The world of cryptocurrency continues to be one of both ups and downs. On one hand, Bitcoin Graffiti, a software developer and graffiti artist, draws comparisons between Bitcoin adoption and the adoption of John Harrison’s chronometer in the 18th century. Similar to the chronometer, Bitcoin’s properties are superior, but it may take longer than expected for mass adoption to occur. Despite its relative advantages, it is governed by five parameters: relative advantage, compatibility, complexity, trialability, and observability. Much needs to be built, reinvented, and translated before the masses get onboard.
On the other hand, legal woes continue to plague significant players in the cryptocurrency world. Do Kwon, a co-founder of Terraform Labs, is currently facing numerous fraud charges and has been requested for extradition by both South Korea and the United States. Montenegro is considering extending his custody for another six months before deciding on his possible extradition. The accusations against Kwon stem from his alleged significant role in the Terra crash last year, which caused multibillion-dollar losses. The Securities and Exchange Committee (SEC) in the United States has previously asserted that Terraform Labs had orchestrated a massive crypto scam, further intensifying the legal battle.
In another ongoing legal battle, lawyers for Ripple have accused former SEC Director William Hinman of receiving payment to attack XRP in favor of Ethereum. The released documents suggest that Hinman’s speech was not only a free pass for Ethereum but also an attack on XRP. Despite recent drops in XRP’s value, enthusiasts remain optimistic and are hoping for a positive outcome that could potentially boost the cryptocurrency’s price to a new yearly high.
In conclusion, the cryptocurrency world continues to be in flux. While Bitcoin’s superiority in properties offers promise for the eventual adoption of the cryptocurrency, legal issues continue to plague major players in the industry, adding uncertainty to the future of various cryptocurrencies.