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Crypto-twitter just witnessed an argument that leaves many users awestruck.

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Jared Tate, the founder of Digibyte – a cryptocurrency-based platform for issuing digital assets, openly rebuked TRX Founder, Justin Sun, Poloniex Exchange and even the CEO of Binance, Changpeng Zhao.

In a long Twitter thread, Tate criticizes Tron extensively. He said that Tron Foundation conducts a ‘con job’ and is “hijacked and perverted.”

He notes that the project is not decentralized and apparently Justin Sun runs everything around it. HE says,

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$TRX is 100% premined & centrally controlled. 100 billion TRX was pre-issued by Justin Sun & the Tron Foundation where he is CEO. Right now 66 billion TRX are in circulation. So Sun still controls 34 billion $TRX after dumping $ millions on investors.

Moreover, he also notes that out of 27 nodes that “Sun and the Tron Foundation using DPoS” mostly controls. He also criticized Sun’s stakeholding in the acquisition of Poloniex.

Poloniex just went forward and decided to delist Digibyte from its’ Exchange. The exchange replies in the same thread,

We don’t own any US customers’ data as all of them are preserved by Circle. BTW, after careful review, we decided #DigiByte is not qualified for our listing standard. We will delist $DGB soon. Details to be announced.

Though We Found Some Inconsistencies in Tate’s Arguments As Well

Nevertheless, as the issue seems to be gaining popularity over the blatant response from Poloniex. There are some inconsistencies in the twitter thread as well.

He mentions this authored book, Blockchain 2035 quite a few times in the thread with hashtags. web and twitter links. However, his comments and criticism find no link for him to shill the book. The book is on sale at Amazon for about $60.

The altercation not only hurts the specific entities involved but also give a bad name to the industry. For something that promises to be decentralized, Poloniex, Tron, and Digibyte management are acting rather harshly at their whim.

The price of Digibyte (DGB) at press time is $0.006678 with a circulating supply of over 12 billion. It is trading at par on a daily scale.

The price of TRX at press time is $0.0144 with a circulating supply of over 66 billion. Hence, the price/supply ratio is considerably higher for Tron [TRX].

What do you think the feud reflects about the crypto market? Please share your views with us. 

Summary

Poloniex Delists Digibyte After Founder's Derogatory Remarks - Another Marketing Stunt?

Article Name

Poloniex Delists Digibyte After Founder’s Derogatory Remarks – Another Marketing Stunt?

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Crypto-twitter just witnessed an argument that leaves many users awestruck. 

Author

Nivesh Rustgi

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CoinGape

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cryptocoach

Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.

Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.



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Nivesh Rustgi , 2019-12-05 05:05:55 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.


While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock


Nick Chong , 2019-11-10 12:00:38

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