Can Rootstock save bitcoin from the depths of Mempool hell? Bitcoin’s market dominance has fallen. Poloniex pump and dump trends and a warning to crypto traders. Listener mail from NXT’s director of marketing. Shapeshift is going to switch to a smart contract model. Ethereum reaches 50% of bitcoin’s transaction volume. Enterprise Ethereum is going strong. TokenCard talk with a reddit AMA with the founder Mel Gelderman.
All this and more on the Neocash Radio podcast, episode 207 — Wednesday, May 17th, 2017!
We’ve written out short overviews of the topics discussed on today’s show below! Be sure to listen in to the whole podcast to get more information, insights, and thoughts on each of them from JJ, Darren, and Pedro!
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|Traditional Financial Markets||Cryptocurrency Markets|
|Gold $1,260||Bitcoin (BTC) $1,820|
|Silver $16.86||Ethereum (ETH) $89.05|
|Oil $48.99||DASH $82.87|
|Dow Jones 20,641 points||Zcash (ZEC) $91.81|
|30Y UST Yield 2.906%||Monero (XMR) $27.80|
|Litecoin (LTC) $24.04|
Rootstock or RSK is a sidechain that will bring smart contracts to Bitcoin. In fact rootstock is also compatible with solidity and contracts that are on the Ethereum blockchain can be run on Rootstock. Rootstock is going to be set with a two-way peg from BTC and back into BTC. The developers claim that the network can scale 100 transactions per second. Rootstock blocks will be mined at 10 second intervals through merged mining. Perhaps most exciting for Bitcoin users is that the sidechain will offer instant payments. The Turmeric testnet has launched and if all goes well the mainnet should launch in about a month.
This can’t happen soon enough as the mempool is still hovering around 100,000,000 bytes with over 170,000 transaction waiting to be added to blocks.
Bitcoin Market Dominance has has Fallen
For the first time in crypto history less bitcoin is being traded across exchanges than alt-coins and tokens. A big reason for this has been the rise of Ripple which in just a couple months has gone from less than a cent to over $0.30 per Ripple.
Ethereum tokens are another large contributor as well. Gnosis recently had their token generation event and they are adding over $133 million to the token market cap index alone.
The Poloniex Pumphouse is Driving Market Caps to New Levels
If you have been watching crypto prices over the few weeks you may have noticed several coins and tokens making huge gains upwards of 100% or more in less than 24 hours. I’ve been studying this more closely and one of the first things I do is click through the currency and view which exchanges the action is coming from. More often than not the price rise is attributed to Poloniex alone with a massive spike in volume.
These price rises seem to feed into the Fear Of Missing Out mentality and causes late movers to pick up the currency after it has already risen tremendously only to see it fall by 50% or more the next. These late movers are ending up buying the dump after the teams of traders have fleeced what they can.
Poloniex and Kraken have been under intermittent DDos attacks and on top of this Poloniex is claiming the number of active daily traders has risen by more than 600%! Some unhappy traders have made accusations against Poloniex for market manipulation. In fact a law firm is investigating the possibility of a class action lawsuit. Between DDoS attacks, massive lag spikes, and the pump and dump mentality, traders beware!
Travin Keith, the Marketing Director and Blockchain consultant for the NXT foundation sent us an email!
Hey JJ and Darren,
Congratulations on your 4th anniversary! That’s an amazing feat. In cryptoland that’s like 20 years!
Thanks as well for mentioning Nxt and Ardor in this podcast. We at the Foundation, Jelurida, (pronounced Jeh-lu-ree-dah) and the wider community really appreciate it. The ability to set a different passphrase for different actions is an interesting concept. I’m not sure if it would be easy to implement though since the private key is what unlocks the capabilities of the account, since any account can be accessed (but no actions taken) with just the account number.
Regarding the development, it should be pointed out that the Foundation never developed the code (though it was released under it in the past for licensing reasons). We’re primarily the point-of-contact for businesses interested in using the technology and provide support and other services to the community, but also provide a wider range of services like managing websites, moderating forums, and managing social media channels.
As for the question if you can just pay the ARDR yourself, you can, assuming that you’re the bundler with the best rate. It would need to be set manually though by flagging one’s account to be a bundler and setting that rate. One would also bundle other accounts if the limit set is higher than the amount of ARDR needed to complete the transaction though.
On the podcast, you mentioned that you have a NXT donation address so you can play around with it more. Please send over that address and I’ll send you some NXT so you can try some of the features out more, like registering an alias, setting an account description, starting a poll, and perhaps creating an asset. Also, if you’d like to test Ardor, please let me know as well and we can help you get started with testnet.
Thanks again for mentioning Nxt and Ardor. If you have any questions or would like to run content by me for future episodes, please let me know.
Marketing Director and Blockchain Consultant
Shapeshift announcing details and demo of smart contract powered platform Prism on May 22nd during Consensus 2017
CoinDesk is proud to present our 3rd annual blockchain technology summit, May 22-24, 2017 at the New York Marriott Marquis. Consensus 2017 will feature 100+ speakers and 2,000+ attendees from the leading industry startups, investors, financial institutions, enterprise tech leaders, and academic and policy groups who are building the foundations of the blockchain and digital currency
According to data by blockchain.info and etherscan, bitcoin is currently handling around 220,000 transaction with a max daily capacity of around 250,000 transactions, while Ethereum is now handling 125,000.
No other currency comes anywhere close. Litecoin, Dash, Monero and all the rest handle around 4,000 transactions or, at best, 10,000 transactions on a good day. Making Ethereum the only digital currency since bitcoin to handle significant volumes which currently stand around the same level as bitcoin’s last year.
In the weeks following Enterprise Ethereum Alliance formation in late February 2017, we received hundreds of applications for membership from enterprises, startups, and academic groups, and offers of support from the growing community of Ethereum specialists and experts. As a result, the Alliance will soon welcome a new cohort of members.
A Tokencard reddit AMA with founder Mel Gelderman took place this past Saturday, May 13th.
Following the successful token generation event. A bug was found that caused a need for a re-issuance of tokens. The press picked up the story about the TGE and contacted a VISA representative about the claims made on the TokenCard website. The VISA rep denied that there was any connection between the two. Next tokencard pulled the words VISA from their website and related media. All of this caused parts of the crypto community to become very skeptical and even cynical about the prospects of tokencard.
Long story short. Mel answered some questions and explained what he could and it seems that the FUD is not yet warranted. They have an authorised Issuing Bank in Gibraltar and the card will debut on one of the credit card networks with VISA as the highest probability. Mel also mentioned that there would be a big announcement this week.