DAILY SPICE is a quick roundup of the top news for CoinSpicers in a hurry. Trillion dollar asset management firm BlackRock announced it won’t be offering a Bitcoin ETF any time soon. Shortly after the Bitcoin Cash (BCH) network forks in mid November, there appears to be another stress test happening. Those stories and more are today’s focus, so buckle up, it’s going to get spicy!
Bitcoin ETF Not Coming from Huge Investment Firm BlackRock
“I wouldn’t say never, when it’s legitimate, yes,” BlackRock CEO Larry Fink told a packed crowed at the New York Times Dealbook Conference in Manhattan. The question was about a possible Bitcoin ETF and whether his trillion dollar company would participate.
Fink explained further, “I do see one day where we could have electronic trading for a currency that could be a store of wealth. But right now the world doesn’t need a store of wealth unless you need that store of wealth for things you should not be doing.”
BlackRock is the world’s largest investment manager. It has over $6 trillion in assets under management. Any move it might make on the Bitcoin ETF front would have massive potential market impact.
“It will ultimately have to be backed by a government,” Fink continued, “I don’t sense that any government will allow that unless they have a sense of where that money’s going for tax evasion and all of these other issues.” He doesn’t completely write off the idea, tellingly admitting, “I do see one day where we could have electronic trading for a currency that could be a store of wealth. But right now the world doesn’t need a store of wealth unless you need that store of wealth for things you should not be doing.”
Days After Scheduled Fork, BCH is Going to be Stress Tested
If crypto Twitter can be believed the next BCH network stress test has been scheduled. Pretest is set for 10 November, in preparation for the main test. The main test will happen two days after the fork of 15 November, the 17th. The test is to be a full 24 hours with apparently 24 million transactions, and starts 12:00 UTC.
These machinations are complicated by the specter of a possible contentious fork, where essentially BCH splits into to two chains. The stress test team seems to believe the side advocating for ever larger blocks; however waiting to implement other software fixes and patches proposed by yet another development team is not considered by the team.
With that in mind, proposals for the present test include a partial test on 1 November and then again on 10 November. If things go well, it’s on to the 17th. As of this writing, no word has been released regarding 1 November.
The team plans to also use its TX Blaster, which reportedly handles unspent transaction output, managing them as a bundle essentially spammed to the network. The general idea of a stress test is to inspire confidence from users, merchants, the mining community, and investors.
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