Recently, Erik Voorhees, the Founder of ShapeShift spoke about Bitcoin and the evolution of the coin in the past 10 years and the companies that survived the space for such a long time, during a discussion with Naomi Brockwell on Youtube.
The CEO of a leading cryptocurrency exchange started off by speaking about projects that either failed or disappeared over the past 10 years in the market and whether it was foreseen or not. Voorhees admitted that there have been many companies that have disappeared in the past ten years, however, there were not any which shocked him.
He gave an example of Mt. Gox, which was once the biggest Bitcoin exchange platform and Silk Road, the famous online black marketplace. He said:
“I mean Mt. Gox was starting to have lots of problems and it was clearly on the downturn. When that blew up, you know, that could have been seen a mile away. Silk Road was always a hugely risky operation, which ultimately did get shut down but of course that model live on and there are many more dark net markets at this point.”
Voorhees also stated that it is interesting to see the companies that have continued to survive in this market. He quoted the example of Coinbase, which has been in the market for over five years and recently raised $3 million in their Series E funding with a valuation of $10 billion. He also added Bitpay, and Zappo, one of the biggest Bitcoin wallets which have built a model that has not been hacked.
He further added:
“I think that’s a huge victory. I mean it is capitalism. There are many companies, most startups fail, most projects fail, but ultimately the ones that are put together will persist and get better and better. We have a whole ecosystem in a whole industry that is sprouted out of nothing ten years ago”
Furthermore, Voorhees spoke about the growth and adoption of Bitcoin. He believes that Roger Ver, known as Bitcoin Jesus, was one of the main people who contributed the most for the adoption of Bitcoin by onboarding more individuals through taxi/cab rides and restaurant visits.
“He did that thousands of times. Literally. I mean people care about this, they see that it’s sensible means of exchange that’s as important to the world as an insensible means or insensible means of communication and speech and not everyone gets that, you know, I think when a lot of these struggles for liberty, the majority doesn’t quite understand it or care and so, you basically have a dedicated minority that has to risk it all and push it forward and struggle through every obstacle to actually bring it to the rest of the world”
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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
Crypto News – 25 May – Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
— AMBCrypto (@CryptoAmb) 25 May 2019
Daily Crypto News – May 25
1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.
Read more at https://bit.ly/2VRQwb0
2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.
Read more at https://bit.ly/2W40sTR
3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.
Read more at https://bit.ly/2X6fdlw
4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.
Read more at https://bit.ly/2McaTjE
5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.
Read more at https://bit.ly/2wmk4mJ
6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.
Read more at https://bit.ly/2HUEnNB
7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.
Read more at https://bit.ly/2W64KKj
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