Charlie Shrem news

Bitcoin pioneer, Founder http://BitcoinFoundation.org, Chief Visionary Officer http://www.Crypto.IQ , Speaker, Writer Active since 2012.

World latest news

Bitcoin Speed Vs. Altcoins a ‘Red Herring,’ Says Charlie Shrem

Bitcoin entrepreneur Charlie Shrem says that comparing Bitcoin to other altcoins and ‘faux cryptos’ in terms of speed is a ‘red herring’ argument. Instead, Bitcoin’s main selling points are decentralization and censorship resistance.  Only Bitcoin is a ‘Censorship-Resistant Value Network’ Bitcoin pioneer, Charlie Shrem, says that comparing transaction speed between Bitcoin and other ‘faux’ cryptocurrencies is a non-starter. “Transaction speeds” when debating bitcoin vs other faux-crypto’s is red herring argument,” said Shrem. Why? Because the speed of payments was never a problem. Quick, online, digital payment services such as PayPal already existed when Bitcoin was created in late 2008. “That’s not why we’re here,” says Shrem. “We’re building a censorship-resistant value network that can never be controlled by a single party.” “Transaction speeds” when debating #bitcoin vs other faux-crypto’s is red herring argument. There were plenty of fast ways to move money before bitcoin. That’s not why we’re here. We’re building a censorship resistant value network that can-never be controlled by a single party. — Charlie Shrem (@CharlieShrem) May 25, 2019 Indeed, most Bitcoin critics tend to focus on the relatively ‘high’ fees compared to other cryptocurrencies. But despite other cryptocurrencies appearing faster on paper, users overwhelmingly prefer to use the Bitcoin network when transferring value. What’s more, centralized legacy banking transfers like with Bank of America sometimes levy higher fees than Bitcoin simply because they can. But with Bitcoin, the transactions are trustless and the fees are set by the market (and unfortunately, also by some pretty bad fee estimators causing users to overpay). It is the most secure, decentralized, value transfer network in the world. More importantly, anyone can use it as it’s the world first neutral form of digital money. This is why users trust the Bitcoin network and no one else, transferring over 3.2 trillion dollars in 2018. ‘No One Goes There, It’s Too Crowded’ Altcoins such as Litecoin or Bitcoin Cash resort to the ‘cheaper and faster because of potentially greater on-chain capacity’ narrative, nevertheless. But this is simply because it is the only advantage they can latch onto as a selling point. But cheaper isn’t always better. The argument that ‘no one goes to that restaurant, it’s too crowded’ comes to mind. Transaction fees are only ‘cheap’ as the number of actual transactions is minuscule. At the same time, these alternative networks are plagued by centralization. This means that they do not provide the same kind of censorship-resistance and decentralization as Bitcoin. For example, Bitcoin Cash just experienced a successful 51 percent attack by miners where nearly $1.4 million dollars worth of BCH was double-spent after a centrally-planned hard-fork ‘upgrade’ was implemented. “Based on our calculations, around 3,392 BCH may have been successfully double spent in an orchestrated transaction reversal,” notes BitMex Research. “However, the only victim with respect to these double spent coins could have been the original “thief”.” The Bitcoin Cash Hardfork – Three Interrelated Incidents Analysis of the incidents surrounding the 15 May 2019 Bitcoin Cash hardfork: * Empty block bug* Consensus chainsplit* Coordinated & deliberate 2 block re-org, reversing 3,392 BCH of spendhttps://t.co/FD2NeOedvr pic.twitter.com/VdB0isQyTN — BitMEX Research (@BitMEXResearch) May 25, 2019 “Bitcoin Cash’s May 2019 hard fork upgrade was plagued by three significant issues, two of which may have been indirectly caused by a bug which resulted in empty blocks,” adds BitMex Research. In any case, this makes these alts unreliable for everyday transactions. So whether it’s for settling millions of dollars or buying coffee, users will still prefer to pay a higher fee in order to ensure that their money gets from point A to point B without trusting a third party. Tone Vays Successfully Sends $10K for 1 Cent In fact, the inability to alter the Bitcoin protocol is what gives it its biggest strength. Only the users are in control where the node operators watch each other to make sure nobody cheats, miners included. This Byzantine fault-tolerant setup keeps the network trustless. Bitcoin continues to mine blocks roughly every 10 minutes as miners confirm transactions, highest fees first. Today at #AIBCsummit @rogerkver claimed average #Bitcoin transaction fee was $3. I called bullshit & he offered to pay $10,000 if my $5 $BTC transaction would clear in 24 hour at 1 #satoshi/byte = 1 Penny!Transaction cleared after 10hrs. Debate at 6:35:00 https://t.co/QAhqmrjhvN pic.twitter.com/VYHiBibh3u — Tone Vays [#UnderstandBit] (@ToneVays) May 25, 2019 The ‘unreliable’ and ‘slow’ narrative was proven false by Tone Vays demonstrated at the Malta Blockchain Summit. Even a low-cost transaction cleared within a reasonable time despite high network activity. Vays successfully sent $10,000 with a fee of 1 satoshi per byte or a fraction of a penny. BCH proponent Roger Ver lost $10,000 betting that it wouldn’t. Do you agree with Charlie Shrem’s comments? Share your thoughts below! Images via Bitinfocharts.com, Shutterstock The post Bitcoin Speed Vs. Altcoins a ‘Red Herring,’ Says Charlie Shrem appeared first on Bitcoinist.com.
Bitcoinist

Bitcoin [BTC]: Debating on king coin’s transaction speed is a red herring argument, says Charlie Shrem

The debate around Bitcoin [BTC] and its effectiveness in the current financial atmosphere has been a long ensuing debate in the cryptocurrency industry. The supporters and naysayers of the world’s largest cryptocurrency have locked horns on various aspects of the coin, be it the coin’s characteristic as a store of value or the amount of time it takes to settle Bitcoin transactions. In a recent tweet, Charlie Shrem, the Founder of Bitcoin.org and one of the most popular Bitcoin proponents, spoke about the topic, directly addressing critics who had a problem with settlement times. His tweet read: ““Transaction speeds” when debating #bitcoin vs other faux-crypto’s is red herring argument. There were plenty of fast ways to move money before bitcoin. That’s not why we’re here. We’re building a censorship resistant value network that can-never be controlled by a single party.” Bitcoin proponents had always made it a point that the cryptocurrency was never meant for fast transactions, but rather to compete with Gold as the standard for a ‘store of value’. Even Samson Mow, the CSO at Blockstream had earlier claimed that BTC was never meant to be fast by adding: “If you want money, it does not need to be very fancy, and a lot of the altcoin projects; I don’t wanna go into it but they are just based on gimmicks. What you really want is sound money, something which is reliable and bulletproof.” The ‘BTC is not effective’ camp had responded voraciously many a time by stating that something aimed at changing the financial dynamic should be nothing short of fast or else there was no way it could become an effective form of value. This rebuttal for this argument was that Bitcoin’s goal was to create a cryptocurrency integrated mainstream structure and even though it was not lightning fast, the transaction speed of Bitcoin was still faster than that of current methods like Visa and MasterCard. Charlie Shrem was also in the news recently when he stated that when Mt Gox imploded, the market created the first “token as debt”. The statement was made in connection with the massive loss of funds which occurred following the hack of the then largest cryptocurrency exchange. The post Bitcoin [BTC]: Debating on king coin’s transaction speed is a red herring argument, says Charlie Shrem appeared first on AMBCrypto.
AMBCrypto

Charlie Shrem claims Mt.Gox was the first to create ‘token as debt’, not Bitfinex

The cryptocurrency market has seen quite a few scandals and Mt. Gox was among the most infamous of them all. Charlie Shrem, a Bitcoin entrepreneur discussed the story of Mt. Gox with J Maurice, a Bitcoin Miner, on his podcast ‘Untold Stories’. According to Maurice and Shrem, Mt. GoX acquired almost “70-80% market share of all Bitcoin trading globally” which was quite a large share for one decentralized exchange to have. However, according to Shrem’s lens Mt. Gox was the “largest and most central company to the Bitcoin eco-system”. He also explained how in 2013-14, the largest Bitcoin exchange was an important factor for anyone trading Bitcoin. However, Mt. Gox faced an unforeseen hindrance when 850k BTC went missing [or stolen] from Bitcoin circulation. According to the Wiz, the days before Mt. Gox shut were “really painful” as people couldn’t trust them anymore. Shrem highlighted that there were two Bitcoin options available on the exchange at that point; one was the original Bitcoin [BTC] and other was Mt.Gox’s Bitcoin, which “were these fake Bitcoins that you could trade in Mt.Gox’s system”. This led to the formation of a secondary market buying Gox BTC, which was “essentially Bitcoin which couldn’t be removed from Mt.Gox before it imploded”. However, Shrem claimed that even though Mt.Gox imploded, the market created its own token as debt, even as Bitfinex claimed to have created the first token as debt. Wiz noted that Josh Jones, a creditor at Mt.Gox, created a system to exchange this Mt.Gox BTC for real BTC. Wiz noted: “Mt.Gox had this feature where you could internally transfer Bitcoins between Mt.Gox accounts and Josh Jones had created this system on top of that so that you can send your balance to his accounts and then that would be your os that will be your Bitcoin builder exchange balance, you would have Gox BTC at that time which you could trade for real BTC.” The crypto users at the time could trade this Gox BTC for real BTC at a discounted rate and get out of the mess which was left behind following the hack. The post Charlie Shrem claims Mt.Gox was the first to create ‘token as debt’, not Bitfinex appeared first on AMBCrypto.
AMBCrypto
More news sources

Charlie Shrem news by Finrazor

Trending

Hot news

Hot world news

XRP Spikes 10% on Ripple MoneyGram Partnership News

Big partnership announcements have been thin on the ground for many of the major crypto companies recently. That changed for Ripple a few hours ago when the firm announced a strategic partnership with one of the world’s largest money transfer companies, MoneyGram. XRP Climbs 15% in a Week Compared to bitcoin and litecoin, XRP has been asleep for the past two months. Even Ethereum has outperformed it in terms of percentage gains. That all changed a few hours ago when XRP awoke from its range bound channel at $0.42 and surged almost 10% to hit an intraday high just over $0.46. A minor pullback followed in the hours after the announcement but XRP is still one of the day’s top performers. XRP price 1 hour candles – Tradingview.com XRP 00 has climbed almost 15% over the past week as it was trading just under $0.40 this time last Tuesday. Daily volume has just topped $2 billion as XRP market capitalization approaches $20 billion. The gap to ETH in second place is still $10 billion in terms of market cap, however. It has been one of the best weeks for XRP in terms of gains as the Ripple token has only made 27% since the beginning of the year. Big Partnership Driving FOMO The San Francisco based firm announced the partnership on its company blog late last night. It stated that the initial partnership will last two years during which Ripple will become the key partner for MoneyGram’s cross border payments and foreign exchange settlements. A substantial capital commitment of $50 million has also been pledged by the blockchain company enabling MoneyGram to draw it over a two year period in exchange for equity. Ripple’s xRapid system will be deployed for the partnership. It facilitates on-demand liquidity enabling instant transactions by reducing reliance on pre-funding. The XRP token will be used as the ‘real-time bridge’ between different currencies. Ripple CEO, Brad Garlinghouse, stated; This strategic partnership will enable MoneyGram to greatly improve its operations and enable millions of people around the world to benefit from its improved efficiency. This is a huge milestone in helping to transform cross-border payments and I look forward to a long-term, very strategic partnership between our companies. MoneyGram has a $600 billion global remittance market supporting multiple currencies in more than 200 countries. Traditional forex markets requiring advance purchases are currently used for international transfers. The partnership and leverage of Ripple’s native token are expected to reduce costs and increase transfer speeds for the firm. Alex Holmes, MoneyGram Chairman and CEO, added; Through Ripple’s xRapid product, we will have the ability to instantly settle funds from US dollars to destination currencies on a 24/7 basis, which has the potential to revolutionize our operations and dramatically streamline our global liquidity management. Will XRP hit $0.50 this week? Add your comments below. Images via Shutterstock, Tradingview.com The post XRP Spikes 10% on Ripple MoneyGram Partnership News appeared first on Bitcoinist.com.
Bitcoinist

XRP Gains 5% as Ripple Forms Strategic Partnership with MoneyGram; Last Resorts for Both Firms?

Ripple bought a share issue from MoneyGram worth $30 million at $4.10 per share to acquire 8-10% of the company. MoneyGram would also have an option of infusing another $20 million over the next two years. A strategic partnership will now ensue where Ripple will become the critical service provider for cross-border payment and foreign exchange settlement using digital assets. The digital asset they will be leveraging is Ripple, using Ripple’s xRapid Product. This partnership is a massive step towards the vision with which Ripple began, and investors put money is XRP. Also Read: Ripple Fathers’ Day Gift Propels It Past $0.4400 as Bulls Return Until now, MoneyGram has had to use banking services to provide settlements for payments they initiate. Due to the difference in time of settling payments, MoneyGram has to take loans to increase the required liquidity. However, by deploying xRapid, they will now be able to leverage XRP’s liquidity to provide cheaper and faster settlements. MoneyGram Chairman and CEO, Alex Holmes noted, “Through Ripple’s xRapid product, we will have the ability to instantly settle funds from US dollars to destination currencies on a 24/7 basis, which has the potential to revolutionize our operations and dramatically streamline our global liquidity management.” MoneyGram reported a net loss of $24 million in 2018 compared to a net loss of $29.8 million for the fourth quarter of 2017. The money transmitting service provider has been working towards developing, and 2019 will be part of the roadmap. Hence, the success of this strategic partnership is crucial for MoneyGram. Also Read: Bitcoin Vs Facebook Coin: Should Bitcoin Hodlers Care About Facebook Coin? Currently, MoneyGram works independently by leveraging money from banks. Ripple CEO Brad Garlinghouse told the media,  “This will eliminate the need to deploy foreign bank accounts. That’s why MoneyGram has negative working capital. It will help customers and also smooth out their treasury operations,” XRP/USD 4-Hour Chart on Bitstamp (TradingView) Moreover, while XRP recorded gains around 5%, it rose from $0.43 to a reach high at $0.46. Notably, a partnership like this back in 2016 or 2017 would have likely propelled the price by 30%. This can be attributed to an apparent decrease in the use case for MoneyGram itself. Digital payment is quickly becoming more accessible than ever with major firms working on implementing or integrating digital currencies on their respective platforms. Facebook is the most prominent example of it. Do you think MoneyGram and Ripple will be able to increase their volume and user base in the current environment? Please share your views with us.  The post XRP Gains 5% as Ripple Forms Strategic Partnership with MoneyGram; Last Resorts for Both Firms? appeared first on Coingape.
CoinGape

Ripple Partners MoneyGram to Enhance Cross-border Payments with XRP

Ripple has secured another major partnership with international money transfer company MoneyGram. This will allow the company to use Ripple’s native token XRP to provide liquidity for international payments to MoneyGram customers. This is in a bid to enhance the speed and efficiency of the payment system that MoneyGram operates. In an interview with Fortune on the partnership, Ripple CEO Brad Garlinghouse said: “This will eliminate the need to deploy foreign bank accounts. That’s why MoneyGram has negative working capital. It will help customers and also smooth out their treasury operations.” The partnership also gives Ripple an 8% to 10% stake in MoneyGram by paying $4.10 per share. This, however, does not give Ripple a voice in the dealings of MoneyGram for now as part of the agreement. MoneyGram, on the other hand, will have the opportunity of reviving its financial standing from Ripple’s investment which it direly needs after its share price crashed significantly.  It will also increase the efficiency of the payment platform, the management said. “We are very pleased with the terms of the Ripple investment which supports the Company with permanent capital and additional liquidity,” Larry Angelilli, chief financial officer of MoneyGram, said in a statement. “This partnership also provides MoneyGram with the opportunity to improve operating efficiencies and increase earnings and free cash flow,” Larry Angelilli, the chief financial officer of MoneyGram said. Ripple is the leader in remittance services as far as the blockchain industry is concerned. Its xRapid is second to none in terms of transaction efficiency and speed. With the new partnership, XRP which will be used for liquidity will be exposed to MoneyGram’s customers in over 200 countries globally. MoneyGram is the second largest provider of money transfer services in the world and while partnering with Ripple will ensure better service delivery to its customers, it is also a huge breakthrough for Ripple which has been looking to expand its reach further into the world. With hundreds of clients using Ripple’s payment platform, the company has grown significantly thus improving the international remittance settlement market by improving customer experience in conventional financial institutions. The post Ripple Partners MoneyGram to Enhance Cross-border Payments with XRP appeared first on ZyCrypto.
ZyCrypto

Ripple (XRP) enters key partnership with MoneyGram; invests $30 million

Ripple (XRP) enters key partnership with MoneyGram; invests $30 million - CryptoNinjas MoneyGram, a global money transfer company, announced today it has entered into a strategic agreement with Ripple (XRP), the provider of enterprise blockchain solutions for cross-border payments. The deal will enable MoneyGram to utilize Ripple’s xRapid product, leveraging ripples (XRP) in foreign exchange settlement as part of MoneyGram’s global payment process With an initial term […] Ripple (XRP) enters key partnership with MoneyGram; invests $30 million - CryptoNinjas
CryptoNinjas

Ripple Announces Game-Changing Partnership With MoneyGram

By CCN Markets: Ripple announced a partnership with money transfer giant MoneyGram today. Two Year Exclusive Agreement, Ripple and MoneyGram According to Ripple Labs, a two-year partnership has been struck with MoneyGram which makes Ripple its exclusive digital assets partner. The purview of Ripple’s use case here might be more limited than expected. It depends on how many of the transactions are sent and received using Ripple’s technology and how much they’re worth. Whatever the case, the partnership doesn’t, for example, mean that you’ll be able to buy and sell XRP at any MoneyGram location. Something along those lines would The post Ripple Announces Game-Changing Partnership With MoneyGram appeared first on CCN Markets
CCN
By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.