PoW Bitcoin – 7/18/2017

Sponsored by: YOU on Patreon

Direct contribution (bitcoin only): 17ojFGrjczRtoAznoa1K4PZGvUSQ695hQX

Subscribe: SoundcloudiTunes, Stitcher

Follow: Host Twitter, Show Twitter

If you like the show, Please Share, comment on soundcloud, or review on your podcast app!


BTC Market Update as of 7/18/2017
Bitstamp $2234
Okcoin 3M futures $2305
Futures Spread ~$50
Localbitcoins vol (24h) $9.0 mil
Network vol (24h) $570 mil
Avg Tx Value $2475
Mempool 23.5MB
Difficulty est. 7.8% in 9 days
BTC val density $294k/MB
Gold $1237
DXY 94.64
SPX500 2460

Sources: PricesLocalBitcoinsBlockchain VolumeDifficulty, Mempool, Gold, DXYSPX500


 

BIP91 signaling begins. An interesting point here is that BIP91 was at about 45% signaling even before segwit2x was released. I don’t think that was an accident. It was a way for non-Bitmain miners to ensure the code was released in a timely manner, and a signal to Jihan that they aren’t going to play around.

Currently, BIP91 is at 63% signaling, so only 17% more until lock in. It’s been steadily increasing. Xbt.eu has a beautiful chart and a bar that shows signaling per lock in window.

Another point I find interesting in that vanilla Segwit signaling is still at 22%. Not sure how that is being calculated, because I think you can signal bit1 (vanilla segwit) and bit4 (BIP91/2x segwit). Would be interesting in Jihan is actually mining some bit1 blocks via an unaffiliated pool and won’t signal for 91 with them. Then when it stalls at 78% he can blame segwit supporters for not wanting the compromise.

This dovetails into my theory about the testnet 5 failure from the other day. I think Jihan has incentive to push back release, and create a situation where the stability of the code is questioned. Then he can back out. Remember, Jihan is the main player that has been blocking segwit. 2x gives us segwit with no strings attached, so his MO is to try and block it.

Great interview with Andrew Desantis on Vortex’s show. It was very meta, but in a great way. I liked what he had to say about bitcoin and its evolution and about BIP148 (UASF) as brainpower > hash power situation. But the twitter thing was a little over my head. A couple cool quotes from the video (paraphrased), “UASF itself might be the most powerful computer ever created” and “Ransomware is the arbitrage of bitcoin security and legacy security.”

An open letter to Canaan mining by a listener. He’s been working on making Canaan aware of UASF and the role they can play in it.  I’m making Canaan the unofficial mining hardware producer of the show. Mining is a tough game, but the user who mines is the most powerful user on the network. First, amongst peers. Canaan recently announced they are launching their own 10 MW mining farm in Sweden, about 1% of the network. They have my support.


Music by Joakim Karud

Ansel Lindner Written by:

Ansel is a bitcoin specialist, economist, and podcast host.