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PayPal Co-founder Nosek Luke says investors forced them not to attain their Initial Digital Currency Goal

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PayPal Co-founder Nosek Luke said that investors forced them not to attain their Initial Digital Currency Goal

A cryptocurrency streaming television, Bloxlive. Tv on Thurs Jan.31 uploaded a video where Luke Nosek, a co-founder of PayPal stated that PayPal has an initial plan of creating a digital currency that does not have any dependence on the government or banks that could have been similar to the present crypto.

This was revealed during a panel chat in Davos, Switzerland last week, when the World Economic Forum held its conference. Luke was asked if Wechat Pay, that enables users of WeChat, a Chinese messaging app, that helps users to carry out online payments and send funds with ease, just like PayPal have solved online payment challenges, and if crypto could as well solve the challenges? In his response, Luke said that:

“Many people don’t know this, but the initial mission of PayPal was to create a global currency that was independent of interference by these, you know, corrupt cartels of banks and governments that were debasing their currencies.”

Luke also said that WeChat Pay had achieved a great result in a shorter time online PayPal that was unable to achieve its initial goals due to bureaucracy from Financial institutions like SWIFT, Visa, and Mastercard, that made it not to achieve its initial goal since all was done to make them happy.

Luke added: “We’ve learnt to play.” Luke continued that his ally Elon Musk, who is also a PayPal co-founder could not attain their initial goal of developing the digital currency that would have been similar to the present cryptocurrency as a result of pressure from their investors that forced them to roll out their product without meeting their initial goal.

This has prompted the largest online payment giant to roll out a blockchain reward system to reward its employees with tokens for their ideas and innovations to reduce their mass migration to other blockchain and crypto firms. Luke, in conclusion, praised the Bitcoin and ethereum developers for their resolve in not pushing their idea out before maturity which was a major setback to PayPal although it could boast of more than 254 million users by the third quarter of 2018.

Cryptocurrency

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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Cryptocurrency

Whale Moves $1 Billion Worth of Bitcoins, Pays Only $600 as Transaction Fee

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Whale Moves $1 Billion Worth of Bitcoins, Pays Only $600 as Transaction Fee

Bitcoin’s price may have stabilized for the past few days, but it seems the whales are up to something. On September 6, 2019, Whale Alert, a platform that monitors large crypto transfers informed that an individual has moved $1 billion worth of Bitcoin to a single wallet. The massive transfer has caused a wave of anxiety in the market that a dump could be pending.

94,504 BTC is Moved to an Unknown Wallet

According to Whale Alert, 94,504 BTC valued at $1,018,147,922 was transferred today, from an unknown wallet to another wallet. A review of the wallet that made the transfer showed that its funds were accumulated before being moved to the recipient.

Hours after the massive transfer, the crypto community is still on its toes trying to ascertain what the individual is up to. Comments made on Whales Alert’s tweet threw more light on the transaction. Alex Krüger, for instance, remarked that this is the largest Bitcoin transfer from a non-exchange platform, and the funds could be on the move.

Crypto Community Opines Bakkt Customers are Moving Funds 

Other members of the community opined that the transfers could’ve been made by clients transferring their Bitcoins to Bakkt, a Bitcoin futures platform. In their opinion, Bakkt had announced earlier that it would allow customers to move their Bitcoin to its cold storage starting from today, September 6, 2019. As such, the recent whale transfers and the said event could be closely related.

There were, however, others in the space who found the thought of over $1 billion worth of Bitcoin being sent to a wrong address hilarious. If that were the case, it would’ve meant the individual behind the transfer had just lost their entire holdings since Bitcoin transactions are irreversible. 

$600 Paid as Fee for Billion Dollar Transaction

These aside, it was also noted that only $600 (0.06 BTC) was paid as the transaction fee. Given that a billion was sent but it only attracted a few dollars in fees, several members of the space pointed out how remarkable that was.

On the other hand, the sender seems to be covering their footprint since efforts to track the payments from the sending wallets is proving a challenge. A crypto user, for instance, said:

“I don’t know how many of these “mixing wallets” there are. Every single tx I follow leads to a new one. Someones trying to hide these coins, that’s for sure. All of them look like they are still active today.”

Nonetheless, these wallets will still be monitored closely in a bid to ascertain if the sender’s motive is to dump the BTC in the market, which could tank the asset’s price. 

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