- In a recent tweet, the team at BitTorrent (BTT) has highlighted why the BTFS file system is better than Filecoin (FIL).
- The teams behind both projects have been throwing jabs at each other ranging from accusations of plagiarism and going as far as claiming the other is ‘vaporware’.
- Filecoin’s (FIL) Mainnet is set to be launched between mid-July and mid-August.
In a recent tweet, the team at BitTorrent (BTT) highlighted why its BTFS file system is better than Filecoin (FIL). The tweet showcased how the BTFS system has more to show than Filecoin that is yet to launch its mainnet after several postponements. The lack of Filecoin having a functional product is the focal point of the debate as to which is better. The full tweet by BitTorrent made 8 comparisons that can be found below.
Why #BTFS is better than #Filecoin?
1⃣ Integrated with $BTT economy
2⃣ #TRON network
3⃣ 100M user base
4⃣ Simple and intuitive Host UI
5⃣ Mainnet launched
7⃣ Active community
8⃣ Dedicated global professional teams#BTT @justinsuntron @OfficialDLive pic.twitter.com/eY3KSQVE5H
— BitTorrent Inc. (@BitTorrent) May 4, 2020
Previous Tweef Between Filecoin (FIL) and BitTorrent (BTT)
The recent tweet by BitTorrent is a follow up of a Tweef that transpired in mid-April between Justin Sun and Juan Benet of Filecoin (FIL). Benet was the first to point out that BTFS’ new logo looked like it had been plagiarized. His remarks alluded to the fact that Justin Sun and the Tron Foundation have been accused of borrowing ideas from other open-source projects.
Aaaaaahahaha it’s not enough to fork all our code, rebrand it and lie its theirs; copy paste random chunks of our papers, and defraud their investors with a nonsensical mishmash. Tron also can’t even think of an original logo.
Justin Sun was quick to respond to the accusations by asking if the hexagon shape on the new BTFS logo was owned by Benet. Sun went on to accuse Filecoin of copying BitTorrent’s technology. Additionally, he slammed the project as being ‘vaporware’ with no functional product.
Filecoin’s (FIL) Mainnet Launch in 2020
Both the Filecoin and Tron ICOs were carried out in September of 2017. However, Tron has a wide range of achievements under its belt more than Filecoin. As earlier mentioned, the key to the whole discussion is that Tron launched its mainnet in mid-2018 and Filecoin has yet to launch its final version of the platform. At the time of writing this, Filecoin has set its mainnet launch for mid-July to mid-August this year.
(Feature image courtesy of Hermes Rivera on Unsplash.)
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.
$15 Bonus in KEX Tokens For Making a Deposit on KickEX
[PROMOTIONAL PRESS RELEASE – Please Read Disclaimer]
Transfer $20 worth of cryptocurrency from Bittrex to KickEX and get the bonus in new stablecoin KEX!
Recently, the Bittrex cryptocurrency exchange announced a ban on the use of its services for users from a few countries — such as Ukraine, Belarus, Burundi, Mali, Myanmar, Nicaragua, and Panama. Meanwhile, KickEX exchange is happy to support the community of traders in these countries and offer a welcome bonus in KEX tokens worth $15 for everyone, from any country.
How to get the bonus:
1️. Transfer $20 worth of cryptocurrency from Bittrex to KickEX;
2️. Complete KYC verification on KickEX;
3️. Send a screenshot of your Bittrex account to [email protected] It should have the same email you used to register on KickEX;
4️. Get a bonus of KEX tokens worth $15! These are new semi-stablecoins that can be mined on the KickEX exchange for trading volumes and cover fees;
5️. Trade without limits on KickEX!
The promotion is valid for new users from any country and those who have not made deposits yet (not from the list of prohibited countries) and will last until September 30, 2020.
What is KEX token?
KEX is a semi-stable token of the KickEX exchange that is backed with proof-of trading and a fixed price within the Kick Ecosystem. The KEX token is rewarded to traders for their trading volumes on the KickEX exchange.
A trader receives 1 KEX for every 2 USDT of the trading fee they paid.
Currently, KEX tokens are only available on the KickEX exchange but, in the near future, KEX will become an ERC-20 token on the Ethereum blockchain. On the KickEX exchange, the KEX token will be traded in pairs with all other cryptocurrencies and tokens, thus becoming a main cryptocurrency like BTC, ETH, and USDT.
How to use KEX tokens?
- To reduce the trading fees on the exchange for those traders who keep a token on their KickEX wallet. You can read more about the KickEX fee structure and coverage with KEX tokens;
- To withdraw earnings from the KickRef referral program without trading for a $5 fee;
- For settlements between counterparties of the exchange, KickEX brokers, marketplaces, on a fundraising platform and other partners, as this is a semi-stable token with a fixed price of $1 within Kick Ecosystem;
- To defrost Frozendrop of 888,888 frozen KickTokens.
Learn more about KEX token here.
Make a deposit on KickEX, get a bonus of 15 KEX, and become one of the first holders of a new stablecoin!
1000x Better Than Gold: MicroStrategy CEO Says He Will HODL Bitcoin for 100 Years
MicroStrategy’s CEO Michael Saylor continues to dig deeper into Bitcoin after his company purchased $425 million worth of the cryptocurrency. In a recent podcast episode with long-time BTC proponent Anthony ‘Pomp’ Pompliano, Saylor claimed he’s ready to HODL Bitcoin for a century and said it’s 1,000 times better than gold.
Saylor On His Change Of Heart Regarding Bitcoin
MicroStrategy’s CEO has a compelling history of Bitcoin. He completed his one-eighty transformation from predicting its death in 2013 to calling it a “legitimate investment asset” in 2020 after his company purchased $425 million worth of BTC in less than a month.
In Pompliano’s latest podcast episode, Saylor commented on his 2013 tweet, which received a massive attention boost from the community after the large BTC purchase. Interestingly, Saylor said that he had forgotten about the post until he was recently reminded of it:
“I’m really ashamed to say, but I didn’t know I tweeted it until the day that I tweeted that I bought $250 million worth of Bitcoin. Then I discovered the hive mind crypto Twitter consciousness where, all of a sudden, they all went through all my tweets, they found it, they reminded me of it, they compared it.”
Later on, Saylor explained that he signed up on Twitter in 2013. His lack of experience led to posting several controversial posts, but he learned to tweet more selectively in time.
Saylor: BTC Is Better Than Gold, I Will Hold For 100 Years
When reasoning why his company bought Bitcoin, Saylor noted that he has a “mega, mega problem – I have a lot of cash, and I’m watching it melt away. I’m helped to realize that I have a mega problem by this insane V-shaped recovery in the bond and equity markets.” He also dismissed commercial real estate because it’s just “not compelling.”
Instead, what he aimed for was an asset, whose production rate can be “cut in half” and its price “can go up by a factor of 10. That’s what any intelligent investor wants.”
Both Pomp and Saylor brought out the decade-long comparison between Bitcoin and gold as both assets share similarities such as limited supply. However, MicroStrategy’s CEO said that “Bitcoin isn’t 10x better than gold, it’s 100x, maybe it’s 1,000x better than gold.”
By highlighting these views on Bitcoin, Saylor has decided to become a BTC HODLer as he plans to hold the primary cryptocurrency for “100 friggin’ years.”
Featured Image Courtesy Of Medium
How Decentralized Ratings Can Avoid a Future DeFi Crash
With DeFi’s recent brush with death, investors require an impartial and decentralized rating system to support the most desirable investment decisions and avoid future losses. Here’s why.
Decentralized finance (DeFi), an ecosystem for lending and borrowing, continues to defy the odds. Despite a significant crash thanks, in part, to unaudited and scam-like clone projects, the sector is bouncing back and seemingly stronger than ever. But while the niche crypto division could be on track to greater things, investors are at more risk than ever.
To protect themselves, investors need a reliable source of information. UK based pioneers Evai.io believe that a fit for purpose, unbiased, and decentralized rating system holds the key for investors to understand what they’re placing their money behind—and whether, or not, it’s worth it.
The Dangers of DeFi
For DeFi, decentralization presents a tradeoff. No central control facilitates the freedoms of an autonomous ecosystem—one that has the potential to change finance as we know it, allowing anyone to create and participate. Conversely, it also means bad actors can run rampant. The DeFi sector has experienced its fair share of both.
The division has remained fastened on a veritable rollercoaster of volatility this year—most of which to the upside. It’s unprecedented growth saw the sector add an eye-watering $9 billion to its total value, trough to peak, between January and September, before promptly losing around $3 billion of that value in a little over a week, earlier this month. For many, the brutal crash, alongside its various impetuses, signaled a death knell for the sector.
Speculators mostly waived the need for a thorough post-mortem; the cause of the crash was fairly self-evident.
The DeFi bubble was inflated chiefly thanks to a tokenomic mechanism known as liquidity mining—a tool used by DeFI lending and borrowing protocols to lure in liquidity by rewarding users with so-called “governance tokens.” Investors looking to generate the most yield were drawn to these protocols due to these dividends. In turn, the governance tokens, bolstered by the clamor of investors and reinforced the sector’s relative illiquidity, have grown to significant heights—taking DeFi’s overall value with them.
It all started with Compound, a lending protocol. In June, Compound decided to lean on incentivization to drive liquidity to its platform. The move cemented the protocol as a leader in DeFi and catapulted its governance token, COMP, from approximately $68 to a peak of $346, within days.
The move didn’t go overlooked, and soon an entire clone army had emerged with one mission in mind: to mimic the success of Compound. Chief among them was Yearn.Finance, a yield aggregator, and its governance token, YFI.
YFI rose from a price of around $35 July to its zenith of $42,000—surpassing the price of bitcoin nearly fourfold in September, despite its creators explaining that the token as having zero financial value.
YFI (https://t.co/r1AOzJjwRo) was created by @AndreCronjeTech as a governance token to have “zero value.” His Twitter bio says “I test in prod.” The market cap is now over a billion dollars with each token trading at ~$36k each. This all started in mid July.
Can anyone explain?
Soon, YFI was cloned by a myriad of other protocols, each with its own governance token. These included Yam, Hotdog, Sushi, and Pizza, to name a few. Despite their namesakes, however, these tokens turned out to be anything but savory.
Out of thin air, the doppelgangers attracted millions of dollars in valuation, only for it to vanish as suddenly as it arrived. Yam, for example, grew to a market cap of $60 million in two days following its launch in August, before tumbling down after its founders discovered a fatal flaw. In September, Hotdog followed a similar trajectory soaring to over $4,000 the day it shipped, only to crash to $1 just 5 minutes later.
$4000 to $1 in 5 minutes.
ok can you guys stop trading pic.twitter.com/cZRTBfyJj3
— lowstrife (@lowstrife) September 2, 2020
Sushi similarly collapsed after its pseudonymous founder, known only as “chef Nomi,” cashed out for $14 million, dragging the entire project down as they did.
This culmination of flash crashes proved too much, and the entire DeFi sector experienced a significant correction. The worst of the bloodletting occurred last week, with DeFi tokens losing nearly half of their value across the board.
Rough week in DeFi land with 6 assets dipping more than 50% + over the last 7 days
Where are we going next? pic.twitter.com/3vJiqb4xhr
— Messari (@MessariCrypto) September 8, 2020
Nevertheless, the entire sector soon stabilized, bouncing back from its first major dip and defying detractors. How? Because despite a few bad apples (and clones), the DeFi sector— at its core—isn’t rotten.
In reality, It would be extremely disingenuous to write DeFi off as a scam. The sector holds incredible potential for wealth creation and could conceivably serve as a genuine alternative to traditional centralized finance—but not without some help along the way.
EVAI Ratings: Knowledge Is Power
Many attribute DeFi’s rise to the ICO boom in 2017. The two sectors allowed unscrupulous creators to capitalize on scams, pump and dumps, and poorly executed smart contracts without any regard for investor safety.
However, much like the ICO bubble, DeFi will undoubtedly yield winners and losers. There are, after all, many legitimate and audited protocols that hold some intrinsic worth and utility. The idea of a decentralized lending and borrowing ecosystem akin to the traditional financial industry, only with the potential for better returns, low fees, and transparency, is a brilliant one.
But for uninformed investors, this juxtaposition between legitimate and illegitimate projects means DeFi—and indeed, the wider crypto ecosystem acts as a potentially fatal minefield. Back the wrong project and the financial repercussions could be severe.
As such, the need for an impartial measure of the inherent value of DeFi tokens has never been more vital.
Evai, a blockchain-based decentralized rating system, aims to instill such a system. By leaning on decentralization, community participation, and academic research, Evai is creating an unbiased rating system to evaluate cryptocurrencies and help investors better navigate crypto markets. The founders also have ambitious plans to apply their ratings system to the DeFI sector as part of their 2021 development roadmap.
Underpinned by the breakthrough research of Professor Andros Gregoriou, Evai’s rating system “The Bridge” factors several determinants to select ratings. These include liquidity, to measure the fungibility of an asset; systematic risk, measuring the threat emanating from the collapse of a market; profitability, the potential payoff of an investment; momentum, the rate of change of an assets price; and peak to end value demand, the last value and the peak of an asset’s price over a specific period; all of which fuse to define the optimum exposure.
Moving away from centralized, sponsored ratings, which inevitably render bias, and factoring assessment on a predetermined strategic procedure allows Evai to produce some of the most impartial ratings on the market. Putting this system to work in the DeFi sector is critical to enable peace of mind for investors and ultimately steer DeFi toward legitimacy.
* Disclaimer: This is a contributed article and should not be taken as investment advice.
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