Ethereum co-founder Vitalik Buterin revisited an old post he wrote five years ago & updated it during the weekend, as mentioned in our cryptocurrency trending news breakdown yesterday, November 25, 2019.
It seems though BitTorrent inventor & Chia Network co-founder Bram Cohen was not happy with what Buterin shared with the world in his blog post ‘Hard Problems in Cryptocurrency: Five Years Later.’
Cohen reacted with a Tweetstorm dismissing most problems & ripping off the solutions Buterin thought of in his blog.
Chia Network co-founder doesn’t believe sharding is a viable solution to scaling as it’s much less secure than the traditional blockchain structure and only slightly more scalable. On the other hand, payment channels like Bitcoin’s Lightning Network are desirable and should be considered first and foremost in any scaling discussion.
Cohen also touched on other topics like ASIC-resistant Proof of Work or Proof of Time and Space (NOT Proof of Storage). In the end, he annihilated Buterin’s proposals on ‘crypto-economics’ calling them ‘literally out of the dark ages.’
Gold Is Crashing In BTC Terms
Bitcoin may have had a tough time dollar-wise in the past several weeks (not to mention compared to the all-time highs in December 2017) but if we change perspective and monetize BTC in gold, then the picture is not that grim at all.
Given gold’s recent struggles against the US Dollar, Bitcoin is actually trending sideways for the last couple of years, as CoinMetrics.io showed in a recent tweet:
Looking at the bigger picture, the GOLD/BTC pair has been in a bear market since 2013, crashing down from well over 100 troy ounces of gold per bitcoin to well under 0.1 oz per BTC during the cryptocurrency hype in December 2017.
The pair is now trading at around 0.2 as the digital gold continues to keep spot gold at bay in a fairly tight range that started in 2018. Similar behavior was seen from 2014 to 2016 and was followed by a violent downward move.
Will more of the same happen in 2020?
Ripple Completes Investment In MoneyGram
Earlier in 2019, Ripple – which is behind the XRP crypto-asset – agreed to purchase $50 million worth of shares from money transfer service provider MoneyGram. $30 million were invested when the two companies signed the commercial agreement leaving $20 million off the table at that time, with the promise of investment at a later time in 2019.
That time has come and MoneyGram announced in a press release Ripple made the final investment of $20 million into the company. The money will be used to increase liquidity & volume as the money transfer service provider further expanded into Europe & Australia.
With the last transaction, Ripple now owns 9.95% of the outstanding common shares of MoneyGram.
What’s you take on Vitalik Buterin’s & Bram Cohen’s brawl? Which side are you on? And how will Bitcoin compare with spot gold in the upcoming months? Let us know in the comment section below!
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