Kelvin Low is professor of legislation on the Nationwide College of Singapore.
In mild of the current cryptocurrency meltdown and the mounting criticism of a know-how that has promised a lot however delivered little, it’s helpful to revisit Satoshi Nakamoto’s Bitcoin white paper and take into account what it will get unsuitable and why many imagine that blockchains can not work.
In “Bitcoin: A Peer-to-Peer Digital Money System,” Nakamoto, the pseudonymous individual or individuals who developed bitcoin, posited a chic resolution to double-spending, a possible flaw in a digital money scheme during which the identical single digital token will be spent greater than as soon as. However the issue was misdiagnosed. Whereby lies the misdiagnosis?
Our belief in banks lies within the debtor-creditor relationship between banker and buyer, not in stopping double-spending. The place our accounts are in credit score, the connection entails the client performing its contractual obligation by extending a mortgage to the financial institution earlier than the financial institution counter-performs, repaying the mentioned mortgage.
In different phrases, we belief that after we name upon our banks to carry out their aspect of the cut price, whether or not by withdrawing money at an ATM or directing them to make an interbank switch to a specific payee, they’re prepared and capable of carry out. This belief is reversed when the financial institution extends credit score to us for the reason that order of contractual efficiency is right here reversed.
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It would come as a shock to many, however we aren’t, in precept, involved with whether or not or not a monetary middleman permits the double cost of its clients’ cash. Immediately, it’s not unusual for monetary intermediaries to encourage clients to utilize their providers by the use of so-called cashback schemes, during which a small share of funds is “refunded” to the client. Such cashback schemes, in spirit not less than, offend the so-called double cost precept.
As a result of trendy financial principle assumes a versatile cash provide, with personal banks chargeable for creating not less than a part of this provide, double funds are usually not in precept objectionable.
The important thing lies not within the precept however within the sensible implementation: since personal cash is basically a debt, are intermediaries capable of generate enough earnings to cowl the brand new cash they create, whether or not by working earnings reminiscent of service provider charges or massive infusions of fairness, in order that they’re able to meet their liabilities?
Think about the usage of good playing cards reminiscent of Pasmo, an IC card issued by subway operator Tokyo Metro, or MTR’s Octopus card in Hong Kong, the place one safety concern can be if a consumer tampered with their card’s credit score. While this may occasionally look like an issue of synthetic inflation of the cash provide, the priority is definitely extra elementary than that.
A consumer pays by MTR’s Octopus card at a retailer in Hong Kong: one safety concern can be if a consumer tampered with the cardboard’s credit score.
No authorized system permits personal people to create claims in opposition to one other with out the latter’s consent. Moreover, as a result of digital cash on public transport good playing cards is basically a declare in opposition to the issuer, on this case transport corporations, there is no such thing as a precise inflation of the cash provide, and the fraudulently created cash is booked as a loss to the issuer.
As a result of the blockchain’s obsession is with stopping this solely imagined drawback of double-spending, it utterly ignores the much more commonplace frauds that happen every day.
When the cryptocurrency business describes the blockchain as a safe, decentralized ledger, you will need to observe that the safety is anxious completely with ex-post-ledger edits as a result of that’s what double-spending entails.
However anybody finding out frauds involving ledgers, whether or not financial institution ledgers or land registers, will know that no fraudster targets the ledger itself. Slightly, they aim the end-users immediately.
Which means blockchain safety is akin to the notorious Maginot Line constructed by France to discourage invasion by Germany earlier than World Struggle II, besides that it could be pointed within the unsuitable route at Dover. For this reason we see hacks frequently for what’s marketed as safe. Even worse, as a result of blockchains are immutable, the way in which during which we’d usually deal with such frauds by reversing the fraudulent switch is rendered extremely impractical.
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This can be as a result of the transferee can’t be recognized. The whole lot within the cryptoverse is pseudonymous. Or, if the transferee will be recognized, they’re situated in one other jurisdiction and is uncooperative. Over time, it’s inevitable that the blockchain ledger will develop more and more inaccurate as extra errors and frauds happen, and solely a proportion are, with a lot effort, reversed.
Cryptocurrency lovers dismiss the importance of those safety breaches by preaching a libertarian creed. To make use of cryptocurrency necessitates what some describe as intense self-discipline. One should be alert to potential safety breaches 24-7, twelve months a yr. Human fallibility is insupportable.
However this isn’t how the legislation works. All authorized methods face the tough alternative of allocating losses when an proprietor is disadvantaged of their property by a fraudster who then sells the identical to a bona fide purchaser.
The strain is one between static safety favoring the proprietor and dynamic safety favoring the bona fide purchaser as a result of the fraudster is commonly both nowhere to be discovered or is an individual of straw.
There isn’t a uniformity around the globe when it comes to the place the steadiness ought to lie, and plenty of authorized methods even apply totally different balances relying on the character of the property concerned.
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No authorized system on Earth, going again a number of centuries, has ever adopted a libertarian view of how losses needs to be allotted and possession established, making it tough to see how blockchains can work as authoritative information of possession.
The inevitable fork between the ledger and the authorized established order is amenable to solely three options.
First, the blockchain prevails over the legislation. This can be a heartless alternative and, because the case legislation rising over disputes involving crypto-assets exhibits, will not be at the moment accepted. Second, the legislation prevails over the blockchain, and the ability to edit the blockchain is embedded in its protocol, successfully making the blockchain pointless since its immutability which is its very raison d’etre, is successfully neutered.
Third, the legislation prevails, however the blockchain stays immutable. This makes the ledger totally ineffective for the reason that solely factor worse than an inaccurate ledger is one that’s immutably inaccurate.
Except entire societies shift their collective ethical compass in a single day, the usage of a blockchain dictates that we should select between three equally unpalatable options: heartless, pointless, or ineffective.
Bitcoin prices hovered around $98,608 on Saturday on international exchanges, buoyed by the euphoria over Donald Trump-led Republican party reclaiming the White House. With its total market cap touching more than two trillion dollars, the oldest cryptocurrency has witnessed a spike of 51 per cent in the past one month.
There is hope that the Donald Trump-led US administration will adopt crypto-friendly policies when it takes over in January next year for its second term. The rally got further impetus when BlackRock’s spot Bitcoin ETF options were listed on Nasdaq on Tuesday.
Indian crypto industry insiders are naturally upbeat about this rally. Balaji Srihari, Business Head of CoinSwitch, says, “Bitcoin surged to an all-time high, signalling that the much-anticipated $100,000 milestone could be within reach- many analysts predict that this mark could be achieved as early as the end of November. Since the recent US election, Bitcoin has been consistently setting new records, encouraged by expectations of a more supportive regulatory framework and a potential national Bitcoin reserve; that can legitimise Bitcoin as a government-backed asset. BlackRock’s Bitcoin ETF debuting options trading on Nasdaq is a big sign of increasing crypto adoption.”
Apart from bitcoin, other crypto tokens too have witnessed a surge. XRP, for instance, has surged 188 per cent in the past one month, and 37 per cent in the past five days alone. Ether trades at $3,354 and BNB trades at $665 on Saturday, according to Coinmarketcap data.
Shivam Thakral, CEO of BuyUcoin, says, “In the last 24 hours, Bitcoin reached a record high of $99,000. XRP led the charge with a remarkable 25 per cent increase, driven by renewed optimism surrounding a more crypto-friendly regulatory environment in the US. It is anticipated that Donald Trump’s win in the election will drive the implementation of crypto-friendly policies, which will, in turn, enhance market sentiment. As trading volumes rise and hopes for ETF approvals increase, the future looks extremely positive for XRP and the wider cryptocurrency market as we near the end of the year.”
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Vishal Sacheendran, Head of Regional Markets at Binance, says, “Bitcoin’s rally, fuelled in part by the optimism surrounding Donald Trump’s re-election, represents a transformative moment for the crypto and Web3 space. His administration’s support for digital assets could lead to more progressive regulations, fostering an environment conducive to greater institutional and retail investment in the sector. I believe that the broader crypto ecosystem could benefit from policies that promote blockchain infrastructure, and provide a better route for financial institutions to engage with crypto.”
Caution needed
Despite all the positive factors, crypto experts believe that investors should stay cautious and not get too carried away. It is common knowledge that bull runs are often followed by steep corrections. So, one should be cautious before getting too elated. “Amid the excitement, traders should stay cautious. Big price jumps often lead to sharp corrections, and using too much leverage could amplify risks during volatile periods,” says Srihari from Coinswitch.
“It is also important to note that in a bull market like this, investors should also remain mindful, conduct thorough research, and not make investment decisions solely based on market sentiment or hype,” adds Sacheendran of Binance.
Cryptocurrency Prices Today, November 23: The broader market movement on Saturday sparked bullish momentum globally. Bitcoin remains steady at $98K, while major altcoins like ADA, XRP, and AVAX surged between 14% and 25%. Notably, Hedera (HBAR) and Stellar (XLM) emerged as top performers, registering jumps of 25% to 55% in the last 24 hours.
Simultaneously, the global crypto market cap witnessed a 1.5% increase in the past 24 hours, currently at $3.33 trillion. However, the total market volume declined by 12% from yesterday and is now at $219 billion. Let’s dive into a brief report on the top cryptocurrencies by market cap and their price movements on November 23.
Cryptocurrency Prices Today: BTC Holds Steady, ETH & SOL Unchanged, XRP Soars 15%
Bitcoin (BTC) remains stable at $98K, holding its position for the past 24 hours. Similarly, Ethereum (ETH) and Solana (SOL) have shown no significant movement during this period. However, XRP has surged by 14%, leading the gainers. Among the top meme coins, Dogecoin and Shiba Inu have also witnessed a 9% increase in the last 24 hours, reflecting positive momentum in the cryptocurrency prices today.
Bitcoin Price Today
BTC price chart appears steady, currently trading at $98,550. Its intraday low and high are $97,222 and $99,655, respectively. Bitcoin’s market cap is $1.95 trillion, with a 24-hour trading volume of $76 billion.
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According to Sosovalue data, 22.85 million BTC flowed out of 12 BTC ETFs. However, BlackRock’s IBIT data is still awaited. With a dominance of 58.59%, Bitcoin remains the largest cryptocurrency by market cap.
Ethereum Price Today
Ethereum (ETH) remains unchanged, currently trading at $3,333. Its 24-hour low and high are $3,262 and $3,428, respectively, showing minimal price movement. ETH has gained 7% over the past week, indicating positive short-term performance. With a market cap of $400 billion, ETH remains strong in the market.
The 24-hour trading volume for Ethereum is $38 billion, and it commands a market dominance of 12%. ETH ETFs saw an outflow of 8.47 million, and BlackRock’s IBIT data is yet to be released, which may further influence the market.
Solana Price Today
Solana (SOL) is down by 2% in the last 24 hours, currently trading at $255. Its 24-hour low and high are $252 and $263, respectively, showing slight fluctuations. Over the past week, SOL has risen by 17.5%, reflecting strong growth. With a market cap of $121 billion and a 24-hour trading volume of $7 billion, Solana remains the fourth-largest cryptocurrency globally.
XRP Price Today
XRP price has jumped by 15% in the last 24 hours, currently trading at $1.566. Its 24-hour low and high are $1.367 and $1.621, respectively, showing strong volatility. XRP has surged by 75% in the past week and 200% in the last 30 days, reflecting impressive growth. With a market cap of $89 billion and a trading volume of $20 billion, XRP is now the sixth-largest cryptocurrency by market cap.
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Meme Coins Performance Today
Dogecoin (DOGE) has increased by 9% and is currently trading at $0.42. Its 24-hour low and high are $0.3858 and $0.4296, respectively, showing solid market movement.
Similarly, Shiba Inu (SHIB) is also up by 9%, trading at $0.00002698. Its 24-hour low and high are $0.00002437 and $0.00002749, respectively, reflecting positive momentum.
On the other hand, other meme coins like PEPE, BONK, and WIF have experienced declines of 2% to 8% in the past 24 hours. These drops indicate some volatility in the meme coin sector.
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Top Cryptocurrency Gainer Prices Today
Stellar
Stellar (XLM) price is currently trading at $0.44, marking an impressive 55% increase in the last 24 hours. Its 24-hour low and high are $0.2766 and $0.4624, respectively, reflecting significant volatility and strong market momentum.
Hedera
Hedera (HBAR) is currently trading at $0.1542, up by 25% in the last 24 hours. Its 24-hour low and high are $0.1275 and $0.1681, respectively, showing strong price fluctuations and growth.
Cardano
Cardano (ADA) price is up by 24% and is currently trading at $1.09. Its 24-hour low and high are $0.85 and $1.137, respectively, reflecting significant movement, and it is the ninth-largest cryptocurrency by market cap.
Top Cryptocurrency Loser Prices Today
Peanut the Squirrel
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Peanut the Squirrel (PNUT) is down by 13% in the last 24 hours and is currently trading at $1.11. Its 24-hour low and high are $1.04 and $1.31, respectively, indicating a decline in its price.
Popcat (SOL)
Popcat (POPCAT) is down by 9% and is currently trading at $1.43. Its 24-hour low and high are $1.415 and $1.612, respectively, showing a decline in price over the past day.
Raydium
Raydium (RAY) is down by 8% in the last 24 hours and is currently trading at $5.98. Its 24-hour low and high are $5.913 and $6.432, respectively, indicating a decrease in price during this period.
Besides, the hourly time frame chart continues to spark bullish momentum for cryptocurrency prices today. BTC is up by 0.4%, ETH is up by 0.5%, and Dogecoin has risen by 4%, sparking discussions among traders and investors about future price movements.
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Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Cryptocurrency markets are trading higher, with Bitcoin hovering around $100,000 and Jim Cramer suggesting it is “a winner.”
Cryptocurrency
Price
Gains +/-
Bitcoin BTC/USD
$99,254.71
+0.88%
EthereumETH/USD
$3,281.28
-2.1%
SolanaSOL/USD
$253.09
-0.8%
Dogecoin DOGE/USD
$0.3987
+3.7%
Shiba InuSHIB/USD
$0.00002463
+0.3%
Notable Statistics:
IntoTheBlock data shows large transaction volume increasing by 47.5% and daily active addresses growing by 27.2%. Transactions greater than $100,000 are up from 13,321 to 18,859 in a single day. Exchanges netflows are down by 4.5%.
Coinglass data reports 113,608 traders were liquidated in the past 24 hours for $340.73 million. Open interest continues to stand at peak levels, $64 billion.
Polymarket data shows there is a 60% chance of Bitcoin touching $100,000 today and an 89% probability of it happening this month.
Notable Developments:
Top Gainers:
Cryptocurrency
Price
Gains +/-
StellarXLM/USD
$0.3194
+28.2%
XRPXRP/USD
$1.42
+20.6%
CardanoADA/USD
$0.9647
+19.9%
Trader Notes: Bitcoin nearing $100,000 sparked mixed sentiments among traders.
Altcoin Sherpa quipped “See you guys at $60,000” when Bitcoin failed to break through the psychological barrier.
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Crypto trader Seth highlights a “thick and sticky sell wall” as the obstacle.
Dogecoin founder Billy Markus stated, “maybe bitcoin will become a $99,000 stablecoin.”
Quinten Francois remains optimistic, stating the Bitcoin bull market has “just started.”
Daan Crypto Trades explained that traders are preemptively shifting from altcoins to Bitcoin as it edges closer to the $100,000 milestone.
He predicts a breakout, followed by consolidation could lead to altcoin rebounds. Until then, Bitcoin is expected to continue absorbing liquidity.
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