Litecoin (LTC) Founder Charlie Lee Apologizes for Phony Walmart Story

Litecoin (LTC) Founder Charlie Lee Apologizes for Phony Walmart Story

The Litecoin Foundation is currently dealing with a significant crypto adoption goof sending the asset’s price tumbling. While it took a while, Charlie Lee, the company’s founder, has come out to clear the air over what happened.

‘We Screwed Up.’

Yesterday, Lee appeared on a Bloomberg TV segment. He admitted that the company “screwed up” after an employee had retweeted a false report regarding a partnership with e-commerce giant Walmart. In the news segment, Lee vehemently denied any collaboration with the e-commerce giant, adding that the Litecoin Foundation will continue to investigate the source of the fake news.

The announcement, which has since been taken down from Globe Newswire, had referenced a partnership between Walmart and the Litecoin Foundation. The partnership reportedly included accepting Litecoin as a payment method for products on Walmart – a move that would have been an incredible boon to the crypto industry.

The news had caused a 35 percent surge in the price of LTC, showing that the market was reacting positively to the prospect of a partnership with a company on the scale of Walmart.

Sadly, the news turned out to be fake news. In a statement, the Litecoin Foundation explained that the press release had come out without their knowledge, and they didn’t know about its spread – which had been so rampant that several major media outlets had covered it. In response to the hype, one of the company’s social media handlers had tweeted the press release out without getting appropriate clearance.

Apologizing, Globe Newswire also explained that a fraudulent user account had been used to share the press release. A spokesperson for the press release published called this an “isolated incident,” adding that they would continue to work with investigators to find who started the firestorm.

In his Bloomberg interview, Lee explained that anyone could start accepting Litecoin without getting approval from the Litecoin Foundation. So, he was pleasantly surprised when he woke up and saw the press release about Walmart accepting the coin. Sadly, it turned out to be fake. The market appears to have forgiven Litecoin, with the asset rising by 3.6% in the past 24 hours. The Foundation – along with Globe Newswire – will investigate the incident to prevent a recurrence.

Walmart Looks to Integrate Crypto Nonetheless

While Walmart isn’t partnering with Litecoin just yet, the company does appear to have crypto in mind. A job listing published last month shows that the company is looking for a crypto expert to develop and drive a digital currency product roadmap ad strategy.

In the job listing, Walmart indicated that it requires someone with a 10-year of experience in product and program management and technology product commercialization. The ideal candidate will be experienced in blockchain and crypto-related technologies while also having a strong knowledge of today’s crypto ecosystem.

The company is joining its biggest competitor, Amazon, looking to hire a digital currency lead.

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Author: Jimmy Aki

Zcash Founder Proposes Moving to A ‘More Decentralized’ & Eco-Friendly PoS as PoW Has ‘Security Flaws’

Zcash Founder Proposes Moving to A ‘More Decentralized’ & Eco-Friendly PoS as PoW Has ‘Security Flaws’

This new narrative is also expected to “eliminate the downward pressure” on ZEC price, which is down a whopping 96.4% from its peak of $3,192 from almost 5 years back.

Zcash founder Zooko Wilcox is now proposing to move his privacy-focused cryptocurrency from having a very large carbon footprint to a more eco-friendly approach which is Proof-of-Stake (PoS) consensus mechanism.

“The benefits of PoS outweigh the drawbacks,” commented Electric Coin Company, the firm behind the Zcash.

The second-largest cryptocurrency Ethereum is already underway this transition, which some believe this will make Ether more attractive to institutional investors after the recent concerns around Bitcoins’ energy usage were raised by Tesla CEO Elon Musk.

Besides being energy-intensive, Wilcox believes PoW has “some security flaws” as well, as seen with the 51% attacks.

“I think proof-of-stake can provide a much more powerful kind of security and at lower cost,” he told Forbes.

According to him, under PoW setups, users don’t have much of an option if the network gets attacked while on a PoS network, bad actors can be identified and their tokens revoked.

He is also ready to move forward because Proof-of-stake is ”proven” and is no longer experimental, as can be seen with the successful launch of Tezos (XTZ), Algorand (ALGO), Cosmos (ATOM), and Cardano (ADA).

Additionally, we are entering an inflection point when it comes to protecting our privacy, he said.

“We’re both simultaneously seeing mega corporations and governments seizing more and more control over everyone, both in the east and the west…And we’re simultaneously seeing people worldwide becoming more aware and valuing their privacy more, their autonomy, their human relationships.”

The close cousin of Bitcoin, Zcash, is focused on privacy which was “the main value proposition” of “basically 100% of all the early bitcoiners, including Satoshi and Hal (Finey) and Nick (Szabo) and Adam (Back),” said Wilcox. He proposed integrating zk-snarks on top of Bitcoin in 2012 and founded Zcash in October 2016.

While Bitcoin is currently trading around $38,600, down 40.6% from its nearly $65,000 all-time high in mid-April, Zcash is at $113.35, down a whopping 96.4% from its peak of $3,192 from almost 5 years back, as per CoinGecko.

And this switching to a “more decentralized, attack- and capture-resistant, and egalitarian” network, is also expected to “eliminate the downward pressure” on ZEC price, wrote Zooko in a blog post. Also, to turn ZEC holders into users by passively earning income by staking their coins or by actively running validator nodes.

This new narrative just might help ZEC pump for the first time since 2016.

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Author: AnTy

Swipe Founder Burns All His Allocated Holdings ($200M), Reduces SXP Supply by 17.5%

Swipe Founder Burns All His Allocated Holdings ($200M), Reduces SXP Supply by 17.5%

Ahead of the release of Swipe V2 white paper, Joselito Lizarondo, Swipe Founder & CEO who has also founded the BSC-based lending protocol Venus, shared his decision to burn all of his 60 million SXP.

10 million SXP tokens were already burned last year; the remaining are currently worth $229 million at a current price of $4.58 per SXP.

Lizarondo shared that he is still compensated in SXP, which he holds. Any SXP earned in revenue from now on will be held on the company’s balance sheet for a long period of time, said the CEO.

By burning his entire founder supply, the total supply of SXP has been reduced by 17.5%, with an end goal of having only 100 million SXP in supply. Currently, the maximum supply is 285 million, as per Coingecko. Lizarondo said,

“This benefits the Swipe token holders from a scarcity point of view and lets me focus on my health and working with the team to push our products successfully.”

Binance currently has a large portion of SXP that it received during the acquisition. These are unlocked and, according to Lizarondo, sitting on their balance sheet. The Team treasury, meanwhile, will remain under time lock monthly release.

The company is also introducing new tokenomics for the SXP token. SXP will serve as payment currency for services rendered to its partners and as a governance token for Swipechain Network and AMM.

Swipe is now focused on V2, which is the final version, and there will be no more changes.

Version 2 aims to create a bridge between crypto and commerce for business partners paid in SXP and build a fully cross-chain decentralized automated market maker (AMM) powered by SXP.

Swipe’s business API currently powers FTX Card and Binance Card.

It is also planning to introduce a Swipe Reward Token (SRT) to Swipe Swap.

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Author: AnTy

BitClout Founder Sued for Infringing on the Privacy of High Ranking Twitter Individuals

Rising crypto-powered social network, BitClout founder hit with a cease and desist order.

The crypto world has been amassed with non-fungible tokens (NFTs) in the near past as artists sell their digital art, music, pictures, and other media forms for crypto. As the NFT market rises, investors focus on more ways to monetize any of their assets including social media profiles and presence.

Over the past few days, conversations have sparked across crypto communities on BitClout, a crypto-powered social network that allows users to buy and sell tokens based on a people’s reputation. You can buy NFT representations of high-profile celebrities on Twitter, including Kim Kardashian, Elon Musk, and high-ranking crypto Twitter individuals.

However, the application, which touts itself as the decentralized Twitter, has raised controversy inside the crypto community, amassing several critics. The latest critic, Brandon Curtis, the product lead for decentralized token exchange Radar Relay, has sent a formal letter to the app’s founder – believed to be Nadar Al-Naji, formerly at Basis – asking him to cease and desist from using his image and profile on the app.

Anderson Kill P.C., the law firm representing Brandon Curtis, sent out a letter on March 23, 2021, stating BitClout is against the California civil codes for infringing on Curtis’ right of publicity.

According to BitClout’s founder, who refers to themselves pseudonymously as “diamondhands,” the platform aims to help social media users enjoy some of the benefits from their monetized content. The platform offers BitClout tokens, which are bought using Bitcoin and can be used to buy various individual creator tokens.

However, several critics have blasted the platform as users can deposit BTC but cannot withdraw the BTCLT tokens. Brandon’s letter calls out BitClout for using his private likeness to make money and is asking to be paid the damages. According to California’s law on publicity,

“A company or a person cannot knowingly use another’s name, voice, signature, photograph, or likeness, in any manner, on or in products, merchandise, or goods, or for purposes of advertising or selling or soliciting purchases of products, merchandise, services, and goods, without such a person’s prior consent.”

To this end, the lawyers ask for compensation of $750 or actual damages incurred by BitClout’s actions of putting up Brandon’s Twitter profile on the platform for their own profit. Notwithstanding, BitClout has been accused of “deceptive practices” by representing that the tokens accrue value attributable to Curtis, but no relationship has been formed with the company. The letter states,

“For Mr. Curtis to exercise any sort of control over his name and likeness on [BitClout], he would need to put his own money into your project or provide you with even more personal information than you’ve already misappropriated.”

“Even messaging the BitClout support team costs BitClout tokens.”

The letter gives the BitClout team till 5 PM ET on March 24 to cease and desist from using Brandon’s Twitter profile and desist from using the client’s private information.

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Author: Lujan Odera

Cardano (ADA) Founder Isn’t Worried About DEX’s or NFT’s, He Wants Countries Ran on the Blockchain

“My goal is to run countries on the blockchain,” Cardano founder Charles Hoskinson says in a Bloomberg interview. The fifth-largest crypto is now listed on Bloomberg terminal.

Following its meteoric 470% rise since the start of January, Cardano (ADA) at one point ranked as the third-largest cryptocurrency in market cap, only behind Bitcoin (BTC) and Ethereum (ETH). In the latest interview with Bloomberg, Hoskinson said the blockchain could replace Ethereum, offer countries digital solutions, and siphon customers from its competitors.

Following its massive growth over the past year, Bloomberg will also add the token to its terminal opening the crypto to a new audience, which could drive the demand even higher.

According to Hoskinson, projects have also eyed moving to Cardano, as the transaction fees on Ethereum make the latter platform unusable. And despite Cardano getting new projects, Hoskinson remains utterly shocked by 2021’s price movement of its native token, ADA.

“It’s been a wild ride; broke to a billionaire in eight years is pretty crazy,” Hoskinson said.

Cardano as vaporware?

Critics and crypto analysts have questioned the value of Cardano and its practicality in comparison with Ethereum. Having launched a major hard fork upgrade earlier this month, the platform cannot fully support smart contracts meaning the blockchain cannot run the surging decentralized finance (DeFi) and NFT market yet.

A statement from CoinMetrics co-founder Nic Carter bashed the blockchain as “selling vaporware,” adding he is not aware of “any popular application deployed on Cardano.”

“I am not aware of a single popular application deployed on Cardano, nor have I seen any enthusiasm for the platform among developers,” he said. “I am truly mystified as to why it is enjoying a resurgence in popularity.”

Notwithstanding, Galaxy Digital CEO Mike Novogratz also questioned the recent sustained bull run asking his Twitter followers about ADA’s use cases and purpose.

Added to the Bloomberg Terminal

Shortly after the interview, ADA was added on the Bloomberg Terminal, a tool used by professional traders, which could open up the crypto’s market to new investment and drive up its demand. Bloomberg Terminal added ADA on March 14, with several Twitter users noticing the addition. The Terminal provides the historical and live prices of ADA, adding a short explanation of the peer-to-peer reviewed blockchain.

The Bloomberg Terminal is a professional tool that costs up to $24,000 per year, showing Cardano could benefit price-wise from the latest addition to the terminal.

More developments on Cardano

The addition to Bloomberg is just a tip on the developments on Cardano, Hoskinson said in a statement. He remains confident that Cardano will take over the DeFi space as high gas issues continue to persist on the Ethereum blockchain. According to Charles, over 100 companies have already committed to switching to Cardano from the leading DeFi blockchain when “functionality matures” on Cardano. “You can take your DeFi, and you can run it on my system for 1/100 to 1/1000 of the cost,” he said.

However, Hoskinson sees a bigger future for Cardano, apart from affecting the DeFi space and NFT marketplaces. He stated the blockchains aim to provide solutions to countries and governments to ease voting processes and supply chain metrics. “My goal is to run countries on this blockchain,” Hoskinson said.

“I don’t care about Uniswap and CryptoKitties and other things. It’s a bubble, and it comes, and it goes, like Pet Rocks and Beanie Babies.”

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Author: Lujan Odera

Bitcoin Market Looking for New Lows After Elon Musk’s Pump & Dump

While the endorsement from Tesla CEO and Bridgewater Associates founder is “bullish” for the leading crypto, Ray Dalio says the idea of “a church that one is devoted to determining one’s investment position on Bitcoin” is discomforting.

Bitcoin had a wild Friday as we pumped and dumped beautifully.

What looked like a change of Bitcoin market trajectory turned out to be nothing more than a short-lived pump.

This pump was propelled by the world’s richest person, Tesla CEO Elon Musk, who changed his bio to “bitcoin” that followed up with “In retrospect, it was inevitable.” This tweet was also put in block 668197 mined by yhc5t3.

It turned out to be just like the Xi pump back in October 2019 when Chinese President Xi Jinping’s call for China to accelerate the development of blockchain technology sent BTC above $10,500.

Now, the market is expecting Bitcoin to go back to testing the lows. Already Bitcoin is down more than 7% and dropped under $33,000. Trader Benjamin Blunts is calling for the incoming of new lows at “sub 28k.”

Besides this short-lived pump, Musk taking Twitter CEO Jack Dorsey’s route also resulted in others doing the same. These individuals include Reddit founder Alexis Ohanian who is also busy “staking sats,” Anthony Scaramucci of SkyBridge Capital, YouTuber MrBeast, crypto exchange Gemini founder Tyler Winklevoss and other Bitcoin enthusiasts all having simply “Bitcoin” in their Twitter bio.

“Bitcoin is the signal and it’s getting louder,” commented Michael Saylor, CEO of MicroStrategy on this.

Another positive momentum for Bitcoin came from Bridgewater Associates founder Ray Dalio this week, who turned positive on the cryptocurrency. Mike Novogratz called this endorsement from Musk and Dalio “bullish” for Bitcoin, stating:

“BTC is a store of value. All stores of values are belief systems. And we are getting new converts to the church at an accelerating rate. Stay long.”

However, Dalio was quick to chime in to say that he doesn’t call himself “a convert to the church of an accelerating rate,” rather he would be interested in the response to his assessment of Bitcoin and knowing “what am I missing?”


Exchanges Can’t Handle the Growing Demand

While Musk tweaking his Twitter bio presented the market a pump opportunity, trading platforms couldn’t keep up with the demand they are seeing even since WallStreetBets got on the Dogecoin train and took the road to crypto space after Robinhood paused trading in some of the hot stocks on Thursday such as GME.

Robinhood also temporarily disabled the features that allowed users to buy cryptos instantly. However, the popular retail platform doesn’t offer the ownership of cryptos, rather just buy and sell opportunity through IOUs.

“Due to extraordinary market conditions, we’ve temporarily turned off Instant buying power for crypto. Customers can still use settled funds to buy crypto. We’ll keep monitoring market conditions and communicating with our customers,” said a Robinhood spokeswoman.

As we reported, users then moved on to crypto exchanges but like every other time they couldn’t keep up with this much demand.

Binance said the risk of new users put its system under stress, with its CEO Changpeng Zhao noting that user sign-ups and trades jumped to a record high as well, forcing the exchange to briefly suspend withdrawals.

“We almost ran out of DOGE coin addresses,” Zhao told Bloomberg. “Our system couldn’t generate new addresses fast enough to match new users coming in. It’s crazy.”

US-based Coinbase also reported that “due to a technical issue, we are experiencing degraded service where some trades may not be able to be completed.”

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Author: AnTy

World’s Largest Hedge Fund Manager, Ray Dalio, Is Warming Up to Bitcoin

In his latest Reddit Ask-Me-Anything (AMA) session, the founder of the world’s largest hedge fund Bridgewater Associate, Ray Dalio, touched upon Bitcoin, in which there have been tons of questions.

“I think that bitcoin (and some other digital currencies) have over the last ten years established themselves as interesting gold-like asset alternatives,” replied Dalio to a question whether Bitcoin is a potential answer to the issue that the global new world fiat monetary system has become because of central bank money printing which in turn has increased inequality in the US. According to Dalio, Bitcoin has both,

“similarities and differences to gold and other limited-supply, mobile (unlike real estate) storeholds of wealth.”

Talking about Bitcoin relative to gold, Dalio has a strong preference for the asset that central banks will want to hold or use in exchanging value while transacting.

However, the thing is, an investor must diversify his investment portfolio, and Bitcoin can be one. He said,

“It could serve as a diversifier to gold and other such storehold of wealth assets.”

“The main thing is to have some of these type of assets (with limited supply, that are mobile, and that are storeholds of wealth), including stocks, in one’s portfolio and to diversify among them.”

Cash is a bad alternative

These positive remarks towards bitcoin came after Dalio said last month that he may be missing something about the digital asset and that he would “love to be corrected.”

“Looks like @RayDalio has been contemplating bitcoin. Definitely seems like he’s coming around,” commented analyst Mati Greenspan on this new development.

During the AMA, Dalio further talked about the flood of money in the market that is lifting the prices of most assets, which are distributing wealth in such a way that it is “threatening to the value of our money and credit.”

“With the amount of money out there, and cash being such a bad alternative, there’s no good reason that stocks couldn’t trade at 50x earnings,” said the hedge fund manager, which, to be honest, also holds true for Bitcoin but at a larger percentage.

“It is important to diversify well in terms of currencies and countries, as well as asset classes,” he said, adding, “I want excellent diversification at this time.”

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Author: AnTy

Michael Saylor’s MicroStrategy Buys Another $50 Million (2,574) in Bitcoin

  • Founder Michael Saylor discloses MicroStrategy purchased another $50 million in Bitcoin
  • The tech company now owns over 40,824 BTC

MicroStrategy is known as a platform for business analytics, guiding other enterprises in their efforts to transform their own brands. The brand originally launched in 1989 with founder Michael Saylor, signing McDonald’s as their first major client in the early 1990s. In recent years, the company launched MicroStrategy 2020 as a way to use machine learning technology and augmented intelligence for business strategies.

Now, Saylor has announced another change – another massive investment, adding to the companies Bitcoin holdings. In a tweet on Friday, Saylor explained that the company purchased $50 million in Bitcoin, which amounts to 2,574 bitcoins. At the time of the purchase, the average cost per Bitcoin was $19,427.

This purchase is not the first time that the company has added Bitcoin to the company’s financial assets. In August this year, the company turned to Bitcoin as it experienced fewer returns during the coronavirus pandemic that was detrimental to the economy. At the time, MicroStrategy purchased 21,454 BTC for $250 million in Bitcoin, the average price was much lower at about $11,635. A little over a month later, they purchased another 16,796 BTC for $175 million. With today’s purchase of 2,574 BTC, the company owns just over $766M with bitcoin current hovering at $18,770.

Not only is the company extremely bullish on the top cryptocurrency, but Saylor has become a beacon in recent months, spreading the word of bitcoin to his peers. He even disclosed that he owns 17,732 BTC personally, worth over $332M.

Saylor’s faith in Bitcoin was recently discussed with Marc Friedrich. The CEO doesn’t believe that Bitcoin is in early the same position as it was even five years ago, making arguments against it irrelevant. With the massive growth since 2017, Saylor compares the asset to the career of Lebron James.

“…Lebron James played basketball from age 9 to 18, and he was talented but erratic and volatile. But then he grew up and from age 18 to 28, he destroyed everybody and everything in his way,” Saylor remarked.

Large transactions of Bitcoin – i.e. anything above $100,000 in value – have increased significantly amongst institutional investors in the last few months. Analysts say that there have been many factors to influence the investment, but Saylor and other investors believe that Bitcoin will remain to be a store of value in the market.

To view the disclosure that Saylor revealed in the tweet, here.

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Author: Krystle M

CNBC’s Mad Money Host, Jim Cramer, Says ‘Not Too Late for Bitcoin’ Even at $19,000

Jim Cramer, the founder of The Street, took to Twitter to share with its 1.4 million followers that it is a good time to jump into Bitcoin. Cramer said,

“It is not too late for Bitcoin.. great alternative to gold… which I have always believed in.”

The host of CNBC’s Mad Money comments came when the largest digital asset is trading above $19,000, a level last seen during the peak of the December bull run. BTC is just inches, not even 5% away from its all-time high of $20,000.

While millennials are already into cryptocurrencies big time, boomers may make an entry into the market too.

Bitcoin is up 168% YDT, with the majority of these gains, nearly 80%, coming in these last two months.

Unlike BTC, which is strengthening its digital gold narrative, the precious metal itself is having a rough past few months. Ever since hitting a new high above $2,000 in August, the gold price has been on a decline. Up only 18.7% year-to-date, the bullion is down -3.74% this month, dropping to the $1,800 level today.

While gold is getting sold off, BTC continues to climb up, inching that much closer to its new ATH. As we reported recently, analysts at Deutsche Bank said that Bitcoin is seeing increasing demand to be used to hedge dollar risk, inflation, and other things for which previously gold has been used.

Bitcoin whales are the one that is busy accumulating bitcoin currently. In the short-term, a much-anticipated pullback could make an entrance, with the number of accumulation addresses falling.

However, going by the narrative that the rally is largely driven by professional asset managers, “this means that Bitcoin will play a more active part in portfolio construction, going forward,” said Denis Vinokourov of Bequant.

Talking about its implications for Bitcoin, he said it would make “its once cherished non-correlated asset appeal (…) unclear, but it makes sense that if more institutions hold it, the more likely it will become correlated to traditional assets.”

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Author: AnTy

Yearn Finance Creator Andre Cronje Reveals New DeFi Project DeriSwap

  • Andre Cronje, the founder of the famous decentralized finance (DeFi) project Yearn Finance, has announced the launch of a new project.

Earlier today, Cronje shared a blog post confirming the launch of DeriSwap, a protocol that consolidates different parts of DeFi.

How DeriSwap Works

DeriSwap combines multiple DeFi services such as swaps, options, futures, and loans. Cronje believes his new project could improve capital efficiency in DeFi and allow for more interactions between assets. Cronje explained in the announcement,

“DeriSwap allows for a consolidated, capital-efficient market for Trading, Options, Futures, and Loans, allowing LPs to keep their exposure and enjoy additional fees and rewards.”

Cronje offered scant details about the new platform and what it entails. However, he pointed out that the swap contract is a standard Uniswap x * y = k, which allows Liquidity Providers (LP) to swap two assets that make up a pair. For example, if LPs provide ETH-BTC as liquidity, traders can swap these assets for one another, allowing LPs to earn trading fees.

The protocol uses the Time Weighted Average Price (TWAP) oracle, with Cronje confirming that it takes readings every 30 minutes. Such operation allows for real-time metric readings, which should improve the protocol’s operational efficiency.

Cronje plans to release more details about the protocol after the audit. Since the launch (and exponential growth) of Yearn Finance and its native YFI token, he has been pretty passive, choosing to speak mostly through his work.

Last month, Cronje launched the Keep3r Network, much to the excitement of investors. The network functions as a decentralized marketplace for technical jobs. Along with its native token, KPK, Keep3r aims to provide crypto projects with access to the specialized labor and technology they need to run.

The project’s documentation explained that it supports tasks that are as “simplistic as calling a transaction, or as complex as requiring extensive off-chain logic.” Employers can also pay contractors with KP3R tokens from the fees they earn by yield farming ETH and KRP on Uniswap.

Cronje’s Midas Touch

Despite the lack of a formal launch or much fanfare, Keep3r immediately attracted buzz once it dropped.

A few opportunistic traders with their trading bots immediately injected funds into the platform and began trading KP3R on Uniswap, causing its price to rise from $1 to $2,000 even on thin volume.

However, Cronje redeployed the platform’s contracts several times while conducting tests, causing the KRP price to drop to $100.

At press time, KP3R trades at $275.63, with a market cap of $51.5 million. This is monumental for an asset that is still in beta and is less than a month old.

It’s unclear whether DeriSwap will have any tokens associated with it. However, if it does, then it won’t be so surprising to see a post-launch surge.

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Author: Jimmy Aki