BTC is a Pin, not a Bubble, BTC Foundation Founder Says

Jon Matonis thinks it's great that big banks are getting interested in crypto
02 April 2018   716

Co-founder and CEO of Bitcoin Foundation Jon Matonis sure that the fears associated with the "bubble" of cryptocurrency are unreasonable. On the contrary, this is just the stock markets are always artificially "inflated" by central banks, he said in an interview with Business Insider at the Innovate Finance conference in London earlier this month.

To the people who say bitcoin’s a bubble, I would say bitcoin is the pin that’s going to pop the bubble. The bubble is the insane bond markets and the fake equity markets that are propped up by the central banks. Those are the bubbles.

Jon Matonis

Co-founder and CEO, Bitcoin Foundation

He is confident that now the economy is moving away from "legal currencies managed by banks", decentralized assets like bitcoins support this shift.

Prior to the Bitcoin Foundation, Matonis was a trader in the Japanese bank Sumitomo and Visa. Non-profit organization was founded to support core-developers of bitcoin-protocols. Matonis was on the foundation's board from 2012 to 2014 and to this day holds the post of executive director.

Despite skepticism about the existing financial system, he is sure that it's great that big banks like Goldman Sachs are showing increasing interest to the world of cryptocurrency.

They’re going to develop futures markets, options markets, I even think you’re going to start to see interest rate markets around bitcoin. We’re used to hearing things about Libor, the index for bitcoin interest rates is Bibor.

Jon Matonis

Co-founder and CEO, Bitcoin Foundation

According to him, regulators around the world are trying to find a "common language" with cryptocurrencies, and in the UK they recently announced the creation of an appropriate work group.

I think we should operate in an environment of caveat emptor, let the buyer do his research. This hopefully has forced a lot of investors to do more research. No one is forcing them to invest in ICOs [initial coin offerings]. If you’re worried about the risk, just walk away.

Jon Matonis

Co-founder and CEO, Bitcoin Foundation

In May last year, the executive director of the Bitcoin Foundation, John Matonis, joined the nChain blockchain company. 

Kraken to Add Bech32 Support for BTC and QTUM

Bech32 format corresponds to addresses that support sending transactions using SegWit scaling technology
08 November 2018   181

The popular American cryptocurrency exchange Kraken announced the long-awaited integration of Bech32 addresses for Bitcoin and QTUM.

To date, Bech32 addresses have been integrated only for withdrawal operations. Bech32 addresses start with “bc1” and “qc1” for bitcoin and QTUM, respectively. Support for Bech32 addresses for depositing operations will be implemented soon, the company promises.

The Bech32 format corresponds to addresses that support sending transactions using SegWit scaling technology, activated in the Bitcoin blockchain about a year ago. According to the portal, by now the share of SegWit transactions in the Bitcoin blockchain has again dropped to 42%, after being briefly close to 50%.

Earlier, the Kraken exchange stated that it supported the launch of SegWit in the bitcoin blockchain and uses the Bech32 format to make transfers in its internal systems, but refused to provide customers with access to such addresses until the technology is integrated into large wallets such as Bitcoin Core. Release of Bitcoin Core 0.16.0 with support for SegWit was held in February of this year.

Get more info on Bech32 at GitHub.