Bitcoin [BTC] scalability solution cannot be solved entirely, says Andreas Antonopoulos

Andreas Antonopoulos, who has been a popular face in the cryptocurrency ecosystem, recently addressed the scalability conundrum plaguing the Bitcoin [BTC] blockchain. As he continued to discuss important topics, Antonopoulos, in a recent Bitcoin Q/A session on his official YouTube channel, said that the long-winded scalability problem will always exist.
According to the Bitcoin patron, scalability cannot be solved permanently. He was of the opinion that there is no such “final solution” for the scalability issue on the BTC blockchain. Even as SegWit improves scaling difficulty, “it is not enough for future mass adoption”, according to Antonopoulos.
Citing a more mainstream example of the Internet, Antonopoulos said that the scalability issues with email-related problems would require a different set of solutions than problems associated with the scalability of emails with attachments.
He added that solving the scaling difficulty issue at each level would be different and while scaling one problem, a whole new avenue for applications open up, and this, in turn, would bring about another set of scaling issues. He stated,
“..and you can’t, in the beginning, solves the problem for the end there is no end and also if you prematurely optimize if you try to solve scale problems for a scale that doesn’t yet exist you shift the problem somewhere else in the case of cryptocurrencies”
In the case of virtual assets, this process of what he calls as “premature optimization” ends up damaging decentralization to solve a problem that does not exist yet.
One of the earliest supporters of the crypto-assets, Antonopoulos, also admitted that solving the scalability issue was possible and added that SegWit was just the first step of many optimizations.
Painting a potential scenario, the Bitcoin maximalist predicted that Schnorr Signatures were likely to be the next step for optimization. With subsequent optimizations, scalability issues would be sold at every step. This digital signature introduces a 25% to 35% improvement in terms of capacity by optimizing signatures.
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Source: AMB Crypto

Hodlonaut crowdfunding campaign hits 10K mark as Twitterati comes to aid

A majority of the crypto community came together to create a web portal and crowdfunding campaign in a bid to cover Hodlonaut’s legal costs. The website was created following a massive outcry against the self-proclaimed Satoshi Nakamoto, Craig S Wright, who threatened the individual behind the Twitter account ‘Hodlonaut’ in a series of letters, demanding an apology for labeling him “fraud”.
The crowdfunding website, “#WeAreAllHodlonaut,” has successfully raised $10651.17, contributed by 539 users, at press time. The website read,
“Everyone’s favorite astronautical feline, Hodlonaut, is facing legal action from Craig Wright. The Lightning Torch founder was DMed a letter from Wright’s legal team following a series of tweets in which Hodlonaut claimed, among other things, that Craig Wright was not Satoshi Nakamoto.”
The author of the website revealed that it was created to ensure Hodlonaut continues to vocalize his honest opinion. The crowdfunding campaign would substantially aid in the impending legal battle against Craig Wright. Hodlonaut, who has since deleted his tweet, has found significant support pouring into his way. The #LNTrustChain initiator is already seeking legal counsel and has paid a retainer fee, the website cited.
The fundraising campaign follows Wright and his associates promising a reward to anyone who revealed Hodlonaut’s true identity. Many of Hodlonaut’s supporters changed their profile pictures and usernames, claiming that they were all Hodlonaut, fuelling the #JeSuisHodlonaut campaign. The website also added that any funds raised over the fundraising target will be donated to Bitcoin Venezuela.
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Source: AMB Crypto

Blockstack’s Muneeb Ali says user data in popular social media platform gets monetized negatively

Muneeb Ali, the Co-Founder of Blockstack, in a recent conversation with Anthony Pompliano, boasted the firm to be a new internet for decentralized apps. He went on to say that the Blockstack project raised venture capital [VC].
According to the founder, the firm is essentially trying to create a technology that would ultimately replace cloud or decentralized computing. It will require a lot of R&D work, Ali said. He outlined that initially, it is important to get accustomed to the all-new developed technology, which has a solid foundation that the firms are developing. Following which, he revealed that they will slowly start building a decentralized open-sourced ecosystem.
He didn’t spare the social networking sites while talking about the relationship between the big companies and its user base. He said that there is an evident battle between large companies like Twitter or medium and its users. He added that the relationship is not a healthy one. According to him, these companies rip off users of their own content. He said that the user data is getting monetized in negative ways.
“The users help the company but there is no financial upside for the users.”
Ali and his team have been working to conduct a regulated token offering under the Reg A+ Exemption and have reportedly filed their application recently. The New York-based company also announced its plans to raise an extra $50 million via a token sale. Around 295 million STX tokens will be offered at a value starting from $0.30 each. The firm intends to infuse the fresh rounds of funds to broaden its newly developed decentralized forum.
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Source: AMB Crypto

Bitcoin [BTC] and Litecoin [LTC] Price Analysis: Bulls command market despite minor dip in prices

The collective market cap of the coin market fell below $180 billion on 9 April. After posting gains throughout the week, Bitcoin [BTC] and its silver counterpart, Litecoin [LTC], declined by 1.04% and 5.53%, respectively, against the US dollar over the past 24 hours.
The largest crypto-asset on CoinMarketCap, BTC, held a market cap of $92.35 billion and was priced at $5,224. The digital gold registered a 24-hour trading volume of $15.90 billion. However, the coin recorded a 17.27% surge over the past seven days.
Litecoin [LTC], the fourth largest cryptocurrency, registered a market cap of $5.31 billion and a 24-hour trading volume of $3.20 billion. The crypto-asset was valued at $86.62. Besides, the digital asset recorded a significant surge of 35.25% over the week.
1-day BTC chart
Source: TradingView
The candlestick arrangement on BTC’s one-day chart exhibited a major downtrend from $6,459 to $4,186. A small uptrend from $4,198 to $5,089 was also observed. The supports for the crypto-asset were found at $3,902 and $3,602, while the immediate resistances were at $5,663 and $6,562.
Bollinger Bands: The mouth of the bands was open. The divergence of the bands depicted increasing volatility for the coin’s price.
Awesome Oscillator: The closing bar of the indicator was green, suggesting an emerging bullish pattern.
Chaikin Money Flow: The CMF was well above the zero-line, indicating that money was flowing into the coin market. Hence, a bullish trend for BTC was pictured.
1-day LTC chart
Source: TradingView
The one-day LTC chart exhibited two uptrends from $32.90 to $45.68 and $45.68 to $60.31, followed by a minor correction. Another uptrend from $61.31 to $89.43 was registered, fueled by the latest market spike. A minor downtrend from $56.52 to $34.60 was also noted. The coin successfully breached the previously marked resistance, but failed to sustain the $90-mark. The coin’s price was anticipated to surpass $100 after another potential price break. The support points for LTC stood firm at $41.93 and $28.66.
Parabolic SAR: The dotted markers were below the candlesticks, predicting a bullish phase for the silver crypto.
Klinger Oscillator: The reading line was above the signal line, also depicting a bullish pattern for LTC.
MACD: The MACD line was above the signal line. This projected a bullish phase for the coin.
Conclusion
Despite market correction pulling the prices down, all indicators pictured a strong bullish trend for BTC and LTC.
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Source: AMB Crypto

Coineal chosen as CoinBene’s replacement for facilitating IEO amidst reports of suspicious activity

RedFOX Labs, a Vietnam-based blockchain Venture Builder, has replaced Coinbene with Coineal to run an IEO [Initial Exchange Offering].
The Komodo-backed project announced,

“We are pleased to announce that RedFOX Labs will be launching the RFOX Initial Exchange Offering with Coineal Launchpad starting on 14:00 April, 12 (UTC) and ending on 14:00 April, 19.
Visit for details >> https://t.co/Xv5wye0WXj pic.twitter.com/OtlBhjoFvS”
— REDFOX_LABS (@redfoxlabs_io) April 8, 2019

The latest development comes weeks after an original announcement by the firm stated the use of CoinBene’s Launchpad for the IEO. RedFOX announced the revocation after several crypto news portals reported suspicious activities associated with CoinBene, including delay in processing withdrawals and deposits. After community members feared another big profile hack, the exchange took to social media to announce a wallet upgrade to help users and partners on its platform avoid market risks in the light of multiple cases of asset theft.
Soon, RedFOX announced its decision to discontinue the IEO on CoinBene Launchpad, and tweeted,
“In light of recent events and due to community request, we will no longer be going through Coinbene. We will be going live on the 12th of April on a top 10 exchange to be announced tomorrow.”
Speaking about the switch from CoinBene to Coineal, the CEO of RedFOX Labs, Ben Fairbank, said that it was important to listen to the community and collaborate with a new “local partner” and move ahead with the IEO.
According to the official post, the IEO will now commence from April 12 to April 19. The official statement released by the firm also stated that the South Korean exchange was strongly “developing a global layout”.
The post also deemed Coineal as an ideal platform for RFOX’s token launch in the Southeast Asian market, citing the exchange’s strong regional footprint [with a stronghold in China, Japan, Korea, Vietnam and more] and a record of successful IEOs.
At press time, Coineal stood 11th on CoinMarketCap in terms of adjusted volume, accounting for $1.12 billion in trade, below Coinbene, which recorded an adjusted volume of $1.14 billion.
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Source: AMB Crypto

Bitcoin [BTC] and Litecoin [LTC] Price Analysis: Bulls in control despite bears’ looming presence

Bitcoin [BTC] and Litecoin [LTC] continued to gain against the US Dollar and breach their respective immediate resistances on April 8.
The largest crypto asset on CoinMarketCap, BTC, held a market cap of $93.08 billion and was priced at $5,278. The digital gold registered a 24-hour trading volume of $17.26 billion and was rallying by 2.25% against the US dollar over the past 24 hours, at press time. The coin surged by 27.90% over the past seven days.
Litecoin [LTC], the fourth largest cryptocurrency, registered a market cap of $5.59 billion and a 24-hour trading volume of $3.15 billion. The crypto-asset was valued at $91.40 and exhibited a decline of 2.78% over the past 24 hours, while registering a significant surge of 50.62% over the week.
1-day BTC chart
Source: TradingView
The candlestick arrangement on BTC’s one-day chart exhibited a major downtrend from $6,459 to $4,186. The supports for the crypto-asset were found at $3,902 and $3,602. The immediate resistances on the BTC daily chart were at $5,663 and $6,562.
Bollinger Bands: The mouth of the bands was open. The divergence of the bands depicted volatility for the coin’s price.
Awesome Oscillator: The closing bar of the indicator was red, suggesting a bearish pattern.
Chaikin Money Flow: The CMF was well above the zero-line, indicating that money was flowing into the coin market. Hence, a bullish trend for BTC was projected.
1-day LTC chart
Source: TradingView
The one-day LTC chart exhibited two uptrends from $32.90 to $45.68 and from $45.68 to $60.31, followed by a minor correction. A minor downtrend from $56.52 to $34.60 was also seen. The coin successfully breached the previously marked resistance at $90 and is anticipated to surpass $100 in another potential price break soon. The support for LTC stood firm at $41.93 and $28.66.
Parabolic SAR: The dotted markers were below the candlesticks, predicting a bullish phase for the silver crypto.
Klinger Oscillator: The reading line was above the signal line, also depicting a bullish pattern for LTC.
MACD: The MACD line was above the signal line. This projected a bullish phase for the coin.
Conclusion
Bitcoin [BTC] exhibited mixed signals, with potential price breakouts expected. Its silver counterpart, Litecoin [LTC], was projected to enjoy strong bullish movements.
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Source: AMB Crypto

Roubini makes satirical claims, debates value of digital assets

The recent Deconomy Conference held at Seoul saw the presence of crypto luminaries, including Ethereum Co-Founder Vitalik Buterin and the infamous crypto-skeptic Nouriel ‘Dr. Doom’ Roubini. The Hong Kong-based Digital Asset Exchange, ANXONE, recently tweeted that Roubini was satirizing when he stated that he was the real Satoshi Nakamoto, at the Deconomy forum held from between April 4-6.
Responding to ANXONE’s claim, Nouriel Roubini tweeted that he was the real creator of Bitcoin and that he incepted the digital asset to expose the inefficiencies of the legacy traditional institutions. He tweeted,
“What do you mean I satirized? I am the real Satoshi Nakamoto!! I created BTC to show a monetary and financial system that is even more inefficient, costly, corrupt, rent-seeking, greed-is-good biased, concentrated, oligopolistic, scammy, prone to manipulation than Wall Street!”
It was also reported that in the conference, which was titled the “Fundamental Value of Cryptocurrency and its Sustainability”, Buterin and Roubini got into a heated debate regarding the true value of digital assets.
The famous crypto naysayer claimed that the government and regulators would eventually take over the space. Vitalik held on to his stance and stated that one positive impact involving the creation of a new social expectation around privacy which, in the end, the authorities would have to adapt to.
This is not the first time that the duo has confronted each other. Prior to the latest stint, Dr. Doom had called Bitcoin “crap” and compared Vitalik Buterin to North Korean dictator Kim Jong-un.
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Source: AMB Crypto

Bitcoin’s [BTC] abrupt price rally with no specific reason could drive volatility higher, claims SFOX report

SFOX Inc., which operates as a cryptocurrency prime dealer, released the Crypto Volatility Report for March 2019. The report predicted that BTC’s price uncertainty could drive volatility high. BTC’s price surged by 25% in just two days from $4,089 to $5,089 without a concrete explanation, the report claimed.
Taking into account the 2017 rally as a substantial indication, SFOX detailed that the sharp price movements of the largest crypto asset, not induced by specific reasons, could potentially generate higher uncertainty in the market, which in turn would push volatility upwards.
The report elaborated that the volatility movements exhibited by top altcoins like LTC, BCH, and ETH were not related to Bitcoin and stated,
“.. that the industry at large may be growing beyond BTC.”
Bitcoin Cash [BCH] rallied 18% in two days. Despite the reason speculated behind the spike being a certain announcement associated with the chain’s hard fork by the end of this year, the report cited that it did not seem to be an evident cause for the abrupt spike.
The report went on to say that the BCH rally in March was most likely one of those “spooky rallies” that could not be directed to any specific reason as the asset recorded a significant trading volume at LBank during the month. This was the same trading platform that came under scrutiny for “potentially faking a significant fraction of their alleged trade volume”.
Litecoin’s [LTC] rally and subsequent price doubling for 2019 was attributed to its adoption spree, lower fees, efficient transactions, an exploration of private transactions, and the approaching LTC halving, mentioned the report. According to the SFOX, LTC’s volatility decreased substantially with prices residing to the range of $55 – $61.
ETC, the second largest crypto asset, became more volatile from the beginning of the month. The report cited,
“This may be a function of increasing uncertainty about the future of this particular blockchain: on the one hand, ETCLabs’ renewed focus on Dapp development [especially Dapps focused on the Internet of Things] has some believing that ETC may be a currently undervalued platform for powering the next evolution of internet technologies.”
The latest 51% attack on ETC, and Anthony Lusardi resigning from prominent ETC roles were also believed to be the cause of volatility.
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Source: AMB Crypto

John Carvalho calls Bitcoin hard forks scams; expects JPM Coin to remain behind

John Carvalho, the CCO of Bitrefill, is a strong advocate of Bitcoin [BTC], and his hostility towards the fork coins is no secret. Carvalho minced no words in his latest interview where he called BTC forks ‘scams.’ When asked about his opinions on other Bitcoin hard forks apart from Bitcoin Cash [BCH], he said,
“All Bitcoin forks I know of are scams or wastes of time and money. The craze of forks was mostly just a trick people played to inflate Bitcoin supply and fool people into paying for copies of Bitcoins.”
This is not the first time he has shunned the Bitcoin hard forks. Recently, Carvalho aka BitcoinErrorLog, challenged Bitcoin Cash [BCH] proponent Roger Ver to a physical duel for the Bitcoin.com domain. Prior to this Twitter brawl, he also criticized the cryptocurrency exchange, Coinbase, for its Bitcoin conversion options to other cryptocurrencies, including BCH.
Bitcoin’s highly anticipated Lightning Network is something Carvalho is excited about. He stated,
“I love it! I’m excited to see how popular it will become and how quickly developers can create new features in the protocol to make it more useful.”
Carvalho echoed a similar sentiment to that of Luke Dashjr, a Bitcoin developer, who agreed to the latter’s proposition that proposed pushing Bitcoin’s block size to 300 KB earlier.
The two main factors according to the CCO that are interfering with Bitcoin adoption are ignorance and fear. According to BitcoinErrorLog, the leading crypto coin is already great at what it does. Rather than global adoption, Bitcoin’s goal should be to make its network useful and reliable for everyone to use it.
Bitcoin’s underlying technology, blockchain, has been adopted by institutional players to create their own stablecoin. When asked about his stance with respect to financial institutions adopting crypto, Carvalho said that he expected them to be left behind. He further added that large corporations that have penetrated the space are more inclined towards blockchain, and crypto experiments in actuality, are centralized experiments.
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Source: AMB Crypto

Bitcoin [BTC] and Litecoin [LTC] Price Analysis: Bulls reign as coins continue to breach resistances

The cryptocurrency market, propelled by Bitcoin’s [BTC] bull run over the past week, witnessed the breach of several previously set resistances. According to CoinMarketCap, the collective market capitalization stood at $170.9 billion at press time.
Bitcoin [BTC] held a market cap of $87.77 billion and registered a 24-hour trading volume of $17.93 billion. The largest cryptocurrency exhibited a slight decline of 1.07% against the US dollar over the past 24 hours. However, it surged by 22.45%  over the past seven days.
Litecoin [LTC], the fourth largest cryptocurrency on CoinMarketCap, registered a market cap of $5.35 billion and a 24-hour trading volume of $3.92 billion. LTC was priced at $87.49 and exhibited a minor rise of 0.02% over the past 24 hours, while registering a surge of 43.45% over the week.
1-day BTC chart
Source: TradingView
Bitcoin’s one-day chart exhibited a major downtrend from $6,459 to $4,186, with no uptrend in sight. The support for the crypto-asset was found at $4,003, $3,715, and $3,272. BTC breached its previous resistances, rallying beyond $5,000. The immediate resistance for the BTC daily chart stood at $5,654 and $6,459.
Bollinger Bands: The mouth of the bands was diverging, depicting a possible price breakout for the digital coin.
Awesome Oscillator: The closing bars of the indicator were green and predicted a bullish phase for the coin market.
Chaikin Money Flow: The CMF was well above the zero-line, suggesting that money was flowing into the coin market.
1-day LTC chart
Source: TradingView
On LTC’s one-day chart, an uptrend from $32.90 to $45.68 was seen. This was followed by a minor correction, and another uptrend from $45.68 to $60.31. A minor downtrend from $89.56 to $34.60 was also seen. The coin was anticipated to retrace July 2018’s glory by breaching the $90 resistance. The support points for LTC stood firm at $28.66 and $23.64.
Parabolic SAR: The dotted markers were below the candlesticks, suggesting a bullish price pattern for the silver coin.
Klinger Oscillator: The reading line was also above the signal line and exhibited a bullish trend for LTC.
MACD: The MACD line was also above the signal line, predicting a bullish phase for the coin.
Conclusion
The daily chart for both Bitcoin and Litecoin projected strong bullish signals for the coins.
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Source: AMB Crypto

Netzmedian pulls April Fools’ Day prank; will not pay its employees in Bitcoin

Netzmedian is not paying Bitcoins to its employees. The crypto community, including several prominent media houses, fell for an April Fools’ Day prank after reports surfaced that the Swiss publishing house, Netzmedian, was paying its employees in Bitcoins instead of fiat.
The latest update to the original post states,
“Update from 2.04.2019: April, April! The editors will have to be satisfied with the Swiss franc, at least for the foreseeable future. The announcement that [Netzmedien] will pay off all wages in future in Bitcoin, of course, was an April Fool.”
The post previously stated that the decision for fiat to crypto conversion was taken owing to the preferences of its employees who opted for Bitcoin. The article also added that there was “no opposition” from employees who were offered to choose between Bitcoin and Swiss Franc.
It went on to quote one of the company members in the same event, who announced conversion of half of the company’s assets by 2022 and help bolster crypto adoption in the region.
The article also said that the media firm was planning to diversify and roll-out pay for its employees in virtual assets other than Bitcoin in the near future, in addition to coins like BitCoen and Jesus Coin as employee wages.
The updated post concluded on a note that read,
“And by the way: Since the announcement, the Bitcoin price has increased according to Coinbase by more than 14 percent. Probably just a coincidence.”
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Source: AMB Crypto

Bitcoin Cash proponent Roger Ver calls out Bitfury; asks them to stop spying on and selling users’ transactions

Roger Ver, in a recent talk with the CEO of SBI Holdings, Adam Traidman, took the opportunity and called out another mining player, Bitfury to stop spying. According to the BCH proponent, Bitfury claimed that a section of its business was busy spying on users’ transactions and selling their data. Ver criticized Bitfury, accusing the US-based blockchain software and hardware firm of spying and selling the transactional data of the users.
Asking people to be skeptical about companies like Bitfury, Ver said,
“.. when you ask yourself why would they [Bitfury] want to limit the block size, it makes it easier for them to spy on every day and it makes harder for cryptocurrencies to become currencies for the world.”
According to the Bitcoin hard fork advocate, the firm was selling user data so that they can to spy on them, while simultaneously advocating against the tools that would facilitate user privacy with their digital assets.
Previously, Kyrylo Chykhradze, the head of Bitfury Crystal, said that keeping tabs on Bitcoin [BTC] and Bitcoin Cash [BCH] blockchains was possible with the help of the exchange’s analytics arm. Chykhradze stated that Crystal, while leveraging a unique clustering algorithm, can determine addresses belonging to specific users. He further added,
“Crystal, which has assisted financial institutions and law enforcement in identifying and tracing criminal activities such as extortion and money-laundering, assigns a risk score based on every bitcoin address that has ever appeared in the blockchain.”
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Source: AMB Crypto

Bitcoin developer proposes ways to solve BTC’s price dip; Twitterverse calls it an April Fools’ Day joke

Bitcoin developer Luke Dash Jr has proposed a way to fix Bitcoin’s price decline by setting a global minimum price for Bitcoins. In a recent tweet by the developer, Dash proposed a Bitcoin soft fork for a minimum price of $50k USD/BTC via Bitcoin Improvement Proposal or BIP that can be deployed in the Bitcoin Core v0.18. Dash posted,

The low #Bitcoin prices have gone on too long.
“Softfork proposal for minimum price of $50k USD/BTC”https://t.co/Si48prViUK
— Luke Dashjr (@LukeDashjr) April 1, 2019

According to Dash, Bitcoin’s price failed to surpass $20k and fell below $15k because a certain section of the Bitcoin community was selling the digital coin for a very low price, which he termed “unreasonable”.
The first BIP suggests a method to explicitly specify and sign the USD/BTC price for transactions.
The developer cited that a new field was added to BTC transactions, which represent “the honest and true” USD/BTC rate. The sender legally validates the valuation of Bitcoins used for the transaction after signing it off. Additionally, “any reasonable exchange rate” can be deployed to come up with the USD valuation for a transaction that is valued in other fiat currencies, apart from the US Dollar.
The second BIP begins with the block height 622370, which is expected on 1st April 2020. According to the developer, a block is dismissed as invalid unless all transactions in it are defined in USD/BTC and specify a value that is at a minimum $50k USD/BTC.
The Bitcoin community on social media did not appear excited about the two proposals. Many users on his original thread called it an April Fools’ Day joke. A Twitter user named hate_hubris posted,
“Over our dead bodies,We are the resistance, UASF for the price at the time Satoshi mined or we’re using the nuclear option.”
This is not the first time Dash Jr has been criticized by the Twitter crowd. Earlier this year, he was engulfed in the block size debate, where he first pitched the idea of reducing the block size via soft fork.
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Source: AMB Crypto

Litecoin [LTC] on an adoption spree; added as a collateral option on Nexo

Litecoin [LTC] witnessed significant adoption this year, both in the traditional sense and in the cryptosphere. LTC, today, has established itself as one of the most preferred altcoins among investors and traders around the world. The digital silver has now been added as one of the collateral options for instant credit lines of Nexo, a digital currency loan provider.
Nexo made the announcement through its official Twitter handle, stating,
Source: Twitter
Their blog post stated,
“Allowing LTC Holders to borrow against their assets rather than sell them when they need access to instant cash adds an incredibly powerful utility feature to LTC.”
Apart from the latest addition, the platform supports options BTC, ETH, XRP, and BNB options, including its native crypto, NEXO. The partnership will simplify selling pressure and make “LTC HODLing” easier in the long run, leveraging the firm’s instant credit lines, a powerful tool for developing tax-efficiency, claimed Nexo in the post.
Litecoin penetrated the entertainment space this year, following its partnership with K-Pop concert production company C&U Entertainment Global, to promote Litecoin [LTC] for the ‘Feel the K-Pop concert’. The virtual asset also forayed into the world’s premier stand-up combat league, facilitating global exposure for LTC after its collaboration with GLORY, an International Kickboxing organization.
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Source: AMB Crypto

Litecoin creator Charlie Lee becomes the Lightning Torchbearer; chain sits at $4200k Satoshi

Litecoin creator and Managing Director of the Litecoin Foundation, Charlie Lee became the latest figure in the cryptosphere to hold the Lightning torch. Litecoin.com announced the development on its official Twitter handle,
Source: Twitter
According to the post by Litecoin.com, the chain had accumulated 4200k Satoshis and the torch had been passed to Bill Barhydt, the CEO of Abra. Lightning Network [LN], Bitcoin’s [BTC] second-layer scaling protocol gained significant traction following the Lightning Torch experiment.
Each new link in the experiment has added 10k satoshis to show the value that can be transferred off-chain, cited the blog post. The experiment saw the participation of several famous people in the cryptosphere in the two months since its inception. Twitter’s Jack Dorsey, Lightning Labs’ Elizabeth Stark, Monero’s Ricardo Spagni, Binance’s Changpeng Zhao, Bitcoin pioneer Eric Voorh, and Anthony Pompliano, among others, had previously held the torch.
The hashtag, #LNTrustChain began trending on Twitter to facilitate communication in the Litecoin community involved in the experiment. It all began with a tweet from @Hodlonaut, which stated:
“Some LN fun.. I send 100k sats with http://tippin.me to the first person I choose to trust that replies to this. That person adds 10k sats and sends 110k to someone [Either from reply to a new tweet, or this thread] .. and so on. How many sats before it breaks?”
@Hodlonaut had earlier admitted that the way the entire chain played out completely blew his mind.
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Source: AMB Crypto