Altcoin Explorer: BitTorrent Token (BTT)

BitTorrent is a brand that was well known before Satoshi Nakamoto even released his whitepaper for Bitcoin. It served as the most used P2P software …
Reading Time: 3minutesbyAshwath BalakrishnanonAugust 29, 2019&nbspAltcoin Explorer, Altcoins

BitTorrent, the first Binance Launchpad IEO, was issued to power the BitTorrent Speed network with a variety of use cases for the token listed in the whitepaper and subsequent analyses. But as pointed out by eminent crypto VC, Barry Dilbert, most utility tokens act as friction tokens that slow down efficiency and offer no real utility. In this run down, BTCManager covers the merits and demerits of the BitTorrent project.

First Major P2P File Sharing Client

BitTorrent is a brand that was well known before Satoshi Nakamoto even released his whitepaper for Bitcoin. It served as the most used P2P software and thrived due to its economic model of ‘give and receive’.

In 2018, TRON bought BitTorrent and announced their plan to integrate it into their network. This was met by criticism from the ex-CSO of BitTorrent who claimed that the TRON blockchain cannot handle the volume of transfers from BitTorrent.

As destiny would have it, the whitepaper outlined that they will deploy an on-chain token exchange with a private ledger to process BTT transactions, as TRON cannot achieve the necessary throughput to handle it.

TRON bought a company that owned the world’s largest P2P data transfer client, one that was thriving as it was, and deployed it on a blockchain with a token to create friction that never existed.

The team argues that the point of the token is to incentivize seeders and enable users to purchase network bandwidth. What they failed to understand is that the existing game theory of BitTorrent was perfect as it was – seeders keep seeding to keep the network strong, and in return when they need to leech there are adequate seeders.

With that said, another use-case of the token comes with the unveiling of BLive, BitTorrents mobile streaming service that is akin to that of the Brave browser, wherein users can tip their favorite streamers and content creators in BTT amongst other features. Whilst this does broaden the use-case for BTT, what can be said of the performance of the token on the market?

Tokenomics of BitTorrent

TRON’s plan of integrating a new incentive layer on BitTorrent can be seen as ambitious, and their intent is definitely positive. But the economics of BTT issuance renders it an asset nobody would want to hold – so what’s the point of even having the token?

BitTorrent is best compared to ERC20 tokens as they are both meant to be utility tokens built on top of a base blockchain.

Most ERC-20s like Golem (GNT), Basic Attention Token (BAT), and OmiseGo (OMG) have issued the entirety of their supply and have nil inflation. Others like ChainLink (LINK) and 0x have not and have issued 93 percent and 65 percent of their supply respectively.

BTT has issued 40 percent of its supply, with a reported supply of 212 billion tokens and a hard cap at 990 billion. The inflation rate on BTT is a mind-numbing 70.98 percent as per Messari data.

Essentially, investing in BitTorrent now means that by the time total supply has been issued, your position has been diluted to more than half of what it is today. Of the 588 cryptocurrencies and tokens for which Messari has data, BTT is at number 7 in terms of highest inflation rate.

The team and TRON Foundation will hold nearly 40 percent of supply. The public sale accounts for just 15 percent of total supply. If the Foundation and investors dump their tokens in the market to realize their returns, the minority are doomed.

Nobody in their right senses would invest with such high inflation; add the token dilution and low market float to the mix and you have an economic disaster on your hands.

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Bitcoin Poised To Break Out Big

With the equity markets roiling of late, Bitcoin’s been surprisingly quiet. But the cryptocurrency looks ripe for a breakout soon – one that could vault it …

With the equity markets roiling of late, Bitcoin’s been surprisingly quiet. But the cryptocurrency looks ripe for a breakout soon – one that could vault it toward the all-time highs – or sending it tumbling down to long-term support.

Since late June, Bitcoin’s meandered between the recent peak around $13,850 and recent low around $9,150 and trading around an increasingly narrow range. Technically, this has formed a symmetrical triangle, reflecting a rough balance between bulls and bears, without a lot of conviction either way, as the chart here shows.

Chart patterns suggest Bitcoin is going to break out big one way or the other.

Bitcoin is forming a symmetrical triangle. A sign a breakout is due.

Created with Koyfin.com

Volume’s been declining through the formation of the triangle. Volume – as tabulated by data.bitcoinity.org across various crypto trading platforms – shows about 1.32 million bitcoin trading the week of June 23, when the formation starts, falling to just over 500,000 this past week. This is classic volume behavior with this pattern, again, showing the lack of strong conviction of late of bulls or bears to push prices in one direction or the other. Odds are, that’s going to change very soon.

The term symmetrical triangle is a misnomer – the formation doesn’t need to be symmetrical, just showing two trendlines that eventually will converge. In Bitcoin, the triangle projects to late September, putting us about two thirds of the way through the formation right now. As a rule, symmetrical triangles break out anywhere from two-thirds through three-quarters of the way through the pattern. That means Bitcoin should get a lot more volatile by early September. More likely perhaps as soon as this week, given the open-close range for the week is the narrowest for Bitcoin since late June.

But which way will Bitcoin break? Symmetrical triangles are less predictive than other technical patterns, but we have hints. A large study of symmetrical triangles by Thomas N. Bulkowski in his Encyclopedia of Chart Patterns found that in a situation like Bitcoin, which has been in a bull move ahead of the triangle, odds are slightly better for a breakout upward than down, with 54% of the breakouts continuing the earlier bull move. The good news for Bitcoin bulls is a breakout higher could vault Bitcoin to near-record levels. The price target for a break out of a symmetrical triangle is the price distance between the priceswhich are the base of the triangle. That’s about $4,700 here, the difference between the top around $13,850 in late June and the recent low around $9,150. That upside target of $18,500 is almost to the peak Bitcoin from December 2017. The risk is the downside target is just as logical here, with $4,450 being a zone of long-term support (better support sits closer to $4,800 and would be a more logical destination.)

The dollar-range of the triangle base is the added or subtracted to get price targets.

Up or down, Bitcoin’s move promises to be big either way.

Created with Koyfin.com

There are a ton of risks trading this formation. The rule of thumb is wait for the breakout – don’t anticipate it – and trade in its direction, but being aware that there is a good likelihood of a throwback or pullback. If those happen, the chances of a huge move lessen so be alert to a move that quickly moves against you. There also is the very rare possibility there’s no break out at all, and trading loses volume and range all the way through the apex of the triangle. But odds are, Bitcoin’s going to break out and when it does, it’ll be huge.

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Bitcoin Influencer Plans To Run For POTUS, Proposes Universal BTC Income

It has been made clear that the current POTUS is not a fan of Bitcoin however his tenure will not be forever. A pro-crypto United States president would …
bitcoin influencer running for POTUSBitcoin News

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Martin Young| Aug 25, 2019 | 06:00


It has been made clear that the current POTUS is not a fan of Bitcoin however his tenure will not be forever. A pro-crypto United States president would likely ease the regulatory pain that is hampering the industry in the US. One may even take a step further by giving away BTC.


Monthly Payouts in Bitcoin

Cypherpunk and CTO Jameson Lopp recently posted that he was considering running for the lofty position on a single issue platform. The bitcoin advocate clearly recognizes current issues with the economic model which involves printing more fiat and devaluing it at the same time.

While his tweet garnered 1,400 likes it is a long way off the number he’ll need to secure the position of the world’s most powerful man. The offer to pay citizens in bitcoin every month could well be viable though with an unlimited supply of dollars, which appears to be the current objective.

“Thinking about running for POTUS on a single issue platform: if elected I’ll give every citizen $1,000 in Bitcoin a month. This is doable because we’ll never run out of dollars and the economics will benefit America in the long run since we’ll end up with the most BTC.”

Thinking about running for POTUS on a single issue platform: if elected I’ll give every citizen $1,000 in Bitcoin a month. This is doable because we’ll never run out of dollars and the economics will benefit America in the long run since we’ll end up with the most BTC.

— Jameson Lopp (@lopp) August 24, 2019

Unsurprisingly with twitter, the first response was a scam and a few others followed. There were a couple of interesting responses to the premise though. Partner at Xsquared Ventures Brad Mills made an attempt at the math:

“3.9 Trillion per year. At the end of your first term you’ll have the US National debt at 37 trillion dollars. The marketcap of Bitcoin will be about 18 trillion dollars after year 4, nearly $1 million per Bitcoin. It’s actually mathematically feasible given gov’t spending.”

According to usdebtclock.org, the current state is not pretty at $22.5 trillion. Things are not going to improve either with US national debt slated to hit $30 trillion by 2023. Either way, Lopp’s aspirations for the POTUS position were purely based on sarcasm in a mockery of the current system.

Bitcoin has a long way to go before reaching such status and price heights. At the time of writing it was still ranging between $10k and $10.2k this Sunday morning. The 50-hour moving average appears to be providing a level of resistance at the moment so a further slide into four figures could well be inevitable.

Are monthly payments in Bitcoin a viable option? Add your thoughts below.


Images via Shutterstock, Twitter: @lopp

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Bitcoin Cash (BCH), Dash (DASH), Maker (MKR) Prices Fuel the Bulls; Escalation in the Coins …

Bitcoin Cash (BCH) is currently riding on the bull. The coin is known to follow Bitcoin (BTC). BTC has tight control over the altcoin market.

Bitcoin Cash (BCH/USD) Price Analysis:

Bitcoin Cash price chart - Aug 23Bitcoin Cash price chart - Aug 23
Bitcoin Cash Chart By TradingView

Bitcoin Cash (BCH) is currently riding on the bull. The coin is known to follow Bitcoin (BTC). BTC has tight control over the altcoin market. The escalation in Bitcoin often affects the rest of the coin. There is a strong indication that BCH would embark the escalation with BTC. The coin is currently dealing with a market cap of $5,555,975,763. The intraday chart is pointing towards a fabulous day.

Looking at the chart, the price of the coin registered an escalation. Yesterday, the coin slipped from $305 to $294 by 3.55%. Further, the coin jumped from $294 to $305 by 3.63%. Later, the coin jumped from $305 to $315 by 3.14%. The coin closed with an escalation of 1.61% at $310. Today, the coin slipped from $310 to $306 by 1.25%. The coin jumped from $306 to $311 by 1.66%.

The coin has a high prospect of future upsurge. The coin is recommended for long term investment. The same would bring a colossal profit.

Dash (DASH/USD) Price Analysis:

Dash price chart - Aug 23Dash price chart - Aug 23
Dash Chart By TradingView

Dash was seen suffering in the price chart from the last couple of days. There was strong speculation that the ongoing week would bring a huge escalation in the price. It seems like the expected escalation got delayed, yet embarked. Yesterday, the coin slipped from $90 to $87 by 2.88%. The coin started escalating. The coin closed at $91. The intraday profit was marked by 0.70%. Today, the coin escalated from $91 to $91.8 within the first few hours. There was a major escalation spotted which took the price up from $90 to $96 by 5.94%. The coin has escalated by 3.84% since the opening time and is currently dealing at $94.4. We are anticipating that the coin would keep moving up on the chart. The long term investment in the coin would bring massive profit to the investors.

Maker (MKR/USD) Price Analysis:

Maker price chart - Aug 23Maker price chart - Aug 23
Maker Chart By TradingView

Maker (MKR) is dealing with the perfect momentum. The coin started improving from the past couple of days. The inclination in the coin is speculated to remain intact. This could also be an indication of an upcoming price rally. Let’s have a look at the price chart. Yesterday, the coin opened at $493. The coin immediately slipped from $493 to $483 by 2.15%. Further, the coin jumped from $483 to $502 by 4.01%. The intraday escalation was of 1.22%. The coin closed at $499. Today, the coin opened at $499. The coin jumped from $499 to $505 by 1.11%.

We are anticipating that the coin would help in gaining massive dividends if the traders invest for a long term period.

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Bitcoin Cash developer who drove a tank through Virginia found not guilty

A Bitcoin Cash developer who drove a tank-like vehicle through Virginia was found not guilty for car theft and violating bond conditions on grounds of …

A Bitcoin Cash developer who drove a tank-like vehicle through Virginia was found not guilty for car theft and violating bond conditions on grounds of insanity, a court heard Monday.

Police caught Lieutenant Joshua Yabut, an Army National Guard officer, who stole a M577 armored command vehicle from a military base in Virginia, at the end of a 60-mile drug-fuelled chase in June last year. Nobody was injured at the time but it caused widespread disruption.

His defense attorney, Amy Austin, said he was “laboring in mental illness that had him believing things that weren’t reality.”

Yabut had also been accused of violating bond conditions after visiting Iraq earlier this year to research bomb-making.

Joshua Yabut helped to code the main software implementation of Bitcoin Cash—BitcoinABC—and co-founded ZClassic, a failed hard fork of privacy coin ZCash. Before working for the National Guard, Yabut also worked as an unpaid software developer for Horizen, then called ZenCash. A statement by Zencash last year claimed Yabut had publicized a way of hacking the system, a “vulnerability” he himself created. The project distanced itself from Yabut and his work soon after.

Yabut will undergo treatment for his condition at Central State Hospital in Virginia for at least 45 days.

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Speaking to CBS 6 News, legal expert Todd Stone said he expected judges will reach a similar outcome in September in the city of Richmond, where Yabut faces additional charges of eluding the police.

“We would assume that if experts believe he was insane at the time of offenses in Nottoway, then they also probably believe he was not sane in Richmond,” said Stone.

Yabut had also posted a number of tweets about Bitcoin Cash, as well as other strange tweets like, “where is this damn water buffalo.” Oddly, his Twitter account now reads, “procedurally generated human content.” Which would imply he’s a bot. But last time we checked, bots don’t drive tanks. Yet.

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