XRP Price Analysis: Coin falls prey to bears as bulls leave coin market

XRP, the third largest coin on CoinMarketCap, witnessed a bear attack and has been since, trying to recover from it.
At press time, the token was valued at $0.3160, with a market cap of $13.09 billion. The token reported a 24-hour trading volume of $651 million, while it fell by 0.22% over the past day. In the past seven days, XRP noted a rise in price by 2.14%, but dipped by a minimal 0.09% within an hour.
1-hour
Source: TradingView
The one-hour chart for the token marked a minimal uptrend in the price of the coin, from $0.3144 to $0.3195. XRP’s price started falling from $0.3279 to $0.3251, and the token noted resistance at $0.3252. Support was noted at $0.3195.
Bollinger Bands appeared to be converging, indicating a low volatility market. The moving average line of the token was above the candlesticks, marking a bearish market.
Awesome Oscillator marked growing bearish momentum.
Chaikin Money Flow, however, marked a bullish trend for the coin, as the marker line was above the zero mark.
1-day
Source: TradingView
According to the one-day chart, a massive downtrend was traced from $0.5821 to $0.3251. The token registered a minimal rise in price from $0.2630 to $0.2926, while noting resistance at $0.3397. The coin met with another resistance at $0.4141, and support at $0.2926.
Parabolic SAR marked a bearish market as the markers were aligned above the candlesticks.
MACD line was above the signal line, marking a bull’s market.
Relative Strength Index indicated that the buying and the selling pressures evened each other out.
Conclusion
According to a majority of the indicators like Bollinger Bands, Awesome Oscillator, and Parabolic SAR, a bearish reign was forecast for XRP.
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Source: AMB Crypto

Bitcoin SV [BSV] Price Analysis: Bulls and bears remain in an impasse

Bitcoin SV [BSV] continued devaluating after a collective bull run improved its standing in the cryptocurrency market. The token was valued at $66.48, while the market capitalization recorded was a stable $1.17 billion. The token fell against the US dollar by 2.36 percent. Further, trading volume garnered in the last 24 hours failed to cross the $100 million mark, and fell short at $92 million.
HitBTC exchange took the top spot and contributed 20.74% of the entire trade volume via the trading pair of BCHSV/BTC. The other exchange involved was BitForex, which contributed around 13.01% of the total trade volume.
1-hour
Source: TradingView
The one-hour chart pictured an uptrend from $68.171 to $71.802, while the coin posted a downtrend from $70.611 to $68.126. The resistance line formed during the bull run was steady at $71.87, but the immediate resistance was at $68.186.
The Bollinger Bands pointed towards a period of volatility in the token’s price.
The MACD line indicated a bearish phase for the token as the red line overtook the blue line after a crossover.
The Fisher Transform pointed towards continued bear dominance as the red line remained above the blue line on the chart.
1-day
Source: TradingView
The long-term chart indicated a sideways movement for the token between the resistance line at $75.609 and the support line at $61.633. The coin did not recover its losses from last year, but a minor uptrend extended from $67.776 to $75.495.
The Parabolic SAR had its markers above the candlesticks, suggesting a bearish phase for BSV.
The Awesome Oscillator indicated a bullish trend for the token. However, the trend was fairly weak, and the green bars did not control overall market momentum.
The Relative Strength Index or RSI showed that the buying and selling pressures had evened themselves out as the RSI line fell.
Conclusion
The overall trend for the token remained neutral. The short-term chart indicated a bearish run for BSV, while the long-term chart showcased a stabilized price valuation for the coin.
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Source: AMB Crypto

60% of the world’s top 100 crypto exchanges fake trading volumes, says The Tie report

Exchanges have faced a tough time since the onset of the crypto-winter. However, as an investigation by The Tie suggests, some exchanges have taken to faking trading volumes and attracting users to their platform.
The Tie tweeted the report of their investigation, a report that concluded by stating very few exchanges did not fake trading volume, while most of the exchanges faked trading volumes. Most of the users’ go-to page for info about cryptocurrencies and exchanges was CoinMarketCap. Hence, exchanges listed on CMC faked volume to attract more users to its platform.
The Tie fetched the number of web views using Similar Web, and divided the same with the trading volume reported by these exchanges. This gave the reported volume per visit. To create a standard for comparison,  The Tie selected Binance, Coinbase Pro, Poloniex, Gemini, and Kraken, and calculated the weighted average of trading volumes, which amounted to $591, per web visit.
The obtained figure, $591, was then multiplied with web views, which gave the expected volume of the exchanges. Comparing this to the reported volume provided proof of how exchanges fake their trading volumes.
The attached report showed the same. Some of the culprits, according to The Tie’s report, included BitMAX, Lbank, BW, and ZBG. In fact, the investigation found that the expected volume was lower than 1% of these exchange’s reported volume.
The Tie stated,
“When we divided the top 100 exchanges’ expected by their reported volumes, we found that 59% of exchanges’ reported volumes were over 10 times higher than what we would have expected had they similar volume per visit to Coinbase, Binance, Kraken and others.”
The chart attached below shows the same, with the bars colored in red indicating the exchanges whose reported volume was double the expected volume. Exchanges with a better ratio of reported and expected volume were colored in green.
Source: The Tie | Twitter
Binance CEO, CZ, retweeted The Tie’s report, and commented,
“Why do exchanges fake volumes?
@CoinMarketCap is highest traffic website in our space, and biggest referrer for all exchanges. Ranked high on CMC has benefits for getting new users. BUT at the expense of DESTROYING CREDIBILITY with pro users. Many forget the later part.”
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Source: AMB Crypto

Ethereum [ETH] shows greater developer behaviour than Bitcoin [BTC], reveals new metric

Ethereum [ETH] may be trailing Bitcoin [BTC] on the global coin chart, but a new metric by CoinMarketCap puts the altcoin ahead. The new metric measuring ‘project health,’ is designed by the crypto-centric IT company, Flipside Crypto.
Titled the ‘Fundamental Crypto Assets Score’ or the FCAS, the metric evaluates a coin based on a pre-determined set of three core algorithms. Customer Activity, the first core algorithm looks at the network, smart contracts, wallet addresses and records the overall utility of the project.
As described by Flipside Crypto,
“The fundamental is derived by ingesting all activity within a specific blockchain, parsing methods where appropriate, (ie: in ERC-20 smart contracts) and labeling wallet addresses to identify exchanges, projects, contracts, users, and other types of participants.”
Developer behaviour, the second core algorithm, looks at code repositories to evaluate the nature of the development community within the coin’s network. Changes within an ecosystem’s code and the developer response to the same is analyzed.
Market risk, the final algorithm, looks at the market performance of the coin, as well as periodic market movements and market sentiments affecting the price. Consistent returns in terms of risk and money supply factors are studied. The indicator also looks at trading strategies, market returns and market maturity of the coin.
Flipside Crypto also mentioned that out of the three algorithms within the FCAS, Developer behaviour had a “high impact” on the metric. Prime advancements in a project are spearheaded by developers. The FCAS analyses the buzz in the developer community, prior to a major announcement.
“We often see developer activity ramp up prior to a big announcement. On the healthiest projects we see a consistent amount of activity relative to others.”
The company mentioned that they procure all the data through the project itself, and dissect them internally by cleaning and analyzing the elements, after which the data is assimilated into their custom models.
At press time, the Bitcoin’s [BTC] FCAS score was 885, trailing Ethereum [ETH], which had a score of 909. Notably, the rating given to Bitcoin was “A,” while Ethereum got an “S.” XRP, the second largest altcoin also got an “A,” and a score of 751.
The FCAS lauds the Ethereum developer behavior, in addition to the network and the market sentiments of the investors. A recent report by Electric Capital, a virtual currency asset management firm attested the FCAS rating, stating that the Ethereum network had the most amount of developers working on base protocol, when compared to other cryptocurrencies.
Electric Capital stated that on average, 216 developers contribute code to ETH repositories, based on over 20,000 code repository fingerprints obtained by the firm. Bitcoin developers only contributed 50 per month, while EOS, TRON [TRX], and Cardano [ADA], boasted over 25 developers per month.
The FCAS of the two top cryptocurrencies on the market,
Source: CoinMarketCap
 
Source: CoinMarketCap
Litecoin [LTC] joined Bitcoin and XRP in the “A” category, recording a score of 756. EOS joined Ethereum with an “S” grade and a score of 914, the highest in the coin ladder. However, Bitcoin Cash [BCH] performed extremely poorly on the FCAS scale, recording a health score of 532 and a rating of C.
The Ethereum community was also buoyed by a recent report from Delphi Digital, which stated that Ethereum, and not BTC, would lead the next bull run. The study made this conclusion based on the volatility of the coins to the market, and to each other.  In terms of price volatility, ETH fluctuated far more than BTC in the past six months. Further, the altcoin edged past Bitcoin when the intra-market correlation declined.
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Source: AMB Crypto

Cryptopia resumes trading of 40 trade pairs; plans to add more soon

The New Zealand-based cryptocurrency exchange, Cryptopia, announced that it resumed trading on 40 pairs that they deemed secure. The exchange, which was hacked twice in January 2019, has since been taking several steps towards a full recovery from the attack.
Cryptopia tweeted,
“Update: We have resumed trading on 40 trade pairs that we have quantified as secure. We will continue to expand this list as we clear more coins.”
The exchange provided users with a list of these tradable pairs, and informed that they will be adding more pairs as soon as they are cleared and deemed secure. Cryptopia had also informed users that it will be sending emails to all impacted customers, clarifying the role the exchange played, to secure the tokens and the platform, in the aftermath of the hack. The email also addressed allegations of it being an exit scam, informing customers about the actions they immediately took to prevent additional funds from being compromised.
“On the 14th of January 2019 we noticed several suspicious transactions and placed our site into maintenance to prevent additional funds from being compromised as best we could.”
The exchange added,
“We notified local and international law enforcement agencies of the matter and our offices were locked down and the site was only accessible to a very small number of staff and law enforcement agencies.”
The exchange was able to access their website on 14 February, after which it tried to study the impact of the attack, and plan towards re-launching the website. The users who lost funds will also be eligible for a refund, informed Cryptopia. The exchange plans to be fully operational by the end of March. The email concluded,
“We will be emailing you again shortly with more details around the rebates and the projected dates for trading to be active again. Please be aware, we are hoping to achieve this by the end of the month.”
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Source: AMB Crypto

Exclusive: John McAfee talks about his Presidential run, Federal Cryptocurrency, Calvin Ayre and more

In an exclusive interview with AMBCrypto, John McAfee, vocal cryptocurrency proponent, and former computer programmer, spoke about his upcoming presidential run, campaign promises that would affect the cryptocurrency world, the online Twitter battle with Calvin Ayre and more.
McAfee began by talking about the likelihood of mainstream politics embracing cryptocurrencies. He stated that it was not likely, saying that if any future U.S. Presidential candidate introduced a cryptocurrency, it would be federally regulated.
A candidate for the highest office in the United States, McAfee, does not have any real intentions of actually becoming the President. His main aim through his run is to promote decentralized currency and further its adoption.
Running on the Libertarian party ticket, McAfee stated that neither the Democratic nor the Republican party will ever truly embrace the notion of cryptocurrencies. He added that if they did, it would be for ‘Big Brother’ to track the activities of its users. McAfee’s advice to the virtual currency community was to use a privacy-centric cryptocurrency instead.
He said,
“Neither will fulky (fully) embrace it. Both will attempt to issue a Fedreral (Federal) Cryptocurrency that, i promise, will be a tracking mechanism for users. Just don’t usr (use) it. Use a privacy coin instead.”
The very essence of decentralized currency is to take away financial power from centralized authorities, and give it to the masses, he said. McAfee added that this would be ‘too much power’ to the people, which is why politicians are keeping their distance from virtual currencies.
His comments come days after Jay Clayton, the Chairman of the SEC, cited different reasons for the hesitation in granting a Bitcoin ETF. Clayton stated that the reason the SEC was on the fence about approving Bitcoin ETFs, was the market’s vulnerability to manipulation and high volatility of cryptocurrencies. His main intention was to protect investors, and if that was not sufficiently viable, there would be no publicly traded cryptocurrency.
McAfee had previously called Clayton a ‘m**h*r f*c*er,’ demanding a debate with the chairman. In June 2018, he asked his followers to send the chairman a “flood” of emails, calling for the debate. However, McAfee was unsuccessful in his effort.
He tweeted,
Source: Trading View
His ill-will for the SEC did not stop there. After the SEC indicted DJ Khaled and Floyd Mayweather in December 2018 for not disclosing payments received for promoting an ICO, McAfee called the regulatory authority a “corrupt, puss filled, bile dripping abscess.” He said,
Source: Trading View
When asked about Universal Basic Income [UBI] as a core campaign promise, and whether it could be mobilized through cryptocurrencies, McAfee said that “did not believe” in UBI. A handout of a certain dollar value to every citizen in America did not follow the principle of the “Survival of the Fittest,” according to McAfee.
In his own words,
“I Don’t believe in Universal Basic Income. Life is, and always has been, a battle if the “Fittest.” People have to work, risk. experiment, attempt, suffer hardships, learn, accept, adapt. It can be no other way if our species is to survive.”
Many Presidential candidates have previously raised the notion of UBI, most notably Andrew Yang, the Founder of Venture for America, whose core campaign pledge is UBI. Yang, although an admirer of the blockchain technology, had previously said that cryptocurrencies “have gotten ahead of themselves.”
Back in November 2017, McAfee predicted that the top cryptocurrency would reach $1 million, by the close of 2020. McAfee had added that he would ‘eat his d**k,’ if the prediction did not materialize.
Source: Trading View
When asked if the May 2020 halving would affect his decision, he said,
“The halving will help my prediction.”
John McAfee had also spoken about Bitcoin Cash [BCH]. During the latter’s hardfork in November 2018, McAfee took the side of Roger Ver and Jihan Wu-backed Bitcoin Cash ABC, stating “You have my sword and my loyalty.” With respect to Craig Wright’s claim of being the real Satoshi Nakamoto, McAfee said,
“It’s utter nonsense.”
John McAfee also spoke about the terrible tragedy in Christchurch, and had this to say about the debate on gun laws,
“If everyone in the Mosques had been armed, the death toll would have been minimal. An armed society is the only safe society. And armed societies are the most polite in the world as we learned from the “wild west” period in America. Everyone was armed.”
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Source: AMB Crypto

Tron’s [TRX] Justin Sun says competing with Vitalik Buterin was good for cryptosphere

Mass adoption has been the cryptocurrency market’s key focus area for quite some time, with several proponents of the space reiterating the same as well. The most vocal luminaries of the cryptosphere have been Justin Sun, the CEO of the Tron Foundation, and Vitalik Buterin, the Co-founder of Ethereum.
In a video uploaded by CNBC’s Cryptotrader, Ran NeuNer spoke about the Token 2049 conference that included seminars by Justin Sun, as well as Vitalik Buterin. Justin Sun spoke not only about the organisation’s plans to bring more users to its fold, but also about the Foundation’s future. The Tron CEO talked about his ongoing tussle with Vitalik Buterin, candidly admitting that the arguments between the two have produced good developments for the space. In his words,
“The competition between the both of us is for the good of the space. We have also noticed that only good progress comes out of our talks.”
Sun also revealed that the Tron Foundation had roped in 5000 developers this year, with many more in the pipeline. He was asked whether his company’s multiple updates was a marketing ploy, to which Justin Sun replied that it was not the case. He said,
“The Tron blockchain has a better department, is faster and has a lot more users compared to the OMNI blockchain. You also have to understand that the transactions on the Tron blockchain are free.”
Admitting that mass adoption was a challenge, Sun said that the arrival of BitTorrent was a major boost with its user base of more than a 100 million active users. According to Sun, the 100 million users in the BitTorrent ecosystem have been integrated into the Tron ecosystem. The Tron Foundation official added,
“It is not just the number of user but it is also about the core developments that is happening in Tron. We have real TPS and real transactions with 3-5 DApps coming into the Tron blockchain everyday.”
Tron’s DApp development was also elaborated about in the Tron weekly report recently, which said that the market favoured gambling apps, and the ROI Apps, a high risk application.
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Source: AMB Crypto

IBM and Stellar Lumens [XLM]’s World Wire ready for cross border payments in over 72 countries

IBM announced the launch of World Wire on 19 March 2019, in more than 72 countries. World Wire aims to reduce the friction associated with money transfer all around the world.
Jesse Lund, the Head of blockchain and digital currencies at IBM, elucidated on the same with Stanley Yong, the CTO at IBM. According to Lund, World Wire was an “entirely new type of payment,” designed for regulated financial institutions, including banks and non-banks.
Yong explained that World Wire works by connecting participants in a p2p network, for sharing “financial messages” and digital assets, both of which would be issued on the same network. The results of the settlement and messages are then stored on the blockchain for “audit-ability” and “transparency”.
Lund stated,
“IBM is announcing that it is open for business in payments was support for 72 countries, 47 distinct currencies  and 44 unique banking endpoints and a wide range of pay in and pay out locations around the world.”
Yong added,
“The two main assets that will be available for live transactions on IBM blockchain will wire on day one are the stronghold US dollar and the Stellar Lumens”
Apart from the above, World Wire will help financial institutions communicate with each other on the network, and help fulfill payments in real-time. Additionally, payment data and the value/money will move together on the same network. Lund also explained that the focus of World Wire was to make money move faster than information today.
Furthermore, any financial institution that provides payment services, and requires the movement of money across borders, would be a candidate for IBM’s World Wire, said Lund.
Lund also explained that World Wire would immediately focus on Europe and the Asia Pacific, with support for North America being introduced later this year.
Jed McCaleb, the co-founder and CTO of Stellar Lumens, stated,
“It gives consumers the flexibility to use whatever kind of currency they want, wherever they are in the world so if you have dollars and you’re traveling you can use those dollars seamlessly in any any place in the world. You can pay out in any payout Network in the world, it makes essentially everything interoperable, makes it fast, makes money move much more like email…”
Additionally, Yong confirmed that IBM was working with central banks to help with processing faster payments.
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Source: AMB Crypto

South Korean exchange Bithumb cuts manpower by half; cites slumping trade volume

Bithumb, the largest cryptocurrency exchange in South Korea, showed the door to half its staff. Citing declining revenue in the crypto-winter, the exchange decided to cut its losses, and reduce manpower.
A report detailing the development stated that Bithumb will let go of around 160 employees, out of a total pool of 310, by the end of March. The report further added that the employees have been let go on the basis of “voluntary retirement.”
The exchange’s spokesperson stated,
“Voluntary retirement is part of our support program for former employees and is intended to provide assistance and training for job placement.”
Trading volume on major exchanges has been declining since the crypto-winter began last year. After the market recorded a remarkable high in January 2018, the trading volume slumped again, leading to several exchanges shutting up shop.
Bithumb’s slumping trade volume, coupled with the decreasing number of new investors in the bear market, resulted in plummeting revenue and low profits. With trading down, commissions have declined, leading to the South Korean exchange taking the decision to slash its staff.
The spokesperson added,
“Apart from that, [Bithumb’s] trading volume has decreased compared to the previous year, [so] we are trying to provide internal measures. We will continue to add necessary personnel for various new businesses.”
A January Diar report  had analyzed the trading volume of major exchanges in every quarter of 2017 and 2018, and attested the arrival of the crypto winter.
It referenced the example of the American cryptocurrency exchange Coinbase, which saw record high volumes of $46.6 billion and $45.8 billion during the fourth quarter of 2017 and the first quarter of 2018, respectively, when Bitcoin [BTC] almost touched $20,000 and the market cap shot above $800 billion.
When the market turned, Coinbase recorded successive quarterly declines in trading volume. The trading volume dropped by 60.9 percent to $17.9 billion in the second quarter of 2018. The final two quarters saw volumes of $10.4 billion, and $9 billion respectively.
Diar research stated that what Coinbase’s volume did, was not an isolated observation as this “can be said for all major exchanges.” Coinbase’s number of trades also dropped by 61.33 percent, from the first to the fourth quarter of 2018.
Interestingly, Bithumb, following the examples of Coinbase and Bittrex, launched an Over the Counter [OTC] trading with Ortus in February 2019. Through this launch, the South Korean exchange had intended to further its trade volume. However, it did not pan out as the exchange had hoped.
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Source: AMB Crypto

Israel’s Tel Aviv court rules bank can refuse to accept deposits originating from crypto entities

A Tel Aviv District Court, for the second time, ruled that the Union Bank of Israel [UBI] will not be allowed to close the account of mining firm, Israminers Ltd. However, the bank can choose to refuse deposits originating from cryptocurrency entities, the court ruled.
Tel Aviv District Court Judge Limor Bibi, in her judgment, stated that the bank’s policy against depositing funds originating from anonymous cryptocurrency trades was justifiable, in order to curb money laundering and function in accordance with legal requirements like KYC.
However, the court did rule that the bank’s sweeping policy “did not distinguish between activity, the scope of activity and different types of activity.” According to Bibi, the Israeli bank’s hostile stance to deny operating an account dealing with virtual assets was too ‘broad’.
Israminers had filed an appeal last year after a branch in the Tel Aviv area claimed that the firm had violated the bank’s policy.
This is not the first instance where an Israeli legacy banking entity was asked by the courts not to halt crypto-related activity and its clients, without a legitimate argument.
In May 2018, the same Tel Aviv District Court forced Israel’s biggest banking institution, Bank Hapoalim, to accept the transfer of funds resulting from a client’s Bitcoin sale, even when the account holder presented documents which clearly stated the exact source of the funds. The client was denied a deposit of $195k originating from a Bitcoin trading platform, following which the court refused the bank’s argument of there being a violation on the client’s side.
Earlier in March, the Israel Securities Authority [ISA] issued its final report on cryptocurrency regulation. The framework was outlined to bolster the crypto sector and secure the rights of the crypto investor.
The ISA with respect to cryptocurrency assets stated,
“The committee recognizes the great importance of the direct connection between the Securities Authority and the sector in order to further professionalism among its employees, recognition of the sector by the Securities Authority, study of its special characteristics, and providing a fitting regulatory solution for it.”
Anat Guetta, the Chairwoman of the ISA, had earlier asserted that the dynamic and innovative technology associated with crypto, was here to stay.
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Source: AMB Crypto

Bitcoin Cash’s Roger Ver discusses BCH’s spread in Canada and censorship-resistant social media apps

One of the most popular and significant luminaries of the cryptocurrency field, Roger Ver, the CEO of Bitcoin.com, and an avid Bitcoin Cash [BCH] supporter, recently talked about new technologies integrated with BCH, in a recent video from Bitcoin.com.
The CEO talked about Memo Cash, an application that lets users bypass censorship on Twitter. It was also revealed that the company released an Android app with an iOS application to be released soon. In his words,
“The application also has a faucet that provides users with a few BCH to get started. This is also good news for users who have been complaining about censorship on social media handles, the blockchain service social media age is here.”
Ver also discussed LocalBitcoin adding Bitcoin Cash to 140 Canadian ATMs. LocalBitcoin is the same portal that spoke about the fall in Bitcoin transaction volumes in Venezuela and its neighboring countries.
The BCH proponent opined that the move will benefit Canadians, especially with the fall of QuadrigaCX. The latest reports from QuadrigaCX suggest that its late CEO facilitated withdrawals using personal funds, back in 2018. The late CEO’s wife Jennifer Robertson had said,
“I believe Gerry had the best interests of the business in mind and cared for his customers.”
Roger Ver was an active participant in the cryptosphere and had made several comments supporting BCH and undermining Bitcoin in the past. Recently, he had tweeted,
“Altcoins became BTC’s layer two solution.”
He even echoed the statements made by Gabriel Cardona, the Director of Developer Services and Head of R&D at BCH, who had called the second layer of Bitcoin an “absolutely horrible user experience.”
Not all Bitcoin supporters took Ver’s tweet lightly, with francispouliot, a Twitter user, saying,
“Literally not layers of the object but distinct objects from said object. With all the random non-sensical quotes you post, I wouldn’t be surprised if one day you tweeted out a valid one.”
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Source: AMB Crypto

Bitcoin [BTC]: Andreas Antonopoulos rejects the idea of China launching 51% attack on BTC blockchain

Andreas M. Antonopoulos, the author of Mastering Bitcoin, explained why the Chinese government couldn’t launch a successful 51% attack on the Bitcoin blockchain.
The argument whether China could launch a 51% attack on the BTC blockchain erupted from a tweet posted by Anthony Pompliano on March 16, 2019.
Pomp tweeted:
“The Lightning Network hit a new all-time high of over 1,000 BTC in network capacity today.
Don’t listen to the noise. Bitcoin is going to scale just fine ”
Galgitron, a prominent person in the XRP community, requested Pomp to compare the use of Lightning Network to XRP. This comment led to the age-old topic that “XRP does everything that Bitcoin can and better”. Some of the users argued that Bitcoin could become a store of value if not peer-to-peer cash.
Galgitron replied:
“What you fail to understand is that once Bitcoin loses first spot, the price will drop, miners will defect, a 51% attack will occur, confidence will be lost, and it will collapse. Bitcoin isn’t a rookie baseball card”
@ptothehyphen disagreed with Galgitron as he replied:
“That price action and 51% attacks are correlated….also even if a party managed a takeover of bitcoin, the power needed to mantain the attack for a prolonged period is astronomical (but anything can happen in crypto)”
Although 51% attack on the Bitcoin blockchain is widely debated, it certainly is not impossible. However, the amount of resources required to do the same is massive and it does not make any sense considering the upsides of the attack.
Before the BCH hash wars and the bear market of 2018, the mining pool of Bitcoin came eerily close to being completely dominated by the Chinese miners. Bitmain played a very important role and held a subsequently large stake of the mining pool. However, the stake in the mining pool by the Chinese counterparts has since reduced down.
Galgitron commented:
“Ya, @aantonop isn’t the best authority to elucidate PoW attacks. In this video, sure, the attacks he describes are ludicrous, but he conveniently sidesteps the Chinese govt commandeering 4 mining pools to double-spend Bitcoin, which can be done literally today with zero warning.”
Andreas Antonopoulos addressed these topics in-depth and explained how a 51% attack by China was not possible. Antonopoulos replied to the comment:
Jason A. Williams, a founder of Morgan Creek Digital, added:
“I have thought a lot about the 51% attack. Technically possible, yes. Financially improbable. 3 real threats –
1. Hardware maker attack (state)- they run their inventory already and sell used gear
2. Hardware backdoors –
3. Spying technology – access users private keys”
Antonopoulos jumped in and replied to Galgitron:
“I feel comfortable knowing that China *cannot* instantly destroy Bitcoin.
Trying to destroy bitcoin this way will not only fail, but it will demonstrate its resilience by failing. That’s a worse scenario than simply throwing shade at BTC with propaganda”
Antonopoulos also elucidated that the 51% attack would not be over in an hour but would take an hour to start and even if the attack did start, those pools would be abandoned by the users.
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Source: AMB Crypto

Bitcoin Bull Tim Draper says highly regulated countries become poor; shift from fiat to crypto inevitable

Tim Draper, an American venture capital investor and a strong believer in crypto, made another bullish claim suggesting that a flip from fiat currency to Bitcoin and other cryptocurrencies will take place in a couple of years. The Government would eventually have to give up control and be the service provider, he added.
Draper was of the opinion that regulators impede any development in the space by hindering innovation. Citing China as an example of exercising control and imposing strict rules on crypto use, the Bitcoin bull asserted that high regulations push a country deeper into poverty.
In a recent interview with TheBitcoinOfCryptoStreet, Tim Draper said that the best thing about cryptocurrency is the fact that they are not under government control. With the emergence of a new wave of digital asset businesses, Draper asserted that a switch in mindset was needed.
“How do I attract citizens to my government? As opposed to you live here, you work for me.”
According to him, the Japanese government is one of the few to have come to the realization and have attracted a pool of entrepreneurs, businesses and money in the country. He said,
“I think they need to recognize that the world is now open and as a government, you have to serve your people instead of the other way around.”
Draper also believes that people will no longer want to hold government-issued traditional money. With an existing alternative that is decentralized and not government-tied, people will eventually head towards Bitcoin and other cryptocurrencies.
Talking about the transition period from Dollar to crypto assets, Draper said that it would probably take a few years for engineers to build the required ecosystem. He also admitted that people who are older than 35 years would probably choose fiat over the new digital wave, while the younger generation would believe Bitcoin to be more valuable than the former.
The billionaire investor, who is also an altcoin-backer, said that he invests in altcoins which are tied to a lot of work. His investments are encouraged by new technology and the team working behind it, he added.
Draper was previously in the news after he predicted that the American coffee house chain, Starbucks, will accept Bitcoins in the next three years, fuelling massive adoption.
The post Bitcoin Bull Tim Draper says highly regulated countries become poor; shift from fiat to crypto inevitable appeared first on AMBCrypto.
Source: AMB Crypto

Tron [TRX] Weekly Report: Justin Sun-led company reveals DApp numbers and BTT airdrop statistics

Tron [TRX] and Justin Sun, the Chief Executive Officer [CEO] of the Tron Foundation, capture headlines regularly due to the sheer number of developments in the roster. This was made clear by Tron’s latest weekly report, which touched on the happenings within the Tron spectrum.
Tron announced that it had designed the deferred transaction model, and finished the update on the solidity compiler version. The company also revealed that a wallet feature for anonymous transactions was being developed, along with sidechain infrastructure for smart contracts.
The weekly report did not fail to talk about BitTorrent, one of Tron’s biggest acquisitions. The report stated,
“BTT is now listed on 35 exchanges including Binance, OKEx, Bittrex and Huobi. Other exchanges included Coinsport, BitForex, Changelly and Bitpie.”
Tron further talked about the second Tron airdrop which oversaw the distribution of 990,000,000 BTT, in less than 3 hours. One of Tron’s main forte is the Tron Developer Community and in terms of TronGrid, the API layer reported that the TrongGrid JS testing was successfully completed.
Data architecture layer resolved database deadlock and overwrite, and implemented read API for accounts/assets. The Block parser layer performed an integration test for accounts and assets, while the data output from the new event plugin was investigated.
Tron was also in the news recently when a DApp review stated that on 16 March, the transaction volume for Tron was more than that of Ethereum and EOS combined. The tweet read,
“As we forcasted on yesterday’s tweet, #TRON volume txn surpass $100 million on Mar 16, namely 5 times more than the sum of #ETH and #EOS.”
Tron posted $102.685 million worth of transactions, while EOS and Ethereum combined held a total volume of $19.601 million. Post the revelation, users in the community expressed their joy, with one Twitter user commenting,
“Often true fundamental value for an asset is not realised until some time later…. $trx should be worth a lot more than what it is at the moment but in due time I think it will re-rate.”
The post Tron [TRX] Weekly Report: Justin Sun-led company reveals DApp numbers and BTT airdrop statistics appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin SV’s [BSV] Calvin Ayre defends controversial picture as John McAfee hits back

Calvin Ayre, the Founder of the Ayre Group, defended his 12 March tweets about a pool party with “young” women. Crypto-proponents were vocal in their displeasure towards Ayre’s pictures and video, and pushed back against the Bitcoin SV [BSV] spearhead.
In his reply to an article by AMBCrypto detailing the incident, he referred to the ‘women’ in the picture as “legal adults.” Ayre further added that the pictures were being “weaponized” against him due to his support for the nascent cryptocurrency, Bitcoin SV. He called this issue not one based on ethics or morality, but one based on “technology.”
His tweet stated,
Source: Twitter
Ayre continued his attack on anyone who opposed his tweets, referring to the crowd as “anti scaling trolls.” He claimed that this group was out for him, and were constantly trying to “demonize” him, because of BSV’s “technical position.”
Source: Twitter
The BSV proponent did not let the topic slide however, still defending his actions in the days following the original tweets. On 15 March, he stated that the video of the “Cuban national twerking team” was taken when he was not in the room, despite the picture being tweeted with the caption “at my pool.”
Ayre added that “ladies” in “this part of the world,” filmed themselves when they were “twerking,” and practiced the dance form constantly.
Source: Twitter
Trying to distance himself from the video in question, Calvin Ayre went on to state that the pictures and videos depicted a “cultural experience.” He then put out a disclaimer to anyone offended by the tweets, asking them to “please stop watching my personal social media feeds.”
Ayre’s antics failed to appeal to the larger cryptoverse. John McAfee, a vocal cryptocurrency proponent known for his brash conduct with women and alcohol, criticized Ayre’s behavior with strong words.
Referring to himself as the “King of Badass,” McAfee offered some “unsolicited advice” to the controversy-ridden Ayre. The US Presidential-hopeful stated that Ayre’s behavior was not conducive to the virtual currency realm.
McAfee tweeted,
Source: Twitter
Needless to say, Ayre did not take heed to McAfee’s advice. The BSV proponent stated that he did not need advice from McAfee, and attacked the latter over the 2012 murder of Gregory Faull.
Ayre responded,
Source: Twitter
Faull’s family has maintained that Gregory’s death was due to John McAfee, the victim’s neighbor. The crypto-proponent was found legally “liable” for Faull’s death by a Florida district court. McAfee, who was named as a “person of interest” by the Belize police, fled the country immediately after the murder.
Backing down from his responses to opposers, Calvin Ayre continued to defend his controversial tweets. With many questioning the age of the “women” in the pictures and the video, he stated that all but one of the “women” were over the age of 19. He stated,
Source: Twitter
However, Ayre’s defense did little to stop several crypto-influencers from chiming in. Mike Dudas, CEO and Founder of The Block, stated that he would be “alerting the authorities about your underage activities.” Francis Pouliot, CEO and Co-founder of Bull Bitcoin, accused Ayre of being a “pedophile.”
Notably, no one from the upper echelons of the Bitcoin SV community has come out in support of Ayre. Craig S Wright, the chief scientist of nChain and the man behind Satoshi’s Vision, did not come to Ayre’s defense, despite being an ally and very vocal on Twitter.
The post Bitcoin SV’s [BSV] Calvin Ayre defends controversial picture as John McAfee hits back appeared first on AMBCrypto.
Source: AMB Crypto