Ethereum co-founder Vitalik Buterin has posted a lengthy paper on the limits to blockchain scalability, criticizing claims made by Tesla CEO Elon Musk. The article, published on Buterin’s personal blog on Sunday, emphasizes the trade-off between decentralization and scalability in architecting blockchain networks. The article comes in response to Elon Musk’s May 15 tweet asserting that Dogecoin will emerge as the leading chain if it moves to increase its block size by 900%: “Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down.” Buterin challenged Musk’s proposition, emphasizing the challenge …

After a crippling market downturn that may be picking up steam this weekend, in a tweet this morning, Elon Musk has voiced tepid support for cryptocurrencies. The Tesla CEO, whose about-face concerning accepting Bitcoin payments for new vehicles last week was widely blamed as a catalyst for the downturn, responded to a Twitter user who asked what he thinks about “the peeps who are angry at you because of crypto.” In response, Musk seemed to take a long view of the situation, saying that crypto’s primary challenge isn’t short-term price action, but instead and ongoing battle against fiat: The true …

“Proof of work is proof of burning,” is fast becoming the dominant view of Bitcoin (BTC) among those who are serious about tackling the climate crisis. The words are from a United Kingdom government representative for this year's COP26 UN climate talks, cited this week in the Financial Times. The same article indicates that climate campaigning groups — who have, until now, been slow to take a firm line against Proof-of-Work cryptocurrencies — are catching up and becoming more aware of the climate risks involved. Greenpeace, which set up a facility for accepting Bitcoin donations back in 2014, is now …

Ethereum co-founder Vitalik Buterin thinks that crypto is in a bubble and that the energy debate swirling around Bitcoin (BTC) mining requires the blockhain to embrace technological change. Buterin spoke with CNN on Tuesday, noting that "We've had at least three of these big crypto bubbles so far." He added that it could have ended already, or it could end months from now. i like this kid https://t.co/4wRBuwSObQ — Dmitry ButΞrin (@BlockGeekDima) May 20, 2021 The 27-year-old didn’t comment on whether the recent crash that sent Bitcoin down to around $30,000 was an indicator of the crypto bubble ending, but …

Bitcoin bulls should brace for aggressive downside market corrections in the sessions ahead, especially as the benchmark cryptocurrency breaks below a critical support level. Dubbed the 20-week exponential moving average (EMA), the wave has historically served as a primary downside target for bulls to accumulate Bitcoin (BTC). For instance, the BTC/USD exchange rate maintained its bullish bias all across 2020 while trading above the 20-week EMA wave. It eventually closed the year up more than 400%. Similarly, the 20-week EMA wave supported massive bullish rallies in the April–June 2019 session. Meanwhile, the price floor overstayed its welcome in the 2015–2017 …

Bitcoin (BTC) fell below $40,000 on Wednesday as bearish sentiment continued to dictate price direction resulting in the cryptocurrency market losing $350 billion in value. Analysts calm as BTC/USD hits 15-week lows Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it put in lows of $38,500 before bouncing higher. Coming after a week of successive drops, Wednesday’s dip put Bitcoin at its lowest level since early February and 40% below its all-time highs. “Bitcoin putting in new lows, probably buy more soon,” popular trader Scott Melker told Twitter followers in a post that characterized the conversely calm mood …

Australians’ knowledge of cryptocurrency could use some improvement, as more than half of them think that Elon Musk created Bitcoin (BTC), according to a new survey. Finder, Australia’s most visited comparison website, conducted a survey of 1,004 Australians to find out more about what they know about crypto, The Australian reported on Wednesday. According to the survey results, 56% of Australians are unaware of mysterious Bitcoin creator Satoshi Nakamoto, believing that Tesla CEO and SpaceX founder Musk is the founder of the world’s largest cryptocurrency. A significant number of respondents also did not know that the Bitcoin supply is limited …

Cathie Wood's Ark Investment has reported holdings of 639,069 shares in Grayscale's Ethereum Trust for Q1 — currently worth around $20.9 million at today’s prices. ARK Investment has bought 639,069 shares of the Grayscale Ethereum Trust. pic.twitter.com/ofXD5F7QpA — Documenting Ethereum (@DocumentEther) May 18, 2021 The news of Ark’s major investment into Ethereum was seen as a bullish sign by Ethereum and DeFi proponents. Mythos Capital founder and Bankless author Ryan Adams emphasized how significant he saw the development: “Remember when you told you the institutions would never buy ETH? They keep underestimating this asset. ETH IS MONEY.” Ether bulls have …

Elon Musk and COVID-19 have something in common: They have both panicked investors — at least once — into dumping their Bitcoin (BTC) holdings. The similarities notched up higher in the previous six days as Musk doubled down on his chaos-inducing perspective toward Bitcoin. The billionaire entrepreneur engaged in a Twitter spat with top cryptocurrency advocates over the weekend, including podcaster Peter McCormick, as he projected his favorite token, Dogecoin (DOGE), as superior to Bitcoin. Obnoxious threads like this make me want to go all in on Doge — Elon Musk (@elonmusk) May 16, 2021 At one point in time, …

Cryptocurrency adoption on a United Kingdom-based payment app is booming in the first quarter of 2021, but whether that trend continues could depend on the actions of Bitcoin (BTC) evangelists like Elon Musk, warns STICPAY director James Bay. The mobile payments app reported a 48% increase in crypto deposits in the first quarter of the year, while fiat deposits remained static. Bitcoin is apparently the currency of choice for most of STICPAY’s e-wallet users, with Bitcoin deposits eclipsing deposits of Ether (ETH), Tether (USDT) and Litecoin (LTC) 38 times over. The firm also reported a 185% increase in the number …

The United States Federal Trade Commission has found that crypto scammers’ profits spiked in the last two months, noting a surge in fraudulent impersonators posing as prominent figures associated with digital assets, such as Elon Musk. The findings report that cryptocurrency investment scams rose sharply in October 2020 as the impacts of the coronavirus pandemic and lockdowns deepened, with nearly 7,000 people reporting losses of more than $80 million to digital asset scams over the six months that followed. The FTC’s Consumer Sentinel notes many of the thefts arose from giveaway scams where con artists pose as celebrities or crypto …

Bitcoin's 51.4% crash in March 2020 was the most horrific 24-hour black swan event in the digital asset's history. The recent price activity of the past week has probably resurrected similar emotions for investors who experienced the Black Thursday crash. Over the past week, Bitcoin's (BTC) price dropped 29% to reach a three-month low at $42,150. $5.5 billion in long contracts were liquidated, which is undoubtedly a record-high in absolute terms. Still, the impact of the March 2020 crash on derivatives was orders of magnitude higher. To understand why the current correction is less severe than the one in March …