Arthur Hayes, CEO of BitMEX, predicted bitcoin price will reach $50K by the end of 2018. The former Citigroup and Deutsche Bank executive, who appeared on CNBC’s Fast Money, spoke about Bitcoin’s volatility and the cryptocurrency market being dominated by Asian traders.
Bitcoin has dipped to below $6K in February 2018 after hitting a record of $20K in December 2017. When asked on the seriousness of his prediction, Hayes said: “It’s my job to make predictions. Whether they’re right or wrong, it doesn’t matter to me.”
Hongkong-based BitMEX is the record holder for the most number of bitcoins traded in a 24-hour trading period at 140 BTC. The firm, having a large trading base in northern Asia, also offers altcoin futures for Ripple, Litecoin, Bitcoin Cash, and Ethereum.
The platform offers 100x leveraged trading as one of its headline features but seldom, if ever, used by the traders.
“It’s a headline number. Most traders do not use a 100x leverage. Some traders use it as a testing ground or a free option. It is a limited liability from the perspective of the trader. On BitMEX, traders can only lose what they put in.”
Hayes remarked that why Asian retail traders dominate the crypto market is because of their familiarity with digital trading assets. They understand digital currency trade culturally. One example is South Korea who has been dealing with games-related digital goods trading for over 20 years.
In a photo he tweeted, Hayes “arrived” at the Concensus 2018 Conference in a rented orange Lamborghini Huracan.
Is Bitcoin on the path to becoming the default currency of the Internet? Jack Dorsey certainly thinks so.
The CEO of Square recently sat down with Elizabeth Stark of Lightning Labs at Consensus 2018 in New York to talk about his company’s plans for the digital currency.
During Wednesday’s chat, Dorsey said that “I’m just approaching with the principle that the Internet deserves a native currency. It will have a native currency. I don’t know if it will be bitcoin.”
Dorsey went on to add that:
“I hope it will be bitcoin. I’m a huge fan.”
He does admit that the idea that bitcoin will someday be the basis for all payments made on the Internet remains a large topic of debate at Square.
“We’ve led with that mindset. But there’s still a lot of skepticism and a lot of debate and a lot of fights. But that’s where the magic happens, where creativity happens,” he continued.
Despite controversy, Dorsey argues that the vision of open access that bitcoin inspires is important to the role Square has always played in the payments industry. “Any payment that comes across our table, the seller should be able to accept,” he emphasized.
When Dorsey first began thinking about how to implement bitcoin payments into the Square platform with Mike Brock, an engineer at the company, the two initially settled on a simple goal.
Either one of them, he reasoned, should be able to walk over across the street and buy a cup of coffee with bitcoin without the transaction looking any different than a regular dollar-denominated payment, perhaps without the cashier even knowing that bitcoin was being used.
Dorsey said the team had a working solution within a week.
“It felt amazing. It felt electric. And it felt like something we needed to explore a lot more,” he said.
Square has yet to build a full bitcoin payments solution for merchants and consumers, however, as it quickly changed direction to work on a buying-and-selling service to be integrated into its Cash App. But Dorsey said that the goal remains the same.
“We want to go back to that original idea of being able to purchase a coffee with it. And that’s why we’re working with [Lightning Labs],” said Dorsey. “Whatever it takes to get there, we’re going to make sure it happens.”
Dorsey – who counts himself as a fan of the hacker ethos surrounding bitcoin’s rise to fame – claims that whatever path Square takes to pushing mass adoption of bitcoin payments, they will do so without threatening the openness of the network.
“There’s so much openness in the community, and I want to make sure nothing in the corporate world threatens that,” he stated, going on to say:
“We cannot risk hurting what made this possible to begin with … We can’t do any of this without the technology being strong and available for everyone.”
A Bitcoin Cash upgrade has been activated May 15th.
The upgrade will increase block size from 8MB to 32 MB and add or reactivate Bitcoin Op codes.The hard fork used the Median Time Past (MTP) for initiation, going live on next block after the MTP timestamp of 1526400000 at 16:14 UTC.
Bitcoin ABC, a Bitcoin Cash full node implementation, previously announced on April 1st that
the Bitcoin ABC 0.17.1 full node upgrade testnet was available, noting that all BCH full nodes needed to upgrade and that major exchanges and wallets were being notified. BitcoinCash.org also wrote that this is the first of several planned upgrades for the cryptocurrency.
A reddit post explained that the upgrade is “paving the way for future adoption as well as new functionality being added such as op codes.” User Steve Shadders-a co-author for reenabling disabled Op codes – also posted on his blog that the reactivation of formerly disabled Op codes is compelling to developers and could bring some much needed value to the BCH economy.
Chief among arguments against an increase in block size include making operation of full nodes more expensive, leading to less decentralization of the network, as well as lower propagation speeds.
BCH, is a hard fork of the Bitcoin blockchain that made the split last August 2017, touts itself as the original Bitcoin (BTC) and superior to BTC due to its lower transaction fees. However, at the end of February this year, BTC’s transaction fees were cheaper than those of BCH.
Another thing setting BCH apart is it’s large block size, due to Satoshi Nakamoto’s attempt to avoid splitting the blockchain in the case of some miners produced big blocks that other miners couldn’t accept. In order to solve the scalability problem caused by BTC’s block size limit, the Segregated Witness (SegWit) upgrade was proposed, with many crypto exchanges like Coinbase, Bitfinex, and GDAX exchange having already accepted this upgrade.