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Monero profitability drops to new lows post-RandomX upgrade

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Bitcoin (BTC) Longs have just reached an all-time high. This is a big deal and it points to the extreme optimism currently prevalent in this market just before the highly anticipated UK election. It is quite alarming for BTCUSDLongs to have spiked this aggressively just before the beginning of a major downtrend. The last time something similar happened was in March, 2018 and we saw BTC/USD enter a slow-bleed downtrend after that. However, this time things are expected to be different. The manner in which BTCUSDLongs has spiked up this time is unprecedented. The bulls seem far too optimistic than before. Most think that the price of Bitcoin (BTC) could just decline down to $5,500 and it will take off from there to begin a new bullish cycle towards $100,000 or higher.

The fact that the bulls are still so optimistic is a reason in itself that the market is far from inflicting maximum pain on the bulls. Believe it or not, the price declining down to $5,500 no longer seems to be the maximum pain scenario at all as most retail bulls seem prepared for it. It is when the price plunges below the 200-week moving average and breaks below $3,000 that we will see the maximum pain scenario. The altcoin market will be hit

the hardest and we will probably have another Mt. Gox styled event. By that, I don’t necessarily mean an exchange hack; it will be another black swan event. Everyone seems so sure about the next bullish cycle. Throughout my years of trading this market, I have not seen this kind of optimism close to the end of a  bear market which tells me that we are not close to the end of a bear market.

Bitcoin (BTC) was trading within an ascending triangle that the price respected for a while but then it declined hard below it. At this time, BTC/USD is trading below the $7,308 support turned resistance. In the best bullish scenario we could see a rally towards $8,000 but that would be it. We have a very strong resistance at $8,115 which the price will find really hard to breach.

The cryptocurrency market as a whole remains quite vulnerable. While the EUR/USD forex pair has rallied recently due to uncertainty surrounding UK election today, a rally in Bitcoin (BTC) and the rest of the crypto market has yet to be seen. This UK election is expected to be the most important in decades due to its impact on Brexit. Its outcome will have a major impact on stock and currency markets around the globe which means that the crypto market is expected to react strongly to it in the near future.

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Monero

Monero’s biggest challenge going forward would be adoption

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While Monero is one of the go-to coins with respect to privacy, the leading cryptocurrency has, however, faced several hurdles over the past few years because of the same aspects. Alexander Blair aka Snipa, the lead maintainer of Monero, recently spoke about the challenges Monero would face going forward.

Snipa said that the biggest one would be the cryptocurrency’s adoption, adding that there would be competitors in the space and that it would be hard to get vendors to accept Monero directly, instead of through exchange-based services. He went on to say,

“It is still easy to buy things with Bitcoin if you’re not in the United States, but it’s not really in strengthening the cycle of the currency right. You’re just essentially using a third party cut out to hit an exchange versus actually using Manero and keeping Monero’s currency cycle.”

About Monero’s technical details, Snipa claimed that the team is currently looking into “figuring out repository layouts,” matters relating to maintenance, and aspects that the team has not looked into before.

“Certainly, there’s

some security to be restored and faith to be restored with people after the hack […] but we want to make sure this doesn’t happen again and so rebuilding that for you that I think it’s going to be a big thing over the next couple weeks.”

Subsequently, Snipa also spoke about his views on the future of the cryptocurrency, whether he saw the coin rule the entire market. Snipa said that there is no one currency that would rule them all, adding that even in the sci-fi ideals of the world, “it’s not one currency, there’s always multiple currencies.”

“The idea that a single currency is going to be better than the rest is completely absurd to me […] Certainly, in some ways you can consider the fact that bitcoin is a transparent ledger where you can see how funds are flowing is actually a positive in a lot of use cases, it’s not a positive in every use case which is somewhere Monero shows off.”

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Monero’s ‘Fluffypony’ Talks On Crypto ‘Primetime’

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  • The well-known privacy coin Monero is notorious for being a unique cryptocurrency in a space filled with copycats and lookalikes.
  • When Fluffypony, otherwise known as Riccardo Spagni stepped down from lead maintainer position of the crypto project, the community began a debate between members. 

The well-known privacy coin Monero is notorious for being a unique cryptocurrency in a space filled with copycats and lookalikes. When Fluffypony, otherwise known as Riccardo Spagni stepped down from lead maintainer position of the crypto project, the community began a debate between members. 

Spagni’s position at the project has now changed to Snipa, adding that Spagni would “continue to remain active in the community as a maintainer,” according to an official announcement.

Spagni further went onto talk about his reasoning for stepping down in his position. The maintainer stepping down from such a position wasn’t just all of a sudden though. In fact, he has been thinking about it and talking about the matter for around two years.

“I’ve been going through this process of relinquishing

things, it’s not so much like relinquishing that entirely so if I had access to something, I’ve now added someone else to that thing you know whether it’s the domains or cloud play or whatever, there were people who could gain access to it.”

Fluffypony further went onto talk about where Monero was in terms of its status and whether it was ready for ‘primetime’. He then further added that there was a lot more work that needed to be done in regards to the UX.

“The cryptocurrency universe is not ready for primetime but I think that we’re getting close and I think if you look at like the Monero UX talk […] the work that’s being done on like Lightning wallets, we’re definitely getting better and better each time and with each iteration, with each passing year.”

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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Monero’s Spagni: ‘Cryptocurrency universe is not ready for primetime’

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Monero, the largest fungible cryptocurrency, has been well-known in the market for taking a different route than most P-o-W coins. Riccardo Spagni, also known by the moniker Fluffypony, stepping down from the lead maintainer position had many community members debating.

The official announcement stated that Riccardo Spagni’s position has now been transferred to Snipa, adding that Spagni would “continue to remain active in the community as a maintainer.”

Elucidating on whether Monero was ready for primetime, Spagni also spoke about the reason behind stepping down from the position, in a recent interview with Monero Talk. The privacy advocate stated that stepping down from the position was not an out of a blue moment, adding that he had discussed on the matter two years ago. He said,

“[…] I’ve been going through this process of relinquishing things, it’s not so much like relinquishing that entirely so if I had access to something, I’ve now added someone else to that thing you know whether it’s the domains or cloud play or whatever […] there were people who could gain access to it […]”

Spagni further remarked this move contributes to decentralizing Monero, adding that there would not be a reliance on him for changes or for release engineering.

Subsequently, Fluffypony spoke about where Monero was on the digital cash status and whether

it was ready for primetime. He stated that there was still a lot of work that had to be done in the UX perspective, adding that this did not apply just for Monero but for the entire cryptocurrency universe.

“The cryptocurrency universe is not ready for primetime but I think that we’re getting close and I think if you look at like the Monero UX talk […] the work that’s being done on like Lightning wallets, we’re definitely getting better and better each time and with each iteration, with each passing year.”

This was followed by the co-founder of Tari comparing the present stage of the cryptocurrency space to that of the Internet in the early-mid 90s, remarking that using it back in those days was “terrible.” Nevertheless, he went on to state that compared to its early days, the present way the Internet is being viewed and used is completely different, with everything being just a click away on the phone.

“it’s a different world and the fact that we can Skype on like two different continents and it’s crystal clear, it’s just testament to how far the Internet has come past and I feel like, in a very real way cryptocurrencies like the mid-90s right now […] but you fast forward like five-ten years and things are gonna look totally different.”

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