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Cardano Joins Hands with Ledger Wallet

Cardano joins hands with ledger wallet

Cardano Joins Hands with Ledger Wallet

Cardano joins hands with ledger wallet

It appears Cardano (ADA) is coming up short following last week’s bullish rounds.

bitcoin broke the $5,000 mark following several months in the doldrums. The currency had fallen to the mid-$3,000 range in late November 2018, and hung there until early April, when it jumped by nearly $1,500 in just a few short days. Many believed the bear rally over and had high hopes for what bitcoin could do.

Cardano’s Bull Run: Short-Lived?

In addition, the currency saw itself joined by several of its crypto-cousins, such as Ethereum and Litecoin. Ether tokens were trading for well over $174 each, while Litecoin is alleged to have jumped by over 200 percent in a single week. The currency broke the $80 mark, then spiked to $87, $90 and finally $100 respectively. Between the currency’s latest partnerships and a little attention on Twitter from the likes of Mike Novogratz and Charlie Lee, Litecoin has undergone a few surges of its own.

Cardano, on the other hand, is a different story. While the currency may have experienced solid runs last week, Monday has brought about a small drop in the currency’s price. ADA is trading for just over eight cents, which means it’s down by approximately 10.25 percent, marking the biggest “one-day percentage loss” since late February.

This also pushes Cardano’s total market cap down to approximately $2.2 billion. At its highest, Cardano stood at over $23 billion. ADA also only accounts for roughly 1.22 percent of the globe’s total cryptocurrency.

Perhaps the currency will gain a little more traction given its recent announcement. Cardano is now fully integrating itself with the Ledger wallet. The Ledger Nano S – thought to be the company’s most popular wallet app – is now fully compatible with ADA, meaning that users can now keep their private keys protected and securely gain access to their ADA stashes.

Ledger Nano S is also integrating itself with the EMURGO-developed Yoroi wallet, which will serve as a “companion app” and support the Cardano Ledger hardware wallet.

Nicolas Arqueros – CTO of EMURGO – explained in a statement:

This is an event people have been looking forward to for the past year. I am especially trilled to see many teams come together and cooperate on ground-breaking news in the industry. It foreshadows many more exciting commercial developments we have in store for Cardano in 2019.

Ledger has sold nearly two million wallets since it first came to fruition. The Ledger Nano S is also the only certified hardware wallet in existence, having garnered CSPN certification.

Cardano Moving Up the Ladder

Eric Larcheveque – CEO of Ledger – comments:

Our integration with Cardano is something the Ledger community has been looking forward to for a long time. We are constantly working to respond to the needs of our customers, so we’re thrilled to officially welcome Cardano to the Ledger platform, offering ADA investors world class security for their crypto assets.

Tags: Cardano, cryptocurrency, ledger

Published at Mon, 08 Apr 2019 17:04:10 +0000

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Morgan Stanley Analyst: True Price of Bitcoin Could Be Zero

In a recent report sent out to clients, Morgan Stanley analyst James Faucette cautioned that the “true” value of bitcoin might actually be zero.

Zero. Zip. Nada.

The report, titled bitcoin Decrypted, discussed the difficulty in ascribing value to the digital currency, noting that it behaves like neither a currency nor a store-of-value commodity like gold, silver, etc… Examining several key factors, Faucette points out:

  • bitcoin can’t be valued as a currency because it has no associated interest rate;
  • It may be likened to digital gold but, unlike gold itself, which is used in electronics, jewelry, etc.., bitcoin has no inherent use*;
  • While it is technically a payment network, bitcoin is difficult to scale and charges no transaction fee*;
  • bitcoin’s average daily trade volume over the last 30 days is only $3 billion* compared to $5.4 trillion in the FX market;
  • The estimated daily purchase volume for bitcoin is less than $300 million compared to Visa’s $17 billion

Bitcoin acceptance among Top 500 eCommerce Retailers

All of these facts, according to Faucette, underscore the fact that the digital currency has “virtually no acceptance, and shrinking.” In fact, he provides a handy chart (above) to illustrate his statement. Because of this, he maintains that “If nobody accepts the technology for payment then the value would be 0.”

Hold On There, Speed…

I hate to burst your bubble, Mr. Faucette, but some of your facts are…shall we say…less than factual. Mind you, I am no financial analyst, but then you don’t need to be to pick out these errors.

FACT 1 – bitcoin has no inherent use

This one is a little tricky to refute, but I’ll give it a go. Playing devil’s advocate, let’s say that bitcoin as a cryptocurrency has no inherent use. It’s underlying architecture, the blockchain, has a wide range of applications. I know…”But blockchain and bitcoin are two separate things…” True, but without the blockchain, we wouldn’t have bitcoin to begin with, so one could conceivably argue that – in this instance – they are two sides of the same coin.

bitcoin has other uses too – especially in a socioeconomic sense. Consider the current economic conditions in Venezuela and Zimbabwe. These people have been utterly failed by their respective governments. Inflation is through the roof, their native currency has about as much value as one-ply toilet paper, and people – families – are starving. So where are they turning? bitcoin. People are mining bitcoin and other cryptocurrencies so that they can survive. That’s pretty useful if you ask me.

Starving Venezuelans Turn to Bitcoin Mining in Desperation

FACT 2 – bitcoin charges no transaction fee

Um…hello? There is absolutely a transaction fee, and right now, we’re paying it out the wazoo. It’s part of those “scalability issues” you mention in your research report. Now, if by transaction fee, you mean a centralized service provider collecting a fee that goes into its own coffers, then I guess maybe you’re technically correct, but you’ve still missed the point. Kind of like tech support at a software company whose name will not be mentioned here.

FACT 3 – bitcoin’s average trade volume over the last 30 days is only $3 billion

What rock have you been living under? Go look at the historical data for the last 30 days on CoinMarketCap. It’s okay. I’ll wait. Second column from the right. The one labeled Volume. If you take the average of all 30 days, as of this writing, it works out to $11.8 billion – just a wee bit more than your $3 billion estimate.

Bitcoin average 24hr trade volume

I respect your experience and your financial acumen, Mr. Faucette, and it even looks like we both believe in the same old adage, “Forewarned is forearmed,” but if you’re arming your clients with inaccurate information, what purpose does it serve?

What do you think of Faucette’s claims? Could the true value of bitcoin actually be zero or is this just more wharrgarbl? Let us know in the comments below.

Images courtesy of Morgan Stanley, Reuters

The post Morgan Stanley Analyst: True Price of Bitcoin Could Be Zero appeared first on Bitcoinist.com.

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