Here’s the latest cryptocurrency news of 24th November 2018:
Everyone’s Taking Shots At Bitcoin – Novogratz, Anthony Pompliano and Dr. Nouriel Roubini
In a market like this, everyone likes to express their opinion about Bitcoin. Some might be good, some might be bad and some are just interesting.
The famous Crypto investor Mike Novogratz expressed his thoughts on Bitcoin claiming that it ‘sucks’ to have or create a business in these times. Speaking to Financial Times, he declared:
“2017 was just fun, it was almost stupid. [But] this year has been challenging. It sucks to build a business in a bear market…[Staff] anxiety levels go up when crypto goes down…In most traditional business, [such as] Goldman Sachs, you don’t worry. There’s not an existential threat out there.””
Noogratz, known for making bold predictions about the Bitcoin price, is having rough times right now with its company – Galaxy Digital. The company shares dropped 37% since August. Moreover, the Q1 2018 produced losses of $134 million for Galaxy Digital. Q2 though had better results – with $35 million in net income.
On the other hand, Anthony Pompliano is feeling optimistic about Bitcoin’s future. Despite Bitcoin’s youth as a payment option – it’s beaten stocks, currencies, commodities and bonds in terms of performance. He even compared Bitcoin with MasterCard:
“We have very deep conviction on a long-term basis. And if you look at the fundamentals, the 24-hour transaction volume on the Bitcoin network is about $4.6 billion as of lately, and the market cap is $74 billion. So that’s about a 16-times multiple of transaction volume for market cap. That’s very similar to Mastercard which does about $11 billion worth of transactions and is valued at about $180 billion. So from a value perspective, it’s right there on par with Mastercard.”
As he states, don’t listen to the noise. Focus on the fundamentals.
Dr. Roubini Nouriel – one of the people that likes to criticize the blockchain technology and cryptocurrencies – claimed that the Central Bank Digital Currencies (CBDCs) would bring the downfall to cryptocurrency space. Christine Lagarde talked about these last week, expressing interest in bringing the idea to life. Dr. Nouriel Roubini wrote for TheGuardian an article where he express the main points why CBDCs will take over:
- Central banks already have the technology – “a centralised permissioned private non-distributed ledger that allows for payments and transactions to be facilitated safely and seamlessly”
- If there would be a possibility for individuals,corporations and non-bank financial institutions to “make transactions through the central bank,”l CBDCs would be able to replace “the need for cash, traditional bank accounts, and even digital payment services;”
- CBDCs would “immediately displace cryptocurrencies” as they’re not “scalable, cheap, secure, or actually decentralized;”
- Authorities would “soon crack down on” privacy-focused cryptocurrencies that offer “complete privacy.”
Bitcoin Cash ABC’s Mistake
Bitcoin Cash ABC’s new rolling 10 block checkpoint system could put the network at risk. Even this was introduced to defend it against “deep” hostile reorganization, the risk is bigger now for consensus chain splits and offer attackers new opportunities, BitMex claimed. The update was made to introduce checkpoints – which will protect the network from bad actors tricking the network into mining fake versions of its blockchain. The results of this could lead to transactions being reversed or network interruptions.
But this new update increase the risk of the network having a 51% attack. According to TheNextWeb, someone could control the network for as little as $27,000. As we all know, the hashwar between Roger Ver and Craig Wright ended by Roger ver’s Bitcoin Cash ABC winning the BCH ticker. Would Craig profit of this opportunity and attack the network as he repeatedly declared he will?
Monero’s Lead Developer About BAT – They’re The Mafia
Monero’s ”fluffypony” Ricardo Spagni recently took a shot at Basic Attention Token – claiming “They’re basically the mafia.”. It all started when Spagni discovered a “loophole” where the developers of BAT could ” steal funds from users” if they’re unclaimed tokens after 90 days. Moreover, they can also use ‘Sybil attack investigation’ and KYC/AML excuses to prevent you from claiming your coins for 90 days,”.
As for the ‘Mafia’ comment, Eich claims that clawback its available only for BAT tokens granted from the UGP that go unused. The user’s BAT cannot be accessed that way:
“We’re not going to hold a potential grant in limbo forever waiting for it to be used. The only person who can move BAT from a wallet is the person who has that wallet’s key. If we’re talking about BAT that you own, Brave doesn’t have the key. There’s nothing we can do to touch your BAT. BAT in a wallet you control cannot be ‘confiscated.’ KYC has nothing to do with this fact, and in any event, user-provided wallet KYC is not yet implemented.”
Ripple, xRapid and XRP – How Can They Improve E-commerce?
Former eBay Chief claims that Ripple,xRapid and XRP could play a major role in the worldwide growth of ecommerce. He claims that Ripple’s technology alongside with its native token could improve cross-border payments for major companies – such as eBay or even Amazon :
“The buyer wants to know: Did the seller ship the goods? The seller wants to know: Did the buyer pay? Where’s the money? Who’s holding it? And you sort of have PayPal in the middle in most countries, but not in all. And it’s sort of this mysterious guessing game. And it was one of the biggest call drivers in the contact center. We had thousands of people in the contact center answering the mystery questions of where’s my goods and where’s the payment. And even when the buyer did pay, by the way, it didn’t necessarily mean that the seller had the money and it was settled. There was a whole other level of mystery of exactly when that was going to happen.
And so, as I’m listening to the narrative here and sort of the value proposition of blockchain ledgers, certainly Ripple and xCurrent and xRapid, these are the steps and absolutely the right direction certainly for a business like ours, which is a multitude of buyers and sellers, with merchants in 190 countries. We need new solutions because, as I mentioned earlier, we only need to move the needle or move the dial on some of that friction problem in very small increments to have a transformative effect in the financial architecture of our company – or of eBay – we should say.”
Pittman’s opinion is a solid one. But Ripple’s technology and native token are not the only ones that can improve the e-commerce companies. Indeed, the cross-border payments part could be solved using xRapid and there would be a major benefit for the users – as PayPal is not a viable option for payments right now. Using the right technology and make it available globally – we could see a massive growth of e-commerce companies as well as a reduction in the time waited for the goods to be delivered. He claims that right now only 10-20% of transaction in U.S. are online. The others remain to be converted as the technology grows.
Other Important News
- Virtual Coin | The History of Bitcoin’s Predecessors
- Crypto Wallet Company Ledger Resumes Services
- Tezos Korea Foundation Joins Forces with Yonsei University to Promote Blockchain
- XRP and Tron [TRX] voted most popular to be added on Bakkt
- PIVX Gets Bigger as Improvements, Mobile Wallet and Top-tier Exchange Await
If you’ve missed yesterday’s news, you can find them here: Daily Cryptocurrency News – 23rd November 2018
Image Source: manoramaonline
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