Monero [XMR] crashing the hardest – XMV delay and Apple’s mining app removal the reason
Monero [XMR] has been dipping all week by almost 30% and further by 15.81% in the past 24 hours. It is trading at $209.10 currently while it traded at $343 a week ago.
The most anticipated launch, the fork of this currency, MoneroV was scheduled to release today, March 15th.
According to the announcement made by MoneroV [XMV] a few days ago, the offspring release is delayed by almost 6 weeks. This delay was because of requests from users, trading platforms, and large mining pools. As a consequence and as per the experts’ statements, prices of XMR have dropped by 30% as mentioned earlier. The rescheduled launch date is postponed to April 30th on the block 1564965.
All the Monero holders will automatically hold MoneroV once it is released officially, the free tokens will be given out at a ratio of 10:1. This could possibly initiate positive growth a few weeks before the release, if not immediately. The delay might have caused declines in the net at present but the technical charts reflect a possible $200 potential bullish reversal point according to the cipher pattern rules.
Taimur, a Twitter user commented:
“Haha, how gullible are you if you believe this? This means that not a single exchange wants to list this scam… so no, there are no exchanges having difficulty setting things up. LMAO… it’s a copy of Monero [XMR], how difficult could it be??”
Another Twitterati says:
“Suspicious, lots of Monero was selling off but before this was tweeted… Definitely a manipulative market, this looks scammy.”
Apple eradicates Monero-Mining App
This action was taken yesterday after it raked in $2000 in three days. The reason behind Apple removing the application from its Mac App Store called Calendar 2 was the ‘high energy consumption’.
The app allowed users to mine Monero in the background which supposedly was a burden on customer’s devices. Calendar 2 was developed by Qbix and was an improved version of Apple’s Calendar app.
Greg Magarshak, Qbix CEO emailed a statement to Ars Technica that they would remove the mining feature because the code took a long time to work out, and was not power efficient. It rapidly drained the battery, heated the device or unnecessarily strained the resources.
The email contained the following statement:
“Ultimately, even though we technically could have remedied the situation and continued on benefiting from the pretty large income such a miner generates, we took the above as a sign that we should get out of the “mining business” before we get sucked into the Proof of Work morass of incentives.”