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Ripple and Ethereum Compared to Biotech Scam Theranos by Bitcoin Core Developer Peter Todd

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Wed, 11/27/2019 - 06:08
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  • Former Bitcoin Core developer Peter Todd draws parallels between failed bio-tech startup Theranos and Ripple, Ethereum

Cover image via en.wikipedia.org
Contents

Former Bitcoin Core developer Peter Todd says that Ripple and Ethereum have a lot of in common with Theranos, the infamous bio-tech startup that turned out the greatest disaster of Silicon Valley. 

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"Don't trust, verify"

Elizabeth Holmes, was a visionary who started a groundbreaking company when she was only 19. When she was nine, she told her parents that she wanted to be a billionaire. Her pipe dream eventually came into fruition when she became the new American darling who managed to bambooze the likes of Bill Clinton and Tim Draper and grace the covers of high-profile magazines.   

However, the house of cards fell apart after The Wall Street Journal’s John Carreyrou exposed Holmes and Theranos. The company that was valued at almost $10 bln never had a working product and relied on old Siemens machines to perform blood tests.               

Tuur Demeester of Adamant Capital claims that the fact that Holmes was able to run Theranos for 14 years proves that the vetting process for Ethereum, which debuted back in 2015, will continue. Demeester doesn't believe that Vitalik Buterin, the creator of Ethereum, doesn't have ethical integrity.            

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It wasn't supposed to be with way

In his best-selling book "Bad Blood," Carreyrou suggests that Theranos wasn't intended to be a fraud from the outset, but it eventually turned into one with constant lies, legal battles and intimidation of workers. This is true for many blockchain projects, according to Todd.       

Blockstream CEO Adam Back says that the way Theranos operated is "uncanny Ethereum-like" given that the company's management did have several generations of working products but they went too far with overselling them.  

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Birds of the same feather

According to Todd, a lot of scammy projects tend to stick together in the blockchain industry. These projects tend to be friendly with each other and dismiss all accusations.

Recently, crypto influencer BitLord accused Ripple of dumping XRP on investors to buy real-life businesses.      

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with 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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Bitcoin (BTC) Ecosystem Healthier than 2014 and BitMEX Research Explains Why

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Sat, 03/28/2020 - 18:25
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  • With COVID-19 being the main hellraiser for the last weeks within blockchain space, the BitMEX derivatives exchange has brought some good news about Bitcoin (BTC).

Cover image via stock.adobe.com
Contents

BitMEX Research, an analytics branch of the BitMEX crypto derivatives exchange ecosystem, attempted to figure out who are the most influential and productive Bitcoin (BTC) developers.

Blockstream and Lightning Labs are Most Generous

First of all, analysts at BitMEX research studied the funding of open source developers working on Bitcoin (BTC) or the Lightning Network, the second-layer scalability solution working atop the flagship blockchain. Below is the chart that includes only developers with known sources of funding:

Current funding of open source developers working on Bitcoin or Lightning – number of developers
Image by BitMEX Research

It looks like the Canada-based company Blockstream shares the first position with Lightning Labs Inc., which based in San Francisco. The later team recently raised $10 million in Series A financing from Slow Ventures, Ribbit Capital, and other private investors.

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Jack Dorsey's Square Crypto is in third place. The company is passionate about Lightning development as an on-board pseudonymous developer, which is well-known for its contribution to this infrastructure. 

Independent Devs on the March

In the second part of their research, the analysts tracked the GitHub committing activity in Bitcoin Core's repositories. Based on their research, it appears that the independent developers surpass their corporate competitors by a wide margin.

Current funding of top 33 Bitcoin Core contributors by number of commits
Image by BitMEX Research

These results allowed BitMEX Research to conclude that the Bitcoin (BTC) development ecosystem is the following:

is in a reasonably strong situation with respect to developer funding, based on metrics such as the distribution of funders and transparency. 

This is in comparison with the initial stage of Bitcoin (BTC) adoption in 2012-2014, when the Bitcoin Foundation was the one and only significant contributor.  Nowadays, diversity has brought funding sources, which in turn, has upgraded the decentralization and development process of Bitcoin (BTC) software. So, according to the researchers:

the situation is more healthy than it has been in the past

About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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