Developer Jack Mallers has announced that Lightning Network wallet Zap is ready for testnet use with its Beta release on Monday. The project has been open-source since its inception, but the release of Zap aims to make transacting on the Lightning Network easier for the average user. Proceed with caution. For now Mallers maintains the Beta solution isn’t ready for a mainnet launch just yet. Any attempt to transfer cryptocurrency through the Beta app can result in a loss of funds and backlog the apps developers in continuing to make progress.
The activist investor won’t go near bitcoin for three reasons. Carl Icahn in an interview with CNBC expressed his distaste for cryptocurrencies, calling them “ridiculous,” but unlike others who were quick to write digital coins off, he admitted that in this case, the problem may lie with him. In true curmudgeon style coupled with a dose of self-deprecation, he pointed to limited understanding and old age as two of the key reasons he’s on the sidelines.
“Maybe I’m too old for them, but I wouldn’t touch that stuff,” he quipped. Separately, Warren Buffett, who similarly will only invest in companies whose business models he understands, doesn’t predict a happy ending for cryptocurrencies. Though these baby boomers aren’t buying, the millennial generation would increasingly choose bitcoin over other asset classes.
While speaking to CNBC at the Milken Institute’s MENA Summit in Abu Dhabi, Cameron and Tyler Winklevoss, better known as the Winklevoss twins, took a dig at the older generation of the financial community who mostly criticizes cryptocurrencies, stating that they don’t understand the future of money. The Winklevoss twins were asked to respond to criticism leveled by Wall Street personalities, including legendary investor Warren Buffett, who stated bitcoin was a “real bubble,” and JP Morgan’s CEO Jamie Dimon, who claimed the flagship cryptocurrency was a “fraud.” The twins had previously addressed Dimon’s comments. As reported by CCN, they dared the CEO to short bitcoin, since he believed the market was going to fail in the long run. DImon has since revealed he regrets his bitcoin ‘fraud’ remark, although he remains uninterested in the cryptocurrency.
Binance, the world’s highest-volume cryptocurrency exchange, denied rumors that it had been hacked after maintenance dragged on long past its originally-posted timeframe, leaving traders unable to access the platform. On Wednesday afternoon, Binance abruptly posted on Twitter that the exchange, which regularly handles several billion dollars worth of volume in a single day — was undergoing system maintenance and that users would likely experience “a temporary decrease” in performance. An hour later, the exchange posted another update, explaining that the maintenance — which involved fully resyncing the company’s replica database — would take longer than originally expected and that it could take “several hours” to get the platform back online.
The analysis found that since 2017, bitcoin payments have become economically infeasible due to a tenfold increase in transaction cost that can account for as much as 30% of smaller payment amounts. The slowness of transactions was also cited.
One Russian dark web user released a statement advising vendors they had to find an alternative to bitcoin to keep his business. The average transactions in the underground economy begin at between $50 and $300. Speed of payment is important on the dark web, as delays increase the risk of being cheated. The prospect of having to wait up to 24 hours to confirm transactions, along with high payment fees, has rendered bitcoin payments unusable for many dark web users.