Crypto Heresy: Question Blockstream on Twitter and You’ll Be Blocked

“Why are we not talking about Adam Back and Samson Mow, two of the most visible employees of Blockstream publicly siding with Bitfinex given that …

Crypto Twitter (CT) is a grueling battleground between digital currency enthusiasts, company executives, maximalists, journalists, lawyers, and so-called thought leaders and luminaries. For instance, on May 8, reporter Larry Cermak posted data concerning Blockstream and its sidechain project Liquid’s performance over the last seven months. After Cermak shared unbiased figures and queried an alleged conflict of interest, the Blockstream account instantly blocked the journalist.

Also read: Bitcoin’s Software Has Been Rolled Back Before

Liquid’s Lack of Traction Sparks Intense Crypto Twitter Debate

CT is a wonderful place so long as you toe the maximalist party line, sing kumbaya, and tell everyone how great BTC is on a daily basis. Because if you don’t repeat these values, you just might be designated persona non grata. This week on CT, the founding partner at Adamant Capital, Tuur Demeester, tweeted about Blockstream’s latest Liquid announcement and said the sidechain “could become a DTCC for Bitcoin.” In response, The Block analyst Larry Cermak shared data concerning Liquid’s overall performance in the last seven months.

“So far, in its 7-month history, Blockstream is barely gaining any traction,” Cermak replied. “Liquid has had 61,700 total transactions and is currently capitalized with $313,000 from the net value of less than 400 peg transactions.”

Crypto Heresy: Question Blockstream on Twitter and You'll Be Blocked

Demeester responded: “Let’s wait until tx fees on the main chain spike again.” The following day, after Cermak posted his tidbit of publicly available data, he found out he was blocked by the official Blockstream Twitter account. “This is pretty pathetic — Yesterday, I posted data that showed that Blockstream’s Liquid isn’t doing well (so far) after being live for 7 months,” Cermak tweeted. “Literally I just posted publicly available data and I got blocked by Blockstream’s official account.” Blockstream’s chief strategy officer, Samson Mow, claimed he was the one who blocked Cermak “because he’s a moron.”

Crypto Heresy: Question Blockstream on Twitter and You'll Be Blocked

Questioning a Conflict of Interest Apparently Makes a Reporter a Moron

So did Blockstream decide to block an analyst for posting data? Well according to Blockstream employees it was really because Cermak publicly asked if there was a conflict of interest between Blockstream, Adam Back, and Samson Mow sticking up for Bitfinex.

Crypto Heresy: Question Blockstream on Twitter and You'll Be Blocked

“Why are we not talking about Adam Back and Samson Mow, two of the most visible employees of Blockstream publicly siding with Bitfinex given that Bitfinex is an early investor in Blockstream?” asked Cermak. “The conflicts of interest in this space are something else” The Block analyst continued, adding:

What’s the issue with this, some are asking? — And at this point, it seems that the only people siding with Bitfinex and Tether are shareholders or somewhat involved.

Crypto Heresy: Question Blockstream on Twitter and You'll Be Blocked
Crypto Twitter rules are as follows: “All animals are equal but some animals are more equal than others.”

The Block’s Frank Chaparro asked why simply asking a question brought out all the pitchforks. Blockstream’s Adam Back replied that “It happens to be untrue, however, which I confirmed for another journalist who asked privately about the claim.” Back continued by stating: “Simply the quote ‘It’s because Bitfinex invested in Blockstream’ is untrue, and did not fact check. You don’t have to fact check, but stating as fact untrue allegations is not that cool.” Back seems to think Cermak should have asked people FUDing Bitfinex, and that his defending of Tether was simply him just refuting “publicly known FUD as a public service.”

Crypto Heresy: Question Blockstream on Twitter and You'll Be Blocked

The story continued as maximalists decided to harass The Block for accepting $25K in funding and allegedly not reporting on Coinbase objectively in an attempt to flip the story back on the publication. However, after defending the news outlet, The Block CEO Mike Dudas disclosed that the company would return the funds to Coinbase. Quite a few crypto supporters thought that Blockstream was wrong for getting upset with Cermak’s objective data and his valid question. After all, a good number of people on CT have already been questioning Blockstream’s seeming conflict of interest.

Crypto Heresy: Question Blockstream on Twitter and You'll Be Blocked

Moreover, the anonymous owner of Bitcoin.org, Cobra, detailed that he was also blocked by Blockstream for questioning them. He remarked that when Coinbase and Bitmain were catching flak from the community they never blocked people and he insisted that members of “Blockstream are delicate snowflakes.” Cobra is also known for questioning Blockstream when Back showed support for Halong Miners, a startup accused of simply buying Innosilicon miners and applying Halong stickers on them for resale.

The thought police on CT are starting to look no different than the pigs in the famous Orwell novel Animal Farm. The social media platform is filled with teenage angst, confirmation bias, and groupthink, and is no different to the archetypal high school groups that thrive on immaturity and bullying.

What do you think of the events on Twitter between The Block’s Larry Cermak and Blockstream? Let us know what you think about this subject in the comments section below.


Image credits: Shutterstock, Animal Farm, Twitter, and charts shared by The Block.


At Bitcoin.com there’s a bunch of free helpful services. For instance, check out our Tools page!

Share this story:
Related

Deepdotweb Duo Indicted for Linking to Darknet Markets

FEATURED | 5 hours ago

Federal indictments unsealed on May 8 have revealed further details of the case against Deepdotweb’s operators. Tal Prihar, 37, an… read more.

Crypto Adoption Remains Strong in Venezuela Amid Political Chaos

FEATURED | 15 hours ago

The political tension in Venezuela has affected local cryptocurrency adoption. While there are roadblocks, many crypto-advocating projects continue to thrive… read more.

Jamie Redman

Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols emerging today.

Related Posts:

  • No Related Posts

Bitcoin enters another parabolic advance as Bitfinex premiums fall to 1.5%

Over the last week, we have seen a Bitfinex premium build and then drop from between 6% to its current 1.5%, meaning the price gap between itself …

Bitcoin has broken out again as it continues along its short-term parabolic advance to fully retrace the November 2018 capitulation event.

One piece of news that is acting as fuel to propel the current trajectory is that non-Tether backed exchanges have now closed the Bitcoin price gap to under $100 between them and Bitfinex, which is currently in the midst of a legal challenge from US authorities.

Bitcoin going parabolic again, after completing 100% up-move from it’s $3,100 (local) bottom from Bitcoin

Not the first Bitcoin correction

Since the project’s inception, price action for Bitcoin has seen 13 separate corrections of over 30% in price (in USD terms). The most recent of which took BTC price from a $20,000 top all the way down over 80% to settle at its most recent low of $3,100 in December 2018.

One common factor through all the ups and downs has been a pattern of higher highs and significantly higher lows for each of its subsequent corrections. Another key factor to note during the history of the now decade-old asset class is a growing list of HODLers.

This large and growing group of believers in an open-finance protocol have been battle-hardened through a cycle of various bull/bear markets to preserve their economic stake in a future ecosystem that they believe to be free, global, and open to all.

When time warp? pic.twitter.com/c9wrmgBEST

— Edward Morra (@edwardmorra_btc) May 10, 2019

Bitcoin’s latest parabolic rise is reminiscent of prior bull runs, as they too were filled largely with bad news and anxiety in the early stages of the trajectory.

Over the last week, we have seen a Bitfinex premium build and then drop from between 6% to its current 1.5%, meaning the price gap between itself and its rivals like BitMEX, Coinbase, and Gemini has fallen sharply. To add to this ongoing legal and proof of reserve debacle, the market has also witnessed the first major hack of Binance.

Binance’s hack saw the loss of around 7,000 Bitcoin. However, history shows that any potential re-org debate is a non-starter from the get-go, as the Bitcoin market has once again stood firm to preserve its 10-year immutability claim.



By Nawaz Sulemanji – May 10, 2019

Back in 2017, the main rhetoric prior to the bull run involved fear about how the community and exchanges would deal with a chain split (which eventually took place as the Bitcoin Cash fork) and also a scaling dilemma that was resolved through the UASF and NO2X incidents.

Where next?

Following a break above $6,200, the market will most likely look to wait and see what support may form above this historically relevant support/resistance band. If margin shorts continue to get squeezed at places like Bitfinex, we can expect them to potentially support the current upwards trend in the markets.

If the parabolic advance continues, prior targets look to suggest that a five-figure valuation may not be as crazy as it sounded just a few weeks ago. However, a period of sideways action is more likely, as both bullish and bearish traders may give some short-term gains back to the exchanges that let them play around with high leverage.

For more news, technical analysis, and cryptocurrency guides, click here.

The post Bitcoin enters another parabolic advance as Bitfinex premiums fall to 1.5% appeared first on Coin Rivet.

Related Posts:

  • No Related Posts

CoinBase Card Set for Tests, But the IRS is Watching

When Shift Card, CoinBase’s crypto debit card provider shut down in a huff earlier this year, it left a gaping hole that CoinBase has quickly covered …

When ShiftCard, CoinBase’s crypto debit card provider shut down in a huff earlier thisyear, it left a gaping hole that CoinBase has quickly covered with the CoinBaseCard. Launched first in the UK, the card has enabled its users to seamlesslyexchange crypto to GBP in an instant for withdrawal on ATMs or for payments inthousands of stores nationwide.

The debitcard issued by PaySafe can be managed via CoinBase’s card app that is linked toa crypto user’s account. The app is both iOS and Android compatible and allowsusers to seamlessly swap between wallets as it supports assets listed on the CoinBaseplatform meaning users can shop using their ETH or BTC.

Besides,from the app, a shopper will receive receipts for payments and transactionsummaries as well. In short, what thecard simply do is to allow crypto holders to efficiently operate in the legacyfinancial market making the crypto mass adoption dream more valid by the day.

Criticsagainst Huge CoinBase Card Fees

To use the debit card in the UK, some transactions fees willbe charged, a price that is not common with usual Visa transactions of the domestickind. The card issuing, for example, costs $6.48, and there will be a charge of2.49 percent per purchase.

When this cost is split up, it adds up to 1 percent perpurchase for transaction fees and a 1.49 percent for crypto to fiat conversionfee. To reverse a transaction, the debit cardholder will be forced to part with$26.19 while the spending limit is capped at a daily $13,092.

Skeptics are however not impressed, describing these rather exorbitant charges as CoinBase’s attempt to milk profits from transactions. They decry the huge margins charged on transactions and advise crypto users to ditch the card and rely on the internet. In fact, a Redditor seem to remind the community that Bitcoin and crypto is in essence internet money eliminating middle men;

Lex Sokolin formerly of Autonomous Research adds to thecriticism saying that:

“Riding the open loop networks of Visa and MasterCard is a faster way to market, but not a transformational one in terms of industry economics.”

However, Zeeshan Feroz, the CoinBase UK CEO countered saying themission of the exchange is to make it easy to spend and use crypto “to create a more open financial system.”

He continues, adding that:

“Customers can use their card in millions of locations around the world, making payments through contactless, Chip and PIN, as well as cash withdrawals from ATMs.”

TheIRS Watching Crypto Spenders

The usage of the CoinBase Card in the US is going to more expensive than in the UK because there are capital tax gains to consider. The US taxman requires all crypto asset investors, Hodlers included to evaluate each crypto transaction and vet it for taxation thoroughly. There are taxes for instance paid for crypto to fiat conversions, as well for shopping using digital tokens.

Simple transactions such as purchasing one token with theother and the reception of mined tokens are taxable as well. The IRS has goneas far as requiring the taxation of airdrops as well. So, if these tax costsare combined with the transaction costs of using the CoinBase Card, the cardmight prove to be too expensive to use in the land of the free.

Related Posts:

  • No Related Posts

KIN Price Prediction 2019 – Even Coinbase Custody Addition Can’t Move This Giant (Early May …

Kin is now available on Coinbase Custody. KIN holders can now benefit from Coinbase Custody’s industry-leading offline storage platform and …
SaveSavedRemoved0

Early May Update: Technicals

It makes almost no sense to do any technical analysis on KIN token as it is worth less than a satoshi. It is clear that this token can take off only on solid fundamentals, which we cover further below. But if you plan to buy and hold some KIN, arm yourself with patience, a lot of patience as the KIN ecosystem is huge by design and it takes a lot of momentum to lift it up and get it going.

Trading volumes are not looking good with reported volume being a laughable $19k in the last 24 hours.


Moreover, KIN comparatively has almost non-existent buy support, according to coinmarketbook.cc. Buy support is measuring sum of buy orders at 10% distance from the highest bid price. This way we can eliminate fake buy walls and whale manipulation and see the real interest of the market in a certain coin. KIN currently has minuscule $21k of buy orders measured with this method, which sets KIN buy support/market cap ratio at 0.031% which is a rock bottom figure. Bitcoin and Ethereum have a 0.27% and 0.28% ratios, respectively. This novel metric indicates there are a lot of manipulations, inflated liquidity and fake orders on KIN trading pairs.

Early May Update: Fundamentals

To assess fundamental health of a project, we used the FCAS metric. FCAS is a comparative metric whose score is derived from the interactivity between primary project lifecycle fundamentals: User Activity, Developer Behavior, and Market Maturity.

There are a few sub components which provide data to each fundamental:

User Activity is comprised of Project Utilization and Network Activity

Developer Behavior is comprised of Code Changes, Code Improvement and Community Involvement

Market Maturity is comprised of Liquidity and Market Risk. Market Maturity has less than 5% impact on a project’s overall FCAS.


FCAS ratings are on a 0-1000 point scale with a corresponding letter grade. Break points are based on standard deviations in the underlying component distributions.

900 – 1000 is marked as S for superb. 750 – 899 is marked as A for attractive. 650 – 749 is marked as B for basic. 500 – 649 is marked as C for caution. And finally, below 500 is marked as fragile. You can read more about it here.

KIN has been ranked as the A category – attractive with overall 819 points as of May 6th. By far the strongest metric that contributed to this great score is developer activity that got 882 points, followed by user activity with 818 and market maturity that had only 442 points. This goes to show that KIN has all a good project needs aside of market maturity and recognition.

Below are some of the most important newsaround the project in the last 30 days.

  • KinFit is live and available for you to download in the Google Play Store for Android devices!
  • Kin is now available on Coinbase Custody. KIN holders can now benefit from Coinbase Custody’s industry-leading offline storage platform and insurance Coverage. Coinbase Custody is also supporting the Kin migration by providing swap services to large institutional investors.
  • KIN is currently migrating to their own network and that process is in full swing as around 16% of tokens are migrated.
  • Foundation is also working on finding new exchanges to list the coin as it is currently available only on small and even obscure exchanges. The only bigger but not too reputable exchange that has KIN listed is HitBTC. This snag is one of the most cited reasons by KIN holders for KIN’s failure to rise in price. According to their officials, KIN resources from a bandwidth and financial perspective are going towards the listings on exchanges. As far as timing goes, there is a level of confidentiality that needs to be upheld to ensure the actual integration goes live. Timing is sensitive information and often isn’t even shared broadly amongst their internal teams.

Below is our long-term forecast where we cover general market movements and sentiment shifts before delving deeper into the specific predictions for KIN.

KIN Intro

Token sales have boomed in 2017 and ICOs are becoming an increasingly popular way of fundraising. However, Kik is the first established mainstream company to use this funding model instead of traditional venture capital. The Kik ICO raised nearly $100 million including contributions from a private presale.

Kik included Kin – its own cryptocurrency that will serve as a foundation for a decentralized ecosystem of digital services. Kik was inspired by the recent success of Bitcoin and decided it was the right time to announce their cryptocurrency as a part to integrate blockchain with social media. Kik’s new cryptocurrency allows it to use an internationalized currency for many transactions, which is a revolutionizing step on their part.

Kik founder and CEO Tod Livingston said that “Kik believes that Kin can bring together a broad group of participants to create an open ecosystem of digital services that prioritizes consumer experience and choice”.

Kik aims to use Kin tokens as an incentive for its users and developers and the Kik team will use these coins to drive forth the network. And these coins will actually have monetary value and they will be offered rewards on the app. Developers can earn for creating content and also based on metrics that reward user engagement — such as time-spent within their app or service — to help focus on building things people actually like and use. Users can pay others for providing a live stream and companies could reward users with Kin in exchange for posting about them “or interacting with an experience”. Coins will also be offered for doing small tasks such as watching ads, or by interacting with chatbots created by brands and publishers.

Doge Price Prediction for 2019 – Will Doge Hit $1 in This Year?

The majority of Kin’s rewards are dedicated to content developers as the financial incentive and this is to ensure that they are compensated without relying on advertisements (unlike on YouTube, etc). The Kin’s algorithm will reflect each service provider’s contribution, and the Kin Rewards Engine will issue a daily reward to developers based on a measure of the Kin economy inside of each digital service. The more people use Kin, the more valuable the tokens will become, which means that daily rewards will also increase for the users.

Year in Review

According to Kin CEO ok Kik and Kin, Ted Livingston, the project iterated through several options to create a scalable blockchain. They started with Ethereum and then Stellar, later combining both for perfect results. This helped unlock the consequent steps, allowing the developers like Perfect365, Kinit, Kik, and 40 others in the Kin Developer Program to begin building mainstream application.

The CEO, however, acknowledged that there’s still work to be done.

The first utility was launched last year once the token distribution even was concluded. It allowed users in Kin to use Kin in order to unlock exclusive stickers as per their balances. Later, the company moved to enable users to not only earn stickers, but also buy them. However, this crashed the Ethereum network quickly, and Kin decided to step in, moving app transactions to Stellar.

Expanding the Ecosystem to Other Apps

Livingston says that they launched Kinit app to allow brands to pay for users’ attention, making it the first iPhone app globally to get approval by Apple for earning and spending crypto. Combined with Kik users, this development saw Kin get more active users compared to all other Ethereum dApps combined.

Frustrated with the Stellar’s alleged short-term inability to achieve “business scale,” the project shifted course once more in May, and developers announced that they would fork Stellar to launch an independent Kin blockchain, while retaining bidirectional support with Ethereum to capitalize on the latter’s ubiquity and liquidity.

KIN Roadmap for 2019

There is no official roadmap. Kin CTO, Matt D said this about the company’s stance on public roadmaps and lack thereof:

“Roadmap. We do publish a roadmap. We do not publish a detailed one, or one with dates. For example, Ted has said since the beginning that our roadmap is this: (1) build a scalable blockchain, (2) integrate Kin in Kik, and (3) expand Kin beyond Kik. That’s a roadmap that the team committed to, and one that they’ve accomplished. Much more detail than that exists internally, but we refrain from sharing that detail externally because things change so rapidly, and often unexpectedly, when we learn new information, uncover blocks, and realize unforeseen dependencies. We never want to promise something we are not able to deliver with a very high degree of confidence.”

Tron – TRX: Price Forecast for 2019

General Market Movements and Sentiment Shift

The downfall of altcoins that were mainstream media darlings at the start of the year, KIN among them, can be attributed, in part, to novice investors getting scared off once the bear market kicked in with a vengeance. Every resurgence of bitcoin in recent period, was met with the, for the most part, inability of altcoins to rally with it. Reason for that can be rookie investors learning from their mistakes, while smart money that was previously watching from the sidelines has begun to enter into bitcoin.

These entities weren’t about to buy BTC when it was trading at an all-time high, but they’ll take a look now, having missed the boat the first time around. None of them, it seems, are interested in altcoins however, despite the fact that many are trading at a 5x discount. Institutional investors may be cautious, but they’re not foolish.

Our KIN Price Prediction for 2019

To answer our question from the title: hitting $0.10 is a highly improbable goal for Kin in this year.

KIN, as the rest of the market, is tied at the hip of bitcoin’s price action. If bitcoin embarks on another bull run, KIN can hope for one as well. Since that is very unlikely, don’t expect much to change for KIN price-wise in this year. So 2019 will be a year of boring sideways action with minor bitcoin ignited jumps and slumps.

In general:

The main currency in cryptocurrency markets is Bitcoin and given this, altcoins tend to fuel Bitcoin runs and Bitcoin tends to do the same in return. Given this relationship, Bitcoin price movements (or lack thereof) tend to effect altcoin prices.

When Bitcoin goes up swiftly, it will likely:

  1. Suppress or depress altcoins as money flows into Bitcoin;
  2. Or, take altcoins along for the ride

In cases when Bitcoin plunges, it will likely:

  1. Depress altcoins as money flows into fiat;
  2. Or, cause altcoins to boom as money flows into them, but this is rarely the case.

See out Holochain Price Forecast for 2019

When Bitcoin moves sideways, it will likely:

  1. Cause altcoins to mimic that as traders wait for a clear sign on the direction of the market;
  2. Or, cause altcoins to flourish as traders look for returns in altcoins and try to get favorable trades in terms of BTC pairs.

To summarize, Bitcoin is the focal point of the crypto market in many ways, and with BTC trading pairs on every exchange, the gravity of Bitcoin is hard to evade.

The majority of projects will fail — some startups are created just to gather funds and disappear, some would not handle the competition, but most are just ideas that look good on paper, but in reality, are useless for the market.

Vitalik Buterin, co-founder of Ethereum said:

“There are some good ideas, there are a lot of very bad ideas, and there are a lot of very, very bad ideas, and quite a few scams as well”

As a result, over 95% of successful ICOs and cryptocurrency projects will fail and their investors will lose money. The other 5% of projects will become the new Apple, Google or Alibaba in the cryptoindustry. Will KIN be among those 5%?

Good probability of that happening.

The Kik company is very balanced in their approach to the 3 most important dimensions of every crypto project: technology development, forging business partnerships and community fostering.

KIN has one major advantage over all other cryptocurrency projects: its parent company KIK has a huge active user group already in place, which is a huge plus for the coin in terms of usage. There are several social media blockchain startups, but none of them have large user bases, or even a working product at this time.

If KIN and Kik manage to build an ecosystem that will combine a rare trait for a crypto project, great user experience on one side and meaningful use of cryptocurrencies on the other, that will be a huge step forward for the whole crypto industry.

While some of the motivation in creating this token was certainly financial, it does seek to work with the gamification aspect that comes with social media. KIN could certainly be on to something, but will need to be more aggressive in spreading to other apps beyond Kik to become extremely successful.

Why will KIN succeed?

So what can make KIN price rise and go up? Well, Kin is designed for the real end users of consumer apps making it one of the least dependent crypto projects on the bitcoin success or failure. Kik and its ecosystem of apps already have a solid user base and KIN fits perfectly for their digital native, young demographics.

Whether it be games, or surveys, or videos, or other tasks we haven’t come up with yet, people getting compensated for their time is what will make Kin a success.

Why will KIN fail?

Perhaps the biggest peril for KIN future is its regulatory status. They ran into trouble with the SEC, which has said most tokens issued in ICOs could be considered investment securities. The SEC isn’t accusing Kik of fraud, Kik CEO Ted Livingston told the Wall Street Journal. Rather, its enforcement division believes Kik failed to register the sale with the SEC and thus didn’t give investors the proper information. KIK decided to go in a legal battle with SEC on this one and the outcome will have a big impact, not only on KIN, but on a lot of other projects as well.

Can KIN reach 10 cents or $1?

Almost impossible. Considering the stupendous total supply of 10 trillion tokens, KIN would need to become a global reserve currency for it to reach this price per token. Much lower figures like 1 or 10 cents are a steep climb, $1 per token is borderline lunacy.


All of this summed up means one thing: KIN might live through couple of orchestrated and, for a regular trader, completely unpredictable pumps but the majority of time will be murky sideways trading with small volume and no significant interest from the market.

Price will heavily depend on what BTC will do and since many analysts think BTC will not be making big moves in this year, it is hard to expect KIN will do them either. The price will probably stagnate and record slow-moving depreciation or appreciation depending on the team activity, potential technological breakthrough or high-level partnership

Market prediction for KIN Price 2019

With the market being completely unpredictable, forecasting the cryptocurrency price is really more of a gamble and luck rather than a data driven guesstimate.

Let’s throw a glance at the eminent publications and personalities, and their predictions regarding the KIN price, which will give us another point of view to consider:

Wallet Investor

Walletinvestor is a popular website that does technical analysis-based price predictions of various cryptocurrencies. According to them, KIN is expected to go down to $0.000002 (yes, that is five zeros) in one year. This price prediction is very bearish pessimistic and it might not fall that much.

Trading Beasts

Trading Beasts also gave a very neutral prediction saying that by 2019 end, KIN might be in between $0.00001 to $0.00002, which is a wide range, so this prediction is given neutrally, without a showcase of any optimism.

Mega Crypto Price

Mega Crypto price predicts that KIN might reach $0.00016 by the end of 2019 and $0.002 by the end of 2023.

Cryptoground

Cryptoground predicts that KIN might reach $0.0001 by the end of 2019. They even added their version of KIN price prediction 2024, where they stated that KIN might reach $0.018 by 2024.

KIN Future: 2020, 2023, 2025

KIN Price Prediction 2020

Having a huge brand recognition in one of the most reasonable applications of blockchain – reforming of social media, KIN is positioned optimally to make a leap into the top 12 cryptocurrencies by 2020. With a potential bitcoin-induced bull run, reaching $0.0001 is achievable.

KIN Price Prediction 2023

If KIN maintains its relevance in the industry and manages to stay ahead of their competition, it might be worth 10-100x than its hitherto all time high.

KIN Price Prediction 2025

Again, If KIN maintains its relevance in the industry and manages to stay ahead of their competition, it will surely be 100x+ more worth than now.

Realistic KIN Price Prediction

Predicting prices of novel, highly volatile and risky asset classes is a thankless task – best answer is no one knows. Educated guess is that realistic KIN price for the foreseeable future is somewhere between its current price and its all time high.

Ads by Cointraffic


Join Our Telegram Channelor Follow @CaptainAltcoin

CaptainAltcoin’s writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner.The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

Related Posts:

  • No Related Posts

Ethereum Stablecoin DAI Has Returned to Its Highly Sought Dollar Value

Specifically, roughly $600,000 in DAI tokens are still trading on leading cryptocurrency exchange Coinbase between the $0.98 and $1.00 range.

After four months, the ethereum-based stablecoin DAI looks to be maintaining a steady dollar valuation.

Since January, the theoretically USD-pegged token has fallen below dollar valuation, trading hands at or above $1 only sporadically. However, for the past few days, DAI across four different cryptocurrency exchanges has been exchanging above the dollar level and is worth exactly $1 at press time.

MakerDAO is currently the most popular decentralized finance application in the crypto space, according to site DeFi Pulse. There is an estimated 87 million DAI presently in circulation, according to blockchain analytics site Alethio, and an estimated $300 million worth of ether locked in the MakerDAO system that supports the token’s value.

As of now, there are still a number of bids occurring below $1, as recorded by data scientist Alex Svanevik. Specifically, roughly $600,000 in DAI tokens are still trading on leading cryptocurrency exchange Coinbase between the $0.98 and $1.00 range.

However, as Svanevik notes, this is a measurable increase from trades as low as $0.95 which have taken place on Coinbase in the last two months.

“So now that DAI has recovered to [about] $0.99, this is by many considered ‘close enough’ to the $1 peg.” Svanevik told CoinDesk.

Source: www.dai.stablecoin.science

To this, David Hoffman – COO of cryptocurrency real estate platform RealTPlatform – reaffirmed in a community call Tuesday that discussions over the DAI dollar peg could soon be moving into “a new phase.”

“The last three months has been how do we get DAI back to a dollar and now it’s looking like DAI is strongly above 99 cents,” Hoffman said during the call. “That brings into relevancy a bunch of new questions like how close to a dollar should we have? What is an acceptable bound to be around a dollar…How long do we want DAI to be around 99 cents to a dollar before we claim that the peg is fixed?”

A healthy peg

Utrobin also highlighted on Tuesday that the present supply of DAI has contracted from an all-time high of 96 million DAI in circulation. This supply contraction, according to Utrobin, is a result of consecutive fee increases over the past four months that has slowly but surely caused the DAI peg to get “healthier.”

Svanevik added that, in his view, increased demand for the DAI along with supply retraction through fee hikes has helped the stablecoin achieve a healthier state.

There have been eight consecutive fee hikes in the past four months to programmatic lending protocol MakerDAO which issues DAI tokens in exchange for native ethereum cryptocurrency, ether. Loans to create DAI initially accrued interest at 0.5 percent.

Now, that interest – also called the Stability Fee – for all current DAI loans has increased 39 fold to sit at 19.5 percent. Since the first Stability Fee increase back in February, over 30 million DAI has been burned, according to data from Alethio.

Today, Vishesh Choudhry of the MakerDAO Foundation’s Risk Team reaffirmed on a governance and risk call that “the most clear and measurable impact of the Stability Fee increases” has been contracting DAI supply. However, the impact such supply contractions have had on DAI price Choudhry was less certifiable.

On the other hand, Svanevik suspects that both the recent controversy surrounding dollar stablecoin Tether and the attractive DAI interest rates on cryptocurrency lending platforms such as Compound have caused a higher influx of demand for DAI.

Whether or not the current upward trend for DAI price will last beyond a few short days remains to be seen. “I think it will be a week or two before we can say that the peg is restored with any certainty,” Richard Brown, head of community for the project, wrote in the MakerDAO chatroom Tuesday.

Looking ahead to the potential need for further fee increases, Brown asked today during the call:

“How do we know when the peg is stable? What kind of deviation over time do we deem is acceptable?”

Dollar image via Shutterstock

Related Posts:

  • No Related Posts