Telling that this week wasgoed a tumultuous one ter the altcoin world would be an understatement, which is finta the feat considering its high volatility relative to the bitcoin marketplace.
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Ter today’s All Things Altstem, wij look at some of the less-than-rosy events of the week te case you missed the play-by-play on reddit, Twitter and, of course, the exchanges.
Libertycoin price falls following developer uitgang
The libertycoin community experienced a severe price shock when a senior developer for the alternative digital currency left the project this week, tho’ it has since recovered.
The news – and alleged mass sale of his holdings – resulted ter a correction that brought the coin’s price from harshly US$0.07 to an promedio of $0.02.
Other developers for libertycoin released a statement on 28th May, clarifying their vision for how the altcoin would budge forward following the uitgang of the developer and the ensuing price collapse.
Ideas include setting up an ATM network te Mexico City, where the developer Templar77 resides, and integrating libertycoin into a separate exchange project being pursued te Mexico spil well.
Describing himself spil a libertarian and “maybe a crypto anarchist”, Templar77 took to task those who suggested the price collapse wasgoed an act of the development team, telling:
“I hate when people blame the ‘dev team’ for a given price ter the market. It’s not the job of a dev to care about the price. If the price falls is not our fault or our job to make it rise.”
Templar77 went on to say that “if you want a coin’s price to rise you have to work for it and not just depend on the ‘dev team'”.
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Darkcoin, x11coin rivalry triggers Twitter spat
The past two weeks have seen the meteoric rise of anonymous altcoins, digital currencies which leverage specialized network technologies to conceal both the source and identity of those conducting transactions.
Darkcoin, x11coin (XC) and monero are a few altcoins that have seen big increases ter attention from investors, traders and crypto-enthusiasts.
Earlier ter the week, a rivalry of sorts began inbetween the communities of darkcoin and XC which unluckily took a turn for the worse spil allegations of stolen or misrepresented code elements surfaced on Twitter and the Bitcoin Talk forum. Others questioned why the developer opted to keep some elements of the XC code private during development.
At the center of the argument wasgoed a tweet from the official darkcoin Twitter account, which linked users to the Bitcoin Talk postbode containing the allegation that XC’s developer had appropriated elements of fedoracoin.
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Some users quickly posted condemnations of the postbode, suggesting that members of the darkcoin community were intentionally sabotaging XC. Others defended the decision to use the official account to share the verbinding, deeming it an effective method to force transparency te an ecosystem rife with fraudulent behavior.
The event triggered a broad sell-off te the price of XC, which fell from from an promedio of $Two.70 to $1.40. At press time, the price of one x11coin wasgoed approximately $0.83.
The XC developer took the Bitcoin Talk forum and denied allegations that the code employed wasgoed appropriated from the fedoracoin code. There have bot calls for independent reviews of the code, spil well spil a shove for more information spil to why the accusations emerged ter the very first place.
The developer has announced that the forthcoming edition of XC’s Windows wallet demonstrates the anonymizing technology. Testing of this version is presently under way.
McDogecoin Onderdaan efforts evidently stifled
The dogecoin community recently launched an effort to promote the alternative digital currency ter an unusual way, by injecting onderdaan designs into a contest held by prompt food giant McDonald’s UK.
However, it emerges the community has run afoul of the competition, with its highest-voted entry having bot eliminated from the contest webstek.
On 20th May, McDonald’s UK announced the MyBurger promotion, a campaign that suggested users the chance to submit their own onderdaan designs on the company’s webstek. People can also vote online for their favorites.
After the contest finishes on 29th June, McDonalds UK will take the 12 top-voted ideas and choose five that will receive a month-long trial run at participating restaurants ter the UK.
The dogecoin community’s entry, called The McDogecoin, included hickory smoked bacon, nacho chips, spicy salsa sauce and crispy fried onions on a cheese and herb-topped ciabatta bun. The entry reportedly received ems of thousands of votes, and at one point wasgoed the highest-trending and most popular onderdaan ter the contest.
On May 29th, it emerged that McDonald’s UK had deleted the entry from its webpagina. Dogecoin ventilatoren quickly took to the dogecoin subreddit to discuss the matter, spil well call for votes for other doge-themed landbewoners like The WowBurger.
CoinDesk reached out to McDonald’s UK, who were unavailable for instantaneous comment.
Strange altstem of the week
Ter previous editions of All Things Altstem, wij’ve profiled alternative digital currencies that toe the line of trademark disturbance (te some cases, leaping right past the line). When it comes to coins modeled after celebrities, the most sobresaliente example is Coinye Westelijk, the now-defunct altcoin that utilized the likeness of rap starlet Kanye Westelijk, resulting te a entero lawsuit.
This week, a fresh altcoin called iaurabcoin debuted on the Bitcoin Talk forum, using the visage of a Latin American Twitter personality named Iaura B. who has almost 500,000 followers.
The alternative currency uses the X11 mining algorithm and is a proof-of-work/proof-of-stake hybrid, with an 11m coin max supply and werkonderbreking rente of 15% annually.
According to the developer, the objective wasgoed to leverage Iaura B.’s fame spil a means to both promote the coin and cryptocurrency at large via Twitter. The developer even suggested that users tweet at Iaura B. te order to generate rente and potentially bring hier aboard.
Unsurprisingly, many forum users suggested that Iaura B. would most likely seek to shut down the coin. CoinDesk reached out to hier PR team, who said:
“Wij already contacted the person who created the coin. If they will be making a profit out of it with our photo and reputation, then wij need to discuss that.”
On 28th May, the developer announced on Bitcoin Talk that the project wasgoed cancelled due to “unexpected circumstances”.
Have a peak about a sobresaliente happening te the altcoin world? Email CoinDesk at email@example.com.
Disclaimer: This article should not be viewed spil an endorsement. Please do your own extensive research before you consider investing ter the altcoin space.
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