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Why Ripple CTO David Schwartz Has Been Slowly Selling His Bitcoin Holdings Over The Years

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Why Ripple CTO David Schwartz Has Been Slowly Selling His Bitcoin Holdings Over The Years

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After witnessing an abject failure of the legacy financial system, Satoshi Nakamoto created Bitcoin a little over 11 years ago. The OG crypto represents the very fast pass at changing the current broken system. 

Nonetheless, not everyone is a fan of the concept of financial utopia that bitcoin promises. For instance, US President Donald Trump has publicly trashed the cryptocurrency. Others include billionaires like Mark Cuban and Warren Buffett

It comes as no surprise when someone outside the crypto space throws shade at the king of cryptocurrencies. However, when an industry leader does it, it is a bit rattling. In a Twitter conversation a few hours ago with some crypto enthusiasts, CTO at Ripple and XRP ledger architect David Schwartz revealed that he has been dumping his bitcoin stash over the years.

Schwartz noted that he does not own millions of BTC but he has not lost the keys linked to any of his coins. When asked by Blockstream CEO Adam Back whether he is still pro-bitcoin and subsequently selling XRP to buy BTC, Schwartz responded with a resounding no.

He explained that while he remains bullish on the flagship cryptocurrency, he has been gradually selling his coins for the past couple of years due to the “level of risk” associated with the digital asset.

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Unveiling The Satoshi Nakamoto Mystery With David Schwartz

This whole discussion started after Adam Back spoke about the identity of the mysterious bitcoin creator. Regarding the matter, Back commented that “we are all Satoshi” and BTC is “better as a decentralized digital commodity without a founder”.

Ripple engineer Nik Bougalis chimed in on the conversation, citing that he completely agrees with Back about Satoshi’s decision to remain anonymous for the good of bitcoin’s decentralization design. “The fact that Satoshi not only realized this but acted on it showcases both his brilliance and his principles,” Bougalis added.

When one Twitter user by the name Jaime Neufer suggested that Ripple’s David Schwartz has all the markings of the bitcoin creator, Bougalis postulated that he is certain Schwartz is not Satoshi because of his code and writing style which basically doesn’t match the pseudonymous creator’s.

David Schwartz also insisted that he is definitely not Satoshi, arguing that it’s more likely that Satoshi was a small group of people owing to the incredible set of skills demonstrated and the immense amount of work that was put into bitcoin.

Schwartz then averred that it’s much more reasonable to say he was part of the group that created bitcoin than saying he single-handedly came up with Bitcoin. However, he only came to know about the cryptocurrency in 2011.


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Source: https://zycrypto.com/why-ripple-cto-david-schwartz-has-been-slowly-selling-his-bitcoin-holdings-over-the-years/

Blockchain

Staking frenzy pushes 0x (ZRX) to highest user activity since April, price jumps 14%

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The recent infatuation for most in the cryptocurrency market is with DeFi tokens and staking, with the sectors seeing strong growth in both technology and price values since the past month.

Buoyed by the interest is 0x protocol, the open, permissionless protocol that enables the peer-to-peer exchange of assets on the Ethereum blockchain.

Surge in active ZRX wallets

Recent data shows active wallets reached an all-time high in two months since April 2020, while ZRX—0x’s native token—has jumped 14 percent at press time.

On-chain analytics firm Santiment tweeted Friday on 0x’s wallet addresses and the corresponding price bump:

The metrics indicate wallet activity on the protocol has bolstered, presumably as public interest in staking application and passive incomes from cryptocurrency holdings grow.

Protocols like Compound and Balancer are leading the pack. The former returned over 800 percent to holders within two days of COMP issuance on June 18, eventually falling to $185-$190 level as on June 4.

Up for the taking is “risk-free” returns of 10-120%. While 0x is nowhere close to such returns—it’s a project not governed by complex eternal factors, such as MakerDAO’s zero-fee DAI sales in March.

After 0x’s beta staking launch in early-2020, holders have three main ways to lend their tokens. Previously, this was possible using some third-party protocols.

Staking frenzy catches on

Data on Staking Rewards shows ZRX “delegates” stand to gain an annual reward of 0.51% with a lockup period of 14 days. “Liquidity pool” owners get 3.45% on a similar lockup, with a risk rating of “moderate.”

(Source: Staking Rewards)

On Compound, ZRX’s gross supply is over $42 million, up 0.4% since Friday. Gross borrow is $16 million, with borrowers charged 14% per annum. The table below shows:

Compound dashboard. Displayed are ZRX lending/borrow values. (Source: Compound)

Developers can use 0x as a platform to build exchange applications on top of (0x.js is a Javascript library for interacting with the 0x protocol), as the project notes.

For end-users, 0x will be the infrastructure of a wide variety of user-facing applications i.e. 0x Portal, a decentralized application that facilitates trustless trading of Ethereum-based tokens between known counterparties.

Meanwhile, ZRX is seeing some token selling after a rip above the 34-EMA on July 3. Sellers sold at the $0.42 level, but charts show there might be buyers waiting on the $0.37-$0.38 price band.

0x, currently ranked #36 by market cap, is up 13.09% over the past 24 hours. ZRX has a market cap of $288.9M with a 24 hour volume of $116.44M.

0x Price Chart

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Source: https://cryptoslate.com/staking-frenzy-pushes-0x-zrx-to-highest-user-activity-since-april-price-jumps-14/

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300 Million USDT Moved From Tron To Ethereum Means Trouble For TRX

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The newly 300 million USDT migration from the TRON to Ethereum blockchain means a whole lot of problems for TRX, so let’s find out more in the upcoming TRON news.

Back on Tuesday, Tether announced the new 300 million USDT migration from the Tron blockchain to the Ethereum protocol explaining that the amount of USDT in circulation will still remain the same which means the users can bypass congestion if needed. The system will also make USDT easier to use for the users that invested in certain platforms to continue transacting in USDT and make the stablecoin something alike platform-agnostic project.

USDT is now available on other chains such as EOSIO, Omni and Liquid but according to the latest data from Tether, 61% of the total USDT supply is on the Ethereum blockchain while 29% of the supply exists on the Tron blockchain while the remaining 9% remain in the other three networks mentioned earlier. According to other data, the swap was conducted by Binance or through it, which sent USDT to Bitfinex for the same amount of USDT tokens.

USDT ERC20
USDT (ERC-20) and USDT (TRC-20) swap representation. Source Flipside Crypto

Although this change could seem fairly trivial to the casual USDT users, $300 million is not a small thing. Those who watch this crypto space close enough will wonder what the exact reason for the swap is, or whether there was a falling out with Tron or is there something better for Ethereum. Given the most dominant token on the Tron, blockchain is USDT, the change can have a huge impact on the network.

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An analyst from Flipside Crypto said that one possible reason for the swap is that Tron was paying a premium to keep its token on the blockchain and this deal has officially come to an end. Another possible reason is that Binance wants to participate in yield farming using ERC-20 tokens while decentralized finance became the center of attention in the crypto sphere and there is another possibility for generating passive income.

tron

The recent buzz created around DeFi led to strong rallies for example with tokens such as Aave and Compound that gained 208% and 248% respectively. COMP became the biggest Defi protocol in terms of total value locked. The compound protocol allows the users to earn rewards for borrowing and lending and with the added incentive of earning COMP makes it highly attractive as a passive income source.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Source: https://www.dcforecasts.com/tether-news/300-million-usdt-moved-from-tron-to-ethereum-means-trouble-for-trx/

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With Tether trading at a discount, is Bitcoin in trouble ?

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For the most part, Bitcoin has struggled to go past its psychological resistance at $10,000 in the year 2020. Just like traditional financial markets, crypto-markets also took a significant blow as soon as the scale of the COVID-19 pandemic came to the fore. However, with half of 2020 now gone, Bitcoin’s fortunes may not necessarily change for the better; instead, it may get even bumpier.

Bitcoin’s price action does have a lot of influence over the market’s altcoins. And interestingly, Bitcoin’s future may be tied to the fortune of the world’s largest stablecoin – USDT. A recent report by Longhash, citing Bitcoin Options trader Theta Seek, argued that USDT being sold at a discount is likely to be a sign of weaker Bitcoin market sentiment historically.

Elaborating on Bitcoin’s recent price development, the report noted,

“Bitcoin has rejected the $9,700 to $10,000 range repeatedly in the past two months, reacting to relatively high selling pressure. Data from ByteTree shows miners have been selling most of what they mine throughout the past week. Since June 24, Bitcoin miners have mined 6,506 BTC and sold 6.267, holding just 239 BTC.”

Tether is widely used by Chinese traders, with a report by Diar observing that a majority of Tether’s on-chain volume came from Chinese investors in the second half of 2019. The fact that Tether is being sold at a discount implies that in markets like China, there are fewer BTC buyers given the current macro-economic scenario. It added,

“The decline in the price of Tether could indicate that there are fewer Bitcoin buyers from China, given that Chinese users account for the majority of USDT’s trading activity.”

Source: Glassnode

With Tether recording increased demand when the price of Bitcoin fell earlier in the year, the volume of Tether held by exchanges subsequently grew. In fact, according to data from Glassnode, USDT balances on exchanges reached an all-time high in April after the market crash, dubbed today as ‘Black Thursday.’ However, according to Longhash’s report, the present drop in Tether’s value may even be a positive sign for Bitcoin. It noted,

” When investors in the crypto market seek safety, they typically turn to stablecoins. As such, Tether can be considered capital on the sidelines, held by investors waiting to re-enter the market. When they re-enter, the value of Tether can drop as investors sell USDT to purchase Bitcoin or other crypto assets.”

For now, with Bitcoin just about keeping its head over the $9K mark, the value and premium on Tether might just be the only determinants of the king coin’s price action.

Source: Coinstats

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Source: https://eng.ambcrypto.com/with-tether-trading-at-a-discount-is-bitcoin-in-trouble

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