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Cardano’s Hoskinson Slams Dogecoin for Lacking Utility – Says Price Is Being Manipulated by Whales

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Cardano's Hoskinson Slams Dogecoin for Lacking Utility - Says Price Is Being Manipulated by Whales

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While a majority of retail investors have celebrated Dogecoin rallying to all-time highs, Cardano founder Charles Hoskinson has warned that a massive amount of retail money will be lost very quickly.

Elon Musk’s favorite altcoin has skyrocketed in the last couple of days. In the last week, the asset has gained roughly 500%. Of this, 160% has come in the last 24 hours. The coin began the day around $0.13 but hit as high as $0.43 in intraday trading.

Cardano's Hoskinson Slams Dogecoin for Lacking Utility - Says Price Is Being Manipulated by Whales
DOGEUSD Chart By TradingView

A number of market leaders are, however, warning that the coin might wipe out the current gains as fast as they have come. Mike Novogratz, as we reported, warned that the current euphoria could end with a washout. Novogratz, the CEO of Galaxy Digital singled out XRP and Dogecoin in his comments.

Cardano founder Charles Hoskinson has also come out warning retail investors that DOGE is in a bubble. Hoskinson further stated that the current surge has been pushed by Elon Musk’s recent comments as well as a coordinated manipulation by a number of whales. In a video chat, the IOHK CEO stated,

“This is a bubble. The price of DOGE is not sustainable. It’s going to collapse and massive amounts of retail money is going to be lost very quickly”

In addition, once the bubble bursts, Hoskinson believes this will be a catalyst for lawmakers to get involved with the industry. This could end up hurting the entire industry even as it tries to gain legitimacy. He further slammed DOGE for not having any utility, capital, or development team, making it a copy of Bitcoin and unsustainable.

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Elon Musk – Dogecoin’s lifeline

On April fools day, Tesla CEO Elon Musk stated that he would take Dogecoin to the moon, ‘literally.’ Many understood it for the light-hearted humor it was. However, the SpaceX founder shared on Thursday a photo of a painting by Spanish artist Joan Miró titled “Dog Barking at the Moon.”

With previous mentions of DOGE sending prices crazy, this likely triggered Friday gains. Curiously, the billionaire has in the past offered to buy Dogecoin to solve holder concentration to make DOGE the ‘currency of the internet.’

Since Elon Musk publicly supported DOGE, other top influential persons have also backed the digital asset. Mark Cuban is one of them, most recently revealing that his NBA sports team Dallas Mavericks saw sales in dogecoin increase by 550%. Furthermore, he confirmed that the team has never sold any of the coins received.

Dogecoin bulls are looking to climb as high as $0.50 in the short term with the long-term goal set at $1.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://zycrypto.com/cardanos-hoskinson-slams-dogecoin-for-lacking-utility-says-price-is-being-manipulated-by-whales/

Blockchain

Amid Rumors Of Dumping Its BTC Holdings, Elon Musk Maintains Tesla Hasn’t Sold Any Bitcoin

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Amid Rumors Of Dumping Its BTC Holdings, Elon Musk Maintains Tesla Hasn't Sold Any Bitcoin

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Elon Musk has been dragged under the bus by countless bitcoin proponents as the price of the flagship currency continues to take a downward movement. Bitcoin dropped 20%, sending prices to $45,000 as of yesterday.

As of publication, Bitcoin imitates analysts’ predictions that the asset could continue to dip for the most part of this week, and with Bitcoin now trading at $45,065 at press time, their analysis remains valid.

BTCUSD
BTCUSD Chart By TradingView

The Bitcoin selloff continues

Asides from the “bearish” tweets from Musk, which to many is simply just the Billionaire’s expression of his dissatisfaction with Bitcoin, Bitcoin could sustain more losses if Tesla sold its remaining Bitcoin holdings.

Following Tesla’s announcement, onlookers spotted a Bitcoin transfer of 19,259, worth over $872 million at press time. Analyst William Clemente observed that the transfer time coincided with Musk’s tweet, hinting that Tesla may have indeed called it a day for Bitcoin.

Musk reveals Tesla’s $1.5 billion holdings still intact, prices soar

However, Musk has recently cleared the air on whether the Bitcoin holdings are still under Tesla’s belt. In what could be considered the most recent positive tweet from Musk on Bitcoin, he wrote “To clarify speculation, Tesla has not sold any Bitcoin.”

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Some excited Bitcoiners are holding on to the news as a sign that Tesla has not lost all interest in Bitcoin, despite Musk’s tweets that Dogecoin is a superior asset to Bitcoin. On the other hand, skeptical Bitcoiners are convinced that in a matter of time, Tesla will pull through with its Bitcoin sale.

Recall that Elon Musk teased that this could be the case, given that Bitcoin proponents have continued to critique Tesla’s decision. Shortly after hinting that Tesla might give up its $1.5 billion Bitcoin holdings.

However, Bitcoin has since surged by 7% since Musk’s clarification on Tesla’s Bitcoin holdings.

Bitcoin doesn’t need Elon Musk

Meanwhile, analysts’ who heavily bought the dip have insisted that Bitcoiners pay no mind to the bear market.

In unison, key players agree that “Bitcoin doesn’t need Musk. Rather, Musk needs Bitcoin.” It is unclear where the market is headed going forward, but the sentiments from top Bitcoin proponents similarly claim that the bear trend is only temporary, as Bitcoin is still yet to bottom.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://zycrypto.com/amid-rumors-of-dumping-its-btc-holdings-elon-musk-maintains-tesla-hasnt-sold-any-bitcoin/

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Blockchain

Live Dealer BTC Casino Games – What Can I Play?

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Discover if you can play live dealer casino games at leading crypto casinos using Bitcoin and other options with our guide.

In many ways, Bitcoin casinos can offer virtually the same experience as a conventional online casino. This is terrific news if you are thinking of making the jump but are concerned about missing out on games, promotions, and other services. Where do live dealer games fall, though? As only a handful of software providers have committed to introducing cryptocurrencies into the accepted range of currencies for their games, are cryptocurrency casino players set to miss out on playing the hottest live dealer games around? We have had a look, and we have got an answer.

Can You Play Live Dealer Games with Cryptocurrencies?

In a word – yes. Admittedly, not every casino software provider has taken to cryptocurrencies. Many Evolution Gaming live dealer games can be played at cryptocurrency casinos, but you may not be able to “wager” using BTC on some of them. Instead, your Bitcoin deposits will be converted into US dollars for gameplay. It is the same story for many of the smaller live casino software providers out there, too. However, you can certainly expect to play live dealer games at cryptocurrency casinos, even if you cannot wager with them. There are, of course, one or two providers who go one step further and do permit BTC wagers.

Which Software Providers Allow This?

Ezugi is the leading casino software provider to approve Bitcoin as one of their games’ accepted currencies. Ezugi has made sure that you can deposit, wager, and withdraw using BTC on many of their most popular titles. Naturally, you do not have to do this if you choose to play at a cryptocurrency casino that accepts FIAT currencies, as you will be able to wager using FIAT options, too.

What Types of Games Can I Play?

There are several types of gambling and casino games that you can choose to play. If you merely want to play live dealer games at cryptocurrency casinos, you will have an ample array of all the most popular games, ranging from baccarat to blackjack, roulette, table poker and money-wheel and game show titles. Alternatively, if you pop over to Ezugi’s collection, you can also find dice games, lottery-style titles and even keno games, and these can be played using Bitcoin.

Top Casinos Offering Live Dealer Crypto Games

To make the most out of playing live dealer cryptocurrency casino games, you need to find a top site offering them. However, we would advocate that you choose a casino that also accepts FIAT currencies alongside Bitcoin and other cryptocurrency options. Sites such as BitcoinCasino.io fit the bill rather nicely. The main reason for choosing to do this is that you will have access to a full array of games from many live dealer providers. This way, even if you cannot play live casino games using BTC, you can still use FIAT currency options to enjoy an ultra-realistic, live-streamed casino gambling experience.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.livebitcoinnews.com/live-dealer-btc-casino-games-what-can-i-play/

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Blockchain

Galaxy Digital report details Bitcoin consumes less energy than banking and gold.

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Galaxy Digital has released a report on Bitcoin energy consumption, detailing how it consumes less than traditional financial industries and the value it can bring. The analysis uses several calculations to ascertain how much energy the Bitcoin network uses and how it stacks up against the banking and gold industries. The authors also noted that the energy usage criticisms are not usually applied to traditional industries. 

Bitcoin’s annual energy consumption is estimated to be 113.89 TWh/yr.

Galaxy Digital report lauds Bitcoin for being transparent, while incumbent companies are opaque and don’t often disclose their energy footprint. The authors accept that the Bitcoin network consumes a great deal of energy but assert that this is exactly what secures the network and makes it so robust. According to Galaxy Digital’s calculation, the annual electricity consumption of Bitcoin is estimated to be 113.89 TWh/yr. For some perspective, the energy consumption of always-on devices in the US is 1,375 TWh/yr — 12.1 times that of Bitcoin’s consumption. 

The total energy consumption of the gold industry is estimated to be 240.61 TWh/yr.

For the gold industry, the analysts took a look at all of the processes involved, including those directly emitting greenhouse gasses, those indirectly emitting them, and emissions stemming from refinement and recycling. Multiplying the total 100,408,508 tCo2 in emissions with the global IEA carbon intensity multiplier estimates the total energy consumption of the gold industry to be 240.61 TWh/yr. The analysts also noted that the consumption of the gold and banking industries is hard to estimate because of a lack of data on energy usage. This makes it difficult to “have an honest conversation” about Bitcoin’s energy use. The report estimated the banking industry’s energy consumption to be 238.92 TWh/year. Earlier, Tesla announced to discontinue bitcoin payments citing environmental issues.  

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://coinnounce.com/galaxy-digital-report-details-bitcoin-consumes-less-energy-than-banking-and-gold/

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