Hive’s Transactions Overtake Steem’s as Splinterlands Joins the Rebellion

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The most-popular Steem DApp has moved to Hive, resulting in daily Hive transactions overtaking Steem for the first time.

The most popular decentralized application (DApp) on Steem — a crypto-powered card trading game called Splinterlands —  has become the latest high profile migration to rebel  Steem fork, Hive.

As a result, the number of daily transactions on Steem has fallen by a third to drop below Hive’s for the first time. Hive is a community run fork of Steem, set up following the purchase of Steemit Inc by Tron founder Justin Sun.

The migration was a response to a surprise hard fork initiated in late May to freeze the tokens of former Steem block validators. Splinterlands wrote at the time it was joining the rebellion:

“This presents a huge, and unacceptable risk to the game. We cannot continue to operate on a chain where the changes aren’t public and we are not given adequate time for testing and review.”

Steem’s top game moves to Hive

Splinterlands announced the successful migration on June 2, encouraging ‘Splinterlandians’ to rejoice amid the move. The decision appears to have been positively received by many of the game’s players, with some users anecdotally reporting improved performance following the transition.

According to DappRadar, Splinterlands has more than 4,872 active daily users and 5,560 weekly users. The game has produced nearly 788,400 transactions over the past seven days — indicating that the migration has not impacted Splinterlands’ user base.

Splinterlands migration drives down Steem transactions

Data published to Hive-based decentralized blogging platform PeakD on June 3 indicates that Splinterlands’ move to Hive had a significant impact on the number of daily transactions taking place on Steem, which fell from nearly 600,000 to less than 400,000 amid the migration.

Daily transactions on Steam: PeakD

 

As a result of the corresponding spike in Hive activity, transactions rose above 400,000 — overtaking Steem for the first time.

Daily transactions on Hive: PeakD

Hive’s token is also outperforming that of Steem, with HIVE currently changing hands for $0.246 while STEEM is trading for $0.207.

Original source: https://cointelegraph.com/news/hives-transactions-overtake-steems-as-splinterlands-joins-the-rebellion

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Adam Back: Crisis Will Push BTC to $300K Even Without Institutions

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Crypto pioneer Adam Back thinks the current financial situation could propel Bitcoin to $300K — even without Goldman Sachs on board.

Blockstream’s Adam Back says that unlimited money printing will drive retail investors towards Bitcoin and push the price to $300,000 within five years.

In an interview with Bloomberg — in which he once again denied he was Bitcoin (BTC) creator Satoshi Nakamoto — Back outlined his thinking behind the sky-high price prediction.

The cypherpunk OG — who was cited in the Bitcoin White Paper — added that BTC may not need the long-awaited flood of institutional money to push it into a bull run.

“It might not require additional institutional adoption because the current environment is causing more individuals to think about hedging,” Back said. “And retaining value when there’s a lot of money printing in the world.”

Back is a HODLer

Back — who HODLs the BTC he mines in expectation of price appreciation — cited a number of trends working in Bitcoin’s favour. These included more people working from home as well as overvalued bonds and real estate investments which make it difficult to get a decent return on most investments.

“It is causing people to think about the value of money and looking for ways to preserve money,” Back said. “It’s a difficult environment to get any yield.”

While he praised institutional investment fund Grayscale Investments, which is now buying up more Bitcoin than is being mined, he said the investors’ call from Goldman Sachs last week showed many big players did not understand the paradigm shift. However, this was a money making opportunity for those already in the space.

“It showed some misunderstandings about digital scarcity and what’s useful about Bitcoin,” Back said.

“You have a major sophisticated market player like that with unclear understanding of the value. To me that indicates there’s still a lot of headroom for price appreciation and adoption in the market.”

Back in the day

In May, a YouTube video from Barely Sociable claimed Back was Satoshi and racked up 300,000 views. He’s in the realm of likely candidates, being an early cypherpunk who came up with Hashcash — a system of verification used by BTC. So is he the man?

“No I am not,” he said — but then added that Satoshi’s identity shouldn’t be revealed because Bitcoin is akin to digital gold and “you wouldn’t want gold to have a founder.”

“For Bitcoin to keep a commodity-like perception, I think it’s a very good thing that Satoshi stays out of the public.”

Which suggests that even if he was, he wouldn’t admit to it. It’s a Catch-22.

Inflation makes $300K achievable

In January, Back responded to reports that had unearthed early Bitcoin dev Hal Finney’s wild speculation that Bitcoin may be worth $10 million one day. Back said that it was entirely possible that high inflation could make 1 USD be worth 10 cents over a decade or so, which would mean: “$10mil/BTC is $1mil/BTC in today’s money.”

“And $100K Bitcoin doesn’t seem so far given we already crossed $10k threshold a few times when few expected even $1k some years back and $10k seemed crazy.”

With that in mind, it’s possible that Back expects a $300,000 BTC price in five years’ time to be more achievable as it would be worth considerably less in today’s money due to inflation.

Original source: https://cointelegraph.com/news/adam-back-crisis-will-push-btc-to-300k-even-without-institutions

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