Another coin in the market to follow a sudden price surge lane is Zcash, following the trend similar to Bytecoin a few days ago. After the Binance listing, Bytecoin had shot up by more than 166% and now its Zcash’s turn to take the spotlight after being listed on Gemini exchange, owned by the most popular twins in town – The Winklevoss.
Zcash [ZEC] has gone up an extravagant value of almost 48% in the past 24 hours following its listing on the Gemini exchange. It is now summing up to an overall gain of 28.33% for the entire week. ZEC is now trading at $366.01 with a market cap of $1.43 billion placing it in the 23rd position. The landing of the privacy coin on the exchange has surely turned the tables for this currency as Gemini is now termed the World’s first licensed Zcash exchange.
The Vice-President of Engineering at Gemini, Eric Winer mentioned the recently acquired title in his blog post where they announced their support for Zcash trading and custody. Customers can start depositing from May 19th at 9.30 am EDT and the trading will go live from May 22nd at 9.30 am EDT.
They explained the process stating:
“We have been working closely with the New York State Department of Financial Services (NYSDFS) to obtain approval to offer Zcash trading and custody services to our customers as a New York trust company.”
“Our approval makes Gemini the first licensed Zcash exchange in the world. It also makes the NYSDFS the first regulatory agency in the world to supervise Zcash, reaffirming their position as the leading financial regulator in the area of digital assets.”
Zcash supports both unshielded addresses – t-address, and shielded addresses – Z-address and the new listing will support deposits from both as well. But, the withdrawals will be supported only for unshielded as they still work on the other type.
Vitalik Buterin, the co-founder of Ethereum [ETH] tweeted replying to zooko’s post regarding the announcement:
“Make Zcash proof of stake!”
William Lehnertz, a Twitterati says:
“It would be great, as you guys investigate future coins, to add #BTCP (Bitcoin Private). The team is hard at work building out a great product in preparation for mass adoption. Expect to see great things. The community is great and needs a US-based exchange.”
Btc_joe, a crypto enthusiast says:
“exactly what I want out of my privacy coin…a professional team that can be worked with.”
The London Block Exchange [LBX] mentioned about this in one of their medium blog posts stating:
“Zcash’s ZEC, a privacy crypto asset touted by Edward Snowden, appreciated over 20% after the Winklevoss brothers disclosed Gemini, the exchange they lead, is listing ZEC.”
They further stated:
“The key point is those who claim to have 0 privacy was deemed compliant for Gemini, an NY-licensed exchange, so other reputable exchanges may consider listing it in the future too.”
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Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra
Bitcoin [BTC], the world’s largest cryptocurrency, saw a significant surge earlier this month, helping the coin break strong resistance at $5,000 and $5,200. Following the great fall of the king coin in early 2018, the Bitcoin ecosystem was struggling with scalability and technological issues, eventually leading to the hard fork.
Bitcoin.org’s Cobra, who is also the co-owner of Bitcointalk.org, has always maintained that Bitcoin was the cryptocurrency to look out for through his various Twitter bouts with prominent personalities in the cryptoverse. Due to his strong, unbridled support for Bitcoin, he has often trashed altcoins for their low market dominance.
In a new Twitter thread, Cobra spoke about the “biggest threat” to the Bitcoin ecosystem. Even though many crypto-enthusiasts believe that governments and technological issues were the biggest threats to the king coin, Cobra had a completely different opinion.
According to the Bitcoin maximalist, users have the potential to signal Bitcoin’s doom. His tweet read,
Though most Bitcoin supporters usually support his opinions, this tweet was met with a lot of resistance. Twitterati swarmed the thread in an attempt to prove him wrong. A user named @MrHodl alleged that this could not be true as Bitcoin had “no community.” He added that this, in turn, prevented toxicity in the ecosystem.
Cobra replied to the tweet stating,
“I think there is a community, it’s just not fully representative of everyone with a stake in Bitcoin. Most holders are quiet and not too familiar with what’s going on. There’s people with 1000+ BTC and they don’t engage at all with discussion platforms, just lurk.”
Some Twitter users took it as an attack on Bitcoin investors and opposed Cobra’s stance. A user @CarstenBKK commented,
“Maybe I am lost in translation. What do you wanna tell us? That you are part of Bitcoin network of people owning/using it, but you are just disgusted by the idea, that the network is called community in the sense of direct human collaboration and affection to the groups ideals?”
Previously, Cobra had accused Twitter’s Jack Dorsey and Square Crypto of pandering to Bitcoin users, while also suggesting that the crypto project was merely a way to bring in more users for Dorsey’s CashApp. His tweet read,
“Gotta respect how hard @sqcrypto is pandering to Bitcoiners. Very clever how @Jack has embedded himself in the community; in return the community promotes @CashApp, which gives that service a small but dedicated and activist group of early users.”
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