Terminator, bathtubs and the world core

There was a lot going on this week: The price rises, falls and rises, while more than 20,000 Bitcoin are being auctioned in Australia, hot rumors and news are coming from China and the world’s first bank Bitcoins accepted for deposits. You can find out exactly what happened in this Bitcoin News of the week. Have fun! 

Bath tub formation 

The price this week demonstrated what you could call a bathtub from a picture book: On Saturday it reached the highest weighted average of 624 euros Week, then fell in two stages to 607, then to 581 euros, moved for a few days between 580 and 595 euros, then rose in two stages to 600 and then to 610. The price is currently around 615 euros. 

Anyone who had a lucky hand this week could make a nice profit with good trades. But let’s leave the price at this point and get to the news. Because once again the Bitcoin week brought some big news. In the world, quite recently, but already with rather large strides, bitcoin ATMs began to appear, soon it is possible to appear in many countries that are ready to legalize bitcoin at the legislative level, more details here https://bitcoindata.org/bitcoin_atm/

Ernst & Young are auctioning 24,518 Bitcoins for the Australian government 

Some things take a while. Sometime in 2013, half an eternity ago in Bitcoin time, the police in Victoria, Australia, arrested a man named Richard Pollard for drug trafficking. The police found 24,518 bitcoins on Pollard’s wallets. After Pollard was found guilty, these Bitcoins could now, in mid-2016, be auctioned.

The police hired the management consultants and auditors from Ernst & Young to carry out the auction. The company announced Tuesday that it had sold the bitcoins in eleven packets of 2,000 and one pack of 2,518 bitcoin. The market price for the Bitcoin is around $ 16 million. However, it is not known at what price the packages were auctioned. According to a representative of the company, however, there was a great deal of interest from Bitcoin exchanges, digital assets investment funds and “high net worth individuals”. “The process demonstrates a growing appetite for digital assets like Bitcoin.” A message made for cops. 

The auction was the first auction of confiscated Bitcoins in the US and after the Silk Road Coins second in the world. 

Some reports from China 

China, the distant, foreign and so large country, is at least as deep in the Bitcoin swamp as Europe and the USA. This week we have some exciting news and rumors from China. As is so often the case, it is difficult to classify them correctly. 

Draft law: virtual possessions such as bitcoins should be protected by law 

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So far, the legal situation of bitcoins is not entirely clear. In Europe and the USA, Bitcoin is, depending on the office, as money, unit of account or good (thing), while at the same time there are doubts as to whether the “possession” of Bitcoins can be legally asserted, for example in the event of theft, since Bitcoins are on do not even exist, strictly speaking.

In China, however, the central bank defined as early as 2013 that Bitcoin is not money, but a “virtual property”. According to BTCKan, a draft revision of the civil code in the Middle Kingdom now provides for virtual goods to be officially made a legal object. This includes data, tokens and virtual currencies. If this is true, the owners of bitcoins and other cryptocurrencies would enjoy better legal security in the future. 

New regulation on payment transactions 

As of today, a new regulation on payment Services in place. The central bank’s new rules are designed to prevent fraud and money laundering. You will put third-party service providers such as Alipay or WePay at a significant disadvantage compared to banks by imposing strict limits on such providers. According to cnLegdger, this means the following: 1. Medium to large payments (from 5,000 yuan = ~ 677 euros) must be processed through bank accounts instead of through payment service providers. 2. Unverified users of third-party payment service providers are only allowed to transfer a total of 1,000 yuan (= 135 euros). 3. Online payments over 200 yuan require a bank account.

When asked what this means for Bitcoin, cnLedger (nextblast) answers: 

The central bank’s policy is not aimed at promoting Bitcoin (of course). But it will make a lot of people look for better ways – convenient, censorship-free, and efficient ways to transfer money. 

Bank transfers are known to be slow, expensive, and inconvenient. This is the reason why Alipay and Wechat Payment (Tenpay), the two convenient and (largely) free tools, are extremely popular. But now they are considerably limited by politics. 

It is clear that with this policy the banks want to force people back into their already heavily criticized systems. But history never goes backwards. Without Alipay / Wechat-pay, Bitcoin will be one of the few promising opportunities for the public. 

Rumor about the termination plan of the Chinese miners 

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And with it, with the convenient, fast and cheap payment options, we are right in the blocksize debate. Because with 1 MB blocks, Bitcoin is a lot – digital gold, a settlement network and so on – but it is not a fast, cheap and convenient means of payment. Transactions often take a long time, the fluctuating fees make it more difficult to send a correct transaction, and Bitcoin is no longer cheap with transaction fees of 20-50 satoshi per byte. 

As we all know, this discussion has been raging for a long time and quite violently.As already reported, a dispute between the core developers and the Chinese miners seems to be coming to a head. A rumor about a termination plan by the miners that made the rounds yesterday is blowing even more fire into the hut. 

According to a thread on the popular Chinese Bitcoin forum 8btc, a “Termination “Plan presented: According to this, pools and miners who represent more than 75% of the hashrate decided to designate a (previously unknown) pool as the” terminator “. While all other pools are switching to Bitcoin Classic, the “terminator” remains with Core, but will also switch over as soon as the Classic hashrate reaches 75% and thus initiate the hard fork.

The plan is said to go into effect if Core has not submitted a hard fork to increase the block size by the end of July. The rumor – and currently it is nothing more than that – may not be about a decision by the miners, but only about the proposal of an individual who is not affiliated with the miners. In any case, the proposal seems to be favored by Jihan Wu, head of Bitmain, the maker of the Antminer and operator of the Antpool. The twitter says that 90% of the participants in the forum agree with the plan. 

Worldcore is the first bank in the world to accept bitcoins for deposits 

In this week’s news we don’t bake any small buns. It continues with the next big news: Worldcore is the first digital banking service to accept bitcoins. This leads to two questions: What is Worldcore – and how are Bitcoins accepted? 

Worldcore is a Czech company that provides a globally available online account with a debit card and transactions in euros and dollars enables. Worldcore was named the best fintech startup in the Czech Republic in June of this year and, according to letstalkpayments, is the most promising fintech startup in Europe. Compared to the Fidor online account, it is unpleasant that, as far as I can see, you pay fees for transactions, there are fewer options (save, invest in gold, buy foreign currencies) and the account looks a bit messy on the whole. On the other hand, it is positive that private customers can also use Worldcore’s API.

Bitcoins started accepting Worldcore via BitPay this month. You can simply deposit the bitcoins into your bank account, where they appear as euros or dollars. Bitcoin, according to the company in a press release, has the advantage that the risk of payment fraud and chargebacks is minimal. 

Overall, Worldcore for German customers should at best because of the possibility of making dollar transactions or using the API, to be interesting. For international trade, however, Worldcore is extremely interesting – also because of the Bitcoin acceptance. 

Siemens plans to invest 1 billion euros in startups in the next five years – also in blockchain startups 

According to Bosch is now Siemens’ turn on the topic of blockchain. The technology group from Munich will set up a department from October to support startups and innovative ideas with a budget of 1 billion euros, spread over five years. The department is called “next47” which is intended to remind us that Siemens was founded in 1847. 

 “In 1847 Siemens was itself a startup – founded in a backyard in Berlin,” says Siemens CEO Joe Kaeser, “with next47 we live the ideals of the founders of our company and create an important basis for driving innovations.” The department will have offices in Munich, Berkeley and Shanghai. The first project will take place together with Airbus – the agreement was already signed in April – and is to be devoted to the development of electric aircraft.Other important fields will be artificial intelligence, autonomous machines, decentralized power supply and networked mobility. “The new department will also deal with so-called block chain applications, which are created to make data transfer in industry and, for example, energy trading easier and safer.” 

We are excited to see what’s going to happen. And with that I wish you a nice, relaxed weekend. Maybe even without rainy weather.

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About the Author: Tad Fisher

Prone to fits of apathy. Music specialist. Extreme food enthusiast. Amateur problem solver.

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