Dispute at IOTA – Dominik Schiener called on to resign

After a leaked discussion among the members of the Board of Directors of the IOTA Foundation, the founders are forced to make an official statement. After one of the founders, Sergey Ivancheglo, asked the chairman of the foundation, Dominik Schiener, to resign, a truce now seems to have occurred. So while the leadership is trying to converge, the IOTA course is still descending.

Today, Wednesday, 08.08.18., a leaked document was released to the public which traces a dispute among the five founders of the IOTA Foundation in the internal slack channel. In the course of this dispute, Sergey Ivancheglo in particular turned against the chairman of the IOTA Foundation, Dominik Schiener, and even asked him to resign. It seems that the members of the Board of Directors have fallen out completely.

Statement of the Bitcoin profit founders

A short time later, the five founders reacted with an official statement in order to regain the Bitcoin profit of interpretation over the matter. The background to the dispute was an extension of the Board of Directors of the IOTA Foundatioin. Since the registration of the foundation, only three of the original founders had been members of the board: http://www.onlinebetrug.de/bitcoin-profit-review Dominik Schiener, David Sønstebø and Ralf Rottmann. The other two, Serguei Popov and Sergey Ivancheglo, were not there for “reasons of timing and simplicity”.

This initial decision was to be corrected in March 2018 at the instigation of David Sønstebø. To this day, however, nothing has happened that would lead the two waiting founders to doubt the loyalty and trust of Chairman Dominik Schiener. Sergey Ivancheglo’s words begin the leak:

“I want to tell you all that I no longer trust Dominik Schiener and that it would be best for the future of IOTA if he left the Foundation. I don’t want to go into details, but you can get some information from the following chat”.

Dominik Schiener apparently denied the recording of Bitcoin profit

This is followed by a chat session from the internal slack channel, in which the five founders discuss how to deal with Bitcoin profit: https://www.forexaktuell.com/en/bitcoin-profit-scam/ The main point is that Dominik Schiener refuses to accept Ivancheglo and Popov as members of the board of directors. The reason for this is obviously the right of board members to delegate their voting rights to other members. Schiener apparently feared that both new members could transfer their voting rights to David Sønstebø, who would then have decision-making power.

Dominik Schiener therefore insists that the IOTA Foundation’s bylaws be amended to remove the possibility of voting delegations. In Germany, however, the amendment of the statutes of a charitable foundation is only possible by a resolution of the supervisory board. However, since this will only meet for the first time in September 2018 in a constituent meeting, the admission of the two members has also been postponed until then. Ivancheglo and Popov could no longer live with this circumstance.

Venture Capitalists: Ethereum yes, but later

A few months after the launch of the Ethereum platform, the first Ethereum startups aroused the interest of investors. But only in some cases did this lead to tangible investments by venture capitalists focusing on digital currencies.

According to interviews with the four leading investors in the blockchain/digital currencies sector, the first due diligence checks are carried out on start-ups in these areas, so these companies are assessed with the intention of investing. Ethereum has made a name for itself in this context thanks to the successful hard fork and the early interest of large financial firms.

According to Travis Sher, investment associate of the Digital Currency Group (DGC), between 20 and 30 Ethereum start-ups have been scrutinised to date. Bart Stephens, managing partner at Blockchain Capital, even revealed that the company had now invested in two start-ups. Blockchain Capital, one of the most active early-stage investors in the technology sector, is bullish about Ethereum, according to Stephens. The reason for this is the positive feedback that Ethereum does not only receive from Techies. The company has appointed a junior associate to focus on this area in its investment portfolio.

This portfolio also includes more well-known Bitcoin trader startups such as Coinbase and Xapo

We love Bitcoin and its Bitcoin trader, but we see a future with many blockchains. Some companies are interested in regulated or private blockchains – and Ethereum is at the top of those. Read more here: https://www.geldplus.net/en/bitcoin-trader-review/

The interest so far is a sign of great confidence in a system that only recently came onto the market with a limited number of features. Ethereum plans to expand the list of features further and wants to move from a proof of work to a proof of stake system regarding the verification of transactions. So the interest will rather increase.

With DGC, BoostVC and Pantera Capital, several venture capitalists with a focus on Bitcoin and the Blockchain have expressed their interest in investing in Ethereum startups – even though they have not yet given financial support to the entrepreneurs behind them.

DGC, for example, would like to invest in a digital currency company in the second or third quarter of 2016 and that “probably” Ethereum sSartups will be included in their portfolio by the end of the year.

This sounds sobering, but you have to remember that the first investment in a Bitcoin company was delayed until 2012 – three years after the Genesis Block mines. this investment, donated by Draper Associates, went to the former CoinLab incubator.

Investment challenges for crypto trader

Most VC firms stated that they found the time for a solid investment too early, they did not yet know whether Ethereum would remain on the crypto trader market in the long term.

Such statements coincide with statements about the developer scene behind Bitcoin, which is perceived as very healthy, stable and attractive.

“It is still difficult to evaluate Ethereum start-ups. The community is still quite small and the experience of young entrepreneurs in the cryptoscene can often not be assessed. This all leads to the fact that it is difficult to penetrate this startup scene”.

says Melten Demirors, Director of Community at DCG.

Demirors continued that the old Bitcoin community was more networked and technically savvy than the Ethereum ecosystem is now.

“We wanted to be the first to find talented people who wanted to solve a problem they believed Ethereum was the solution to or provided tools to find the solution to. That’s why we want to avoid those who want to speak up to the Ethereum hype and look for a problem that fits.”

Paul Veradittakit is a venture investor at Pantera Capital. Pantera Capital is often seen as a pure Bitcoin investor, but has recently adopted a multi-blockchain approach. According to Paul Veradittakit, Ethereum would fit in here, but there are still some concerns about Ethereum’s ability to meet future challenges.

“The issues of security and scalability need to be thought through. Clear use cases must also be identified.”

According to Veradittakit, Pantera does not yet plan to set up an Ethereum Fund in the style of the Bitcoin Fund, founded in 2014.

Grexit: Bitcoin Prize still unimpressed

GrexitIn the past week did not do much in things Bitcoin price. The price per BTC oscillated somewhere around the 225 dollar mark throughout the week.

According to the CoinDesk BPI (Bitcoin Price Index), the Bitcoin price started last week at 226.40 US dollars and closed the week at 222.87 US dollars. This represents a small loss of 1.56% over the 7-day period.

Bitcoin news seems to have fallen into a kind of price rigidity

At the beginning of the week there was still some price movement in play. On Monday the Bitcoin news price rose by 16 dollars to a high of 242 US dollars, then fell again by 22 dollars the following day and closed Tuesday at 226.96 US dollars. Sentiment Indicators: According to the Bitcoin news on Bitfinex, the mood on the Bitcoin market is slightly bullish optimistic.

The hourly swap activity was dominated by the longs over the shorts. The shorts were only slightly more dominant on the 4th and 5th, but were unable to hold their position for the rest of the week.

Overall, active swaps showed an upward trend for the longs. On the 08th, active swaps finally stood at 78%.

Short swaps reached their high of 27%, but are now back at around 20%.

On the regulatory front, Italy created a positive mood. The Italian central bank announced that digital currencies are not affected by the anti-money laundering laws for the time being.

Grexit’ good for Bitcoin news?

On the macro front in Europe Greek banks are on the verge of a debt crisis. They could even withdraw from the Eurozone. According to Bitcoin news, the chances of a so-called “Grexit” are currently at 50% like explained here: https://www.forexaktuell.com/en/bitcoin-news-trader-scam/

Arthur Hayes of BitMEX is bringing the Swiss franc into play. He says if Greece were to leave the Eurozone, there would be a panic reaction and many people would invest their money in Swiss francs. This in turn would increase the demand for Swiss francs so massively that Switzerland would be forced to introduce capital controls. And that’s exactly where Bitcoin comes in.

Hayes writes:

“When investors feel threatened by the threat of their assets being confiscated, they start to think outside the box. Bitcoin offers the possibility of a decentralised investment. In other words, the government could not access the assets. The bottom line is that events in the Eurozone could once again bring many cash buyers into the market and create a bull market.

Perhaps wishful thinking in the current lull on the Bitcoin market