BitPay, Blockchain.info, Circle, KnCMiner, Bitnet, Xapo, BitGo and itBit have agreed to implement Gavin Andresen’s BIP 101; F2Pool instead backs BIP100; the bitcoin exchange rate fell below US$200 and more top stories for August 25.
8 Leading Bitcoin Companies Pledge Support for BIP101
BitPay, Blockchain.info, Circle, KnCMiner, Bitnet, Xapo and BitGo have agreed to implement Gavin Andresen’s BIP 101, and to expand the current block size to 8 megabytes – doubling every two years. A statement of their support was signed by Stephen Pair, Peter Smith, Jeremy Allaire, Sean Neville, Sam Cole, John McDonnell, Wences Casares and Mike Belshe. ItBit later signed the letter as well.
“We support the implementation of BIP101 […] We have found Gavin’s arguments on both the need for larger blocks and the feasibility of their implementation – while safeguarding Bitcoin’s decentralization – to be convincing. BIP101 and 8MB blocks are already supported by a majority of the miners and we feel it is time for the industry to unite behind this proposal.”
F2Pool Rejects Bitcoin XT, Backs BIP100 Instead
F2Pool, the biggest mining pool on the Bitcoin network with control over some 19% of all hashing power, maintains not to make a switch to Bitcoin XT. Instead, F2Pool is now publicly endorsing BIP100, Core developer Jeff Garzik’s proposal that would allow miners to vote on the maximum block size. Two smaller mining pools, BitClubPool and Kano, are publicly endorsing BIP100 as well.
BitcoinExchangeRateFalls below $200, Hits 6-Month Low
The bitcoin exchange rate fell below US$200 for the first time since January 18. The plunge saw an average low of US$198, with the largest decline taking place on BTC-e, which saw a low of US$192. The US$198 figure is the lowest average price low in the past six months. The price has jumped back over US$200 at time of publication.
Coinbase Allows Users to Buy Bitcoin with Debit and Credit Cards
A Reddit user claims to have received an email from Coinbase highlighting a new pilot program for pre-selected Coinbase users. The test program will be for those in the United Kingdom or Spain only, at least initially. Presumably, if all goes well, it will expand to the United States and other countries.
The email reads:
“We’re excited to announce support for purchasing bitcoin with a credit or debit card. When purchasing with a credit or debit card, you’ll receive your bitcoin instantly. To start, we’ll be gradually rolling out credit and debit card purchase support to users in the UK and Spain.”
BTCS Reports US$4.5m Net Loss as Mining Revenue Grows
Bitcoin mining and consumer services firm BTCS Inc. reported a net loss of US$4.59 million for the first half of 2015 in its 10-Q filing with the SEC. The loss represented an increase over the roughly US$4 million loss incurred over the same period in 2014. CEO Charles Allen, however, stated that he views the report as a validation of BTCS’ recent market strategy shift.
“We had 2,000% revenue growth. We went from US$45,000 in revenue to US$145,000 in revenue [quarter over quarter]. We’re seeing tremendous growth on the transaction verification services side.”
Kim Dotcom: China in Big Trouble. Buy Bitcoin Now
Internet industry magnate Kim Dotcom says now is the time to buy bitcoin. Since June 12, domestic markets have been in turmoil, forcing massive action to counter it by the People’s Bank of China. Last month, when the primary Shanghai Index fell over 8%, the PBOC devalued the renminbi by almost 2%.
Police Arrest Two Promoters of the MyCoin Scam in Taiwan
Two people connected to defunct Hong Kong-based Bitcoin exchange MyCoin are reported to have been arrested in Taiwan on fraud related charges. The 47-year-old Chen Yun-fei and the 39-year-old Lu Kuan-wei alleged to have run a pyramid scheme. The two held several MyCoin events where they persuaded people to invest money in the company, and said their investment would be returned to them after just four and a half months, until the scheme collapsed in February of this year.
Bitcoin Exchange LakeBTC Enables GBP and JPY Trading
Cryptocurrency exchange LakeBTC has enabled GBP and JPY deposits and trading. LakeBTC users can deposit GBP via a UK bank transfer, while JPY deposits can be made via a Japanese domestic bank transfer. A spokesperson for the China-based exchange said they were in the process of adding EUR deposits and trading as well, and hopes to enable the features in the next couple of weeks.
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