Roger Ver snub prompts Craig Wright’s lawyers to seek court order over libel claim

Roger Ver snub prompts Craig Wright’s lawyers to seek court order over libel claim

Legal representatives for Dr. Craig Wright are about to serve Bitcoin.com CEO Roger Ver legal papers in Japan.

Wright recently filed a legal claim for libel against Ver, who was featured in an April 15 video on Bitcoin.com’s YouTube channel declaring that “Craig Wright is a liar and a fraud. So sue me. Again.” The video has since been taken down, after it was pointed out that posting libelous material is a civil and criminal offense in Japan, and punishable by up to three years’ jail time.

Ver, however, has yet to make a public apology to Wright, despite warnings from the latter’s lawyers that legal action would follow unless Ver agrees to issue the necessary apology—either via his personal online accounts or via Bitcoin.com.

Ver was personally served with the legal papers by Dr. Wright’s representatives on May 2 at Hoxton Square Bar and Kitchen in London, where a hastily organized Bitcoin Cash (BCH) event was held. At the time, Ver told the representative that he would accept service of the court documents by email to his Bitcoin.com address, or to [email protected]. But when sought for a written confirmation, Ver didn’t respond to Wright’s attorneys.

In response to the snub, Wright’s lawyers are now seeking a court order allowing them to serve the documents out of the jurisdiction on Ver in Japan, where he currently resides.

In his libel claim, filed before the UK’s Royal Courts of Justice, Queen’s Bench Division, Wright is seeking £100,000 in monetary damages as well as an undertaking restraining Ver and any of his affiliated entities from making further allegations that deny Wright’s claim to being the individual behind the pseudonym Satoshi Nakamoto. Contrary to Ver’s “again” statement, this is the first time that Wright had taken legal action against the so-called “Bitcoin Jesus.”

It’s worth noting that Ver had been publicly supporting Wright’s claims as Satoshi until the nChain chief scientist broke off from the BCH camp to launch Bitcoin SV (BSV). As the driving force behind the BSV protocol, Wright is convinced that the attacks against him are intended to take down BSV as the protocol—capable of massive on-chain scaling—represents a threat to the future of other cryptocurrencies.

Wright will be a featured speaker at the upcoming CoinGeek Conference in Toronto on May 29-30, which welcomes supporters of all cryptocurrencies. If you believe in the vision of the original Bitcoin white paper, and get excited when you think about the unlimited possibilities with Bitcoin SV, there’s still time to register for the CoinGeek Toronto scaling conference, and you can even save money by using BSV via Coingate.

The Bitcoin Vision: Episode 13

The Bitcoin Vision: Episode 13

The excitement continues this week as Bitcoin SV (BSV) stays on track to its roadmap of massive on-chain scaling towards becoming the world’s new money. Jimmy Nguyen, the Founding President of the Bitcoin Association, is back this week for another episode of The Bitcoin Vision after traveling around the world talking to people about BSV as the CoinGeek Conference approaches.

The week kicked off with Bitcoin Association’s first-ever BSV Hackathon that brought together 19 countries from all over the globe. The Hackathon ran for 48 hours straight from May 4 to May 5. In total, 216 people signed up to participate in the event. From this number, 122 competed as individuals while the other joined to form 42 teams. The theme of the Hackathon was the onboarding problem with the twist, “Onboarding isn’t about just solving things for users to get to BSV; it’s about making life easier to onboarding new developers to BSV as well.”

The preliminary judging of the Hackathon will select shortlisted candidates who will compete in the semi-final competition. From the semi-finals, the three- grand finalists will be chosen. A representative from each group will be flown to Toronto, Canada, to present their solution on May 30 at the CoinGeek scaling conference. A panel of judges, including the live audience, will choose the final winner. Learn more about the BSV Hackathon here.

This week’s Satoshi shout-out goes to BitBoss who recently announced Keyring, a javascript library for creating and signing Bitcoin transactions that allow users to develop wallets for the Bitcoin SV blockchain quickly. One of the library’s features is the support for the larger OP_RETURN size. BitBoss is sharing this new library with the public to help other developers build on the BSV blockchain. The company plans to continue improving the library by using GitHub to track the work and monitor the library closely. The GitHub can be found here.

Meanwhile, a new application called Agora is here to help users understand how best they can use the BSV blockchain. Agora is a prototype Alpha release that allows users to design home page on the blockchain, add and list apps like wallets, social media channels, and even start a business. Agora is working to be the start point for adopters to see how the BSV platform could help their day-to-day lives. Agora will soon be available on-chain on the BSV blockchain.

Blockchain enthusiasts can now explore the Blockchain using 9knodes. 9knodes is a 2D block explorer that provides node statistics in a graph format. Through 9knodes, people can view transaction history and track other activities on the blockchain.

Watch The Bitcoin Vision: Episode 13.

Click here to watch the previous episodes of The Bitcoin Vision here.

coingeek-toronto-to-feature-jimmy-nguyen-craig-wright-fireside-chat

CoinGeek Toronto to feature Jimmy Nguyen, Craig Wright Fireside Chat

The CoinGeek Toronto Bitcoin scaling conference is now just a couple of weeks away on May 30 (with a special Developers Day on May 29). For those in attendance, they’ll have a special opportunity to attend a Fireside Chat, at the end of the main conference day May 30, featuring Bitcoin Association Founding President Jimmy Nguyen as moderator, and nChain Chief Scientist Dr. Craig Wright, the man behind the pseudonym Satoshi Nakamoto and creator of Bitcoin.

The two will sit down and have a wide ranging discussion about the beginnings of Bitcoin, the destiny that Bitcoin was created to achieve, and how Bitcoin SV (BSV) is fulfilling the destiny of Satoshi Vision. As is often the case with Dr. Wright, the conversation will be unfiltered, and he will offer up more information than we’ve seen before.

This is a unique opportunity to hear from Dr. Wright directly, as he has decided to remove himself from social media. Dr. Wright continues to publish new information on Medium, however it is often on the topic of the day, and he doesn’t have Nguyen there to follow up on interesting tidbits that we may want to know more about.

In this 40 minute discussion, will Nguyen ask Wright more about why he became Satoshi, and why he gave it up? Perhaps Wright will expand on the early days of Bitcoin, and the truth of how it came to be created. Nguyen might press him enough to reveal never-before-heard facts that will shake the crypto world. Wright’s biggest continued contribution to Bitcoin, is his innate ability to envision new possibilities and chart a path to them, and there will be plenty for him and Nguyen to talk about as BSV continues to move towards mass adoption.

Whatever they discuss, it’s an opportunity that any fan of Bitcoin can’t afford to miss. The depth of conversation will be fascinating and worth the cost of admission alone, but add on the exclusive tidbits that will likely come out of it, and it’s guaranteed to be a highlight of the conference.

If you’d like to attend, get your tickets now by registering online. Besides being a celebration of BSV and its massive blockchain scaling, there will be so many exciting developments that you won’t want to miss.

Centbee's Lorien Gamaroff on how to get people on board Bitcoin

Centbee’s Lorien Gamaroff on how to get people on board Bitcoin

There is always a lot of activity going on behind the scenes that most cryptocurrency fans don’t see. The idea is to develop the industry to make adoption easier and more widespread and this is best facilitated when multiple minds can get together and collectively discuss what’s going on. Lorien Gamaroff, the co-founder and CEO of the Bitcoin SV (BSV) wallet Centbee, recently traveled from his home in South Africa to London for that very reason, and took a few minutes to discuss what’s going on with CoinGeek’s own Becky Liggero in a short interview.

As everyone understands, one of the most important aspects of crypto is having it accepted on a large scale by both retailers and consumers. Gamaroff and Centbee are working hard to help this onboarding process and recently launched a system in South Africa that allows any retailer to sell BSV over the counter. Consumers can select the amount of BSV to purchase using fiat and the merchant delivers a Centbee-generated bar code that can be scanned to allow the completion of the transaction. As Gamaroff indicates, the opportunities for South African crypto adoption are phenomenal.

The executive traveled to the recent Bitcoin Association wallet workshop, which was held in London. It was a long journey, but one that Gamaroff asserts has tangible value. It offered the participants the ability to pool their resources and put their collective expertise to work in order to brainstorm and make the Bitcoin space better. In addition to nChain experts, minds behind Bitcoin solutions such as HandCash and Money Button, among others, were on hand. Gamaroff explained, “There’s a lot of valuable insight that all the people here have and it’s very important to share that. We are all specialists in our own way and sometimes it’s very easy to get, kind of, tunnel vision, focus on your own thing. What we’ve been able to do here is share ideas, share experiences, things that we’ve learned, mistakes we’ve made and being able to benefit from all that valuable insight and being able to share all that.

That interaction will also prove beneficial as the different Bitcoin developers begin to work toward evolving Bitcoin even more. There will be greater accessibility, enhanced tools and services and more that will all make it easier for developers to create their applications, which will help promote consumer adoption.

For the first time, CoinGeek is taking its popular CoinGeek Conference to North America. CoinGeek Toronto will be held May 29 and 30 at the Carlu and everyone is invited to come out and see what Bitcoin is doing and how the ecosystem is evolving. This will be an awesome opportunity to be among some of the greatest Bitcoin minds and to learn more about the future of crypto and blockchains is going to bring.

Bitcoin Association’s Bitcoin SV Hackathon finalists announced in lead up to CoinGeek Toronto Conference

Bitcoin Association’s Bitcoin SV Hackathon finalists announced in lead up to CoinGeek Toronto Conference

Top 3 Finalists Will Be Flown to Toronto to Win Prize Pool of 400 BSV Currently Valued over $27,000

Toronto, Canada – May 16, 2019Bitcoin Association, the leading global organization for Bitcoin business, has held the first ever Bitcoin SV (BSV) Hackathon. The first phase of competition was a virtual hackathon that took place globally over the weekend of May 4-5 with 122 individual competitors, plus another 94 joining together to form 42 teams. Their challenge was to develop a solution for BSV on-boarding issues, extending beyond on-boarding new users to the challenge of also on-boarding new developers to BSV.

The quality of entries was so high that the judges named 14, rather than the originally expected 10, semi-finalists. Now the entries have been narrowed to three top finalists. A representative of each finalist team will be flown to Toronto for the ultimate judging and awarding of 400 BSV coins (currently valued over $27,000) at the CoinGeek Toronto conference on May 30. All finalists will also have the opportunity to be considered for investment by CoinGeek founder Calvin Ayre, the technology entrepreneur. The finalists will be judged by four expert judges plus a vote by the entire conference audience, expected to be more than 250 global cryptocurrency elites. The winner will be announced at the conference’s end with 1st place winning 250 BSV, 2nd place 100 BSV, and 3rd place 50 BSV.

Jimmy Nguyen, Founding President of Bitcoin Association, explains: “We are thrilled that over 200 developers from 19 countries around the world joined the hackathon to build on BSV. We were especially excited to see the entrants’ diverse and creative range of on-boarding solutions, many of which could form the basis for successful BSV ventures. This reinforces why Bitcoin SV is the rebirth of the original Bitcoin, enabling developers to finally unleash the true power of Bitcoin’s original design, protocol, and Satoshi Vision.”

Jimmy’s congratulatory video for the finalists is viewable below:

The three finalist projects are:

TonicPow – A peer to peer advertising platform enabling users to monetize their site and earn Bitcoin SV directly from advertisers who can also promote their product with ease or raise money with crowd funding “Tonics.” TonicPow was developed by a Canada-based team of Attila Aros (captain), Luke Rohenaz, and Austin Rappaport. 

UptimeSV – UptimeSV provides distributed performance and uptime monitoring for robust, DDoS-hardened enterprise systems that is, of course, powered by Bitcoin SV and enables anyone to earn BSV by installing an app and getting paid to participate in uptime tests for clients of the platform. UptimeSV was developed by an Australia-based team who go by the name of Demonstrandium and are led by Dean Little (captain) with Brent Bevear, and Jye Turner. 

Polyglot – Polyglot is designed to be Bitcoin SV’s most intuitive way to interact with a myriad of metanet protocols through python, thus smoothing to entry path for new developers to Bitcoin SV - it’s a match made in heaven. Polyglot was developed by a New Zealand-based developer with user name “AustEcon.” 

The online competition is a lead-up to popular Bitcoin event, the CoinGeek Conference, taking place in Toronto for a two-day happening at The Carlu, a historic event space, on May 29-30.

Sponsored by CoinGeek, the conference producer and popular cryptocurrency news site that supports BSV, this Hackathon is the first in a series presented by the Bitcoin Association. The association brings together merchants, exchanges, application developers, enterprises, miners and others in the Bitcoin ecosystem to advance the business of Bitcoin. It supports Bitcoin SV (BSV) as the original Bitcoin, with a stable protocol and scaling roadmap to become the world’s new money and global public blockchain for enterprise.

The Hackathon was run by nChain, a trail-blazing blockchain innovation company committed to BSV. nChain’s impressive group of R+D professionals, led by Dr. Craig S. Wright, the pioneering Bitcoin scientist, have developed a global portfolio of 700 patent applications. They are leading research into solutions to massively scale the Bitcoin SV network and enable powerful technology applications of its blockchain.

With this exciting competition and significant prize pool, the Bitcoin Association is thrilled to see what developers can build with Bitcoin SV.

Crypto market daily report – June 3, 2019

Crypto market daily report – May 16, 2019

Thursday is proving to be an exciting day for the cryptocurrency markets, with the majority of coins reaching their 2019 highs although there were also some outliers. Bitcoin Core (BTC) continued to consolidate at just over the $8,000 level, trading at around $8,050 at press time.

However, the biggest gainer in all this sea of green was Ethereum (ETH), which was up by another 20% to reach the $265 mark as it appeared to have broken resistance at the $250 level, a psychologically important mark for the crypto. The same could be said for BCHABC. which continued rising above the $400 level and was trading at around $422 at press time.

Ripple (XRP) was also on the move upward and achieved a further 5% increase to trade at just over the $44 level on Thursday. Bitcoin SV (BSV) was another spectacular gainer and was up by a considerable 12% to the psychologically significant $70 mark as turnover and volume continued to increase exponentially.

Another top 10 currency that continued to perform well this week was Litecoin (LTC)—it was up by no less than 11% to breach the $100 level for the first time in almost a year. EOS was also up by a similar amount to the $6.70 level, whilst Stellar Lumens (XLM) was perhaps the best performer here with a considerable rise of 25% to the $0.15 level—a mark not seen since August 2018. IOTA also continued its forward charge and was up by no less than 14% to the $0.42 level, whilst Cardano (ADA) was also up by 11% to the $0.095 level.

Currencies with smaller market caps also saw considerable increases across the board with Ethereum Classic (ETC) the main gainer on the back of an astonishing 22% rise to the $8.04 level. Increases were also healthy across the board with ATOM, BAT, VET and ONT gaining considerably with the increases varying from 6% to 10% overall. WAVES and NANO were up by over 11%, whilst QTUM rose by a considerable 19% to the $3.38 level.

Bitcoin Association’s 1st BSV Hackathon – May 2019

Bitcoin Association’s 1st BSV Hackathon – May 2019

Semi-finalists: Top 14 entries from virtual competition (May 4-5)

The semi-finalists of Bitcoin Association’s first BSV Hackathon have been announced. The judges have narrowed the entries to a semi-final group from the 36 entries submitted. The judges originally intended to select 10 semi-finalists; however, the entry qualities were of such a high standard that they instead selected 14.

The virtual competition took place May 4-5. In total, 216 enthusiastic coders signed up to participate in the event. Of that number, 122 were to compete as individuals, and another 94 joined together to form 42 teams. They worked on their projects for 48 hours. Their challenge was to develop a solution for BSV on-boarding problems, extending beyond on-boarding new users to also the challenge of on-boarding developers to BSV.

List of Semi-finalists:

Biitstrap

Biitstrap is a technique for bootstrapping a communication channel via a blockchain. It’s useful for every scenario where peers don’t know each other’s connection details. This is a PoC for demonstrating the technique which may be useful and applicable for many areas such as EE2E messaging, SSH, IoT, remote control, IP-transactions etc. Devices can communicate with each other by using only public keys thanks to this technique.

BIOT

BIOT – a protocol for deploying and maintaining IoT devices over the blockchain.

Bitcoinfs

Mounts public data from bitcoinsv blockchain to your local machine, no user, password, wallet or btcsv required, just the config file or txid for a config file stored in the blockchain.  

Bitmav

Bitmav creates a digital legacy on Bitcoin SV to allow people to share important information with their loved ones after they have passed away. 

Bitflow

Bitflow is a task-based workflow engine which allows custom workflows to be easily built and run on top of Bitcoin SV with every action immutably.

 Bitgamer

Use our platform to store and query eSports match data on Bitcoin.

• Find an opponent and play a game

• Submit your match results

• That’s it! You now have a global gaming identity, powered by Bitcoin

 BitMonkey

Bitmonkey is a Browser Extension that aims to provide a gateway between the Metanet & the Internet. Bitmonkey will allow Metanetters to redesign the current internet in our image. From added functionality and interoperability to theming and modding of sites. The Bitmonkey model should allow for decentralized development and coordination in creating this vision.

Blockhead408

A movie-streaming website that uses a Money Button paywall and delivers video content that is stored on the Bitcoin SV blockchain. The content is stored using unwriter’s B:// protocol.

LetsPlayBSV

LetsPlayBSV is a game platform that facilitates and create many types of casino games online using the BSV blockchain as the backend support. 

Metavibe

MetaVibe creates a location based meta layer on top of our physical world. Thereby allowing to drop media content, comments and other smart contract-based events to specific locations while ensuring that only people at the location can read the content. Here we present the functional prototype (Android & iOS) as well as the open protocol of MetaVibe.

 Polyglot

Polyglot is designed to be Bitcoin SV’s most intuitive way to interact with a myriad of metanet protocols through python - a match made in heaven.

 Tonicpow

Tonics are peer to peer advertisements. Monetise your site and earn Bitcoin (SV) directly from advertisers. Promote your product with ease or raise money with crowd funding Tonics.

UptimeSV

Distributed performance & uptime monitoring for robust, DDoS-hardened enterprise systems. Powered by Bitcoin SV.

Ubiquity

Extend the reach of the Bitcoin protocol using P2P channels (e.g. simple gift of cash using P2P, provider earning using P2P, stream micropayment using P2P).

Bitcoin SV-powered Kronoverse set to revolutionize gaming industry

Bitcoin SV-powered Kronoverse set to revolutionize gaming industry

The gaming industry has been growing astronomically in the past decade, with one survey revealing that it generated $135 billion in 2018. However, much of the technology that was in use three decades ago still dominates the industry. Well, not anymore.

Kronoverse is an independent startup game development studio that develops its games on the blockchain. Its first offering is CryptoFights, a one-versus-one competitive fighting game. Players get to create their own characters and customize them. Once a player creates a character, that character exists on the Bitcoin SV blockchain.

And it’s not just the characters that exist on the blockchain. In an interview with esports and video game news outlet VGR, David Case, the studio’s backend architect explained:

“Every move that a player makes and every feedback from the server are recorded as blockchain transactions, and it actually builds a graph where each data points to the other states of the data, so you can kind of replay a whole battle by watching the graph.”

CryptoFights players get to enjoy many benefits that other players don’t. For one, all the gaming items exist on the blockchain and therefore, the players fully own these items. With the traditional gaming setup, one centralized entity has the ultimate authority over the entire gaming ecosystem. If it ever goes down, all the items you own within the game go down with it. Adam Kling, CEO of Kronoverse, explained, “Putting it on the blockchain kind of has this external decentralized party that no one owns, so that you will forever own that token or that game item.”

Kronoverse recently secured investment from technology entrepreneur Calvin Ayre. Chase explained just why the investment and partnership with Ayre, as well as the use of Bitcoin SV blockchain was a critical step for the startup.

He said, “They (Bitcoin SV) have kind of removed a number of the limits that are placed in the other forks, and so per transaction you can store up to 100 kilobytes of data, which means that in transactions on the network you can store some really interesting information, and you can build a much better graph of data where you’re pointing at data that’s stored at different places in the blockchain and so, you can really do some pretty advanced stuff. It couldn’t be done in the other Bitcoins (BTC and BCH).”

Crypto market daily report – June 11, 2019

Crypto market daily report – May 15, 2019

The cryptocurrency markets continued to rise considerably over the past 24 hours, with Bitcoin Core (BTC) consolidating at just around the $8,000 mark. In fact, BTC was trading at the $7,950 level at press time—slightly under the $8,000 benchmark. It had reached a high of around $8,275 on Tuesday at one point.

Ethereum (ETH) also performed excellently over the past 24 hours and was up by around 10% to the $220 level at press time on Wednesday. Litecoin (LTC) was relatively flat at around the $91 mark on Wednesday, whilst BCHABC retreated slightly in anticipation of the May 15 hard fork and was trading at around the $385 level on Wednesday. Bitcoin SV (BSV) was slightly up by around 2% to the $63 level as it continued gaining traction.

The day’s top gainer continued to be Ripple (XRP) with another 18% rise to the $0.43 level on the back of a similar gain made on Tuesday. EOS was up by 3% to the $6 level as it continued consolidating, whilst Cardano (ADA) posted another impressive 10% gain and traded at the $0.846 level on Wednesday which was a high for the past two months. NEO also continued posting gains and rose by around 10% to the $11 level, whilst Stellar Lumens (XLM) performed even better and was up by around12% to the $0.12 level also a high for the year. IOTA was up by around 9% to touch the $0.373 level as the coin benefited from the general bullish environment.

Coins with smaller market caps also performed pretty well with LINK and ONT posting the best gains over the past 24 hours at 19 and 15% respectively. Ethereum Classic (ETC) was also up considerably with a rise of around 4% to the $6.56 level, whilst CELR, FET and ATOM also posted considerable gains with rises of 10 and 6% respectively. ZIL and QTUM were up by 8%, whilst BAT posted a more modest 4% rise. NANO and IOST were also up by 4 and 7% respectively, whilst WAVES was down by around 1%.

Crypto market daily report – June 11, 2019

Crypto market daily report – May 14, 2019

The positive streak continues for cryptocurrency markets with several coins reaching yearly highs as turnover increases exponentially across all exchanges. Bitcoin Core (BTC) was up by around 10% and was briefly over the $8,000 mark before retreating slightly to trade at around $7,960 on Tuesday. Another stellar performer was Ethereum (ETH), which sailed over the $200 mark on the back of a 10% increase and was trading at around $208 at press time.

However, the star performer in the Top 10 was undoubtedly Ripple (XRP), which finally crashed out of its long slumber and rose by an impressive 24% to touch the $0.40 mark. BCHABC was also up by around 11% to also touch the $400 mark, whilst Litecoin (LTC) rose by a more conservative 6% to the $91.50 level. EOS was also up by a considerable 14% to the $6.14 mark—a 2019 high—whilst Bitcoin SV (BSV) also continued an impressive recent run with another 9% increase to the $62 level. NEO was up by 10% to the $10.41 level, whilst Stellar (XLM) also recovered quite impressively to charge forward and trade at the $0.11 mark at press time. IOTA was up by another impressive 15% to the $0.36 mark, whilst Cardano (ADA) was up by 9% to the $0.08 mark.

Cryptocurrencies with smaller market caps also demonstrated considerable increases with MATIC perhaps the most impressive of them all with a whopping 58% increase, whilst Ethereum Classic (ETC) was up by another considerable 9% to the $6.50 mark. Other coins showed more conservative gains with ATOM, ICX and BAT up by just over 2% each, whilst Binance Coin (BNB) continued its impressive run with another 5% increase to top to $24 level. Although the Binance exchange hack last week had created some alarm with the coin dropping well below the $20 level it has recovered nicely over the past few days. A surprisingly negative performer was Waves, which was down by around 2% over a 24-hour period.

Dr. Craig Wright: Crypto exchanges offer false promises of riches

Dr. Craig Wright: Crypto exchanges offer false promises of riches

Binance is ready to re-launch deposits and withdrawals on May 14, and somewhere down the road, they plan to launch their often hyped decentralized exchange (DEX). None of that changes the fundamental problems of what Binance is, and what it represents, though, and in his latest Medium post, Dr. Craig Wright picks apart the fallacies of the crypto market.

Titled “Crypto flim-flam,” Wright’s article looks into exactly what makes Bitcoin valuable, and why the product that exchanges offer is riddled with falsehoods. As the top crypto exchange in the industry, Binance represents a lot of what’s wrong with the industry, and Wright doesn’t hold back.

He first deals with the thought that trades on Binance somehow fall outside of the realm of U.S. law and regulation. That just isn’t the case, and they will pay for it eventually. He writes:

“Binance.com places the exchange squarely within the realm of US control. To say so is not a mere assertion, ‘.com’ domains have been considered to come under US territory for decades now. It is well tested in law.”

The big lie though is in the value people believe cryptos hold, and the trade of that value on exchanges like Binance. The true value of a token is in it’s worth to society, and the fact is, the vast majority of token’s are empty vessels. Binance gets rich by building belief that if cryptos become valuable from your trades, the common investor will get rich as well.

This has to come crashing down eventually, as worthless tokens with no use cases will have no reason to hold value eventually. Write notes, “Unfortunately, in this new round of growth of valueless assets and tokens that point to digital nothing, we will have to see the emperor in his full glory as the market for digital assets returns to its true value.”

Bitcoin SV (BSV), with its mission to scale massively and provide a new data network to the world, is the opposite case. It will prove to have uses as both the world’s new money, and the replacement to the Internet, making it an immensely valuable product. If the crypto market place doesn’t see that, the average consumer eventually will, and the tables will flip. Wright comments, “The exchange is Main Street, not Wall Street. (…) Value is what is offered to society at large. And markets come through use.”

The current rise in the price of Bitcoin Core (BTC) is very much an attempt of the crypto market trying to get as much wealth out of the market as they can before their house of cards comes crumbling down. That same fate will eventually happen for all the alt-coin scams that populate exchanges. Binance will keep that process going as long as possible, because they sell the promise of getting rich for nothing, whereas the real winner of this competition will be the token that provides value.

Wright concludes that there’s only one possible outcome to all of this: “In 20 years, we will look back following the massive crash that will come and see one surviving protocol.”

Crypto market daily report – June 11, 2019

Crypto market daily report – May 13, 2019

The cryptocurrency markets performed impressively over the weekend with Bitcoin Core (BTC) leading the charge and rising no less than 20% over 48 hours to touch the $7,500 mark at one point on Sunday morning. However, there was an expected correction, with the cryptocurrency dropping by no less than 7% to under the $6800 level, before recovering to the $7050 mark at press time on Monday morning.

Ethereum (ETH) also rose considerably over the past 24 hours and was over the $200 mark on Sunday morning—a level not seen since November 2018. The second largest cryptocurrency by market cap was trading at around $190 at press time or down by around 4% overall.

Other larger cryptocurrencies by market cap also showed healthy gains, with Bitcoin Cash (BCHABC) rising by an impressive 30% to reach the $380 mark on Sunday, before declining to around $360 on Monday at press time.

Bitcoin SV (BSV) was also up by around 8% overall and was trading at the $58 mark at press time with a charge to the $60 level not untoward. Ripple (XRP) was rather flat for most of the weekend, although it did regain the $0.32 level on Monday. Litecoin (LTC) was also on a bull run, touching the $90 level on Sunday before falling back to around $86 on Monday morning, or a decline of around 5%.

Stellar (XLM) was down by roughly 4% to the $0.10 level, whilst NEO continued losing ground with a 5% drop to the $9.46 mark. IOTA was in positive territory, on the back of a 6% increase, to just over the $0.31 mark. DASH was on a roll and was up by 8% to the $130 level while other smaller market cap currencies such as ETC, NANO, VET, IOST and ICX were all slightly down on Monday after having registered considerable gains over the weekend.