Friday , February 26 2021
Home / Bitcoin (BTC) / Canadian VR Company Sells $4.2M of Bitcoin Following the Double-Spending FUD

Canadian VR Company Sells $4.2M of Bitcoin Following the Double-Spending FUD

Summary:
NexTech AR Solutions, a Vancouver, Canada-headquartered developer of VR and AR solutions, has booked a 0,000 profit after selling over 130 bitcoins. The firm justified its decision with the double-spending that allegedly occurred on the BTC network yesterday.According to a press release published by the company, NexTech has sold all of its BTC holdings, amounting to 130.187 bitcoins. With today’s prices, this amount is worth north of ,2 million.The sale has come less than a month after the initial purchase – revealed on December 29th, 2020. Despite the relatively short period, though, BTC’s price has expanded, and the firm managed to realize a profit of 0,000 after the sale. This means a 5% ROI in just a little over three weeks.However, what’s more interesting is the company’s

Topics:
Jordan Lyanchev considers the following as important: , , , , , ,

This could be interesting, too:

Jordan Lyanchev writes 13,000 Bitcoins Withdrawn from Coinbase: Institutional Investors Still Buying at K?

Jordan Lyanchev writes Charlie Munger Compared Bitcoin to Gold But He Won’t Buy Either

Jordan Lyanchev writes Coinbase Targets Direct Nasdaq Listing of its Class A Common Stock

Yaz Sheikh writes Bitcoin Price Analysis: Expecting Huge Move Upon Triangle’s Breakout

NexTech AR Solutions, a Vancouver, Canada-headquartered developer of VR and AR solutions, has booked a $200,000 profit after selling over 130 bitcoins. The firm justified its decision with the double-spending that allegedly occurred on the BTC network yesterday.

  • According to a press release published by the company, NexTech has sold all of its BTC holdings, amounting to 130.187 bitcoins. With today’s prices, this amount is worth north of $4,2 million.
  • The sale has come less than a month after the initial purchase – revealed on December 29th, 2020. Despite the relatively short period, though, BTC’s price has expanded, and the firm managed to realize a profit of $200,000 after the sale. This means a 5% ROI in just a little over three weeks.
  • However, what’s more interesting is the company’s reasoning for the sale. NexTech CEO Evan Cappelberg said that the decision came after reports of a “critical flaw called a ‘double spend’ may have occurred, which, if true, allows someone to spend the same Bitcoin twice.” 
  • The executive argued that such a development would undermine the faith in the BTC network. “If the system is built on scarcity and faith in the system, then a ‘double spend’ would eliminate both – essentially destroying the store of value it was meant to be.”
  • This alleged double-spending accident raised numerous concerns inside and outside of the community. Nevertheless, Andreas Antonopoulos, among the most popular BTC proponents, debunked the rumor with comprehensive tweets and explanations. 
  • He called the rumor an “irresponsible publication” and said that the situation was nothing more than two blocks getting mined almost simultaneously. 
  • Antonopoulos further explained that this was a regular block reorganization instead of a double spend and concluded that “nothing weird or outside the consensus algorithm happened. Bitcoin continues to work exactly as it should.”
  • Similarly, Blockstream CEO Adam Back shared Antonopoulos’s conclusion, saying that “there was no Bitcoin double spend. Stop misreporting stuff, seriously.”

You Might Also Like:

Leave a Reply

Your email address will not be published. Required fields are marked *