When the idea of digital assets first surfaced back in 2009, a major point of reference towards it possibly replacing the present monetary system was that it was decentralized and transparent. Bitcoin [BTC] led the digital assets’ charge, gaining significant popularity over the years.
In the wake of the recent collective surge exhibited by Bitcoin and other crypto-assets, Tim Draper, a major Bitcoin Bull, took the opportunity to further appreciate the presence of Bitcoin in the financial market. He said,
“It is a better currency. It’s decentralized, open, it’s transparent. Everybody knows what happens on the blockchain.”
However, the thought shared by Draper was not entirely agreed to by many in the crypto-community.
Giacomo Zucco, CEO at BlockchainLabit, made waves after he suggested that the assumption wrapped around Bitcoin and its aspect of transparency, was far-fetched and “retarded beyond belief.”
Zucco opined that any kind of “hard” money would not work in general, if it could not be used as “dark money” for alleged “illegal” activities.
“If the state wants to tax via inflation, it will ban “hard” alternative, just as with physical gold & e-gold. Bitcoin can be “hard” because it’s “dark”. If it wasn’t, it would be useless. Sentences like “cash fiat will be banned to protect negative interest rates, so you will not be able to buy bitcoin with cash”, overlook the fact that the SAME political agenda will push to ban bitcoin to protect negative interest rates.”
He further added that the potential of Bitcoin being used as “protection from inflation” arises only if the virtual asset withstands any legal bans.
“It’s ok to imagine that using Bitcoin anonymously “enough” (nothing is ever “perfect” in this regard) is too hard to be feasible, but then you have to logically conclude Bitcoin has failed.”
It can be argued that Zucco isn’t far from being correct, since Bitcoin has in the past been linked to Silk Road, the famous darknet marketplace where once, in 2013, over 90% of the transactions were taking place using Bitcoin. Silk Road was later closed down by the FBI and DEA.
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Bitcoin falls by over 5% in an hour as major correction ensues; altcoins follow suit
Bitcoin [BTC], the largest cryptocurrency in the world, revisited its glorious highs over the past few weeks. However, it would seem that Bitcoin is falling back to earth since the coin was falling by 5.88% in an hour, at press time.
The coin while falling by 5.88% over the hour, was being traded at $12,251 on Bitstamp exchange. The market cap of the coin was reported to be $224 billion and the 24-hour trading volume was $41.813 billion. Over the past 24 hours, BTC fell by 9.55%, while noting a growth of 35.78% over the week.
The Bitcoin community was rooting for the coin to cross $14k and after the strong bullish momentum showcased by the coin, the target was not a far fetched one. However, the crash suddenly pulled its price below $13k. Twitter user, @aquinastheory, explained the trend,
“First MA/EMA cross to the downside since June 2nd and the time before May 4th. Either new distribution/accumulation is gonna occur here within the next few days, weeks or we’re going down for sure. #bitcoin $btc #crypto #forexsignals”
The coin was highly traded on Binance with BTC/USDT pair, reporting a trading volume of $1.881 billion. BW.com followed Binance, noting a volume of $1.686 billion with BTC/USDT pair. The third place was taken by Huobi Global with BTC/USDT pair, with the volume reported to be $1.578 billion.
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