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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.

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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

Attendees Hospitalized Following Miami Bitcoin Conference

More of those who attended last weekend's Miami Bitcoin Conference have come forward to tell their stories of falling ill, some confirming they tested positive for Covid-19.  The organizers point to the fact that vaccinations have been widely available in the United States.  According to CoinDesk, most respondents to their inquiries indicated that they had gone to Miami fully vaccinated

What Are The Types of Sportsbook Solutions Available

What Are The Types of Sportsbook Solutions Available

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Blockchain for Business: CoinGeek’s Zurich Conference is Live & Free With Over 100 Speakers

CoinGeek’s 7th Conference (June 8-10) will feature real use cases in BSV blockchain technology ranging from healthcare to eSports, iGaming to NFTs, and will focus on the environmental impact of digital assets and the future of money itself.

The Crypto Beat - June 7, 2021

The Crypto Beat - June 7, 2021

U.S. seizes $2.3 mln in bitcoin paid to Colonial Pipeline hackers, CryptoFights battles its way to 18.4% share of BSV network actions and El Salvador has become the first country to onboard to a non-fiat currency.

California Man Gets 2 years in Prison for Laundering Bitcoin

California Man Gets 2 years in Prison for Laundering Bitcoin

A Southern California man who pleaded guilty to illegally operating kiosks where customers could buy Bitcoin with cash, or sell Bitcoin in exchange for cash has been sentenced to two years in federal prison.

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