8 Public Listed Companies are Holding Bitcoin in Treasury; Who Will Be Next?

Today, there is a lot of green in the crypto market.

In the past 24 hours, nearly $15 billion has been added to the overall crypto market cap.

And all of this has been because of a nice pop up in Bitcoin. Yesterday, the price of BTC jumped to nearly $11,000 and today it surpassed it.

This 5.6% jump in BTC price has been the result of Jack Dorsey’s payments company Square making a $50 million investment in Bitcoin, which represents 1% of its assets.

“Given the rapid evolution of cryptocurrency and unprecedented uncertainty from a macroeconomic and currency regime perspective, we believe now is the right time for us to expand our largely USD-denominated balance sheet and make a meaningful investment in bitcoin,” noted Square in its Bitcoin investment whitepaper.

These 4,709 BTC were purchased over-the-counter over a predetermined 24-hours period to maintain transaction privacy and price slippage. These BTC are stored in its “Subzero”, the open-source Hardware Security Module-backed solution.

Gaining Momentum

Though not much, Dorsey’s only bitcoin approach is to “start small and hold.”

The community is super stoked about this, seeing it as a big development that would bring others into the market.

“A big deal,” commented Galaxy’s Mike Novogratz. “It’s not the first guy dancing. It’s the second guy. This is now a movement. Corp balance sheets.”

Novogratz also revealed that Galaxy also “has a lot of BTC on our balance sheet.”

With this, now a total of six public companies viz. MicroStrategy (1st and 2nd), Riot Blockchain, Cypherpunk Holdings, and Grayscale Bitcoin Trust hold Bitcoin in their Treasuries.

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Source: Bitcoin Treasuries in Publicly Traded Companies

Amidst this market euphoria, other companies also revealed that they have also invested in Bitcoin.

eToro CEO divulged that they had BTC in their treasury since 2011 and are “still Hodling.”

Jesse Powell, the founder, and CEO of crypto exchange Kraken, also admitted to it in a roundabout way as he answered a crypto enthusiast asking about when his company would make it to this list.

“You think Kraken hasn’t been accumulating bitcoin over the last 9 years?” Powell said.

While corporations adding bitcoin to their balance sheet is bullish, it is also “overrated,” according to trader and economist Alex Kruger who said, “The function of a corporate treasury is not to *invest*. Corporate demand for gold as an inflation hedge is minimal. Thus the likelihood of a bitcoin domino effect among corporates is very low.”

But the interesting thing that could happen, if this becomes a trend is “major banks would be forced to have a crypto team on payroll to service corporate clients’ hedging needs,” he added.

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Author: AnTy

Bitcoin Trading Like a ‘High Beta’ But Social Sentiment Remains Subdued

After a somber start of the week, Bitcoin is all set to end it on a higher note.

In the late hours of Thursday, the leading digital currency started recovering and went above $10,800. Since then, we have been keeping around $10,700 in the green on the back of just over $1 billion ‘real’ trading volume.

Altcoins are also feeling the gains with YFI around $29,500 and more cryptos in green than red.

According to trader @SmartContracter, however, over the next few days, a decline from $11,200 will signal the start of a move down and “not the end of it.” “Will be looking to short 10.9k and only longing if 11.2k is taken out again although I suspect it wont,” he said.

Many still expect that a move below $10k might not come, given that during the last bull market, the flagship cryptocurrency kept holding its weekly 21 EMA.

What’s disappointing is BTC’s weighted social sentiment for Twitter, “which measures the positive/negative ratio of comments multiplied by the overall frequency of comments.”

It is currently sitting at a 2-year low, showing a clear pattern of non-believers in the community after the crypto market experienced an aggressive retracement over the past few days.

However, “this level of negativity can often lead to a positive rally, as we’re seeing thus far today. Markets most commonly follow the path of least expected,” noted crypto data provider Santiment.

Still, it’s worth mentioning that the upcoming US Presidential elections, in early November, spells uncertainty and volatility across the markets. All the markets are acting like the same, whether it’s stock, gold, bond, or crypto.

“It’s really all the same at the moment. Crypto is simply trading like a high beta, and Defi like the highest beta of them all,” said trader and economist Alex Kruger.

But bitcoin’s correlation with the equity market is short-term, which many believe will soon end. The number of bitcoin entities, which is organic growth as opposed to hedge funds and whale trades moving capital in and out of BTC as they trade and hedge positions, continues to grow that will make sure of it.

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Author: AnTy

Uniswap Tanks After SushiSwap Successfully Migrated with Over $1 Billion in Liquidity

SushiSwap is now live after the migration was completed in the wee hours of Thursday. And with the official launch of the Uniswap clone, SushiSwap has sucked out all the liquidity and volume from the project that has been up until today, leading the market.

The legal billion dollar-heist resulted in Uniswap’s TVL tanking from $1.8 billion — previously among the top four DeFi projects to fall to the 9th spot with a 75% reduction — to almost $350 million of total value locked in now, as per DeFi Pulse.

A fork of Uniswap, SushiSwap, migrated the liquidity into its own protocol, currently recording $1.32 billion with the volume on the DEX climbing to $120 million.

Wrapped Ether is contributing the most to the volume followed by SUSHI, USDT, USDC, and YFI, much like Uniswap.

Unlike Uniswap, SushiSwap had its own token, and it allowed traders to pour tokens representing deposits in Uniswap liquidity pools into SushiSwap to earn SUSHI rewards. Keeping them through migration also got them extra tokens.

The migration involved swapping Uniswap LP tokens for the underlying asset and putting those tokens on SushiSwap.

Uniswap is currently recording $530 million worth of liquidity, down from nearly $2 billion liquidity on Sept. 4th. Daily volume on the platform has also gone down under $400 million from over $950 million on Sept. 1st.

Uniswap’s figures had come back to where it was before SushiSwap entered DeFi but are still up 50% from $285 million before the copycat was launched.

“Liquidity has no loyalty,” said yEarn creator Andre Cronje, who is against the narrative that SushiSwap took TVL from Uniswap because “Uniswap TVL pre/post Sushiswap remains unchanged. Sushiswap simply took their liquidity locusts with them. Only the liquidity locusts win.”

SushiSwap DEX, which is just shy of a fortnight old, has already experienced years’ worth of drama. Just over this past weekend, the original creator of the project, an anonymous Chef Nomi, sold their dev shares and handed over the control of the protocol to FTX CEO Sam Bankman-Fried, who has been involved in farming SUSHI right from the start.

As expected, the liquidity fragmented, but still, it all turned out good for DeFi in the end. As analyst Ceteris Paribus said,

“Honestly thought Sushi would just make things worse for traders, but uniswap liquidity is 2x since this and sushi has >$1B. Quite impressive…”

SUSHI token is also enjoying market enthusiasm and bullishness as it rebounds from its $1.2 low to over $3. At the time of writing, SUSHI was trading at $2.69 as per CoinGecko.

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Author: AnTy

Argentina’s Immigration Office Faces A Ransomware Attack; Hackers Demand $4M In Bitcoin

  • Argentina’s immigration networks paralyzed for hours in a ransomware attack.
  • Hackers double their ransom payment to $4 million after the agency refuses to cooperate.
  • Ransom to be paid in Bitcoins (BTC).

Argentina’s official immigration ministry faces a ransomware attack, paralyzing checkpoints and getting into and out of the country for four hours. A criminal complaint filed by Argentina’s cybercrime agency, Unidad Fiscal Especializada en Ciberdelincuencia, shows that several checkpoints across the country could not function on Aug 27 from 7 AM local time.

The Newalker ransomware attack affected operations across the Argentine immigration networks forcing the federal government agency to shut down their systems. This was to prevent any more data from being compromised by hackers. The complaint reads,

“Being approximately 7 a.m. of the day indicated in the paragraph above, the Directorate of Technology and Communications under the Directorate General Information Systems and Technologies of this Organization received numerous calls from various checkpoints requesting technical support.”

This presents the first case of an Argentine federal agency facing a ransomware attack.

Attackers Demand $4 million in BTC as Ransom

The hackers left a note on the encrypted files providing a method for the immigration office to pay up a ransom to get the files decrypted. According to images shared by Bleeping Computer, the hackers dictated a payment of $2 million ransom in Bitcoins to their dark web crypto wallet.

The ransom note left by Argentina’s Immigration Office hackers (Source: Bleeping Computer)

However, the immigration ministry official has stood their ground, refusing to negotiate with the hackers. A government source said,

“they will not negotiate with hackers, and neither they are too concerned with getting that data back.”

Following the expiration of the first deadline, the encrypted data note automatically updated the ransom amount to double the price – about 355.871 BTC (~$4 million). No expiration date has been set on the second ransom payment.

Increasing cases of ransomware attacks?

As mentioned above, the hacking of federal agencies is rare. However, corporations and municipal governments suffer from ransomware attackers frequently. At the end of 2019, an Argentinian data firm, San Luis, faced a ransomware attack after 7,500 GB of data was encrypted with the hackers asking anywhere from $37,000 to $370,000 to decrypt the files.

In July this year, Argentina’s largest telco company, Telecom SA, was targeted by a ransomware attack with hackers demanding a $7.5 million payout in privacy-focused cryptocurrency, Monero (XMR). The data was withheld for three days before the company was able to bring back up operations for its customers.

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Author: Lujan Odera

YAM Lives After Price Crashed 99%, YAM 2.0 will be Coming

Yesterday, in less than 24 hours since its launch, YAM had $450 million locked in its unaudited protocol, which today surged to $604 million only to get more than halved. Currently, $280 million are left in this protocol.

But even more shocking is the price of YAM, which hit an all-time high at $167.66 yesterday only to crash more than 99% to its all-time low today at $0.574586, as per CoinGecko. Currently, YAM is trading at $1.15.

This has been all because of the 10% daily rebase.

The token came with no premine equitable distribution with Ampleforth like supply rebase. The rebase happens every 12 hours where the supply contracts and expands by trying to reach the $1 peg as such, affecting the actual number of tokens one owns.

YAM Rebase
Source: @KrugerMacro

Save YAM

This debacle happened today due to a rebase bug that had the team asking the YAM farmers to act. In its official announcement, the team shared that a bug was found in the rebasing function that mints too much, this excess mint stays in the YAM Reserves contract.

This makes it “impossible” to take governance actions as these excess YAMS exist but don’t vote as such, unable to reach a quorum. As a result, the funds ($500k) would have been lost as such YAM.Finance asked for help to save the project.

The team believed achieving quorum for a bug-fix proposal would help them save the protocol and asked the community to delegate their votes towards that. It said,

“We need ~1,600,000 YAM (160,000 pre-rebase YAM) delegated via yam.finance by 7am UTC on Thursday.”

They even proposed granting lost rewards combined with a bonus to those who acted to save the system. And “whales will vote to receive compensation for saving yam,” said analyst Ceteris Paribus.

YAM 2.0

In less than 48 hours, the project experienced a full cycle.

In these just two days of the launch of YAM.Finance, there are now more than 8,600 unique addresses holding YAM.

And this community came to help the project with “massive coordination.” Crypto derivatives exchange BitMEX co-founder, and CEO Arthur Hayes also did some saving.

“I’m sorry everyone. i’ve failed. thank you for the insane support today. i’m sick with grief,” tweeted YAM creator Brock Elmore.

According to the latest update, YAM will continue to live long but behave like other rebasing assets like Ampleforth (AMPL) as it can no longer be modified by governance.

The YAM/yCRV Uniswap V2 pool — yCRV is a basket of yield generating stablecoins on the Curve DEX where the main issue was and where people got hurt — will remain safe after getting the majority of the liquidity out of the pool before the second rebase.

Now, because “we believe this community deserves the chance to persist,” the team behind YAM is setting up a Gitcoin grant for a community-funded audit.

If this is successful, they plan to launch “YAM 2.0 via migration contract from YAM.”

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Author: AnTy

Yet Another Balancer Attack for ‘Unclaimed’ COMP; DeFi Liquidity Provider to Reimburse Hack Victims

It hasn’t been 24 hours since the news about a $500,000 hack on Balancer came that a new attack has claimed $2,300 worth of the hot Compound tokens (COMP).

Hao, a hacker and engineer at DeBank, a DeFi wallet took to Twitter to share how this time as well, someone used Andreessen-funded dYdX to flash loan and drained, yes again, unclaimed COMP stored in several pools of Balancer, an automatic market maker.

The hacker explained that the contract flash loaned some tokens from dYdX to mint cToken from these funds. Then they Uniswap v2 to flash loaned some COMP.

The contract joined COMP/cBAT/cUSDT pool to trigger Compound to send unclaimed COMP to this balancer pool. After syncing COMP balance, the contract withdrew from the balancer at an advantage and continued to do the same for other pools.

After getting all the extra COMP, it repaid Uniswap and dydx and made an exit and swapped COMP for ETH in a normal Uniswap V2 trade.

However, @FollowTheChain said the “unclaimed COMP” is just a tiny fraction of COMP that has accumulated since the last movement of each cToken that happened a few minutes before.

According to Balancer Labs, this attack wasn’t like the one from yesterday either.

Amidst this came the good news, that Balancer Labs will be reimbursing all the liquidity providers who lost funds in yesterday’s attack.

It will also pay out the “highest bug bounty available” to Hex capital, who alerted about this vulnerability to balancer Labs in May.

“This is a major issue in crypto today – creating bug bounty programs and then ignoring the results + refusing to pay out. We need to do better,” said Hex Capital.

Market Unaffected

Yesterday’s attack involved two pools of the Balancer that contained deflationary tokens STA and STONK, tokens with transfer fees, worth more than $500,000 getting drained by a hacker.

The attack happened in two separate transactions which were 30 minutes apart. And only the pools with a token with transfer fees were affected by the exploit.

DeFi aggregator 1inch in its official report said the attacker was a “very sophisticated smart contract engineer with extensive knowledge and understanding of the leading DeFi protocols.”

Not only was he organized and prepared in advance but also used Tornado Cash, a privacy-focused Ethereum mixer, to get initial funds that hid his source of Ether.

It reported that the attack on one of the Balancer Pools was caused by a complex transaction that the hacker sent to the Ethereum mainnet. Then, with another transaction, the hacker drained another Balancer Pool.

The address with the stolen funds currently has about 601 ETH worth about $133,823.

In its official report on the incident, Balancer Labs reported that it wasn’t aware that “his specific type of attack was possible” which now came to be untrue.

However, they have been warning about the unintended effects of ERC20s with transfer fees in the protocol. As such, STA wasn’t included in the recently put together mining whitelist of BAL.

Now, transfer fee tokens will be added to the blacklist and will continue to audit, the third planned audit is starting soon, and review the protocol.

However, the market seems unaffected for now, as the total value locked in Balancer is $115 million, down from the all-time high of $117 million just a day before, as per DeFi Pulse.

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Author: AnTy

Economist: BTC Needs Scaling to Have An ‘Impressive’ Price; Market Says That’s BCH, Not ETH

The price of Bitcoin is currently trading at $6,200, down 3.40% in the past 24 hours and almost -14% YTD.

In October 2017, it was the first time that Bitcoin price jumped to $6k, after 8 years. But for economist Jeffrey A Tucker, Bitcoin at $6,000 isn’t impressive. He argued that scalability would have done great things for the flagship cryptocurrency.

This tweet from Tucker came after last month, the AIER Editorial Director said, “Adoption hasn’t gone far enough and it hasn’t come into consumer use like it should and would have if it had been able to scale. Now we’re seeing what happens when Bitcoin was not properly scaled.”

Ether says Look at us

Tucker’s comment prompted a response from the second-largest network Ethereum co-creator Vitalik Buterin who asked him to look into Ethereum 2.0’s sharding, a scaling feature.

“High scalability but without the centralization that relying solely on increasing block sizes to a very high level would entail,” said Buterin.

But the community wasn’t really impressed with Buterin butting in with his scaling solution as Adamant Capital’s Tuur Demeester said, “I’ll believe it when I see it. Sharding is an unproven invention that has been promised by the Ethereum founders since 2014.”

Buterin’s Ethereum prompt not only got the bitcoin community calling out “LOLs” and “April Fool’s” but BSV’s Calvin Ayre saw this is as an opportunity to voice his opinion that “Eth is a waste of time as it does not scale and is evolving towards being an illegal security with proof of Stake” and promoting BSV with “Original Bitcoin BSV is the only one that scales and is legal. There is NO centralization from on-chain scaling.”

Scaling doesn’t matter for price

While Tucker is of the opinion that scaling would push the Bitcoin price higher, Bitcoin enthusiasts pointed out how that isn’t the case, at all.

Well, gold is a good example as on-chain analyst Willy Woo said, “Gold is $9T. How many transactions per second does gold do? I mean shipping the underlying between vaults. That’s BTC main chain. The swaps we do on ETFs and derivatives is Gold’s layer 2. That shit scales, so will BTC’s layer 2.”

When it comes to price, bitcoin is well on its way to new all-time highs as the stock-to-flow model depicts.

“Bitcoin has been scaling tremendously well, beyond my greatest expectations. I’m extremely fortunate to be alive to witness it, said Michael Goldstein, a bitcoin maximalist and President of the Nakamoto Institute.

Contrary to Tucker, Bitcoin core developer Luke Dashjr said, “Bitcoin may fail because we didn’t reduce block sizes sooner. The longer we wait, the greater the danger.”

According to him, the market is already flooded with “pyrite,” fool’s gold.

Also, not to forget that the second layer on the Bitcoin network, Lightning Network already enables cheaper and fast transactions. But per Tucker, “it’s just in practice hard to be “excited” for four years.”

Well, BCH has Scaling, look at it!

Well, Tucker doesn’t need to imagine it as the community pointed him towards Bitcoin Cash (BCH) which got scaling but its price is around $200.

As per Vijay Boyapati, “the market massively discounts what you consider ‘proper scaling’ and greatly values immutability, the most important property of Bitcoin.”

Also, “In 1 week, BCH block subsidy is going to be worth far less than BTC transaction fees (currently ~0.25 BTC). How does that make you feel?,” pointed out network engineer Melik Manukyan.

But according to Tucker Bitcoin cash never had the network that Bitcoin had and people need to “think dynamically not statically.”

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Author: AnTy

This Crisis Is A ‘Perfect Storm’ For Bitcoin But We Could Be In For A ‘Prolonged Bear Market’

Bitcoin is back in the green, recording the gains of 3.14% in the past 24 hours while volume on the top ten exchanges with real volume remains above a billion.

As Bitcoin turned green, altcoins also registered gains but not as much as Bitcoin except for the likes of Digibyte which is up 10.83%, CRO 9.36%, Verge 8.86%, Horizen 7.39%, and IOTA 4.42% among others.

Source: Coin360

Bitcoin might be seeing gains for now but commentators are predicting negative price action in the short term.

The world’s leading cryptocurrency has a demand zone in $5,900s. According to a popular trader with the pseudonym Bitcoin Jack, “For now, this is an interesting price level. If we close with an SFP (>6060) I will add margin to my 4500-4800 longs.”

Also, the record volume suggests, “weak hands cleaned.”

BTC price to take yet another hit?

Interestingly, Bitcoin futures are currently trading $1,500 under the level on spot exchanges, which is “exactly the opposite situation,” to the time bitcoin got down to its bottom and we went to a $1,500 backwardation, a situation where the price of a commodity futures contract trade below its spot price, said the trader with the pseudonym Ugly OldGoat.

The trader is expecting a “prolonged” bear market for six to nine months adding that “Competition is going to be on the Bitcoin Standard. It won’t be constipation between Crypto Currencies.”

Structurally we could into a bear market, as the trader explained,

“we went to the big contango when we went for $500 over the spot it became very attractive for the commercial interest to sell Bitcoin and the smart ones were, they sold it all the way up from $11,500 up to $14,500 and they’ve locked in their profits for the year which is really healthy for Bitcoin because you know we don’t have to worry about the miners making it this year. If this market fizzles and goes back down and test lows again at $3,000 they’re gonna be just fine.”

The ones that definitely have to be concerned are the speculators, he said.

Another trader who is expecting a bearish scenario before the halving is FlibFlib who sees the price of the flagship cryptocurrency going below $4,000 at the end of April.

Bitcoin must rally or crypto in big trouble

Bitcoin has been trading like a risk-on asset, trailing stock markets, which have turned mixed today yet again. Volatility continues to control the financial markets as COVID-19 pandemic rages on. While US Treasury yield tumbled, Brent Crude oil price went below $20 a barrel, the lowest level in 17 years.

Investors are currently weighing the toll from the virus against policymakers’ efforts. On Sunday, Treasury Secretary Steven Mnuchin said workers can expect their direct checks from the $2 trillion stimulus package in about three weeks. Also, President Trump said the social distancing guidelines will remain through April 30.

Coronavirus cases meanwhile climbed over 732,000 globally, as per Johns Hopkins data. In the US, the number of cases rose above 143,000 and death over 2,000. Dr. Anthony Fauci, director of the National Institute of Allergies and Infectious Diseases, believes the virus could claim as many as 200,000 Americans’ lives amidst “millions of cases.”

This crisis according to veteran trader Peter Brandt, is the “perfect storm” for Bitcoin and if the digital asset “cannot rally on this, then crypto is in BIG trouble.”

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Author: AnTy

23k BTC on CME Futures and 50k BTC in Options Expiring Today

Bitcoin is currently down 0.05% in the past 24 hours trading around $6,640 after hitting $6,872 last night, yet again rejected at $7,000 level. Interestingly, more than 340,000 addresses are holding about 236k BTC at about $7k level.

According to trader Nebraskan Gooner, the crypto asset is working in a tight range. A daily close above $6,750 he said “would surely” take us above $7,000 while the close below $6,400 means, falling to $5900 and even $5200.

Bitcoin has also printed a death cross, which indicates a potential for major sell-off. This technical chart pattern has been a reliable indicator of some of the most severe bear markets in the traditional markets which is now seen in bitcoin.

But bitcoin volatility could see a further hike as futures contracts on CME and options expire today.

Activity on CME has been declining ever since February when the price of Bitcoin was trading around $10,500. Crypto data provider TradeBlock, noted,

“March bitcoin futures trading volume at the CME declined despite elevated volatility in spot markets for the month. While the CME’s bitcoin futures product saw record volumes in January and February, March activity has fallen considerably.”

Source: @TradeBlock

As for today’s futures contract expiration, Bitcoin futures on regulated exchange CME has about 23,000 BTC worth over $150 million in open interest for March 27th contracts.

Besides bitcoin futures, options are also expiring today. About 50,000 BTC options worth about $330 million are outstanding on crypto exchanges, out of which $50 million are in open interest on March 27th expiry on Deribit.

“For reference, the Deribit Exchange open interest on options last year was half the value of open interest that is present on exchange now. ($300m -> $600m). The same case for BitMEX March 27th futures,” noted Trajan.

Skew-Total-BTC-Options-Open-Interest
Source: Skew.com

According to Su Zhu, CEO of Three Arrows Capital this quarter is “very important” to watch. It is expected that the expiry of Bitcoin futures and options would result in heightened volatility.

Zhu further noted, “Last yr market bounced quite aggressively from backwardation to contango after the expiry.”

Backwardation is when the spot price of an underlying asset is higher than the futures price while Contango is when the price of a commodity is higher in the futures market than the current price of the commodity. Now it’s to be seen if we will see the same scenario happening this time as well.

Backwardation is happening in both gold and bitcoin which Zhu said could be because “mkt has re-learned fear and is showing preference for owning actual assets vs owning derivatives of those assets.”

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Author: AnTy

Nearly $10 Million XRP Transferred to Former Ripple CTO Jed McCaleb Wallet

The third-largest cryptocurrency is back in the red, in line with the broad crypto market. In the past 24 hours, XRP lost 9.43% of its value, currently trading at $0.218. In the past month, the digital asset has lost nearly 22% of its value but is still up 18% in 2020 so far.

Interestingly, after bitcoin’s over 7% losses, XRP recorded the least percentage of losses among the top ten cryptocurrencies while EOS is down 14.52%.

These losses came amidst the transfer of over 41.2 million XRP worth about $10 million was from former Ripple CTO Jed McCaleb’s Settlement to Jed McCaleb’s wallet.

This much amount of XRP is expected to hit the market soon and when it does, it would put additional selling pressure on the crypto asset’s price which is already in the red.

As we reported earlier last month, Ripple co-founder selling his XRP is “insignificant” compared to the total trading volume of the digital asset per day.

McCaleb also sold a portion of his 19 million XRP in January but the price still surged over 27%. In total, he has sold 1.05 billion between 2014 and 2019, out of the 9 billion he received as part of his compensation for his role in Ripple.

Apart from co-founding Ripple, McCaleb also founded the infamous Mt. Gox but left it before the exchange went down. He has also created another cryptocurrency Stellar Lumens (XLM), currently ranked at 14th place trading at $0.0521, down 13.59% in the last 24 hours.

McCaleb still has about 5% of the total existing supply left to be dumped on the market. Overall, this XRP whale doesn’t appear to have much of an impact on the XRP price, although the “economic power and consequences of whales cannot be ignored.”

No mechanism to prevent XRP from being created by a bug

Elsewhere, current Ripple CTO David Schwartz shared that there is no freezing of other people’s XRP, on the question of if XRP can be frozen or locked out. He further elaborated on what could cause XRP to be created or destroyed.

“There’s no mechanism in the software to create XRP and safeties to prevent it from being created by a bug or trick. There’s no freeze or lock for other people’s XRP since nobody would be entitled to that capability. You can easily lock or destroy your own XRP if you wish,” said Schwartz.

Schwartz further clarified that the validators can’t burn the XRP in your wallet either as servers count the number of validators that agree with it and such validators would be simply counted as disagreeing, “potentially halting the network if too many of them did this.”

And if they change the rules, that would effectively be a hard fork.

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Author: AnTy