On the 1st of September, the Bitcoin Cash Stress Test will occur. This is a community driven initiative attempting to stress test Bitcoin Cash’s network and services. They wish to create 5 million minimum fee transactions within a 24-hour period. By creating such volume of minimum fee transactions they wish to prove to merchants and businesses worldwide that the BCH main network is capable of scaling on chain and is capable of handling volume of transactions today.
Will you participate in the Bitcoin Cash Stress Test?
The cities of Bonner and Butte in Montana are home to two of the largest bitcoin mining facilities in North America. They both depend on Colstrip power plant to power their mining operation and this power plant might get shut down. Senator Daines has been vocal about the consequences of closing that power plant, he believes that the state of Montana might loose its booming bitcoin mining industry, if they can’t provide a cheap reliable energy supply.
Do you think the state of Montana will be able to retain its mining industry?
One of the largest law enforcement agencies in the US, Customs and Border Protection (CBP), will launch a live test of a blockchain-based shipment tracking system. The test will determine how the blockchain technology is able to enhance the verification process of certificates of origin from the partners of the North American Free Trade Agreement and the Central America Free Trade Agreement, as well as reduce the time-consuming procedure of the resubmission of shipping data.
Have you heard of other initiatives to use blockchain technology to improve supply chains?
Japan’s main financial regulator, the Financial Services Agency (FSA) has got a new head commissioner and he spoke in favor of the cryptocurrency industry. Toshihide Endo, emphasized the need for balance when it comes to dealing with cryptocurrency regulations. On one hand, consumers need regulations that ensure their protection, however, this regulation cannot be too tight, or it can threaten to stifle and smother innovation in the field.
”We [the FSA] have no intention to curb [the cryptocurrency industry] excessively. We would like to see it grow under appropriate regulation”.
Earlier this year, the Iranian administration came out against cryptocurrencies and in April all the banks were ordered to stop facilitating any cryptocurrency operations. However, since then the Iranian Rial has lost half of its value and Iran has been facing newly imposed US sanctions. As such, the Iranian authorities have been working on creative solutions to avoid US sanctions. Such as a developing a state-backed cryptocurrency, the draft has been submitted and the Central Bank is to communicate a decision by the end of September.
Do you think that Iran can avoid US sanctions by creating their own state-backed cryptocurrency?
In 2014, Mt. Gox one of the most popular cryptocurrency exchange was hacked and a whopping 744,000 Bitcoin were stolen. Finally, this summer, a Tokyo court ruled that Mt. Gox could proceed from bankruptcy to a civil rehabilitation process — opening the door for creditors to retrieve cash payouts equivalent to the value of their holdings when Mt. Gox entered bankruptcy. However, due to the sizable gains of cryptocurrencies such as Bitcoin since Mt. Gox’s bankruptcy in 2014, a cash equivalent of creditors’ holdings back in 2014 could be worth far less than the cryptocurrency would be worth today.
Tip : Read more about private keys “Why should I back up my private keys”