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Coinbase at fault for overcharging users under pretext of earning profits from BTC trading, claims Litecoin’s Charlie Lee



In the middle of the chaos within the crypto-ecosystem, Litecoin [LTC] has undoubtedly maintained its position as one of the top performing altcoins. The controversial Litecoin creator, Charlie Lee, made a rare appearance in a YouTube video interview to discuss Litecoin’s current position and future plans.

Taking a deep dive into the entrepreneur’s mindset, Lee said,

“I created Litecoin mostly for fun. I wanted to mimic the gold and silver relationship with Bitcoin and Litecoin, where Bitcoin bitcoin is good for store value and Litecoin is good for payments.”

Lee further acknowledged that he never expected Litecoin’s success in retaining its trading value since inception. He attributed the altcoin’s growth to not only Bitcoin’s [BTC] bull run and slow transaction speeds, but also to the activation of SegWit on the blockchain. Additionally, he highlighted the fact that no coin would be for “everything and everyone.”

In order to simplify the stark differences, the leader of the Litecoin Foundation clarified

“Litecoin is less decentralized and less secure than Bitcoin, but it optimizes for faster transactions, lower fees, and more bandwidth. This feature made us target the micro-transaction space.”

One of the main reasons for Bitcoin’s comparatively slow transactions was that “miners were trying to find the highest fee pay transactions and mine those for greater profit.” Lee also shared that there were mechanisms in place which prevent miners from increasing/colluding mining fees, which would eventually create a good supply and demand for miners, until finding balanced fees for users as well. He added,

“Companies like Coinbase are at fault for overcharging users under the pretext of earning huge profits from Bitcoin trading. Such practices pushes the fee throughout the market.”

Lee mentioned that he was involved in building Litecoin while working for Coinbase and shared the common intention to make Bitcoin [cryptocurrency] easy-to-use for the average person. Talking about one of Litecoin’s secrets to success, he suggested fellow entrepreneurs to make sure the entire ecosystem around their crypto was working perfectly, before even talking about launching it on a large exchange. While further discussing his experience in crypto, Lee said,

“It’s quite likely Satoshi’s actually passed away. But in case he’s actually still here, he doesn’t have to deal with all this bullshit.”



Alibaba Denies Working With Bitcoin (BTC) Company or Support for Crypto: Report



Contrary to an announcement made by Bitcoin cashback company Lolli, e-commerce giant Alibaba says it has no partnership with the platform.

Lolli announced on China’s Singles Day that its app now allows Alibaba shoppers to earn Bitcoin rewards.

According to a report by CoinDesk, however, Alibaba representatives are denying the partnership. Additionally, Alibaba clarifies that it does not support payments in BTC.

An Alibaba representative tells CoinDesk,

“One of’s contractors hired a subcontractor who brokered an affiliate marketing program with Lolli. This was done without the knowledge of’s contractor is terminating the relationship with the subcontractor who was working with Lolli. As a result, Lolli should no longer promote or bring traffic to”

Lolli’s head of communications, Aubrey Strobel, says trialed the platform for 24 hours during the Singles Day campaign which drew attention as shoppers broke records and the day’s marketing event, an entertainment extravaganza featuring Taylor Swift, sparked global attention. Shortly thereafter “the partnership” was deactivated.

In a statement reviewed by CoinDesk, Strobel writes,

“It seems as though there was a miscommunication on Alibaba’s end and while that’s unfortunate, we look forward to the possibility of working with again in the future. In the interim, Alibaba Group’s AliExpress is still live on Lolli.”

In the days following Singles Day, China is showing signs of renewing its crackdown on Bitcoin and cryptocurrencies. While President Xi Jinping has embraced blockchain in addition to removing cryptocurrency mining from a list of banned activities, rolling out mobile app lessons about Bitcoin and calling BTC the first successful use case of blockchain, the country’s anti-crypto stance has not entirely faded. It remains complex.

The Weibo accounts of leading cryptocurrency Tron and trading platform Binance were recently blocked for violating community regulations as China is rolling out new directives that are designed to squash the speculative trading of cryptocurrencies.

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Bitcoin drop below $8,500 may be tied down to USDCoin



If one were to look at the unrelated rise and fall of Bitcoin vis-a-vis internal factors within the digital assets space, the relevance of stablecoins increases. Seen as a balancing tool for the volatile world of decentralized currency, the printing, volume and change in stablecoins is often tied to the rapid price movements of Bitcoin.

The recent drop below $8,500 was no different, however, it had a different stablecoin playing a tethering agent, and according to Santiment, a crypto-analytics service it wasn’t Tether [USDT]. Rather the stablecoin USDCoin should be given more weightage.

According to Santiment, the over $600 fall of Bitcoin observed on November 15 can be tied down the USDCoin’s “average age consumed in days metric, which spiked to its all-time high during the same period. They stated,

“#Bitcoin has fallen back below $8,500 for the first time in three weeks, and one likely foreshadow was $USDC‘s [USDCoin] largest “average age consumed in days” spike of all time.” 

The metric, although not used frequently in charting is used to determine the number of days, on average, that digital assets are not used before being transacted on a said date, as per the Santiment website. This metric looks at the “idleness,” of the blocks within cryptocurrency’s network and hence the days since the “last time said token moved.”

Santiment stated the three elements in this price move was Bitcoin, stablecoins and large whales. As Bitcoin is being moved between two exchanges, stablecoin movement can indicate future drops in price when “previewing,” activities of large -whales. They opined that this is most often on the sell-side, with a large number of organic buyers within the market. Santiment stated,

“This spike likely occurred from the result of a large amount of $BTC being transferred between exchanges, and stablecoins often indicate future drops in price with these types of spikes by previewing a whales’ plan to make a large (most often sell-related) move.”

At press time, Bitcoin is trading below $8,500 for the first time since it marked its biggest daily gain of over 40 percent on October 23, owing to Xi Jinping’s comments about China making headway in blockchain technology to ramp up its plan of issuing a digital currency tied to the Chinese yuan.


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Bitcoin News Today – Headlines for November 17



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  • Bitcoin finds strong support around the lower $8k range
  • Bitcoin might experience another major dip before the next price rally
  • Bitcoin’s next rally might coincide with the forthcoming halving

Bitcoin News Today – Bitcoin (BTC) has been in a consolidation period for a long time now. The digital currency has been trading sideways with support around the $8,500 mark. That has been the major support level for Bitcoin (BTC) over the past week. Since the digital currency plunged below the $9k level, it has not posted any major upward and downward trend. Many believe Bitcoin (BTC) is consolidating for another major upward movement. However, some analysts believe that the reverse might be the case.

According to some analysts, the price of Bitcoin (BTC) will experience one more major downward correction in the short-term before it starts correcting higher. The analysts are pointing out that the next major rally is likely to coincide with the approaching halving of Bitcoin mining reward.

Bitcoin (BTC) Price Today – BTC / USD


Bitcoin Finds Strong Support

At the press time, the world’s largest digital currency by market cap is trading up marginally and its current value is $8,534. This marks the second day Bitcoin has been trading sideways around the $8,500 support level. The recent dips of the digital currency have proven that it presently has strong support within the lower $8k level. This is because BTC quickly tested the $8,400 mark before it found enough buying pressure to push it over the $8,500 mark.

The recent price action of Bitcoin (BTC) marks an extension of the slow grind downtrends that the digital currency has been facing since it plunged from its 30-day high of $10,600. The $10,600 mark was set as the height of the meteoric rally of Bitcoin that first started when it hit $7,300.

Bitcoin (BTC) to Experience One More Dip Before Halving

There is support around the present price levels of Bitcoin (BTC). However, analysts are watching closely for one more price dip before it returns to a level that has sufficient buying pressure to act as a catalyst for the next price rally, which could be around the $7k region.

In a recent tweet, a very popular digital currency analyst on Twitter – Mayne – gave his opinion regarding what is ahead for Bitcoin (BTC). His tweet says:

$BTC: One more down move I reckon. Take out this currency swing low, some more sideways, spring to fill the last of my bids then up. I am building a swing long down here so my stop is wide and my position size is calculated accordingly. Play safe!”

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