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Crypto-users call Bitpay ‘Bitcoin hostile’; Samson Mow supports users

Namrata Shukla



Crypto users call Bitpay "bitcoin hostile"; Samson Mow supports the users
Source: Pixabay

On May 23, AT&T announced that they will be accepting Bitcoin as a payment medium through Bitpay. This opened the door to massive mainstream adoption of Bitcoin, enabling people to spend their Bitcoin [BTC] for daily activities. According to The Block, Bitpay will be processing these transactions and will provide AT&T with cash for the same.

Bitcoin [BTC] proponent, Anthony Pompliano AKA Pomp, spread this news on his Twitter handle where he wrote:

“AT&T just announced that they will now accept Bitcoin for bill payments. There are only 21 million. Everyone is trying to accumulate Bitcoin”

While many users suspected this as a set up for 2020, one Twitter user, @Ragnarly was of the view that AT&T might be accumulating fiat instead of BTC. They added:

“AT&T is not trying to accumulate bitcoin. They’re accumulating fiat, using the bitcoin-hostile payment processor BitPay, who, with these profits, can continue existing as a cancer on BTC. Sorry Pomp, this is a bad take.”

Pomp was quick to ask the user about his take on Bitpay being “bitcoin hostile”, to which the user replied that Bitpay’s support of SegWit2x and “spreading lies” led to an increased network fee for BTC, while “pushing BCash [Bitcoin Cash], using BIP-70, SegWit feet dragging & more”.

The CSO of Blockstream, Samson Mow also joined the conversation supporting the Twitter user by saying:

“They’ve tried to externalize their business costs onto the #Bitcoin network 4 or 5 times by supporting hostile forks.”

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Namrata is a full-time journalist and is interested in covering everything under the sun, with a special focus on the crypto market.


Economist Stephen Moore joins project touted to be ‘world’s first decentralized crypto central bank’

Biraajmaan Tamuly



Stephen Moore; Former Wall Street editorial board member joins new "mini-Federal" cryptocurrency backed entity
Source: Pixabay

Stephen Moore, former member of the Wall Street Journal editorial board and popular economist, recently attempted to join the Federal Reserve. Alas, he was denied the opportunity. Now, the economist is back in the news again.

According to a report by Fox Business, Moore has joined a group of entrepreneurs who plan to kick-start their very own ‘Federal entity’ named “Decentral,” which incidentally will be labelled as the “the world’s decentralized central bank.”

Sam Kazemian, CEO of Decentral, said that the endeavor’s major objective was to create a new type of central bank that would stabilize virtual assets such as Bitcoin and its counterparts. The bank would work on the same lines as the Federal Reserve does for the U.S economy. Decentral plans to carry forward responsibilities in terms of regulating the supply of cryptocurrencies in the market, in the same manner. Apparently, Decentral will also issue its own crypto tokens in the exchange for other digital assets, with the valuation of the token tied to a stable assessment method.

While Moore has been hired as a Chief Economist, it was reported that his role within the company is still “unclear.” Moore said,

“I am really excited about doing this. I hope it makes me rich.”

Moore also drew comparisons between Facebook’s recently unveiled Libra and Decentral’s offer. He stated that the Decentral crypto would offer a payment method that would be pegged to a stable currency and it would present major uniformity and reliability in the digital asset space, which is often divided among other major cryptos.

Moore added that his employment with a cryptocurrency-backed entity did not create a wedge between his work as an economist. In the current scenario, cryptocurrencies have a huge role to play in the economy, in a way not contradictory to Federal Reserve policies, he added.

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