Hiring a Consultant for Internet Marketing. Do your homeworrk First!

Image result for internet market consultantsHiring a Consultant for Internet Marketing

If you are considering jumping into the world of Internet marketing but do not have experience in this type of marketing, it is definitely worthwhile to consider hiring a consultant to assist you in your advertising endeavor. This is important because they can do a great deal to assist you in ensuring that the marketing effort is a success. You may pay more for their services than you would to handle the Internet marketing on your own but the results you gain from the effort will likely be significantly higher. Hiring a consultant to assist you in your Internet marketing campaign is even a worthwhile endeavor if you have some experience in Internet marketing but are competing in a competitive niche and need some additional assistance to help you rise above the competition.

The key to hiring a consultant to assist in an Internet marketing campaign is to hire the right consultant. You will find there are many different options available to you as Internet marketing has become a huge industry. However, not all consultants are created equal. You may find that some consultants can create significantly better results than other consultants. There are, however, a few characteristics to look for when seeking a qualified consultant in the Internet marketing industry. Surprisingly cost is not one of the most important considerations. Experience and past performance are much more important. You can compare costs among consultants who are similarly qualified but using cost as a primary source of evaluation is not recommended.

Experience is very important when it comes to selecting a consultant to assist you in an Internet marketing campaign. Experience is critical because consultants who have a great deal of experience also have a great deal of understanding of which techniques work best and which techniques are not as effective. This can save you a great deal of time and money as there will likely not be as much experimentation necessary as there would be with a less experienced consultant. More experienced consultants will also likely be better skilled at dealing with clients and will likely answer your questions more quickly and keep you better informed about the progress of your Internet marketing campaign. All of this is important because you will likely be very interested in receiving progress reports and staying up to date on everything that is going on with your Internet marketing campaign.

Seeking out a consultant in the Internet marketing industry with an excellent past record of performance is also very important. This is so important because consultants who have had a great deal of success in the past will likely have a great deal of success while assisting you as well. Past performance is considered to be one of the best indications of future performance. This does not mean that new consultants are necessarily going to perform poorly but there is some risk involved in selecting a consultant who does not have a great deal of experience or who has not performed well in the past. You can feel much more confident putting your Internet marketing campaign in the hands of a consultant who typically generates the type of results you are looking for in your own Internet marketing campaign.

Once you have evaluated consultants on the basis of experience and past performance, it is time to start considering price. Considering price early in the process of seeking a consultant may cause you to be influenced by price over performance. Some consultants may be incredibly affordable but if they are not capable of producing the desired results, it may end up being a complete waste of money. However, once you have narrowed your list of potential consultants down to a few qualified candidates, it is definitely time to start comparing prices. Once you are confident each of the candidates on your list is well qualified, choosing the least expensive candidate is worthwhile. However it is important to note all of the fees involved to ensure you are making an accurate cost comparison.

learn more about internet marketingLearning more about Internet Marketing for yourself

While hiring a consultant and be a good plan for you, understanding what needs to be done is an all important issue in the first place. If you are not already marketing your business online, perhaps it is time to start. Although there are a few exceptions, just about every business can benefit from online marketing. There are just so many advantages to this type of marketing. First of all, it is extremely affordable to market your business online. Other advantages to marketing your business online include the ability to reach a large target audience, the ability to reach potential customers all over the world and the ability to customize the marketing for different sectors of the target audience.

Internet marketing is not overly complicated but it is also not a process in which anyone can excel without making attempts to learn more about the subject. Business owners who do not know a great deal about Internet marketing but who wish to implement Internet marketing into their overall marketing strategy should carefully study the basic principles of Internet marketing before launching their online marketing campaign. Fortunately for these business owners there are a variety of options for learning about Internet marketing. These options may include online research, reading published books and studying successful Internet marketing campaigns.

Researching Internet marketing online is one method which can be used for learning more about this topic. This type of research can be very informative and can provide the business owner with a great deal of advice and other information. However, it can also provide the business owner with a great deal of misinformation. When researching any subject online it is very important to note that not all of the information available online is accurate. This may be due to a variety of factors including content which is written by those who do not have a great deal of knowledge about the subject matter as well as content which was written years ago and is outdated. This can be frustrating but fortunately business owners can still learn from the Internet. This just means they should be more cautious about accepting information as being accurate and may wish to verify the information they obtain before implementing an Internet marketing strategy.

Published books are another valuable resource for learning more about Internet marketing. There are a variety of books available which focus on this subject and provide a wealth of useful information. When selecting a book for use as research material it is important to seek out a book which received independent reviews which were positive. It is also important to seek out books which were published recently. This is important because the Internet marketing industry is evolving continuously and a book that was published only a few years ago may be outdated and may lack information on some of the new developments in the industry. The appeal of using published books to learn about Internet marketing is you can keep the books on hand for easy reference when you launch your Internet marketing campaign.

Finally business owners can learn a great deal about Internet marketing simply by studying successful Internet marketing campaigns. Try the Internet marketing blog at www.jeremyburns.com/blog for some great starter tipe. If your business offers products and services in a particular niche consider entering relevant terms in popular search engines and studying the websites of some of the highest ranking businesses. This can provide you with a great deal of insight into what these business owners are doing which may be contributing to their success. Examining everything from their website design to their search engine optimization strategies and even the content on their website can help you to determine why they are more successful than you. You should also consider how they are marketing their website which may include banner ads, affiliate marketing programs or other types of advertising. Armed with this information you can take the opportunity to implement changes to your own website and marketing strategy which may help you to gain a greater degree of success. Care should be taken to not copy anything directly from your competitors but to rather try to emulate their degree of success in your own way.

Tuneup

Alan Zibluk Market Hive Founding Member

1,000 Universities: IBM’s Ambitious Plan to Fill Vacant Blockchain Jobs

There's a staffing problem in the blockchain industry: simply, there are too many open positions and too few blockchain specialists.

Now, to help meet that rapidly increasing demand, IBM is partnering with Baruch College, Fordham University, University of Arkansas, University at Buffalo and the University of British Columbia to establish a series of grants, design blockchain curricula and more.

In addition, IBM has added new blockchain resources to it's IBM Academic Initiative, an ambitious effort that opens resources from the global tech giant to 1,000 universities.

But while unique in its sheer scope, IBM's new push is just the latest in a series of efforts around the world to train new blockchain industry talent.

Marie Wieck, general manager of IBM Blockchain, described the results of a beta release of the program to CoinDesk:

"We’ve already gotten some very, very positive responses."

Hands-on learning

Wieck also revealed details about how the programs will leverage IBM's technology.

To start with, IBM Blockchain Platform, the firm's proprietary distributed ledger technology, will form a part of the university curriculum, and will be made accessible for students.

Further, universities that participate in the projects will receive six months access to IBM Cloud and use of the IBM Blockchain cloud sandbox.

And it's becoming increasingly easy to see how such skills would be put to use by graduates of the courses.

The announcement comes on the same day that IBM formally launched its IBM Blockchain Platform, a food supply chain consortium with Walmart and other major firms on board, and revealed the first ever startup accelerator aimed at investing in startups building with Hyperledger Fabric.

Student lockers image via Shutterstock

If you believe that my message is worth spreading, please use the share buttons if they show on this page.

Stephen Hodgkiss
Chief Engineer at MarketHive

markethive.com


Alan Zibluk Market Hive Founding Member

No it is not New Years Eve but here is a promise I am making

What is it with working online that is so great … the possibility of flexible hours, working on cutting edge technlology projects, meeting thousands of people spread across the globe ???

frustrated at working online

That of course does happen but at what cost to your sanity?

I have met some amazing people online, that is a fact, but I have also met some real assholes and snakes too. From unfilled promises, to downright abuse of trust is the tip of the iceberg.

I vow this; if I ever get to the point where any one of my ventures gives me enough capital to hangup my coding gloves, I will do it big time. 

By this I mean, I will delete all my social media accounts, terminate my online phone numbers, terminate all my website domains, terminate all my hosting accounts, close my Skype account etc etc… You get the picture.

I will then go live away from it all, next to a beach or lake and say goodbye to the 'new era of technology'. Maybe it is coming sooner that I could hope for.

If you believe that my message is worth spreading, please use the share buttons if they show on this page.

Stephen Hodgkiss
Chief Engineer at MarketHive

markethive.com


Alan Zibluk Market Hive Founding Member

Thieves target tourists in Ho Chi Minh City (Saigon)

Unfortunately, on 2 separate occasions this week, myself and my girlfriend have fallen foul of this. First time, 2 guys drove past the girlfriend and snatched her handbag .. luckily she was not hurt. She lost her phone, ATM cards and her Thai ID card. Second time, I was waiting outside a food takeaway place with my phone in my hand, waiting on an Uber taxi to turn up. A guy came from behind, snatched my phone and started running down the street. He then jumped on to his friends motorbike and sped off. I tried to give chase but fell over and grazed my hand.

The locals on both occasions just stood by and did nothing to help. If this happened in Thailand, they would have surely helped.

Ho Chi Minh City high crime rate

After more than 30 years of travelling the world to maybe 30 countries, this is first time I have experienced something like this. I do not feel safe and have cut my trip short and will return to Thailand in 2 days time.

My advice to others wanting to travel to Vietnam, is do not. There are plenty of other countries who are happy to take our tourist dollars without having to look over our shoulders 24/7.

Here is a quote from a government website: –

Despite the high crime rating for Ho Chi Minh City (HCMC), most visitors feel relatively safe. Random violent crime against foreigners is relatively rare, and the level of crime is comparable to other cities of a similar size throughout Asia. Visitors regularly fall victim to property crimes, which are usually non-confrontational crimes of opportunity. Pickpocketing, purse slashing, bag snatching, and the theft of valuables is a common occurrence, particularly in areas frequented by tourists and business travelers. Maintaining an extremely high level of 360 degree situational awareness and alertness is critical to reduce the likelihood of becoming a victim of petty street crime.

Theft by motor scooter is a popular modus operandi wherein thieves grab bags/purses from victims while speeding by. This approach can cause serious injury to victims if they are unable to quickly release themselves from the straps of the bag, leaving them to be dragged by the motor scooter at high speeds. Carrying bags on the arm opposite the road and walking away from the edge of the curb can discourage potential motor scooter thieves. Smart phones, particularly iPhones and Androids, are very popular with thieves and are snatched out of victims’ hands by passing motor scooter thieves.

….End Quote….

Please share and make others aware the dangers of this country. I do not think I will ever come back.

Alan Zibluk Market Hive Founding Member

Shopping Mall Bans Bitcoin and Ether Mining as Merchants Run Up Bills

Article Posted on Coindesk:  Aug 7, 2017, at 10:00 UTC by Wolfie Zhao

An electronics retail marketplace in South Korea has reportedly taken the unusual step of banning vendors from mining Bitcoin in their stores.

Yongsan Market, based in Seoul, has told merchants that they aren't allowed to mine cryptocurrencies – Bitcoin and ether, specifically – because of electrical costs, rising temperatures and the risk of fire, according to Korea Economic Daily.

According to the report, the Yongsan Market's management has also warned merchants that the subsequent jump in electricity costs will be added to their bills.

The unusual decision is notable given the size of the market (the site boasts thousands of retail storefronts) and is a reflection of the growing popularity of small-scale cryptocurrency mining, of ether especially. As such, it's perhaps unsurprising that some vendors – particularly those that sell the graphics cards needed to mine cryptocurrencies – are using their own products to reap additional income.

Still, the incident comes at a time when the country is starting to demonstrate an increasing interest in cryptocurrencies.

According to Coin Market Cap data, the Korean cryptocurrency exchange Bithumb is now ranked first in terms of trading volume across global platforms, amassing a total of over $342 million in the last 24 hours. 
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A low-cost mining opportunity is available at in the USA. Check out the Firstmover Product Offer at http://bitqyck.me/389978

Alan Zibluk Market Hive Founding Member

What is cryptocurrency?

What is cryptocurrency?

 

Bitcoin is a form of cryptocurrency 

Cryptocurrency is a form of digital money that is designed to be secure and, in many cases, anonymous. It is a currency associated with the internet that uses cryptography, the process of converting legible information into an almost uncrackable code, to track purchases and transfers. Cryptography was born out of the need for secure communication in the Second World War. It has evolved in the digital era with elements of mathematical theory and computer science to become a way to secure communications, information and money online. The first cryptocurrency was bitcoin, which was created in 2009 and is still the best known. There has been a proliferation of cryptocurrencies in the past decade and there are now more than 900 available on the internet. Here's everything you need to know about cryptocurrencies. 

How do cryptocurrencies work? 

Cryptocurrencies use decentralised technology to let users make secure payments and store money without the need to use their name or go through a bank. They run on a distributed public ledger called blockchain, which is a record of all transactions updated and held by currency holders.

Units of cryptocurrency are created through a process called mining, which involves using computer power to solve complicated maths problems that generate coins. Users can also buy the currencies from brokers, then store and spend them using cryptographic wallets. Cryptocurrencies and applications of blockchain technology are still nascent in financial terms and more uses should be expected. Transactions including bonds, stocks and other financial assets could eventually be traded using the technology.  

What are the most common cryptocurrencies? 

  • Bitcoin:
     
    Bitcoin was the first and is the most commonly traded cryptocurrency to date.  The currency was developed by Satoshi Nakamoto in 2009, a mysterious figure who developed its blockchain. It has a market capitalisation of around $45 billion as of July 2017. 
  • Ethereum:
     
    Developed in 2015, ethereum is the currency token used in the ethereum blockchain, the second most popular and valuable cryptocurrency. Ethereum has a market capitalisation of around $18bn as of July 2017. However, ethereum has had a turbulent journey. After a major hack in 2016 it split into two currencies, while its value has in recent months reached as high as $400 but crashed briefly to as low as 10 cents.
  • Ripple:
     
    Ripple is another distributed ledger system that was founded in 2012. Ripple can be used to track more kinds of transactions, not just of the cryptocurrency. It has been used by banks including Santander and UBS and has a market capitalisation of around $6.3 billion.
  • Litecoin: 
    This currency is most similar in form to bitcoin, but has moved more quickly to develop new innovations, including faster payments and processes to allow many more transactions. The total value of all Litecoin is around $2.1 billion.

Why would you use a cryptocurrency?

Cryptocurrencies are known for being secure and providing a level of anonymity. Transactions in them cannot be faked or reversed and there tend to be low fees, making it more reliable than conventional currency. Their decentralised nature means they are available to everyone, where banks can be exclusive in who they will let open accounts.  As a new form of cash, the cryptocurrency markets have been known to take off meaning a small investment can become a large sum over night. But the same works the other way. People look to invest in cryptocurrencies should be aware of the volatility of the market and the risks they take when buying.

Chuck Reynolds


Marketing Dept
Contributor
Please click either Link to Learn more about -Bitcoin.

Alan Zibluk Market Hive Founding Member

Why the feds took down one of Bitcoin’s largest exchanges

Why the feds took down one of Bitcoin’s largest exchanges

Tracing Mt. Gox’s stolen coins led feds to Alexander Vinnik

  This week, one of Bitcoin’s largest and most notorious coin exchanges

was brought down by law enforcement — and police and prosecutors are now beginning to explain why. On Thursday, the Department of Justice unsealed an indictment against Alexander Vinnik — thought to be the operator, or one of the operators of Bitcoin exchange BTC-e — charging him with 21 counts of money laundering and other related financial crimes. The counts range from operating an unlicensed money transmittal business to a variety of money laundering charges, including laundering associated with ransomware payouts and a theft from the now-defunct Mt Gox exchange. More generally, the indictment paints BTC-e as a hub of criminal activity, laundering the proceeds of everything from drug trafficking to ransomware attacks.

As some suspected, Vinnik’s alleged crimes go beyond just operating the exchange. Feds believe he played a role in the theft of more 800,000 bitcoin — about $400 million at the time — from Mt. Gox, a staggering loss that ultimately shuttered the exchange. According to the indictment, 530,000 of those bitcoin ended up passing through wallets controlled by or associated with Vinnik, although his role in the larger scheme remains unclear.Vinnik’s alleged crimes go beyond just operating a Bitcoin exchange

Vinnik himself is in custody, arrested while on vacation in Greece, but the Bitcoin world is still sorting through the larger implications of his arrest. BTC-e was one of the last major exchanges outside the reach of conventional finance, and now that it’s gone, it’s unclear what might replace it. There are many legitimate uses of Bitcoin, but Bitcoin transactions have also become essential for online crime — whether it’s ransomware or Silk-Road-style online marketplaces. There will continue to be demand for exchanges like BTC-e, and ____. With feds directly targeting exchanges that don’t play by the book, the split between the two halves of Bitcoin is becoming starker and starker.

BTC-e, founded in 2011, always stood out as an anomaly among the major Bitcoin exchanges. Even a cursory look at BTC-e flagged it as a little strange. “Their exchange prices always seemed weird and out of line with every other exchange, and I had wondered why,” Matthew Green, a professor at Johns Hopkins University told The Verge in an email.

Nicholas Weaver wrote at Lawfare that BTC-e was noted for its “sketchy ownership and control.” The exchange was supposedly located in Eastern Europe, but there were no clues as to who ran it — until now.300,000 bitcoin from Mt. Gox went to wallets tied to “BTC-e administrative accounts” But the big surprise in the indictment is how closely tied BTC-e is to a massive theft at Mt. Gox, one that eventually bankrupted the exchange in 2014. Founded in 2010, Mt. Gox dominated the Bitcoin world for years, at one point processing 80 percent of all bitcoin-to-currency transactions. Mt. Gox first suffered a multimillion-dollar theft in June 2011. When the exchange collapsed in 2014, the equivalent of nearly half a billion dollars was unaccounted for.

On Wednesday, in the wake of the arrest of Vinnik, WizSec published a blogpost presenting the findings of an investigation into the Mt. Gox thefts that they have apparently been preparing for years. According to WizSec, the Mt. Gox hot wallet private keys were stolen sometime in 2011, and the hacker (or multiple hackers) continued to steal bitcoin through 2012 and 2013. The bitcoin were laundered through wallets controlled by Alexander Vinnik. The indictment claims that 300,000 bitcoin were stolen from Mt. Gox went directly to three connected BTC-e accounts “directly linked” to “BTC-e administrative accounts” that only BTC-e admins and operators could have had access to.

At least one of the accounts — under the name “Vamnedam” — was controlled by Vinnik and “others known and unknown.” (The “others known” are either not named in the indictment or have been redacted from the published document.)Many of the charges allege more straightforward money laundering" More bitcoin from the theft were sent to other Mt. Gox wallets and wallets at a third exchange — the now-defunct Tradehill, which operated out of San Francisco, California. From there, they eventually ended up at BTC-e, in an account that was directly controlled by Vinnik. WizSec also claims that the wallets that laundered Mt. Gox coins also handled “coins stolen from Bitcoinica, Bitfloor and several other thefts from back in 2011 and 2012.”

It’s not clear whether Vinnik was directly involved in the Mt. Gox theft, or how close he is to any of those previous thefts, or even the CryptoWall ransomware hackers whose funds he is accused of laundering. But when it comes to Mt. Gox, at least, BTC-e’s proximity to the theft is fairly suspicious.“Anybody who thought about this for a second understood that law enforcement was working on a case against BTC-e" While the Mt. Gox allegations are the most eye-catching, many of the charges that brought down BTC-e allege more straightforward money laundering. The very first count listed in the indictment is for operating an unlicensed money-transmitting business: a criminal charge based on failing to register with FinCEN, an intelligence network that’s mandatory for all financial companies dealing with US customers.

Participating in FinCEN comes with a range of requirements, from registration to internal anti-money laundering programs. Since 2013, it’s been clear that Bitcoin exchanges had to follow those same rules, and for the most part, exchanges have complied — and prosecutors haven’t been shy about filing charges against services that don’t. In recent years, BTC-e has been the largest Bitcoin exchange not registered with FinCEN, a distinction that made it an obvious target for law enforcement, even without Vinnik’s alleged Mt. Gox involvement. “Anybody who thought about this for a second understood that law enforcement was working on a case against BTC-e,” said Jerry Brito, executive director of Coin Center. “The question was just whether the government would catch them.”“designed so that criminals could effect financial transactions under multiple layers of anonymity”

Where other counts in the indictment focus on money transfers linked to theft and ransomware, the first two — operation of an unlicensed money transmitter and conspiracy to commit money-laundering — focus on the technological capabilities of BTC-e itself, claiming that the exchange had a “criminal design.” “BTC-e’s system was designed so that criminals could accomplish financial transactions with anonymity and thereby avoid apprehension by law enforcement or seizure of funds,” the indictment says, pointing out that BTC-e only required “a username, password, and an email address,” unlike “legitimate payment processors or digital currency exchangers.” The indictment also points to suspicious usernames like “ISIS,” “CocaineCowboys,” “blackhathackers,” “dzkillerhacker,” and “hacker4hire” as additional support for the money-laundering allegations.

The language in the indictment about BTC-e’s “criminal design” mimics the indictment against Liberty Reserve — an anonymous currency service taken down by law enforcement in 2013 — which also accused the online exchange of having a “criminal design” and a system “designed so that criminals could effect financial transactions under multiple layers of anonymity.” (The Liberty Reserve indictment also took the time to point out that account names on the site included “Russia Hackers” and “Hacker Accounts.”) BTC-e’s website claimed that they required customers to provide proof of identity — namely, a scanned ID card and a scanned utility bill or bank statement — and forbid any US customers, letting them off the hook for FinCEN registration. But neither turned out to be true, according to the indictment.“Exchanges will go one of two ways. Either they’ll clean up their act… or they’ll go fully underground.”

Now that BTC-e is down for good, it could have a profound impact on the criminal ecosystem more broadly. BTC-e handled about 5 percent of total Bitcoin transactions, but recent research found that as much as 95 percent of ransomware cashouts happened through the platform. With most comparably sized exchanges already registered under FinCEN, the takedown could make it both harder and riskier for criminals to cash out — something law enforcement seems to be counting on. In the same Lawfare piece, Weaver says he thinks taking down BTC-e “will probably prove more important than the AlphaBay and Hansa takedowns” in fighting online crime. For Bitcoiners less invested in law enforcement’s war on dark web marketplaces, the lesson is a more ambiguous one. Cornell professor Emin Gun Sirer says the focus on FinCEN compliance could lead to a lasting split in Bitcoin markets, as exchanges face the choice of whether to comply with US government demands.

“Exchanges will go one of two ways,” Sirer says. “Either they will clean their act, by first shopping for the most lenient jurisdictions and complying with relevant KYC/AML laws, or they'll go ‘fully underground,’ and operate with no rules, behind Tor and other anonymous communication technologies. The most colorful drama ahead will involve exchanges, such as Bitfinex, that operate in the gray zone, where they seem to neither comply with relevant laws nor go fully underground.” For a technology with a surrounding community built on libertarian ideas, that may be a difficult pill to swallow. But as the past week has made clear, those that don’t will be taking a very serious risk.

Chuck Reynolds


Marketing Dept
Contributor
Please click either Link to Learn more about -Bitcoin.

Alan Zibluk Market Hive Founding Member

Bitcoin Cash: Why It’s Forking the Blockchain And What That Means

 

Bitcoin's scaling debate finally seems to be shaking out,

but some users aren't happy with the results. After a few years of debate, it was perhaps to be expected that at least some were going to come away empty-handed. Controversial scaling proposal Segwit2x tried to remedy this by joining two code change ideas – the code optimization Segregated Witness (SegWit) and a block size increase. Today, SegWit is just a couple of steps away from activating on bitcoin, but some bitcoin users are unhappy about the outcome.

Others who originally backed the Segwit2x proposal appear to be losing confidence in an eventual block size increase and are now taking matters into their own hands by making their own version of bitcoin – and they're doing so on a short timeline. On August 1, at precisely 12:20 UTC, the group claims that they will split off from bitcoin, creating a new cryptocurrency called Bitcoin Cash. Developer Calin Culianu, who's contributing code to an implementation of Bitcoin Cash, is one user who doesn't like SegWit, suspecting that others feel the same way.

Culianu told CoinDesk:

”If the Segwit2x agreement fails to implement the 2x part, which is not entirely unreasonable, and only ends up being being basically SegWit without the 2x, many miners will likely defect to Bitcoin Cash."

What is Bitcoin Cash?

So, what is it? And how does it differ from bitcoin? There are two main changes of note:

  • It increases the block size to 8 MB.
  • It removes SegWit, a code change that might activate on the bitcoin blockchain by the end of August.

Some, including a few of the project's supporters, call Bitcoin Cash an "altcoin," a term that usually denotes a fork of the software that creates a new cryptocurrency, with its own market. Indeed, the cryptocurrency is currently trading at $461, meaning it's worth about 18% of bitcoin's current price of $2,568, in an already-open futures market. Unlike other altcoins, though, Bitcoin Cash's transaction history would be the same as bitcoin's – at least up until the point of the split. So, if and when Bitcoin Cash splits off, users would have bitcoin on both blockchains.

Another difference is the project says it will support multiple implementations of its software, a move that's not surprising given the criticism that Bitcoin Core's software is too dominant on the bitcoin network. BitcoinABC is the first software to implement the Bitcoin Cash protocol, but the goal is for there to be many implementations. Culianu said that both Bitcoin Unlimited and Bitcoin Classic, other implementations that aim to increase bitcoin’s block size, are working on a version compatible with Bitcoin Cash. These might or might not be ready for August 1.

Who's involved?

So far, most bitcoin companies, mining pools, users and bitcoin developers seem uninterested in the effort. Yet, there are some eager supporters.Beijing-based mining firm ViaBTC, which boasts roughly 4% of bitcoin’s computing power, is the clear ringleader. The firm, which also operates an exchange, has become the first to list the cryptocurrency and also has plans to launch a new mining pool dedicated solely to Bitcoin Cash. (Though, so far, it's not clear how much of its 4% mining hashrate it will commit to the effort.) Asked if he believed Segwit2x would fulfill its roadmap, CEO Haipo Yang responded: "I doubt it."

Further, Bitcoin Cash has attracted support from some users who want a block size increase, as well as developers of other proposals such as Bitcoin Classic and Bitcoin Unlimited. What might be more surprising, though, is who's not involved. Even former supporters, including mining firms Bitcoin.com and Bitmain, seem hesitant to back the effort. For now, they remain committed to controversial scaling proposal Segwit2x. Mining company Bitmain even inspired Bitcoin Cash. Yet, the firm said that they only planned on going through with making the switch under certain conditions. Still, the firm might support both Segwit2x and Bitcoin Cash in the future.

In a PSA statement, Bitcoin.com said that it will allow miners in its pool to choose if they want to mine the Bitcoin Cash token BCC. For now, though, it will mine on Segwit2x chain, though it said it "will immediately shift all company resources to supporting Bitcoin Cash exclusively" if the block size increase part of SegWit, scheduled for roughly three months from now, falls through.

Wait, but why?

There are a few reasons users and mining pools might like to break off from bitcoin:

  • These users want an increase in bitcoin's block size parameter, and believe that the cryptocurrency's future depends on it.
  • SegWit is likely going to activate soon and some users want to avoid the feature.
  • There's a possibility that Segwit2x's block size parameter increase will ultimately fall through.

This mix of ideological and technical reasons was also on display in conversations with users. When asked by CoinDesk what BitcoinABC's goal is,

Culianu responded:

"To save bitcoin. We want to scale bitcoin up so that it won't die. It's already a bit sick and dying."

What's different here?

Many other efforts over the last couple of years have said they would split off from bitcoin, if they gained enough support from those operating the computers that secure the network. But, to date, no group has actually carried through with this plan so far. Bitcoin Cash might be unique in that it's actually committing to a deadline to split bitcoin into two, and that deadline is less than a week away.

If miners and users indeed go ahead with the split, it would mark the first time a cryptocurrency split off from bitcoin, carrying with it bitcoin’s transaction history. Like past efforts intended to replace the bitcoin used today with a new bitcoin, however, Bitcoin Cash has the same goal, but it seems willing to wait and see if users join the effort. Rather than call it bitcoin, ViaBTC, as well as a group of bitcoin companies in China, signed an agreement to label it a "competitive currency," not the "real" bitcoin. The move could set up the split to happen more quickly, as in the past exchanges have expressed confusion over how to handle a fork.

What's next?

If a new cryptocurrency splits off from the main bitcoin network, it will mark a first. So, some users are curious to see what happens. Still, without much support from miners and users, it might not end up having that much of an impact on the course of the main network. Nonetheless, it might if be worth watching if the second half of Segwit2x falls through. That's when it might see some more supporters.

Culianu, for example, concluded on an optimistic note:

”My secret gut feeling is Bitcoin Cash may surprise all of us. It is not entirely impossible that it will be the de-facto bitcoin after a few months. The much roomier 8 MB block space is attractive."

Chuck Reynolds


Marketing Dept
Contributor

Please click either Link to Learn more about -Bitcoin.

Alan Zibluk Market Hive Founding Member

Wall Street stunned over AMD’s blowout results due to cryptocurrency mining demand

Wall Street stunned over AMD’s blowout results due to cryptocurrency mining demand

  • Wall Street is surprised over AMD's strong earnings and guidance due to digital currency mining demand for its graphics cards.
  • AMD shares have rallied 102 percent through Tuesday in the previous 12 months compared with the S&P 500's 14 percent return.
  • That performance ranks No. 4 in the entire S&P 500, according to FactSet.

Investors are mesmerized with AMD's impressive second quarter

as cryptocurrency mining demand drove the company's financial results above Wall Street's expectations. The chipmaker reported better-than-expected second-quarter earnings and guidance Tuesday. Its shares surged more than 10 percent in after-hours trading following the report and were up more than 9 percent in early regular trading Wednesday.

"AMD turned in a solid beat to our and consensus estimates as the company's new Ryzen desktop CPU ramped into production and GPU demand outstripped supply," Stifel analyst Kevin Cassidy wrote in a note to clients Wednesday. "While management wasn't specific on how much, the GPU revenue upside was driven by cryptocurrency applications."
AMD shares have rallied 102 percent through Tuesday in the previous 12 months compared with the S&P 500's 14 percent return. That performance ranks No. 4 in the entire S&P 500, according to FactSet. Cryptocurrency miners use graphics cards from AMD and Nvidia to "mine" new coins, which can then be sold or held for future appreciation. AMD traditionally has a better reputation for mining cryptocurrencies.

Ethereum cryptocurrency is up over 2,400 percent year-to-date through Wednesday, while Bitcoin is up about 160 percent this year, according to data from industry website CoinDesk. In June, AMD shares jumped after the company told CNBC that the dramatic rise in digital currency prices has driven demand for its graphics cards. At the time, major computer hardware retailers had sold out of AMD's recently launched RX 570 and RX 580 models. Digital currency mining was the key topic during AMD's earnings conference call with Wall Street Tuesday evening. Analysts asked company management three times for clarification on the magnitude and sustainability of cryptocurrency mining demand.

One analyst noted the company is working to mitigate future downside risk and is not incorporating continued digital currency mining outperformance in its guidance. "Crypto mining helped stimulate demand for AMD GPUs in Q2, which we think could translate to a risk should cryptocurrency values decline, AMD is working to manage the crypto risk by targeting supply to the core GPU gaming market, and working with some of its AIB [add in board] partners to offer specific feature sets to segment the market between gaming & mining," Jefferies analyst Mark Lipacis wrote Wednesday. "AMD is not including upside from mining in its outlook."

Lipacis reiterated his buy rating on the company and raised his price target to $19 from $16, representing 35 percent upside from Tuesday's close. To be sure, some analysts are still skeptical on AMD after its big run. "We were surprised at the aftermarket reaction for the stock," Morgan Stanley analyst Joseph Moore wrote Wednesday. "We continue to be somewhat cynical on the long term intrinsic value of the stock, despite being excited about Zen and maintaining numbers that are above the Street. As street numbers start to catch up, absolute valuation levels are going to matter more." Moore reiterated his equal-weight rating and $11 price target for AMD shares.

Chuck Reynolds


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