Warren Buffet’s hard line on cryptocurrency has not changed despite some earnest convincing from Tron’s founder Justin Sun at the $4.6 million charity dinner.
He apparently also donated the crypto assets handed over to him to his Glide Foundation.
Warren Buffet has made headlines again as the Oracle of Omaha has quelled the heated debate about his cryptocurrency ownership. This is despite Tron’s founder, Justin Sun, allegations that he handed Warren Buffet some Bitcoin and TRX in a Samsung wallet.
This was a topic that sparked a heated debate online as to who was less than forthcoming about ownership of the alleged crypto-assets according to reporter Betty Quick.
“My Twitter feed blew up because people were either saying that Warren Buffett was a liar or Justin Sun was a liar.”
The CEO of Berkshire Hathway has taken a hard line in regards to cryptocurrency. It was during a SquawkBox interview with reporter Betty Quick that he openly denied owning any cryptocurrency and ever having the intention to do so.
Yesterday, Warren Buffett said: “I don’t own any cryptocurrency. I never will.” @justinsuntron gave cryptocurrency to Buffett at their meeting, and afterwards Buffett turned the wallet over to GLIDE Foundation as a donation, @BeckyQuick reports. pic.twitter.com/cciYHIohll
Betty however later clarified that Warren Buffet had donated the cryptocurrency to his Glide foundation. This was alongside the $4.6 million raised during the Warren Buffet Charity Lunch that was attended by Justin Sun alongside other cryptocurrencies top brass. They were unsuccessful in talking Warren Buffet, a cryptocurrency critic, to change his stance on crypto assets.
During the interview with the SquawkBox Warren Buffet joked about creating his own cryptocurrency with proof of ownership whose only value could be achieved from the transfer of ownership.
Justin Sun has proved that indeed Buffet received the BTC
Justin Sun has come out in his own defense insisting he can prove he actually gave Warren Buffet the BTC and TRX. In a tweet, he posted Buffet’s wallets addresses to prove that the crypto assets were still there.
He has thanked Squawk Box for clarifying that Warren’s Glide Foundation now owns the crypto assets.
“Thanks for the clarification & glad to know Glide Foundation owns it now. Hold on to it & take care of the precious $BTC / $TRX!”
Some of the TRON enthusiasts are accusing Justin Sun, TRON’s CEO, of lying about TRX’s fixed amount supply, with Misha Lederman calling on him to keep TRX at below 100 billion.
A few TRON fans have expressed on Twitter their negative feelings about Sun and the deception they think he brought to their community. The total supply of TRX was mentioned in TRON’s white paper to be over 100 billion, with the official TRON website showing now a total supply of 100,002,757,644.08.
Misha Lederman Says Sun Eliminated 1 Billion TRX
In one of his tweets, Misha Lederman, who is BeatzCoin’s CCO, accuses Sun of eliminating 1 billion TRX back in June 2018 for the TRX supply to be kept at under 100 billion. After the implementation of rewards for Super Representatives, TRX started minting even more, which led to an increase in the supply. Lederman has also asked Sun to do another token burn.
On June 26, 2018, @Tronfoundation burned 1 billion #TRX in order to keep total supply under 100B TRX as SR rewards commenced & started to increase total supply
On Feb 2, 2020, #TRON‘s total supply surpassed 100 billion $TRX
Sun is Teasing TRON Fans with the MPC Torch Project
Meanwhile, Justin Sun is continuing to talk about his project that was a complete mystery until today. He has invited all crypto enthusiasts in the world to participate in the MPC Torch, his new privacy protocol. Subscription can be done by email and users should operate a server in order to become contributors. The TRON’S MPC Torch Project will use the Zero-Knowledge Succinct Non-Interactive Argument of Knowledge (zk-SNARKs)-based type of anonymity and already has 20 people joining it, according to GitHub. A special $100 reward will be given to every “privacy pioneer” that comes on board.
The Most Advanced Technology
Justin Sun mentioned the zk-SNARKs type of technology has many times been used for solutions in the Ethereum (ETH) network. Some analysts are saying that such technologies implemented in Ethereum (ETH) permit for payments to take place as rapidly as they do through the VISA system.
The World Economic Forum (WEF) has created, in partnership with some of the most important central banks, a policymaker toolkit for a central bank digital currency (CBDC).
The announcement was made on January 22. WEF is attempting to give a hand to policymakers when it comes to understanding what deploying a CBDC involves. Veerathai Santiprabhob, Bank of Thailand’s Governor said the toolkit is going to be very useful for the development of his institution’s CBDC, which is called Project Inthanon and is currently implemented. These were his exact words:
“From our experience, we need to identify tradeoffs between benefits from the use cases and their associated risks across different dimensions. This is where the Policymaker Toolkit could usefully provide an actionable framework for CBDC deployment.”
Rasheed M. Al Maraj, the Central Bank of Bahrain’s Governor said the toolkit is a great opportunity to learn more about how to adapt to the “Fourth Industrial Revolution”.
A CBDC Would Increase the Speed and Efficiency of International Interbank Payments
The framework of the toolkit recognizes that a CBDC, and not only that, could increase the speed and efficiency of international interbank payments, while reducing costs, also the counterparty and settlement risks. WEF says it can furthermore enhance reporting and transmission of financial data, not to mention that it can simplify traceability. The announcement says that before implementing a CBDC, solutions to economic friction should be found, whereas investments in system resilience and cybersecurity should be made.
Different CBDCs Distinguished by the Toolkit
The framework released by WEF has CBDCs classified as wholesale, retail and hybrid. Wholesale CBDCs are granting access to commercial banks and financial institutions to the central bank reserve for security and interbank transactions. Retail CBDCs are for non-financial users who want to hold accounts in the digital currency, whereas the hybrid ones give financial institutions access to central banks’ deposit facilities for holding reserves, which would increase security and interoperability between payment systems. WEF also explains that if a DLT-based CBDC would be discussed, the central bank would have complete control of its issuance.
The cryptocurrency market has been making some noise recently thanks to some positive new developments. Last week, China’s Xi Jinping stated that the country should focus on the future of blockchain technology, which bumped the coin up from its sideways movement. And more recently the Ontario Securities Commission (OSC) stated that it would list The Bitcoin Fund on Canada’s stock exchange.
These news stories have breathed life once again into bitcoin and significantly boosted its price. But now analysts are thinking that the coin might be overbought, which could mean that it’s due for a reversal down to more realistic levels.
A popular cryptocurrency analyst on Twitter has revealed what he believes is bitcoin’s ideal price point. The analyst, called Dave the Wave, stated that the ideal buying price for bitcoin is near the $6700 level, which would mean that the coin’s current price of $9200 is considerably overbought.
Dave the Wave notes that the coin is in a downwards trend over the medium term and that the MACD histogram, which measures momentum, is also showing bearish qualities.
Dave the Wave states:
“Is the IDEAL buying price of 6.7K still a real possibility? Yes, but in practical terms I think you’d be buy in tranches/ average in once price hits the ‘buy zone’. Sailing close to the wind now….”
There is some additional evidence to give credence to the analysts claims. By using a volume profile indicator, which shows the level of demand of particular price points, the greatest concentration can be found near the $6500 area.
The logarithmic chart for bitcoin also affirms that bitcoin could be overbought. The chart with curved trendline shows that the support level is at $6300 and is slowly curving upwards. It’s therefore likely that the ideal price point for bitcoin is at or near the $6700 mark.
Futures markets can help economies to grow a lot, but some people see them as very speculative. The situation would not be different in the case of crypto futures, which are even more speculative to some experts but are helping the market to grow.
Bloomberg has recently published an article affirming that Bitcoin futures show how the market has matured. According to the post, futures went from almost being meaningless to around 50% of all the spot trading activity in the market in just a couple of years.
What consequences has this brought to the market? The investor base has grown in numbers and the volatility has been decreased during this timeframe.
Cryptofutures are so popular right now that most crypto exchanges are offering them together with services of lending and borrowing cryptocurrencies. This makes it very easy for crypto holders to make considerable profits just using these financial tools.
The article also notices that the volumes of contracts in traditional exchanges that started their futures during 2017 such as the Chicago Mercantile Exchange (CME) have doubled their volume in 18 months. This shows that, despite being still a small market, the growth has been exponential so far.
While there are still doubts among some investors about if cryptos will represent a revolution in the markets or not, the fact is that they can be pretty profitable right now.
New exchanges such as the Intercontinental Exchange’s Bakkt have just appeared and will probably leave their mark in the industry, too. With all these improvements, it is hard to see a future in which cryptocurrencies will not be popular investments.
Google has recently affirmed that it was able to achieve some important breakthroughs in the quantum computing field. Now, a researcher from the University of Texas at Austin, Scott Aaronson, has told Fortune that this kind of progress could improve how the proof of stake technology works.
In case you do not know, proof of stake is a consensus protocol that works by staking tokens instead of mining them. The concept was originally created by Vitalik Buterin to be applied to the Ethereum network, although that never actually happened so far.
As block creators are randomly chosen in this method, a lot of people have criticized how random the method really is. Aaronson affirmed that quantum computing could help to end these doubts, as quantum supremacy could be used to generate numbers which are proved to be random.
Recently, Google published its latest results for the quantum supremacy experiment Sycamore. The computer was able to sample a quantum circuit a million times in only 200 seconds. IBM’s supercomputer would take 10,000 years to do that. With this technology on its side, crypto projects could prove that their proof of stake mechanisms actually worked as intended.
Not everyone is truly convinced that you need to do all that to just to be sure, though. Fortune also interviewed Greg Kuperberg, a professor from the University of California at Davis, who affirmed that the whole thing was overkill. According to him, there are ways to prove random numbers are random even without using such complex technologies.
Binance has announced some new trading pairs for its USD-pegged stablecoin BUSD. After the update, you can now trade BUSD for XRP, Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), ABC, Ethereum Classic (ETC) and Chainlink.
The new stablecoin, which was just launched last month, is a part of a partnership between Paxos and Binance. According to the agreement between the companies, Paxos works as the stablecoin provider, as it holds the reserves and issues tokens, and Binance supports it. The company lets users trade BUSD on its platform. It can also be automatically traded for Binance Coin (BNB) and Bitcoin (BTC).
Since the launch of the stablecoin, BUSD has retained a price close to the USD. In most trading platforms, you can buy it from .99 cents to $1.06 USD.
Curiously, Binance US, the U. S. branch of the company, is supporting Tether (USDT) instead of BUSD. There may be a reason for that, though, as BUSD’s market cap is dwarfed by Tether’s, which has traded over $19 billion USD in the last 24 hours when BUSD has only seen $10 million in trades.
This is not the only stablecoin native to the Binance chain, however. Binance GBP, a version of the stablecoin based on the pound, also exists, as well as StableUSD, another USD-based stablecoin. Finally, there is also Venus, an ongoing project which was once described as an “independent version of Facebook’s Libra”.
This will surely spark some fires amongst the cryptocurrency as the Bitcoin maximalists and XRP army are going head to head over a recent list of the top differences between Bitcoin and Ripple, the #1 and #3 cryptocurrencies in the market.
Here is a breakdown of the BTC vs XRP debate at the height of the bull market in 2017 and beyond. Of course, these are all up for argument and may not be factually true but here was the initial firestarter list of each coin.
The original poster also added this brief commentary regarding the lists of BTC and XRP.
“Bitcoin under performs in ever aspect that possibly exists. Notice how BTC maximalist will never argue fundamentals. They just call names and say scam, shitcoin, blag blah But never fundamentals lol = Bitcoin is clearly the real shitcoin.
Now, this definitely sparked a community-wide debate as dozens of contributors chimed in.
Let’s review a few of the opposing or agreeing comments that flooded in on the forum:
1) nod in bitcoin’s favor
In terms of “fundamentals” please understand that a technology like xrp can be replicated in a few weeks; either by myself, our Chinese friends, anyone with access to a 32/64 bits processor and an Ethernet link. The “PROBLEM” is with who it is hosted and ran by, it will simply never work for that simple reason. Sorry man
2) nod in XRP’s favor
Of course any open source network can be replicated. What makes a network successful is the liquidity duh. So good thing Ripple has sold billions and billions of coins to governments, central banks, institutions, remittance companies, payment providers, credit unions ect ect. For this exact reason…You get the point.
3) more commentary on the points
Oh I (we) get the point, no sweat bud. In fear to offend you at this point with what I’d really like to disclose here, about the activities of the owners and developers, its perhaps best for me to remain quiet and let you believe what’s best for you. Although I’m sure you and others knows what I’d like to disclose. For another time, maybe.
In terms of “fundamentals” you’ve kindly/bravely asked about, I still believe my answer was 100% accurate. That said, let’s hope for you that the Central Banks Digital Currencies does not annihilate your XRP too severely-quickly, sort of leaving you guys sell-off before they go LIVE. Will hurt, no doubts there. GL
4) debating the history
Our understanding is that the xrp ‘plot’ has too much power at a political level therefore temporarily immune from judicial or formal procedures (SEC, District, Federal, all). Most of the distribution/ownership of their cap is dedicated to a very few. You can picture who with some imagination. Greatest official-robbery in the history of humanity, if you ask me.
5) the future of both
More concerned about its instant death 1) when/if bitcoin dips to 2k, 2) Federal Reserve Digital Currency issued in 24 months (official) 3) worldwide Central Banks Digital Currencies, which also plans to go live at about the same time-frame (also official). In other words there is just nobody stupid enough to ‘invest’ in this Clan-Ripple, other than well, folks here perhaps. Sad ending coming up for that tech & company unfortunately and that’s possibly one of the main factor why the SEC has some sort of mercy at the moment.
6) defending bitcoin
Tried to find any lawsuit against Satoshi Nakamoto. Damn hard, looks like google removed/censured all the links to those news :/ Now THAT’s a crypto currency living up to its purpose and glory my friend. Zero Point of Failure, the ONLY one, unique. Don’t ever bloody try to come here and call Bitcoin shit ever again, dearest rippies & other alties fanboyz
7) heated exchange about centralization
Statement: U r proof that common sense is not common. Zero point of failure? China controls over 50% wtf r u even saying. Clearly delusional and short minded. Goodbye
Reply: There are no dumb fuck anywhere in this world or others who will spend $1.4 billion trying to 51 Bitcoin without knowing if this is going to be successful at the first place, most likely failure. I might be delusional but I’m no f n ignorant. Have a nice day – And please don’t give us that Chinese bad-bad western brainwashing bullshit, China have ZERO incentives to carry out whatever you’ve been told by the adults you are listening too, zero/nada #wtf. Grow up man…
8) XRP shills
Of course you dont like Bitcoin. You shill a scam coin that is a centralized load of toss for banks that Bitcoin will likely destroy. I hope you didn’t bet the family jewels.
9) different categories of crypto
Federal (or Central bank) Reserve Digital Currency will still be controlled by feds or central banks and will be inflation coins backed by FIAT (USD, Euro, JPY, KRW etc.) probably regular ppl will not have access to this mantra and will be use ONLY for trans-bank transfers or government contracts. So this will have no harm for BTC. As you know private banks controls central bank and all of them control country governments. All this ppl will never stop the oxygen for their filthy business.
10) XRP is most centralized, not bitcoin
– 51% attacks are not the big thing, in fact very little can be done to the network. Because to maximize the damage to Bitcoin you don’t just have to control 51% of the hashrate, you have to keep it for a while and that is very, very expensive.
– The main problem of XRP is that ALL clients trust the UNL by default that dynamically sets Ripple. I know some users who changed it, but the vast majority use the default one. That translates into that you are under constant threat of a 51% attack but with Ripple having 100% voting power (the equivalent to hashrate) at a 0 cost.
When they have solved that, you can say that XRP is the most decentralized network of all.
Oh, btw, I almost forgot, the UNL by default is made in such a way that the network only works if Ripple agrees with the proposed tx. Ripple has always controlled just over 20% of the validators so that nothing happens in their network that they don’t want.
Seriously, solve that first and then you can criticize the centralization (or not) of Bitcoin freely
11) bitcoin wins
those upcoming CBDC will increase/force knowledge and literally accelerate the ‘trend’ of digital money and means of transfer by magnitude of 1000X. That’s is in fact a good thing for Bitcoin. Not necessarily good for xrp/ripple where I see it going completely devalued if not dead-redundant by that time. On another positive note about CBDC, some expect an incredible amount of personal & corporate information being required in that upcoming digital money trend, gigantically much more than anything else we’ve seen before. Therefore you can clearly imagine how Bitcoin will gain massive popularity, if not take over the digital front-stage in that respect, I actually wouldn’t be surprised.
12) blockchains and centralization
The ways of solving the centralization in a blockchain is something that has always attracted my attention, and in the end many developers do the same: hide it under layers of buzzwords, new consensus algorithms or other features, so you end up getting used to detecting it.
What does the larger cryptocurrency community think about the heated debate on Bitcoin and Ripple? This sure was entertaining to cover and one thing is for sure, this war of the words between BTC and XRP will wage on as the cryptocurrency market tries to climb back to its all time high in market cap of over $830 billion.
And, just because its too funny not to include, two days ago a crypto user put it:
“If Ripple exceeds the bitcoin in two years, I publish a video while in the street I kiss an unknown old lady. What bet do you make? Forward with comments! HAVE FUN”
Then, another user added:
“To Bitcoin maximalists: If Bitcoin could settle transactions in 4 seconds at low fees and had low power consumption XRP would never have been created and Ripple could have leveraged Bitcoin for their xRapid or On-Demand Liquidity solution.”
Also, check out the latest interview between Ripple’s CEO and Bitcoin Bull Anthony Pomp:
We also covered this in a post you can read here too.
Tata Motors, an Indian car company, has recently shown some interest in integrating blockchain-based solutions to its cars as part of a new program. According to Business Insider India, the company has just started the Tata Motors AutoMobility Collaboration Network 2.0.
This new program is intended to help the company to develop products related to the industry using solutions based on emerging technology such as artificial intelligence, machine learning and blockchain.
These solutions will be used in several aspects of the industry such as in monitoring the vehicles in real-time, creating a parking marketplace and using algorithms to predict demand more accurately.
Shailesh Chandra, the president of corporate strategy at the company, affirmed that every segment of the industry is currently required to innovate. She believes that we live in an age of quick changes, so the companies need to be prepared to always find the right solutions via in-house initiatives or external partners.
Blockchain and The Car Industry
Blockchain technology is being used all over the world, so it is no surprise that the automotive industry is adopting it as well. According to recent reports, the global blockchain market is set to grow 42.5% per year.
Several companies are already starting initiatives similar to Tata Motors’ one. PlatOn, for instance, created a platform that stores the data of the market and calculates the price of used cars.
Volvo Cars have recently created electric cars which were mapped in the blockchain to prove that they were environmentally-friendly and did not use any kind of child labor.
Some people often accuse Bitcoin of not being environmentally-friendly enough. What they can’t do, however, is to accuse the blockchain technology of not being useful for eco-friendly campaigns. Right now, the Dutch company Waste2Wear is doing that.
Waste2Wear, as you might imagine because of the company’s name, is focused on creating fabrics from waste found in oceans. Now, the company is hosting an exhibition of its products in Paris during the Premiere Vision textile fair.
All the clothing presented during the event are made with recycled materials and they can be traced using the blockchain technology. A whole blockchain tracking system was created so that people can track the materials that were used to create eco-friendly clothes.
One of the main advantages of this technology is that it removes tons of plastic from the ocean. According to the company, several steps have to be taken in order to properly collect the material and finish the product. With blockchain technology, the complete process is tracked at each step, which serves both the company and its clients.
While the clients can understand more about the history of the products, the company can find any inefficiency within the system and remove it.
All the plastic used by the company comes from the ocean and coastal areas near Shanghai. Fishermen are paid to collect the garbage and deliver to the company, which also helps them to get more income. According to Waste2Wear, over three tons of waste are produced every week.