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Bitcoin Set to Shatter $100K in 2020, Says Ross Ulbricht – BTC, Ripple, XRP, Litecoin Updates
From a Bitcoin forecast by the creator of the notorious Silk Road marketplace to rising volume on the XRP Ledger, here’s a look at some of the stories breaking in the world of crypto.
Bitcoin is poised to surge to $100,000 over the next year, according to the founder of the darknet market Silk Road, which was known for selling illegal drugs and illicit goods.
Ross Ulbricht is serving a double life sentence plus 40 years without the possibility of parole for running the online marketplace, where users transacted in Bitcoin.
In a new blog post on Medium, Ulbricht says he’s getting Bitcoin charts sent to him in prison on a weekly basis. He’s tracking the leading cryptocurrency’s trajectory using Elliott Wave Theory, a market analysis method that aims to predict future price action by identifying crowd psychology which manifests in waves.
Ulbricht says his analysis of the first cycle, which is broken up into five waves, shows BTC is likely to reach $100,000 in 2020.
“If the price move of wave ⑤ was on par with ① and ③ (530–620x), it would have to end around $93,000-$109,000.
Thus, if our interpretation that wave ⑤ is not over, and the ~$20,000 peak was just wave (3) of ⑤, then a good target for the end of wave ⑤ of ⑤ of I is around $100,000.”
Despite his imprisonment, Ulbricht is considered a pioneer in the crypto industry, and more than
Venture capitalist and Bitcoin bull Tim Draper recently made headlines by calling for his release.
“I get that he’s got to be an example, and he stepped over the line. But he’s been in jail for a while. Get him out. I cry when my cat goes into a cage, it tears my heart out when these prisoners go into cages.”
Ripple and XRP
New numbers show the use of Ripple’s XRP-powered cross-border payment product On-Demand Liquidity (ODL) may be on the rise.
The Liquidity Index Bot shows record XRP volume this week against the Mexican Peso on the crypto exchange Bitso.
Bitso is one of the exchanges powering ODL, and money transfer giant and Ripple partner MoneyGram says it’s now moving 10% of its daily transactions between Mexico and the US by using the liquidity product.
The Litecoin Foundation’s efforts to raise money to fund the research and implementation of privacy features appear to be paying off.
The Foundation has now received 163 LTC worth about $7,230 at time of publishing.
Litecoin creator Charlie Lee says he will match every donation. The money will fund efforts led by developer David Burkett to implement the Mimblewimble protocol.
Ethereum’s Contract Failure Rate Rose Drastically After Istanbul Hard Fork
Ethereum’s hard forks rarely run like clockwork. The last batch for the Parity client was released just before the fork, but some acute concerns remain.
While running more or less smoothly from a technical perspective, Ethereum’s Istanbul upgrade has caused some problems within the network’s operations.
Smart Contracts Fail
Antoine Le Calvez, Data Engineer at Coin Metrics, highlighted on his Twitter page some of the problems of Ethereum (ETH) network caused by switching to the Istanbul rules. After launching its hard fork last Sunday, the price of gas (small transaction fee used to reward Ethereum miners) was redesigned.
It is from these gas price dynamics that led to unexpected consequences. According to Mr. Le Calvez:
on a global level, smart contract calls running out of gas became much more frequent following the hard fork.
La Calvez calculated the rate of smart contract failure due to gas insufficiency and noted that “failure rates more than quadrupled”.
Image by: https://mobile.twitter.com/khannib/status/1204032838166822916
Mr. Le Calvez also found out that some exchange users were facing challenges in the post-Istanbul Ethereum. For instance,
That’s What Bitcoin Tries to Avoid
The assumptions of Mr. Le Calvez excited numerous crypto traders, developers, and researchers. Lucas Nuzzi, Head of Research at Digital Assets Research, compared the problems of Ethereum with those of a post-fork Bitcoin (BTC). He said that such transformations have “led thousands of dApps to fail”, and that this should be regarded as a form of censorship.
Mr. Nuzzi further stated that Bitcoin faced challenges of this type while implementing the multi-signature features. This experience made Bitcoin developers reconsider their attitude towards backward compatibility.
Ethereum’s Istanbul Hard Fork occurred on December 8, 2019 on Block #9069000. It was one of the last systemwide upgrades of the Ethereum 1.0 network.
Lisk (LSK) internal pressures seeing huge 40% employee cuts
- Lisk project has cut a chunky 40 percent of its staff and some quitting.
- The company said the move is part of efforts to improve its operational efficiency
The Lisk (LSK) project has reportedly fired some 40 percent of its workforce, with reports also suggesting that employees quitting the company in droves.
However, the Lisk hierarchy noted that the move is part of efforts to improve its operational efficiency. Community members are somewhat sceptical saying the project is looking like another potential failed altcoin experiment.
Lisk co-founder Max Kordek, posting on the project’s Discord, wrote:
Today, at Lightcurve, we laid off 21 of our employees and terminated the contracts of three employees who were yet to join. This concludes the recent wave of terminations you may have observed. We are now ready to go completely dedicated into 2020 with a solid team of 31 individuals on the Lightcurve side.
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