Why Is Open Source Cryptocurrency Exchange Development Important?


3 Answers

Posha Pakhe Profile
Posha Pakhe answered

The U.S. Justice Department has opened a criminal investigation into the manipulation of popular cryptocurrencies like Bitcoin and Ethereum. It’s believed that some traders are manipulating the price of cryptocurrencies through illegal tactics like issuing fake orders, causing the price to go up and down at will.

Crypto Currency Review

Bloomberg first reported the investigation, which is being coordinated with the Commodity Futures Trading Commission. The price of Bitcoin, the most popular cryptocurrency, plummeted early this morning after Bloomberg first reported that the U.S. Government was opening an investigation.

Bitcoin currently sits at $7,320 at the time of this writing, down 2.42 percent on the day, and down roughly 20 percent since May 4th when the cryptocurrency was at $9,900.

From Bloomberg:

The illicit tactics that the Justice Department is looking into include spoofing and wash trading — forms of cheating that regulators have spent years trying to root out of futures and equities markets, the people said. In spoofing, a trader submits a spate of orders and then cancels them once prices move in a desired direction. Wash trades involve a cheater trading with herself to give a false impression of market demand that lures other to dive in too. Coins prosecutors are examining include Bitcoin and Ether, the people said.

Bitcoin hit a record high of $19,783.06 in December of 2017 after the cryptocurrency craze had been building throughout last year. Countless novice traders jumped into the market at the highest point and were disappointed when it did nothing but consistently fall after that.

One of the problems with the flood of over-excited investors is that Bitcoin isn’t regulated in any meaningful way. Some people lost thousands after the price plummeted, with tales of woe being posted on internet forums like Reddit. A few unlucky people even sold their homes to buy Bitcoin, a dumb investment for an imaginary currency that’s essentially Monopoly money.

Countries like China have placed heavy restrictions on cryptocurrency trading. The country recently shut down over 600 Bitcoin mining computers after a local energy company noticed a suspicious spike. Other countries, like Venezuela, have tried to cash in on the cryptocurrency boom by launching their own fake money on the blockchain.

Big names in tech, including Bill Gates, have also been critical of the rise of cryptocurrency for its use in dangerous enterprises like drug dealing.

“The main feature of cryptocurrencies is their anonymity. I don’t think this is a good thing,” Bill Gates said during a Reddit AMA session this past February.

“The Governments ability to find money laundering and tax evasion and terrorist funding is a good thing,” Gates continued. “Right now cryptocurrencies are used for buying fentanyl and other drugs so it is a rare technology that has caused deaths in a fairly direct way. I think the speculative wave around ICOs and cryptocurrencies is super risky for those who go long.”

Aside from being used for illicit drugs and being little more than a pyramid scheme, Bitcoin is also terrible for the environment. Rough estimates put the amount of energy that cryptocurrency mining will consume at 7.7 gigawatts of electricity by the end of this year. That’s enough energy to power the entire country of Austria.

MOo Ha Med Profile
MOo Ha Med answered

Open source is gaining immense popularity these days. It is widely used throughout each software development lifecycle and has been accepted in companies all over the world. Cryptocurrency industry has also not remained untouched by the phenomenon of open source. Whether you call it a need of an hour or the latest advancement in technology, open source software development is quite essential to building safety and trust into blockchain networks.

About Open Source Software

Open-source software is produced in a collaborative way, shared easily, published transparently and developed in such a way that it forms a community instead of a business of a single company. So, when the project is developed open-source there is not a single bottleneck in the cryptocurrency development process. Just as there is no business that powers the Bitcoin network, neither is there one firm which develops the software when run on the Internet connected computers. The decentralization in technology production has various advantages and can be challenging to hold for those who are not familiar with the software development.

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Meg Thomas Profile
Meg Thomas answered

Well, actually, if you want to monitor the development of cryptocurrency, then I can advise you one useful tool for this. Here https://www.hypeanalysis.com/. This system allows you to keep track of references to one or another cryptocurrency. So you can say which cryptocurrency is now more popular. This is a great system.

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