Tag Archives: bitcoincash

Bitcoin Cash: Roger Ver’s tweet highlights governments’ double standards

Bitcoin Cash: Roger Ver’s tweet highlights governments’ double standards

                              

 

India’s proposed “draft bill” that was released by Bloomberg Quint

earlier this week had caused a massive uproar in the crypto community. The lack of clarity and ambiguous cryptocurrency climate drove Zebpay, an app-enabled crypto exchange, from the country to Malta. The current version of the ‘draft bill’ renders mining, generating, holding, buying, selling or dealing in cryptocurrencies both “directly or indirectly” illegal in the country. This could potentially be a huge blow to the growing Asian cryptocurrency adoption.

The crypto regulatory climate in another Asian country, Indonesia is fairly better than India after the former announced rules which made it mandatory for the cryptocurrency futures exchange to be registered an approved before operating, thus, bringing clarity to the table. However, Roger Ver, the CEO of Bitcoin.com and a prominent face in the crypto realm, cited a banner which read “Use Rupiah in every transaction in Indonesia” and violation of which is a punishable offense,

A Twitter user, Lutfi, commented on the above thread,

“the point is because rupiah in indonesia more low rate than dollar us.. so much fear when bitcoin uptrend in 2017 until the bubble explode, bank indonesia makes announcement about regulation digital asset not to use as transaction and then investor take down the asset..”

Article Produced By
Chayanika Deka

Chayanika holds a Journalism degree and is currently working with AMBCrypto. She is inquisitive about everything that the Blockchain Technology has to offer.

https://ambcrypto.com/bitcoin-cash-roger-vers-tweet-highlights-governments-double-standards

 

Deb Williams (hodlthrive)

Vitalik Buterin appreciates Bitcoin Cash for scheduling implementation of Schnorr signatures ahead of Bitcoin

Vitalik Buterin appreciates Bitcoin Cash for scheduling implementation of Schnorr signatures ahead of Bitcoin

                                

Vitalik Buterin, the brainchild of the second largest cryptocurrency,

Ethereum, spoke at ETH Cape Town on April 2019. Speaking about the forks of Bitcoin, Buterin said that Bitcoin Cash SV was overrated and considered Bitcoin Cash to be underrated.

Buterin said:

“I think BSV is like still overrated for as long as the market cap has multiple digits; In Bitcoin cash, I think it’s actually underrated at this point.”

He added that Bitcoin Cash community has become “sane”, as the recent fork of Bitcoin Cash [which split into Bitcoin Cash ABC and Bitcoin SV] “expunged” the Bitcoin SV community. Specifically,

he stated:

“If you actually follow the community, they’ve just become considerably more sane ever since they’ve expunged the Bitcoin SV people”

The fork of Bitcoin Cash into Bitcoin Cash ABC and Bitcoin SV took place in November 2018, which, at the time, was the center of attention in the crypto community. The ABC faction of the fork, supported by Roger Ver and Jihan Wu, performed considerably better than the faction supported by Craig Wright and Calvin Ayre. Ever since the fork, Bitcoin Cash has performed better than Bitcoin SV, both in terms of price and community adoption. The price of Bitcoin Cash [formerly Bitcoin Cash ABC], at press time, was $288 and had a massive market cap of $5.11 billion compared to BSV’s numbers that were relatively lower. Bitcoin SV, at press time, was $53 and had a market cap of $945 million. In terms of the ranks of the two coins, BCH was the fourth largest cryptocurrency, however, BSV was the fifteenth largest cryptocurrency.

Buterin further added:

“… they’re [Bitcoin Cash] getting Schnoor signatures ahead of Bitcoin like that’s yeah they’ve got like real technical talent in there.”

Bitcoin Cash announced recently that they would be implementing Schnorr Signatures on the mainnet and they’ve also added the same on the testnet, where users can test the feature. According to the announcement, Schnorr Signature will be implemented on May 15, 2019. Bitcoin developers have not quite mentioned the implementation of Schnorr Signatures and other privacy/security additions to the Bitcoin blockchain. However, there have been discussions about implementing the same.

Article Produced By
Akash Girimath

Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

https://ambcrypto.com/vitalik-buterin-appreciates-bitcoin-cash-for-scheduling-implementation-of-schnorr-signatures-ahead-of-bitcoin/?utm_source=telegram.me&utm_medium=social&utm_campaign=vitalik-buterin-appreciates-bitcoin-cash

Deb Williams (hodlthrive)

Investor: Bitmain Firing 80 Workforce is Bad for Bitcoin Cash and Litecoin

Investor: Bitmain Firing 80% Workforce is Bad for Bitcoin Cash and Litecoin

    

According to several reports, crypto mining giant Bitmain is running out of funds.
And it could be bad for Bitcoin Cash and Litecoin.

$315.5 million worth of Crypto-Assets

Kyle Samani, the co-founder of Multicoin Capital, a crypto fund, warned in a Tweet that Bitmain would liquidate its crypto-assets to accumulate fiat-funds for its business operations. The prominent analyst cited recent media reports that have accused the Beijing company of laying off half of its staff. Among the fired – as reported – is a team that was working on the development of a Bitcoin Cash client.

According to a leaked financial document surfaced in August this year, Bitmain currently holds 930,932 LTC (~$28.6m), 1,021,316 BCH (~$176.7m), 22,082 BTC (~$83.3m), 312,424 DASH (~$26m), and 1,097 ETH (~$142k) tokens. At press time, the fiat-equivalent of Bitmain’s entire crypto asset portfolio amounts to be near $315.5 million. Whether or not Bitmain has already encashed some part of its crypto portfolio could not be found. But, according to Samani, the fact that the Chinese crypto mining holds a large number of digital currency reserves itself leads to a possible selling scenario. That, of course, is possible only when Bitmain feels itself running out of cash despite firing half of its workforce.

Is Bitcoin Under Selling Pressure?

Bitmain, like any other retail investors in the crypto space, would be less likely to dump its Bitcoin reserves, mainly because it is among the few crypto assets that are looking at a promising future as the new year kicks in. The same could be told about Bitcoin Cash, which Bitmain whole-heartedly supported during the November “hash war.” But since the firing of Bitcoin Cash development squad, the probability of Bitmain holding its Bitcoin Cash reserves looks meager.

Then again, layoffs itself are a kind of a bullish indicator — a company practices downsizing when it wants to govern its spending against its revenue. Bitmain, like any other crypto company, launched new products while driven the crypto euphoria of late 2017. But as the demand evaporated for its line of products – crypto-mining chips in particular – the company had to restrategize its priorities in hopes to survive the crypto’s most depressive phase.

What’s Next?

Bitmain could also choose to look for additional capital without spending many brains on selling their crypto reserves. The firm has already shared its plans to go public via a $12 billion IPO round in Hong Kong. Just recently, its application to the Hong Kong Exchanges and Clearing Limited (HKEX) met the possibilities of rejection. The company could file another IPO prospectus in the future after fixing its infrastructure, beginning with a layoff that is already taking place.

Bitmain raised $400 million from a pre-IPO funding round led by Sequoia Capital. The company currently holds a 67% share in the market for bitcoin mining equipment, and it provides about 60% of the mining industry’s entire computing power.

Article Produced By
Davit Babayan

https://www.newsbtc.com/2018/12/26/investor-bitmain-firing-80-workforce-is-bad-for-bitcoin-cash-and-litecoin/

Deb Williams (hodlthrive)