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Stellar News

IBM And Stellar Partnership In Jeopardy Amid Exec Disruption

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IBM And Stellar

The IBM and Stellar partnership has been featured on many altcoin news sites and was praised as something that the crypto world needs. However, a series of disruptions have apparently put this partnership in jeopardy, the latest news show.

As a company that is always pro technology, IBM (International Business Machines) has been pioneering the adoption of blockchain and cryptocurrency in the Fortune 500 arena for some time now. In order to strengthen its presence, the American firm has teamed up with some of the biggest companies and showed them how its technology can be used to benefit their bottom line – and society as a whole.

The IBM and Stellar partnership was one of the examples of further innovation in the crypto and blockchain spaces. However, it all changed when a recent exclusive from a crypto-friendly news site known for its “scoops” and interviews showed that IBM has just lost its chief technology officer – Stanley Yong.

Yong acted as the company’s lead for its central bank digital currencies (CBOC) initiative. As reports in the coming altcoin news show, he was integral to the “Big Blue’s” ventures in the blockchain space. Now that he is gone (along with his connections), the IBM and Stellar partnership is in clear jeopardy.

Most importantly, no one knows why Yong left or where he is headed next. However, the latest cryptocurrency news show that IBM is concerned  – as well as many other involved parties.

Aside from Yong, the IBM and Stellar partnership is also concerned by the news (from weeks ago) that Jesse Lund, the Global Head of IBM Blockchain who made a $1,000,000 Bitcoin price prediction, suddenly departed the firm.

Both Lund and IBM gave very immaterial and confusing statements, with the former stating that he had left “but am still optimistic about payments innovation using Blockchain.”

With all of this in mind, the IBM and Stellar partnership is definitely in jeopardy. Anonymous news sources show that there is no one to laud the projects and lead the company and partnership in the right directions.  Still, the good news is that IBM is unlikely to shutter its blockchain division because of the executive departures.

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Stellar News

Stellar Development Foundation: 2 Billion Lumens Airdrop Cancelled

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The Stellar Development foundation will not be airdropping 2 billion lumens tokens after all and in our Stellar news today we find out why.In a blog post yesterday, the Stellar development foundation and Keybase announced they are canceling the airdrop of 2 billion lumens after they got attacked by ‘’hordes’’ of fake accounts and as the blog post noted:
“This month will be our last of the Stellar Space Drop. On the week starting Dec. 15, we will distribute the final 100 million Lumens among all qualifying members.”
Back in September, Stellar unveiled its largest airdrop to date with about $120 million at the time and the Stellar Development Foundation partnered with Keybase which is a file-sharing application that was willing to distribute the funds over the course of 20 months to verified users on the platform. Each user that was verified was eligible for up to $500 in XLM. Both Stellar and Keybase received a lot of press from the promotion and Stellar even received coverage from almost every major publication while Keybase gained thousands of new users signing in thus growing its user base by a quarter.Keybase claims that the fake sign-ups overwhelmed their capacity to verify the accounts and therefore they had to shut down. Although they say that the campaign ‘’ mostly worked’’ the cancellation of the airdrop will have a serious impact on the users who feel that were duped. That said, the Stellar Development Foundation said that it ‘’reserves the right to end this giveaway early’’ from the beginning of the promotion.After promising to give away 2 billion in XLM, the foundation’s remaining treasury will still represent more than 30 percent of the total token supply which is a major point of centralization.  As per the reports, The Cardano chief Charles Hoskinson recently had a chance to talk about the Stellar Development Foundation (SDF) and its recent decision to burn 55 million XLM tokens which were worth around $4 billion at the time. Hoskinson noted that this move has created little in the way of value for Stellar's foundation and noted that the funds should have been invested in development. However, the token has gone into a mode of suffering along with Bitcoin and other cryptocurrencies which are deep in the red today during the most recent price tumble.
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Stellar News

XLM Forms A Bearish Wedge And A Bearish Short-Term Trading Outlook

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XLM forms
XLM forms a bearish wedge pattern and a bearish short-term and medium-term trading outlook as we are about to see further in the XLM news today.Stellar has formed a bearish short-term and medium-term trading outlook and the four-hour time frame shows a bearish wedge breakout has taken place by forming a bearish head and shoulders pattern being triggered. Stellar Lumens remained under downside pressure following the recent technical rejection from the $0.54 level but with a heavy downtrend still underway on the broader crypto market. XLM recovered to above $0.56 when BTC suddenly surged and took the rest of the market with it.The XLM/USD pair lost about 40 percent from the November price peak and it is currently trading around one percent lower than the December opening price. The technical analysis shows that the XLM forms a bearish wedge and a head and shoulders breakout on the daily time frame moving the cryptocurrency back towards the November swing-low.  The four-hour time frame shows that the bearish breakout from the rising wedges pattern taking place, provoking a 14 percent decline in the cryptocurrency.A breakout under the November lows encouraged further selling pressure and pushed Stellar Lumens towards the September 2019 monthly low closing to the $0.48 level. The bulls ideally have to rally the cryptocurrency toward the $0.66 level just to stabilize the XLM/USD pair which would require a rally of more than 20 percent from the current levels. Breaking the November swing-low at about $0.51 support level could even cause a strong buying reaction among the XLM/USD bulls. The Relative Strenght index on the daily time frame shows that the XLM is quite oversold while the MACD indicator is still bearish.According to the latest sentiment data, the short-term sentiment towards Stellar Lumen is neutral at 64 percent and the overall long-term sentiment towards the cryptocurrency is bearish at 22 percent. The four-hour time frame shows that the key technical resistance is now located at $0.66 and $0.69 levels and the technical resistance over the medium term is located at $0.85 levels. The four-hour time frame shows that the XRP/USD pair is now in a strong medium-term technical support around $0.51. The critical long-term technical support for XRP is located at a $0.40 support level and the altcoin is proving that it failed to rally and shake off the bearish medium-term pressure.
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Ripple News

XRP And XLM Leaders As Worst-Performing Crypto Assets

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matic collapses
XRP and XLM are officially leaders as worst-performing crypto assets year-to-date during the year when the rest of the crypto market made up of the lost value. In today’s Stellar news, we read further about their price movements.The altcoins are still down by more than 90 percent from their all-time high prices and even a fund composed of Bitcoin and other major cryptocurrencies, are still down by about 80 percent from the initial investment which was made back in 2018 in January when the crypto hype bubble began to burst.The bubble deflation crushed the altcoin market and even took Bitcoin’s price from a high of $20,000 to over 80 percent lower to the $3,100 position before the asset rebounded to $14,000 during the parabolic rally in 2019. While this year Bitcoin made up for most of the lost value, it wasn’t really able to set a new record and now it’s trading at about half of what it was at the peak of the year. Still, Bitcoin tops the list as one of the best-performing assets this year with a 92 percent return on investments.The rest of the crypto market didn’t do well as Bitcoin with a few exceptions. Tezos and Binance coin are both up by 160 percent on the year and Chainlink as well got up by more than 600 percent for the year making it among the top-performing assets on the market. The rest of the altcoins didn’t fulfill their dreams as many of the major altcoins from the crypto Bull Run got down by more than 80 percent from their all-time high as XRP and XLM did.Litecoin (LTC), Bitcoin Cash (BCH), Ethereum (ETH) and Monero (XMR) all saw some smaller gains for the year but they failed to come nowhere near as close as their former all-time high prices. Ethereum which is the number two cryptocurrency by market cap, led the hype bubble alongside Bitcoin and only recovered by 7 percent this year. Ripple native asset the XRP was the second-worst performer and set a new bear market low this year after it dropped as much as 39 percent year to date as we reported earlier.
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Cardano News

Cardano Chief Charles Hoskinson On Stellar’s $4B Burn: ‘Insanity’

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The Cardano chief Charles Hoskinson recently had a chance to talk about the Stellar Development Foundation (SDF) and its recent decision to burn 55 million XLM tokens which were worth around $4 billion at the time.Hoskinson noted that this move has created little in the way of value for Stellar and noted that the funds should have been invested in development. The main guy behind Cardano was in the crypto news through an ask-me-anything video which was live streamed on his YouTube channel earlier this week.In the AMA session, the Cardano chief Charles Hoskinson was asked about Stellar's XLM burn and whether he considered that the SDF's decision is legit - or was a mistake. To this, Hoskinson answered:
“What value did [the token burn] create for Stellar? There was a short-term price appreciation that the markets took back. And they've permanently lost all that value that could protocol development, or for community development.”
The Cardano chief also claimed that the SDF had prioritized the short-term gains at the expense of the protocol and its integrity. In his opinion, token burns were intrinsically a bad idea. However, Hoskinson said:
“It’s like basically saying, ‘I can’t figure out what to do with this big pile of money, so I’m just going to set it on fire to make money scarcer, to give a small gift to everybody. It’s insanity. Burns never work – they’re market manipulation in the short-term for speculators at the expense of the future of the protocol.”
The Foundation was in the news before and said that Stellar "is not mined, so the lumens now in public hands are there because we’ve worked hard to get them there over the last four years." They also pointed out that SDF "can be leaner and do the work it was created for using fewer Lumens."You can watch the full AMA session by the Cardano chief Charles Hoskinson below.https://www.youtube.com/watch?v=lSVNj3g6sDMThe Stellar Lumens news showed XLM rocking up to short of 19% after the burn. However, the token has gone into a mode of suffering along with Bitcoin and other cryptocurrencies which are deep in the red today during the most recent price tumble.While Bitcoin (BTC) is now below $7,500, Stellar's XLM token also lost 5% and is at $0.0589. Cardano (ADA), on the other hand, lost 6% overnight and positioned itself at $0.0369.
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