..

The Crypto Beat - May 23

Written by:
Aaron Goldstein
Published on:
May/23/2021

Here are all the latest stories related to cryptocurrencies Friday May 21, 2021.

coinbase_0.gif

Bitcoin

Bitcoin prices tumble 50% from peak and Mark Cuban calls the crypto crash the ‘great unwind’

Bitcoin prices on Sunday afternoon were in free fall anew, with the world’s No.1 crypto spiraling down more than 50% from a peak in around the middle of April, amid another bout of turbulence in the digital-asset sector.

The weekend carnage in crypto was drawing the attention of bulls and market participants, including billionaire Mark Cuban, who appeared to partly pin the slump on excess leverage and speculation on alternatives to bitcoin.

Bitcoin SV

FYX Gaming’s David Case: Large transaction sizes, dedication toward scaling are reasons Bitcoin SV is where we need to be

Case happened on the idea of CryptoFights as a blockchain-powered game making use of NFTs and other features.

Alongside co-founder and CEO Adam Kling, Case began developing the game on blockchain—initially for Ethereum. However, it didn’t take long for the pair to realize Ethereum simply wasn’t up to the challenge, and an alternative option was required to achieve their technical aims.

“We fairly quickly realised Ethereum layer one wasn’t going to work at all for us. So, we spent that whole year researching Ethereum second-layer solutions, payment channels, and all that esoteric stuff.”

“Then in 2018 when the BCH-BSV fork happened, something got me looking into Bitcoin as a development platform, and from there the answer was very, very clear.”

Noting the specific benefits of Bitcoin SV over other platforms, Case said it became clear Bitcoin SV was the blockchain they needed for the project.

“The large transaction sizes and the dedication toward scaling and a stable protocol are the reasons that Bitcoin SV is where we need to be.”

Read More at CoinGeek

Dogecoin

‘I Won’t Sell’ Dogecoin—Tesla Billionaire Elon Musk Reveals Where He Stands In ‘The True Battle’ Between The Dollar And Crypto

Elon Musk' promotion of the digital currency dogecoin has helped its price soar many thousands of percent to a mind-blowing $42 billion market capitalization.  And now he sees a "battle" coming between government-backed fiat currencies and protocol-based cryptocurrencies.

"The true battle is between fiat and crypto," Musk, who also runs the rocket company SpaceX, said this weekend via his preferred platform, Twitter. "On balance, I support the latter."

"I haven’t and won’t sell any [dogecoin]," Musk tweeted this week in response to an investing influencer's claim Musk "has a large doge holding."

Musk and others fear that fiat currencies have been exposed as dangerously inflation-prone and unstable in light of what Forbes describes as a spending spree over the last year in an attempt to offset the economic damage wrought by lockdowns and the pandemic.

Ethereum

Ethereum Says It 'Dodged A Bullet' After Fixing Bug Discovered In 2019

A bug in the code that the Ethereum (CRYPTO: ETH) blockchain runs on first discovered in 2019 could have brought down the entire Ethereum network.

According to a Tuesday Ethereum Foundation announcement titled "Dodging a bullet: Ethereum State Problems," the network's software contained a critical vulnerability that was finally fixed on April 15.

Back in 2019, Ethereum security researchers Hubert Ritzdorf, Matthias Egli and Daniel Perez discovered  that the vulnerability made it possible to increase the block times by several minutes from the current average of just about 13 seconds.

As a consequence, such a dramatic increase in block times would result in transaction throughput being so drastically reduced that the network could become nearly unusable and paralyzed.

- Aaron Goldstein, Gambling911.com

Business/Financial News

 Regulators Jumping on Stablecoins....Hmmm We Wonder Why (Sarcasm)

Regulators Jumping on Stablecoins....Hmmm We Wonder Why (Sarcasm)

Having been covering the online gambling scene for more than two decades, we know the signs.  Let's just say we've seen the apology from TERRA's founder countless numbers of times.  It's the same 'ol script.  It never ends well and never will.

Craig Wright vs. Peter McCormack Libel Trial Gets Underway

Craig Wright vs. Peter McCormack Libel Trial Gets Underway

Meanwhile, the BSV Blockchain Conference is about to get underway in Dubai as the CoinGeek team gathers there.  Gaming is expected to take center stage.

Find Elon Musk Twitter Odds: Promises to Allow Trump Back on Platform

Find Elon Musk Twitter Odds: Twitter Acquisition No Longer a Sure Thing

Elon Musk has closed on deal worth around $44 billion in cash, Reuters reports.  Musk now says he wants to slash Twitter offer based on the number of bots.

Dow Jones Betting Total Closing Day June 30 Now 32250.5 Points

Dow Jones Betting Total Closing Day June 30 Now 32250.5 Points

The Dow sank 1,000 points on Wednesday, or 3.2%, as dismal results from Target renew fears that inflation is battering companies.

Betting Markets Indicate No Musk Takeover and Falling Twitter Stock

Betting Markets Indicate No Musk Takeover and Falling Twitter Stock

Elon Musk taking over Twitter seems like a 50-50 proposition at this point, but the people who crunch numbers for a living are giving it even less of a chance.

Syndicate