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IOTA Capitalization Still Bullish Despite Structural Weaknesses

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The anticipated growth for the Internet of Things industry is $325 billion in the next few years. In the recent IOTA Market update, prices have slid by almost 12%. Despite the drop, the IOTA market is still taking on with a positive prediction.

Hence, has put in place mechanisms to capitalize on the growth of the industry and is in the process of supercharging its projects. Some of the developments include the overall improvement of the coordicide and scaling the system’s algorithm. IOTA believes both are the only means of correcting the movement of prices upwards. 

Markets have recently experienced bullish reactions and the growth of alternative crypto assets is tucked upon transaction numbers. Blockchain technology is in itself disruptive and has attracted interest from both developers and investors.

The ecosystem is growing at pressing speeds – and we have seen how research centers and blockchain analysts have churned millions of papers relating to the same. In short, Blockchain is dominating headlines and IOTA’s plan is to drive matters to greater heights.

Developers in the IOTA foundation have created a block-less system whose scalability is default in nature. It is evident that in the near feature, IOTA will take lead in the internet of things field.

The asset, therefore, shows a lot of promise given the control of an industry capitalization set to reach a billion dollars in the coming years.

Despite the positive forecasts, IOTA has been facing several structural weaknesses. One of the biggest challenges is centralization. While the network’s whitepaper details the elimination of the coordinate; attraction of massive enterprises is still a top goal. The team, therefore, found it valuable to design a scalable algorithm with the potential of optimizing network performance. And in addition, solving various structural hurdles within the platform. Reports of spam attacks, scalability issues and congestion have been on the rise.

A senior researcher within the IOTA foundation authored a paper outlining how to achieve fairness with the scalable algorithm. The paper gives three stages for driving the platform to new levels using the algorithm.

First, the researcher finds the introduction of staking abilities for the IOTA to be quite productive. Second, expending resources will effectively help to solve the proof of work puzzles and finally designing the network’s sophistication to be in direct proportion with the number of transactions.

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Peter Schiff Warns Of A Possible Crash Of Bitcoin Below $2,000

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Peter Schiff Warns Of A Possible Crash Of Bitcoin Below $2,000

Peter Schiff, a stockbroker, and financial commentator took to Twitter recently to voice his opinion on the direction of BTC. Though he said the crypto asset is on his way to $6K, however, warns that things can go worse, driving price below to $2K.

A Possible Crash Below $2,000 For Bitcoin (BTC)

Peter Schiff, is known for his love for gold while exhibiting intense hate for bitcoin. However, he has kept an eye on bitcoin, updating the community about its impending crashes to prove his point that bitcoin is worthless.

Though he admitted possessing some bitcoin, his recent tweet still shows he doesn’t see the asset as a wise choice for smart investors.

Peter Schiff, in his recent tweet, expressed how horrible things were looking for bitcoin. According to Mr Schiff, bitcoin is in a move to complete a popular pattern, the head-and-shoulder, which will see the asset drop in value to about $6,000. Furthermore, he opines that bitcoin could slump drastically below the $2,000 mark if the pattern is completed.

While many do not agree with Peter Schiff, some others think bitcoin crashing below $2,000 would be an opportunity to buy more bitcoin.

All these, however, is happening at a time when the institutional traders are trying to pick some interest in bitcoin as trading on the futures exchange, Bakkt, continues to rise.

At the time of writing, bitcoin is currently trading at $8,062.72, with a market cap of over $145 billion according to CoinMarketCap.

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Ripple Sends $26 Million Worth of XRP to Jed McCaleb, XRP Army Fears Another Dump in Price

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Ripple Sends $26 Million Worth of XRP to Jed McCaleb, XRP Army Fears Another Dump in Price

Time and again, several members of the XRP community have opined that the massive dump of the crypto asset in the market has impacted on its price, negatively. Now, there are speculations for another dip in XRP’s price. The latter is after Whale Alert informed on September 7, 2019, that 100 million XRP tokens have been transferred to Jed McCaleb, Ripple’s co-founder. 

Ripple Sends XRP Worth About $26 Million to McCaleb’s Wallet

According to Whale Alert, Ripple transferred 100 million XRP valued at $26,322,440 to Jed McCaleb’s wallet. The transfer has led to the sentiment in the crypto space that XRP might tank below its $0.262 price today. Also, the opinion is due to McCaleb’s reputation for dumping huge amounts of XRP in the market.

McCaleb is Ripple’s co-founder, and in 2014, Ripple transferred 9 billion XRP to him as his share for founding the company in 2012. However, the blockchain company entered a seven-year agreement with McCaleb to control how much XRP he can sell in the market yearly.

Per the agreement, the co-founder could sell $10,000 worth of XRP per week in the first year, $20,000 per week in the second, third, and fourth years, and “750 million XRP per year for the fifth and sixth years.” In the same vein, he could choose to dump 1 billion XRP yearly for the seventh year, and 2 billion XRP yearly after the seventh year.

McCaleb’s Dump of XRP Impacts of Asset’s Market Price

Given that this is the fifth year since the agreement was made, McCaleb can choose to dump thousands of XRP tokens daily. In 2014 when he announced his plans to sell a significant part of his XRP holdings, the value of the asset declined by 40%. As such, the continuous dump of the asset has also been pointed out as one of the reasons why it is not spiking like other top cryptocurrencies.

Asides from being reputable in the XRP community, McCaleb is also a name associated with Mt Gox, one of the first cryptocurrency exchanges. He founded the platform and sold it off years before its hack. Similarly, McCaleb is the creator of Stellar (XLM), the 11th largest cryptocurrency by market cap.

Nonetheless, the crypto community has aired its views about the potential for McCaleb to release another share of XRP to the market. Crypto BitLord, for instance, said: “Wow. Another cool $26M Jed can unload at market. This shits out of control.” Another remarked that: “know, right?! Private businesses shouldn’t be allowed to exist. The name “Jed” should be banned.”

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