Coinbase CEO: "I was wrong"

Coinbase CEO Brian Armstrong looks back at the bet he made and the predictions about Bitcoin hard fork
07 August 2017   1475
Bitcoin

Is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen

While the Bitcoin price stays at all-time highs, Coinbase CEO Brian Armstrong looks back at the bet he made and the predictions about Bitcoin hard fork:

Bitcoin Cash

A new cryptocurrency representing a hard-forked version of Bitcoin, different from it in the blocksize limits

In the original article from February, 2016, Armstrong bets $5,000 that "Bitcoin’s first hard fork works out just fine". Coinbase CEO argued that:

  1. Bitcoin is not splitting, it is upgrading
  2. Hard forks are one of the most important innovations of Bitcoin
  3. Multiple teams working on the Bitcoin protocol is a good thing

However, no one was willing to take Armstrong up on his bet, so he had to officially withdraw the offer (he even offered 10:1 odds and still no takers). 

Now, after more than a year, Brian Armstong admits his some of his miscalculations:

Clearly I was wrong about multiple coins persisting (didn't anticipate the minority forks having any real value). At least I get a chance to admit when I'm wrong :)
 

Brian Armstrong
Coinbase CEO

However, the man also notices that the prediction about the price rising post-fork was correct (at the time of writing Bitcoin price tops $3200). 

Ethereum Scaling Solution Raiden to Launch Last Testnet

As noted by the developers, after implementing the new solution, the Ethereum network will be able to provide more than a million transactions per second
20 July 2018   132

On Thursday, July 19, at the Dappcon developer conference in Berlin, the last test network of Raiden for the Ethereum blockchain was launched, CoinDesk reports.

The release includes a minimal implementation of the scaling solution, which will allow the transfer of Ethereum tokens outside of the main blockchain. This is the last test phase before the introduction of technology into the core network of Ethereum.

It's the first step towards going to the mainnet. We really want people to really test this so we have a user interface, we have an API and we've created an open Github for everything they could find, so if we go hopefully bug-free on the mainnet.
 

Lefteris Karapetsas

Core Developer, Raiden

According to him, the new release represents an early implementation for the core network and contains a new rewritten code of smart contracts and payment channels that can be restored in case of unintended closure.

Also, Karapetsas urged developers to join the test network to help detect possible bugs, adding that a bounty program will be launched to encourage this activity.

The release date for the main network has not yet been assigned, but the developers intend to follow this earlier promise and launch Raiden this summer.

Karapetsas also promised to publish regular updates and code optimizations after the full release, adding that Raiden will complement other Ethereum scaling solutions that are currently being developed.

Raiden is essentially the payment channel network for ethereum, it's supposed to help us scale token transfers. The long term goal would be to have people use Raiden from a mobile device and be able to make off-chain token transfers just from their phone. That would be the long term vision, it would probably work in combination with various scaling solutions, sharding, plasma, a sort of hybrid.
 

Lefteris Karapetsas

Core Developer, Raiden

Raiden is developing from the 2015 and is written mostly on Python. The project is much like the Lightning Network. As noted by the developers, after implementing the new solution, the Ethereum network will be able to provide more than a million transactions per second.