Lifeboat Foundation: Safeguarding Humanity
Toggle light / dark theme

Blog – Page 11,923

Get the latest international news and world events from around the world.

Log in for authorized contributors

BCH: Did I throw away $$$$? Perhaps…

Yesterday was D-Day in the Bitcoin world: On Tuesday, Aug 1st 2017, Bitcoin Cash (BCH) forked off of Bitcoin (BTC). For anyone with control over their wallet and private keys, they now have an equal amount of BTC and BCH.

I have a Bitcoin wallet. Yet, I don’t have any new Bitcoin Cash—and I have no one to blame but myself. Will I ever get the BCH associated with my pre-fork coins? I think that it is likely, though certainly not assured. If not, it will still be my fault. After all, I had fair warning from the company that I trust as custodian of my assets.

A Cryptocurrency Mantra:
“Woe be the person who trusts decentralized cash to a custodian”

I trust Coinbase for good reason. I left my BTC in my Coinbase wallet and vault throughout the fork. Let me tell you how I view the risks of failing to remove my coins before August 1…

  1. Coinbase was clear in warning that BTC withdrawals would be frozen before and after a fork. No problem…I had no immediate need to access my coins.

2. Coinbase warned they had no plan to support BCH—not even for withdrawal after a fork.

I accepted this 2nd warning, even though their reasoning and motives were terribly weak. But, today, I feel very sore. I need a morning after pill! Bitcoin still trades at the level of the past week—about $2700 US/BTC. But my non-existent BCH holdings have significant value! It was briefly as high as $750 per coin, and is now trading at $475. This means that even if I have no desire to save or spend the new coin, I no longer have the option to liquidate my forked asset. I lost a slam-dunk opportunity to capture 17½%.

We’re not talking about a theoretical gain or a gain that assumes liquidation at a momentary spike. We’re talking about right now—a missed opportunity to pocket thousands of dollars!

Am I angry? Not really. I am disappointed at my lack of initiative. I have only myself to blame. For the record—I don’t believe that I have a reasonable legal claim against Coinbase. After all, they warned me! But, I believe that they will give me my forked coins—eventually. They have already acknowledged to conspiracy theorists that they will not keep the forked BCH, in the event that they create a conversion mechanism. In that case, they will allow withdrawal by the owner of the associated BTC. Now that they see dramatic fractional value, how could they not complete the fork?!

Where Does This Leave Me?

I’m not poorer today than I was yesterday, and I still have the same value in Bitcoin. But, I missed a zero-risk opportunity to gain 17½% overnight. It was staring me in the face and I passed it up. At least I draw comfort in my confidence that Coinbase will complete the fork. Please, Coinbase: Complete the fork!

Philip Raymond owns Bitcoin, but has no Bitcoin Cash. He co-chairs CRYPSA and Bitcoin Event, is columnist & board member at Lifeboat Foundation, editor at WildDuck, and keynote speaker at Digital Currency Summit in Johannesburg. He is a leading author at Quora.

We Should Be Optimistic But Not Complacent About Progress

In the last year or so we have seen remarkable progress with a number of interventions that target the aging processes to prevent and treat age-related diseases.

Senescent cell clearance has enjoyed lots of media attention and is entering human clinical trials later this year with Unity Biotechnology. We have LysoClear from Ichor Therapeutics moving towards the clinic with a therapy based on the LysoSENS approach advocated for by the SENS Research Foundation, which seeks to treat age-related blindness caused by the accumulation of waste products in the retina cells of patients. Dr. David Sinclair is moving into human trials this year with a therapy aimed at repairing DNA damage, one of the main reasons we are thought to age.

We have had amazing progress in immunotherapy, where the immune system is taught to detect cancer and other diseases far more efficiently. For instance, immunotherapy has been used to allow the immune system spot cancer that uses the same “Do not eat me” signals that healthy cells use to avoid destruction.

AMD reveals PetaFLOP supercomputer in a single rack

Yesterday, AMD revealed the Project 47 supercomputer was powered by 20 AMD EPYC 7601 processors and 80 Radeon Instinct GPUs. It is a petaFLOP supercomputer in a rack. Other hardware included 10TB of Samsung memory and 20 Mellanox 100G cards (and 1 switch). Project 47 is capable of 1 PetaFLOP of single-precision compute performance or 2 PetaFLOPS of half-precision.

Project 47 is built around the Inventec P47. The P47 is a 2U parallel computing platform designed for graphics virtualization and machine intelligence applications. A single rack of Inventec P47 systems is all that was necessary to achieve 1 PetaFLOP, and it does so while producing 30 GigaFLOPS/Watt, which AMD claims is 25% more efficient than some other competing supercomputing platforms. A petaFLOP system uses 33,333 watts. A thousand of PetaFLOP racks would use 33.3 MW and have an exaFLOP.

Thanks to its 32-core / 64-thread EPYC processors and Radeon Vega GPUs, which feature 4,096 stream processors each, AMD also claims that Project 47 rack has more cores/threads, compute units, I/O lanes and memory channels in use simultaneously than in any other similarly configured system.

/* */