Blockchain

Chainlink Hits All-Time High Price, Crashes 20% 3 Hours Later

LINK Marines stormed the crypto market today, taking Chainlink’s price to new heights. But their march could not be sustained.

Published

4 months ago

January 15, 2021

Republished by Plato

Is it alt season yet? Chainlink would like a word.

Earlier today, LINK—the native token of decentralized oracle provider Chainlink—broke its previous all-time high of just over $19, reaching a price of $21.39. Link Marines, those that hold Chainlink’s coin and champion its cause, were surely filled with emotion.

But that joy was short-lived.

The token almost immediately corrected its course, falling to a much-less impressive $17.50 per coin within three hours. That’s a 20% drop (oh no, is it a bear market?) and a hefty loss for anyone might have bought the coin today at the top.

Price of Chainlink in 2021. Image: Tradingview

On the other hand, anyone who bought Chainlink in early 2020 or prior still has a lot to be happy about. The coin has been on a monster run over the last year, exploding in price by over 1000% and gaining widespread attention beyond even strictly crypto circles.

And over the last 24 hours, Chainlink is still up 17%—over the last week, 24%.

Considering the wild ride Bitcoin investors have been on since BTC hit its own all-time high a few days ago, Chainlink’s price correction is proportionally smaller. Bitcoin crashed almost 30% in a matter of hours after reaching its all-time high, from $42,000 to $30,500 in what was its worst price drop ever in dollar terms.

For Chainlink—and for many other such alternative crypto assets—these corrections are normal. Compared to Bitcoin, the low trading volume of these currencies makes it easier for prices to fluctuate so quickly. The over-excitement of traders also amplifies volatility.

It’s unclear what, if anything, pumped the price of LINK today, standing out with solid gains on a day when most of the market is in the red. (Bitcoin, for example, is down 8%, while Ethereum sunk nearly 4%.) It’s possible that Chainlink’s latest announcement of yet another integration—this time with Neutrino, a bridge between the Waves and Ethereum blockchains—may have had something to do with it.

Either way, with such wild price swings over such short periods of time, it’s a good day to be a scalp trader.

Editor’s note: This article was updated to clarify LINK’s previous all-time high price.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

Related Topics:2020 2021 Bitcoin blockchain BTC cnbc Crypto currencies Ethereum investors LINK Markets trading volume

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Blockchain

Bitcoin Proponents Against Elon Musk Following Heated Dogecoin vs Bitcoin Tweets

Published

19 mins ago

May 16, 2021

Republished by Plato

Last week, Elon Musk and Tesla shocked the entire crypto industry following an announcement that the electric car company will no longer accept bitcoin payments for “environmental reasons.”

A Hard Pill For Bitcoin Maximalists

Giving its reasons, Tesla argued that Bitcoin mining operation requires massive energy consumption, which is generated from fossil fuel, especially coal, and as such, causes environmental pollution.

The announcement caused a market dip which saw over $4 billion of both short and long positions liquidated as the entire capitalization lost almost $400 billion in a day.

For Bitcoin maximalists and proponents, Tesla’s decision was a hard pill to swallow, and that was evident in their responses to the electric car company and its CEO.

While the likes of Max Keiser lambasted Musk for his company’s move, noting that it was due to political pressure, others like popular YouTuber Chris Dunn were seen canceling their Tesla Cybertruck orders.

Adding more fuel to the fire, Musk also responded to a long Twitter thread by Peter McCormack, implying that Bitcoin is not actually decentralized.

Bitcoin is actually highly centralized, with supermajority controlled by handful of big mining (aka hashing) companies.

A single coal mine in Xinjiang flooded, almost killing miners, and Bitcoin hash rate dropped 35%. Sound “decentralized” to you?https://t.co/Oom8yzGRNQ

— Elon Musk (@elonmusk) May 16, 2021

Musk Working With Dogecoin Devs

Elon Musk, who named himself the “Dogefather” on SNL, created a Twitter poll, asking his nearly 55 million followers if they want Tesla to integrate DOGE as a payment option.

The poll, which had almost 4 million votes, was favorable for Dogecoin, as more than 75% of the community voted “Yes.”

Following Tesla’s announcement, the billionaire tweeted that he is working closely with Dogecoin developers to improve transaction efficiency, saying that it is “potentially promising.”

Tesla dropping bitcoin as a payment instrument over energy concerns, with the possibility of integrating dogecoin payments, comes as a surprise to bitcoiners since the two cryptocurrencies use a Proof-of-Work (PoW) consensus algorithm and, as such, face the same underlying energy problem.

Elon Musk: Dogecoin Wins Bitcoin

Despite using a PoW algorithm, Elon Musk continues to favor Dogecoin over Bitcoin. Responding to a tweet that covered some of the reasons why Musk easily chose DOGE over BTC, the billionaire CEO agreed that Dogecoin wins Bitcoin in many ways.

Comparing DOGE to BTC, Musk noted that “DOGE speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down.”

Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down.

— Elon Musk (@elonmusk) May 16, 2021

Max Keiser: Who’s The Bigger Idiot?

As Elon Musk continues his lovey-dovey affair with Dogecoin, Bitcoin proponents continue to criticize the Dogefather.

Following Musk’s comments on Dogecoin today, popular Bitcoin advocate Max Keiser took to his Twitter page to ridicule the Tesla boss while recalling when gold bug Peter Schiff described Bitcoin as “intrinsically worthless” after he lost access to his BTC wallet.

“Who’s the bigger idiot?” Keiser asked.

Who’s the bigger idiot? pic.twitter.com/YopCoat33W

— 🍊💊 Max Keiser (@maxkeiser) May 16, 2021

Aside from Keiser, other Bitcoin proponents such as Michael Saylor replied to Tesla’s CEO:

The world needs a decentralized, secure, deflationary store of value like #Bitcoin much more than it needs the more centralized, less secure, inflationary medium of exchange that you describe above.

— Michael Saylor (@michael_saylor) May 16, 2021

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Source: https://cryptopotato.com/bitcoin-proponents-against-elon-musk-following-heated-dogecoin-vs-bitcoin-tweets/

Blockchain

Tesla CEO Elon Musk Explains Why ‘Bitcoin Is Actually Highly Centralized’

On Sunday (May 16), Tesla and Space X CEO Elon Musk attacked Bitcoin (BTC) for being highly centralized after podcaster Peter McCormack criticized Musk for supporting Dogecoin (DOGE) and for spreading misinformation about Bitcoin. As you probably already know, on May 12, Tesla and SpaceX CEO Elon Musk shocked the world by complaining about Bitcoin mining’s […]

Published

21 mins ago

May 16, 2021

Republished by Plato

As you probably already know, on May 12, Tesla and SpaceX CEO Elon Musk shocked the world by complaining about Bitcoin mining’s high usage of fossil fuels and saying that for this reason Tesla would not be accepting Bitcoin as a form of payment until “mining transitions to more sustainable energy.”

The next day, Musk revealed that has been working with Dogecoin developers to reduce the power consumption of mining of the meme-based cryptocurrency.

Working with Doge devs to improve system transaction efficiency. Potentially promising.

— Elon Musk (@elonmusk) May 13, 2021

In fact, as Decrypt reported on May 14, according to Ross Nicoll, one of the part-time Dogecoin developers Decrypt talked to, Musk “started talking to the developers in 2019, he has ‘encouraged them to improve the higher transaction throughput,’ provided ‘lots of advice and input,’ and shared his vast Rolodex of contacts.”

Nicoll also said (1) that the dev team he is part of is hoping to reuce Dogecoin’s power consumption; (2) Musk has been with Dogecoin’s dev team since April 2019 (when he said that Dogecoinmight be his favortie cryptocurrency); and (3) that Musk had offered to fund the team, but his offer of financial support had been rejected (just as with offers they had received from other wealthy potential backers).

Yesterday, Dogecoin supporter “@itsALLrisky” said on Twitter explained why he thinks that Dogecoin, which Musk has referred to as “people’s crypto”, is better than Bitcoin. Musk said Dogecoin would beat Bitcoin “hands down” if its developers made three improvements: 10X faster block production time, 10X larger block size, and 100X lower transaction fees.

Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down.

— Elon Musk (@elonmusk) May 16, 2021

Well, today, McCormack criticized Musk for supporting meme-based Dogecoin, which he thinks could potentially result in ill-informed investors in $DOGE suffering big losses, as well as causing harm to Bitcoin’s reputation and its ecosystem.

2/ Whether you believe it or not is irrelevant right now, the implications are in play, and there are two specific ones I want to discuss:
a) Doge investors will get rekt
b) You are increasing the workload of Bitcoiners

I am not the smartest bitcoiner but I will do my best.

— Peter McCormack🇸🇻 (@PeterMcCormack) May 16, 2021

McCormack’s accusations angered Musk, who seemingly warned that he might just “go all in on Doge.”

Musk then went on to explain why he believes that Bitcoin is highly centralized.

Hey cryptocurrency “experts”, ever heard of PayPal? It’s possible … maybe … that I know than you realize about how money works.

— Elon Musk (@elonmusk) May 16, 2021

DISCLAIMER

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoglobe.com/latest/2021/05/tesla-ceo-elon-musk-explains-why-bitcoin-is-actually-highly-centralized/

Blockchain

ETH Developers Calculated How To Defuse The Difficulty Bomb

Published

1 hour ago

May 16, 2021

Republished by Plato

ETH developers calculated how to defuse the difficulty bomb because if they leave it untreated, they will slow down the network as we can see more in our Ethereum news today.

Ethereum’s encoded difficulty bomb is set to explode this summer and James Hancock as well as Tim beiko said that the ETH developers calculated the time needed to delay the bomb and this could the last time the developers need to take that action. Ethereum developers agreed on Friday how to delay the difficulty bomb ad if that is left untreated, the entire network could be slowed down. The difficulty bomb is an old piece of code that makes mining on ETH slower and less profitable over time by increasing the lag between the production of blocks.

We just wrapped up #AllCoreDevs 113 😁

Agenda: https://t.co/54AacjzpFO
Recording: https://t.co/PM8CVZ7daL

Recap below 👇🏻 https://t.co/wDU2vlNnBS

— Tim Beiko | timbeiko.eth 🦇🔊 (@TimBeiko) May 14, 2021

Ethereum 2.0 switches the network from proof of work as a way of validating transactions with powerful mining computers to Proo of Stake which rewards the ones that pledge the coins to the network. It takes an average of 13 seconds to mine a block on ETH right now and without delaying the bomb, it could take more than 20 seconds to validate the block by the end of the year. Ethereum developers agreed on how many blocks were quite necessary to delay the bomb until December. The calculation for the delay was proposed by the ETH core developers James Hancock as he said:

“The bomb’s always there, and we defuse it by turning the blocktime back just for the bomb.”

The block time chart on Etherscan. Annotated by James Hancock for Decrypt.

He later said that the proposal will delay the bomb by 9,700,000 blocks. Tim Beiko, the ETH core developer also said that the developers dismissed a proposal to delay the bomb next spring but that won’t be necessary. The developers expected that by December, the network will update to allow the ETH 1.0 the network that relies on PoW to communicate with ETH 2.0 as the new network relies on PoS and this is known as the Merge:

“If the Merge is ready by December, we won’t need to do anything about the bomb because we will move away from mining entirely.”

If the merge plans remain unimplemented, the Shanghai fork is expected to go live and will delay the bomb once again. The Bomb has been delayed three times so far.

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Source: https://www.dcforecasts.com/ethereum-news/eth-developers-calculated-how-to-defuse-the-difficulty-bomb/