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Bitcoin is worthless, 100% based on speculation: Canadian TV celebrity and politician

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Morgan Creek Digital Assets’ Anthony Pompliano is a regular guest at CNBC where he often talks about Bitcoin.

Bitcoin has rallied over the last few days, and it’s gathering momentum to break the 8k psychological barrier (it goes in and out for some time). That brings interest from observers out of the cryptosphere, of course, and Mr. Pompiliano is there to explain the situation to people who usually don’t follow crypto but are interested in the traditional financial markets.

On his most recent appearance, Mr. Pompliano was sitting next to Kevin O’Leary, the Canadian TV celebrity and failed conservative politician. Mr. O’Leary owes his fame to the show “Shark Tank” so he’s supposed to be a successful venture capitalist and expert investor. That’s why it was so surprising that he had absolutely nothing intelligent to say on the subject of Bitcoin.

He rudely interrupted most of Mr. Pompiliano’s intervention in the CNBC show by calling Bitcoin worthless, 100% based on speculation. Nothing but a scam or a digital game in his view.

Morgan Creek’s man tried to explain to him that money is a belief system and that there’s nothing intrinsically valuable supporting the USD either. Fiat and digital currencies are worth something only in so far as people using them believe they’re worth something, which is, of course, entirely accurate. There was a time in which gold used to back a currency’s value, but that’s not been the case for more than four decades now. You’d think that a reputable “investor” would know that.

But Mr. O’Leary doubled down. He said he invested USD 100 in Coinbase, and that his crypto portfolio has lost 70% of its value so far. Well, that may be true. The thing is if you go into any market at all without doing some proper research and a plan, chances are you’ll lose every time. If you just throw some money randomly at the stock market, for instance, you shouldn’t expect to make a profit even if you go for blue-chip stocks only. Aren’t you supposed to know that already if you are at Shark Tank?

So Mr. O’Leary, who clearly doesn’t understand even the first notion about Bitcoin, just threw around a hundred bucks in Coinbase and expected to turn a buck magically. That didn’t happen, and now he blames it on crypto.

No amount of patient explanations on Mr. Pompliano’s part were able to make a dent in Mr. O’Leary’s objections, who’s clearly not willing to listen to anybody else and likes the sound of his own voice a little too much.

Kevin O’Leary’s objections to Bitcoin say nothing about the digital asset itself. But they reveal everything about the man who’s talking. He’s ignorant, willingly disinformed, too lazy (or lacking in brilliance) to understand the new technology and his implications, set in his own ways, and arrogant. The only thing we can learn from his opinions is the confirmation of that old saying: “old dogs don’t learn new tricks.” It’s painfully true especially if the dog is too stupid and lazy.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

STARoll arrives in the Tron Network soon

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A new decentralized game, developed using Tron’s smart contract technology, is about to go online. One of the game’s key features is in the introduction of its dividend model on ROI (return on investment), which will enable players to receive high and reliable passive incomes independently of the time they spend using the platform actively. A typical STARoll player could have a 150% return in a matter of days. Let’s see the new game’s most essential features.

Unorthodox ROI Dividends

The aim in the ROI dividend model is to come up with a sustainable dividend design and token economy that improves over the existing economic models in the Tron’s decentralized application environment. Here are the key features in the model:

  • The STARoll will issue a native Tron-based TRC20 token (dubbed as STAR) to fuel the project.
  • Participants (the players) get some STAR tokens whenever a bet gets placed.
  • Sixty percent of all revenue will be shared with every STAR holder daily at the rate of 2 TRX for every STAR token.
  • Players must burn their SRARoll token (STAR) to get dividends. STAR burns can earn as high as 150% of the average mining cost of it. That makes the value of each STAR burnt of 30 TRX. As soon as the top limit is reached, the token will generate no further dividends, and the player would need to start playing alongside mining again.
  • The model is revolutionary because players are empowered to sell their tokens for immediate profits or to burn it seeking higher returns. That makes playing for tokens always a better choice than buying them because nobody will be likely to sell the coins at a price cheaper than the mining cost. Additionally, a constant and high volume flow for the game is assured.

The profit captilization also allows latecomers’ dividend shares to be protected from irrelevance because of the earlier player’s higher volumes. Both characteristics make the STARoll model sustainable and passive income for players very high. Thus, it’s unique in the Tron ecosystem.

Meet Creative Whale Rush Gameplay (20k TRX Bet)

Whale Rush is another innovation created by the team at STARoll. Whenever a player bets 20.000,00 TRX or more, he/she will be given the privilege of passive income from every bet throughout the game for no less than a minute or until a new 20k bet is placed.

Ranking Incentives: Daily and VIP

The STARoll VIP roster is also different from the rest. It’s based on a player’s total number of burnt STAR tokens. The more tokens you burn, the higher the dividend you can expect, and the sooner you reach the 150 percent profit cap.

The VIP system also includes a ‘daily leaderboard reward’ for the ones who contribute more to the daily volume.

Inclusive Language Interface

The site is ready to use in 6 different languages: Korean, Russian, Spanish, French, Indonesian, and English. Whatever your local dialect is, you, as a bettor, will be comfortable using your own language within the platform.

The decentralized applications world is full of apps that look too similar to each other either in the games or uses they offer or in their passive income policies for players and users. STARoll is different. It’s innovative, and it really offers something you can’t find elsewhere.

Visit STARool Website
Twitter
Telegram

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

A new application for a crypto-based ETF is in SEC’s hands (again)

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Having the U.S. Securities Exchange Commission (SEC) approve a cryptocurrency-based exchange traded fund (ETF) has become something of a holy grail for many crypto analysts over the last few years. Many believe that having SEC’s approval would finally give the crypto verse a seal of respectability and credibility from a regulatory agency that it’s lacked so far. It would also ease the way in for institutional investors.

Consequently, many applications have been sent to SEC so far and they’ve all been denied.

SEC’s resistance on the matter hasn’t dissuaded analysts and businesses of the value that an ETF would have for the cryptosphere as a whole and, more particularly, to the company that manages to pull the trick off first, which is why there are new projects and new applications to approve them.

The latest one was filed on May 9th, just a few days ago. So it’s now in possession of SEC. The new prospective ETF is sponsored by the United States Commodity Funds LLC (USCF).

The application’s creator is Crescent Crypto Index Services LLC, and it holds the ticket “XBET.” The company is a subsidiary of Crescent Crypto Asset Management LLC, and it’s a data collection firm that keeps the record of the market performance of Bitcoin and Ether according to market capitalization-weight.

The proposal

The application declares XBET to be an exchange-traded fund (ETF). That means that any investor interested in buying or selling shares in XBET will trade using their broker of choice. And that, in turn, means there will be commissions and charges, which is how brokers make their living.

XBET shares will trade on the NYSE Arca as “XBET.” In fact, they will be traded in the same way in which investors bid or ask for any standard publicly traded security.

USCF is a commodity pool operator. It’s under the Commodity Futures Trading Commission authority as well as the National Futures Association under the Commodity Exchange Act.

There’s competition, of course

So now XBET is on the list of ETF proposals under review by the SEC.

Two other Bitcoin ETFs are waiting for SEC to make a decision. One was filed by Bitwise Asset Management with NYSE Arca. The other one came from vanEck, SolidX and Cboe BZX Exchange. An announcement regarding those two was expected for last March, but it was postponed.

Which will be the first lucky project to become the U.S.’ first digital assets ETF? We don’t know, of course. So far, neither does the SEC. But sooner or later a project will come that will meet SEC’s regulatory requirements, and there’s no reason to believe that one of those three propositions currently under review couldn’t be it. At least non that we know.

It will be a game of patience for all those involved. SEC has been dragging its feet on crypto-related matters in such a way that, while many believed that it would hamper the cryptosphere’s development by trying to interfere too much, the opposite has been exact. It’s been keeping the cryptocurrency market from reaching its true potential by doing nothing and failing to make the appropriate (and often needed) regulatory decisions on time.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Exclusive: Google brings Ripple’s XRP into the information mainstream

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Life before Google

The Internet hasn’t always been around. And even while it’s been with us, Google hasn’t always been around either. There was a time in which the Internet, even enjoying widespread use, was used mainly for emails and for academic pursuits. And those academic pursuits were not smooth at all because finding relevant information could be an absolute nightmare before Google changed the game.

We’re talking something like two decades ago and before. This was a time in which it was cool to be mentioned in a newspaper article in your city or your country. Or to be noticed by a news show in national or local television. Being there for the right reasons meant you were making a difference in the world. But even those who made the news because of all the wrong reasons enjoyed their 15 seconds of fame which gave them proof of existence in the mainstream.

Before you stop reading, no, this article is not about how greener the grass was more than 20 years ago. It wasn’t any greener. It just was a different variety of grass.

Google and validation

These days everything is different. Newspapers, magazines, and even TV have lost a lot of their former influence and audiences. They’re finding it quite hard to keep up competing with a different information service in which every user can get something tailored to their needs, wants, or preferences by just typing a few words. And they don’t even need a computer for that, a mobile phone will do.

So the proof of existence, or proof of relevance, or entry into the mainstream is not an editorial thing anymore. It now happens on the Internet, and there’s an authority that decides who makes the list: Google.

So if you are a company and you don’t have a webpage, you’re dangerously close to not existing. And if you do have a webpage and nobody can find it through a simple Google search you’re in an even worse situation: you exist, but you are utterly irrelevant.

The same goes for any individual’s accounts in social media. Do you have a Facebook account? Well, 2.83 billion people in the world do as well. But does your FB page is on the top five hits when you do a Google search? You see, that’s the ticket.

We’re not about to get philosophical on you. We will keep it in practical terms. You only exist if Google knows you do and it conveys that message to the world on your behalf. That’s why there are people now who dedicate their whole professional life to improve the results Google reports when searching a handful of keywords. It’s called SEO. It’s hard and tedious to do, but companies pay big bucks for results in that regard.

And the reason we’re using your time telling you all this (which you already know at least at a functional level) is because it’s critical if you’re going to understand why the news we have for you in this article is so important.

XRPLX

The news is this: Google search now reports the Ripple’s XRP’s cryptocurrency Liquid Index. The symbol is XRPLX. If you run a search for XRPLX, you’ll even get a chart and the coin’s market information for the last 24 hours.

And this is quite important because it means that the XRP cryptocurrency which has existed on the margins of reality (as has happened to all digital assets with the only possible exception of Bitcoin) is now in the mainstream of the world’s information. Why? Because Google has so decided.

This is good for XRP, of course, but every event that brings crypto into the mainstream is conducive to mass adoption, which is the one thing that can make the difference for the crypto verse. So rejoice! XRP matters. We saw it on Google!

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Blockchain and gaming startup BitGuild dumps Ethereum for Tron

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Blockchain and gaming startup BitGuild have dumped Ethereum by migrating its ERC-20 tokens to Tron ecosystem. PLAT, BitGuild’s utility token has been moved to the Tron network. PLAT is the lifeblood of BitGuild ecosystem and was designed initially to be the sole currency usable on the BitGuild platform.

BitGuild Completes the Cycle

It was towards the end of 2018 when BitGuild decided to move Bitizens (a flagship game) to the Tron network. The explanation was to offer the best experience to the users, and Tron was seen as the solution.

https://twitter.com/BitGuildPLAT/status/1126883621405483008

As things stand, for blockchain gaming startup, Tron is fast becoming a force to be reckoned with and is seen to solve several of Ethereum’s scalability challenges and moving Bitizens was just the beginning.

PLAT works as a measure of BitGuild’s success, and some portion of all BitGuild products revenue gets used to buy back as well as burn PLAT which then shortens supply and increases value.

Technically, the swap won’t be complicated as Tron has made the Ethereum-based ERC20 tokens to be ‘100%’ compatible with TRC20.

Projects Keep Flowing into Tron Network

BitGuild isn’t the first bird to rest settle on Tron tree after flying from Ethereum, and it might not be the last one. A thing worth noting is (which some think might be the reason developers keep migrating to Sun-led blockchain), Tron has issued a fund for any game developer who moves their blockchain games to the network.

It goes without a say that Steem Monsters (they have a new name now being Splinterlands), or Chibi Fighters, Hyper Snakes and CryptoDungeons have followed suit. Furthermore, everyone knows already that USDT stablecoin breathes on Tron blockchain now.

Tron Pushes Ethereum Aside Slowly

BitGuild’s move to Tron network from Ethereum is undoubtedly a hit over Ethereum, and talking from the rivalry point, Justin Sun, CEO and founder of Tron would be licking his lips.

Now, it seems like Tron is slowly succeeding in its strife to subdue Ethereum in the dApp industry at all costs – and inevitably, the Bitizens move and now PLAT marks significant progress.

Nevertheless, we have already seen a plethora of projects gaining traction as well as liquidity on Tron blockchain such as BitTorrent (BTT), with a successful token sale serving as an indicator of significant interest in crypto as well as Tron. Consequently, it would be safe to say (at least as things stand) that PLAT and BitGuild, in general, will undoubtedly see a fertile ground of thriving on the Tron ecosystem.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Tron block height nears 10M mark; Sun predicts Tron to be among top 10 by June

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Since this month of May began, Tron Foundation, creator of the namesake crypto which is, at the moment, the 11th favorite asset of the crypto market (in terms of market capitalization), has been in the limelight of crypto-mania announcing staggering achievements landed by the blockchain company.

According to the recent news officiated by the Foundation, previous week Tron saw its smart contracts to increase by 100 reaching the mark of total 877. It’s not a piece of surprising news since it’s MainNet launched (last June), Tron’s smart contracts are gradually increasing in numbers because of the networks’ growing popularity.

The astonishing achievement of the rapidly growing blockchain does not just halt there, according to the weekly Dapp report published by the foundation, the past week has seen a sharp increase in its Dapps sector. Along with three new games, the total number of Dapps deployed on the blockchain is 39 (since the previous week).

Because of this sharp growth in the Dapp division of the platform, reportedly 33% growth has been witnessed in the 24-hour trading volume of the crypto which stood at 505,000 at the moment the report was made public.

Justin Sun also proclaimed recently that while other blockchain companies are cutting off their staff because of the increasing pressure and intimidation of the bear hugs, Tron, on the other hand, enjoys considerable success. He declared that instead of following the suit (unnecessary), Tron has been employing a new talent in every two days.

Tron’s Block Height reaches the 9M Mark

It seems that the Tron-backed crypto’s notable achievements are not over for the week. According to Misha Lederman, Tron’s Advisor to the Dapp Evolution Ecosystem, the crypto’s block height has exceeded 9 million already. He informed the crypto mania about the news a couple of days ago via his Twitter handle.

According to his tweet, the 11th largest cryptocurrency on which more than 400 decentralized applications are running (415 to be exact), has had a phenomenal day on May 6. Tron recorded 2.2 million transactions on May 6 along with the continuous addition in the crypto’s user accounts hit the 2.78M mark.

Will Tron reach 10th spot this month? Justin bets on It

Yesterday, Justin Sun, founder and the remarkable marketer of the crypto, used his Twitter handle to predict that Tron will be back in the top 10 list of the market by next month, June. He didn’t just stop there, the founder also predicted that BitTorrent Token (BTT) will also become one among the top 30 assets as 2019 Q2 ends.

If we look at the overall trends of the famously regarded unpredictable crypto-mania, Justin’s prediction seems achievable. Recent impressive strides of Tron put it pretty close to the 10th spot (just shy of approximately 60M), many crypto-maniac are therefore in favor of the Sun’s prediction.

BitTorrent Token (BTT), on the other hand, also has had a remarkable journey since its inception. In its first week’s trading only, the token gained 500% and continuously growing among the top performing digital assets in the market.

At the time of writing this piece, Tron is the only cryptocurrency that’s in the green out of all top 15. After gaining 2.36% in the last 24 hours, TRX stands at $0.02468 accumulating the market cap of $1,645,832,539.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

A mysterious crypto whale expects Bitcoin to hit 50k USD

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Satoshi Nakamoto is not the only mysterious character there is in the Bitcoin environment. There is this investor who is known only by his wallet addresses. He’s considered to be one of the whales in the BTC environment. His wallets are thought to include 7000 Bitcoin tokens (roughly worth USD 40 million) he keeps in his digital wallet for the most part.

He talked to some expert CCN market analysts and shared his thoughts on Bitcoin’s future. In his view, the asset is on its way to leave the 50,000.000 mark behind.

The investor in question saw the writing on the wall very quickly which allowed him to get in the Bitcoin game very early on. Since then, he’s kept choosing suitable investments thus becoming well-off.

“I actively invested in Bitcoin back in those years when only in small circles knew about it. Before investing, I conducted a personal analysis of Bitcoin technology. I saw a great prospect for society in him and the financial system as a whole, which had already begun to change. We are still in the beginning, and I see a huge potential in the cryptocurrency market and the blockchain technology.”

While Mr. Whale is quite optimistic about the future of the crypto verse, he’s clear in that there will be casualties as a result of 2018 “not everybody will survive the crypto winter.” The statement implies that the crypto winter could still be ongoing, despite the great month we’ve had lately.

USD 50,000.00 price to come

Monetary and macroeconomic predictions are notoriously hard to get right. So while we should always pay attention to any forecast authored by good analysts, we should never assume they’re absolutely right. That being said, if we’re going to listen to anybody at all, then paying attention to an investor who’s been right all along (and made a buck in the process) is probably an excellent idea.

“I think we will see $50,000 Bitcoin in the next three to five years.”

The Whale is skeptic about the new crypto summer, and he considers that we could still be in the crypto winter’s final stages. But summer is coming, and it could arrive soon.

“I believe that we are either already seeing a bull market return. If not, we’ll see it in the coming months. One key indicator is the increase in exchange and OTC trading. Bitcoin consolidation above the 200-day moving average and the approximation of halving are also bullish.”

Playing the crypto game anonymously

The BTC early adopter also invested in the Binance token quickly after it was launched. He said he was looking at Roobee, an investment service based on AI. His reason to do that was clear and straightforward. Another anonymous investor, who had made more than USD 200 million trading on Ethereum had done precisely that previously.

He put more than 200 BTC tokens on Roobiee with a message that said “In Roobee I trust” without letting anybody know his real identity.

Privacy is one of those things in the crypto verse that some people highly price and some people profoundly fear. Depending on your expertise and your choice of assets you can trade in digital assets without ever revealing anything about your personal data. While this is good news for users, lots of people can’t help but think about criminal activities when secrecy is so perfect as it can be in the crypto verse.

But investing with anonymity is indeed one of crypto’s use cases. Anonymity is not just about keeping a low profile but also about being secure, which is vital as more attackers keep trying to steal digital assets from users.

Most of the crypto verse works on retail investors for sure. But that doesn’t mean it hurts to have the attention of a few richer-than-god individuals.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Former Ripple CTO jump starts new platform to micropay content creators

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A former Ripple director, their previous CTO, Stephen Thomas, has started a new blogging platform that allows content creators to get paid in cryptocurrency. The model is a pay per view model where the reader would pay according to how much time they spend on a page.

The San Francisco based startup has launched its public beta recently after having seen some initial success with how the system functions during a 1000 test user closed beta. The closed beta was released in August of last year and had the users get involved by paying $5 monthly subscriptions for the service.

The platform then pays the users who create content for the platform pretty much the same way Spotify does with music. You get paid depending on how much time people spend on your content. The payments were made in Ripple, to the surprise of absolutely no one.

Wallets and Competitors

CEO and founder Stephen Thomas said that the company has collaborated with the Stronghold digital wallet service, making cashing out earning a distinct possibility. The company hopes that the free, bonus content that it will start offering to users will entice them to begin tipping and paying to use the service.

While XRP is the main currency, the content creators can choose to accept any currency that is available on the backend. It is not the first company to try and implement such a system with Yalls and  Brave coming before it. The amount of money coming through Coil seem to be quite small.

Yalls, lightning enabled blog, delivered 20 000 invoices in 7 months. This is in addition to the higher number of members received on that platform. Cent, which uses Ethereum, is a similar platform. It currently has 50 blogs whose creators brought in as little as $55 and as much as $326. This sits in stark contrast to how much Avi Kabani made in the trial. He has written many nonfiction books all in the love and relationships niche. He earned just 21XRP in tips and Coil payments. He spent around $20 of his own money watching Twitch users of the Coil platform.

Thomas Silkjaer, who is a Forbes contributor and is using the Coil platform as well, says that the Coil platform has the chance to replace current paywall systems.

A new paradigm for a new economy

The shift to microtransactions has been swift in videogames. No massive game comes without some form of microtransaction baked into the game itself. The same goes for adult entertainment. Many in the crypto industry see a platform such as Coil being able to upset the apple cart when it comes to paywalled systems.

The Coil is built on open standards and is interoperable. This puts it ahead of the competitors that are currently making more money for their users. If people can quickly bring their websites, blogs or videos in the ecosystem then they will start to have a much larger base of users to flaunt to browsers. Should Coil become a standard feature on browsers, it could revolutionize print and media.

A major problem these days is that there is tiny way to monetize views on news sites. They either hide their content behind a paywall or put in a lot of ads. Many people do not want to get a subscription just for one or two articles they might be linked to a month, the new platform launched by the ex-Ripple CTO is going to tackle all said issue rather nicely. Let’s see how the market responds to it.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Tron blockchain on the cusp of achieving 1000 smart contracts milestone

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The TRON ecosystem has been seeing major success ever since the launch of its MainNet, nearly a year ago. Meanwhile, the number of TRON smart contracts continues to grow, as developers leave Ethereum in search of better, faster networks.

According to the TRON Foundation’s recent announcement, the number of TRON smart contracts has grown by 100 compared to the previous week. This puts the total number of smart contracts to 877. A similar surge has been noticed when it comes to the growth of TRON-based dApps.

Subsequently, the report states that TRON’s daily trading volume exceeded $505,000, which is also a 33% increase compared to the week before. Evidently, TRON is advancing in all aspects, and if it continues at this pace — it is only a matter of time before the ecosystem sees its 1000th smart contract.

TRON marches along nicely

The 1000th smart contract will be a significant milestone for the less-than-a-year-old network, as it directly implies that developers are coming to test the ecosystem — and are choosing to stay.

As mentioned earlier, TRON has also seen a major increase in the number of dApps, with three new games and 39 gambling decentralized applications within a single week. The growth in the number of dApps is likely one of the major reasons why TRON trading volume surged as well, as using the dApps means making minor transactions with pretty much every move.

The ecosystem has seen additional moves this week, such as the TronLink wallet announcing the launch of TronLending Bank feature, which will allow users and projects to reduce costs by optimizing energy usage.  The rental cost on TronLending Bank will be multiple times lower, which will allow users to save up more than ever before.

Then, there is the fact that TRON made multiple significant efforts in the area of security and safety by partnering up with Beijing’s Chainsguard. The Chainsguard team has a lot of experience with securing networks, as it worked with Ethereum and EOS on finding and fixing vulnerabilities in the past.

Finally, there is TRX itself, which has grown by 4.5% compared to the end of the previous week. The growth is likely a consequence of the increase in the number of dApps and trading volume, and it puts the coin’s price at $0.023639. Meanwhile, the project’s market cap sits at $1.58 billion, and the trading volume in the past 24 hours stands at $717.48 million.

The fact that TRX sits at the 11th spot on the list of largest cryptos by market cap with figures such as those is a clear confirmation that the market is seeing a recovery, and TRX is bound to follow. At the moment, the coin sees a slight price decline, at around 1.98% in the past 24 hours. However, reaching the 1,000th smart contract is bound to bring a lot more attention to the project, and will more likely allow its price to surge. Perhaps the Sun-led crypto might soon be able to test the resistance at $0.031.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Bitcoin price increase sees big jump in secondhand mining equipment prices

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April has been a good month, not just for Bitcoin but for all cryptocurrencies. Some have been greater beneficiaries of a renewed interest in cryptocurrencies and the buoyancy in the market has made sure that the optimism has come back in full force.

Old Antminers making a comeback

Since the price of Bitcoin has shot up, buying and using older Antminers is now becoming profitable again. In fact, it’s becoming so profitable that the price of secondhand miners has doubled in the last week alone.

The bump from $4000 to $5000 dollars has seen older machines attain a payback period of fewer than two hundred days. This number has always been more or less of a benchmark for most miners to get into (or back into) the mining game. Micheal Zhong, a market analyst at TokenInsights, says that once the 200-day barrier was broken the buying frenzy started and it won’t stop until the prices have increased enough to push the payback period to over 200 days.

Darius Sharif Samani, an independent miner and equipment broker in China says that he was able to buy an old Antminer S9 for just under $140 dollars in March. These miners are capable of 14TH/s (Terahashes per second). Currently, he says, the price of the same machine on the secondhand market is $250, almost double what he paid in March. There is an advanced version of the Antminer S9 that does 14.5TH/s and that costs between $280 – $320. The $320 price point is something of a barrier for most people, says Samani.

At $320 for a machine, it works out to $22 per terahash, and that is where most people see the sweet point being for these older machines at this point of time.

Suspicions regarding wholesalers

Samani has said that certain wholesalers of mining rigs have said that they are out of stock. As per him, he has not seen this happen in a long time. He doesn’t believe that they are truly out of stock, rather that they are waiting for a slight bump in Bitcoin prices to sell their inventory for much higher prices.

“Some are waiting until a bidding war for some models to start,” Samani said knowing that such wholesalers are squeezing out the individual miners. This leaves only the well-capitalized companies to compete for machines.

There is also another factor that might not have to do with Bitcoin’s price at all… and it is the incoming cheap hydropower that will be available during the summer. China has a water abundant summer and power will be very cheap soon enough.

All of this is leading to a summer of record-breaking hashing on the Bitcoin network. The previous hashing record was 60 EH/s, but many are expecting this summer to see the 70 EH/s point breached. This would mean an extra 700 thousand older machines pit into circulation or 200 newer machines such as the Antminer S17.

Whatever happens, this summer will be an interesting watch to see how much computing power will be available in the Bitcoin network.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.