The Bitcoin Cash [BCH] hash war has been a topic that has been hotly followed by many of those in the cryptocurrency space for more than 3 months, but offered an extremely unsatisfying conclusion.
The clash was even more hyped up in the week leading up to the fork, with the winner being clear from the beginning: Bitmain. However, Craig “Faketoshi” Wright, who found himself on the opposite side of the war, still seems to not have accepted that Bitcoin ABC is the dominant chain.
Appearing in an interview on CNBC’s Crypto Trader segment, Wright spoke about the outcome of the hash war, quoting a strategy that he called “persistence hunting”. He stated that this was a technique where nChain would mount an “endurance attack” on the BCH ABC chain. Wright did mention that they were going to support the original chain, but not “waste a lot of money doing it”. Detailing his strategy, he stated:
“We will move mining equipment back and forwards between BTC and Bitcoin. As we’re doing that, we earn money on BTC which we then sell. [This] pays for our electricity. At any point no one knows whether we’re moving hash rate over to BTC or we’re seeking to rework the chain.”
Moreover, he stated that the removal of the hashrate from the SV chain will drive Bitmain to throw hash rate off BTC, which will cost money on the ABC side as they will burn the money they own.
While speaking about which implementation will be awarded the BCH ticker symbol, Wright stated that he would still call the SV Chain “Bitcoin”, as they were following the original whitepaper, which was allegedly written by him. He also detailed his plans for returning it to the original idea of Bitcoin. He stated:
“We are going to return it to Bitcoin 0.1. We’re going to fulfill the original version of Bitcoin, we’re going to get rid of a lot of these silly additional ideas. People thought it’s really about drug trades and privacy and anarchy. We want to make it cash. Cash my grandmother will use, cash that I’ll be happy to give for the children to pay at a tuck shop.”
Anthony Pompliano’s Morgan Creek Digital Capital makes strategic investment propagating mass crypto adoption
The cryptocurrency market was helped along in its pursuit of mass adoption, with many proponents of the space lending a helping hand. The latest news about the bigger players in the cryptoverse included the tie-up between Morgan Creek Digital Capital and Ikigai Asset Management.
The official release stated,
“Morgan Creek Digital announced today that it will be the lead anchor investor in Ikigai Asset Management’s flagship fund focused on executing systematic and fundamental liquid hedge fund strategies as well as opportunistic venture-stage crypto asset investments. Ikigai is a crypto asset management firm launched in December 2018 by former Point72 Portfolio Manager Travis Kling and partners Timothy Lewis, and Anthony Emtman.”
Morgan Creek Digital partner, Anthony Pompliano, is a voracious supporter of Bitcoin, and has held a bullish viewpoint about the world’s largest cryptocurrency. Post the partnership with Ikigai, Pompliano talked about the company’s positive devleopments, and claimed that they were well-positioned to capture the outstanding returns brought by cryptocurrencies in the coming future.
Ikigai Chief Investment Officer Travis Kling said,
“DLT and crypto assets are fundamentally changing our world. We are honored to receive this investment from Morgan Creek Digital and look forward to working closely together with Mark, Jason, and Pomp in this exciting arena.”
Pompliano recently sat down with Galaxy Digital’s Mike Novogratz to discuss elements like liquidity, trust and custody that need to be given a boost. Novogratz stated that the cryptocurrency market was presently a booming place of business, especially with the entry of companies like JP Morgan, Telegram and Facebook. He further claimed that it was a big opportunity to invest, with Wall Street sentiments changing. The Galaxy Digital CEO added,
“Wall street earlier thought that you shouldn’t take risks on something small like cryptocurrencies. They are getting close though, not doing anything but are getting really ready. We are anyway working hard on the security token business and I promise you this, the upcoming tokens and ICOs will be a lot bigger but less sexy.”
Cryptocurrency client base up by 122% in 2018, suggests Silvergate Bank’s report filed with the SEC
The advent of the bear market created a ruckus in the world of cryptocurrencies, with prices crashing, and market caps becoming a shadow of its highs in 2017. According to a recent report released by Silvergate Bank however, the number of clients coming into the field of cryptocurrency surged, despite the coins’ poor performances.
The report stated that in 2018, the number of its clients venturing into the digital assets world stood at 542, while it was just 244 in 2017. Total deposits also increased by 8 percent, from $1.46 billion to $1.58 billion. Despite the positive news however, Silvergate Bank warned users about the risks involved in the space. The bank stated,
“Our business is subject to many substantial risks and uncertainties you should consider before deciding to invest in our common stock … including risks that that the digital currency industry may not gain widespread adoption, that legal and regulatory uncertainty regarding the regulation of digital currencies and digital currency activities may inhibit the growth of the digital currency industry, that our low-cost funding strategy may not be sustainable, that our deposits may be adversely affected by price volatility.”
The report also listed out the factors affecting the development of the digital currency industry, which included factors such as price volatility and the involvement of the Securities and Exchange [SEC]. The report elucidated,
“…government and quasi-government regulation of digital currencies, their use, and intermediaries and other businesses involved in digital currencies, noting in particular that the SEC has taken action against several cryptocurrency operators and has raised questions whether certain digital currency exchanges must be registered with the SEC to continue operating;”
Other factors affecting the propagation of digital assets included the restrictions on or regulation of access, related to cryptocurrency exchanges. The SEC has been quite active with respect to the field of cryptocurrencies, something made evident by the comments from Valerie Szcepanik, the SEC’s advisor for Digital Assets. She said,
“I’ve seen stablecoins that purport to control price through some kind of pricing mechanism, whether it’s tied to the issuance, creation or redemption of another type of digital asset tied to it, or whether it is controlled through supply and demand in some way to keep the price within a certain band.”
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