Prices of major cryptocurrencies took a u-turn after Bitcoin [BTC], the largest cryptocurrency in the world, pumped by a massive 4% in an hour. This pump led the king coin to briefly touch $8k, before falling back to the $7k mark
The coin was in a slump after first plunging under the $8k mark and since then, it has been trying to rally above $8k. At press time, Bitcoin had breached the $8k mark and was trading at at $8,039. The market cap of the coin was noted to be $141 billion, with a 24-hour trading volume of $19.204 billion. As per the data collated by CoinMarketCap, the coin fell by 6.68% over the past week, but started to ride the bullish wave over the day and continued to rise by 4.83% in an hour.
At press time, LTC had pumped by a massive 11.24% in an hour and was trading at $124.22, with a market cap of $7.721 billion. The 24-hour trading volume of the coin was noted to be $5.039 billion, as it surged by over 6% over the day and 10.51% over the past week.
This pump resulted in Litecoin [LTC] setting a new high for 2019 and re-visiting the high of June 2018. Since then, the coin plunged by over 80% and was valued at $23, before its price pushed up in 2019.
EOS followed LTC and BTC’s lead and surged by 6.07% over the hour. It was trading at $6.43, at press time. The market cap of the coin was reported to be $5.88 billion, while the 24-hour trading volume was noted to be $2.51 billion. Over the past seven days, EOS had plunged by 13.04%, but recovered from it over the day.
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Facebook’s Libra ‘sounds an awful lot like Proof-of-Stake’ and will ‘run into Ethereum’s problems,’ claims Jameson Lopp
Facebook’s “The Libra Blockchain” whitepaper has created quite a frenzy, not only in the cryptocurrency ecosystem, but also with U.S. government officials. Some people claim that Libra is not a blockchain, while others claim that it is going to kill Ripple, XRP and other similar blockchains. However, Jameson Lopp had a different view, claiming that the Libra blockchain has not solved massive problems that Ethereum has.
Lopp in his Medium article dissected the whitepaper and stated that the Libra Blockchain will be controlled by a set of authorities in a top-down fashion and that it will eventually move from a permissioned to a permissionless blockchain. The blockchain will offer a global currency – Libra coin, which will be backed “with a basket of bank deposits and treasuries from high-quality central banks.”
Since the whitepaper mentions that it will eventually move towards a permissionless and an open system, Lopp speculates that it “sounds an awful lot like Proof of Stake” and like Ethereum, it will face the same problems. He said,
“Apparently the plan is to open up membership after 5 years and hopefully they’ll have figured out Proof of Stake by then… I expect they’ll run into the same problems as Ethereum!”
Lopp added that “Calibra Wallet,” which is used to store the Libra coins, is the only wallet that can hold the coins for now and that it will require strict KYC/AML compliance. Since the blockchain conveniently replaces “stablecoin” for “resources,” Lopp speculates that it will concentrate more on smart contracts since it is built on a custom smart contract programming language called “Move”.
In addition to facing similar problems as those faced by Ethereum, the Libra Blockchain is facing more issues from a political and a regulatory standpoint. There was a lot of speculation even before Facebook dropped the whitepaper.
According to Reuters, United States House Financial Services Committee Chairwoman Maxine Waters issued a statement to halt/pause any and all developments on the project, until and after the Congress and other regulatory bodies have finished reviewing it. A senior Republican, Patrick McHenry, is also calling for a hearing on Facebook’s new cryptocurrency.
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