Charlie Lee, the lead proponent, and developer of Litecoin [LTC], Riccardo Spagni, lead developer of Monero [XMR], and leading Chinese analyst Samson Mow recently held a joint talk session with the Belgium Angel investor popularly known as WhalePanda on Twitter.
They discussed some of the important issues concerning the Bitcoin network and the cryptocurrency markets; their discussion included #DelistBSV and the disinflationary characteristics of Monero. However, the most striking and alarming issue raised during the talk was Veriblock’s Bitcoin transactions.
Crypto-Twitter Vs BSV Supporters
The leading cryptocurrency developers and visionaries shared jokes on Craig Wright’s claims and Riccardo’s constant rebuffing of Wright’s claims on Twitter. He also added a light banter on during the comment that “Litecoin is the real Bitcoin as a satire on Bitcoin SV supporters calling their version the ‘real Bitcoin.’
Riccardo spelled it out again during the talk that:
“Craig Wright is a fraud. Please sue me, Craig Wright.”
Veriblock Spamming the Bitcoin Network
However, the most important and alarming point raised during the discussion was Veriblock spamming the Bitcoin blockchain. Veriblock is a cryptocurrency that is based on Proof of Proof, i.e., it extends Bitcoin’s Proof of Work (PoW) protocol to provide security on its chain.
@WhalePanda noted that:
“Veri Block is spamming the Bitcoin net pool… Its (Veriblock) like 30% of the Bitcoin transactions at the moment. “
Furthermore, the Veriblock transactions are paying the huge Bitcoin miner fees associated with it for unnecessary transactions. Hence, they unanimously agreed that it’s an unsustainable system that will fall on its face eventually. The Veriblock Mainnet was launched on 25th March 2019. While this comes into the limelight now, it might have been the reason for the surprise bull run on Bitcoin sparked earlier this month.
Samson Mow also added:
“This is why you need fees in a permissionless network.”
Last but not least, they were also concerned about the Initial Exchange Offering by Veriblock and other platforms which are very similar to ICOs in their pursuit of raising money. Moreover, Charlie Lee also commented on the issue saying that:
“There is a reason why anyone cannot participate in VC because they can easily be fooled”
Do you think Veriblock Spamming has something to do with the recent gains on Bitcoin? Please share your views with us.
Nivesh from Engineering Background is a full-time Crypto Journalist at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com