The U.S. government is being very strict when it comes to Petro trading. While the Petro is not a North American cryptocurrency, U.S. citizens who use it or trade it will be subjected to harsh penalties.
The Petro Isn’t a Popular Asset
As we all know, the Petro has a relatively shady history – so shady, in fact, that President Donald Trump has issued an executive order preventing all American citizens from trading Petro units. A state department spokesperson with the Western Hemisphere Affairs Bureau explained in a statement:
E.O. 13827, as amended, prohibits U.S. persons from transacting in any digital currency, digital coin or digital token that was issued by, for or on behalf of the former Maduro regime on or after January 9, 2018. Anyone who transacts with the sanctioned individuals and entities, such as the former Maduro regime or PdVSA and regardless of currency of the transactions, risks exposure to U.S. sanctions.
In other words, if you trade with Venezuela, you better be prepared to answer for your actions. It doesn’t matter if the traded currency or asset in question is the Petro or a separate unit. The U.S. won’t stand for digital trade with areas like Venezuela.
The Petro has done nothing but stir controversy since it first arrived on the scene in early 2018. Initially, President Nicolas Maduro – who issued the currency – stated that nearly a billion in Petro units were sold through an initial coin offering (ICO), though some suggest this information is false.
In addition, there have been many claims over the years that the cryptocurrency is backed by Venezuela’s many oil reserves, but this also doesn’t appear to be true. In fact, there is no mention of this in the cryptocurrency’s whitepaper.
Either way, the Petro continues to be pushed. Sometimes, it’s a Christmas bonus. Sometimes, it’s a replacement currency for the nation’s failing bolivar, but none of these cases appear to have produced any lasting or positive results, and the currency’s reputation remains as stained as ever.
Last January, Maduro announced that he was selling barrels of Venezuelan oil and part of the country’s gold reserves for Petro units. Without going into too much detail, this is probably a mistake considering oil and gold are commodities that have proven themselves greatly. Both are reliable assets that will likely provide income and wealth surges for those who invest in them.
It Just Keeps Failing
By contrast, the Petro has failed to solidify its position in the trading world. Nobody seems to want it, as its never been made available on any legitimate crypto exchange.
The executive order issued by Trump and pertaining to Petro trading is now setting the ground rules for what will surely be a new congressional law that’s likely to apply to U.S. trading with all questionable nations, such as Iran.
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Cryptocurrency exchange Luno – based in London in the United Kingdom – has stated that it will soon add Ripple’s XRP to its list of tradeable assets for customers to enjoy.
Ripple Is Coming to Luno Customers
The news comes after Luno engaged in a year-long poll in which all its customers were asked which new asset they would be the most interested in trading or purchasing in the future aside from bitcoin (BTC) and Ethereum (ETH), as the exchange already offers these assets to its users. Ripple earned the number one spot, which has prompted the trading platform to take immediate action and set aside a special place for the world’s third largest cryptocurrency by market cap.
Ripple is unusual in that despite a relatively shady history, it still boasts a long list of followers and supporters. For example, many consider Ripple to be far more centralized than it claims to be, considering executives still hold most of the available Ripple units within personal wallets. It is estimated that more than 50 percent of today’s XRP units are held by Ripple execs.
In addition, the company is facing a huge class-action lawsuit from traders who feel that the enterprise lied or provided false information regarding its status as a “non-security.” One of the leading plaintiffs in the case has even referred to Ripple as an “ongoing ICO (initial coin offering).”
Despite all this, Ripple sure knows how to tantalize the eagerness and interest of crypto traders everywhere. Within the next two weeks, Luno clients can expect to have access to the currency and respective Ripple trades.
The survey regarding Luno’s customers show some intriguing results. The currency XRP edged out interest in bitcoin cash (BCH) – bitcoin’s little brother – by approximately two votes, yet the exchange added bitcoin cash to its list of tradeable assets in September of last year.
Many clients also showed interest in assets like Litecoin and Stellar, both of which are smaller than BCH but stood above it in terms of customer intrigue. Many of the surveyed clients showed general interest in smaller altcoins.
Some have also shown concern regarding Ripple in that the currency has struggled heavily over the past year. Many sources and traders believe Ripple is responsible for dumping tokens by the thousands, thereby driving the currency’s price into the ground.
Some Questionable Tactics
Last October, the company revealed that it had sold approximately $66 million in XRP units, while more than $250 million were sold during the previous quarter. This has also caused traders to raise an eyebrow or two.
Luno is widely considered one of the most popular and prominent crypto exchanges within the U.K. It has earned an “A” grade on sites like Crypto Compare, while Ripple has been available and active in the crypto market since the year 2012.
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Bitcoin is good, but gold is still much better.
Analysts Say Gold Outranks BTC
That’s the sentiment of most analysts, today. At the time of writing, bitcoin – the number one cryptocurrency by market cap – is not doing so hot. The asset has fallen by another $400 overnight as fears of the coronavirus continue to swell throughout the globe, and it doesn’t look like things are going to ease up anytime soon.
There has been an idea meandering throughout the crypto space for some time that gold and bitcoin are on equal terms – that the cryptocurrency shares some of the same properties as the precious metal and that it’s capable of some of the same things. Well, most analysts say this isn’t quite the case. That gold has so much more power when it comes to retaining wealth and remaining strong during times of economic uncertainty.
Crypto and blockchain writer Steven Ehrlich explains:
Bitcoin has shown a degree of correlation with gold and other ‘safe haven’ assets in the past, but the narrative that bitcoin is a perfect substitute for gold is not as prevalent as some may believe. Additionally, while bitcoin has some characteristics that compare favorably with gold, for many people with low risk tolerances who seek to protect their wealth above all else it remains far too volatile.
Crypto market advisor Dave Carlson agrees. He says that bitcoin, while strong, is still a very young asset, and will require a lot more time to heave itself up through the financial ranks. He also says it’s not as necessary or as appreciated in all areas, and thus its stability tends to range depending on where it is used.
I recommend taking a multi-year view on bitcoin speculation. Once it has matured – think ten more years at least – the price should be much more stable, as the rate of new coin generation will be much slower… If you are in Venezuela right now, bitcoin is absolutely the new gold.
Cash Still Above All?
At the end of the day, people like Michael van de Poppe – CEO of BonSanca – explain that cash is still king, and that in times of trouble, having a lot of cash on hand is going to be the ultimate saving grace. He says:
If you go back in history, gold dropped heavily in 2000 and 2008 together with the stock markets. Then, it outperformed the equity markets in the years after until equities made a new all-time high once the fears of the crisis went away. Bitcoin is dropping due to heavy economic instabilities. People want cash on hand in case of more trouble.
Overall, bitcoin has shed roughly $2,000 from its 2020 high of around $10,400 and has lost more than 40 percent of its overall gains this year.
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Coinspeaker Game Developers Conference Canceled on Grounds of Risks Associated with CoronavirusThe Game Developers Conference, which was to be held in San Francisco, has been canceled due to the ongoing coronavirus outbreak that is spreading all over the world. The organizing team has announced that they have officially canceled the event, which was scheduled for this March. However, they are hoping to reschedule it for a later date in the summer.This now adds to a number of major events this year that have been canceled due to the coronavirus outbreak. Earlier in the day, we reported how the Geneva Motor Show has been canceled and the tickets refunded to the customers due to the coronavirus fears. Facebook Inc (NASDAQ: FB) also previously canceled its F8 developer conference on the same grounds. GSMA Mobile Congress is also a victim of the coronavirus outbreak.In the statement, GDC said that it will refund all the expo attendees and also the conference in full. A move to soften the rage of the gamer’s enthusiasts and also the developers who had planned to attend the event.The organizers said in their statement that they “will be working with our partners to finalize the details and will share more information about our plans in the coming weeks”. The announcement also added that “having spent the past year preparing for the show with our advisory boards, speakers, exhibitors, and event partners, we are genuinely upset and disappointed not to be able to host you at this time”.Coronavirus a Big Blow to the Game Developers Conference Gamers and SponsorsCoronavirus has hit hard almost all major events so far. As it continues ravaging the strong fabric of mankind, the business sector receives heavy blows due to the unexpected nature of the virus. As new cases of unknown origin continue popping up in the United States, organizers of major events are left with no choice but to cancel or postpone their conferences, shows and forums.The GDC is a huge collection of big players in the market who come together to showcase their products. Sponsors invest a lot of time and resources to see the event become successful. Some of the sponsors include AWS, Intel, Google, Nvidia, Microsoft, Sony Interactive Entertainment, Facebook gaming, and also Epic Games.During the conference meant to take place in San Francisco, gamers were to learn about the future of mental health in the game industry. The gamers were also to learn Pixar animation’s secrets on creating its inspiring visuals. Until further notice, it will remain a dream never actualized.Game Developers Conference Canceled on Grounds of Risks Associated with Coronavirus
Coinspeaker How Artificial Intelligence is Transforming Crypto IndustryWhile it can be easily said that no industry or business department has been left untouched by artificial intelligence, there is still one primary industrial sector left. Cryptocurrency is one of the significant products of the digital era. A complete software-based digital currency following a decentralized regulation method. That means there is no authority or third party influence involved like that of banks or government. However, even after being a powerful blockchain technology, every type of cryptocurrency also has its limitations in the industry.However, according to recent statistical publications, cryptocurrency is practically usable in any industrial domain, given it deals with financial and digital transactions. Cryptocurrency mining continues to be a profitable business even after the ongoing high and lows. And China stands the biggest industry player accounting for 75% of the total control on the overall mining network. These figures are proof enough that even though the crypto industry had its fair share of risks and losses, people are still willing to play in the industry domain.It is why many industries consider AI to work best in combination with the blockchain. Both have been undoubtedly the most significant technologies that have greatly accelerated technological innovation and brought in numerous changes in every industry.AI Cryptocurrency TransformationsThus, to understand the potential of AI realized via blockchain technology, the following are the top five ways how artificial intelligence is successfully transforming the crypto into a thriving industry.ScalabilityArtificial intelligence has been successful in decentralizing learning systems to enhance the overall efficiency of transactions. Even data sharing methodologies are designed to assure scalability on a long way to achieve expending goals to the maximum.Blockchain technology has been successful in operating cryptocurrency at a consistent pace of 1MB at every 10-minute mark. It has already been growing at a successful pace of raising over 100 GB. When Satoshi Nakamoto first introduced blockchain technology, he brought forward the concept of pruning as a possibility to delete additional data involved in the completion of transactions so that the entire blockchain is not limited to a single computer.SecurityAfter the buzz around the launch of Facebook cryptocurrency Libra and its increasing concerns for the US government for it to be used by terrorists, enhanced protection is enabling crypto-coins to make their place in the digital currency across the globe. Although it is almost impossible to hack a blockchain network because of how it is designed initially, there is always a risk of scammers who try to break the system. As the system, much opposed to its name ‘cryptic,’ is not cryptic at all. It is a transparent, decentralized system that operates right in the public eye. Here artificial intelligence gets worthy of playing a significant role. From the past few years, machine learning has made incredible progress, and this makes it a perfect ally to assure secure deployment of blockchain applications.EfficiencyAccording to the 2019 Global Blockchain Survey, respondents were interested in investing US$5 million more in blockchain initiatives compared to last year. 53% of respondents accept it as a critical need for transactions, while 83% see the compelling use of blockchain in AI cryptocurrency.Therefore considering these figures and the possibility of the growth, utilization, and efficiency of operations while reducing total costs, an efficient AI system undoubtedly will be able to compute the performance of transactions instantly. Additionally, faster transactions are possible with enhanced smart marketing efficiency and much lower energy consumption. Despite structural constraints and uncertainties, this can bring a significant reduction in the potency of networks.PrivacyLike every other technological advancement being circulated nowadays, cryptocurrency has its privacy concerns too. Artificial intelligence can not only provide reliable privacy enhancements but work great to reduce the risk involved with customer data.However, there may be some considerable problems with security and scalability with its interconnectedness. These can be easily addressed with the inclusion of innovations working hand in hand with providing greater utility. Hence, the fusion of cryptocurrencies with artificial intelligence assures that privacy is not compromised at every level, and most importantly, breaches don’t make it up to the news.Energy SavingsTo be executed with perfection, cryptocurrency mining requires an unrealistic amount of resources and energy. However, with the inclusion of artificial intelligence and its name, having proved that energy and resources can easily be saved and kept at the backend as a plan B to be used if something goes wrong.Cryptocurrency is the product of the digital age. As much as any such financial medium would require strict regulation, it saves the energy of involving third party author, the centralized banking system, and any government organization to look after.Moreover, it has increasingly shifted a hefty weight from the miner’s pockets as it has lowered investments in mining hardware. You can easily use a single computer system synced with others through software to create a successful blockchain cycle.ConclusionAll in all, it can be said that where artificial intelligence has paved its way in almost all aspects of our lives, cryptocurrency is also one where it has successfully incorporated emerging technologies. However, AI cannot serve as a one-stop solution to cover up every drawback of cryptocurrency. Neither can it work like a flick of magic to replace human intelligence. What it can do is to bring enhanced control and facilitation to the fast execution of features associated with transforming cryptocurrency for good.How Artificial Intelligence is Transforming Crypto Industry
Coinspeaker Geneva Motor Show Will Not Take Place Due to Coronavirus FearsThe Geneva Motor Show has been canceled as a result of the coronavirus outbreak and the fears that it may be lurking in large assemblies. The Swiss auto show is dabbed as one of the largest car exhibition shows in the world, where most high-end carmakers assemble to showcase their best models.Since its doors are open to both the carmakers and also the public, the organizers took precautionary measures to keep the health of their clients first. Coronavirus has disrupted other major events in the world like that from social media giant Facebook Inc (NASDAQ: FB), F8 which was also canceled due to coronavirus fears. Another major event that has been canceled as a result of the coronavirus outbreak is the GSMA’s Mobile World Congress.It is a huge blow to the automakers who are compelled to install massive machines worth millions, expecting to showcase their best innovations. Most automakers use such events to announce to their customers on the latest model which is meant to be a flagship till the next auto show. As a result, the automakers will have to device new ways of reaching their customers in announcing and showcasing their latest auto model.Until the cancelation of the Geneva Motor Show, the organizers were advising the attendees to avoid any sick persons. Speculations on the cancelation of the event had been looming in the mainstream media for the past few weeks after coronavirus was confirmed in Swiss.Effect of Canceling the Geneva Motor Show Due to CoronavirusAs of February 28, Switzerland’s authorities had confirmed nine cases of coronavirus with fears of community spread. On Thursday, the Basel-city was forced to put a group of children into a two-week quarantine after one of the caregivers tested positive of the coronavirus.In a statement, the Chairman of the Foundation Board Maurice Turrettin said:“We regret this situation, but the health of all participants is our and our exhibitors’ top priority. This is a case of force majeure and a tremendous loss for the manufacturers who have invested massively in their presence in Geneva. However, we are convinced that they will understand this decision.”The organizers are now working on dismantling the installed machines and then determining the financial consequences for the investors. The organizers also noted that the tickets which had already been sold to the participants will be refunded fully.Coronavirus outbreak is now becoming a load that all sectors are bearing. If the situation continues worsening, it will be a dim future for mankind that will go down the history books.Geneva Motor Show Will Not Take Place Due to Coronavirus Fears
Another bitcoin exchange-traded fund (ETF) proposal is in the garbage. This time, the application came by way of two companies known as Wilshire Phoenix and NYSE Arca Inc., both of which wanted to “mix bitcoin and short-term treasuries.”
Arca Is Pushed Aside
The proposal from both ventures was immediately dashed by the Securities and Exchange Commission (SEC), thereby removing another opportunity for crypto enthusiasts to trade professionally. A regulator commented in a statement:
The Commission concludes that NYSE Arca has not established that the relevant bitcoin market possesses a resistance to manipulation that is unique beyond that of traditional security or commodity markets such that it is inherently resistant to manipulation.
This has been one of the biggest problems with the SEC. They do not believe that the bitcoin market is not susceptible to manipulation, and in many ways, they’re right not to think so. Bitcoin experienced a massive bull run in 2017 that saw one unit of the world’s most popular cryptocurrency trading for nearly $20,000 by the time December rolled in.
However, a report issued by University of Texas finance professor John Griffin ultimately claimed that bitcoin was being manipulated by users of Tether, a controversial stable coin that is allegedly backed by USD reserves. The report suggests that every time bitcoin fell by even the slightest margin, Tether owners would use their coins to purchase BTC, thereby tying it to the U.S. dollar and giving it a short, temporary boosts along the way.
This method ultimately backfired the following year. Bitcoin lost more than 70 percent of its overall value in 2018 and was trading for a measly $3,500 by Thanksgiving of 2018. The currency did not exhibit signs of recovery until April of the following year.
Changpeng Zhao of Binance fame also recently commented on how easily bitcoin and other cryptocurrencies can be manipulated through tactics like burnings.
ETFs Don’t Have a Good Run
Frank Koudelka – a global ETF product specialist at State Street – says that while he likes the idea of a bitcoin ETF, he understands the SEC’s stance on the matter. He explains:
Bitcoin ETFs make sense based on the efficiency of the ETF investment wrapper, but we understand the regulators’ stance on surveillance and market manipulation concerns. We are excited by the prospects for ETFs leveraging the blockchain, regardless of if they are digital currency or traditional asset classes. This ultimately provides the ability to broaden distribution and enhance efficiency.
Other big-time ETF proposals to get the axe in recent months include those submitted by Bitwise and Van Eck. The former’s application was ultimately rejected in late 2019, while Van Eck – which was in league with another company known as Solid X – pulled the plug on their own ETF proposal after nearly a year of delays from the SEC.
The post Arca and Wilshire Phoenix Bitcoin ETF Is Shot Down appeared first on Live Bitcoin News.
Bitcoin has dropped below the $9,000 mark recently, and things are slow in returning to their original bullish form. While the world’s number one cryptocurrency appears to be on a steady rise (BTC is currently trading at a little over $8,900, a jump from the $8,700 it was experiencing yesterday), the currency is nowhere near the $10,400 it was at roughly two weeks ago.
Bitcoin Is In Unfair Shape
The good news is one source is claiming that bitcoin, despite the recent drop in price, will not slink below the $8,200 mark. An individual who goes by the name “Analyst Plan B” on Twitter – who at press time, enjoys more than 70,000 unique followers – has stated the following:
Update: my two cents on #bitcoin price – 2020: BTC stays above $8,200 (so we are NOT dropping to $6K or $4K levels that others are predicting now). May 2020 halving: will be above $10K. 2021: bull run starts after the halving and tops $100K before Dec. 2021. #Not Financial Advice.
That last little section is likely included to save himself from any repercussions should the world’s number one cryptocurrency decide to go against his prediction(s), but either way, he doesn’t believe bitcoin will drop further than the low $8,000 range. This is good news considering what a low point 2019 ended on. Sure, the currency had doubled its price since the beginning of the year, but it sure went through plenty of ups and downs to get there.
BTC even surpassed $13,000 at one time last summer, thereby reaching its highest point since the 2017 bull run that saw the asset trading for nearly $20,000 per unit around Christmastime of that year. However, the currency lost nearly half of that value by the time 2019 was ready to call it quits and ended the year at a measly $7,200.
Plan B went on to say:
8.2K bottom still stands. It would really be unprecedented if it breaks, never happened before. Note it has nothing to do with s2f.
The Strange and Wonky Predictions Just Keep on Coming
This has certainly been a wild and wacky year for bitcoin price predictions, and not everyone agrees with Plan B. Figures like Willy Woo and Tone Vays, for example, see the bitcoin price falling as low as $4,000 before May’s upcoming halving. From there, the event would propel the currency into a higher position, though they suggest the currency could lose roughly $1,000 – $2,000 each month until that happens.
By contrast, figures like “Crypto Bull” on Twitter are going all out in their positive bitcoin waves. Crypto Bull suggests that one unit of bitcoin could potentially reach as much as $500,000 by the time 2021 is ready to ring in. This is even larger than Tim Draper’s newfound idea that BTC will reach $250,000 by the end of this year.
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Coinspeaker Biotech Stock Market Is Under Coronavirus Effect as Companies Are Working on VaccineThree major biotech companies, which are working on developing a vaccine or cure for the deadly coronavirus, have seen their stock markets defy the overall market plunge. The select biotech companies have either announced testing the vaccine on human victims or in the process of verifying a vaccine with the respective regulatory body.The three biotech companies include Moderna Inc (NASDAQ: MRNA), Novavax Inc (NASDAQ: NVAX) and Gilead Sciences Inc (NASDAQ: GILD). Most of them had previously not recovered fully from the 2008 financial crisis, which saw them in a decade of losing streak. Thanks to the coronavirus outbreak, their stocks are now showing signs of pushing even higher to retest the all-time highs.Over the past week, the Dow Jones futures and its counterpart benchmark S&P 500 have received the biggest coronavirus blow as they continue into the correction mode. Analysts are warning the correction might continue if the virus is not tamed soon enough, and with the uncertainty plus fast spread into other countries from ground zero, China, the stock market will continue bleeding out.However, the so perceived safe-havens are enjoying the existence of the virus as they continue soaring up. With the investors moving with pace to secure a pie in the safe-havens, their demand increases sharply as hence the uptick in their market price.Deeper Delve into Biotech Stock Market Defying Coronavirus OutbreakModerna Inc (MRNA) its stocks sharply rise after the company announced it had sent its vaccine to U.S. government researches. As a result, the stock market moved from $18.55 to trade around $29 in just a day, which represented a 56% change. At the moment of writing, the stock is in red, however. It is trading at $22.88 (-12.54%).The trial vaccine labeled as mRNA-1273 is in the first phase of testing and could end up taking a year in verifying and going into mass production. Due to the logistics involved, it is not known if the virus will still be a global threat or it will have disappeared on its own.The other is Novavax (NVAX) is a Maryland-based biotech company, which successfully developed the vaccine for MERS and also for SARS. The company announced on Wednesday that it is planning on using its trial vaccine on humans affected by the coronavirus this spring. As a result, the shares shot up nearly 41% from $7.95 to $11.20. Today, the stock keeps growing. Its price is $14.47 (+22.63%).The last but not the least is Gilead Sciences (GILD) which has developed a vaccine dubbed Remdesivir. Earlier in the week, the WHO gave a good recommendation on the vaccine which has seen the U.S. government use on a patient with the mild condition of the coronavirus. As a result, its stock market price rose by %7 to trade above $70. However, at the moment of writing the GILD is trading at $67.80 (-6.69%).Biotech Stock Market Is Under Coronavirus Effect as Companies Are Working on Vaccine
Coinspeaker Ripple’s David Schwartz Says Third-Party Cryptos Could Launch on XRP LedgerRipple’s XRP price falls together with other markets. But David Schwartz doesn’t care as the Ripple Ledger, XRP and the longtime holders will soon receive a significant boost. A company presents a new type of transactions for externally created tokens. Developers propose improvements to the Ripple Ledger to the public. Ripple CTO didn’t say much about the new functionality and the possible impact on the crypto prices. But he mentioned stablecoins, which is a major trend among institutions and even the Central Banks in 2020. The trend with banks and governments creating own tokens and stablecoins rises. Previously, people like Christine Lagarde or Ben Bernanke could say Bitcoin is a shady, unstable, unbacked asset. Now, they want their own ‘stablecoins’. And the primary tech behind a stablecoin is Bitcoin’s canonical blockchain. With slight differences and additions to allow KYC, centralized emission and other optional stuff. The Ripple’s devs will allow pegging stablecoins to any ‘external value’ sources. Per David Schwartz stated:“Stablecoins is the obvious use case, but it’s not just stablecoins its essential assets pegged to some external value”In October, he already outlined a part of these plans. Part of the talk was about the ways for third party assets to be very liquid via Ripple’s net. So, Ripple is already popular and some assets suffer recognition. Ripple here plays as the provider of attention and technological advancement:“Well, I started working on what we now call the XRP Ledger at the end of 2011; so I’ve been at this for eight [or] nine years… but the changes have been drastic. I mean in the early days all we had was the ability to perform a transaction on a decentralized ledger in just a couple of seconds, and then we started to realize that the properties of the algorithms that we developed allowed us to do things like a decentralized exchange.”New Ripple Ledger Feature Is Valuable for Central BanksSuch a feature is not new to the cryptocurrency community. Tether’s operations work on top of several blockchains and token platforms, such as Omni, Ether, Tron and other ones. Also, Bitcoin Cash has a separate layer called the SLP-Token ecosystem which allows people to create own tokens on top of BCH blockchain.However, since Ripple aims at conquering the world’s largest banks, not retail investors first, its pitch may have something new inside. David also claims that Ripple’s network will have 100% guarantees of liquidity. Which is not the guarantee of the many other stablecoins. Ripple has it all, thanks to its popularity and decentralized web of high-level corporations such as Microsoft as partners.He also explains why blockchain-based systems don’t update features as often as companies who issue centrally controlled, classic software:“You can’t really do that on a public blockchain – if the rules change, people have to run the software with the new rules. You want to ask why these systems don’t move more quickly, why they don’t add features on a regular basis, that’s why.”He added that the new Ripple release includes a few new changes that he suggested.It’s ‘Hopelessly Naive’ to Wait Till Bitcoin Adopts New FeaturesRipple CTO continues to say that Bitcoin, as well as Ripple, will not adopt the changes in a quick way. It is slow for the adoption of new protocols because the fall of Bitcoin or Ripple due to the unexpected bug is not something the market is expecting. Per Schwartz:“In the early days before I was working on the XRP Ledger, and I was looking at Bitcoin, and we sort of had this idea that if there was any new feature, Bitcoin would just adopt it. We now know that that’s hopelessly naive because any change to a system like this imposes costs on everybody who uses the system.”Regarding the ability to delete accounts to prevent spam:“This feature allows XRPL accounts to be removed from the ledger and recover most of the reserve locked in the accounts for spam prevention.”Anyways, the significant changes must receive approval from all the Ledger participants, otherwise, they have no chance for actual implementation. Before making any code, developers dump ideas on public chats to see how Ripple fans react and gather valuable feedback.Ripple’s David Schwartz Says Third-Party Cryptos Could Launch on XRP Ledger