Crypto crash creating credibility, not chaos

The cryptocurrency sell-off has a number of investors singing the blues. More than a handful of individuals bought into crypto following Bitcoin Core’s (BTC) massive price gains last year, expecting to see the same explosive growth in 2018. It hasn’t happened; in fact, the numbers are down significantly from the beginning of the year with many digital currencies losing as much as 75% of their value. However, instead of looking at this as a glass-half-empty scenario, it needs to be seen as a glass-half-full situation that is going to produce great things for cryptocurrency.

Many people have forgotten why cryptocurrency was created. They have become blinded by the dollar signs, hoping to be able to convert a few Bitcoin into a new Lamborghini or oceanfront party house by seeing substantial returns. What was presented by Satoshi Nakamoto about ten years ago was designed to be a currency, a form of money that was peer-to-peer, not controlled by a central bank and which allowed for instant transactions. A currency is only good if it can be spent; as long as there are any obstacles that prevent it from reaching widespread mainstream adoption – such as massive volatility – it can never flourish. 

The sell-off is a good thing. It is helping a great number of people to begin to take cryptocurrency more seriously. It is eliminating the get-rich-quick scammers operating through initial coin offerings (ICO) and new – but worthless – digital tokens that provide no utility. 

It has also produced a market that is, on some levels, cleaner than before. Despite wild fluctuations, price volatility has been less than what was seen last year, meaning there is more stability in the markets. This is going to help produce an ecosystem that is able to thrive and provide the results that everyone should desire to see – a world that accepts digital currency as a legitimate currency and which removes the ability for central banks or countries to whimsically manipulate prices. 

Those behind Bitcoin SV are not looking to create a cryptocurrency that sees its price head to the moon one day, only to come crashing back down the next. Instead, the goal is to create a sustainable cryptocurrency that is a viable alternative to fiat. Despite the actions of some individuals to try and derail the train from the tracks, Bitcoin SV has been able to remain true to the original Satoshi’s Vision and create a cryptocurrency that is not only looking at the long-term prospects, but which, in a sea of wanna-be digital currencies, has true, tangible utility value. 

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Luke attacks Roger, is proven wrong, deletes evidence, fails to apologise

This time last week was a day Bitcoin Core developer Luke-jr would rather forget. It all started when the Core developer took note of a tweet by @TheCoinDad asking him “Why is your name popping up on Rogers screen at the WDMS?”. This was of course, during a Roger Ver talk at the World Digital Mining Summit where we had the below image on display.

The slide during Roger’s presentation attributes the quote “It is no longer possible to keep fees low” to none other than Luke. It’s not the first time this quote has been used in a Roger Ver presentation, and there are interestingly numerous references scattered across the internet concerning it.

It didn’t stop Luke-jr however, from jumping into a tirade, where he tweeted “Roger Ver is a scammer and tends to fabricate false quotes. This isn’t the first time (and probably won’t be the last) I’ve found out about things I’ve “said” through a third party…”

Luke attacks Roger, is proven wrong, deletes evidence, fails to apologise

While Luke’s supporters jumped the bandwagon in support, some other users were quick to do their own research, and were quick to point out the very source of the original comment made by Luke.

Luke attacks Roger, is proven wrong, deletes evidence, fails to apologise

Link to source: reddit permalink

What’s more interesting is that the quote was verbatim, and none of it was taken out of context.

As evidence mounted, shortly thereafter, Luke ‘Dashjr’ deleted all evidence of the tweet, and issued no apology to Roger for his premature outburst.

Unfortunately for Luke, the Internet is a little bit like the blockchain. What happens on the internet, tends to stay on the internet.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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HackerOne announces acceptance of Bitcoin BCH payments

The bug bounty platform HackerOne has now implemented BitPay. With that, it becomes the first bug bounty operation to accept Bitcoin BCH and Bitcoin Core (BTC) from its clients around the world, among which are Starbucks, General Motors, Spotify, the US Department of Defense, Lufthansa and more.

In a company press release, HackerOne Chief Operating Officer and Chief Financial Officer Ning Want stated, “Many of our customers have come to rely on making payments in cryptocurrency as it is quickly becoming a popular payment method. It was important to us to continue to offer Bitcoin and Bitcoin Cash to our customers and we can do that through BitPay.”

By adding BitPay’s functionality to the platform, HackerOne can now receive international payments quicker than bank transfers. It also will result in lower costs, a reduction in fraud risk and faster bank settlements. BitPay transaction fees are only 1% of the transaction and confirmations are received in a single business day. With bank transfers, fees can be as high as $100 and can take up to a couple of weeks.

HackerOne is the world’s largest group of hackers and security experts, all working together to uncover software vulnerabilities for its customers. To date, it has reportedly awarded more than $35 million to hackers who have safely reported over 80,000 security vulnerabilities before they could be exploited. The company has its headquarters in San Francisco, and also maintains offices in New York, London, the Netherlands and Singapore.

BitPay’s Chief Commercial Officer, Sonny Singh, stated in the press release, “Using Bitcoin, HackerOne is now able to safely accept payments from clients in Asia, Africa and Latin America that would have been nearly impossible before. HackerOne has a great reputation of product innovation and accepting [cryptocurrency] payments is another example of that.”

BitPay has been around since 2011, pioneering cryptocurrency payments. It offers a digital asset wallet, as well as the BitPay Prepaid Visa® Card. It also facilitates cross-border payments for a number of businesses. BitPay has offices across North and South America and Europe, and the prepaid card is issued by Metropolitan Commercial Bank through a licensing agreement with Visa.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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