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Vitalik Buterin: El Salvador’s Bitcoin Approach Is ‘Contrary to the Ideals’ of Crypto

The Ethereum creator railed that Nayib Bukele “loves being praised” and said “shame on Bitcoin maximalists who are uncritically praising him.”

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In a surprise Reddit post on Friday, Ethereum co-founder Vitalik Buterin had strong words for El Salvador’s Bitcoin rollout, and specifically President Nayib Bukele for forcing local businesses to accept the top cryptocurrency.

After a Reddit user on the r/cryptocurrency subreddit posted: “Unpopular opinion: El Salvador president Mr Nayab (sic) Bukele should not be praised by crypto community,” Buterin replied: “Nothing unpopular about this opinion. Making it mandatory for businesses to accept a specific cryptocurrency is contrary to the ideals of freedom that are supposed to be so important to the crypto space.”

Buterin’s post continued: “This tactic of pushing BTC to millions of people in El Salvador at the same time with almost no attempt at prior education is reckless, and risks a large number of innocent people getting hacked or scammed. Shame on everyone (ok, fine, I’ll call out the main people responsible: shame on Bitcoin maximalists) who are uncritically praising him.”

Indeed, Bukele’s embrace of Bitcoin as legal tender, first announced with great fanfare at the Bitcoin Miami conference in June, has earned him raves from some of the loudest voices in Bitcoin. Those same Bitcoin flag-wavers have been less eager to talk about the young president’s well-documented authoritarian tendencies and the less savory aspects of his government’s Bitcoin rollout. One Salvadoran business owner, requiring anonymity, told Decrypt, “It crushes my soul to see Bitcoin maximalists around the world cheering this when, if they actually sat down and read the law and regulations, it is completely opposite to everything they preach.”

And Buterin isn’t the only voice in crypto speaking out about the contradictions in forcing an open, decentralized technology on business owners.

At the TOKEN2049 conference in London just this week, Blockchain.com co-founder Nicolas Cary said during a panel, “I think there’s some valid criticisms of how the program is rolled out in El Salvador in terms of being top down. One of the main ethos of crypto is that there’s really grassroots adoption, and people are doing it voluntarily.”

Buterin didn’t stop at his first post. Further down in the same thread, when the original poster commented: “It’s like [Bukele] pushed it because he bought at cheaper price and knew a country adopting a crypto would alone take the price high enough to make him rich,” Buterin replied, “Simpler and dumber hypothesis: both for political reasons and because he’s a human being like the rest of us, he just loves being praised by people he considers powerful (ie. Americans). Bitcoin maximalists are a very easy community to get to praise you: you just have to be in a position of power and do or say nice things about them and their coin.”

The original poster replied to Buterin: “Elon did the same exact thing, now Bukele exploiting emotions of the community.”

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Source: https://decrypt.co/83103/vitalik-buterin-el-salvadors-bitcoin-approach-is-contrary-to-the-ideals-of-crypto

Blockchain

MATIC Price Analysis: Weekly and 4 Hr Chart Analyses Reveals Buy Signal for Polygon

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Polygon recently set a new record for highest bounty paid in DeFi. The team at Polygon paid a two million US dollar worth of bounty to Gerhard Wagner, a white hat hacker who discovered a crucial vulnerability that had put around 850 million US dollars’ worth of capital at risk.

So what type of vulnerability could this be? Well, it’s a double-spend bug, a type of bug that could have tuned catastrophic for the Polygon ecosystem.

Bullish/Bearish Scenario

  • The bear-trap candlestick formation on the weekly time frame, alongside the buildup of bullish divergence on the 4HR time frame, shows that the bulls are back in control.
  • A breakdown of the 1.152 support implies a bearish takeover.

Important Weekly Polygon (MATIC) Announcements

  • Immunefi, a bug bounty, and security platform acknowledged that the bounty is the highest that has been paid in decentralized finance [DeFi].
  • Another exciting announcement in the Polygon ecosystem is the PECO-Polygon Ecosystem Index, which makes it possible for participants to bet on the performance of Polygon [MATIC] projects. The PECO Index is a single token that captures the best native projects on @xPolygon.

Without any further delay, Let’s analyze the MATICUSDT price chart.

Polygon (MATIC) Price Analysis:  MATICUSDT Weekly Chart 

Following the path of most top altcoins in the cryptocurrency market, the MATICUSDT triggers a bear-trap candlestick formation while trading within a rising and expanding wedge.

Although the crypto pair still trades below its all-time high, higher RSI readings above level-25 tell us that we are still in an uptrend and we may soon see a surge in demand for the MATIC token.

Polygon (MATIC) Price Analysis:  MATICUSDT Daily Chart 

A recent regular bearish divergence on the daily chart above shows that we may soon see a slowing and possible correction of current gains.

Failure of RSI values to breach below level-25 would suggest a continuation of the current uptrend.

Polygon (MATIC) Price Analysis:  MATICUSDT 4 Hr Chart 

As the RSI prints higher values above level-25 on the daily time frame, the 4HR time frame confirms entry into the uptrend with an exit of the oversold area [level-25] with the recent entry of oversold at press time.

Regular and hidden bullish divergence setups are instrumental for the previous trend reversal and current trend continuation we see on the above intraday chart.

An impending hidden bullish divergence at press time may be sufficient for the bulls to find a price floor above the 1.491 support and restore the MATIC price into new highs.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/polygon-matic-price-analysis-intraday-hidden-bullish-divergence-signals-trend-continuation-for-maticusdt/

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Blockchain

Harmony’s ONE Token Targets $1 After Breaking All-Time High

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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

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Source: https://cryptobriefing.com/harmonys-one-token-targets-1-after-breaking-all-time-high/?utm_source=main_feed&utm_medium=rss

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Blockchain

NEAR Announces $800M in Development Grants

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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

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Source: https://cryptobriefing.com/near-announces-800m-in-development-grants/?utm_source=main_feed&utm_medium=rss

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