Most cryptocurrencies are predicted to crash, Google Play removed MetaMask, and Chinese authorities want to limit mining
Ripple CEO: most of cryptocurrencies will disappear
There are over 3,000 cryptocurrencies in the world, and most of them are useless, Ripple’s CEO Brad Garlinghouse thinks. According to him, they will not have real use.
“The world doesn’t need 3,000 plus cryptocurrencies out there, and I think the utility will bear out that there will be a migration to quality if you will”, — he wrote.
Another factor is scalability. The demand for cryptocurrencies will only row and only some of them can be scalable.
Google Play removes Ethereum wallet MetaMask
Developers of a popular wallet of Ethereum and ERC-20 tokens said its Android version was removed from Google Play. Google cited their policy that bans mining applications, but MetaMask doesn’t have this function.
The wallet creators’ appeal was rejected. “It’s unclear whether the reviewer doesn’t understand the policy, or whether they are enforcing an unwritten policy” , — developers said.
Sichuan government to restrict mining
The authorities of Sichuan province which controls 54% of the network’s hash rate intend to introduce restrictions for miners.
The government will hold a meeting with representatives of mining companies and power plants to discuss the issue of reducing energy consumption for miners. It is not about complete banning of cryptocurrency mining.
Local authorities are concerned about lack of electricity during the dry winter. According to their forecast the demand for electricity will grow by 30% compared to last winter.