Samourai Wallet urged to boycott BitPay

According to the team of popular wallet, BitPay now uses BIP70 instead of BIP21
04 January 2018   1105

The team of popular wallet Samourai, said that the industry's largest processing service BitPay, without any warning or discussion with the developers, refused to support the standard display scheme for end users of payment requests described in BIP21. Instead, BitPay adopted a questionable and not widely supported BIP70 scheme.

BIP21 scheme is accepted by all wallets and service providers from 2012 and ensures that regardless of the software used QR codes and payment requests are created and interpreted in one standard way. This ensures maximum compatibility and interoperability of software and services in a decentralized network with open source.

Needless to say, Bitpays decision to drop all support for this fundamental open standard, will harm the overall user experience not improve it, as they claim to be striving for.
 

Samurai Wallet Team

BIP70 was initially proposed in 2013 by Gavin Addresen and Mike Hearn, developers who received notoriety thanks to the so-called "black lists" of bitcoins. The proposal itself was received by the community extremely ambiguously, and due to concern about the security and privacy of users, wallets and service providers for the most part did not accept it.

In particular, BIP70 introduces a requirement for developers to support legacy dependencies of the public key infrastructure that have a long history of discovered vulnerabilities (openssl, heartbleed, etc.). In addition, the wide implementation of BIP70 increases the risk of monitoring and monitoring of onchain transactions within AML / KYC requirements and the creation of more efficient blacklists.

We have to be very clear here. Samourai Wallet will not support BIP70 in our products, therefore, our wallet users will NOT be able to send bitcoin to QR codes generated by Bitpay invoices, as they do not provide a valid Bitcoin address. If you want to make payments to a QR code provided by Bitpay you will need to use a wallet that has enabled BIP70.
 

Samurai Wallet Team

 Also, developers say they refuse to accept BitPay's aggressive use of the dominant position of the company in the marketplace and to force purse providers to support their business plans or force users to use the system that adversely affects their privacy and the interchangeability of bitcoin as a whole.

According to representatives of Samourai Wallet, BitPay should focus its efforts on restoring its image and brand after the failure of the SegWit2x, to which they made significant efforts.

Bitcoin May Pass Gold Market Cap, - Novogratz

Mike Novogratz continues to be Bitcoin and cryptocurrency optimist 
25 March 2019   86

The founder of Galaxy Digital, Mike Novogratz, expressed the opinion that over the next 20 years, Bitcoin’s capitalization would “easily” surpass the gold market, currently estimated at $ 7.5 trillion. It is reported by The Daily HODL.

In a conversation with the founder of Morgan Creek Digital, Anthony Pompiano, Novogratz stressed that the inflow of institutional money to the cryptocurrency market is only a matter of time, and major players like Goldman Sachs and the Intercontinental Exchange (ICE) are already mastering a new industry.

I know Goldman for instance is gearing up around securities tokens. They’re not doing anything yet, but they’re getting really ready and looking at all the questions on – where would you store them? Do you have to build your own custody, or can you use someone else’s custody? How to get them to work.
 

Mike Novogratz

Founder, Galaxy Digital

According to him, the growth potential of Bitcoin is strong and therefore it is advisable for investors to include the first cryptocurrency in their portfolios:

I think the macro case for [Bitcoin] is pretty strong. And so, if you can put a couple percent of your portfolio in, there’s a decent chance it catches wind. Fidelity is just getting set up. Bakkt continues to get delayed a little bit, but it’s not going to be delayed forever. They’re going to be in the game. And there’s lots of other players coming.
 

Mike Novogratz

Founder, Galaxy Digital

According to him, the volume of the gold market is $ 7.5-8 trillion and in order to outperform this market, the first cryptocurrency needs to grow in price at least 100 times.

Gold’s got an $8 trillion market cap, or a $7.5 trillion market cap. And so, we’re 100x off on that. We’re not going to get there in Bitcoin in the next year or two. But over a 20-year period, could that happen? Easily. Easily. And that’s giving zero optionality to all the other stuff. And so I think it seems like a pretty smart portfolio bet.
 

Mike Novogratz

Founder, Galaxy Digital

The founder of Galaxy Digital also touched on the topic of bitcoin futures.

The reality is, the CME kicked their butts. And these guys have limited resources on what they’re going to spend their focus, and they decided to spend it elsewhere. Finding leverage in Bitcoin is going to get easier as the architecture in the space gets better. You’re already seeing the lending market around Bitcoin went from 10% to like 3%. So once you can borrow you can short. And so now it’s not so hard to short Bitcoin. It used to be almost impossible to short Bitcoin in 2016… It wasn’t great, but it’s not critical. 
 

Mike Novogratz

Founder, Galaxy Digital

In February Mike expressed the opinion that, thanks to institutional money, Bitcoin will reach $ 8,000.