- Alt Coin News!
We had a dip and recovered. Correlation doesn’t always imply causation, but just after Tether printed $250 million dollars’ worth of new tokens, it’s estimated that Bitcoin and Ethereum recovered by as much as 1% in the minutes that followed.
http://bitcoinist.com/250-million-tether-grant-here-we-go-again/
Tether is now a 2.5-billion-dollar market cap coin. All of which is just sitting in a liquid and accessible bank account somewhere. And due to the fact that Tether can be used on leverage, it is in fact a massive portion of the total market cap for all of cryptocurrency. Not just 2.5 billion. Just how much is very hard to determine, but the worst of the theories estimate as high as 75%. Scary.
Competitors are coming as this article mentions, TrueUSD, and from the Circle group, but I’d prefer a fully decentralized solution like MakerDAI, but it entirely depends on how much centralized exchanges are willing to support it. And I imagine bribes are a thing in this industry, and when you can print money, bribing will be made a lot easier for these centralized stable coins.
That’s an unfounded accusation Crypto Daily, how dare you. I know, what do I know.
Altcoins
TRON
Been talking about it for a while now, but the market seems to start taking note. TRON sees over 15% price up today, moving to rank 9, likely due to the upcoming mainnet launch in 10 days (May 31).
Also according to a previous interview with the TRON founder, there should be big announcement before the mainnet launch.
Bitcoin Gold
Similarly to MonaCoin last week, an unknown party with access to large amounts of hashpower used "51% attacks" to perform "double spend" attacks of BTG to steal money from exchanges.
There is no risk to typical users or to existing funds being held, only to those that were accepting large payments directly from the attacker.
It appears that the exchanges have deterred the attacker, for now.
These stable coins are going to crash one day, and LOL @ Bitcoin Gold! That coin was a scam right from the start.
Hi @crypto-daily!
Once again thanks for your cool videos.
Nobody can really tell the reason behind a crash and I do not really care about it anymore. Just enjoying the ride on the roller coaster.
Hey @cryptodaily I watch your videos on youtube great to see you using steem. what's your take on the market currently?
Thank you for regularly providing us with these news summary and market updates, really fast, relevant and easy to digest. Peace
Agree with centralised concern, but it could be another necessary evil on the road to more crypto interest.
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