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Roger Ver Claims Bitcoin Is Not Censorship-Resistant. Here's Why

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  • Alex Dovbnya
    📰 News

    Roger Ver riles up crypto Twitter by claiming that Bitcoin is not really resistant to censorship

Roger Ver Claims Bitcoin Is Not Censorship-Resistant. Here's Why
Cover image via u.today

Roger Ver believes that Bitcoin is not censorship-resistant given that one has to convert it to government-controlled fiat money before spending it. 

In such a way, Ver, formerly known as "Bitcoin Jesus," highlights one of the main shortcomings of the cryptocurrency that started it all -- poor scalability. Due to a double-whammy of slow transactions and high volatility, Bitcoin can hardly act as a viable method of payments. This led to the creation of Bitcoin Cash, a hard fork that increases the block size from one megabyte to eight megabytes.  

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Ver was one of the earliest Bitcoin investors and later became an influential voice within the cryptocurrency community. However, the block size debate made him abandon the cryptocurrency that made him a fortune and turn to Bitcoin Cash due to its fast and cheap transactions that can be suitable for merchants. Back in August 2018, Ver revealed that BCH comprised the lion's share of his cryptocurrency portfolio, and he's now focused on expanding the list of retailers who accept Bitcoin Cash around the globe. 

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In fact, practically anyone can pay with Bitcoin in stores, but it's is only possible with apps such as Flexa's Spedn that allow instantly converting the orange coin to fiat money. Starbucks will also start accepting Bitcoin payments in 2020 via the Bakkt app, but the coffee giant will not touch actual BTC. Hence, it flies in the face of Bitcoin maximalists who believe that Bitcoin is the answer to government censorship.

As reported by U.Today, Ver also claimed that the growing "store-of-value" narrative that surrounds Bitcoin relies on its usefulness as a means of payment.     

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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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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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