Op Ed: Drivechains Could Kill Off the Altcoin Market
Sidechains have been viewed as Bitcoin’s way of dealing the altcoin market since 2014, when a proposal for a two-way peg between two different blockchains was first proposed in a public setting. Three years later, it appears that drivechains, which are a specific way of implementing sidechains, will be the way in which extensions for Bitcoin are rolled....
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Drivechains, like softchains, are another sidechain implementation with two-way peg functionality.
Rapper Kanye West has managed to kill an altcoin named in his honour, six months after it was launched by a team of developers. Called Coinye West, the altcoin was subsequently renamed Coinye in an attempt to continue its business activities even in the face of legal pressure. The developers envisioned Coinye as a fun and simple altcoin for the hip-hop community, and even tweeted news about its development to the rapper in the hopes he would embrace the concept. This plan backfired, however, as Kanye West sued the Coinye team on 8th January, starting a lengthy legal process that has been....
Altcoins have been on a real tear for months, but Jarvis Labs analyst Ben Lilly says we’re not in an "alt season" just yet. Few traders would argue against the fact that Bitcoin (BTC) is in a bull market, but there is less consensus on whether the market is in the midst of an "altcoin season." A quick view of Crypto Twitter shows the schism between traders who are certain we are halfway through alt season and those who believe it has yet to begin.Typically, traders rely on a wide swath of indicators and metrics, like Bitcoin’s total market capitalization versus the total altcoin market....
L H Li, former president of the state-owned Bank of China (the fifth-largest bank in the world) and a member of the Financial & Economic Committee at China’s People’s Congress, stated in an interview for CCTV, China’s predominant state broadcaster, that it’s impossible to kill bitcoin. According to a translation by Eric Zhao from the Chinese Academy of Science, Li says: “Bitcoin was built on a platform without national boundaries. If you want to kill bitcoin, it will be an impossible task. So, it will continue to exist. What’s important now is that we should properly regulate it.” The....
An Indian parliament member has warned that imposing a 1% tax deducted at source (TDS) on every crypto transaction will kill the nascent asset class. This tax provision is contained in Finance Bill 2022 which Lok Sabha, the lower house of India’s parliament, has passed. However, India’s finance minister insists that the TDS on crypto transactions is for tracking purposes.
Parliament Member Raises Concerns Over 1% TDS on Crypto Transactions
Lok Sabha, India’s lower house of parliament, passed Finance Bill 2022 Friday which includes a proposal to tax....