BCH Stress Testers Will Put Pressure on the Network in Two Weeks

BCH Stress Testers Will Put Pressure on the Network in Two Weeks

News

On September 1, 2018, Bitcoin Cash ecosystem participants have plans to conduct a network stress test which will involve individuals and groups sending millions of transactions throughout the course of one day. With the BCH stress test day approaching soon, BCH proponents have been testing sending large amounts of small transactions at one time and have built tools that fan out hundreds of microtransactions at once.

Also read: Japan Roundup: Public Companies Unveil New Mining Plan, Exchange, Token Fund

Stress Testers Unite Hoping to Light Up the Bitcoin Cash Network with Millions of Transactions on September 1

In about two weeks, the Bitcoin Cash network will be tested for strength and reliability with the first of many stress tests planned. On September 1, 2018, BCH network participants plan on slamming the peer-to-peer system with a vast amount of transactions in a small period of time. Supporters of the community-driven stress test day are hoping to broadcast millions of transactions that day and some people have decided to practice early by lighting up the network with roughly 687,000 transactions in one day on August 1.

BCH Stress Testers Will Put Pressure on the Network in Two WeeksAugust 1, 2018, 687,000 Bitcoin Cash transactions.

Scale.cash and Memo Games

Stresstestbitcoin.cash promoters want everyone to participate on September 1st, so a few individuals and groups have created transaction broadcasting tools to accelerate the process, and even some Memo.cash games. For example, the Twitter handle @SpendBCH_io has created a tool called Scale.cash that lets people send thousands of on-chain transactions all at once in a very simple way.

BCH Stress Testers Will Put Pressure on the Network in Two WeeksBitcoin.com’s Scaling Bitcoin Cash walkthrough.

The platform powered by Bitbox provides users with the ability to create a new wallet or import funds from an existing wallet. Users can simply deposit 15,000 to 1,300,000 satoshis to use the tool and the wallet can be backed up with a WIF, mnemonic, and proof of tx signature. Fan-out transactions require one confirmation to start broadcasting the rest, and after the first confirmation the platform will fire off in batches of 20 at 500txs per minute. The BCH developer and Bitbox creator Gabriel Cardona has written a step-by-step walkthrough for Scale.cash which can be found at Bitcoin.com’s developer portal.

BCH Stress Testers Will Put Pressure on the Network in Two WeeksScale.cash platform.

Users can also follow @StressTestBCH on Twitter for up-to-date information concerning September stress test day. Users can also play games on memo.cash if they want to participate that day. For instance, Yobits is throwing a challenge where users can guess the total number of transactions on stress test day. The guessing game is only 10,000 satoshis to play and the reward will go to the closest guess.

BCH Stress Testers Will Put Pressure on the Network in Two WeeksMemo.cash guessing games.

Stress Test Preparations Have Propelled Record Breaking Transactions in One Day, While Also Invoking Very Large Blocks

Since June 29, transactions on the Bitcoin Cash chain have spiked considerably since people have been preparing for the stress test on September 1. Following that day the chain has seen transaction daily spikes of around 40,000- 100,000 tx per day and as mentioned above, cracked 687,000 on August 1. Stress testers are still continuously experimenting by sending hundreds of transactions at a time in preparation for the first of September and on August 19 the network processed 128,000 tx.

BCH Stress Testers Will Put Pressure on the Network in Two WeeksAugust 19, 2018, 128,000 Bitcoin Cash transactions.

Meanwhile, as BCH participants throw thousands of transactions at the network, BCH miners have been occasionally processing very large blocks to clear the mempool. The day bitcoin cash shattered bitcoin core’s (BTC) daily transaction record, an unknown mining pool and Viabtc processed 3MB, 6MB, and 8MB blocks. On August 19, BCH miners such as BTC.com, Viabtc, and Coingeek processed a bunch of blocks between 1.5MB – 4.7MB clearing transactions in one fell swoop. Bitcoin Cash supporters are looking forward to September 1 so they can see millions of transactions thrown at the network, because they truly believe the protocol can handle the throughput. As the saying goes, the best way to find out is for supporters to put their money where their mouth is, by pushing the network to the limit.

What do you think about the BCH network stress test planned for September 1? Do you plan on participating? Let us know what you think about this subject matter in the comment section below.


Images via Shutterstock, Bitinfocharts, Memo.cash, and Bitcoin.com. 


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Laughing at the Misfortune of Other Traders is Crypto’s Fastest Growing Sport

Laughing at the Misfortune of Other Traders is Crypto’s Fastest Growing Sport

Op-Ed

The world can be a mean place, and never is this more evident than on Crypto Twitter (CT) and Telegram. In addition to enduring the anguish of seeing their portfolio shed 95%, investors are having their downfall shared with the rest of the cryptoverse for others’ entertainment. The practice, while occasionally cruel, does have its upsides, providing relief and raising awareness of some of the most egregious scams.

Also read: SHA-256 Mining Hashrate Climbs Significantly in One Year

First They Shill You Their Bags, Then You Lose 95%, Then They Laugh

Crypto has a favorite game, whose popularity has soared in recent weeks as the bear market has begun to bite: laughing at the misfortune of others. On CT and Telegram, popular accounts share posts from despairing traders who are at their wit’s end after betting everything on a cherished coin and then losing. “I hodl since January,” wails one unfortunate, whose plight, like that of many, can be found in the charitably named Rekt Plebs Telegram channel. “But fuck this bear market. It’s impossible to hodl. I pay 12 USD for one icx [Icon token] back in time. So even a 200x is still a loss for me.”

Laughing at the Misfortune of Other Traders is Crypto’s Fastest Growing Sport

Deriving pleasure from the unhappiness of others, or schadenfreude, is a primal instinct; a guilty pleasure that is best shared. In the 19th and early 20th centuries, crowds would flock to freak shows to gawp at the medical curiosities placed before them, people whose only crime was to have been born with an abnormal physical deformity. In the 21st century, something similar can be observed in accounts such as Bitmex Rekt, which calls out traders who’ve been margin called.

Laughing at the Misfortune of Other Traders is Crypto’s Fastest Growing Sport

Salt, Anger, and Despair

On Reddit, Twitter, Telegram, and crypto forums, the salt, anger, and despair of investors who were naive or greedy piles up every day. Some want revenge. Some want a class action lawsuit against the masternode coin or ICO they were “duped” by. Others simply want a chance to vent. Their outpourings are now collated for the amusement of their fellow investors and broadcast far and wide. It is hard not to feel sorry for some of those affected, whose solitary sin has been to purchase an asset near its all-time high and then watch it dwindle to zero. With others, who were caught crowing back in January as their pet altcoin mooned, and have now been brought back down to earth, it’s hard not to feel smug.

Laughing at the Misfortune of Other Traders is Crypto’s Fastest Growing Sport

“I bought raiblocks at 10c and sold at 30usd,” confesses one trader. “Issue is, I then invested my earnings into bitconnect…” While seeing their tweets of rage spread far and wide can only add to the anguish of those affected, they can take solace in the fact that most of those sharing their posts are doing so as a coping mechanism. Everyone’s in the same boat to a large extent and are laughing at their own stupidity as much as anything. It is important to bear in mind, amidst all the merriment, that for some of those who got rekt, this is more than just a game: they borrowed beyond their means or quit their job to pursue their cryptocurrency dream, and while their demise is largely self-inflicted, the repercussions can be serious.

Laughing at the Misfortune of Other Traders is Crypto’s Fastest Growing Sport

Most traders, mercifully, are suffering from nothing more serious than wounded pride and a depleted portfolio. One of the biggest scourges in the cryptocurrency space has been the influx of gold-diggers over the past year who care about nothing but the sick gains to be made. It didn’t use to be that way. While profit was always at the heart of bitcoin and shitcoin trading back in the day, there wasn’t the same crass obsession over wealth, lambos, and all the other trappings of success. Studying the downfall of traders who thought they’d made it is a sobering lesson of what not to do when the next bull market comes around. Until such a time, laughing at the misfortune of others is one of the few pleasures left for the traders who remain.

Laughing at the Misfortune of Other Traders is Crypto’s Fastest Growing Sport

Do you think it’s wrong to revel in the misfortune of other investors, or is it just harmless fun? Let us know in the comments section below.


Images courtesy of Shutterstock, Twitter, and Telegram.


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Three Hackers Held in China Over $87 million Crypto Theft

Three Hackers Held in China Over $87 million Crypto Theft

News

Three suspects have been detained by Chinese police in connection with an alleged cryptocurrency theft. The supposed hackers stole bitcoin and other digital assets worth an estimated $87 million USD. Authorities say this is the biggest heist of this type in the People’s Republic so far.

Also read: South African Tax Authority Going After Crypto Traders

Coins Worth 600 Million Yuan Stolen by Hackers

Three Hackers Held in China Over $87 million Crypto TheftPolice in China have arrested three men suspected of stealing approximately 600 million yuan (over $87 million USD) worth of cryptocurrency through hacking. The presumed criminals targeted personal and corporate computers, local media reported.

The case has been described by law enforcement officials in Xian, capital of the northern Shaanxi province, as the “highest value cryptocurrency criminal investigation” in the country to date. An officer quoted by the South China Morning Post, commented:

Our bureau has not dealt with this kind of case before. It’s the first virtual currency-related case in Shaanxi.

The investigation was initiated in March, this year when one of the victims, a resident of Xian, notified local police that his computer had been hacked. He complained that the unknown attackers had appropriated 100 million yuan (almost $15 million) in bitcoin core (BTC) and ethereum (ETH).

The Suspects Worked for Top Internet Companies

According to investigators, the men had been employed by leading internet companies and had extensive tech background. No details about the firms were revealed, however. After taking hold of the virtual funds, they sold the coins by splitting the digital cash into small amounts and conducting multiple transactions in order to cover their tracks.

Three Hackers Held in China Over $87 million Crypto TheftPolice analyzed enormous amount of collected data with the help of experts from the IT sector before identifying the first suspect, a resident of the central Hunan province named Zhou. Two months later they were able to find the other two supposed accomplices – Cui, a man from Beijing, and Zhang from Jilin province.

Security services put the men under around-the-clock surveillance before detaining them in coordinated raids this past Wednesday. Chinese authorities and media note that the investigation is still ongoing.

The popularity of cryptocurrencies in the People’s Republic has led to a significant increase in both crimes and disputes related to digital assets. According to a recent report, Chinese courts are overwhelmed by a growing number of such cases. With unclear regulations and an ambiguous ban on ICOs and cryptocurrency trading, Chinese judges find it hard to resolve many of them.

Do you think Chinese police have the capacity to investigate crypto-related crimes? Share your opinions on the subject in the comments section below.


Images courtesy of Shutterstock.


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