China's BSV Community Has Reportedly Declared War on a Little-Known Altcoin

Francisco Memoria

The Bitcoin Satoshi’s Vision (BSV) community in China has reportedly declared war on “multi-chain parallel computing network” Aelf (ELF) over its founder’s launch of a campaign against prominent BSV supporter and self-proclaimed Satoshi Nakamoto Craig Wright.

According to crypto news outlet 8BTC, Aelf’s founder Ma Haobo called Craig Wright a scammer, and on the Chinese microblogging platform Weibo (a Twitter-like app) launched the #BoycottBSVAndCrtingFaketoshi hashtag, after learning Craig Wright allegedly cried in court during a hearing related to a $10 billion lawsuit filed against him.

The hashtag, 8BTC writes, gained the support of various popular cryptocurrency community members in the country, including F2Pool co-founder Mao Shixing, and Poolin mining pool co-founder Zhu Fa. It soon got to 200,000 views.

As it spread it reportedly gained the attention of China’s BSV community which soon fought back and attacked Aelf for having a $193 million market cap, compared to BSV’s $3.6 billion market cap. The community alleged also threatened to drop Aelf’s price “to zero,” presumably through an attack in which they’d mine empty blocks.

As CryptoGlobe covered, a BSV-aligned mining pool called SharkPool has threatened to pull such an attack of BTC forks using the “Bitcoin” name as it believes these cryptocurrencies don’t fulfil Satoshi Nakamoto’s original vision.

Bitcoin Satoshi’s Vision is a notably controversial cryptocurrency. Earlier this year, various cryptocurrency influencers called n exchanges to delist BSV after Craig Wright put a $5,000 bounty on the true identity of a Twitter user who called him a fraud.

As a result, various cryptocurrency exchanges, including Binance, Kraken, and ShapeShift delisted BSV in April. Despite being delisted from top exchanges the cryptocurrency’s price is still up by over 120% so far this year.

While some claim Aelf’s founder created the hashtag against Craig Wright as a marketing ploy, Ma denied the accusations. At press time, one ELF token is trading at about $0.23 after rising nearly 9% in the last 24-hour period.

Crypto Market Update for 4 June 2020: Bitcoin, Ethereum, Cardano, Chainlink

This article provides an overview of how Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), and Chainlink (LINK) have been doing over the past 24-hour period, covers recent news that might have affected their prices (or might do so in the future), and looks at interesting tweets about these digital assets from prominent members of the crypto community.

To give you a rough idea of how well the crypto markets are doing today, 19 out of the top 20 cryptoassets (by market cap) are currently in the green (against the dollar).

All market data used in this article was taken from CryptoCompare around 07:10 UTC on 4 June 2020.

Bitcoin (BTC)

Bitcoin is currently trading at $9,656, which means that it is up 1.56% in the past 24-hour period:

BTC-USD 24 Hour Chart on 4 Jun 2020.png

The recently-released June 2020 edition of Bloomberg research report "Bloomberg Commodity Outlook", which was written by Mike McGlone, a Senior Commodity Strategist at Bloomberg Intelligence (Bloomberg's research arm on the Bloomberg Terminal"), is quite bullish on both gold and Bitcoin.

Regarding gold, McGlone writes:

"Enduring U.S.-China trade tension and an unlikely V-shaped global economic recovery keep our price view as unfavorable for broad commodities and favorable for gold...

"The coronavirus is creating almost perfect conditions for commodity price deflation, central-bank easing and rising gold prices, in our view. An elusive end in sight for global quantitative easing should eventually spur commodity inflation, and most end-game scenarios point to gold as a primary beneficiary."

MCGlone also sees a bright outlook for Bitcoin for the remainder of 2020:

"Among the few assets up in this tumultuous year, gold and Bitcoin are building foundations for further price appreciation, in our view. The metal and the crypto remain our top candidates to advance in 2020, with added rally fuel from Covid-19.

"Our graphic depicts gold consolidating above what had been key resistance of $1,700 an ounce before the March swoon. Every day that passes above this level builds a firmer base for the metal to make the next move in its stair-step rally.

"Bitcoin is in a similar consolidation between $9,000-$10,000. We view the benchmark crypto as a resting bull that likely needs something to change significantly in its 10-or-so-year history to not just resume doing what it was doing: appreciating. I

"If the stock market rolls over, gold and Bitcoin should gain buoyancy."

Yesterday, the Bloomberg analyst tweeted:

Crypto analytics firm ByteTree says that if valuation metric Miners' Rolling Inventory (MRI) is above 100%, it means that "miners are selling more than they mine and running down inventory." Currently (as of 08:20 UTC on June 4), MRI is 105%:

ByteTree Terminal on 4 June 2020.png

On-chain market intelligence startup Glassnode published a newsletter on June 2 said that "almost 90% of Bitcoin's supply is in profit" (i.e. "the price has increased since they were last moved"):

Glassnode BTC Supply Chart on 4 June 2020.png

Glassnode then explains what this means:

"Percent Supply in Profit is at its highest point since the bull run of June 2019, having been steeply increasing since its low of 45% after Black Thursday. Historically, levels of 90% and higher have clearly marked pronounced bull markets." 

Ethereum (ETH)

Ethereum is currently trading at $244.25, which means that it is up 3.37% in the past 24-hour period:

ETH-USD 24 Hour Chart on 4 Jun 2020.png

In the year-to-date period, Ethereum, the second-most valuable cryptoasset by market cap, has gone up from $128.91 to $244.25, which means an impressive 89.47% (against USD) increase in value.

Earlier today, global macro investor Dan Tapiero, who is a Bitcoin and gold bullion HODLer, said that he expected an "explosive upmove" for Ethererum:

As for potential positive catalysts for Ethereum, here were two of the more interesting replies to Tapiero's tweet:

Anthony Sassano, who is the Product Marketing Manager at Set Labs, Co-Founder of EthHub, and a Co-Host of the Into The Ether podcast, pointed out in a tweet yesterday -- using data provided by Glassnode Studio -- that "New unique addresses on #Ethereum have been growing steadily since the start of 2020 and are now increasing by over 100,000 per day":

Cardano (ADA)

Cardano is currently trading at $0.08921, which means that it is up 13.69% in the past 24-hour period:

ADA-USD 24 Hour Chart on 4 Jun 2020.png

On May 28, Charles Hoskinson, CEO of IOHK, sent out a tweet announcing that IOHK's Cardano Product team would be providing its May 2020 Cardanao Development Update via its monthly live show that would be shown on the Crowdcast platform on May 28 at 16:30 UTC.

During the webcast, Hoskinson had this to say about the the launch of the next major version of Cardano:

"I'm really proud of everybody. It's been a long time coming and it's been a difficult year, because we've had to change the tires while the car is running... What we're creating is basically the world's next operating system."

As you can see from the slide shown in a tweet by Hoskinson on May 28, the target data for Cardano's Shelly network upgrade (hard fork) is July 29:

Just before this webcast started, according to data from CryptoCompare, Cardano's ADA token was trading at $0.05882. Since then, Cardano's price has gone up 51.66%, making Cardano now the ninth most valuable cryptoasset by market cap.

Chainlink (LINK)

Chainlink is currently trading at $4.467, which means that it is up 1.87% in the past 24-hour period:

LINK-USD 24 Hour Chart on 4 Jun 2020.png

In the year-to-date period, Chainlink, the 13th most valuable cryptoasset by market cap, has gone up from $1.76 to $4.467, which means an incredible 153.80% (against USD) increase of value.

On May 30, Chainlink celebrated the one year anniversary of its mainnet:

And on Tuesday (June 2), AVA Labs, a blockchart startup -- founded in 2018 by Emin Gün Sirer (CEO) and Kevin Sekniqi (COO) -- that is building "an open-source platform for launching highly decentralized applications, new financial primitives, and new interoperable blockchains", announced that it is "integrating Chainlink’s real-time price data to power decentralized and institutional finance on AVA."

In a blog post published on June 2, AVA Labs explained the motivation for this integration with Chainlink:

"By bringing Chainlink’s oracles into the network, AVA’s contract chain–a highly-scalable implementation of the Ethereum Virtual Machine–will be at parity with almost all of the key Ethereum tooling that has fueled DeFi’s growth to-date, including MetaMask, Web3.js, Remix, Truffle Suite, and Embark Platform. Web3 developers will be able to seamlessly leverage price data within their decentralized applications in real-time."

Yesterday (June 3), the team behind Opium Protocol, "a universal blockchain protocol to easily create, settle, and trade virtually any derivative and other financial instruments in a professional and trustless way on the Ethereum blockchain", announced that the Opium Exchange -- a decentralized non-custodial derivatives platform powered by this protocol -- had managed "live integration with Chainlink’s decentralized oracle network to obtain verified real-world pricing data."

Opium's blog post explained why Chainlink had been chosen for obtaining the pricing data needed by Opium Exchange:

"Chainlink is a decentralized oracle network that connects smart contracts to real-world data generated outside the blockchain (off-chain). Chainlink uses verifiable decentralization at both the node operator and data source level to ensure there is no single point of failure in the sourcing and delivery of the data to the smart contract.

"Chainlink’s Price Reference Contracts are a collection of decentralized oracle networks that provide over 30 on-chain price feeds for multiple asset classes used in DeFi, including cryptocurrencies, fiat, and commodities.

"Each node operator participating in the Price Reference Contracts is security-reviewed, Sybil-resistant, and independently-run by experienced blockchain DevOps and security teams, and each piece of market data is sourced from high quality data aggregators.

"Derivatives smart contracts deployed on Opium Exchange are connected to Chainlink’s price reference data feeds, reading pricing data at execution of the derivatives contract to calculate payouts.

"By virtue of Chainlink’s open visualizations of the Price Reference Data oracle networks, traders on Opium Exchange can independently verify the accuracy and on-time delivery of prices at contract maturity."

Featured Image by "WorldSpectrum" via Pixabay.com