Connect with us


Bitcoin [BTC], Bitcoin Cash, Ethereum are heading for trouble: Craig Wright




Bitcoin [BTC], Bitcoin Cash [BCH], Ethereum [ETH] are heading for trouble: Craig Wright
Source: Pixabay

The Chief Scientist at nChain and the man behind the latest developments at Bitcoin SV [BSV] has suggested that top-cryptocurrencies like Bitcoin [BTC], Bitcoin Cash [BCH] and Ethereum [ETH] are heading for a troubled future.

In a series of tweets, Wright spoke about the safety of the commercial nodes of the aforementioned cryptocurrencies and the legal connotations that surround them and their networks.

His tweet in full read:

“Sorry, BTC, BCH, ETH etc are heading for trouble. All have illegal data and are not run commercially.
Bye bye home user meme”

Craig Wright mentioned that this legal research was conducted by him before Bitcoin was born in 2008, when he completed his Masters of Law research and that his first public presentation mentioning Bitcoin was only in March 2009.

He highlighted the aspect of commercial nodes in contrast to home nodes in the tweets that led to the above conclusion, stating that commercial nodes are covered under the safe harbor provisions, so as long as the organizations engage responsibly.

Wright further highlighted that users who hold or push through any sort of illegal content on the network and is not commercial are the ones in trouble. He mentioned this as it was alleged that an illegal picture depicting child abuse found its way to the Bitcoin SV blockchain. Wright replied to the Hard Fork article that exclusively focused on Bitcoin SV network drawbacks that allowed the image to surface, stating that the same can be true for other blockchains like Bitcoin and Ethereum.

Craig Wright stated:

“The ability to verify transactions using SPV does not require a node.
Users who hold illicit data and are not commercial are the ones in trouble.”

On top of the above developments, Craig Wright has also been pushing for increased application-based usage of Bitcoin SV. Last month, the nChain chief scientist formulated the use of the BSV wallet as a smart card system authenticator. Based on nChain’s patented technology, this application will allow for biometric access while complying with the necessary KYC/AML laws.

He also formulated how Bitcoin SV can be used to enhance peer-to-peer online payments. Whilst keeping privacy at the core of the operations, Wright highlighted how BSV can be accepted by web servers and how fiat currencies and other tokens can be exchanged through this application thereby allowing for a more organized system to Bitcoin SV transfer.

Subscribe to AMBCrypto’s Newsletter


Bitcoin [BTC] will take another 22 years to regain its all-time high, says research analyst

Akash Anand



'Bitcoin [BTC] will take another 22 years to regain its all-time high', says research analyst
Source: Pixabay

Bitcoin [BTC]’s rise and fall has been a consistent event that has grabbed headlines in the cryptocurrency space. According to the latest financial analysis conducted by UBS research analyst Kevin Dennean, the fans of the cryptocurrency will have to wait for over 22 years to climb back to its earlier heights of $19,000- $20,000.

Dennean made these claims comparing the pattern of Bitcoin and the cryptosphere with the trends of other financial system crashes like the Dow Jones crash of 1929, the NASDAQ slide in 2000 and the Oil tumble of 2008. The UBS analyst pointed to how a lot of the cryptocurrency’s proponents stated that Bitcoin is en route to a bull surge because ‘other assets did that in the past’. He laid the foundation for the delayed rise of Bitcoin by saying:

“We’re struck by how long it took other asset bubbles to recover their peak levels (as long as 22 years for the Dow Jones Industrials) and how pedestrian the annualized returns from trough to the recovery often are.”

Dennean was also of the opinion that not every bubble that bursts recovers its old highs, taking the example of the Nikkei crash, which after 30 years of its fall, has still not managed to reach its earlier peak, currently trading at around half its all-time highs. The Japanese asset price bubble was an inflated economic bubble in the late 80s where the real estate and the stock market prices were greatly volatile. In 1992, the price bubble burst and Japan’s economic machine came to a standstill.

Another figure used by Dennean was the fact that all the asset classes, including Bitcoin, fell by 75 percent with Bitcoin breaching the 80 percent barrier. After the crash, only the Dow Jones and the NASDAQ provided a reprieve to users after rising back to its earlier highs.

At the time of writing, Bitcoin was trading for $5292 with a market cap of $93.423 million. The 24-hour trading volume was clocked at $12.985.

Subscribe to AMBCrypto’s Newsletter

Continue Reading