Recent reports suggest that a double-spend of $22 worth of bitcoin – 0.0062063 BTC – had been spotted, implying the funds were spent twice on the blockchain. The double-spend did not happen, and the transactions associated with it were the blockchain working as intended.

Some of the most prominent voices in the Bitcoin community, including Square, Facebook subsidiary Novi, SkyBridge, and others have started hosting the Bitcoin whitepaper in response to legal threats from nChain Chief Scientist Craig Wright against Bitcoin.org and Bitcoincore.org.

Tom Jessop, President of Fidelity Digital Assets, talked during an interview about potentially upcoming regulations that the crypto community could expect to see under the Biden administration.

Top stories in the Crypto Roundup today:

• Bitcoin Did Not Experience a Double-Spend: The Blockchain Worked as Intended
• Bitcoin Community Rallies to Defend Bitcoin Whitepaper 
• Fidelity Digital Assets: What Crypto Regulations to Expect Under Biden Administration

Bitcoin Did Not Experience a Double-Spend: The Blockchain Worked as Intended

Recent reports suggest that a double-spend of $22 worth of bitcoin – 0.0062063 BTC – had been spotted, implying the funds were spent twice on the blockchain. The double-spend did not happen, and the transactions associated with it were the blockchain working as intended.

If a double-spend was possible on Bitcoin, trust was as such broken and the cryptocurrency’s value would, as such, be worthless. What happened was, instead, a chain reorganization, which according to Andreas Antonopoulos, the author of “Mastering Bitcoin,” is a “common occurrence that is part of Bitcoin’s normal operation.”

Per his words, these reorganizations are common n Proof-of-Work (PoW) blockchains. He explained that when two blocks are mined “almost simultaneously” they compete for the same height, which means they both have the same parent block in the blockchain.

“This is Bitcoin working exactly as specified 12 years ago, exactly as Satoshi outlines on page 8 of the paper.”

In the long run, however, only one of these blocks can succeed. As a block is mined every 10 minutes, only 10 minutes later would another block be mined with one of those competing blocks is its parent block.

Reorganizations containing a single block, he said, happen every couple of weeks on average, and reorganization with two blacks happen “maybe a few times a year.” Transactions included in the discarded block, he said, are either included in the valid block, or the nodes move it back into the memory pool as “unconfirmed” so it can be added to another block.

Bitcoin Community Rallies to Defend Bitcoin Whitepaper

Some of the most prominent voices in the Bitcoin community, including Square, Facebook subsidiary Novi, SkyBridge, and others have started hosting the Bitcoin whitepaper in response to legal threats from nChain Chief Scientist Craig Wright against Bitcoin.org and Bitcoincore.org.

In an announcement, Bitcoin.org revealed that both websites “received allegations f copyright infringement of the Bitcoin white paper by lawyers representing Craig Steven Wright.” Wright has repeatedly claimed to be Satoshi Nakamoto, Bitcoin’s pseudonymous creator who has yet to be identified conclusively.

In response to the takedown notice, several crypto firms published the Bitcoin whitepaper on their websites, including:

• Facebook subsidiary Novi
• Bitcoin financial services firm NYDIG
• Crypto arm of payments giant Square
• Policy think-tank Coin Center
• Bitcoin development funder Chaincode Labs
• Self-custody app Casa
• Crypto exchange Binance

The document has also been published on the “uncensorable web” via the InterPlanetary File System (IFPS) and the Ethereum Name Service (ENS).

Fidelity Digital Assets: What Crypto Regulations to Expect Under Biden Administration

Tom Jessop, President of Fidelity Digital Assets, talked during an interview about potentially upcoming regulations that the crypto community could expect to see under the Biden administration.

Jessop started by saying during an interview that the nomination of Gary Gensler as the Chairman of the U.S. Securities and Exchange Commission (“SEC”) “paints some more generally constructive attitude or picture” as to what to expect in the future.

He added that even predating the news “we started to see more constructive engagement with the regulators. Addressing comments from Janet Yellen, Biden’s nominee for Treasury Secretary, he pointed towards Chainalysis’s report that revealed crypto transactions associated with crime plunged last year.

The risk, he said, is “diminishing or declining on year-on-year basis, which again is positive in terms of further development of this ecosystem.“

YAM v2 Holders Migrating to V3

YAM net token flows by Flipside Crypto show how the migrated YAM tokens flowed through the ecosystem. The recently launched YAM is the token of the fully functional Yam protocol and governance.

State of the Crypto by Top Tier Exchange Volume

Build your project with CoinDesk Data

Terms | Privacy

13 Charles II St, SW1Y 4QU

London, UK

This email may include advertisements by third parties. None of the advertised or promoted products and services have been verified or approved by us and this email is not any endorsement by us of the third party or of their products or services.