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Bitcoin [BTC] developer says “EOS is a scam” and the platform would not benefit new developers

Ajay Narayan

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Bitcoin [BTC] developer says "EOS is a scam" and the platform would not benefit new developers
Source: Pixabay

Jimmy Song, a Bitcoin developer, and an educator spoke about the young developers in the cryptocurrency space and the projects the new generation had to focus on, in a recent interview with Crypto Insider. He also gave his insight on the EOS platform and the other interesting projects which could attract new developers.

He started off by saying that “EOS is a scam” and he felt that working on the EOS platform would not benefit new developers.

Song added that new developers had to focus on open-source projects which would give them a lot of chances to learn about the cryptocurrency ecosystem. Furthermore, developers in such open-source projects had a lot of experience and it is a desirable marketplace with incredibly rare people who could share their knowledge. He added:



“It isn’t that difficult to find someone that will hire you and a lot of these ICO projects will flush you with money but have no developers, and often times they will come and offer a lot of money”

According to Song, it was important for these young developers to clearly understand the platform they want to work towards, as EOS according to him would “will die in a horrible dumpster fire in the next five years”. Furthermore, joining an ICO would not benefit them or contribute to improving there records. He added:

“I think most people will do fine trying to learn, getting better and seeing what market opportunities there are. It might involve getting an entry-level job at certain Bitcoin-related companies, or it might be creating a new open-source project”

Jimmy further added that if he was a young developer entering the cryptocurrency space then he would definitely not work towards projects like EOS or ICOs. He would stick with Bitcoin and figure out a solid way of contributing to an open-source. He added:

“The nice thing about being young is that the world is your oyster, right? There’s a lot of opportunity”





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Ajay Narayan is a full-time journalist at AMBCrypto. He has majored in Economics, Political Science and Sociology. His interests are inclined towards writing and investing in cryptocurrencies.

Analysis

Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market

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Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market
Source: Pixabay

Bitcoin’s much-awaited Golden Cross, which many analysts claimed will lead to a resurgence of a bullish market, has been confirmed. The intersection of the 200-day moving average and 50-day moving average, which indicates the Golden Cross, was achieved over the past few hours.

Earlier today, the top cryptocurrency saw a massive rise after days of sideways movement. Bitcoin’s ascendance saw it break the $5,350 resistance level, which eToro’s Mati Greenspan had previously suggested will consolidate “buying pressure.”

Source: TradingView

Additionally, a major psychological level of $5,500 was also surpassed less than three weeks after Bitcoin broke the $5,000 mark.

The Golden Cross theory holds credibility among analysts in the cryptocurrency realm as it infers that the coin’s average price is above its 200-day equivalent. For the first time in over a year, the cryptocurrency market has seen its 50-day MA move above the 200-day MA, which according to many is a sign of a bullish market.

On the opposing side of the Golden Cross indicator is the Death Cross, where two indicators cross over into a bearish market i.e. the 200-day MA moves above the 50-day MA. The Death Cross manifested in April 2018, after the prices went into a free fall following the December 2017 high.

In April 2018, BTC was priced at just over $7,000, following which it lost more than 50 percent of its price by the end of the year. The price of the king coin has recovered exceedingly well in 2019 however, winning back almost 50 percent of its lost value.

Many analysts, including Greenspan, agree that the crossing of the two moving averages is a clear testament to the return of the bull market. Although he didn’t quite use those words, Greenspan tweeted,

“Ladies & Gents… The Golden Cross!
Bitcoin’s 50-day moving average (gold) crossing above her 200-day moving average (blue). 📈
This is yet another sign that we’re back in a🐂market. 🚀🌛”

However, in an exclusive interview with AMBCrypto last week, Greenspan had stated that the Golden Cross theory is a “lagging indicator,” as the Death Cross was last seen in April 2018, months after the market took a bearish turn.



In his view, the 200-day moving average is the key indicator. On April 2, Bitcoin broke this mark for the first time since March 2018, by recording a massive 17 percent daily gain and rising above $5,000.

Based on historic price changes with reference to the Golden Cross, the last time the 50-day MA soared above the 200-day MA, price of Bitcoin rose by over 8000 percent from $246 in October 2015 to almost $20,000 in December 2017. Given past market movements, the current market scenario, and the optimism in the air, the Golden Cross may just have initiated the Bitcoin bull market.





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