Shiba Inu Keeps Sliding As Team Counters With Optimism TradingView
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Ethereum Foundation lead developer Tim Beiko has dismissed the idea of an Ethereum blockchain rollback following the Bybit crypto exchange hack. In a detailed post on X, Beiko explained why such a proposal is impractical and unfeasible.
Ethereum Network Too Interconnected For A Rollback, Beiko Says
On February 21, Dubai-based exchange Bybit suffered the largest crypto hack in history as bad actors carted away $1.4 billion in mantle-staked ETH (mETH) and other ERC-20 tokens by comprising one of the exchange’s cold wallet. As expected, this development has rocked the industry drawing a discourse on various recovery channels.
One of these channels being discussed is the potential rollback of the Ethereum network. As the name implies, blockchain rollback is the process of reverting blockchain to a previous state, effectively undoing recent transactions.
According to Tim Beiko, the idea of a blockchain rollback can be traced to a Bitcoin network incident in 2010 where Satoshi Nakamoto deployed a software patch to invalidate a transaction where a user minted 146 billion BTC. However, the software developer notes that Bitcoin mining efforts were minimal at this time with the premier cryptocurrency trading around $0.07.
Beiko also references a similar incident on the Ethereum network in 2016, where a particular dAPP known as the TheDAO which held an estimated 15% of ETH supply came under the control of a hacker. Fortunately, the developers of TheDAO had implemented a failsafe that forcibly froze all withdrawals on the dAPP for a month in the case of a hack.
This time allowed Ethereum developers to effect a change to the blockchain thereby updating TheDAO’s database manually in an “irregular state change.” Notably, this decision caused much division in the ETH community eventually resulting in the hardfork that created the Ethereum Classic chain.
In the context of the Bybit hack, Beiko explains that a blockchain rollback would be virtually impossible due to multiple factors. Firstly, the Ethereum network detects no broken protocol rules as the hack occurred through a compromised multi-sig wallet interface where the custodian signed off on a falsely displayed transaction resulting in the asset loss.
Furthermore, the ETH developer notes that the hacker has begun transferring the stolen funds, unlike the TheDAO case. Therefore, any attempt at a rollback would result in a continuous cat-and-mouse game. Finally, the Ethereum network is too developed and interconnected with the presence of multiple bridges and DeFi protocols, therefore another “irregular state change” could cause a catastrophic ripple effect.
ETH Price Overview
At the time of writing, ETH trades at $2,754 reflecting a 2.77% gain in the past day.
Featured image from iStock, chart from Tradingview
Prominent Bitcoin critic Peter Schiff and advocate for gold, has once again expressed his skepticism toward Bitcoin, following Michael Saylor’s bold prediction that it could reach $13 million per coin within the next 21 years. Schiff, who has long questioned the viability of cryptocurrencies, described Saylor’s prediction as unrealistic and challenged the long-term sustainability of Bitcoin’s demand.
Peter Schiff Criticizes Bitcoin’s Limited Supply Argument
In a recent post on X (formerly Twitter), the Bitcoin critic Peter Schiff has addressed the argument regarding BTC’s limited supply. He acknowledged that while the cryptocurrency is scarce, this scarcity alone does not guarantee rising prices. He pointed out that its price is highly dependent on new buyers entering the market. According to him, without new demand, prices could drop, as sellers may outnumber buyers, leading to a price crash.
Yes, #Bitcoin has a limited supply. As long as more people want to buy it, but those who already own it don’t sell, the price goes up. But when the supply of new buyers runs low and those who own it want or need to sell it, the lack of new demand causes the price to crash.@saylor
— Peter Schiff (@PeterSchiff) September 10, 2024
Peter Schiff went further, comparing the cryptocurrency to gold, which he believes has an inherent, lasting value.
“There will always be demand for gold. Gold is a metal that will always be needed. There will not always be demand for Bitcoin,” he said.
According to Schiff, the fundamental difference between the two assets lies in the physical utility and historical track record of gold, which he believes the crypto cannot replicate.
Saylor’s $13 Million BTC Prediction
Michael Saylor, the founder and CEO of MicroStrategy, made waves during a recent appearance on CNBC’s “Squawk Box” by predicting that the cryptocurrency would hit $13 million per coin in the next 21 years.
Saylor has consistently championed BTC as a superior store of value and a hedge against inflation. He emphasized that its global appeal and limited supply make it a unique investment opportunity, one that could eventually capture 7% of the world’s capital.
Despite MicroStrategy’s aggressive BTC acquisition strategy, Peter Schiff remained unconvinced, pointing out that MicroStrategy’s stock price has struggled. He remarked,
“What a bunch of nonsense. CNBC is too beholden to their crypto advertisers to really push back against your false statements. MSTR is down 40% from its 52-week high and is 6% below its 2021 high. The actual returns are not nearly as rosy as you describe and will soon get worse.”
A Gold vs. BTC Debate
Peter Schiff, a long-time proponent of gold, highlighted the ongoing debate between the two assets, contrasting gold’s tangible, practical uses with the cryptocurrency’s digital nature. He insisted that gold’s role as a stable store of value will continue for the foreseeable future, whereas BTC’s demand is subject to speculation and technological shifts.
In contrast, Saylor remains steadfast in his belief that its decentralized and scarce nature will lead to widespread adoption, making it a dominant global asset. MicroStrategy has accumulated over 226,500 BTC, reinforcing Saylor’s long-term commitment to the cryptocurrency despite market volatility.
Bitcoin critic Schiff’s comments on Saylor’s interview are part of his broader critique of the cryptocurrency space. While Schiff acknowledges that there may be short-term gains in the crypto, he consistently argues that it lacks the long-term reliability of traditional commodities like gold. He also pointed out what he sees as the speculative nature of its investments, which he believes are driven more by hype than by intrinsic value.
Meanwhile, other analysts have set bullish predictions for BTC. Peter Brandt for instance has recently hinted on a potential for Bitcoin price to explode in the next year. As per his forecast, the next target for the cryptocurrency is $150,000 by 2025.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Crypto Flipsider News – Cryptos Recover; Morgan Creek Counters FTX; Goldman Sachs to Buy Celsius; Cardano Update; SHIBA BurnRead in the Digest:
- and sustain gains – Classic (LUNC) spikes 50%.
- Morgan Creek is preparing to counter FTX’s $250 million BlockFi bailout.
- Goldman Sachs (NYSE:) plans to raise $2 billion to buy Celsius Network assets.
- IOG releases “Final Candidate” for the mainnet ‘Vasil’ hard fork.
- fails to meet weekly 1 billion burn average – burns 565M SHIB.
Bitcoin and Ethereum Sustain Gains, Terra Classic (LUNC) Spikes 50%
Recovering from the brutal crash endured by the crypto market last week, its two biggest players, Bitcoin (BTC) and Ethereum (ETH), are leading the market with sizable price recoveries.
Over the last week, the price of Bitcoin has shot up by more than 11%, hitting an interday high of $21,480 after dropping as low as $18k. Bitcoin now trades at $20,900 at the time of writing, losing 2% of its gains over the last 24 hours.
The 7 day price chart for Bitcoin (BTC). Source: CoinMarketCap
Ethereum has showed an even more impressive recovery than Bitcoin, gaining almost 20% over the same period. The price boost helped ETH hit a high of $1,272, up from a weekly low of $1,040. ETH now trades at $1,200 at the time of writing, though it shed 3% over the last 24 hours.
The 7 day price chart for Ethereum (ETH). Source: CoinMarketCap
Flipsider:
- The biggest surprise of the crypto market rally has been Terra Classic (LUNC) – the original Terra token which was abandoned in favor of Terra 2.0.
- LUNC has gained in value by 50% over the last 24 hours, and more than 61% in the last week, outperforming both Bitcoin and Ethereum.
The 24 hour price chart for Terra Classic (LUNC). Source: CoinMarketCap
Why You Should Care
The important takeaway for investors is that Bitcoin and Ethereum have managed to trade above their respective key support zones for six consecutive days.
Morgan Creek Is Preparing to Counter FTX’s $250 Million BlockFi Bailout
Morgan Creek is looking to provide embattled crypto lender BlockFi with an alternative bailout option. The news comes shortly after the lender received a $250 million credit facility offer from Sam Bankman-Fried’s FTX crypto exchange.
Cryptocurrency investment firm Morgan Creek Digital is working to raise $250 million from investors in order to purchase a majority stake in BlockFi. The move would put Morgan Creek at odds with the offer from FTX.
According to reports, Morgan Creek, a longtime BlockFi backer, is looking to generate equity for the beleaguered BlockFi. When asked about the offer, Managing Partner for Morgan Creek Digital Mark Yusko said he had been “making calls all day.”
Flipsider:
- The move comes amidst reports of FTX holding ongoing discussions with BlockFi to buy a stake in the company.
- Sources reveal that talks between FTX and BlockFi are still ongoing, and no decision has been made.
Why You Should Care
Yusko claims that FTX’s $250 million credit facility raises a point of concern for existing shareholders. He added that if FTX finalizes the deal, only some of the investors in BlockFi’s latest fundraiser would be likely to recover a portion of their investment, while older investors would be liquidated.
Goldman Sachs Plans to Raise $2 Billion to Buy Celsius Network Assets
In a turn of events for the Celsius Network, the embattled crypto lending company on the brink of bankruptcy, reports suggest that international investment bank Goldman Sachs is planning to raise $2 billion in commitments from investors to purchase its assets.
Celsius recently enlisted additional advisors to help with a potential bankruptcy situation. Insiders have revealed that, if the situation worsens and the crypto lender files for bankruptcy, Goldman Sachs will look to purchase the company’s assets at a considerable discount.
According to a source familiar with the situation, the banking powerhouse is already soliciting commitments from Web 3.0 crypto funds, funds specializing in distressed assets, and traditional financial institutions with ample cash on hand.
With Celsius yet to resume withdrawals on the platform more than a week after its services were frozen, tensions continue to mount over the company’s ability to stay afloat. The situation has been exacerbated by the rumors that Celsius CEO Alex Mashinsky is on the run.
Flipsider:
- Goldman Sachs will have competition, as Celsius received a similar offer for its assets from Nexo, and there are reports of CitiBank preparing to do the same.
Why You Should Care
Goldman Sachs continues to dig deeper into the Web 3.0 and the cryptocurrency space, with the latest news trailing talks with FTX over potential derivatives services.
IOG Releases “Final Candidate” for the Cardano Mainnet ‘Vasil’ Hard Fork
The Cardano community was undeniably disappointed when Input Output Global (IOG) announced that it needed more time to launch the much-anticipated ‘Vasil’ hard fork. As part of its efforts to meet the new schedule, IOG has launched a new node.
According to IOG, the new node, Cardano Node 1.35.0, is the final component to prepare the Cardano mainnet for the upcoming hard fork. IOG also confirmed that it has completed tests on the new #Plutus v2 code, which will be implemented with the launch.
The Vasil hard fork is now set to launch on the testnet, ahead of its final mainnet implementation, as IOG informed the SPO community supporting the testnet, that the new node is ready for them to deploy on the testnet.
Last week, Charles Hoskinson, the founder of Cardano, announced that the mainnet hard fork would take place in July. However, IOG hinted that more updates on the Vasil upgrade will be announced this week.
Flipsider:
- Despite the significant developments Cardano has enjoyed this year, Santiment reports that the number of ADA whale addresses has been on the decline in light of the network failing to generate enthusiasm.
Why You Should Care
Vasil is an important upgrade for Cardano, promising massive improvements to the network consensus layer, and overall faster block propagation.
Shiba Inu Fails to Meet Weekly 1 Billion Burn Average – Burns 565M SHIB
For the first time since the Shib Inu (SHIB) burn portal was launched, the Shiba Army fell short of its weekly target of burning 1 billion or more SHIB tokens this past week.
The Shiba Inu community burned only 565 million SHIB tokens over the past week, marking the first time that less than 1 billion SHIB has been burned across a nine week period. Over the last 24 hours, 117 million SHIB tokens were destroyed on the portal.
The Shib Burn portal was built to reward SHIB burners with passive income in the form of $RYOSHI Rewards. 0.49% of all RYOSHI transactions will be distributed to individuals who take part in the burn process.
The Shiba Inu team is now set to begin RYOSHI reward distribution, as 410.3 trillion SHIB tokens have been removed from circulation in the 65 days that the portal has been active.
Flipsider:
- Top Ethereum whales acquired more than 163.2 billion SHIB over the weekend amidst the burning of tokens.
Why You Should Care
The SHIB burn program is designed to help the SHIB token achieve a deflationary status, while also rewarding the community for its participation.
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