Category: Erik Voorhees

The Most Important Aspect of Bitcoin Is the Separation of Money and State

Many cryptocurrency supporters believe the technology allows for the separation of money and state in a manner that’s never been seen before. Governments inflict two forms of robbery against nonviolent citizens by forcing them to pay taxes while also stealing from them silently through inflation. Now there’s a wide array of digital currencies competing in […]

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Twitter Crypto Scammers Continue to Fly Under the Company’s Radar 

Twitter Crypto Scammers Continue to Fly Under the Company’s Radar Over the last two years, cryptocurrency scamming on social media has been prevalent. In January 2019, it was reported that crypto impersonation scams on Twitter raked in millions in cryptocurrencies from people pretending to be well known blockchain personalities. Now a new form of deception can be seen on the platform, as scammers are using […]

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Swap and Track BCH on the New Shapeshift Suite for Noncustodial Crypto Management

Swap and Track BCH on the New Shapeshift Suite for Noncustodial Crypto ManagementShapeshift, the company that allows traders worldwide to exchange hundreds of cryptocurrency pairs launched its new crypto platform that now offers an integrated suite of digital asset management in a noncustodial fashion. The firm believes the latest release offers a true end-to-end solution that aims to bolster free market finance. Also Read: Bitcoin Cash Scaling […]

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Crypto Impersonation Scammers on Social Media Raked in Millions in 2018

Crypto Luminary Impersonation Scammers on Social Media Raked in Millions in 2018Over the last two years, as cryptocurrencies gained mainstream attention, scammers have become far more prevalent. One particular social media scam that can be found on prominent websites like Twitter, Facebook and Instagram is the impersonation of well-known crypto industry executives and blockchain luminaries. Unfortunately even a verified account means nothing these days and these […]

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Chatter Report: Sechet Claims Cashaccount a Potential ‘Privacy Disaster’, Voorhees Defends Coinbase

Sechet Claims Cashaccount a Potential Privacy Disaster, Voorhees Defends CoinbaseIn today’s roundup of crypto chatter, Jonathan Silverblood responds to Amaury Sechet’s privacy concerns with Cashaccount. Erik Voorhees defends Brian Armstrong from criticism on the latter’s 10 year Bitcoin anniversary tweets. Also, Nikita Zhavoronkov congratulates Bitcoin for creating 1 billion outputs on the BTC blockchain. Also read: The Cashaccount.info Platform Tethers Names to Bitcoin Cash Addresses   […]

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Chatter Report: Voorhees Questions ‘Smart Money’, Sechet Explains ‘Miners Don’t Vote’ Declaration

Voorhees Questions Crypto VC ‘Smart Money’, Sechet Explains Pacia’s 'Miners Don’t Vote’ DeclarationIn today’s Chatter Report, Erik Voorhees criticizes cryptocurrency-focused venture capital firms for reneging on their signed term sheet deals. Also, Steve Patterson calls out Amaury Sechet over Chris Pacia’s comment that miners don’t vote. Lastly, imaginary_username contemplates on the different roles of miners and users in Bitcoin.  Also read: BCH Devs Discuss Securing Instant Transactions […]

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Shapeshift CEO Responds to Wall Street Journal Laundering Claims

Shapeshift CEO Responds to Wall Street Journal Laundering ClaimsReporters at the Wall Street Journal (WSJ) tied innovative ecosystem cryptocurrency exchange Shapeshift to money laundering. “How Dirty Money Disappears Into the Black Hole of Cryptocurrency,” was its published product from months of investigative journalism. The company’s CEO, Erik Voorhees, claims cooperation with the WSJ was obtained “under false pretenses.” He also charges the WSJ […]

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The Daily: Fiat vs Crypto Laundering, Bitcoin Anniversary Cash-Ins

The Daily: Fiat vs Crypto Laundering, Bitcoin Anniversary Cash-InsWelcome to another weekend filled with tales of cryptocurrency intrigue. From shameless Bitcoin anniversary cash-ins to exaggerated claims of crypto money laundering, the Saturday edition of The Daily covers the good, the bad, and the greedy. Also read: Popular Bitcoin Wallet Samourai Ditches All Government Currencies Shapeshift CEO Hits Back at Money Laundering Claims After a […]

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Four Alternatives to Shapeshift

Four Alternatives to ShapeshiftThe news that Shapeshift is to move to a full custodial model, requiring KYC for anyone who wishes to swap cryptos, has sparked a wave of protests. Many users have vowed to take their business elsewhere. For cryptocurrency holders seeking a non-custodial exchange, there are several Shapeshift alternatives to choose from, with varying degrees of […]

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Shapeshift Moves to Membership Model Requiring User Information

Shapeshift Moves to Membership Model Requiring User InformationNon-custodial crypto trading platform Shapeshift has introduced a membership program which will soon be mandatory. CEO Erik Voorhees explains that his exchange will have to begin collecting basic personal information of its users, and there will be five membership levels. Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals Shapeshift Membership Mandatory Soon […]

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Bitcoin Skeptic Peter Schiff to Joe Rogan: BTC Will Plummet, Voorhees Debate Rigged

Bitcoin Skeptic Peter Schiff to Joe Rogan: BTC Will Plummet, Voorhees Debate RiggedAt the hour and twenty four minute mark, slightly more than half way in their time together, famed bitcoin (BTC) skeptic Peter Schiff brought the conversation back to his favorite foil: cryptocurrencies are bunk. It was Mr. Schiff’s third appearance on The Joe Rogan Experience podcast, and he took the opportunity to blast the world’s […]

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Shapeshift CEO Defeats Peter Schiff in Bitcoin Debate

Shapeshift CEO Defeats Peter Schiff in Bitcoin Debate“Bitcoin, or a similar form of cryptocurrency, will eventually replace governments’ fiat money as the preferred medium of exchange” was the resolution for a rollicking debate between Shapeshift CEO Erik Voorhees (affirmative) and Euro Pacific Capital Inc CEO Peter Schiff, prominent cryptocurrency skeptic (negative). In a victory for the crypto community at large, Mr. Voorhees […]

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Twitter Experience Worsens, Ether Fake Giveaways Taking Over

Twitter Experience Worsens, Ether Fake Giveaways Taking OverFake ether token giveaways are clogging Twitter threads, and seemingly by the second. Targeting well-known ecosystem figures, doppelganger accounts are created, complete with matching avatars. A particularly active post can almost assuredly be counted on to receive seemingly organic calls for participation in free crypto programs hosted by the respective personality. And now they’re incorporating […]

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Bitcoin Network Hashrate At All Time High Even Among Market Corrections

Bitcoin’s network hashrate shows growth almost every day, proving that BTC mining is still popular even with the market fall since the new year.

The Bitcoin (BTC) network’s hashrate is continuing to climb today, May 2, according to data from BitInfoCharts. The continuous growth of the hashrate over the past months signals a constantly increasing level of interest from the miners, in spite of Bitcoin’s inability to break the $10,000 price point after the market crash in February.

After BTC’s price reached $20,000 in December of last year, the market began to fall in the wake of the new year, with BTC dipping below $6,000 in February. Although the market has recovered slightly, with Bitcoin currently trading for around $9,144 and up 3 percent over a 24 hour period, the price is still more than 50 percent below its all-time high reached in December.

The rising hashrate – last recorded on May 1 as 31,590 PH/sec – means that new miners are continuously starting to mine for Bitcoin in spite of market fluctuations. This causes a constantly increasing competition between the miners and the resulting improvement of the network’s overall security.

In mid-March, Fundstrat’s Tom Lee reported that Bitcoin mining would become less profitable – and therefore less popular – during times of market decline, a prediction belied by the current high hashrate even with a stagnating market.

Bitcoin Cash (BCH), on the other hand, is currently experiencing a stagnating hashrate. BCH is a fork of the Bitcoin blockchain advertised as a faster and cheaper alternative, as the currency has a larger block size. However, in February BTC’s transaction fees were actually lower at one point than those of BCH.

Bitcoin, Bitcoin Cash Hashrate historical chart

Founder and CEO of ShapeShift.io Erik T. Voorhees tweeted last last month about BTC having the highest accumulated proof of work, a characteristic that depends directly on the network hashrate, as compared to BCH:

Roger – please stop referencing me to back up your opinion that Bitcoin Cash is Bitcoin. It isn’t. Bitcoin is the chain originating from the genesis block with the highest accumulated proof of work. The Bitcoin Cash fork failed to gain majority, thus it is not Bitcoin.

— Erik Voorhees (@ErikVoorhees) April 27, 2018

Last August, the Bitcoin network hashrate fell by 50 percent, from 8,000 to 4,000 petahash per second in a four day period, a drop attributed to the attraction of higher block rewards for BCH mining.

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