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Tone Weiss: Tether will inevitably cease to exist, and bitcoin-ETF will provoke speculation

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A well-known trader in the crypto community and analyst Ton Weis predicted the disappearance of the most popular stebblecoin Tether USD. He said this during a panel discussion with the former head of the Bitcoin Foundation Bruce Fenton at the Baltic Honeybadger 2018 conference in Riga.

"I do not understand why everyone was so attached to the steebles. In the end, it's the same dollar that can be sent using a technologically unstable centralized database, regardless of whether it's Ethereum, Omni Layer or Binance server. I believe that Tether will inevitably cease to exist in the future , "Weiss stressed.

He added that Tether is a very acute problem for the crypto-currency community, but few want to openly discuss it. In his opinion, it was the success of the USDT that caused the launch of new stebblecoins [in particular, from Circle , Gemini and Paxos ].

"If Tether falls, the exchanges will suffer greatly, and are likely to be forced to shift some of the losses to users, so they lose everything ," the trader said.

He also believes that the issue of providing USDT with a kind of "double-edged sword". If stebblecoin is fully provided with dollars, the US government can at any time confiscate them under the pretext of illegal financial activity.

If not, Tether holders will start selling it at any price (below $ 1), which will create a significant inflow of funds into bitcoin.

So, summed up Weiss, Tether threatens regulators and technological problems (bug or attack on Omni Layer).

Answering the question about the approval of bitcoin-ETF, the trader suggested that the SEC will still make a positive decision within two years. Nevertheless, what effect this will have on the price of the first crypto currency, it is difficult to predict.

"Remember what happened in November and December last year. The price of bitcoin increased from $ 10,000 to $ 20,000 only on speculative expectations of bitcoin futures launch and involvement of large players from Wall Street. So what? After the launch there was no volume, the market was dead. Nothing! Therefore, the price went down, because it should not have reached such high levels so quickly. It seems to me that the Bitcoin-ETF can do the same thing, " – he expressed his opinion.

As an example, he cited the launch of exchange-traded funds based on gold.

"Yes, then the price of gold soared. What do we see now? Seven-year bear market from absolute highs. I would not call this manipulation, it's just that nobody cares. It's about excessive expectations , "he said.

Earlier in an exclusive interview with BlockchainJournal, Ton Weiss explained why the bitcoin miners should not earn much.

In addition, specifically for BlockchainJournal, Weiss outlined the basics of crypto-currency trading.

Recall, in February, the trader said that in 2018 the price of bitcoin will double, reaching $ 25,000.

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The launch date of the new Ethereum 2.0 blockchain algorithm has become known – January 3, 2020

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Developer Justin Drake (Justin Drake), according to Trustnodes , called the date of transition of the Ethereum network to the second version of the protocol and the introduction of the consensus mechanism Proof of Stake (PoS). According to him, Ethereum 2.0 will become a reality in seven months – January 3, 2020, exactly 11 years after the extraction of the genesis-block of Bitcoin .

Drake also said that the developers of Ethereum for less than two weeks – until June 30 – should finalize and approve the specifications of the zero phase. Before generating the genesis block, they will have to launch a deposit contract for the accrual of funds to validators – and present it at the Devcon conference in Japan in October.

Thus, according to Drake, over the next three months, developers should collect at least 2 million ETH, and in seven months, bring the product to a “production stage”, that is, a test network that has been working for quite a long time without significant flaws and has passed a security audit, for at least two customers.

Recall that the founder of Messari, Ryan Selkis (Ryan Selkis), expects that the transition of Ethereum to the second version of the protocol will take place no earlier than 2021. In early May, Prestmatic Labs co-founder Preston Van Loon announced the public launch of a test network for Ethereum 2.0 – Sapphire – created on the basis of the Casper protocol with PoS consensus algorithm and support for stacking.

Publication date 18.06.2019
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Bitcoin exchange Poloniex has returned a flooding for traders

Due to numerous requests from users, the Bitcoin exchange Poloniex activated a general chat, better known as Trollbox. Ever since @circlepay, @poloniex, ours, “BRING BACK THE TROLLBOX.” Today, I'm happy to report that June 2019 “Since the purchase of Poloniex, the most frequent request has been to restore the fludilka. […]

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Due to numerous requests from users, the Bitcoin exchange Poloniex activated a general chat, better known as Trollbox.

“From the moment of purchase of Poloniex, the most frequent request was the requirement to restore the fludilka. I am happy to say that we did it , ”said CEO Circle Jeremy Allaire.

So, from now on, traders can again communicate on a wide range of topics without leaving the stock exchange, and moderators will use the legendary bans-hammers in case of violation of the rules.

Recall that Poloniex has to comply with strict US regulations. In May, she banned US users from trading the following tokens: ARDR, BCN, DCR, GAME, GAS, LSK, NXT, OMNI and REP.

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TradingView has found a bug that could have caused traders to lose money for five years.

Crypto traders suffered “incalculable” losses due to a bug on the analytical service TradingView. The existence of the problem drew the attention of a Twitter user under the nickname Cryptoteddybear. It’s a funky way to make it easier for people to use it. I don't care, i know i'm right. Here […]

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Crypto traders suffered “incalculable” losses due to a bug on the analytical service TradingView. The existence of the problem drew the attention of a Twitter user under the nickname Cryptoteddybear.

In particular, he noted that when using analytics tools for standard graphs, including Fibonacci levels, the service incorrectly displays some metrics. Such a failure, respectively, affects the results obtained during technical analysis based on the Elliott wave theory.

In response to the Cryptoteddybear entry, other traders also began to report a problem. And some revealed it a year ago.

It is noteworthy that the first error messages appeared more than five years ago on the getsatisfaction platform, but then they were ignored in TradingView.

Nevertheless, now the post Cryptoteddybear had an effect – after a while the service representatives responded to the trader, promising to sort out the situation.

However, the fact that the problem was ignored for such a long period of time, could lead to a lot of incorrect calculations and, consequently, the financial losses of many traders, according to observers. It is worth noting that, apparently, the problem has not yet been resolved, despite its recognition by the service.

Recall recently it became known that TradingView will add a cryptocurrency index, taking into account the news agenda and posts in social networks.

BlockchainJournal also reviewed the features of the service in a separate article .

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Name Price24H (%)
Bitcoin (BTC)
$9,174.00
0.44%
Ethereum (ETH)
$269.08
0.32%
XRP (XRP)
$0.434344
-0.75%
Bitcoin Cash (BCH)
$417.46
-0.20%
EOS (EOS)
$6.91
-0.35%
Stellar (XLM)
$0.125902
-0.74%
Litecoin (LTC)
$138.12
6.12%
Cardano (ADA)
$0.091289
1.35%
Tether (USDT)
$1.00
-0.17%
Monero (XMR)
$99.86
2.82%
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