Bitcoin’s [BTC] unprecedented rise in 2019 caused the entire cryptoverse to erupt in joy, with many claiming that the bear market was finally over. Many popular proponents in the space have also come forward to state that the world’s largest cryptocurrency’s fortunes are beneficial to the entire industry as a whole.
In a recent interview with Bloomberg, Eric Voorhees, Chief Executive Officer of Shapeshift, spoke about the bull run as well as the bubbles Bitcoin has gone through. He stated that Bitcoin’s movements are all cyclic and claimed that these troughs and crests will be prevalent in a speculative asset. In his words,
Voorhees further added that only the first ten or twenty cryptocurrencies on the charts actually mattered since the rest of the coins didn’t move the market. The CEO was asked whether the bubbles exhibited a pattern, to which he replied that the signs pointed towards BTC taking over the world. According to him,“There is no way an asset can go from zero dollars to a billion dollar asset without price bubbles. That’s just the fact. The speculative nature will continue as long as people don’t use it for actual purposes.”
Eric Voorhees was also in the news recently after he stated that BTC cannot rise steadily over the years as adoption advances. He had tweeted,“An asset like Bitcoin cannot rise steadily over the years as adoption advances. For upon seeing an asset rise by, say, 5% per month for XX months, rational actors will front run that growth, causing inevitable bubble and burst. There is no other way.”
Bitcoin: Crypto-Like Global Monetary System To Be a Boon For BTC
On Friday, the Bank of England’s governor made a comment that was music to the ears of Bitcoin and crypto proponents.
According to reports from Reuters and Bloomberg, Mark Carney dropped a bombshell on a group fo central bankers and press at a meeting in Jackson Hole, Wyoming, stating that he believes that a Libra-like crypto asset is likely to replace the U.S. Dollar.
While he didn’t expound on the comment, he made it clear that the current system isn’t working in his eyes, saying that “in the longer term, we need to change the game”. Carney even explained that he believes the Dollar is playing a “destabilizing” role in the global economy.
Of course, this was not a recommendation to adopt Bitcoin, but it was an acknowledgment that traditional fiat monies are on their way out and digital assets are getting more and more viable.
Bullish for Bitcoin and Gold
According to Raoul Pal, the former head of Goldman Sachs’s hedge funds sales division and the chief executive of Real Vision, the implementation of a new monetary system is likely to be a boon for Bitcoin.
In a tweet published in the wake of Carney’s comment, the former Wall Streeter explained that while he doesn’t believe Libra will be the cryptocurrency to become the world’s next reserve currency, something similar will take its place.
The implementation of this system, he claims, will be “good for Bitcoin and gold”. In a sub-tweet, Pal further explained his thoughts, responding “exactly” to a comment claiming that a fiat digital asset will as an on-ramp for the cryptocurrency market.
Pal isn’t the first to have mentioned this theory. In a tweet, Jeremy Allaire, the chief executive of Circle, wrote that the launch of Libra (whitepaper) will be a “massive inflection point in [the] global adoption of cryptocurrency.”
It is important to note that this isn’t the only reason why the former Goldman Sachs executive is bullish on the leading cryptocurrency. As reported by NewsBTC previously, Pal claimed that today’s most popular asset classes make no sense for millenials with ten- to 20-year outlooks.
He claimed that with equities and real estate pushing extreme valuations, and bonds posting “virtually zero yields”, the best alternative is something like Bitcoin, which he believes will be the backbone of an alternative/parallel financial system.
Pal added that buying Bitcoin now is like buying bonds and equities in 1982, which is prior to the absurd asset inflation bubble that has inflated since then.
Mining Hashrate on Litecoin’s Network Drops By 28% Since August 5
Since the last Litecoin halving event, the Litecoin network has not remained the same. The Litecoin halving event 2019 took place on the 5th of August. The event saw the reduction of the mining reward on the network by 50%, from 25 LTC down to 12.5 LTC. Since the reward on the network was slashed, the mining hash rate on the Litecoin’s network has dropped by 28 percent.
Litecoin Mining Difficulty Has Dropped to 11.4 million from 15.93 million prior to the Halving – Litecoin News Today – Cryptocurrency News Today – Crypto News Update
The mining difficulty of Litecoin (LTC) was 15.93 million a day before the halving of the reward on the network – August 4. However, that number has gradually reduced to about 11.4 million as of August 22. This data was gotten from a BTC.com – a mining pool. According to the data from the mining pool, the hash rate of the Litecoin network has plunged by 28 percent since the block mining reward halving occurred.
Mining difficulty and hashing power are a measure of the amount of computing power being contributed to the network of a digital currency, including securing transactions on the blockchain. Mining difficulty and hash rate also give a snapshot of the rivalry involved for miners looking for the reward of a block.
Litecoin (LTC) Price Today – LTC / USD
Litecoin (LTC) Is Feeling the Aftermath of the Halving – Litecoin News – Crypto News – Cryptocurrency News Update
After the Litecoin halving event, miners on the Litecoin network now receive only 12.5 LTC for mining a block. This reward value is half of what they used to receive prior to the halving event. In addition, LTC USD price has been on a downward trend since the beginning of this month. A few weeks to the halving, LTC to USD price was over the $100 mark. However, the beginning of this month saw LTC to USD price fall below the $100 level. On the day of the halving, the price of Litecoin (LTC) surged to a high of $107. However, the digital currency has plunged heavily below that level and it is now struggling around the $74 range.
Some crypto analysts predicted that the digital currency market would experience turmoil after the Litecoin halving event. The supply of Litecoin has reduced in form of regular block rewards. However, the uncertainty around profitability and mining has caused the price of Litecoin to dip. The founder of Litecoin – Charlie Lee – predicted that an event like this would occur. However, he also said that the readjustment in mining difficulty would smooth things out for Litecoin to a large extent.
Send Token Payouts With Ease Using Bitcoin.com’s SLP Dividend Calculator
On August 23, Bitcoin.com released a new application called the SLP Dividend Calculator. The new platform allows users to build a transaction to make dividend payments to any Simple Ledger Protocol (SLP) token holder.
Testing the New SLP Dividend Calculator From Bitcoin.com
Over the last year, SLP tokens have been extremely popular among BCH proponents, and so far supporters have made thousands of unique coins on the BCH chain. As time has progressed, the SLP ecosystem has matured a great deal and there are many third-party solutions supporting the token infrastructure. This week, Bitcoin.com added a new platform to our Tools.Bitcoin.com portal called the SLP Dividend Calculator. The application provides users with the ability to make grouped dividend payments to specific SLP token holders. For instance, if you distributed fractions of an SLP token to a group of three people, then you could enter the token’s ID and send funds to all three holders at a specific point in time. With the ability to pay BCH dividend payments to SLP token holders, the new tool opens the door to all kinds of real-world use cases.
After the new tool was released, I decided to test the service in order to highlight just how easy it is to use the new Bitcoin.com SLP Dividend Calculator. I tested the app with my cousin, Andrew Brow, because back in June I sent him some custom SLP tokens called “Andy Coin (ABC)” just to show him how simple it is to create tokens. At the time I created 21 million ABC coins and sent 10 million to my cousin’s Badger wallet. Last night I opened up the SLP Dividend Calculator and pasted the token’s unique ID number into the first window.
Then I decided to pay $1 to the Andy Coin token holders, which means it will be split in half between both of us, because we are both ABC token holders. The SLP Dividend Calculator can pay a lot more than just two addresses, but for this test two was enough. After making sure the SLP token ID and the number of funds I wanted to send were correct, I decided to make the funds available at the last confirmed block height. You can also choose to broadcast it as is in the latest mempool state or you can choose a custom block height as well.
The service gives you two choices after the customization is complete: you can either press the button “Start over” or “Build the transaction.” After I chose to build the transaction, the application showed me exactly what would happen after I paid the unique payment invoice. The SLP balances were scanned at block height 597121 and I sent a dividend payment of 0.003176 BCH, which would be paid to the token holders of the Andy Coin token ID number. The platform also told me that two addresses would receive a BCH dividend payment after I paid the QR invoice code through Pay.Bitcoin.com. Any wallet that supports invoices, like the Bitcoin.com Wallet, can pay the invoice by copying the URI scheme or scanning the QR code. I used the Electron Cash wallet to pay the invoice, because I had some available funds in the wallet and I wanted to see exactly how the transaction was built and executed from the client perspective.
Opening the Door to a Decentralized Stock Market, Trust Payments and Bearer Bonds
After paying the invoice, the transaction broadcasted and my cousin Andrew and I were both sent $0.50 in BCH each. The transactions confirmed in the following block and the entire test can be seen on Bitcoin.com’s Block Explorer or Simpleledger.info as well. The tool could be used for a variety of interesting dividend payment ideas. For instance, Bitcoin.com’s executive chairman, Roger Ver, recently sent BCH dividend payments to Cashgames.Bitcoin.com Dividend Test Token (CGT) holders for being Cashgames.Bitcoin.com patrons.
A person with four children could create four separate non-fungible (NFT1) tokens with the kids’ names attached to them and call them Trust Tokens. After a specific block height, the Trust Tokens can be sent a BCH dividend payment in order to leave an inheritance to the children. Or a business could have people invest in the company by initiating an initial coin offering (ICO) and token holders could reap the profits in the form of dividend payments over time.
The sky’s the limit when it comes to the variety of concepts that can derive from people using the Bitcoin.com SLP Dividend Calculator. Since the application was launched, a bunch of BCH supporters have tested the platform to send funds to certain token holders. “Fantastic,” one BCH enthusiast wrote on the Reddit forum r/btc. “[This] gives us decentralized stock market… dead easy to use.”
“Holy crap the new SLP dividend tool is awesome. Just played around with it and sent all holders of the MIS token their share of .01 BCH just to test it out,” another BCH user said on Twitter. “This is magic internet money for reals.” If you have created SLP tokens you can try sending a dividend payment to token holders by using the SLP Dividend Calculator. The process takes less than two minutes to complete and you don’t need to be a tech wiz to use the new tool. Check out the platform at Tools.Bitcoin.com and send your first BCH dividend payment today.