First Bitcoin Capital Corp.
Under the Symbol:
$BITCF's COINQX is the First Cryptocurrency Exchange to Offer Speculation in 6 Possible Outcomes of the Bitcoin Hard Fork
Friday, April 21, 2017 9:47 AM
VANCOUVER, BC / ACCESSWIRE / April 21, 2017 / CoinQx Exchange LIMITED, a wholly owned subsidiary of FIRST BITCOIN CAPITAL CORP (OTC PINK: BITCF or "Company") and the world's dominate issuer of cryptographic, indicative tokens is pleased to announce the launching of 5 additional altcoins that allow speculation on the potential outcomes of the moves to hard fork from the Bitcoin Core.
Other exchanges are now preparing for the highly anticipated hard fork of Bitcoin into two coins, with the original to remain named as Bitcoin (symbol BTC) and the forked coin as an altcoin to be named Bitcoin Unlimited, symbol BTU based on utilizing "Segregated Witness" (SegWit). Unlike those competing exchanges, COINQX is anticipating 6 possible outcomes, e.g. Bitcoin Unlimited, BCOIN, Bitcoin Plasma, Bitcoin Purse, Bitcoin Classic and Bitcoin XT.
Many Bitcoin traders are anxious to begin trading in the outcome of the hard fork. As a means to capitalize on pent up anticipation, and allow a mechanism to predict the future values of these potentialities, CONQX freshly minted on the Bitcoin Blockchain not only 9,000,000 tokens known as "Bitcoin Unlimited Futures" symbols XBU and XB, but also 5 newer issues. When/if any of these 6 potential outcomes convert into actualities, they will not be convertible or equal to BTC or the hard forked altcoin(s), however, once any of these outcomes and the "futures" coins created by COINQX are trading on COINQX they will be exchangeable by willing participants based on customers' matching bids and asks.
The five additional "futures" have been launched on the Bitcoin Blockchain using the same Omni Layer Protocol as XBU and have been named:
BCOIN FUTURES (BCN)
BITCOIN PLASMA FUTURES (BPL)
BITCOIN PURSE FUTURES (BPU)
BITCOIN CLASSIC FUTURES (XBC)
and BITCOIN XT FUTURES (BXT).
None of these "futures" tokens are backed by BTC nor are they securities, derivatives or futures contracts, yet, they are rather mere fiat cryptocurrencies designed to predict the future from their present popularity (and/or lack thereof).
In order to predict the outcome of the recent American elections, COINQX gave speculators several options including President Clinton (HILL) and President Trump (PRES). The markets in these coins accurately predicted that Clinton would lose the election as that altcoin descended towards one Satoshi while PRES held stronger as the November 8, 2016 electoral voting approached. The day the election was decided, HILL lost the most support and hit 1 Satoshi while PRES rose in BTC value. In addition to serving speculators and observers as indicators of future events, these altcoins also were designed to become the crypto equivalent of memorabilia with the intention that they would achieve a long lasting secondary life in the cryptocurrency markets. They continue to trade to this day with $PRES trading on 4 exchanges.
After the hard fork is complete, XBU and these new additional 5 futures-indicator-altcoin-competitors should also continue to trade -with the intention for those to survive as additional options to Bitcoin and the hard fork outcome as well as serving as independent altcoins and crypto collectors' memorabilia.
While these newly issued altcoins are not directly related to the original Bitcoin or its potential hard fork(s), it is indirectly related by the fact that they were all issued on the Bitcoin Blockchain similar to the top 10 cryptocurrency, MaidSafeCoin. As a consequence, these 5 "futures" are already exchangeable on the OMNIDEX against other similarly generated tokens and currencies such as $OMNI, $USDT, $PRES, $TESLA, $GARY, $BURN, $HILL, $MAID, $ALT, $XBU, $BOND via http://omnichest.info/mdexmarket.aspx?market=1 and will soon be tradable against additional currencies at www.coinqx.com
First Bitcoin Capital also plans to allow its clients to offer actual Bitcoin Unlimited (Futures) under symbol BTU and Bitcoin Core (Futures) under symbol BCC in competition with the Bitfinex and HitBTC exchanges through a process that will freeze in cold storage our participating clients' BTC against future delivery of BTU. Once actual BTU is delivered to BTC owners, the BTC will be unfrozen in order to make actual delivery to the futures buyers. Another way to unfreeze and have their BTC returned before the hard fork would be to buy back the same amount of BTU and BCC sold and then take their BTU and BCC derivatives off the market. Further details of the procedure will soon be announced via coinqx.com
The Company continues to actively offer AltCoin (ALT), its first ICO via http://www.altcoinmarketcap.com and is in the process of becoming the world's first ICO (Initial Coin Offering) underwriter for a third party cryptocurrency issuers.
Some of the background that led to COINQX releasing these indicative altcoins is quoted below from the article published recently by @AlyssaHertig
Over the course of bitcoin's two-year scaling debate, a few major alternatives have grown to challenge the network's most popular and longest-running software, Bitcoin Core.
Among the more notable efforts have been Bitcoin XT and Bitcoin Classic, which prioritized support larger block sizes as a method to support more transactions. However, a side effect of their ambitious aims was that network users would need switch implementations to enact the changes, and not everyone has wanted to do so.
The development exposes one of the more curious aspects of the scaling debate, as alternative solutions have needed to propose both a technical change - and build their own developer team - as part of their bids to put forth differing ideas.
One of the main criticisms of Bitcoin Unlimited, one recently popular alternative that allows miners and users to flag support for the block size they want, is that the code is buggy - or, at least, not yet mature. For example, in March, attackers were able to exploit two such bugs, causing most of the network nodes running the software to temporarily shut down each time.
In this light, the emergence of an implementation called 'Bcoin' (built by bitcoin startup Purse) to the debate could be a notable development in the scaling saga.
The software project got a recent boost this week when it introduced its own take on an old scaling idea, 'extension blocks' (or 'e-blocks'), which the company painted as a way for getting around today's block-size standstill.
The idea is controversial, as evidenced by complex technical discussion following the announcement, with some developers arguing that e-blocks would be an insecure addition.
Still, e-blocks have still seen a strong showing of support, in large part due to the perceived proficiency of its team. And, notably, Bitcoin Unlimited supporters have so far had favorable things to say about the project.
Haipo Yang, Chief Executive of mining firm ViaBTC, for instance, told CoinDesk that he supports Purse's concept and the Bcoin team.
"I think that extension blocks will be the solution that moves forward."
Overall, the argument is developing that Bcoin, an alternative Node.js implementation that launched in September, boasts a stronger technical team than that of Bitcoin Unlimited and other so-called 'big block' teams.
Purse CTO and Bcoin developer Christopher Jeffrey, for example, has been praised for architecting the software, as well as an in-progress Lightning implementation called Plasma that could be layered on top.
Meanwhile, Joseph Poon, Lightning Network co-creator, helped author the specification for the Bcoin implementation's
recently introduced flagship tech.
One example of trust in the competence of the team, supporters argue, is that mining pool BTC.com has already mined one block while running the software in March - allegedly a first for a client not based on bitcoin's original code implementation.
Purse has released a specification draft and reference implementation code that implements extension blocks on top of Bcoin.
That's not to say that Bcoin wants to offer a replacement for Bitcoin Core, as has been suggested for other implementations. When first introduced, it was described by the company as a bitcoin alternative with cleaner code that could co-exist alongside other software versions.
Despite Yang's confidence, however, not all Bitcoin Unlimited supporters are going all in on extension blocks.
Former Bitcoin Foundation board member Olivier Janssens, for example, criticized the solution for its complexities, telling CoinDesk Bcoin's idea was 'way too complicated'.
"People need to get over their fear of hard forks," he said.
Still, many are saying positive things about the solution, even if they're possibly more focused on other scaling options.
"I like extension blocks, but I think there is almost no risk from making the actual blocks bigger, too," bitcoin investor and Bitcoin.com operator Roger Ver, one of the most vocal advocates for Bitcoin Core alternatives, told CoinDesk.
Bitcoin Unlimited developer David Jerry Chan went so far as to compare the tech favourably to other available solutions.
"I see the proposal as a reasonable and better alternative than SegWit," he said.
Chan went on to say that Bitcoin Unlimited developers are still discussing the proposal, and there's no 'official opinion' from the team as yet.
As far as potential setbacks go, however, one of the criticisms of Bcoin is that it needs time to review, no matter the merits of its team. (SegWit, for example, was reviewed and tested for roughly a year before release.)
On the other hand, Purse CEO Andrew Lee has argued that the Bcoin code is already live, so it could take less time to review.
Indeed, according to the technology announcement, the next steps are to deploy it on the bitcoin test network, get further review, and wrap up the specification.
Yang agreed, concluding:
"We have already waited more than one year. We can wait three months."
About the company:
First Bitcoin Capital is engaged in developing digital currencies, proprietary Blockchain technologies, and the digital currency exchange- www.CoinQX.com. We see this step as a tremendous opportunity to create further shareholder value by leveraging management's experience in developing and managing complex Blockchain technologies, developing new types of digital assets. Being the first publicly-traded cryptocurrency and blockchain-centered company (with shares both traded in the US OTC Markets as [BITCF] and as [BIT] in crypto exchanges) we want to provide our shareholders with diversified exposure to digital cryptocurrencies and blockchain technologies. At this time the Company owns and operates more than the following digital assets.
www.CoinQX.com cryptocurrency exchange, registered with FINCEN.
www.iCoiNEWS.com real time cryptocurrency and bitcoin news site.
www.BITminer.cc providing mining pool management services.
www.2016coin.org online daily election coverage and home page for $PRES, $HILL, $GARY& $BURN -commemorative presidential election coins.
www.bitcannpay.com Open Loop merchant services for dispensaries.
www.strain.ID cannabis strains genetic information depository on decentralized Blockchain.
List of Omni protocol coins issued on the Bitcoin Blockchain owned by the Company: http://omnichest.info/lookupadd.aspx?address=1FwADyEvdvaLNxjN1v3q6tNJCgHEBuABrS
Certain statements contained in this press release may constitute "forward-looking statements." Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as may be disclosed in company's filings. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release. Such forward-looking statements are risks that are detailed in the Company's filings, which are on file at www.OTCMarkets.com.
Contact us via: [email protected] or visit http://www.bitcoincapitalcorp.com
SOURCE: First Bitcoin Capital Corp.