currency taxation will work after July 1. The report goes on to describe a person buying a video game with bitcoin and how taxation applies to that particular type of transaction. Under the new measure, the person’s original purchase of digital currency will no longer be subject to GST providing the same outcome if the individual used Australian dollars.

Bitcoin Double Taxation Ends in Australia July 1st
Australian Localbitcoins volumes have hit all-time highs.

Bitcoin Is Growing More Popular in Australia

Bitcoin Double Taxation Ends in Australia July 1stBitcoin has been steadily growing popular in Australia for quite some time. The country now has 13 bitcoin ATMs and a few exchanges and brokerage services like Coinjar, Bit Trade Australia, and Coin Loft. Alongside this, Localbitcoins volumes in Australia have been rising exponentially this year. The country also has an Australian Digital Currency Commerce Association (ADCCA) and many more cryptocurrency businesses and advocates within the region. The ADCCA also submitted a letter to the treasury in order to help bolster amending the GST law introduced in 2014.

“The ADCCA urges the Australian Government to quickly move to make the amendments necessary,” the organization stated.

With the new GST guidelines implemented July 1 leaders hope to encourage more digital currency and fintech growth within the country, according to the budget report.

What do you think about Australia changing the GST guidelines this summer? Let us know in the comments below.


Images via Shutterstock, Bitcoin.com, and Pixabay. 


At News.Bitcoin.com all comments containing links are automatically held up for moderation in the Disqus system. That means an editor has to take a look at the comment to approve it. This is due to the many, repetitive, spam and scam links people post under our articles. We do not censor any comment content based on politics or personal opinions. So, please be patient. Your comment will be published. 

The post Bitcoin Double Taxation Ends in Australia July 1st appeared first on Bitcoin News.