Calvin Ayre, a businessman with an inclination towards the cryptocurrency space, Bitcoin Cash [BCH] in specific, posted a tweet on 30th September. Here, many incompetencies of the Wormhole protocol by Bitmain were mentioned, stating the idea as unreliable and invalid.
Wormhole is a protocol that is to be implemented by the BCH community and is scheduled for November 2018. This has caused a huge conflict among the members of the ecosystem. In this ongoing battle, Ayre sided with Craig Wright, the Chief Scientist at nChain whereas Bitmain found its support from Roger Ver, another BCH proponent who claims to be a significant part of the Bitcoin ecosystem in its early days.
One of the many accusations made by Ayre’s Coingeek is that the protocol will compromise the security of the BCH network. According to the nChain proponent, this can lead to the regulators raising questions regarding the reliability of the network, hence, hampering its growth.
The proposition by Bitmain is also based on the idea of issuing new tokens called WHC, which can only be attained by the users on sending BCH to a burn address. Coingeek author opposed this idea strongly and wrote:
“In order for a burn to take place, a special burn address needs to be created and this presents another problem—you can’t actually back anything in a burn. This means that the Bitcoin BCH sent to the burn address would become invalid.”
Furthermore, the post stated that the burn is an equivalent of destroying the asset, leading an asset to become worthless and irrelevant to the user.
However, not many Twitter users who follow the cryptocurrency space are convinced with Ayre’s viewpoint of Wormhole. A user named LedByReason took to the comments section and criticized the post. The user wrote:
“This is a bizarre article. I don’t see how one can stop wormhole cash on a decentralized network.”
Jason Gaylord, another blockchain space follower and Bitcoin Cash enthusiast stated:
“I believe when he says “it will never be allowed” he is saying a hash war is inevitable and he doesn’t expect to lose it.”
Winklevoss Twins launch new app; say they are “at home” with the crypto-winter
Even though the cryptocurrency market has been brutal and tough, the well-known Winklevoss twins think otherwise with their new application which allows users to buy Bitcoin [BTC] and other virtual currencies.
Earlier today, Cameron Winklevoss published a blog in which he talks about the new app which is up and running on Google Play and App Store. The app allows purchase of Gemini’s five cryptocurrencies. The app also includes Know-Your-Customer [KYC] with facial scanning and other biometric proofs in order to comply with the AML laws and avoid money laundering.
Tyler and Cameron Winklevoss are very bullish on the future of Bitcoin and instead of HODLing and waiting for a bull run, they said that they were working on making the ecosystem better. They also added that they had recently employed new Park Avenue offices.
The mobile comes as a new way to face the crypto-verse after getting their ETFs rejected by the U.S. Securities and Exchange Commission [SEC] multiple times.
The twins said that they were right at home with the crypto-winter and Cameron added that “We can weather this downturn”.
Apart from the mobile app, the twins have also launched an investment fund in the mobile app that consists of multiple cryptocurrencies like Bitcoin [BTC], Ethereum [ETH], Litecoin [LTC], Zcash [ZEC], and Bitcoin Cash [BCH].
All of the above-mentioned cryptocurrencies are added to their listings only after a thorough approval from the New York Department of Financial Services [NYDFS].
“For many years when we were building Gemini, price wasn’t a thing. Bitcoin was a $200 coin. Then, last year is actually an anomaly, and almost, you could argue, a distraction.”
Unlike Coinbase’s or Kraken’s mobile apps, Gemini has been targeting institutional investors by building financial infrastructures.
The decision by the twins comes in the bear market that has sliced off a large chunk of the market cap from most of the cryptocurrencies.
Bitcoin, the largest cryptocurrencies has witnessed a collapse of 82% since its all-time high and the market cap of all the cryptocurrencies which was $200 billion short of reaching $1 trillion dollar mark. However, the brutal bear market of 2018 has caused the overall market cap to slide down to a mere $107.84 billion.
Bitcoin SV [BSV] plunged by 3.42% while Litecoin [LTC] falls by 24.21% over the week
The cryptocurrency market has been going through some tough time for the past few and on December 11, the market saw a different color of red. Two of the coins which faced the brunt of this vermilion market were Bitcoin SV [BSV] and Litecoin [LTC].
According to CoinMarketCap, BSV, which ranks eighth on the list, was valued at $89.68 with a market cap of $1 billion. The coin’s 24-hour trade volume was $57 million and had plunged by 8.96% over the past seven days. However, the coin slipped by only 1.69% over the past hour, at the time of press.
According to the 24-hour trade volume, GDAC registered the highest trading volume of $15 million with BSV/KRW. GDAC is followed by BitMart for the second and the third position. On the second position, BitMart registered a trading volume of $7.28 million with BSV/BTC pair. The third position recorded a trading volume of $7.23 million with BSV/USDT pair.
LTC, which ranks ninth on the CoinMarketCap list, was valued at $1 billion with a market cap of $4million. The coin recorded a 24-hour trade volume of $4 million with a dip of 4.67% over the past seven days. However, the coin dove nose first by 0.87% over the past one hour.
According to the 24-hour trade volume, the maximum trading volume was registered by DOBI trade, with a market cap of $84 million for LTC/BTC pair. It was followed by Bibox, which registered a trading volume of $23.8 million with LTC/USDT pair. On the third place was OKEx, which noted a volume of $23.4 million with LTC/BTC pair.
Amongst the highs and lows of the market, the two coins suffered a loss of 3.42% for BSV and 24.21% for LTC. The coins are being ravaged by the bear and it looks bitter at the moment.
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