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Značka: Bitcoin Cash
Predpredaj VC Spectra zatieňuje ostatné kryptomeny
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PayPal’s crypto holdings increased by 56% in Q1 2023 to nearly $1B
The lion’s share of the fintech’s held cryptocurrency assets lie in BTC and ETH with $499 and $362 million respectively — up more than 56% since Q4 2022.
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Coinbase Wallet will stop supporting BCH, ETC, XLM and XRP, citing 'low usage'
Starting on Dec. 5, the Coinbase Wallet will no longer support four major tokens.In a Nov. 29 notice on its help pages, Coinbase said the wallet will no longer support Bitcoin Cash (BCH), XRP (XRP), Ethereum Classic (ETC), and Stellar (XLM) as well as their networks. The crypto firm cited “low usage” of the four tokens in its decision to stop support starting on Dec. 5.”This does not mean your assets will be lost,” said the announcement. “Any unsupported asset that you hold will still be tied to your address(es) and accessible through your Coinbase Wallet recovery phrase.”Source: CoinbaseThis story is developing and will be updated.
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Caribbean nation St. Kitts & Nevis may adopt Bitcoin Cash as legal tender by March 2023
The Caribbean nation of St. Kitts & Nevis may declare Bitcoin Cash legal tender by March 2023. Prime Minister Terrance Drew made that announcement while he spoke at the BitcoinCash2022 Conference in St. Kitts on Nov. 12. St. Kitts & Nevis is a member of the Eastern Caribbean Central Bank (ECCB) and part of the ECCB’s DCash central bank digital currency (CBDC) program, which was launched in March 2019. “Our nation has always been a forward-thinking nation and a leader in exploring new technologies that can advance our people,” Drew said, but he added:“I can confirm that we are prepared to explore that possibility with the guidance of experts and professionals and consultation with our regional banking system. […] I welcome the opportunity to dialog further with a view to exploring further opportunities, or future opportunities, to engage in Bitcoin Cash mining and making Bitcoin Cash legal tender here in St. Kitts and Nevis by March 2023, once safeguards to our country and our people are guaranteed.”Bitcoin Cash was created from Bitcoin in a 2017 fork. The DCash program has had technical problems that have impeded adoption. Besides introducing new competition to DCash, the Caribbean nation may be eyeing its replacement. Sint Maarten member of parliament Rolando Brison spoke after Drew and expressed his support for Bitcoin Cash and his opposition to CBDC. Related: Bitcoin think tank: Reject CBDCs and look to BTC and stablecoins insteadBrison opposed CBDC as “too much of a danger to consider.” He said:“I love the fact that, in our jurisdiction, the central bank has at least been open enough to say and admit that ‘we don’t have the capability to monitor and engage and promote and safeguard something like this.’ […] If they can’t properly regulate the banking sector […] why would I give them now a huge mandate to do something that they have no idea about? […] The legislator should be the one who has the say in regulation.” The Prime Minister of St. Kitts and Nevis just announced that #BitcoinCash will become legal tender in his country by March 2023. A big step for BCH as no nation can outlaw the currencies of other nations. Mass utilization with amazing new apps is next. pic.twitter.com/WjnaZxGv50— Kim Dotcom (@KimDotcom) November 13, 2022
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Programmer spends 69 nights in 'Bitcoin Cash City' using only BCH: Here's how it went
When programmer Jonathan Silverblood flew to Townsville, Australia from his Finland home for a two-and-a-half-month holiday in August, he had one main task — pay for everything he could using Bitcoin Cash (BCH).The coastal city of Townsville is known as the “Bitcoin Cash City,” a name derived from a conference of the same name that first launched in 2019. It is understood to have a strong number of merchants that accept the Bitcoin-forked token.Silverblood said while attending the conference in 2019, he was intrigued by the number of merchants and vendors offering BCH as a payment option in Townsville and had planned a return to the city once COVID-19 restrictions were lifted. I have now been in #Townsville, the #BitcoinCashCity for for 59 days and I have made 97 bitcoin cash transactions to pay for living. That does not include the transactions that the rest of my family have done, and the transactions when I’ve been a guest and someone else paid…— Jonathan Silverblood (@monsterbitar) October 8, 2022″Going to this destination was entirely about using BCH and was also kind of an excuse to spend more than I usually do, while simultaneously getting more work done by letting family and kids have a vacation with their grandma,” he told Cointelegraph after he returned home from the trip. “Using it to pay for things while I was there just made sense, partially because I already have my income paid in BCH, and partially because it’s just so much less effort than some of the other forms of payment I use.” Silverblood is a Bitcoin Cash enthusiast and programmer. He has been working at General Protocols for the last three years where his salary is paid in BCH. He noted that in the 69 nights he spent in the city, he was ultimately able to conduct 130 transactions using Bitcoin Cash. These included goods and services at cafes, restaurants, and hotels, getting a tooth pulled at a dentist, a haircut, and getting a Steam Deck gaming console repaired. “Some days were pretty busy; we would buy breakfast, lunch, ice cream, bread and dinner, but sometimes my family wanted to go elsewhere rather than eat at the specific BCH accepting merchants.” Silverblood also made several payments using BCH that weren’t with businesses in Townsville, including Steam and Netflix gift cards, “plus a few bills back home.”However, his Bitcoin Cash-funded holiday was not without its hiccups. Silverblood says his experience using BCH as a payment method was successful but not “wildly successful” because of issues with payment terminals running out of power, WiFi access and some merchants being unable to offer crypto as an option at the time of payment. “When I got to the airport in Townsville I also wanted to pay for a cab ride to the hotel, but a competing cab company bought up the cab company that took BCH, so that was no longer an option.” He also found that not all merchants were open to the idea of using BCH because they did not want to “complicate bookkeeping” and “couldn’t stomach the volatility.””For most merchants I spoke with during my trip, it seems to just be that the number of customers paying with crypto is just too small to motivate additional staff education costs, additional hardware like WiFi and payment terminals,” Silverblood said. “Cryptocurrencies are here, and they work, but merchant adoption is slow and spread out, which makes it hard to live entirely off,” he added. Silverblood said he also didn’t end up buying his plane tickets with BCH, as his family wanted to fly Qatar Airways specifically, which doesn’t currently accept crypto as a payment method. This is despite the airline launching their own Metaverse in July.Related: 21-year-old got ‘thought-provoking’ questions after teaching crypto to old folksSilverblood and his family have since returned home to Finland, but the programmer is confident this won’t be the last time he will use crypto to pay for goods and services. “Can’t bitcoin the dentist, can’t bitcoin my breakfast, can’t even use bitcoin at bitcoin conventions”… I have now done all of those in the #BitcoinCashCity #Townsville. I am so going to miss this place when I fly home tomorrow.https://t.co/dj2l8TopEp— Jonathan Silverblood (@monsterbitar) October 18, 2022
“I will absolutely try and do something like this again, in just a few weeks, I’m flying over to another Bitcoin Cash hotspot, St Kitts, for the BCH 2022 conference,” he said. “I don’t know what to expect there though, I’ve heard everything from 100% all merchants accept it, only half do, and merchants will accept it, but you need a special wallet.”
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Ethereum chain split is possible after the Merge, survey finds — But will ETC price keep climbing?
Ethereum’s proof-of-work (PoW) powered by GPUs generated approximately $19 billion in revenue last year for ETH miners. But these revenue streams are in danger as Ethereum is expected to become a proof-of-stake (PoS) blockchain via “the Merge” upgrade in September.Miners could then revolt against the new upgrade by continuing to mine on the old Ethereum PoW after the hard fork chain split. A survey from crypto hedge fund Galois Capital recently revealed that 33.1% of respondents believe that the Merge would create two parallel blockchains: ETH1 (PoW) and ETH2 (PoS). Question 1: What happens during the merge? If Choice 2 or 3 go to Questions 2-5.— Galois Capital (@Galois_Capital) July 27, 2022Nevertheless, most respondents, or 53.7%, expect Ethereum’s chain to smoothly transition from PoW to PoS.Is the ETH1 PoW “illogical”?But contentious hard forks aren’t anything new. In fact, the current Ethereum chain came to be in 2016 following a controversial hard fork aimed at reversing a $60 million exploit, resulting in a chain split between Ethereum and Ethereum Classic (ETC).This is where the argument of Ethereum Classic versus ETH1 begins. Since Ethereum Classic is already a PoW chain, creating a similar chain, ETH1, will not have “much relevance,” according to some Redditors. Several other comments from Reddit explaining why ETH1 will fail include:Meanwhile, most respondents in the Galois Capital survey also believe that exchanges and projects (especially Tether) will support ETH2 over ETH1 in the event of a hard fork.Question 4: How do exchanges handle perps and futs?— Galois Capital (@Galois_Capital) July 27, 2022
What does it mean for Ethereum Classic?After reaching a record high in May 2022, the Ethereum network’s hash rate has been downtrend ev, indicating that miners are pausing or shutting down their rigs in the weeks leading up to the Merge.On the other hand, they could also be becoming stakers on the Ethereum’s PoS chain.Ethereum hash rate performance since September 2021. Source: YChartsThe miners’ exit from the Ethereum network is visible in the recent increase in GPU sales in the secondary market (against lower demand), according to Tom’s Hardware GPU Pricing Index.Nonetheless, there’s also an uptick in the number of social media threads that shows the miners’ strategy after the Merge will likely be to switch to whatever PoW chain is more profitable. As of July 29, Ethereum Classic was topping miners’ interest for its 116% weekly profitability, data on WhatToMine.com shows. Amazing – miner revenue/hash in USD for ETC has just surpassed that for ETH… (chart @coinmetrics) pic.twitter.com/x5RJs7lUrj— Noelle Acheson (@NoelleInMadrid) July 29, 2022
Simultaneously, the price of ETC has soared by more than 200% in July.ETC/USD daily price chart. Source: TradingViewBut that does not take away the fact that Ethereum Classic is a very small project compared to Ethereum. As of June 29, the Ethereum Classic had over 53,000 daily active addresses versus Ethereum’s 763,000.Ethereum Classic daily active addresses. Source: BitInfoCharts.comThe difference suggests that ETC’s ongoing price boom is purely speculative since Ethereum Classic remains largely underutilized as a chain and with only a handful of projects. Therefore, ETC is certainly at risk of a “sell the news” event after the Merge. At the same time, a potential ETH1 PoW chain may also push down demand for ETC. ETC price targetOn the weekly chart, ETC’s price has reached a resistance confluence, awaiting a breakout as the euphoria surrounding the Merge grows.Related: Crypto mining still profitable in the long-term, expert saysThe confluence comprises the 0.786 Fib line (~$43) and a multi-month descending trendline. Both have historically capped ETC’s bullish attempts in the past, as the chart below illustrates. Nonetheless, a breakout move increases the token’s potential to hit $75 next, due to its proximity to the 0.618 Fib line.ETC/USD weekly price chart. Source: TradingViewConversely, a pullback move from either the resistance confluence or the 0.618 Fib line could have ETC eye a drop toward the support area illustrated above. It is defined by the red bar, the multi-year rising trendline support (purple) and the descending channel’s lower trendline (green).In other words, ETC risks dropping toward the $10–$12 area by September, down 75% from July’s price.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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Top 5 cryptocurrencies to watch this week: BTC, ETH, BCH, AXS, EOS
The bulls are attempting to achieve a strong weekly close for Bitcoin (BTC), while the bears are attempting to regain their advantage. Analysts are closely watching the 200-week moving average which is at $22,705 and BTC’s current setup suggests that a decisive move is imminent. Many analysts expect a weekly close above the 200-week MA to attract further buying but a break below it could signal that bears are back in the game. Although the short-term picture looks uncertain, analyst Caleb Franzen said that Bitcoin has been in an accumulation zone since May.Crypto market data daily view. Source: Coin360Meanwhile, on-chain analytics firm CryptoQuant highlighted increasing outflows of Ether (ETH) from major exchanges, totaling $1.87 million coins on July 22. Usually, outflows from crypto exchanges suggest that traders are bullish for the long-term hence they may be moving their coins to safety. Could Bitcoin resume its recovery, attracting buying in select altcoins? Let’s study the charts of the top-5 cryptocurrencies that look strong on the charts. BTC/USDTThe bears tried to sink Bitcoin back into the symmetrical triangle on July 23 but the bulls had other plans. The rebound off the breakout level from the triangle indicates that buyers are defending the level aggressively.BTC/USDT daily chart. Source: TradingViewThe gradually rising 20-day exponential moving average ($21,865) and the relative strength index (RSI) in the positive territory indicate advantage to buyers.If bulls sustain the price above the 50-day simple moving average ($22,384), the BTC/USDT pair could rally to the overhead resistance zone between $23,363 and $24,276. A break and close above this level could open the gates for a rally to the pattern target at $28,171 and then to $30,000.Conversely, if the price slips below the 20-day EMA, the pair could decline to the next support at $20,500.BTC/USDT 4-hour chart. Source: TradingViewThe pair has formed a falling wedge pattern on the 4-hour chart. If buyers drive the price above the wedge, the pair could retest $24,276. A break and close above this level could signal the resumption of the uptrend.The 20-EMA is flat and the RSI is near the midpoint, indicating a balance between supply and demand. If the price turns down and breaks below the 50-SMA, the pair could drop to the support line of the wedge.ETH/USDTEther is facing stiff resistance at $1,700 but a positive sign is that buyers have not given up much ground. A tight consolidation near the overhead resistance increases the likelihood of a break above it.ETH/USDT daily chart. Source: TradingViewThe upsloping 20-day EMA ($1,384) and the RSI in the positive territory indicate that bulls have the upper hand. If buyers drive the price above $1,700, the bullish momentum could pick up and the ETH/USDT pair could rise to $2,000 followed by a rally to $2,200.Contrary to this assumption, if the price turns down from $1,700, the bears will try to pull the pair below the 20-day EMA. If they succeed, the pair could drop to $1,280. A bounce off this level could keep the pair stuck between $1,280 and $1,700 for a few days.ETH/USDT 4-hour chart. Source: TradingViewThe pair bounced off the 50-SMA, indicating that bulls are buying on dips. The buyers will attempt to push the price to the overhead resistance at $1,700. Both moving averages are sloping up and the RSI is in the positive territory, suggesting that the path of least resistance is to the upside.If bulls push the price above the $1,650 to $1,700 resistance zone, the momentum could pick up and the pair could resume its uptrend. To invalidate this positive view, the bears will have to sink the pair below $1,450.BCH/USDTBinance Coin (BCH) is attempting to form a bottom after an extended downtrend. The price turned down from the $135 overhead resistance on July 20 but a positive sign is that the bulls defended the 20-day EMA ($117) aggressively.BCH/USDT daily chart. Source: TradingViewThe price action of the past few days has formed a rounding bottom pattern, which will complete on a break and close above $135. If that happens, it will suggest that the BCH/USDT pair may have bottomed out at $95. The pair could then rise to the pattern target at $175 and later to $200.Another possibility is that the pair may consolidate between the 20-day EMA and $135 for some time. A break below the 20-day EMA could tilt the advantage in favor of the bears.BCH/USDT 4-hour chart. Source: TradingViewThe bulls have pushed the price above the resistance line on the 4-hour chart, opening the doors for a possible retest of $135. The upsloping moving averages and the RSI in the positive territory indicate that the path of least resistance is to the upside. If buyers drive the price above $135, the pair could pick up momentum and rally toward $157.Contrary to this assumption, if the price slips below the 20-EMA, the pair could drop to the 50-SMA and later to $117. A break below this level could tilt the advantage in favor of the bears.Related: Axie Infinity is painting a giant bearish pattern — will AXS price crash another 95%?AXS/USDTAxie Infinity (AXS) has been consolidating in a downtrend. This suggests that the bulls are attempting to form a bottom.AXS/USDT daily chart. Source: TradingViewThe 20-day EMA ($15.55) has flattened out and the RSI is in the positive zone, indicating a balance between supply and demand. This balance could tilt in favor of the buyers if they propel the price above the overhead resistance at $18.53. If that happens, the AXS/USDT pair could start a rally toward $25.21 and then to $28.20.Alternatively, if the price turns down from $18.53 and breaks below the moving averages, it will indicate that the pair may spend some more time inside the range. The bears will have to sink the price below $11.85 to gain the upper hand.AXS/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows that the price turned down sharply from the overhead resistance at $18.53, indicating aggressive selling by the bears. The sellers will now try to pull the pair to the 20-EMA. If the price rebounds off this level, the buyers will again attempt to clear the overhead resistance. If they manage to do that, it will indicate the start of a new up-move.On the contrary, if the price breaks below the 20-EMA, the pair could slide to the 50-SMA. This is an important level to keep an eye on because if it cracks, the bullish momentum may weaken.EOS/USDTEOS broke above the moving averages on July 18 and completed a successful retest of the 20-day EMA ($1.05) on July 21. EOS/USDT daily chart. Source: TradingViewThe moving averages have completed a bullish crossover and the RSI is near the overbought territory, indicating that bulls have the upper hand. The price could rise to $1.46 where the bears may mount a strong defense.If the EOS/USDT pair does not give up much ground from $1.46, it will suggest that traders are not dumping their positions. That could improve the prospects of a rally above $1.46. Such a move will suggest a potential change in trend.This positive view could invalidate if the price turns down from the current level and breaks below the moving averages.EOS/USDT 4-hour chart. Source: TradingViewBoth moving averages are sloping up on the 4-hour chart and the RSI is near the overbought zone, indicating that the pair is in an uptrend.The pair is facing resistance near $1.26 but the buyers have not given up much ground. This suggests that the bullish momentum remains strong. If the price turns up and breaks above $1.26, the rally could reach $1.33 and then $1.46. Contrary to this assumption, if the price slips below $1.20, the next stop could be at the 20-EMA. If this support also cracks, the decline could extend to the 50-SMA.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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No flexing for Bitcoin Cash users as BCH loses 98% against Bitcoin
Bitcoin (BTC) has hit new record highs this week — not in U.S. dollar terms, but against its longtime competitor, Bitcoin Cash (BCH).Data from Cointelegraph Markets Pro and TradingView confirms that on June 29, BCH/BTC officially set its lowest ever price.CoinFLEX debacle ensnares BCH supporter VerBitcoin Cash, also known as “Bcash” by those critical of the coin’s ethos and future, gained notoriety in 2017 when it became the first major hard fork of the Bitcoin network to take on BTC itself.Months after launching, the altcoin hit highs of around 0.43 BTC per token, this proving something of a fakeout for investors who have spent the intervening period watching its value steadily decline.Arguably the most vocal BCH supporter, entrepreneur Roger Ver, has nonetheless continued to tout its supremacy over Bitcoin, with price woes having little impact on his rhetoric.This month, however, Ver courted controversy when reports emerged that he owed $47 million in stablecoin USD Coin (USDC) to crypto investment platform CoinFLEX.Ver denies the claims, with a social media storm ensuing which is ongoing this week. Regardless of the outcome, its impact on BCH has been palpable. On June 29, BCH/BTC fell to new all-time lows of just 0.005 — 98.83% below its 2017 peak.BCH/BTC 1-month candle chart (Binance). Source: TradingViewThe event was not lost on commentators, many of whom remembered Ver’s insistence that BCH would rise to replace BTC altogether.$BCH now lower than it was in the winter of 2018-2019.— Alex Krüger (@krugermacro) June 28, 2022How it started vs. How it’s going:(Roger Ver / BCH edition) pic.twitter.com/kNcRjsujhU— K A L E O (@CryptoKaleo) June 28, 2022
Even Bitcoin SV outperforms BCHFor another vehement anti-Bitcoin spin-off, the situation is barely any better.Related: Bitcoin’s bottom might not be in, but miners say it ‘has always made gains over any 4-year period’Bitcoin SV (BSV), the offspring of BCH which emerged during community infighting, hit all-time lows of its own against BTC in May.Since then, a modest rebound has occurred, taking BSV/BTC to 0.0016 BTC — a mere 94.48% below its all-time high of 0.029 BTC seen at the start of 2020.BSV/BTC 1-month candle chart (Binance). Source: TradingViewOn the plus side, BSV now buys more BCH than at any time since December of that year.BSV/BCH 1-week candle chart (Binance). Source: TradingViewThe views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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Do Kwon dismisses allegation of cashing out $2.7B from Terra (LUNA), UST
Do Kwon, the CEO and co-founder of the infamous Terra (LUNA) and TerraUSD (UST) ecosystems, refuted the claims of cashing out $80 million every month for nearly three years. Numerous unconfirmed reports surfaced on June 11, claiming Kwon’s participation in draining liquidity out of LUNA and UST before the crash to purchase US dollar-pegged stablecoin such as Tether (USDT).Rumors about Kwon cashing out LUNA and UST reserves surfaced after a Twitter thread by @FatManTerra shared the alleged details on how Kwon, along with Terra influencers, managed to drain funds while artificially maintaining the liquidity. Some of you thought $80m per month was bad. That’s nothing. Here’s how Do Kwon cashed out $2.7 billion (33 x $80m!) over the span of mere months thanks to Degenbox: the perfect mechanism to drain liquidity out of the LUNA & UST system and into hard money like USDT. (1/13)— FatMan (@FatManTerra) June 11, 2022However, the entrepreneur advised the crypto community to steer away from fueling the rumor until it was proven true:“This should be obvious, but the claim that I cashed out $2.7B from anything is categorically false.”Sharing his side of the story, Kwon stated that the recent rumor of cashing out $80 million per month contradicts the claims that he still holds most of his LUNA holdings, procured during the airdrop. Moreover, Kwon further reiterated that his income over the past two years has only been a cash salary from TerraForm Labs (TFL).3/ To reiterate, for the last two years the only thing ive earned is a nominal cash salary from TFL, and deferred taking most of my founder’s tokens because a) didn’t need it and b) didn’t want to cause unnecessary finger pointing of “he has too much”— Do Kwon (@stablekwon) June 12, 2022
Kwon told the community that “spreading falsehood” adds to the pain of all LUNA investors, remarking that:“I didn’t say much because I don’t want to seem like playing victim, but I lost most of what I had in the crash too. I’ve said this multiple times but I really don’t care about money much.”Related: Anchor dev claims he warned Do Kwon over unsustainable 20% interest rateMr. B, a developer from Anchor Protocol, a Terra-centric sub-ecosystem, allegedly warned Kwon about the unrealistic high-interest rates. Mr. B said that the platform was designed only to offer an interest rate of 3.6% for keeping the Terra ecosystem stable, but was changed to 20% just before the release:“I thought it was going to collapse from the beginning (I designed it), but it collapsed 100%.”The developer allegedly suggested to Kwon about lowering the interest rates but the request was refused. Do Kwon has been summoned to attend a parliamentary hearing on the matter in South Korea in mid-May.
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3 red flags that signal a crypto project may be misleading investors
Satoshi Nakamoto left a large pair of shoes to fill after releasing the code for Bitcoin (BTC) to the world, helping the network get established, then vanishing without so much as a trace. Over the years, the crypto ecosystem has seen many developers and protocol creators rise in stature to become crypto messiahs for faithful holders who eventually have their best-laid plans end in catastrophe when the protocol is hacked, rugged or abandoned by whimsical developers.2022 is hardly halfway complete and the year has already seen a particularly bad stretch of good intentions gone awry, which have collectively helped plunge the market into bear-market territory. Here’s a closer look at each of these instances to help provide insight into how similar outcomes can be avoided in the future. Some developers are anonymous for a reasonSatoshi may have successfully remained anonymous while launching Bitcoin, but in most instances since then, having anonymous developers has turned out to be a red flag. Many anonymous developers cite personal safety reasons for taking this route. While this is a valid reason in some cases, sometimes anon developers are hiding from previous misdoings or pre-planning to cover their tracks in the case of future offenses. A flagrant example of this was Squid Game (SQUID), a Netflix-show-inspired memecoin that rallied 45,000% within a few days after launch, only for traders to realize that they were unable to sell the tokens on any exchange.Investors eventually discovered that all the developers were anonymous and that all social media channels were blocked from comments. The crypto community has grown to be rather distrustful of anonymous developers and this can be seen in the negative reaction to the revelation that the founder of the Azuki nonfungible token (NFT) project was involved with three other NFT projects that were ultimately abandoned, leaving their holders with little to show except worthless jpegs. Another instance of an anonymous developer going rogue occurred in 2022 when it was revealed that the anonymous Wonderland (TIME) treasury manager @0xSifu turned out to be an alleged financial criminal, along with QuadrigaCX co-founder Michael Patryn.1/ Today allegations about our team member @0xSifu will circulate. I want everyone to know that I was aware of this and decided that the past of an individual doesn’t determine their future. I choose to value the time we spent together without knowing his past more than anything.— Daniele never asks to DM (@danielesesta) January 27, 2022The revelation of this connection resulted in the collapse of several popular projects including Wonderland and Popsicle Finance, while a significant amount of criticism was directed at Abracadabra.Money creator Daniele Sestagalli. Prior to the @0xSifu revelation, all three protocols were seeing increased adoption, but , each protocol is a mere shadow of its former success.Having anonymous developers removes accountability from the equation and is increasingly becoming a red flag when dealing with multi-million dollar cryptocurrency protocols. Beware of cult personalitiesFinance is no stranger to cult personalities and crypto is not immune to this phenomenon.Long-time crypto pundits will recall Roger Ver being called “Bitcoin Jesus” and him leading the charge to fork Bitcoin Core and create Bitcoin Cash (BCH). Billionaire Dan Larimer also comes to mind, and investors will recall his helping EOS (EOS) raise $4 billion during the initial coin offering (ICO) boom of 2017 to 2018. In each instance, it was a fervent flock of followers that propelled each project forward. Neither BCH nor EOS managed to reclaim their all-time highs during the 2021 bull market despite all the hype about their future when first launched. This is possibly because a portion of the hype is centered around the personalities behind the projects. A more recent example includes the collapse of Fantom ecosystem token prices after decentralized finance (DeFi) developer Andre Cronje deactivated his Twitter account and informed the community that he was leaving the crypto space entirely.Cronje had become so popular that many people would buy a token just because he was involved with it, and when he left, many of these investors dumped their holdings, which negatively affected the tokens’ prices. Previously, Fantom’s brand/marketing was Andre Cronje.Now we don’t have that identity.It’s not a suggestion to focus on branding/marketing right now, it’s an absolute neccessity.— Jack The Oiler (@Jacktheoiler) May 7, 2022
While Cronje was doing what he thought was right and had no ill intentions toward the community, his actions appear to have negatively affected the crypto market due to his popularity within the community and the dedication of his followers. The main takeaway is to be vigilant when a developer is seen as incapable of doing wrong and remember that cult-like followings can have outcomes that ripple beyond their community. Related: Court documents reveal Do Kwon dissolved Terraform Labs Korea days before LUNA crashDecentralization requires involving the communityAnother red flag to be on the lookout for is decentralized autonomous organizations (DAOs) and DeFi protocols that operate in a manner that appears to be more centralized than their name would suggest. It’s common for many protocols to claim that they are decentralized, yet they rely on centralized service providers like Amazon Web Service to ensure that they function properly. Due to a major AWS outage, dYdX exchange is currently down. We are experiencing greater latency across services and impaired functionality with endpoints not working and the website not loading. For the most up to date status updates, subscribe to: https://t.co/EvjpZdRyby— dYdX (@dYdX) December 7, 2021
Another pertinent example is when a project that claims to offer token holders governance rights makes a major protocol decision without consulting the community for feedback and approval. The move by Terra to add BTC to its treasury as collateral for the TerraUSD (UST) stablecoin made headlines and was lauded by many, but the move was never put to a vote within the Terra community to see what token holders thought. While there is a good chance that the plan still would have been approved and the collapse of Terra still would have occurred, the blame might have fallen more on the community and less on Do Kwon, the project’s leader. It’s also worth mentioning that Do Kown had developed quite the cult following and was frequently insulting a variety of people on Twitter.One of the main tenets of the cryptocurrency sector is adherence to decentralization and failure to do so often leads to a compromised network and dissatisfied investors.Want more information about trading and investing in crypto markets?The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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Bitcoin price reclaims $30K as Bitcoin Cash hits fresh record low against BTC
Bitcoin (BTC) bounced back from ten-month lows on May 11 as the start of Wall Street trading gave bulls some relief.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewOne day, $860 million more crypto liquidationsData from Cointelegraph Markets Pro and TradingView showed BTC/USD erasing the impact of above-expectation United States inflation data, hitting $32,000 on Bitstamp.April’s Consumer Price Index (CPI) print has sent the pair into a fresh tailspin, with $30,000 giving way to levels not seen since July 2021.As turmoil over Terra, its LUNA and TerraUSD (UST) tokens and co-founder Do Kwon continued, the mood remained firmly wary. The Crypto Fear & Greed Index measured sentiment with a normalized score of 10/100 on May 10, one of the lowest ever recorded.Crypto Fear & Greed Index (screenshot). Source: Alternative.me”Could go to $28,000 more or less,” popular trader Crypto Ed forecast in his latest YouTube and Twitter update released before the CPI news, adding that he considered the downside “not finished yet.”#BTC needs to Weekly Close above orange to confirm ~$32000 as supportSo what short-term market structure could facilitate such a move back above ~$32000?At this time, a potential 4HR Ascending Triangle + Bullish Divergence could do itWorth watching$BTC #Crypto #Bitcoin pic.twitter.com/Bo6C1YOVp3— Rekt Capital (@rektcapital) May 11, 2022The 24 hours to the time of writing meanwhile saw another $860 million in cross-crypto liquidations, data from on-chain monitoring resource Coinglass confirmed.Crypto liquidations chart. Source: CoinglassBitcoin bad? It could be worse…Away from Terra, attention also focused on Bitcoin hard forks on the day.Related: Little forkers: BCH and BSV get crushed by Bitcoin price in 2021Bitcoin Cash (BCH), which hit a peak of 0.1829 BTC in December 2017, had the dubious honor of hitting new all-time lows in BTC terms on May 11.BCH/BTC 1-month candle chart (Binance). Source: TradingViewNow at just 0.0068 BTC, BCH drew ridicule in line with its spin-off Bitcoin SV (BSV), which likewise put in a new floor against BTC.BSV/BTC 1-week candle chart (Bitfinex). Source: TradingView”Bitcoin will remind you why it is king. ALT / BTC valuations are in for a reckoning,” commentator Benjamin Cowen wrote. “The story has been told in the past and it’s the same story again. See you at 60% BTC dominance.”Bitcoin’s market dominance stood at 43.7% at the time of writing, up around 4% from 2022 lows set in January, according to data from CoinMarketCap.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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