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Controversial Bitcoin developer Gloria Zhao steps down as Core maintainer – DL News

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  • Bitcoin Core maintainer Gloria Zhao steps down.
  • Her resignation comes amid ongoing OP_RETURN debate.
  • Zhao’s supporters say that alleged harassment contributed to her resignation.

Gloria Zhao, a prolific Bitcoin developer, has stepped down as a Bitcoin Core maintainer after three and a half years in the role.

On Thursday, Zhao submitted a pull request to the Bitcoin GitHub repository, removing herself as one of six people able to push updates to the software that underpins much of the $1.3 trillion blockchain.

It’s not clear what specifically motivated Zhao to step down. She did not immediately respond to a request for comment.

During her time developing Bitcoin, she primarily worked on improving network efficiency, reliability, and resistance to specific attacks and inefficiencies.

Ongoing schism

Her resignation comes amid an ongoing schism in the Bitcoin development community surrounding OP_RETURN, a script opcode that allows users to embed non-monetary data into transactions.

Proponents, which include the Bitcoin Core maintainers, argue that users were already using workarounds to include non-financial data in transactions.

Other supporters say removing limits helps address emerging use cases such as layer-2 proofs, sidechains, and decentralised apps.

Yet critics oppose the idea because it shifts Bitcoin from a purely financial technology to a general-purpose data blockchain, a change they fundamentally disagree with.

In June, Zhao was criticised over her decision to finalise a change to Bitcoin Core that would relax filters on non-financial transactions.

Bitcoin Core is the most popular software for accessing the Bitcoin blockchain; it accounts for around 77% of all nodes, so when one of its features changes, it’s a big deal.

Mixed reactions

Zhao’s departure has drawn mixed reactions from Bitcoin developers and users.

“Gloria Zhao’s resignation marks the overdue end of a corrosive tenure defined by reckless protocol changes,” Justin Bechler, a prominent critic of Bitcoin Core, said on X.

Zhao’s stepping down was widely celebrated among those who are critical of expanding Bitcoin transactions beyond purely financial uses.

Yet others are mourning the loss of a dedicated Bitcoin contributor.

“Congratulations you finally did it. You bullied one of Bitcoin Core’s most prolific and consistently excellent maintainers until she gave up,” Chris Seedor, whose company makes Bitcoin wallet backup devices, said on X.

Many of Zhao’s supporters say that alleged harassment from some of her critics, coupled with the toxic environment surrounding the OP_RETURN debate, contributed to her resignation.

“This doesn’t make Bitcoin safer,” Seedor said.

“It makes it poorer, thinner, and less secure because you just taught the people who carry the protocol that sustained harassment is the price of competence.”

Tim Craig is DL News’ Edinburgh-based DeFi Correspondent. Reach out with tips at tim@dlnews.com.

Crypto Sentiment Hits Rock Bottom as Fear and Greed Indexes Flash ‘Extreme Fear’

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On Sunday, the crypto economy appears to be stitching itself back together after last week’s whiplash-inducing run and a decidedly bearish pullback. Even with prices bouncing, the Crypto Fear and Greed Index hosted on coinmarketcap.com (CMC) signals sentiment stuck in the “extreme fear” zone, posting its lowest reading since CMC rolled out the proprietary gauge. […]

Bitcoin Bear Market Comparison Sparks New $50,000 BTC Price Prediction

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Bitcoin (BTC) gained up to 3% Sunday, but some traders refused to believe that the BTC price crash was over.

Key points:

  • Bitcoin price comparisons warn that new macro lows are due if the 2022 bear market continues to repeat.

  • Moving averages and the cost basis of the US spot Bitcoin ETFs are in focus.

  • Analysis says that a carbon copy of 2022 is not a certainty.

Bitcoin capitulation “hasn’t happened yet”

Data from TradingView showed BTC/USD crossing $71,000, now up 20% versus Friday’s 15-month lows.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

As the weekly close neared, Bitcoin added characteristic volatility, while market participants remained highly skeptical that the rebound would last.

Uploading a chart to X which compared current BTC price action to the 2022 bear market, independent analyst Filbfilb had no good news for bulls.

“Im not going to try to dress it up any way other than how it looks,” he commented alongside a chart showing spot price versus the 50-week exponential moving average (EMA) at $95,300.

BTC/USD one-week chart. Source: Filbfilb/X

Analyst Tony Severino held similar ideas, contributing multiple price indicators and concluding that new lows were all but guaranteed.

“$BTC final capitulation hasn’t happened yet,” trader BitBull agreed, like Filbfilb referencing 2022. 

“A real bottom will form below $50,000 level where most of the ETF buyers will be underwater.”

US spot Bitcoin ETF data. Source: Checkonchain

The US spot Bitcoin exchange-traded funds (ETFs) currently have an average buy-in cost of $82,000, per data from monitoring resource Checkonchain.

BTC price deja vu continues

Earlier, Cointelegraph reported on a key bear market feature for Bitcoin based on two other trend lines: the 200-week simple (SMA) and exponential moving averages. 

Related: What crashed Bitcoin? Three theories behind BTC’s trip below $60K

Together, they form a “cloud” of support between $58,000 and $68,000.

In one of his latest market takes at the weekend, Caleb Franzen, creator of analytics resource Cubic Analytics, argued that here too, the ghost of 2022 was in play.

“In May 2022, Bitcoin retested its 200-week MA cloud. Bulls said ‘that’s it, we’ve retested the long-term moving average & can continue higher now.’ Price immediately rebounded on that zone, produced a long wick, & closed above the midpoint of the weekly range,” he summarized.

“But then that rally faded… Price came back into the 200W MA cloud a few weeks later, failed to rebound, then sliced through the cloud in June 2022. What are we seeing right now? The first retest of the 200W MA cloud with a long wick.”

BTC/USD one-week chart with 200 SMA, 200 EMA. Source: Cointelegraph/TradingView

Franzen note that the market may not replicate the previous bear market “perfectly.”

“The reality is that no one knows what happens next,” he acknowledged.