Among the notable millionaires who made their fortunes off cryptocurrency, Charlie Shrem is a polarizing figure. A staunch supporter of bitcoin and the cryptocurrency space, Shrem spent two years in prison for activity related to an unlicensed money-transmitting business. Shrem even announced plans to continue to invest in the cryptocurrency space but to diversify his holdings and transfer his bitcoin profits toward real estate investments. He has also returned to the industry with a number of new projects and ventures.

He recently said that comparing altcoins with Bitcoin is a misleading argument and we have to focus on transaction speeds.

“Transaction speeds” when debating #bitcoin vs other faux-crypto’s is red herring argument. There were plenty of fast ways to move money before bitcoin. That’s not why we’re here. We’re building a censorship resistant value network that can-never be controlled by a single party.

— Charlie Shrem (@CharlieShrem) May 25, 2019

Bitcoin claims that “It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen.” Bitcoin has no central control: no central repository of information, no central management, and, crucially, no central point of failure. And yet, most of the actual services and businesses built within the Bitcoin ecosystem are centralized. They are run by specific people, in specific locations, with specific computer systems, and they are susceptible to specific legal entanglements.

As such, most altcoins offer no benefit over Bitcoin at all. Plus, they have less hash power securing them, involve fewer developers improving them and are usually less useful due to smaller network effects. And while many altcoins promise useful features, upon closer inspection, many of these promises are just that: promises.

The altcoin market has been consolidating at a collective market cap at around $100 billion.  That, combined with the fact that BTC hit historical resistance at about 60% dominance. The fact that the bulls succumbed to this resistance even after bitcoin’s parabolic run tells us that the index is still bearish. These signals tell us that the Bitcoin Dominance Index has topped off and is likely to correct in the near future. This assumption plays well with our narrative that alt season is not yet over.”

The blockchain industry has been backed with a phenomenon technology, one that has been defined to be a revolutionary development that has taken place in the 21st century.

The framework has been able to maintain and also improve the current technology continuously, but it requires to have constant implementations taking place to help eradicate the bugs and properly tackle issues like security and the ability to scale within the community.

Bitcoin Cash went ahead to announce that they will be adding the Schnorr Signatures to the network, this is in the hopes of improving the current security level and be able to accommodate for faster transactions on the platform.

The Director of Research at the Blockstream, Andrew Poelstra, went on to say that with the implementation of the Schnorr Signatures to the Bitcoin platform would go a long way in helping one of the most significant virtual assets create the multi signatures.

The Schnorr Signature will be able to offer several benefits,

Bitcoin has been using the ECDSA; this is because of the SSL Library that was needed during the very early developments of the Bitcoin, it required the open SSL to be used for the core cryptography. Poelstra stated that the Schnorr signature was able to provide the same alternative to the ECDSA when looking at the characteristics and the size.

However, it was able to enable Bitcoin to implement some of the bond protocols in their network.

Some of the significant benefits that we should take note of are the ability to enable users to create multi signatures between groups of people quickly. In this case, the signers can combine a public key into just a single joint key that will be able to represent them all.

If you would like to initiate a transaction all you need to do is an interactive protocol, and from here you produce an original signature, thus, allowing you to move your coins from one wallet to the next.

Poelstra went on to state that if the Schnorr Signature gets implemented, the EDSA will not have to get stripped off, as a network could have both of them.

The announcement on Monday about the delay of the decision on the Bitcoin ETF from VanEck has caused some doubts. This delay is making it the third time from the SEC. We think that the commission might be confused about how to treat the ETF. Maybe, they are contemplating whether to reject since the proposal has been on their table since last year. Let’s recall that the company withdrew the proposal in January when there was a government shut-down. In March, when they made the same proposal, SEC rejected it because it needs extra time and more feedback.

Reactions After The Third Delay By SEC

We recall that at the beginning of this month, Bitwise proposed a Bitcoin ETF but SEC delayed its ruling too.

A VanEck/MVIS director, Gabor Gurbacs, went on Twitter to express his grievances on what SEC is doing. According to his tweets, the commission is trying to play god instead of doing their jobs. Gabor went further to state that SEC should do its job of reviewing the appropriateness of products. Afterward, it should leave the public to accept or reject. The commission should not be responsible for deciding whether the product has merits or not.

The next date for the decision like we learned from the previous announcement is the 19th of August. However, insiders in the crypto community are constantly monitoring the revival of Bitcoin since this year began. From what they’ve seen so far, they don’t believe that one ETF will be responsible for turning things around.  Also, they think that SEC may not even decide as we expect by August.

Authority Figures Express Disappointment

Another figure who reacted to the delay is an Attorney who deals on litigations concerning blockchain tech and digital assets. According to Attorney Chervinsky, the commission may likely delay its decision again until October 18th which is the last deadline.

Also, a prominent figure in the industry has aired his views on the delay tactics which SEC is employing. According to the CoinList co-founder, Andy Bromberg, the Bitcoin ETF may not be as important as we thought anymore.

Other authority figures made comments mostly expressing their disappointments over the third time delay of the VanEck Bitcoin ETF. For instance, Bloomberg stated clearly while speaking with Yahoo Finance that the industry has entered a new level. As such, it may no longer mind the ETFs.

SEC Needs Time To Understand the Industry Better

From what is happening, it seems that the commission is gradually learning about the crypto space. It is trying to understand the complexities in the industry and also get to know more about the players. Remember that in early May, SEC also delayed its decision on the Bitcoin ETF that came from Bitwise.

Moreover, the commission has reached out to the public to get more insights to guide its decision. SEC has listed some critical questions for the general public to answer so that they can decide on the ETFs.

To get full access to the questions, you have to visit https://www.sec.gov/rules/sro/cboebzx/2019/34-85896.pdf.

Also, to make your comments back to the Security and Exchange Commission, you can also visit https://www.sec.gov/rules/submitcomments.htm

The two links above are SEC’s official pages treating the issue of the ETF pending decisions. The community may yet get a positive answer on the October deadline. If that will be the case, the public comments need to be positive.