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Bitcoin Supporter Peter McCormack: DAI Too Complicated for Normal People to Use

ByBit
  • Yuri Molchan
    📰 News

    Bitcoin podcaster and crypto enthusiast Peter McCormack bashed the DAI stablecoin for its complex structure, saying that it is too hard for regular users to understand

Bitcoin Supporter Peter McCormack: DAI Too Complicated for Normal People to Use
Cover image via www.facebook.com
Contents

The crypto podcaster and Bitcoin proponent Peter McCormack who was sued by the self-proclaimed Satoshi Craig Wright last year, is criticizing the DAO Maker’s DAI stablecoin for its complexity. The community's opinion on this splits.

‘Too complicated to give a…’

The discussion on McCormack’s Twitter page started when the well-known crypto podcaster published a tweet about the DAI stablecoin. Last year, McCormack fell a victim to Craig Wright's hysteria, when the self-proclaimed Satoshi sued or attempted to sue several big names from the crypto industry, including Vitalik Buterin.

In the post, McCormack called the collateral-backed digital asset too complicated for normal people.

The community’s reaction split to those who accuse McCormack of sounding like a crypto hater and those who agree that crypto should follow the ‘keep it simple’ principle.

About DAI

DAI is a stablecoin developed by DAO Maker on the Ethereum network. It is pegged to USD and is stabilized via dynamic feedback systems dubbed CDPs. Those allow users to deposit USD to a smart contract to be used as collateral for a loan.

As soon as the CDP gets the assets that a user deposited, this user can generate the equivalent in DAI that they want to borrow against their USD deposit.

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Bitcoin VS DAI

However, McCormack insists that this is too complex and non-techie people will not want to get into these complex details while they can simply use Bitcoin.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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Bitcoin Massacre: $180 Mln Worth of BTC Longs Liquidated on BitMEX

ByBit
  • Alex Dovbnya
    📰 News

    A massive amount of long positions gets liquidated on the BitMEX exchange after the Bitcoin price tanked all the way down to $7,350

Bitcoin Massacre: $180 Mln Worth of BTC Longs Liquidated on BitMEX
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

$179.3 mln worth of longs has been liquidated on BitMEX, the leading derivatives exchange, after the Bitcoin price shockingly dropped to $7,350 (compared to spot exchanges where BTC didn't go below $7,500). Considering that the average leverage is 25x, Bitcoin bulls collectively netted a loss of around $6.4 mln.         

One of the top traders on BitMEX, who felt "long and strong" at the $8,000 level, most probably regrets his recent tweet.     

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This string of bloody-red candles opens a possibility for a further drop to below $7,000, which has been the pipe dream of Bitcoin bears ever since the BTC price blasted past this level back in May.   

At the time of writing, the top coin by market capitalization is sitting at $7,581 with no sings of buying pressure, CoinStats data shows.  

Trader "The Wolf of Wall Street" says that the retail interest in Bitcoin has been slowing down in November (based on the number of addresses with balances less than 0.1 BTC). Hence, it is unlikely that the average Joe will start FOMOing in anytime soon.      

Dutch analyst "Plan B" didn't cave in to bearish sentiment. He says that the positive difficulty adjustment prevented the much-feared miner capitulation, and the BTC price could increase from that point. 

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As reported by U.Today, the Bitcoin price could still nose-dive by 40 percent based on the BitMEX funding rate

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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