Connect with us

Bitcoin

Bitrefill CCO John Carvalho ‘senses’ ulterior motive behind Roger Ver backing Bitcoin Cash

Avatar

Published

on

Bitrefill CCO John Carvalho senses ulterior motive behind Roger Ver backing Bitcoin Cash
Source: Pixabay

John Carvalho, the CCO of Bitrefill and an advocate of Bitcoin [BTC] has time and again asserted that all hard fork coins are scams. Echoing a similar sentiment at a recent talk session on ‘Letstalkbitcoin.com’, Carvalho said that Roger Ver strongly backing Bitcoin Cash [BCH] and the cryptocurrency exchange Bitmain was likely to have stemmed from the aspect of ego, take control, and strategic aspect.

Roger Ver has time and again voiced his opinions stating that Bitcoin’s block size was a major setback for the network. However, Carvalho is of the opinion that block size cannot be the only factor for the BCH proponent to back the fork coin. The CCO said that SegWit protocol update has been successful in increasing the block size even as it did not increase it repeatedly. He also cited that Bitcoin was finding it “hard” to increase its block size repeatedly.

Sensing a hidden agenda behind supporting the fork coin, Carvalho aka BitcoinErrorLog said that Ver’s motivations behind backing BCH were a “mystery” to him. According to the Bitcoin enthusiast, if Ver can own Bitcoin.com, the Bitcoin handle on Twitter, and have significant mining hash power, then it is likely that they [Roger Ver] can sell those “fake Bitcoins” to people.



He went on to say that BCH is a scam and if people want to invest in sh*tcoins, there are many sh*tcoins or inferior coins in the cryptocurrency market other than BCH. He also believes that no one should hold the Bitcoin hard fork coins or deal in it.

According to the CCO, as long as the network has appropriate liquidity, time and transaction fees for the transfer of value, even an inferior network will be able to successfully execute it. However, he vouched for Bitcoin for the purpose of the storing value or building things on top of the blockchain network.





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



Chayanika holds a Journalism degree and is currently working with AMBCrypto. She is inquisitive about everything that the Blockchain Technology has to offer.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

JP Morgan: Big banks stand corrected as Bitcoin rally past intrinsic value; admits current surge mirrors 2017 rise

Avatar

Published

on

JP Morgan: Big bank stands corrected at Bitcoin rally past intrinsic value; admits current surge mirrors 2017 rise
Source: Pixabay

Big banks are riding a FOMO wave as the Bitcoin bull-run is just beginning. Spearheaded by the changing colors of JP Morgan, which recently forayed into the digital assets world, the banking elite is now suggesting that their initial stance on Bitcoin and the larger cryptocurrency world might have been off.

A recent chart by JP Morgan shows the current BTC price veer upwards chiding the “intrinsic value” the big bank placed on the virtual currency.

Based on the article by Bloomberg, the price of the coin would reverse towards the end of December 2018 and then make marginal gains until May 2019, all under the $5,000 mark. In reality, the BTC price, after dropping to “rock bottom” at just above $3,100 in early December 2018, edged upwards.

Several spurts of growth were seen in early January and February, prior to a massive April ascendance. On April 2, Bitcoin did away with the bank’s value mode and amassed a daily gain of over 15 percent, fuelling its current rise. Breaking the $5,000 ceiling in the process, which was pegged to remain intact well into May 2019, the king coin is now almost $3,000 ahead of the mark and is not looking to stop.

Source: Bloomberg

It should be noted that JP Morgan’s “intrinsic value” is calculated on the basis of the marginal cost of production, electricity prices, and hash rates. This model does not take into account, at least on absolute terms, the anticipatory effect of the 2020 halving, which, according to a slew of analysts is the behind the price rise.

Nikolaos Panigirtzoglou, the MD in the Global Market Strategy team at JP Morgan stated that Bitcoin breaking through its “intrinsic value” showed signs of mirroring its 2017 bull run. He evidenced this move by comparing the pre-December 2017 slump to the one seen prior to the current bullish swing.

The analyst added:

“Over the past few days, the actual price has moved sharply over marginal cost. This divergence between actual and intrinsic values carries some echoes of the spike higher in late 2017, and at the time this divergence was resolved mostly by a reduction in actual prices.”

With the analyst admitting that the imparting of an “intrinsic or fair value” to a cryptocurrency, much less a volatile one like Bitcoin, is a “challenging” ordeal, a mere JP Morgan acknowledgement of a Bitcoin bull-run is a remarkable sign for the digital assets industry, especially given the bank’s and its CEO Jamie Dimon’s Bitcoin-bashing in the past.

Mati Greenspan, senior market analyst at eToro attested to the same, adding a key point that JP Morgan failed to take into account in their calculation. He stated:



“Great to see JPM finally admitting that Bitcoin has intrinsic value.
Now wait till they understand that miners who run a surplus tend to begin hording.”

Despite Bitcoin slumping at press time, recording a 1.23 percent decline against the dollar, the prospects look positive. After recording a massive gain on 19 May, briefly surging past $8,000 for the second time in a week, Bitcoin created a High-Low [HL] at $7,100, which many analysts look at with glee.

This HL immediately following last week’s pull-back caused due to post-Consensus bears, a Bitstamp sell-order and market correction showed the king coin’s bullish persistence and can even be a foundation for a $9,000 ascendance, defying any “intrinsic value” expectations.





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending