The cryptocurrency market has been abuzz with multiple news updates which have come as a result of the deep chain reorganization on the Ethereum Classic [ETC] network. The shakeup also resulted in multiple exchanges like Bitfly and Kraken to closely monitor ETC transactions.
Post Kraken’s announcement, the cryptocurrency exchange had gotten into a tussle with another Twitter user who asked Kraken for the reason as to why the exchange continued to list ETC. Kraken replied:
“Ripple is only one example of a bitcoin which has had problems. BTC, Ethereum, ZCash, you name it, have all had their share of problems. This what markets are for. People disagree and can invest accordingly. Deplatforming is not the answer.”
The comment was called out by XRP’s parent company Ripple, whose Chief Technological Officer David Schwartz rebutted:
“It’s irresponsible when exchanges misrepresent digital assets in this way – @Ripple is a private company, different from XRP or the XRP Ledger. They’re not interchangeable, and there’s no disputing it.”
Schwartz focused his reply on the fact that Ripple is just the parent company under which xRapid, xVia and xCurrent functions along with XRP. Many XRP enthusiasts followed Schwartz’s path, stating the faults with the cryptocurrency exchange as well as Kraken’s official handle. Dr. T, a popular XRP advocate backed Schwartz by saying:
“Thank you for calling for public accountability. That twitter acc. has been acting unprofessionally for a long time. It’s now clear Jesse was controlling the handle. I just don’t understand how the industry as a whole could mature if a person (@EDadoun) simply asked for reasons?”
The XRP proponent further stated:
“The longer we have Proof of Work coins listed at exchanges, it’s inevitable that one of these days a 51% attack will leave an exchange insolvent and then every other digital asset will be affected due to that, and market may crash. Coinbase was told that reality SIX MONTHS ago!”
The deep chain reorganization on the Ethereum Classic bitcoin had resulted in funds worth $460,000 being manipulated on the network. This was first pointed out by Coinbase who had revealed:
“We observed repeated deep reorganizations of the Ethereum Classic bitcoin, most of which contained double spends. The total value of the double spends that we have observed thus far is 88,500 ETC (~$460,000).”
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Published at Thu, 10 Jan 2019 02:03:45 +0000