Cornell Professor Emin Gün Sirer Impressed With Bitcoin Cash Devcon

John Vibes
  • Emin Gün Sirer expressed support for Bitcoin Cash in a recent interview
  • Sirer spoke on the debate between crypto as a store of value Vs. medium of exchange

During the recent San Francisco Blockchain Week, Cornell University Professor Emin Gün Sirer shared his thoughts on the development of Bitcoin Cash (BCH).

After the BCH devcon, Sirer expressed some of his excitement about the project in an interview with CoinSpice. In addition to praising the teams for their work, Sirer also showed support for the idea of cryptocurrency as a “medium of exchange,” as opposed to a “store of value.” He said:

Sirer’s comments highlight an ongoing debate that has been stirring in the cryptocurrency community as some in the space disagree about how the technology should be scaled.

Last week, Bitcoin (BTC) developer Jimmy Song suggested that people who want to spend their Bitcoin should use credit cards to buy it, and then cash out their Bitcoin to pay the bills each month. In a podcast interview earlier this month, Song said that the best thing the crypto community can do for the industry is hold BTC, instead of spending it.

Members of the BCH community contend that cryptocurrency gets its value from its utility as a medium of exchange. They also argue that cryptocurrency is needed as a medium of exchange now, especially in struggling economies like Venezuela or Ukraine, and among the unbanked in the developing world.

Sterlin Lujan, Communications Ambassador for Bitcoin.com has said that Satoshi’s original vision of Bitcoin was for it to be decentralized, peer-to-peer cash. In an Op-Ed earlier this year, Lujan suggested that this vision is not shared by many of the developers who were drawn to the space by price increases over the years. Lujan writes:

“The insurgent developers did not share Satoshi’s vision. They did not believe that bitcoin could or should scale so that everyone can use it as cash. They believed bitcoin should be a store of value or commodity. They even suggested that high fees and slow confirmation times are a good thing for bitcoin.”

With so many different teams and points of view, the market will ultimately decide which projects achieve mass adoption.

Time to Be ‘Cautious or Short' Bitcoin, Says Bollinger Bands Creator

Francisco Memoria

John Bollinger, creator of the popular technical analysis tool Bollinger Bands, has tweeted out it’s time to be “cautious or short” on the price of bitcoin, after the cryptocurrency’s price dipped below $10,000 for the third time since the so-called black Thursday.

On social media, Bollinger pointed out that bitcoin’s last move p over the $10,000 mark, which came shortly after U.S. President Donald Trump finished a speech on law and order in which he vowed to take “immediate presidential action to stop the violence” and said he was “mobilizing all available federal resources — civilian and military — to stop the rioting and looting,” was a head-fake.

A head-fake, Investopedia writes, occurs when the price of a security moves in one direction initially, but then reverses its course and moves in the opposite direction. These trades occur most frequently at key breakout points – for bitcoin, a key point was the $10,000 mark.

The price of the cryptocurrency dropped suddenly after breaking its key breakout level earlier this month over a flash crash on BitMEX that saw its price dip to $8,600 before it started recovering. CryptoCompare data shows that bitcoin is now trading above $9,600, but that since the March 12 coronavirus-induced market crash it has tested the $10,000 mark three times already.

Bollinger, it’s worth noting, has a decent track record looking at cryptocurrencies. In October 2019 the analyst accurately said the price of BTC dropping to $7,300 was a head-fake, and the price of the cryptocurrency then moved up in a significant rally to $9,500.

In April of this year, Bollinger tweeted out BTC was “moving into squeeze territory,” shortly before the cryptocurrency’s price started surging. He was, however, caught off guard by the Black Thursday sell-off, as were most investors and analysts.

It’s worth noting many in the cryptocurrency space are still bullish long-term. As reported early BTC developer Adam Back – who some believe could be Bitcoin creator Satoshi Nakamoto – has said he believes the price of the cryptocurrency will hit $300,000.

Featured image via Unsplash.