Tag: tone vays

Hong Kong Vending Machines Accept Bitcoin Cash not Bitcoin Boasts Roger Ver

Bitcoin Cash (BCH) advocate Roger Ver recently took to Twitter to share a video of a Hong Kong vending machine which accepts BCH and Ether as payment options but not Bitcoin.

In the video, Ver pointed to Bitcoin’s high fees and congested network as the reason it was likely omitted from the payment options. However, YouTube Bitcoin influencer Tone Vays and trader Willy Woo responded tweeting that it’s more likely Ver paid for Bitcoin’s exclusion.  

Roger Ver posted the video above of the Hong Kong vending machine transacting a BCH payment. He explained, “You’ll notice there’s Bitcoin Cash, Ethereum, Binance Coin and some other ones, but there is no Bitcoin at all because it’s been broken.”

Ver’s Beef With Bitcoin

Ver has been outspoken on the topic of fees and network speeds in Bitcoin and believes Bitcoin Cash to be a purer version of Satoshi Nakamoto’s original vision of the cryptocurrency. He has also very adamantly disapproved of the efforts of those seeking to solve Bitcoin’s scaling issue by other means than larger blocks on the Bitcoin blockchain—which developers of the Lightning and Liquid Networks have called a dead end.

Ver’s frustrations at the advocates of the Lightning Network—Bitcoin’s most notable scaling solution—came to the forefront at Deconomy 2018 during his famous Bitcoin scaling debate with Blockstream’s Samson Mow. Ver’s main arguement is that Bitcoin is not close enough to a practical digital cash and should be a payment system on its own, while Mow argues that Bitcoin is actually meant to be a settlement system to build scalable payment solutions upon. 

Tone Vays and Willy Woo Suspiscious of Roger Ver

One of the most popular traders in crypto and YouTube influencer, Tone Vays was not impressed by the video and suspects Ver may have paid for the Hong Kong vending machine to prefer BCH over BTC. Vays also questioned whether the Hong Kong vending machine had ever transacted in BCH since the demonstrative video.

Another popular crypto trader, Willy Woo admitted that his first inclination was to agree with Vays’ assessment. Woo claimed it was common for “lower tier altcoins to pay to get access to ATMS” and thinks the video raises red flags on centralization of the crypto space.

— Tone Vays – TheFinancialSummit.com (@ToneVays) May 30, 2020

Ver has reportedly denied any involvement with the Hong Kong vending machines choosing Bitcoin Cash over Bitcoin. 

Tone Vays and Blockstream CEO's "Shitcoin List" Includes Ethereum, Ripple, Litecoin, and EOS

Updated 12 September 2020, 11:12 am UTC

Derivatives trader Tone Vays announced the new altcoins that just entered the Market Cap top 10 list, calling them “shitcoins,” which prompted a retweet from Blockstream CEO Adam Back, who seemed to agree.

Vays tweeted:

“As new shitcoins enter the Market Cap top 10 list, here is a historical list of every coin, how high it was on the list and when it last achieved this feat. My All Time Favorites are Highlighted”.

The tweet from Vays could come off as controversial, as it listed a lot of popular cryptocurrencies like Ethereum, XRP, Litecoin, Bitcoin Cash, Tether, Steem, EOS, Dash, TheDAO, Cardano, Bitcoin BSV, IOTA, Chainlink, and Monero. Therefore, for most in the crypto community, listing Ethereum among the alleged “shitcoins” could come off as unacceptable for many in the crypto community. On the Market Cap top 10 list tweeted by Vays, it appears that all current cryptocurrencies are deemed as shitcoins except for bitcoin.

The derivatives trader also highlighted 4 coins in yellow, that were part of Ponzi schemes and crypto scams: Auroracoin, Paycoin, TheDAO, and Bitconnect. The reasons for why he highlighted DAO as well are unknown.

Source: Tone Vays’ Twitter

According to the list and context, the new “shitcoin” he was referencing was Polkadot. Polkdat is the latest coin that surged into the top 10 market cap in September. Polkadot consists of a superstar project created by Gavin Wood, the co-founder and former CTO of Ethereum. According to the official website, Polkadot is a decentralized Web 3.0 blockchain interoperability platform. It should be no dispute that Blockchain CEO Adam Back agreed with the list, implying his support by retweeting Vays. Recently, Back tweeted a few times as well criticizing some famous projects like Ripple, Litecoin, Ethereum, Cardano, and SushiSwap.

On Aug 5, he tweeted:

“Bitconnect, Charles Ponzi, Ethereum, Onecoin, Cardano, Ripple, Bernie Madoff, Stellar, Dan Larmer. All looking very similar grade to me.”

On Sep 6, he added, “XRP ripple: swift network but blockchain, 100% premine, affinity scam pump, dump on retail & repeat.” He then said, “This is fun: Sushi: loan, airdrop, pump, dump Litecoin: silver to bitcoins gold, early mine/buy, coast, sell the top.”

Since its inception, Bitcoin holds the dream of removing “trusted third parties”, especially in the monetary and financial industry. What is abusrd is that the convenience of issuing new token or cryptocurrency, with hard fork, codebase resue and smart contract, introduced unlimited credit based cryptocurrencies, of scams or shitcoins. For example, besides some modification of parameters, Litecoin seemingly has nothing innovative, and the rest is marketing and propaganda, then become a billionaire with time. To compare Bitcoin and Litecoin, read “Litecoin vs Bitcoin”.

Currently, fiat money is issued by the central bank exclusively. The power of money issuance is an extension of power and remains in absolute control of a few people occupying positions of dominance within society. The fiat money is issued based on credit, a measure that may sometimes not be trustworthy at all. Bitcoin introduced a new money issuance standard, the Proof-of-Work (PoW), which is based on the spending of computing power, to replace trust-based issuance standards, and to save society from devalued currencies.

What is sad is though Bitcoin holds many advantages, it has also been leveraged for illicit purposes. Since the issuance of Bitcoin, Ponzi schemes for one have become increasingly popular. In addition, there are many cryptocurrency scams like Bitconnect and Plustoken that have risen to notoriety.

Even for star cryptocurrency projects, when faced with a potentially huge monetary gain, assets could be leveraged to conduct illicit activities. For the time being, it appears as though the only cryptocurrency touted by Tone Vays and Blockstream CEO Adam Back is Bitcoin, which is considered by many in the crypto community as being “digital gold” and a “safe-haven asset.”

At the time of writing, it is unsure whether Tone Vays and Blockstream CEO’s critics simply echo the visions of Bitcoin enthusiasts for the cryptocurrency, or whether it serves as a call to inflation.

Collaborated with Shine Li.

Bitcoin Price at $30,000 Could Mean BTC is Rising too Far too Fast, says Tone Vays

Crypto Analyst and Bitcoin trader Tone Vays has warned that should the Bitcoin price hit $30,000 this week, the crypto will be in the “rising too far too fast zone” which has typically lead to drastic price plunges.

Bitcoin surged above the $24,000 level and recorded a new all-time high over the weekend. Breaking past its resistance level at $24K, Bitcoin managed to reach over $24,200, but is not consolidating and trading slightly lower, at a BTC price of $23,839 at time of writing.

Sharing a chart analysis presentation, Tone Vays tweeted:

“I remain bullish going into Monday but if #Bitcoin is hitting 30k by end of week we would be in that Rising too far too fast Zone which historically ends badly.”

Tone Vays argues in his presentation that as Bitcoin tops the $23,000 to $24,000 range, a pull back to just $20,000 is not “healthy enough” and the popular crypto trader argues the market will soon correct lower than $20K.

However, a pullback to $20,000 for the Bitcoin price seems likely to Vays if the Bitcoin bull run’s momentum manages to carry it to $30,000, as it would represent a huge correction of 30%—but dependent on the speed of BTC’s rise Vays argues that the correction could be far more drastic.

Vays said in the attached video presentation that Bitcoin may be rising too fast:

“If we go to $30K really really quickly, that creates an unsustainable environment that  opens up sub $14,000.”

Drawing comparisons to Bitcoin’s rapid rise to $14,000 last year which saw Bitcoin plummet nine months later to under $5,000. While Vays is referring to the Bitcoin price swan diving with the rest of the traditional markets when the covid-19 market crash occurred in March this year, the trader argues that the drop was exacerbated by Bitcoin rising far too quickly to $14,000.

While Vays remains bullish on the Bitcoin price, he argues that the market is on the verge of going up too fast, far too quickly, and believes if the Bitcoin sees another monster increase this week, the correction could be equally devastating. He said, “This could be a $5,000 week” for Bitcoin.

Bitcoin Price Needs to Hold $31,500 to Avoid Deeper BTC Price Plunge says Tone Vays

The Bitcoin price is currently trading at around $33,500 falling from its peak of around $36,000 earlier today. Should BTC fall below the $31,500 level—crypto analyst Tone Vays believes we could see a deeper price plunge to the mid $20K range.

Over the last four days, crypto analyst Tone Vays has been warning Bitcoin traders of a Bitcoin price momentum reversal, so far with incredible accuracy.

On January 11, Vays tweeted his analysis which accurately predicted the $42,000 top for the BTC price:

“Wow, the #Bitcoin MRI Top was on the money today… As I said in my videos last few days, look for a 1-4 day correction then probably a new All-Time High by end of month $BTC.”

The following day on January 12, Vays’ chart once again accurately predicted the BTC price dip to $30,000 where he bought the Bitcoin dip.

According to Tone Vays, Bitcoin is now in the last day of a four-day momentum reversal for BTC and warns that if the Bitcoin price cannot maintain the $31,500 level, the correction will likely continue.

Tone Vays tweeted:

“#Bitcoin has just started a very critical 4th day of the 1-4 day correction from the MRI Top on Jan 10th. As long as we close above the blue line at $31,500 I would be looking for more upside into end of month. Closing below that line on 5th candle is trouble. $BTC”

As mentioned, so far Tone Vays’ analysis throughout this period has been spookily accurate and our own analysis also indicates a similar pattern below.

Bitcoin Price Analysis

The Bitcoin price drop is occurring in spite of the fact that funding rates on leading crypto-asset futures platforms have reset.

The funding rate is the reoccurring fee that long positions pay short positions to maintain the price of the future to the spot price. High funding rates, such as those seen on Saturday, was a major signaled a BTC price correction was coming.

In the daily chart below, there is a dead cross appearing on the MACD indicator, if we lose the 31k support it is likely that we will have another Bitcoin price flash crash below the $30k area. However, it appears to have a 50/50 likelihood of occurring due to the continued strong Bitcoin buying pressure from institutions.

The BTC price is trading near the trend line support, if the support breaks and we have a 4-hr candle closing below it. It is expected the price of BTC will suffer from further loss to below 30k level.

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