Hashflare.io Downtime Update

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Hashflare.io has provided services for 3 years.

UPDATE 12/14/2017 for Hashflare.io

Estonian hashrate provider Hashflare.io is down for scheduled maintence. For more info visit their Twitter account. Hashflare.io has been a reliable provider of a good hashrate per dollar ratio and their downtime should be minimal. Tomorrow their domain name does expire (see old article below) but I doubt they are exit scamming since they have adjusted their contract length lately to match the improved profitability of their Bitcoin contracts. Likely they are making security adjustments in light of the $65 million NiceHash Hack and possibly switching some internal systems over to Segwit to try to save some money in terms of Bitcoin transaction fees.

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Cloud mining provider Hashflare.io will be going down for scheduled maintenance the day before their domain expires. Despite operating for over 3 years Hashflare.io has had a lot of trouble lately updating their systems. Hashflare is facing trouble with Bitcoin withdrawals due to the increasing congestion of the Bitcoin network. To help combat this they have increased the minimum withdrawal amount to 0.0107 BTC of which 0.0007 BTC is a network fee. The Lightning Network cannot come soon enough for hashrate providers such as Hashflare and their customers. The only concerning information available is their domain name expires on the 15th of December (1 day from writing). If we assume they have their domain on auto-renewal this is likely not a problem.

All too often when the Bitcoin price skyrockets we see a shakeout of service providers. We have no reason to believe they will not resolve this issue. Click read more to view full-size screenshot of whois data and their Twitter statement from earlier downtime.

Read moreHashflare.io Downtime Update

Bitcoin Price Over $9000 USD

Bitcoin reaches all time high today of OVER $9000!

Bitcoin has passed a series of tumultuous hard-forks with a strong showing. With fears over the Segwit2x hard-fork a thing of the past Bitcoin surged past $9000 over the Thanksgiving day weekend. Bitcoin has reached an all-time high on growing investor confidence after successfully navigating a series of forks. Institutional adoption appears more likely than at any time in the past. If the Lightning Network works out in the coming year this price is not unwarranted in our opinion.

Surging up to $9400 USD as of the time of writing Bitcoin is poised to break $10,000 USD long before the end of the year (assuming a continued bull run). A surge in visibility for Bitcoin driven by it’s appearance on “normie” sources like CNBC and CNNMoney on a daily basis are helping drive awareness and improving trust among savvy traders. Institutional money has also helped drive Bitcoin’s price higher and its listing on the CME has helped boost its image with mainstream investors.


Russia May Issue Crypto-Ruble

Is a Russian government sanctioned crypto-Ruble possible?

According to current rumors circulating in the crypto-sphere Russia under the leadership of Vladimir Putin is set to issue a national cryptocurrency dubbed the “cryptoruble”. While this may sound funny it is a very serious development, if true. The creation of national cryptocurrencies has been a huge area of speculation and interest. National cryptocurrencies may take away some of the decentralized aspects of cryptocurrency and lead to privacy issues. Nevertheless this is a huge development and will be tracked. As of right now Hashrate.org categorizes this as a rumor, not a fact. Fascinating!

Edit: This appears to be more than a rumor. Visit Russia Today’s article for more information: https://www.rt.com/business/406960-russia-issue-blockchain-cryptoruble-putin/

Venezuelan Bitcoin Boom

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Bitcoin is illegal to mine in Venezuela but it has not stopped the mining boom.

In Venezuela Bitcoin and altcoin mining has become very popular despite its illegality there. Due to the policies of Nicolas Maduro’s socialist government hyperinflation is out of control and supplies are scarce. The Venezuelan government is adamantly opposed to Bitcoin mining. Today it is estimated 100,000 Venezuelans are mining cryptocurrencies. The Venezuelan Bolivar has dropped 99.4% in value since 2012. The dramatic decline in value has forced Venezuelans to seek other ways to transact and store value. Supplemental income from cryptocurrency mining is enabling many Venezuelans to survive while their government fails and chaos fills their streets. We, as the cryptocurrency community, should support the good people of Venezuela during this difficult time in their nation.

To read more visit the CNBC article about Venezuelan cryptocurrency mining published here: https://www.cnbc.com/2017/08/30/venezuela-is-one-of-the-worlds-most-dangerous-places-to-mine-bitcoin.html

Bitcoin Cash Versus Bitcoin

Bitcoin Cash is getting a lot of buzz and the good news is if you owned Bitcoin (and controlled the private keys or had a reputable 3rd party holding them) you own Bitcoin Cash equivalent to the quantity of Bitcoin you had on the 1st of August 2017. A lot of FUD is going on regarding Bitcoin and Bitcoin Cash but here is something interesting I’m not seeing discussion on: back in 2015 Bitcoin XT was forked from Bitcoin and was to offer 8MB blocks. It currently has 2MB blocks and has had them for a long time. The plan was to double the block size as needed. Bitcoin Cash also seeks to do this. Will they be more successful than Bitcoin XT?

Wikipedia: Bitcoin XT

AlfaQuotes.com: Bitcoin Fair Value Quotes

Bitcoin price prediction website Alfaquotes is quite good.AlfaQuotes.com is a source of Bitcoin fair value quotes. AlfaQuotes gives you what “should be” the price of Bitcoin based on its cost to mine in equipment and electricity. Bitcoin is always becoming more difficult to mine as well as increasing in popularity so generally the trend has been upward. AlfaQuotes only takes into account certain Bitcoin mining related variables into its price which takes speculation pretty much out of the picture. AlfaQuotes intends to tell you how much it will cost to mine one Bitcoin.

Check out the chart at the bottom of the page and compare the green line representing the “AlfaQuote” price and the red line representing market value for Bitcoin. This is another good tool to track potential Bitcoin value. For the first time I have seen the AlfaQuote is approximately the market value. Previously it has always been pegged significantly higher than market value.

For more detail on how the price is calculated please visit AlfaQuotes.com formula page.

CoinMarketCap.com: Cryptocurrency Market Caps

CoinMarketCap.com

Cryptocurrency market capitalization is difficult to determine but can still be a good metric to estimate growth of a cryptocurrency (even if imperfect as provided). While I accept these are probably rough estimates they are still useful data-points to follow in an industry where data is paramount.

When I began using CoinMarketCap.com Bitcoin’s market capitalization was $4 billion. Check it out yourself but as of writing (07/05/2017) Bitcoin is sporting a $42 billion dollar market cap. The site CoinMarketCap.com also gives good insight into other popular cryptocurrencies as they rise and fall in popularity. As you probably know I always recommend diversifying and I also recommend utilizing this site to gain research ideas. Don’t put everything into Bitcoin, explore new possibilities as well!

BITCOINTALK: Reinvents Itself As A High Quality Discussion Board

BitcoinTalk: A Previously Okay Forum, Now Far Better

Reinvention of Bitcointalk? The former home of the most intense fear, uncertainty, and doubt campaigns has brought some sensibility to itself in the cryptocurrency world. Long a boiling cauldron of insecurity and self-righteous scamming (as well as legitimate attempts at rationality) now has become a bastion of hope. I am only being semi-sarcastic. Observe: “Low Quality Topics Do Not Belong Here”, what a shocker!

BitcoinTalk has been there for years!

I am glad that Bitcointalk has elevated itself to the rightful position I felt it deserved to occupy for some time now. I think it is the biggest Bitcoin forum on the internet but it has also been in the past a source of discouragement to the community. A sense of duty has descended upon the community however and I feel it is now a worthwhile source to mention.

Read moreBITCOINTALK: Reinvents Itself As A High Quality Discussion Board