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Is BTC Still the Real Bitcoin? Not According to Roger Ver

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Anyone familiar with Roger Ver may have already heard him proclaim the benefits of Bitcoin Cash (BCH), while deriding the development path taken by Bitcoin (BTC).

That development path has been largely guided by the overseeing hand of Blockstream – a privately funded company which has itself provided much of the funding for Bitcoin’s development.

A Departure from the BTC Vision

While Roger Ver’s constant assault on Blockstream and BTC on Twitter may prove irksome to some – it does appear to be founded on genuine reasons. Ver believes that features like the Lightning Network and Liquid Network detract from the original ideals set forth by Satoshi Nakamoto in the original Bitcoin whitepaper.

Furthermore, Ver and many others maintain that Blockstream purposely derailed the development of Bitcoin, purely so that they could then step in and get rich selling a product that was never needed in the first place.

As Ver recently told his Twitter followers:

“Supporters of lightning network intentionally crippled the world’s best working and most popular cryptocurrency (Bitcoin) in an attempt to push people onto something that doesn’t work, isn’t ready yet, and may never be able to work!”

The crippling of Bitcoin Ver refers to is the refusal by Blockstream to increase block sizes in order to increase scalability. What many believe should have been a straightforward issue – and one that was even touted by Satoshi Nakamoto himself – eventually became a farce.

Rather than increase block sizes on the Bitcoin blockchain to hold more transactions, Blockstream instead decided to create and sell their own products, such as sidechains and the Liquid Network, in order to solve the (self-sustained) scalability problem.

Earlier this week, Ver tweeted:

“BTC is the only coin in existence with intentionally limited on-chain capacity.”

Conflict of Interest?

As for Blockstream, they have made no secret of their intentions to make money from their Bitcoin activities. The company plans to provide sidechain services for investors using the newly created Liquid Network – a system which sees Bitcoin swapped out for a pegged sidechain token.

Some people may see a conflict of interest here. But even if we put conspiracies and speculation aside, this tweet by Blockstream CEO Adam Back suggests they aren’t too interested in maintaining the Bitcoin mainchain:

“I bet they’d pay $100/tx for digital gold, and mid-sized international remittance, I would. Still be really good if fees were much lower.”

The tweet refers to speculation on what the future price of a Bitcoin transaction would be, and seems to confirm that Blockstream see Bitcoin as a remittance tool for large-scale investors, rather than cheap, efficient P2P digital cash.

When Bitcoin started it was supposed to be a decentralized, permission-less, trust-less, immutable and therefore uncensorable alternative to the existing financial hierarchies and centralized infrastructures.

Even if you like the idea of Lightning Network hubs, block producers, and state channels, one thing you can’t say about them is that they’re decentralized, permission-less or trust-less.

Bitcoin Cash (BCH) was forked from Bitcoin in 2017 after many in the BTC community became dissatisfied with the blockchain’s direction. Bitcoin Cash essentially acts as the pre-Blockstream version of Bitcoin.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.4 stars on average, based on 89 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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Altcoins

Cardano Price Analysis: ADA/USDT Smashes Out of Wedge, but Saved by Critical Demand Zone

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  • ADA/USDT testing a huge area of demand and a breach by the bears could be catastrophic.
  • Cardano Foundation confirm reshuffle, as Michael Parsons, the former chairman, steps down.

ADA/USDT has continued to be victim of downside pressure after its latest bull run. The price had gained a chunky 20%, between 31st October and 6th November. ADA/USDT managed to peak just above $0.08200 territory. This was the highest level seen since 15th October. Shortly after, gradual selling started to take place, to then see all the gains plus much more taken by the heavy bears.  It appears current bull runs are not sustainable, very much vulnerable to being sold- particularly as these tend to happen in an explosive manner within a short time frame.

Cardano News Flow

Cardano this week made an announcement that Michael Parsons, the former chairman, has resigned from his position at the Cardano Foundation. Prior to this rapid departure, there had been much history of community members demanding for him to be removed. The position will be filled by the Council Member Pascal Schmid, a University of St. Gallen graduate and a financial expert. Cardano’s creator, Charles Hoskinson, accused the foundation and Parsons of neglecting their duties, in addition to bringing in close friends and family into top positions within the organization.

Technical Review – ADA/USDT

ADA/USDT daily chart

ADA/USDT is running at three consecutive sessions in the red- a move which is inline with the broader market, a mass cooling across all major cryptocurrencies. The price was forced to drop a hefty 13% in the late part of the session on Wednesday. Price action was initially moving within a wedge pattern. This had been the case since the back end of September. ADA/USDT was contained within this formation.  Given the noted heavy selling pressure that was seen across the market late Wednesday, the lower trend line of the wedge was forced to give way to sellers.

Looking to the downside, ADA/USDT has been saved from further declines thanks to a critical demand zone. The area is seen tracking from $0.07000 down to $0.06000. It has proven to see strong buyers swoop in. The price last traded down here between 12-18th September. Buyers kicked in to then drive ADA/USDT to the north, seeing gains just shy of some 50%. The bulls were able to run the price up to $0.09500 into a known supply area. A peak was seen, and this rally was then gradually sold.

Should the above-mentioned demand area fail to hold and see a daily close below, it could be catastrophic. A development such as described, could leave the door wide open to a fresh wave of heavy selling.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 50 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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Crypto Market Flash-Dips 12%; Bitcoin Price Hits New Yearly Low as ETH, TRX Bleed Out

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The global cryptocurrency segment experienced a market-wide sell-off on Wednesday afternoon, losing $25 billion, or 12% of the overall market cap.

The bulk of the losses struck in a brief one-hour window, between 15:30 and 16:30 UTC. The sudden flash dip came as a surprise to say the least, and followed this morning’s $7.5 billion sell-off which, without the benefit of foresight, seemed significant at the time.

Just When We Thought We Were Out…

Now the altcoin setup looks radically different, with several coins threatening the yearly lows of August-September once again following an entire quarter of recovery.

All of Bitcoin Cash’s recent gains have disappeared, with BCH sinking 30% in the last week alone, and close to 20% in the last day. The same pattern persists among all the recent market growers, as yet another great correction unfolds.

BTC/USD Hits 13-Month Lows

Bitcoin did however strike new yearly lows, or thirteen-month lows to be precise, after BTC/USD fell to $5,765 – a level not witnessed since October 2017. That puts BTC on 9.8% losses over less than twelve hours, after falling from this morning’s $6,395.

Of Bitcoin’s $6 billion volume at time of writing, you have to look eleven places down the charts to find the first cryptocurrency that BTC has been significantly traded against. The top ten most concentrated trades are all against either fiat currency (USD and KRW), or dollar-pegged stablecoins – specifically Tether (USDT).

Ethereum Sinks Along With Mining Profits

As covered earlier on Hacked, Ethereum’s initial fall below the $200 mark resulted in Ether mining no longer being profitable. However, the $189 price quoted in the article continued to fall further, landing on $179.49 and resulting in a 14.4% crash for Ethereum from last night’s high of $209.78.

That’s still slightly above the $170 valuation recorded during the dip of September this year, and saves ETH from notching up a new yearly low along with BTC.

Tron (TRX) Threatens Yearly Lows

The value of TRX fell 16% from $0.022358 to $0.018757 for Wednesday, pushing the coin closer to the lows of August when TRX hit the eery number of $0.016666 before rebounding.

This time the price rebounded to the $0.019 level, which is a hopeful sign for the altcoin, although TRX losses now stand at 22.5% for the last seven days.

All of the coin growth surrounding BitTorrent, record transaction volumes, coin listings and everything else that came out of Tron HQ in recent months has now effectively been wiped out.

Few coins were spared the bloodletting, and even the stablecoins were shaken by the sudden sell-off as Tether dipped to the $0.97 range once again. Despite the numbers quoted above, the worst of the losses came from the lesser altcoins, with recent gainer Basic Attention Token (BAT) now down more than 40% for the week.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.4 stars on average, based on 89 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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Update: Crypto Selloff Deepens as Bitcoin Hits New Yearly Low

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The cryptocurrency market underwent a massive selloff Wednesday, as bitcoin breached new lows for the year and major altcoins booked double-digit losses across the board. Bitcoin cash experienced the largest percentage drop, effectively erasing gains made in the run-up to Thursday’s hard fork event.

Market Update

Cryptocurrencies have given up a combined $25 billion in value over the last 24 hours, as markets approached new lows for the year. The selloff intensified through the late morning session, driving the crypto market cap to a low of $187 billion. At the time of writing, cryptoassets were worth $188.4 billion collectively, according to CoinMarketCap.

Trade volumes surged 33% to $17.6 billion as investors rushed to liquidate their positions amid the selloff. All major exchanges reported a sharp rise in daily turnover, with volumes on Huobi, Bitfinex and LBank surging 100% or more in the last day.

Bitcoin’s price collapsed more than 10% on Coinbase to reach a session low of $5,530. At the time of writing, BTC/USD was worth $5,675.

Bitcoin cash, the fourth largest cryptocurrency by market cap, relinquished a whopping 18.1% to reach $433. In doing so, it completely reversed all the gains made in the last two weeks.

Ethereum fell 12.1% to $184, XRP lost 11.9% to $0.4576 and Stellar XLM declined 12% to reach $0.2303. With the exception of USDT, a dollar-backed stablecoin, all cryptoassets in the top-20 lost 7% or more on Wednesday.

The following snapshot, courtesy of CoinMarketCap, highlights the extent of the selloff.

Bitcoin Dominance Grows

While bitcoin certainly wasn’t spared from the latest rout, its share of the overall market climbed back above 54% on Wednesday, a sign that remaining capital was consolidating in the largest asset store. Bitcoin’s dominance rate has since fallen back to around 53.1%.

Extended periods of volatility for altcoins and tokens have provided bitcoin with a linchpin of support since the bear market began earlier this year. This has been most recently demonstrated by narrower price ranges and sharp declines in volatility for the leading digital currency. As Hacked recently reported, bitcoin’s volatility index fell this week to its lowest level in over two years.

Although there was no immediate catalyst for the rapid decline in market prices, anxiety over the future of bitcoin cash likely factored into the equation. The protocol’s primary implementation, dubbed bitcoin cash ABC, has won support from major industry players ahead of Thursday’s hard fork. However, recent data show that the network’s hash rate has tipped in favor of bitcoin SV, a competing protocol being pushed by Craig Steven Wright, Calvin Ayre and some very large mining pools. This information may have contributed to a sharp spike in SV futures prices on Wednesday.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 664 rated postsSam Bourgi is Chief Editor to Hacked.com, where he leads content development for one of the world's foremost cryptocurrency resources. Over the past eight years Sam has authored more than 10,000 articles and over 40 whitepapers in the fields of labor market economics, emerging technologies, cryptocurrency and traditional finance. Sam's work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Contact: sam@hacked.com Twitter: @hsbourgi




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