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Siacoin Takes 8.8% Hit as Devs Fight Over Bitmain-Less Hard Fork
Siacoin Takes 8.8% Hit as Devs Fight Over Bitmain-Less Hard Fork
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Siacoin (SIA) sunk 8.8% over the course of August 21st as growing conflict escalated between the blockchain’s core developers concerning a possible upcoming hard fork. The Siacoin founder David Vorick represents one half of the Siacoin community which wants to hardfork the blockchain to exclude
If you value decentralization then you might consider that a noble goal, but the issue becomes muddied by the fact that Siacoin have still left the door open for their coin to be mined by one particular piece of mining kit – the one that Vorick’s company manufactures and sells.
The situation becomes even more fraught when you factor in the sum of $22 million raised by the company,
, which hasn’t produced the mining rigs it was supposed to.
Amid this chaos Siacoin fluctuated throughout the day, losing 8.8% of its value at one point as the SIA coin price fell from the daily high of $0.005860 to the four-day low of $0.005341. That price hadn’t been since since August 17th, and between that date and now SIA has fluctuated by double-digit percentage figures. An eventual recovery was initiated which saw the price rise back up to the $0.0055 range at the time of writing (18:45 UTC).
Volumes are down 85% over the course of the month, although haven’t quite bottomed today at $2.3 million. Interestingly, the highest concentration of SIA’s trades have come against Chinese Yuan (CNY) today on the QBTC exchange. Interesting because Chinese investors could be the ones to take the worst hit if the proposed hardfork goes through.
The hardfork would see Bitmain mining rigs rendered useless by an alteration of the Siacoin code. The only remaining equipment capable of mining Siacoin would be dedicated machines sold by Obelisk, Siacoin creator David Vorick’s own company.
When Obelisk missed the July deadline for the delivery of the mining rigs, chaos ensued. Claims made by Vorick that buyers would be refunded turned out to be somewhat less than true. Shortly afterwards the main developer for all of Siacoin’s online presence quit the firm, stating in a lengthy
that the company knew very well that they wouldn’t reach the proposed deadline.
“Sorry, guys. I can’t do this anymore. I can’t support this project. The mismanagement and hypocrisy is overwhelming.”
Vorick has already conceded that relevant legal action relating to the missing Siacoin miners would be enough to sink his Obelisk firm, with knock-on effects for Siacoin. As RBZL told
“I have no interest in seeing the sia project go under, but they’ve done a good job of setting themselves up for that possibility.”
Siacoin is ranked around the market cap top-forty, and sets itself up as a decentralized, distributed storage platform. But another of RBZL’s assertions may be more damning than the hardfork furore, stating one of his prime reasons for leaving as:
“The typical community member is largely not interested in the storage product, only the eventual price and some form of ROI.”
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Greg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.
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NEO and Gas Both Surge Into Double-Digits as Global Volumes Spike 21%
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blockchain are glowing green for the day (Aug 27) as NEO (NEO) and Gas (GAS) both surge to double digit growth over twenty-four hours.
The spike comes in line with a surge in global trades which has seen a sudden influx of $1.8 billion within the last day – or 21% more than the previous figure of $9.14 billion seen earlier in the day.
NEO reached a daily low of $17.31 at around midnight (UTC) on August 26th. Throughout the wee hours of the morning the trade volume almost doubled, from $35 million to $70 million, and the price peaked at $20.18 just moments ago at around 20:00 UTC.
That brings NEO back to a weekly high, and a coin price not seen since the surge of Aug 17, when NEO recovered 25% of its price in four days. That was during the market rebound from yearly lows experienced in early August. The coin is still some way off its monthly high of $34.32 regardless of recent growth.
, the sister token to the NEO coin, and transactional currency on the NEO blockchain, has grown in lockstep with with its elder sibling today. From a daily low of $5.68 recorded at 04:00 UTC this morning, GAS grew steadily throughout the day but accelerated greatly as night time rolled around.
Where To Buy Siacoin Coin , and leaves GAS on 23% net gains for the day.
Today’s movements take GAS to a price not seen since August 8th, right before the token underwent the worst of the early August dip. Trade volumes have increased from $2.2 million to $3.7 million over the course of the day, with the majority of trades coming from OKEx.
When global trade volumes fell to $9.14 billion earlier today it marked the lowest point that daily trades had fallen since the dip of late March/ early April.
Over the course of the day traders returned to the crypto scene as global volumes increased 21% up to $11.1 billion. That number continues to edge upwards, and at the same time has been accompanied by a 2.8% leap in global market cap, with the total combined valuation of the crypto market rising from $214 billion to close to $220 billion.
With everyone wondering if we’ve hit bottom, today’s sudden surge could end up being significant. Although, the signs would be more promising if we saw Bitcoin and Ethereum take a similar path – something that hasn’t happened just yet.
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Greg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.
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It sort of warms the heart to see crypto pricing finally reacting to fundamental news after so many months where fear and greed seem to have been the dominant forces. Even so, that doesn’t necessarily mean we should simply accept just any news at face value. Take the case last week of Tron.
The price of Tron’s TRX currrency was up over 3% and nearly 6ovin the previous 7 days. That is a pretty impressive short term performance for the #6 ranked crypto. This brings its total cap to $1.3 billion.
In the interest of fairness we should mention that TRX is one of the most volatile of all. In the last two months the price has dropped over 50%. Wow, it took Bitcoin nearly 6 months to achieve that dubious distinction. So we don’t want set off a three alarm fire here but let’s take a quick look at what is going on.
On Friday CryptoNews featured the following headline: “
The headline refers to the listing of TRX on the Coinpayments platform. This represents good progress for Tron as it will allow the spending of TRX through the CoinPayments network. These guys appear to be the global giant with over 2.2 million businesses. If this is right, Tron is truly getting a huge boost on competitors.
CoinPayments wallet accepts over 960 different altcoins (including ERC20) and operates worldwide. The CoinPayments wallet is claims to be free for non-commercial applications. Merchants using the checkout system and API’s are charged a small 0.50% fee on incoming transactions, which is deducted during payment.
If the 0.50% fee is the complete change, this is very appealing to any merchant accustom to paying anywhere from 2.9% to 4.5% fees for so called “card not present” merchant processing services.
The fact that Tron developers are out to be the Ethereum killer puts them right along side of TenX that raised over $64 million last year as well Electrum BTC Wallet, Unocoin and other Ethereum wannabes. So, is it time to get crypto crazy over the Tron news? Let’s take a closer look.
I have a bias toward projects involving payment processing or just about anything that promotes the acceptance and use of crypto. Critics may scoff at some projects that don’t provide total anonymity. But that dismisses a key issue. While privacy is a vital tenant of the crypto world, until crypto can be used to buy goods and services, it will lack the status as a legitimate currency. Projects like Tron and others can change the picture.
A quick look at CoinPayments shows that Tron is making progress but has a way to go before reaching perfection. Estimates of revenues for this five year old company is around $6+ million. This places them toward the bottom rung of the top five closest payment competitors whose revenues run as high as $300 million.
With the agreement, TRX tokens can be used with some 2.2 million CoinPayments customers worldwide. This is nothing to ignore. However, much like the early days of Square, most of these customers are tiny online stores that are drawn to CoinPayments for their bargain fees. There are no big box stores or even large online retailers like Target.
So while the TRON news is good and the market has given the price as warm response, it’s too early for a standing ovation.
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James Waggoner is a veteran Wall Street analyst and hedge fund manager who has spent the past few years researching the fintech possibilities of cryptocurrencies.He has a special passion for writing about the future of crypto.
Loopring’s ERC20 LRC Token Soars on NEO-Based Token Airdrop
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Loopring may be trading near its 2018 lows, but it’s currently enjoying a double-digit percentage gain in its ERC20-based LRC token. Loopring, which is behind a protocol for decentralized exchanges, is among the top ERC20 gainers in today’s market, having advanced 11% to $0.125 at last check on trading volume of approximately $3.5 million. But LRC remains a far cry from month-ago levels when it was trading at $0.274, not to mention early June levels of $0.544 or its January 2018 high of $2.12.
The Relative Strength Index (RSI) for Loopring hovers at a neutral rating of 42, while the MACD level, which reflects momentum, is bullish. Indeed, Loopring appears to have momentum on its side, as evidenced by a 10% gain in the last week or so.
Loopring has issued separate tokens for the various networks on which it runs, including LRN, which is its NEO blockchain-based token. The NEO-based token has advanced a more modest 1.2% in the last 24 hours. Incidentally, Loopring is in the midst of an LRN airdrop, which will be directed to holders of the LRC token on Sept. 5 and which is serving as a catalyst for the gains in the ERC20 token.
To be eligible for the airdrop, investors must bind their Ethereum and NEO addresses. The airdrop ratio is “2 LRN per 100 LRC,” with a cap of 5,00 LRN. And investors must have completed a minimum of one trade using the Loopring protocol.
A token giveaway is a great promotion for generating attention, but it’s going to take more than that to dig this coin out of its lows. Let’s run through some of the recent developments.
Sydney, Sydney Where To Buy Siacoin Coin ,
There has been a flurry of activity surrounding blockchain projects building on the Loopring protocol, including Upblockchain, which is “launching a noncustodial Ethereum wallet [UpWallet] with built-in [Loopring] native DEX,” according to Upblockchain
. UpWallet is designed for P2P trading and “is built on top of [the] open-sourced loopr-ios app solution with a native Loopring DEX and a decentralized P2P trading feather via qr code sharing.”
AltDEX, which oversees cryptocurrency indices that are market-cap weighted, added Loopring’s LRC token to its top-100 index, according to Loopring Protocol creator Daniel Wang.
Over the last week, Loopring has bolstered its trading platform with the addition of a trio of altcoins — TUSD, TRUE and MOT.
Loopring is the N0. 88 cryptocurrency based on value and boasts a market cap of $71 million.
Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions
. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom
Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
Gerelyn has been covering ICOs and the cryptocurrency market since mid-2017. She's also reported on fintech more broadly in addition to asset management, having previously specialized in institutional investing. She owns some BTC and ETH.
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