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Bitcoin Consolidates While Ethereum and Altcoins Rally

Bitcoin Consolidates While Ethereum and Altcoins Rally | TheBittimes.Com | Scoop.it
Bitcoin price rallied further above USD 66,000 before correcting.Ethereum surged above USD 4,000, XRP is testing USD 1.15.SOL, NEXO, and OKB gained over 17%.

Bitcoin price formed a base above the USD 62,000 level and started a fresh increase. BTC surged above the USD 65,000 and USD 66,000 levels before correcting below USD 65,000. It is currently (04:27 UTC) back above this level, while new dips might remain limited below USD 63,500 in the near term.

Besides, most major altcoins started a fresh surge. ETH gained almost 9% and it broke the USD 4,000 resistance. XRP surpassed USD 1.12, but it is struggling to gain pace above USD 1.15. ADA surged above the USD 2.20 resistance zone.

Total market capitalization

Source: tradingview.comBitcoin price

After a minor drop, bitcoin price started a fresh rally above USD 63,000. BTC surged above the USD 65,000 and USD 66,000 levels. A new all-time high was formed above USD 67,000 (per Coingecko) before there was a downside correction. On the downside, an initial support is near USD 64,200. The first major support is near USD 63,500, below which the price could test the USD 62,500 support.

If there is a fresh increase, the price might face resistance near USD 65,500. The next major resistance is near USD 66,000, above which the price may possibly revisit the USD 67,000 level.

Ethereum price

Ethereum price started a fresh rally above the USD 3,880 resistance. ETH broke the USD 4,000 resistance and extended its increase. The price even cleared the USD 4,200 level. If there is a close above USD 4,200, the price could rise towards USD 4,320 in the near term.

On the downside, an initial support is near the USD 4,120 level. The first key support is now forming near the USD 4,050 level, below which the price might test USD 4,000.

ADA, LTC, DOGE, and XRP price

Cardano (ADA) broke the main resistance at the USD 2.20 level, which could push the price towards the USD 2.40 level. An intermediate resistance is near USD 2.32.

Litecoin (LTC) gained pace for a move above the USD 192 resistance. As a result, the price surged above the USD 200 level. It is up almost 12% and trading above USD 207. An immediate resistance is near USD 212, above which the price could rise towards the USD 220 and USD 225 levels.

Dogecoin (DOGE) is back above the USD 0.250 level. An initial hurdle is near the USD 0.265 level. The next major resistance is near USD 0.280, above which the price might test USD 0.300. On the downside, the USD 0.250 is a short-term support. The next key support is near the USD 0.232 level.

XRP price was able to clear the USD 1.12 resistance and it is now facing resistance near USD 1.15. A break above USD 1.15 might push the price towards the USD 1.20 resistance. If not, the price might correct lower towards the USD 1.10 level. The next major support is near USD 1.05.

Other altcoins market today

Many altcoins are up over 10%, including OKB, NEXO, SOL, FLOW, ENJ, REN, XEC, HT, RUNE, CELO, and QTUM. Out of these, OKB gained 21% and surpassed the USD 25 level.

Overall, bitcoin price is trying to recover above USD 65,000. In case of more dips, the bulls might remain active near the USD 63,500 and USD 63,000 levels in the near term.

_____ 

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Ark Invest founder Cathie Wood passed on buying the first Bitcoin Futures ETF

Ark Invest founder Cathie Wood passed on buying the first Bitcoin Futures ETF | TheBittimes.Com | Scoop.it
She cited an investigation into tax ramifications as one of Ark Invest’s reasons for withholding for now.

Ark Invest founder and CEO Cathie Wood did not invest in the ProShares Bitcoin Strategy Exchange Traded Fund, or ETF, on opening day, according to Business Insider. 

Wood said about the ETF’s debut:

“No, we did not [invest]. We’re looking at this very carefully […] there are some tax ramifications we’d like to understand more having to do with contango versus more normal backwardation.”

The contango of the ETF refers to when the future price of the commodity is higher than the spot price. Backwardation is when the forward price of the futures contract is lower than the spot price in a downward trend.

This past June, Cathie Wood’s Ark Invest partnered with 21 Shares to file for its own Bitcoin ETF. She is also no stranger to the equities market when it comes to investing in cryptocurrencies.

One of her fund’s, Ark Investment Management, was approved to invest in Canada’s Bitcoin ETF under the Ark Next Generation ETF. Ark Invest owns 8.3 million shares of Grayscale Bitcoin Trust (GBTC), with Bitcoin and Ethereum making up a good percentage in Ark Invest’s portfolio.

In the spring, Ark Invest also added Coinbase stock to three of its ETFs, Ark Innovation ETF (ARKK), Ark Next Generation Internet ETF (ARKW), and Ark Fintech Innovation ETF (ARKF).

Wood said she is looking for the next FAANG investment to help her investors. FAANG is a stock market acronym describing the five biggest American tech stocks: Facebook, Amazon, Apple, Netflix and Google. The FANG term was initially coined by Jim Cramer in 2013.

The Bitcoin Strategy ETF had the highest ever first day of natural volume for an ETF, and the second highest ETF on the overall volume on its first day of trading.

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Ethereum nears its own all-time high as ETH price retakes $4K

Ethereum nears its own all-time high as ETH price retakes $4K | TheBittimes.Com | Scoop.it
The 30-day correlation between Ether and Bitcoin remains at 0.81 above zero.

Ethereum's native token Ether (ETH) is likely to hit its own record high in the short term as ETH has broken above $4,000, a crucial resistance level.

Ethereum breaks $4,000, nearing new all-time high

ETH price rallied on Oct. 20 by over 5% to approach $4,100 on the Coinbase exchange for the first time since May 2021. The cryptocurrency's run-up above $4,000 appeared primarily in the wake of Bitcoin (BTC) breaking above $65,000 to enter price discovery.

According to data provided by Crypto Watch, the 30-day correlation between Bitcoin and Ether came out to be 0.81. That shows an 81% linear positive correlation between the two assets.

ETH/USD versus BTC/USD daily price action. Source: TradingView

As a result, Bitcoin's ability to enter price discovery opens up similar prospects for Ether, which still trades a few hundred dollars below its current all-time high of $4,385.

Related: This Ethereum price chart pattern suggests ETH can reach $6.5K in Q4

"If BTC broke to new all-time highs, I don't see why ETH wouldn't," commented Rekt Capital, an independent market analyst, adding:

"Turn ~$4,000 into support, and ETH will levitate towards $4,400 for a break to new All-Time Highs."
ETH price ascending triangle setup

ETH's latest pump boosted its year-to-date profits by almost 450%, compared to Bitcoin's 130% returns in the same period. That also raised the possibility of Ether posting better gains than Bitcoin in the coming sessions, thereby achieving levels much higher than Rekt Capital's $4,400-target.

On Wednesday, ETH price broke above the Triangle's upper trendline. Nevertheless, the move upside accompanied lower trading volume, which could see ETH retest the trendline as support in the near term.

ETH/USD daily price chart featuring ascending triangle setup. Source: TradingView.com

As Cointelegraph reported earlier, ETH had been painting an Ascending Triangle structure with a $6,500 upside target.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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CTSI Foundation Reserve Transparency Report — October, 2021

CTSI Foundation Reserve Transparency Report — October, 2021 | TheBittimes.Com | Scoop.it

Posted 3 mins ago | by Catoshi Nakamoto

With the next unlock of Cartesi Tokens (CTSI) set for October 23rd, 2021

As the next unlock of Cartesi Tokens (CTSI) is set for October 23rd, 2021, we’re pleased to provide another official transparency report on the Cartesi Foundation’s governance, operations, and how CTSI tokens are allocated in succession to our previous transparency reports.

As a reminder and for transparency’s sake, anyone can view the current holdings and transactions of the Cartesi Foundation wallet here:

0x4B0B3C9506d5008FcCfb458361E06d28d4d3BCAD

The Current State of CTSI

The information provided below is dynamic in nature and therefore what is presented may not reflect accurate estimations at the time of reading.

The information below is taken as of October 11, 2021. For up-to-date information, please reference the CTSI page on Coinmarketcap or Coingecko.

Total Supply: 1,000,000,000 CTSI

Current Circulating Supply (October 11, 2021): 422,192,848 CTSI
Current Undiluted Market Cap (October 11, 2021): $248,249,394.62 US

Total Diluted Market Cap (October 11, 2021): $584,588,203 US
Current CTSI Price (October 11, 2021): $0.588 US

The Current CTSI Allocation:

Prior to this unlock, 22.98% of the total supply has already been unlocked and held by the Cartesi team. The foundation reserve tokens have gone to a variety of important endeavors as previously outlined, all of which are summarized below (as of October 8, 2021):

Held in Wallets: 17,283,364.21 CTSIExchange Listings: 2,389,455.83 CTSICommunity Operations: 1,593,273.10 CTSILegal, Business Operations, and R&D: 93,142,351.01 CTSIPartnerships: 50,000,000.00 CTSIMarketing: 12,899,036.20 CTSIMarket Making: 63,721,121.38 CTSIStaking: 9,800,001.00 CTSI

Total: 229,843,333 (22.98%) CTSI

October 23, 2021 Foundation Unlock

The upcoming Cartesi Foundation unlock will occur in the amount of 21,538,333 CTSI (2.15%) of the total supply on October 23rd, 2021.

Where does the funding go?

Continued research and development of Cartesi’s technologyMarketing and community-based objectivesBusiness operations and legal expensesDevelopment grants

Internal governance consensus is reached by the Cartesi Foundation before devoting or expending CTSI to any event. The foundation reserve unlocks are vital for the development of Cartesi’s tech, bootstrapping its ecosystem, and for the operations of the foundation itself.

No entity or token holder is more interested in the health of CTSI’s economy than the Foundation itself for its entire existence and longevity. The Foundation liquidates only the amounts deemed necessary, remaining careful not to disturb the secondary markets of CTSI.

In total, 40.22% of the total CTSI supply is reserved for the Cartesi foundation and will be fully unlocked by July 23rd, 2023.

Supply Curve

As a reminder, the following chart represents the number and breakdown of all CTSI tokens that are to be released into circulation on a monthly basis. Token inflation and possible deflation for staking rewards will be revealed in the future, which is yet to be finalized, and not presented in the following chart, however, we have released the CTSI Macroeconomy article for further reading in the meantime.

CTSI will have no inflation until the mine reserve is completely depleted, which will happen no earlier than 2023.

The current state of the CTSI distribution curve:

Binance Launchpad Sale tokens comprise 10.00% of the total token supply.

This has been 100% allocated.

Seed Sale tokens comprise 2.00% of the total token supply.

0.57% of the 2.00% has already been allocated through two previous unlocks.The next unlock will occur on October 23, 2021, in the amount of 2,857,143 CTSI.Unlocks will keep occurring on a quarterly basis thereafter and be fully unlocked on October 23, 2022.

Private Sale tokens comprise 5.00% of the total token supply.

1.11% of the 5.00% has already been allocated through two previous unlocks.The next unlock will occur on October 23, 2021, in the amount of 5,555,554 CTSI.Unlocks will keep occurring on a quarterly basis thereafter and be fully unlocked on April 23, 2023.

Strategic Sale tokens comprise 0.67% of the total token supply.

This has been 100% allocated.

Team tokens comprise 15.00% of the total token supply.

2.14% of the 15.00% has already been allocated through one previous unlock.The next unlocks will occur on October 23, 2021, in the amount of 21,428,571 CTSI.Unlocks occur twice a year and will be fully unlocked on April 23, 2024.

Advisors tokens comprise 2.11% of the total token supply.

0.33% of the 2.11% has already been allocated through one previous unlock.The next unlock will occur on October 23, 2021 in the amount of 7,050,000 CTSI.The final unlock will occur on April 23, 2022.

Foundation Reserve tokens comprise 40.22% of the total token supply.

Mining Reserve tokens comprise 25.00% of the total token supply.

Please see the Mine Reserve transparency reportUpcoming Next

We’ve recently announced the mainnet beta of Noether’s PoS Staking Delegation System and will be announcing the full release very soon! We’re beyond excited with our communities’ excitement around participating in staking and helping to secure the network, making it more decentralized.

Next up, we are continuing to work hard on the Cartesi Texas HODL’em MVP, Cartesi Rollups, and more. Expect an updated roadmap post in the next few months.

To stay up to date, make sure to stay tuned to our Telegram announcements channel, follow our Twitter, or one of the many channels we put news out on.

About the Cartesi Foundation

The Cartesi foundation is the coalition of the co-founders, partners and influential members to deliver exceptional technical impact on bridging mainstream software with blockchain. Composed of leading scientific minds, thinkers, leaders and veterans, we remain at the forefront of a blockchain interconnectivity revolution with the plethora of millions of mainstream open-source software via Linux. The Cartesi Foundation is an entity that is committed to taking smart contracts on Ethereum to the next level, bringing mainstream scalability and convenience to developers and users of decentralized applications. Decentralization is the core goal of what we are building at Cartesi and it is put at the forefront of each decision we make in achieving our vision.

The Cartesi Foundation actively makes decisions required to put our technology at the forefront of blockchain adoption. The foundation is committed to achieving this vision and the continued development of its roadmap.

If you’re interested in proposing changes or contributing more, please check out Cartesi Governance: Cartesi Improvement Proposals (CIP) and make suggestions!

About Cartesi

Cartesi is a multi-chain layer-2 infrastructure that allows any software developer to create smart contracts with mainstream software tools and languages they are used to while achieving massive scalability and low costs. Cartesi combines a groundbreaking virtual machine, optimistic rollups and side-chains to revolutionize the way developers create blockchain applications.

Follow Cartesi across official channels:

Announcement Channel | Medium | Reddit | Twitter | Facebook| Instagram | Youtube | Github | Website

Original article published on Cartesi’s Medium.

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Everyone In Crypto MUST Understand Stablecoins (Enemy Of Bitcoin?)

Everyone In Crypto MUST Understand Stablecoins (Enemy Of Bitcoin?) | TheBittimes.Com | Scoop.it

Posted 5 mins ago | by Catoshi Nakamoto

width="560" height="314" allowfullscreen="allowfullscreen">

Stablecoins sound boring but are the backbone of Defi. But the decentralized stablecoins we know today like Tether, Pax and DAI are under attack by centralized stablecoins and the soon to arrive Central Bank Digital Currencies. Doesn’t sound like a big deal right? Wrong. Centralized Stablecoins are the trojan horse for governments to make programmable money; subverting crypto to turn it into their own centralized, discriminatory, freedomless society. The stakes are high and you need to know what’s happening the behind the scenes.

Read More

Let’s get it.

Welcome to BitBoy Crypto. Home of the Bitsquad, the largest crypto community in all the interwebs. My name is Ben. Every day on this channel I show YOU how to MAKE MONEY in Crypto. If you like money and crypto then make sure to hit that subscribe button.

Are Stablecoins The Enemy Of Bitcoin?

In this video, we’re going to be taking a look at fiat-backed stable coins and the coming push for central bank digital currencies.

One of the main reasons that regulators have been cracking down on crypto so hard recently, is because banks and governments are finally starting to realize that blockchain technology is the future, so now they are going to do everything they can to try and control it. Crypto was founded with the intention of disrupting traditional institutions, and this technology was designed to resist nation-state level threats, but the stakes are high and the people who benefit from the legacy system are not going down without a fight. At this point, they understand that they can’t stop this technology entirely, so they are going to try to remove the parts they don’t like, while heavily promoting and adopting the parts that they can use to their advantage.

They will focus on the fact that this technology is digital and that blockchain technology makes things more efficient, but they will ignore or attack the most important features that make crypto what it is – Decentralization, Privacy, and Permissionless. This is where the distinction between a cryptocurrency and a digital currency becomes extremely important. A cryptocurrency or crypto asset is built with these disruptive values in mind, while digital assets just represent an upgraded version of the old system. This is why it makes perfect sense that our friends in the financial cartel have decided to call themselves the Digital Currency Group and not the Cryptocurrency Group. They want to make you think digital assets are safer and more efficient without the crypto features because they are easier to regulate and easier to scale when they are centralized.

The FED has already started to push this narrative. A few months back Federal Reserve Chair Jerome Powell suggested that a central bank digital currency would eliminate the need for cryptocurrencies and stable coins.

The Bank for International Settlements, which is essentially the central bank of central banks, has issued numerous reports over the past year, stating their support for Central Bank Digital Currencies and repeating the same old FUD about crypto assets. Last week, they issued a new report making recommendations on how governments should regulate stable coins, which focused mostly on ensuring that stable coin issuers had adequate reserves to back up their distribution.

Right now it seems that China has had a head start in the CBDC race, with the US and other countries rushing to catch up. Many industry insiders believe that the US government and central bank could decide to take over a private stable coin like USDC instead of starting from scratch and building their own.

The Wall Street Journal recently reported that the Biden administration is planning to ask Congress to impose measures that would regulate stable coin issuers like banks. If this were to happen, crypto companies that already have existing relationships with banks and regulators will be best positioned to take advantage of this opportunity and they will have a clear path to success because most of their competitors will be regulated out of existence. This type of measure was also suggested by Cynthia “laser eyes” Lummis, who is usually seen as one of the industry’s biggest advocates in Washington. What we are beginning to see is politicians and regulators slowly accepting Bitcoin as a sort of commodity like gold, while shifting their attacks onto DeFi and stable coins, which are more difficult for them to control and represent more of a threat to the legacy system.

Be part of a crypto legacy that will stand the test of time and never lose value, the Bitsquad. Smash that like and subscribe button and you’re in.

There are some teams in crypto that are willing to play ball with the establishment though, and most of them are connected to the Digital Currency Group. Companies like Ripple, Coinbase, and USDC’s Circle have been asking for regulation for years, and they have been working to build those relationships so they are the first in line to be compliant when those regulations are laid down.

When Circle began making filings to go public, the company admitted that it was currently under investigation by the SEC, but said that they were cooperating with regulators. As we are seeing with both Ripple and Coinbase in their interactions with the SEC, these investigations will likely result in these companies getting the green light to operate on a mainstream level.

Executives from Circle have also been publicly expressing their support for putting banking regulations on stable coins. Dante Disparte, Circle’s chief strategy officer and head of global policy told the Wall Street Journal that Circle wants to become a bank and that it would welcome new regulations. This is because they are already set up for it and they have been preparing for it for years.

With all of this collusion happening behind the scenes; centralized unregulated stable coins could be a risky place to put your money for the long term, I mean more than 10 years. If you are wanting to long term hold crypto then USDC is probably your best bet until better solutions arrive, but they are on their way.

Our reliance on fiat-backed stable coins in the crypto markets keeps us tied to the traditional system and the monetary policies that we were trying to escape from in the first place. It also gives regulators an excuse to start taking away your freedoms. Stable assets are a necessary component for DeFi and the crypto ecosystem, but they don’t need to be tied to fiat currencies. The plans to push out Defi and make it too onerous to use isn’t just to protect fiat currencies… Governments see this as a way to exert more control over their subjects-I mean citizens. CBDCs will be programmable money in the worst sense. Bitcoin and Crypto is often confused with a “cashless society” one where the government knows and sees all transactions, no matter how minute. But it’s the opposite. Crypto is freedom. The incoming CBDC or FedCoin is the cashless society that everyone fears. Fedcoin will be programmable in almost limitless ways. Your Fedcoin money can have an expiration date built in. Fedcoins can be programmed to only work in certain “approved” businesses. Taxes, fines and fees can be deducted immediately from any citizens account. Take first, sort out the details later. Fedcoins can also be tied to a social credit system and interest rates, criminal record and use of “unapproved speech” or whatever the government considers“disinformation” at the time can impact your finances. Tracking credit cards is one thing; CBDCs are the all seeing eye of the ruling class monitoring everything. Zero privacy.

But it’s not all gloom and doom.There are a ton of projects in development that are working on different solutions, but this is a very new area of innovation and we haven’t really seen many stable coins in the top 100 that aren’t pegged to a fiat currency. That could be changing very soon though.

Last week Cardano announced the development of a gold-backed stable coin, since gold is an asset that is relatively stable compared to crypto and not directly under the control of central banks like fiat currencies.

There are also algorithmic stable coins like RAI, a fork of Maker’s DAI that is backed only by Ethereum and pegged to itself. RAI launched with a starting price of 3 dollars and 14 cents, or 3.14 in honor of Pi, for all you nerds out there. RAI eventually found an equilibrium at around 3 dollars where it is currently trading. RAI does a pretty good job at maintaining stability, but it is still highly experimental and is just one of many solutions that developers are currently working on as alternatives to fiat-backed stable coins. This is actually a top priority for developers in the industry, and many teams are working to find a solution because they all know how important stablecoins are for DeFi, and they recognize that being tied to fiat is just too dangerous to freedom and true equity.

But that’s all I got. Be Blessed. Bit Boy Out.

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Emissions from digital art creation? This platform strives to make the NFT market greener

Emissions from digital art creation? This platform strives to make the NFT market greener | TheBittimes.Com | Scoop.it
A growing mainnet blockchain is taking a greener stance on trading digital assets. Here, team members share the growth prospects of this industry and how they attempt to reduce greenhouse gas emissions.

Nonfungible tokens (NFTs) have recently caught the attention of tech investors, major corporations and well-known actresses like Lindsay Lohan, who have even created some NFTs of their own. Each nonfungible asset is created to be something original that cannot be interchanged, such as a one-of-a-kind sports car or a piece of land. Each asset exists as a token that represents the specific asset.

Unlike physical assets, NFTs face no difficulty verifying their authenticity, and their ownership can be traced back to the beginning. In the Covid-19 pandemic, marked with long periods of isolation, many realize just how much they can now do virtually, unlocking a new world of virtual commerce (v-commerce). As a result, users can now buy and flip assets with anyone around the world. The difference? The elimination of the costs and risks associated with exchanging physical items. 

The Worldwide Asset eXchange (WAX) has arisen as one of the most used and transacted blockchain ecosystems in the world for NFTs, DApps and video games. WAX continues to provide a safe and convenient way to create, buy, sell and trade physical and virtual items to anyone, anywhere.

WAX has since helped facilitate trades of NFTs from partners, including William Shatner and his memorabilia, Topps ('Garbage Pail Kids') trading cards and other digital assets from bands like Deadmau5 and Weezer. Lee Jenkins, a product manager at WAX shares, the platform "is an ecosystem where all participants win."

Buy, sell and play with NFTs

On WAX, anyone can tokenize their work and sell it as an NFT, with recent headlines of multi-million dollar sales continuing to fuel interest. For example, NFT buyers in projects including Funko, MLB, Alien Worlds, Street Fighter and others paid mere dollars for NFTs that later sold for as much as $150,000.

Some players in play-to-earn Games like Alien Worlds and Farmers World are earning thousands of dollars per day through gameplay. Meanwhile, participants in the WAX decentralized platform have earned 802 ETH in rewards from ETH and WAXG with over 30,000 active projects.

Purchasing digital assets is only one way that new buyers can get their hands on a digital asset of their own. DApp developers have since taken to the world of NFT Games to provide users with online experiences that bring together the digital and physical world, along with many opportunities to play to earn, which introduces a user-driven economy made for gaming enthusiasts.

Developers have not only been profitable on these fronts, but they have also provided some of the most popular decentralized games in this space. Among them are Alien Worlds, generating nearly $56 million in the NFT secondary market, and R-Planet generating nearly $35 million with tokens of its own.

More insights from WAX here

Based on data from DappRadar, WAX is estimated to process more than 80 percent of all game-related transactions across all blockchains. With its massive volume and easy-to-use wallet, many game developers have taken to WAX as a platform that allows them to create the most accessible and easy to use on-chain game experience for players.

Going green

On the downside, crypto art and the creation of other NFTs are thought to be responsible for the carbon dioxide emissions facing the world today since a lot of people mistakenly believe all digital collectibles are built on Ethereum (ETH).

Since the second-leading cryptocurrency is built on a proof-of-work (PoW) system, large fees are associated with making the transaction.

WAX is positioned to address these concerns as a carbon-neutral blockchain. As a  partner with the National Forest Foundation, the platform has introduced a tradable and -compostable (redeemable) vIRL NFT. Collectors of these assets can have tree saplings planets for each dollar spent on a piece in the collection.

Furthermore, WAX's proprietary vIRL technology now offers them a new sales channel for their physical goods, with Funko being the first large brand to launch vIRLs on WAX. In the form of Teenage Mutant Ninja Turtles and Big Boy, vIRLS have proven their initial success, selling out in 30 minutes and under and inspiring more than 30 thousand collectors to queue up for an opportunity to get a hold of their piece of the collection.

With its 2022 roadmap in the works, it is only a matter of time until the rest of the world learns what's in store for the WAX blockchain and the future of green NFTs.

Learn more about WAX

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.

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Mega Bear Jamie Dimon Backtracks Again Calls Bitcoin “Worthless”

Mega Bear Jamie Dimon Backtracks Again Calls Bitcoin “Worthless” | TheBittimes.Com | Scoop.it

Posted 5 mins ago | by Catoshi Nakamoto

Jamie Dimon, who once apologized and admitted he was wrong about Bitcoin regretting his comments, has now once again taken shots at the number one digital currency.

Jamie Dimon Bashes Bitcoin For The Hundredth Time

Dimon made the comments at the Institute of International Finance (IIF) Annual Membership meeting on October 11th, claiming that the largest cryptocurrency sitting at a $1 trillion market cap is “worthless.”

“I personally think Bitcoin is worthless,” Dimon said at the conference.

Dimon also questioned Bitcoin’s scarcity implying that its hard cap of 21 million coins could be changed in the future.

“I’ll just challenge the group to one other thing: how do you know it ends at 21 million? You all read the algorithms? You guys all believe that? I don’t know, I’ve always been a skeptic of stuff like that,” he said.

When asked why Dimon allows JPMorgan’s clients to have exposure to Bitcoin, the billionaire banker compared investing in crypto to smoking cigarettes further showing his disconnect from reality.

“I don’t think you should smoke cigarettes either, but our clients are adults.”

Jamie Dimon’s Past Comments About Bitcoin

Despite, Dimon’s comments, JPMorgan which is the U.S.’s largest bank recently launched a Bitcoin fund for deep-pocket institutional investors. Back in September 2017, Dimon expressed that he would fire any trader who dared to touch Bitcoin.

It’s worth noting that Dimon is out of touch and becoming irrelevant; he previously said that the cryptocurrency would “not survive” back in November 2015 when the price was fluctuating around the $400 level and has consistently called Bitcoin a bubble, Coindesk previously reported.

In 2017, Dimon bashed Bitcoin and cryptocurrency in general for months increasing the fud then in September of that year. JPMorgan later purchased a Bitcoin exchange-traded note (ETNs) trading on Nasdaq’s Stockholm exchange Bitcoin XBT on the dip which at the time was roughly -25%. As a result, Dimon was accused of market manipulation violating European market abuse laws causing a flash crash according to a complaint filed to the Swedish financial regulator by a London firm called Blockswater.

However, JPMorgan denied this effort stating that it was just acting as a broker for its clients. “They are not JPMorgan orders,” a JPMorgan spokesperson told Reuters. “These are clients purchasing third-party products directly.”

Around that same time, JPMorgan’s head of digital treasury services Umar Farooq said the following comment.

“We are supportive of cryptocurrencies as long as they are properly controlled and regulated,” Farooq, JPMorgan’s head of digital treasury services and blockchain, said back in 2017.

Dimon later admitted in 2018 that he was wrong and regretted calling Bitcoin and cryptocurrency fraud in general, adding that he believes in the technology behind it.

As Forbes reports, the company led by Dimon, turned around its message about cryptocurrency and began diving into the industry. Last year, the bank added its first crypto exchange customers and Dimon reportedly hosted secret meetings with the boss of major bitcoin and crypto exchange, Coinbase.

That’s not all though, around the same time, JPMorgan approved two bitcoin exchanges’ accounts for use with its bank, Gemini and Coinbase, The Wall Street Journal reported.

JPMorgan doesn’t just purchase Bitcoin ETFs, the company is also heavily involved with the ‘blockchain fever’ that has infected banks across the world. The financial firm has applied for a “Bitcoin alternative” patent with the U.S. over 175 times in 2013 being rejected every time. Dimon just seems sour that he couldn’t get his Bitcoin alternative patent through the patent process. However, Dimon smearing crypto is the ultimate bullish signal as a counter markets indicator.

Bitcoin is currently trading at [FIAT: $57,412.04] UP +4.7% in the last 24 hours according to Coingecko at the time of this report.

 

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Roseon Finance Swap Went Live!

Roseon Finance Swap Went Live! | TheBittimes.Com | Scoop.it

Roseon Finance is a crypto yield farming aggregator that is dedicated towards providing crypto powered solutions towards a new economy. The app contains different services that people can use to generate valuable crypto tokens and therefore, an income source they had no access to before.

In line with this strategy, Roseon Finance is proud to announce that it is offering a Swap feature on its mobile app. Launched on 9th October, Roseon Finance app v2.3.8 now Features token swap capability that integrates with PancakeSwap to conduct its Swaps. This Swap feature now allows Roseon users to easily exchange their digital assets from one to another, without ever having to transfer their assets to an external exchange. With this, Roseon Finance has become an all in one app for people all around the world who would like to invest in different strategies for crypto earnings.

The Roseon app has already enabled hundreds of thousands of people all over the world to invest in different strategies and start earning. The app offers two basic kinds of investments, a savings scheme and farming. While the savings option has a lower rate of return than farming, it comes with the advantage of offering a constant profit. For people who would like to have higher returns and can take the risk of variable returns, they can always use the different farms available.

The swap feature will be a chain agnostic service and support other chains such as Polygon, Ehtereum and Solana. Roseon aims to be the first licensed DeFi aggregator that is cross chain, supports DEX integration and NFT Marketplaces.

ABOUT Roseon Finance
Roseon Finance is a Mobile Multi-chain Yield Aggregator that brings DeFi to your pocket with the goal of simplifying your crypto experience. Our hybrid solution bridges centralized and decentralized financial services and acts as the gateway to DeFi and the Roseon app was built to help onboard new users to DeFi with its customer-centric design.

RESOURCES
roseon.finance

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Cryptocurrency Changing Web3 Infrastructure FOREVER. (Blockchain Decentralizes YOUR Data)

Cryptocurrency Changing Web3 Infrastructure FOREVER. (Blockchain Decentralizes YOUR Data) | TheBittimes.Com | Scoop.it

Posted 4 mins ago | by Catoshi Nakamoto

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Stratos is one of the best infrastructure projects in 2021; and in the last quarter of the Bullrun, this project is set to launch into the stratosphere. You know I’m all about dad jokes for the win, but my stellar space puns have nothing on the real fundamentals and moon potential for this low-cap gem. Stratos’ fundamentals are a combination of Filecoin, Theta and Livepper. It’s a video uploading and data storage titan that could send other projects packing. Stratos offers rocket-fueled uploading speeds that I’ve personally used, and its applications for cloud storage with web 3.0 are ambitious. In this video we head out to the edge of space and check out this low cap gem that must be a meteor.. because it’s rocking our world.

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Let’s get it.

Welcome to Bit Boy Crypto; home of the bitsquad, the largest crypto community in all the interwebs. My name is Ben. Everyday on this channel I show you how to make money in crypto. If you like money and crypto make sure to hit that subscribe button. In this sponsored video we talk about Stratos, and what it can do for video uploading and cloud storage.

Stratos is the next generation of decentralized Data Mesh that provides reliable storage, database, and computation that is fully decentralized. Stratos stands out for its fast storing and querying services, and its ability to speed up data query and video playback. The goal of Stratos is to be the go-to decentralized cloud of the blockchain industry, and it aims to get rid of centralized cloud platforms altogether.

Like major online companies, Stratos uses a proof of traffic incentive model where traffic volume is a source of value rather than storage. Youtube, Google, and Netflix all rely on traffic advertising to earn revenue over storage. Using proof of traffic is a more sustainable method of incentive because it leads to economic incentives that bring more value to each node; and helps encourage participating miners to maintain the effectiveness of the network. Money talks, and miners will go where the traffic is, because that’s what’s ultimately generating the funds. Fees for the user, and rewards for the provider of the network, are based on traffic on the Blockchain. Because of this, miners will have to focus not only on storage and workload, but they will also need to focus on overall performance and increase the network bandwidth of each machine to ensure the health of the Stratos network. What this means is, miners are fairly compensated, and they’re financially motivated to increase the efficiency of the network. Sounds like a win-win. Jeff Bozos may have gotten close to the stratosphere with Blue Origin, but Stratos wants to soar past Amazon Web Services for blockchain and Web 3. They aim to be the next-generation of data mesh for scaling Dapps.

We all saw the impressive Filecoin run up in March of this year, rocketing from twenty four dollars to a hundred and thirty in a matter of weeks. This massive pump was mostly due to Filecoin’s data storage capabilities and it’s low market cap. Think about this: Filecoin can only supply one portion of what Stratos offers: which is storage. The current market cap of Stratos is 19 million; which is 300 times smaller than Filecoin and 20 times smaller than Livepeer. There’s no doubt that this gives Stratos a competitive edge.1

You know what gives this channel a competitive edge? When you smash up that like button! It’s the absolute best way to help out the channel, and it gets more low-cap gems out to more people. Comment down below, are you new to Stratos, or do you already hodl STOS?

Video and Audio content can be streamed on the Stratos chain in a fully decentralized manner. This can be done because Stratos is a fully decentralized content delivery network provider. Don’t believe me? Check out this demo of the insane download speed with Stratos2… And Viola indeed. I was invited to try out their decentralized storage testnet first-hand, by uploading eighty-six megabytes of one of my Videos. It took JUST 9 seconds to upload in the testnet environment. Usually, it takes a lot longer than that to upload a video on my YouTube Channel. With Stratos, video can be directly played from the wallet. How easy and fast is that?3

As I mentioned, on top of content delivery, Stratos is building decentralized database and computation networks, which revolutionize the cloud infrastructure for blockchain and Web 3.0. Stratos envisions providing a trustless, decentralized infrastructure service solution that allows blockchain developers to get rid of centralized cloud services, and the monopolies that control them.

So what’s the problem right now with data storage on Blockchain and Web 3.0? Well, Traditional blockchains aren’t well-suited to store other kinds of data, and especially to interconnect different data types with each other. Because of that, many people don’t consider blockchain an efficient decentralized database for many complicated use cases. Right now data storage on Blockchain has simple data schema, inefficient operation, expensive storage and a lack of fully decentralized infrastructure to support Dapps. Stratos is bringing in a new era of decentralization. More secure, low-cost and highly available decentralized infrastructure services for the entire blockchain community. From DApp developers to NFT owners, miners to blockchain developers. Everyone can benefit from the safe, reliable and efficient decentralized infrastructure, high-performing storage, database and computation networks.

The infrastructure of Stratos decentralized services is not only for the blockchain industry, but also for better serving more traditional, centralized industries. Stratos will eventually commercialize the provision of decentralized services, providing decentralized systems with more efficient infrastructure and services for business entities of all kinds.

Stratos began its seed and strategic round in April, and successfully launched its IDO on Polkastarter in June of this year. STOS token has been holding its price action at a consistent level, and it has been performing well since its launch. For now, this low cap gem is fairly unknown and can be found on Uniswap, BKEX and HOO.

The project has some big names behind it as well. Stratos is backed by some of the leading venture capitalists like Fenbushi capital, the first and most active blockchain VC in Asia, with Vitalik Buterin as an advisor. It also has investments from Fundamental Labs, an early investor and supporter of Coinbase, Binance, Filecoin, Polkadot. It has also received major investments from Kenetic Capital, Spark Digital, and others.

Stratos is a Canadian Tech-driven team with an average of 10 or more years of experience in IT and enterprise-level architecture building. They come from Amazon, Huawei, Microsoft, and CN Railway. Their founder and CEO Bin Zhu, is a serial tech entrepreneur who founded the cloud department for MindGeek.

What’s next for Stratos? They have already established many partnerships with project types ranging from NFTs, GameFi to Defi to bring decentralized storage and content delivery solutions. Stratos’ Decentralized Storage offers a perfect storage solution for NFTs, GameFi and the Metaverse. They’ve recently announced a strategic partnership with Firework Games.

Stratos decentralized storage will be live in October, and it will become open to prospective miners, developers, and enthusiasts to test the network and store data. The test-net will be launched in late October, when miners will start to onboard and join the network. There are two major CEX listings coming up; including one top ten exchange in October. The Stratos team is in Product and Technology adoption discussion with several traditional companies including a 100 million dollar in revenue video streaming company, and a 10 million user music and podcast platform and an entertainment live stream company. The roadmap includes the Stratos Decentralized storage mainnet in q1 2022 and the Stratos database testnet in q2 2022.

Designed with a commercial architecture standard in mind and built by a top-notch tech-driven team, backed by top VCs and industry partners, Stratos is on track to become the ultimate decentralized scaling solution in the blockchain space. Ultimately this will provide fertile ground for the next generation of applications like decentralized Youtube, Netflix, and spotify.

There you have it. An out-of-this-world low-cap gem with solid fundamentals and real use cases; all that things needed to launch a project, and its price action, into the stratosphere.

That’s all I got. Be Blessed, Bitboy out.

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Metasaurs Integrates Chainklink VRF to Bring Verifiable Randomness to Metasaurs NFT Giveaway

Metasaurs Integrates Chainklink VRF to Bring Verifiable Randomness to Metasaurs NFT Giveaway | TheBittimes.Com | Scoop.it

Metasaurs integrates Chainklink VRF to fairly select a winner in our post-mint drawing.

Metasaurs are one of the fastest-growing NFT communities in history AND prehistory. The NFTs were created by Dr. DMT as a MetaDNA experiment to create dinosaurs living on the Ethereum blockchain, this time forever. The first hybrid Metasaurs species DNA is composed of 50% T-Rex and 50% BAYC Ape #4588, giving them ‍Bored Ape intelligence and style, combined with the speed and apex predator instincts of the Tyrannosaurus Rex.

The mint begins on October 13th, 2021. After all 9,999 Metasaurs have been minted, the Metasaurs team will conduct a drawing from all wallets holding a Metasaur NFT who are automatically entered into the giveaway in addition to the general public who can enter until October 17th at 5:00pm EST by registering here. Chainlink VRF will be used to generate a secure and provably fair random number, which we will use to select an entrant. We will then announce one entrant as the winner of the 2021 Ford Raptor Truck (MSRP $65,840 USD) and customize the truck with winning Metasaurs art.

About Chainlink

Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.

About Metasaurs

Metasaurs is Dr. DMT’s MetaDNA experiment to create dinosaurs, living on the Ethereum blockchain, this time, forever.

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Litecoin Is Now Supported On BRD Bitcoin Wallet

Litecoin Is Now Supported On BRD Bitcoin Wallet | TheBittimes.Com | Scoop.it

BRD is thrilled to announce Litecoin (LTC) support. BRD has been witnessing significant growth in regions like Latin America, Africa, and India. After performing user interviews, BRD learned that many users are using BRD for payments, where it be as compensation for remote work or to pay for goods and services.

Litecoin is one of the oldest and first forks of Bitcoin dating back to October 2011, created by Charlie Lee. Up to 2011, Bitcoin was mined mostly by GPUs, making CPU mining, or simply mining from one’s computer, impractical. Mining from your CPU was no longer competitive enough to win mining rewards on Bitcoin. There has also been the development of FPGA or ASIC mining rigs, which makes Bitcoin mining even more competitive and expensive.

At the time, there were other projects trying to create “ASIC resistant” projects with mining algorithms that enabled people to more cheaply and practically mine, creating a more decentralized network. But these projects had issues, whether it be unlimited coin supplies, or too much coin allocated to coin creators.

Litecoin is now supported by thousands of merchants and the agenda still pushes forward.

ABOUT Litecoin
Litecoin (LTC or Ł) is a peer-to-peer cryptocurrency and open-source software project released under the MIT/X11 license. Litecoin was an early bitcoin spinoff or altcoin, starting in October 2011. In technical details, Litecoin is nearly identical to Bitcoin.

ABOUT BRD Bitcoin Wallet
BRD is open source. They believe in trust through transparency. BRD core wallet technology is, and will always be, open-source and free. They invite anyone to use their code according to the terms of the MIT open-source license.

RESOURCES
https://brd.com/blog/litecoin-support

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Successful smart cities will be impossible without decentralized techs

Successful smart cities will be impossible without decentralized techs | TheBittimes.Com | Scoop.it
Blockchain technology promises to be the foundational network layer for many systems underpinning successful smart cities.

Smart cities are steadily garnering attention worldwide as they become points of aspiration for many jurisdictions. There is a very clear relationship in these urban utopias between the citizens for whom they are built and the systems, networks and devices that enable their safe, secure and efficient operation. Most importantly, they will be built on entirely new financial technology infrastructure that supports the flow of micropayments over financial “plumbing,” in a similar way that other essential utilities (water, energy, data, etc.) flow over pipes, cables and fiber.

The principal aim of a smart city is to optimize city functions and promote economic growth by leveraging cutting-edge technologies. Smart cities seek to increase operational efficiency, achieve sustainability goals such as energy efficiency and scarce resource management and, above all, improve the lives of the citizens within.

Related: Talking digital future: Smart cities

Some early-stage, yet promising, smart cities include Singapore, Dubai and Oslo. In Singapore, one of the world’s most densely populated cities, sensors are used to digitally collect data on traffic volume and pedestrian activity. The data is then transmitted to agencies for analysis to decide on the appropriate actions both in terms of real-time flow redirection, but also for policy and planning improvements. Other areas of focus include the use of smart home technologies to address issues such as waste management and energy efficiency.

Accurate and trusted data collection from connected devices is, therefore, critical and the best way to get active participation by a city’s residents to provide this data from their devices is to incentivize them to do so. Clearly, there are some very foundational concepts that also need to be in place to ensure citizens’ safety and wellbeing such as digital identity, personal Privacy and consent of data sharing, and that will be the subject for another article.

A smart city has a responsibility to its citizens to operate and report on sustainable infrastructure and build Environmental, Social and Governance (ESG) factors into its design. Implementing incentivization schemes to encourage positive behavior will likely play an essential role in addressing the most important environmental, societal and economic issues that citizens within those cities face. Indeed, as cities take action on implementing the United Nations’ 2050 Climate Targets under the Paris Agreement, such incentivization schemes could be pivotal in helping cities reduce emissions and reach a carbon neutral future.

Related: How will blockchain technology help fight climate change? Experts answer

While smart cities with entirely integrated services are still a few years away, the use of incentivization systems based on the ability to transfer tiny amounts of value — or micropayments — could accelerate smart city creation. Put simply, micropayments are transactions for very small values, often fractions of cents, made in real-time as a user or device actively interact with a system or process. A topical example of this is the proliferation of COVID-19 check in and tracking processes. We aren’t currently rewarded for signing into public establishments but perhaps there would be a greater level of compliance if we were. Any smart city initiative that requires the collection of data for processing by the city’s analytical systems, which responds with community behavioral “nudging” via a reward, would benefit from a payments infrastructure that supports micropayments. Effectively, all citizens and their devices become “city data prosumers (producers and consumers)” and are rewarded in real-time with micropayments for their participation.

Smart cities need public buy-in

Successful smart cities will have incentivization at their core. While people might generally be in favor of technological advancement to improve the quality of their lives, the abuse of personal data by centralized “Big Tech” platforms, in recent years, has undoubtedly caused public hesitance to partake in technology-driven information gathering.

Amid the COVID-19 pandemic, data breaches are significantly on the rise. Confirmed data breaches in the healthcare industry alone increased by 58% in 2020. According to the same report, web application breaches overall doubled between 2019-2020. Smart city initiatives need to address these data privacy and security concerns, otherwise, participation in them will be hindered by concerns from citizens about how their data is being used when adopting the technology.

Related: Smart cities are the future, but they might threaten privacy

Therefore, consent-focused and trust-building incentivization systems will be necessary to drive public endorsement of smart cities. If implemented correctly, with citizen Privacy built into the design of the systems, behavioral incentivization can ensure a smoothly operating and safe city. Citizens could be benignly nudged to encourage them to respond in a particularly beneficial way, for example, to promote road safety or waste recycling. In these examples, micropayments could be paid directly and in real time for compliance with variable speed limits, rewarding children for crossing the street in a safe place, or as a gamified reward for the correct disposal of different types of waste.

Decentralized device-based infrastructure

Smart cities (and their citizens) will rely upon the sensors and devices built into their fabric. Connected Internet of Things (IoT) devices will be the eyes, ears and hands of the city, automatically collecting data on everything from traffic movement to environmental factors, weather, supply chain tracking and city resource management (water, energy, waste, etc.). This data will be used to inform and adapt policy as well as in real-time decision making to enable the city’s systems to run smoothly.

As new high-speed networks such as 5G or LoRaWAN deploy and the use of connected IoT devices for essential services and utilities grow, so will the need for automated and device-to-device micropayments. Use cases include electric vehicles automatically paying for tolls as they pass, automatic payment on delivery by drones, or an IoT network gateway provider being paid by the devices that they are enabling within their range. The primary requirement for these mesh networks of devices is scale, speed and security, as well as delegated authority underpinned by digital identity.

Related: ​​No more pushes and pushbacks: Digital ID solves the privacy dilemma

Current payment infrastructure cannot support tens of billions of always-connected IoT devices. The underlying infrastructure, connecting various data points, devices and stakeholders to one another, holds the key to success for the incentivization systems and overall integrity of the smart city. Distributed ledger technology promises to be the foundational network layer for many of these systems underpinning financial services, supply chain, interoperable identity systems and new decentralized economic models. In addition, decentralized ownership of the data ledgers and repositories at the core of the smart city makes corruption nearly impossible, as no one centralized entity controls access to the ledger.

First-generation distributed ledger technologies, or DLTs, cannot scale to meet these needs without compromising on security or decentralization, but next-generation DLTs are emerging that can address the very high throughput requirements without compromising on the security and, therefore, the trust that is essential.

If we consider that smart cities require a new type of financial “plumbing” that supports all of their services and are most likely to be based on distributed ledgers, then we must consider the type of digital currency that they will use as public DLTs operate on native token economies or cryptocurrencies. Much has been written about cryptocurrencies, stablecoins and central bank digital currencies (CBDCs), and it may well be the case that some smart cities have their own CityCoin currency, but we may also need to consider a new type of currency: machine money.

In Germany, the financial regulators are openly discussing the creation of a special type of currency to support their “Industry 4.0” initiatives — euro-denominated machine money that is digital cash but optimized for the super-fast transactions required by devices. This would not require the complexity of “wholesale” CBDCs that are being proposed for national financial institutions or the fully offline, wallet-based requirements of a “retail” CBDC equivalent of digital cash. This smart city “machine money” would be less complex because the transactions will be more straightforward transfers of tokenized central-bank money and may only be intermittently connected to a financial institution. The architecture for these must be robust against cyber-attacks, network failures and equipment malfunctions, but will probably require less regulatory intervention.

Related: Blockchain technology can change the world, and not just via crypto

DLT-based infrastructure will be the financial arteries of all-new ‘smart’ cities

These may seem futuristic thoughts, but smart cities are being planned, designed and implemented around the world already, and they all have to consider sustainability and ESG factors in their designs. As global populations grow and as we try to address and adapt to climate change, food security, renewable energy transition and financial inclusion, technology will dominate our urban planning and development.

From Dubai, Beijing and Singapore and the upgrades of existing urban centers, to massive new cities in Africa, it is likely that we will see rewards-based incentive systems using micropayments to nudge and direct citizen behaviors to achieve an optimal operational equilibrium and measurable sustainability outcomes. To achieve this, fast and secure DLT-based financial infrastructure will be deployed like the pipes, cables and fiber optics of other utilities, enabling the flow of micropayments to be the commercial and behavioral lifeblood of all new cities.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Rob Allen is an entrepreneur in residence at Electronic funds transfer at point of sale (EFTPOS) Australia. Rob is involved in a number of different DLT projects, serving as a Governing Council Member of Hedera Hashgraph and a director at supply chain DLT firm Datahash. Rob is also the CEO and founder of Nodl, a consultancy focused on sustainable development applications of blockchain technology, adding to the expertise he has within the sector.
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Do you still compare Bitcoin to the tulip bubble? Stop!

Do you still compare Bitcoin to the tulip bubble? Stop! | TheBittimes.Com | Scoop.it
Crypto is still at an early stage, but with NFTs and DeFi, blockchain is obviously the future of fintech and not just a bubble.

To compare Bitcoin (BTC) to the Dutch tulip bulb bubble is to perpetuate a fallacy. Technology evolves more rapidly than nature, and decentralized networks have more financial utility than a bouquet. Bitcoin is a technology, tulips are plants, and no discerning person would take the comparison much further.

Tulipmania, a 17th-century market bubble in which the price of the flower bulb increased due to speculation by Dutch investors, resulted in a major crash. Prices exceeded the average annual income of the time by six times. The rarest of bulbs became among the most expensive items on the planet.

Even though the Bitcoin network has been operating since 2009, its comparison with the tulip bubble continues ad nauseam. Last February, British economist and European Central Bank council member Gabriel Makhlouf, speaking of Bitcoin, reminded us tritely: “Three hundred years ago, people put money into tulips because they thought it was an investment.”

Related: Forecasting Bitcoin price using quantitative models, Part 4

The Tulipmania

Time and again, Bitcoin contrarians use Tulipmania to justify their myopic expectations. Stories of tulip mania were popularized by Scottish journalist Charles Mackay in his 1841 book Memoirs of Extraordinary Popular Delusions and the Madness of Crowds. As Mackay wrote: “A golden bait hung temptingly out before the people, and one after the other, they rushed to the tulip-marts, like flies around a honey-pot.” He continued: “Nobles, citizens, farmers, mechanics, sea-men, footmen, maid-servants, even chimney-sweeps and old clothes-women, dabbled in tulips.” When the tulip bubble burst in 1637, however, Mackay claims havoc was wrought upon the Dutch economy.

While the absurdity of the situation does make for a good story, scholars have noted that Mackay’s retelling of tulip mania may not even be true. This version of events, in particular, is not supported by historians. Anne Goldgar, a professor of Early Modern History at King’s College London and author of Tulipmania: Money, Honor and Knowledge in the Dutch Golden Age, explains why Mackay’s version doesn’t add up.

“It’s a great story and the reason why it’s a great story is that it makes people look stupid,” says Goldgar, who laments that even a serious economist like John Kenneth Galbraith parroted Mackay’s account in A Short History of Financial Euphoria. He continues:

“But the idea that tulip mania caused a big depression is completely untrue. As far as I can see, it caused no real effect on the economy whatsoever.”
The dot-com bubble

In addition to the Dutch tulip mania, bull markets in blockchain technologies are sometimes written off as a bubble akin to that of the dotcom bubble. This is a better, albeit inaccurate, comparison. In all its forms, including crypto, DeFi or nonfungible token, the internet of money has yet to enter a bubble stage or demonstrate all of its use cases. We’re in the mid-nineties equivalent to the dot-com era, and nowhere near the bubble stage.

Related: Is crypto approaching its 'Netscape moment'?

Furthermore, the dot-com bubble’s impact on humanity was far less than that of the impact of the internet, a pattern which blockchain will most likely follow ― especially when compared to tulip bulbs. Past bull markets in crypto have had far more significant implications than price gains. In 2013, the world acknowledged that Bitcoin exists. In 2017 and 2018, they recognized that crypto exists. Since all too many projects from 2017 turned out to be nothing-burgers ― it seems many projects were in it simply to raise money ― that period serves as nothing more than a preview of what’s to come.

No match with tulip mania

The recent 2020–2021 bull market, the first after the initial coin offering (ICO) mania, was never the big bull market for which so many were waiting. Rather, like 2017–2018, it was another showcase of what the future could be, putting blockchain in the spotlight even further.

During the forthcoming bull market, which is probably a couple of years away, leading institutions will incorporate DeFi and crypto. This process has already started. In the meantime, employees at FAANG (Facebook, Amazon, Apple, Netflix, Google) see the writing on the wall and quit in droves, looking to build out the crypto landscape with intuitive products. Anyone in finance should be exploring DeFi and thinking, "I am going to lose my job if I am not careful." The Winklevosses once stated that every FAANG company will have its own crypto project, a process known as hyperbitcoinization.

This exodus to DeFi hints that Blockchain is the future of fintech, not just a bubble. We are still so early. During the dot-com boom, people in tech began leaving the companies for which they worked and started to build their ideas and challenge the user experience (UX) and user interface (UI) of the time. The subsequent improvements and UX and UI design simplified the internet and ultimately brought it into every home. Brilliant Blockchain programmers and developers are pushing the envelope in so many verticals. But too few are pushing the boundaries of UX and UI. That’s next.

Related: To accelerate cryptocurrency adoption, we must first improve user experience

Because blockchain UX and UI isn't particularly user-friendly, the average institution won’t be able to adopt and integrate the system into their pre-existing processes yet. Having left for blockchain’s greener pastures, Silicon Valley and Wall Street talent will start to push things forward. Top-tier funds and projects are thinking about improving blockchain’s UX and UI for the coming showcase.

Once technologists realize blockchain is the future, they will bring a unique skill set that will push the boundaries of the UX and UI crypto-powered internet. Like the dot-com era, technology will become easier to use and feature more regularly in everyday life.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Jonathan Libby is the CEO and founder of Steady State. Between enjoying memes and researching the global opportunities that crypto has to offer, Jonathan is actively building a new standard for DeFi insurance. After spending the better part of his college career at the University of Maine researching crypto coverage and yield farming, Jonathan has also spent time aiding and educating the United States Senate about crypto and alternative solutions from time to time.
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Bitcoin futures ETF hits $1B AUM in a record-breaking two days

Bitcoin futures ETF hits $1B AUM in a record-breaking two days | TheBittimes.Com | Scoop.it
The ProShares Bitcoin ETF has beaten an 18-year-old record for the fastest fund to a billion-dollar AUM.

Since the ProShares Bitcoin Strategy ETF started trading this week, it has become the fastest fund ever to reach $1 billion in assets under management (AUM).

The highly anticipated launch of the first Bitcoin futures exchange-traded fund in the United States, BITO, has resulted in a number of milestone achievements.

Bloomberg senior ETF analyst Eric Balchunas reported that the fund was the quickest ever to reach a ten-figure AUM after just two days of trading. BITO easily surpassed the previous record holder, a gold-based fund with the ticker GLD, which took three days to hit the billion-dollar mark in 2004.

He commented that this was “poetically apropos,” presumably in reference to Bitcoin’s store of value properties and comparison to digital gold.

RECORD BREAKER: $BITO assets up to $1.1b after today, making it the fastest ETF to get to $1b (2 days) breaking $GLD’s 18yr old record (3 days), which is poetically apropos. https://t.co/yGXyfwaogD

— Eric Balchunas (@EricBalchunas) October 20, 2021

Balchunas exclaimed “I’ve never seen anything like this. I bet ProShares is even shocked,” while retweeting a post by Bloomberg Intelligence research analyst, James Seyffart, who updated the original chart.

Balchunas commented that there may not be any contracts left to buy if this volume continues, referring to a post by ETFStore President Nate Geraci stating that nearly 45% of BITO exposure is now in November futures contracts.

“If $BITO keeps up this pace of inflows it won’t have any futures left to buy by the end of the month due to pos [position] limits.”

The ProShares fund also broke the record for the highest-ever first day of organic volume which hit $1 billion on Oct. 19 when it launched. More than 24 million shares were traded during its debut day and since the ETF went live, it has now traded more than $2 billion in volume.

Related: VanEck Bitcoin Strategy ETF will likely launch next week as crypto prices reach ATHs

Balchunas has predicted that the next Bitcoin futures fund launch will be on Friday. This is likely to be the Valkyrie Bitcoin Strategy ETF which is changing its ticker back to BTF in preparation. In crypto circles, the former ticker BTFD also referred to "buy the f*cking dip," which may not have gone down too well with the SEC.

I had said this was launching tmrw it’s actually going to be on Friday. sorry about that. https://t.co/fqaGwjgscO

— Eric Balchunas (@EricBalchunas) October 20, 2021

The momentum has driven Bitcoin prices to a new all-time high of $67,276 on Oct. 20 according to CoinGecko. At the time of writing, the asset had retreated slightly to change hands around the $65,230 mark.

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Grayscale parent company expands GBTC purchase allocation to $1 billion

Grayscale parent company expands GBTC purchase allocation to $1 billion | TheBittimes.Com | Scoop.it
The new allocation extends DCG’s purchase authorization for the Grayscale Bitcoin Trust by $250 million.

According to an announcement issued on Wednesday, DCG is now authorized to buy up to $1 billion worth of Grayscale Bitcoin Trust (GBTC).

This development extends DCG’s prior authorization by $250 million if they choose to do so. Indeed, DCG has so far purchased $338 million in GBTC, according to the company’s announcement on Wednesday.

As previously reported by Cointelegraph, DCG had purchased $193.5 million worth of GBTC shares back in May 2021. At the time, the firm’s GBTC purchase limit stood at $250 million.

As part of the announcement, DCG revealed that it plans to use cash on hand to facilitate the purchase on the open market under the provisions enshrined in Rule 10b-8 of the Exchange Act.

DCG’s announcement comes on the heels of plans by Grayscale to convert its GBTC product to a Bitcoin (BTC) exchange-traded fund (ETF).

However, such plans depend on the United States Securities and Exchange Commission (SEC) softening its stance on Bitcoin ETFs.

Related: Grayscale confirms Bitcoin ETF plans and adds exposure to Zcash, Stellar Lumens and Horizen to its trusts

SEC chairman Gary Gensler has already spoken in favor of BTC-related ETFs backed by Bitcoin futures rather than those based on the spot price of the cryptocurrency.

Gensler’s comments were part of remarks by the SEC chairman on issues raised about the ProShares’ Bitcoin Strategy ETF that made history on Tuesday as the first BTC-related ETF to launch in the U.S. market.

Apart from its future Bitcoin ETF plans, Grayscale has also added more cryptocurrencies to its catalog of investment products.

Earlier in October, Zcash (ZEC), Stellar Lumens (XM), and Horizen (ZEN) became the latest addition to the firm’s suite of altcoin trusts.

Grayscale Investment’s parent company — Digital Currency Group (DCG) — has extended its purchase allocation for the former’s Bitcoin Trust product.

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UniLend Finance Introduced UniLend V2 With Isolated Dual Asset Pools

UniLend Protocol is all set to take a giant leap, welcoming every token for lending-borrowing & disrupting the untapped market of $500 billion.  UniLend became a permissionless protocol and integrated the top three utilized chains Ethereum, Polygon & Binance Smart Chain.

UniLend V1 was a unique offering that made low gas fees Flash Loans a reality and, at the same time, introduced the concept of Automated Rewards Distribution to the lenders. UniLend formed 50+ partnerships and witnessed phenomenal growth in the usage of Unilend V1 with 25+ asset lending pools and $10 million worth of Flash Loans utilized across Ethereum, Polygon, and Binance Smart Chain.

They have also launched a $1 million grant program, and its engineering team has extended support to young and budding projects like uBoost to extend the usability of their protocol.

UniLend V2 will enable anyone to list a token on the protocol and straightaway access the DeFi services without any barriers. This inclusive approach will set Unilend apart from other DeFi protocols where they act as gatekeepers. In addition, UniLend V2 will open up collateral for all assets using their unique approach of dual asset pools.

Version 2 is more than just an incremental update — it marks a significant evolutionary milestone for UniLend. With v2, an era of a new financial system will impact the lives of billions of people with inclusion into Decentralized Finance.

UniLend V2 is a giant leap in protocol architecture and user experience. V2 will be a multi-layered, full-stack permissionless protocol that enables Dual Asset Pools for lending &; borrowing. UniLend dapp will allow a pair of any two ERC20 assets pooled together in permissionless nature and start lending borrowing. By eliminating the standard approach taken by major DeFi protocols, UniLEND will be the first to support every ERC20 asset for lending/borrowing without affecting or risking pools.

With V2, users will now be able to start borrowing more than 9000+ assets along with lending. In addition, the collateralization rates are algorithmically adjusted to incentivize the users and foster maximum liquidity in pools.

ABOUT UniLend
UniLend is a decentralized protocol that combines spot trading & AMM with lending and borrowing services through smart contracts

RESOURCES
Medium

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Traders pin Ethereum’s route to new ATH to eventual Bitcoin ETF approval

Traders pin Ethereum’s route to new ATH to eventual Bitcoin ETF approval | TheBittimes.Com | Scoop.it
ETH price is lagging behind BTC's recent gains, but data signals that traders are confident in the altcoin breaking through $4,000 in the short-term.

Ether (ETH) price is lagging Bitcoin's (BTC) price action by 13% in October, but is this relevant? To date, the altcoin has still outperformed BTC by 274% in 2021. However, traders tend to be short-sighted and some will question whether the Ethereum network can successfully migrate to proof of stake (PoS) validation and finally solve the high gas fees issue.

Bitcoin and Ether prices at Bitstamp. Source: TradingView

Moreover, the increasing competition from smart contract networks like Solana (SOL) and Avalanche (AVAX) have been worrying investors:

One big problem with the “ETH is ultra sound money” meme is that EIP-1559 only limits the supply of ETH if Ethereum continues to have lots of transactions. It’s just as possible that people will tire of $80 gas fees and opt for one of numerous alternatives (SOL, AVAX, etc).

— dennis in SF // OP_CTV (@pourteaux) October 8, 2021

According to Cointelegraph, the recent speculation over the possible approval of a Bitcoin exchange-traded fund (ETF) raised traders' appetite for BTC. The U.S. Securities and Exchange Commission (SEC) is expected to announce its decision on multiple ETF requests over the next couple of weeks. However, it remains a possibility that the regulator will postpone these dates.

Pro traders are unfazed by the recent price stagnation

To determine whether professional traders are leaning bearish, one should start by analyzing the futures premium — also known as the basis rate. This indicator measures the price gap between futures contract prices and the regular spot market.

Ether's quarterly futures are the preferred instruments of whales and arbitrage desks. These derivatives might seem complicated for retail traders due to their settlement date and price difference from spot markets, but their most significant advantage is the lack of a fluctuating funding rate.

Ether three-month futures basis rate. Source: Laevitas.ch

The three-month futures typically trade with a 5% to 15% annualized premium follows the stablecoin lending rate. By postponing settlement, sellers demand a higher price, and this causes the price difference.

As depicted above, Ether's failure to break the $3,600 resistance has not caused a shift in pro traders' sentiment because the basis rate remains at a healthy 13%. This shows that there is no excessive optimism at the moment.

Retail traders have been neutral for the past five weeks

Retail traders tend to opt for perpetual contracts (inverse swaps), where a fee is charged every eight hours to balance the leverage demand. To understand if some panic selling occurred, one must analyze the Futures Markets funding rate.

Ether perpetual futures 8-hour funding rate. Source: Bybt

In neutral markets, the funding rate tends to vary from 0% to 0.03% on the positive side. This fee is equivalent to 0.6% per week and indicates that longs are the ones paying it.

Since Sept. 7, there hasn't really been any indication of high leverage demand from either bulls or bears. This balanced situation reflects retail traders' lack of appetite for leverage long positions, but at the same time shows little panic selling or excessive fear.

Derivatives markets show that Ether investors are not worried about the recent underperformance versus Bitcoin. Furthermore, the lack of excessive long leverage after a 274% gain year-to-date should be positively portrayed.

By leaving some room for bullishness without compromising the Derivatives market structure, Ether traders seem prepared for a rally above its all-time high, especially if a Bitcoin ETF is approved.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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Crystal Wallet Overview

Crystal Wallet Overview | TheBittimes.Com | Scoop.it

Crystal Wallet is a beautifully-designed wallet that supports multi-coin exchanges, including Bitcoin, Ethereum and Erc-20 tokens. It allows you to manage your keys, presents your investment in easy-to-understand charts and is totally customizable.

CRYSTAL WALLET FEATURES

Multi-coin Support— Managing your assets easily with our storing function allowing users to govern thousands of cryptocurrencY Undisclosed— all data are kept private and any third parties can not access to this information. Swift Exchange— Easily swapping tokens in e-wallet with high efficiency and protected exchanging wisdom. Multi-chain Compatible— Sufficient assistance for every tokens on all network. Secure — our private key is shielded & handled personally by many layers of security Ease of Creation— Generate a wallet for your tokens in one click. Yield Farming— Crystal Wallet integrates smoothly to yield farming platforms and staking protocols, allowing users to put their crypto asset to work and earn passive income

CRYSTAL WALLET TOKEN

Crystal Token (CRT) is designed as a utility token that plays various important roles in the Crystal Ecosystem. The token’s main purpose is to incentivise users to partake in the ecosystem. It includes incentives such as unified transaction fee and yields. Besides, CRT is also armed with governance right in the Ecosystem, giving its holders more say in the operations and developments of the Crystal Ecosystem.

USE CASES

A unified means of payment for transaction fees, regardless of the underlying blockchains. Staking rewards and yield are payable in CRT Discount given when users interacts with DApps via Crystal Wallet

COMMON QUESTIONS

Where can I download Crystal Wallet?
ANS: Crystal Wallet is now available on Apple Store and Google Play How can I buy a CRT?
ANS: You can purchase CRT tokens during our Presale (tentatively from 6 August) on https://crt.crystalwallet.eu or IEO on CrystalSwap (tentatively at 15 December) What is the specifications of CRT?
ANS: Token Standard: BEP-20, Total Supply: 980,000,000 How many CRT will be available for offering to the public?
ANS: 45% of the total supply, or 441 Millions CRT will be offered in public sale and IEO Does CRT Public sale require whitelisting?
ANS: Whitelisting is not required at this moment

Crystal Wallet is among the most trustworthy and intelligently designed crypto wallets worldwide. We set out to bring the latest advances in the crypto world to your everyday routines, at the convenience of your handphones, yet powered with industry-standard security.

ABOUT Crystal Wallet
Crystal Wallet is aiming to connect the way between blockchain technology and community with a simple, secure and powerful digital asset management application.

RESOURCES
Website | Twitter | Medium

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Bitcoin Consolidates, Ethereum, and Top Altcoins Correct Lower

Bitcoin Consolidates, Ethereum, and Top Altcoins Correct Lower | TheBittimes.Com | Scoop.it
Bitcoin consolidates near the USD 57,000 level.Ethereum is stuck below USD 3,600, XRP is down over 5%.SHIB rallied over 12%, and FTM gained 5%.

Bitcoin price extended its increase above the USD 56,000 level. BTC was able to clear the USD 57,200 resistance zone. It traded close to USD 58,000 and is currently (05:34 UTC) consolidating gains just below USD 57,000.

On the other hand, most major altcoins are correcting lower. ETH failed to extend gains and corrected lower below USD 3,500. XRP is down over 5% and there was a break below USD 1.10. ADA is also moving lower and trading below USD 2.20.

Total market capitalization

Source: https://www.tradingview.comBitcoin price

After a clear break above USD 56,000, bitcoin price extended its increase. BTC broke the USD 56,500 resistance and the USD 57,200 pivot level. The upward move was such that the price traded close to the USD 58,000 level. Recently, there was a downside correction below the USD 57,200 and USD 57,000 levels. The price is now consolidating, with an immediate support at USD 56,000. The next major support is near USD 55,500.

On the upside, an initial barrier is near the USD 57,200 level. The next key resistance is near USD 57,500, above which the price might rise towards the USD 58,000 level.

Ethereum price

Ethereum price failed to settle above the USD 3,600 level and started a downside correction. ETH is now trading below the USD 3,500 support. The first major support is near the USD 3,440 level. Any more losses could open the doors for a larger decline towards USD 3,350.

If there is a fresh increase, the price might face resistance near the USD 3,540 level. The next major hurdle seems to be forming near USD 3,600, above which the price might struggle near USD 3,650.

ADA, LTC, DOGE, and XRP price

Cardano (ADA) started a downside correction below the USD 2.20 support level. The price is now trading below USD 2.15 and it might continue to move down towards the USD 2.05 level. The next major support is near the USD 2.00 level.

Litecoin (LTC) failed to clear the USD 185 and USD 188 resistance levels. The price is now trading below USD 175 and it might extend decline below USD 172. In this case, the price could continue to move down towards the USD 165 support.

Dogecoin (DOGE) is down 5% and it is now trading below the USD 0.232 support. An immediate support is near the USD 0.220 level. If there is a downside break below USD 0.220, the price could revisit the USD 0.200 pivot level in the near term.

XRP price started a fresh decline below the USD 1.12 support. The price even traded below USD 1.10, and it might continue to move down. In this case, the price could test the USD 1.05 level. The next major support is near the USD 1.00 level.

Other altcoins market today

Many altcoins are down over 8%, including KLAY, DYDX, AR, DCR, MIOTA, STX, CELO, FLOW, ALGO, and ONE. Out of these, KLAY declined over 12% and it broke the USD 1.60 support, while FLOW is down by 13%. Meanwhile, SHIB is rallying again and is now up by 12% in a day, trading at USD 0.00003054.

Overall, bitcoin price is correcting gains below USD 57,000. However, BTC could start a fresh increase if it stays above the USD 55,000 support level in the coming sessions.

_____ 

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Local Stablecoin ‘Crackdown’ Builds a Case For Decentralized Money

Local Stablecoin ‘Crackdown’ Builds a Case For Decentralized Money | TheBittimes.Com | Scoop.it
Source: Adobe/svetazi

South Korea is unintentionally sending another warning to the users of centralized digital assets, showing that they can be tracked and controlled.

This time, local government authorities in the South Korean city of Iksan say they will clamp down hard on cases of illegal usage of a local stablecoin.

Newsis reported that the government in the North Jeolla Province city had announced a “crackdown to eradicate the illegal distribution of” the Iksan Dairom token. The blockchain-powered coin makes use of technology provided by the telecoms giant KT and its smartphone-based Good Pay ecosystem.

Similar KT-led projects are in use in other South Korean cities, such as Gumi, Gimpo, and Ulsan.

The tokens are a replacement for the paper-based gift certificates many South Korean cities used to issue in an attempt to promote local businesses that are in danger of being dwarfed by bigger nationwide or international brands.

According to the Iksan city website, in addition to large superstores run by conglomerates, a number of other businesses are also forbidden from accepting Dairom as a means of payment, namely: casinos, gambling, and lottery-related businesses, illegal forms of speculation, adult stores, massage parlors and pubs that provide “entertainment”-related services.

However, the city claims it has evidence that many smaller businesses are attempting to flout these regulations.

The city said that it was using blockchain technology to analyze Big Data from the local currency operating system to “monitor suspicious transactions such as fraudulent usages involving the token in “real-time financial transactions.”

Iksan added that it wanted to investigate cases whereby recipients of the tokens had obtained coins “without selling goods or providing services,” as well as cases where token payments exceeded the value of goods or services.

In some cases, merchants appear to have “repeatedly” purchased tokens “under someone else’s name and then exchanged them” for fiat KRW.

On-the-spot fines would be issued for minor offenses, the city added, adding that it would seek to prosecute major offenders and hit them with fines of up to USD 16,740.

A city spokesperson was quoted as stating,

“We will carry out a continuous crackdown on illegal distribution. We will prevent the illegal distribution of the Iksan Dairom and block illegal transactions at the source [to help] revitalize the local economy.”

____
Learn more: 
- Countries Should Prevent 'Regulatory Arbitrage' for Stablecoins – FSB
- Crypto in Chaos, but Blockchain-powered Pay and Stablecoins Thrive in S Korea

- Turn Your Own Bitcoin Node, Urge Bitcoiners as Chainalysis Reportedly Set a Trap
- 'Don't Be Lulled' as European Commission Mulls a Crypto KYC Trap

- Taproot, CoinSwap, Mercury Wallet, and the State of Bitcoin Privacy in 2021
- Why Fiat Currency Is More Confusing Than Crypto 

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New Funding Round Could Bring ConsenSys Value To USD 3 Billion

New Funding Round Could Bring ConsenSys Value To USD 3 Billion | TheBittimes.Com | Scoop.it
Joseph Lubin, Ethereum Co-founder and CEO of Consensys. Source: a video screenshot.

Ethereum (ETH)-focused software company ConsenSys is said to be raising funding in a move that could bring the firm’s value to some USD 3bn, the Financial Times reported, citing undisclosed sources briefed on the plans.

While ConsenSys did not officially acknowledge its plans, should they be confirmed, the financing would represent a significant milestone for the New York-based company. It could also expand the personal fortune of Ethereum Co-founder and ConsenSys Founder Joseph Lubin.

Last April, ConsenSys unveiled it had raised about USD 65m from a group of investors that included JPMorgan Chase, Mastercard, UBS, and other major finance industry players in what the firm called “a formation round”.

Then last August, ConsenSys announced that MetaMask, its mobile app and browser extension that functions as a crypto wallet, reached more than 10m monthly active users, providing them with access to the decentralized web where they can swap tokens, borrow, lend, mint and buy non-fungible tokens (NFTs), play games, and perform other activities. Over a one-year period, MetaMask grew more than 1,800%, according to the company.

With this rapid growth in mind, ConsenSys is forecasting that annual revenues from MetaMask could expand to USD 1bn within the next year, said a person briefed on the numbers. 

In addition to organic growth, the company has also been growing its business through acquisitions. In August 2020, ConsenSys announced it was taking over Quorum, an enterprise blockchain unit developed by JPMorgan Chase. Quorum was launched in 2016, and since then, the investment banking giant used it in a number of projects, including its messaging network for cross-border payments, the Interbank Information Network (IIN). Following the acquisition, ConsenSys merged its existing roadmap with Quorum.

____

Learn more:
- Joe Lubin on Why Assets Are Moving from Wall Street to Crypto 
- ConsenSys' New Business

- ConsenSys Acquires Enterprise Blockchain Quorum From JPMorgan
- DeFi - CeFi Convergence & 'Explosive' Growth Are Coming - BIS Summit Panel 

- Investors Bet On NFTs by Valuing Sorare At USD 4.3B
- FTX Confirms Its Mega Raise As Investors Bet on Crypto Future

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Bitcoin network tags record high for daily settlement volume

Bitcoin network tags record high for daily settlement volume | TheBittimes.Com | Scoop.it
More than $30 billion was settled on the Bitcoin blockchain in a single day last week.

The value settled on the Bitcoin network has been surging recently, reaching a new daily all-time high last week.

Bitcoin’s daily settlement value hit an all-time high on Oct. 6, with $31 billion worth of transactions being settled on-chain using the Bitcoin network.

The record high marks an increase in the network’s daily settlement volume of approximately 40 times since the beginning of 2020.

There was $31 billion of value settled on the bitcoin network in a single day last week.

This is an all-time high for a single day of settlement value.

The global, decentralized payment system continues to become more dominant. (h/t @kerooke) pic.twitter.com/a6Q2FbPY3C

— Pomp (@APompliano) October 10, 2021

According to data from Coin Metrics, daily settlement volume has since pulled back sharply, with the Bitcoin network settling $11.6 billion worth of Transactions on Oct. 10.

On-chain analyst Willy Woo commented the uptick in activity and settlement Value over the weekend, tweeting that volume money moving on Bitcoin's blockchain currently dwarfs that of major centralized payment networks Visa and Mastercard in the United States.

“[The Bitcoin network is] presently doing ~$190k per second. Compare this to $130k per second by Visa for US customers and $55k per second for Mastercard.”

Related: ETH’s trading volume grew much faster than BTC’s in first half of 2021

According to Bitinfocharts, the average Value of a transaction executed on the Bitcoin network has also been steadily increasing over the past three months to tag $732,000 — an increase of 273% since the beginning of July.

Chinese media outlet Wu Blockchain has also observed a spike in the number of transactions valued at over $10 million.

Data from Glassnode shows that in the past month, huge transactions (> $10M) on the Bitcoin chain has grown rapidly, with the highest proportion exceeding 70%, setting a record high. pic.twitter.com/RoudvuYGla

— Wu Blockchain (@WuBlockchain) October 10, 2021

Ethereum’s daily transfer value is currently $5.3 billion according to Coin Metrics. Ethereum had briefly flipped Bitcoin’s daily settlement volume in early September, but Bitcoin regained its lead within a couple of weeks.

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Will The Debt Ceiling Kill Crypto?

Will The Debt Ceiling Kill Crypto? | TheBittimes.Com | Scoop.it

Posted 37 seconds ago | by Catoshi Nakamoto

width="560" height="314" allowfullscreen="allowfullscreen">

Over the past couple of weeks, you’ve probably seen headlines about how Democrats in Congress were recently able to cut a deal with Republican lawmakers to avert a government shut down – Well, at least until December 3rd. You also might have seen countless articles about Joe Biden’s ambitious $3.5 trillion dollar spending plan as well as a bipartisan infrastructure deal. It’s safe to say, the government currently has their work cut out for them, and the clock is ticking. Behind all the smoke and mirrors, there’s a much larger problem at hand that needs to be handled as soon as possible: the debt ceiling. But does this affect crypto?

Read More

Lets get it!

Welcome to BitBoy Crypto. Home of the Bitsquad, the largest crypto community in all of the interwebs. My name is Ben. Every day on this channel I show YOU how to MAKE MONEY in Crypto. If you like money and crypto then make sure to hit that subscribe button. In this video we will discuss the details of the debt ceiling, how it has affected the markets in the past and ultimately how this issue could impact the crypto community.

The debt ceiling. This refers to the debt and financial obligations the U.S has ALREADY accrued. This includes things such as paying interest on the country’s debt or paying for previously authorized spending on things like Social Security benefits or paychecks for our troops. To be clear, although it might sound like it, the debt ceiling is not a tool that authorizes new spending. That is handled in completely separate legislation, such as a bill for the next federal budget. The debt ceiling is simply a limit to the amount of money the U.S government can borrow in order to pay its debts. Before we take a deeper dive into this highly controversial, political topic, it’s important to state the fact that here at BitBoy Crypto, we do not take sides, Our primary goal is to inform and educate the bitsquad on relative news that impacts the financial community.

So what’s the biggest difference between the U.S government and the Lannisters?

The Lannisters always pay their debts.

Prior to the establishment of the Debt ceiling, Congress was required to approve each issuance of Debt in a separate piece of legislation. During World War 1, Congress created the Debt ceiling through the Second Liberty Bond Act of 1917. The ceiling, or limit, was set at $11.5 billion dollars in order to simplify the previous time consuming process and enhanced borrowing flexibility. With World War 2 looming in 1939, Congress created the first Debt limit and set it at $45 billion dollars. Since its creation, Congress and the President have modified the Debt limit 80 times. The last President in US history to leave the Oval Office with the Debt level lower than it was when he started was Calvin Coolidge back in 1929.

You can see the numbers for US Debt by President for yourself at self.inc. Over time, the Debt ceiling has been growing exponentially. From the 1980s to the 2000s, it increased from 1$ trillion to over $12 trillion. The dubiously named “Budget Control Act of 2011” raised this ever-growing number to $16.4 trillion. The battle over the debt ceiling and budget deficits in 2011 contributed to Standard & Poor’s (S&P) downgrading the U.S credit rating for the first time ever. This also caused a 17% fall in the stock markets. Lawmakers have suspended the debt limit seven times since February 2013. The most recent suspension of the debt ceiling was under the Bipartisan Budget act of 2019; it was reinstated on August 1st this year. Last week, the House of Representatives passed a bill that would yet again suspend the debt limit. Despite their efforts, the bill got shut down shortly afterwards by Republicans in the Senate; a protest likely traced to the massive $3.5 trillion dollar infrastructure package that’s currently working its way through the House of Representatives.

The current debt ceiling is a staggering $28.4 trillion dollars. This year, the interest payment alone on the national debt will cost $300 billion dollars. That means every citizen of the US is on the hook for over 80,000 dollars of government debt. You can follow the U.S national debt in real time at usdebtclock.org. link in description. According to the U.S. Debt Clock, if things continue the way they are going, in 2025, the national debt is projected to be $48 trillion dollars. That’s more than triple the GDP of CHINA.

It’s common knowledge that the U.S spends more money than it takes in. The Treasury Department finances that extra spending money by selling government securities, bonds and utilizing tax revenue. Congress controls the debt ceiling by limiting how much the Treasury Department can borrow so it can pay for the programs it’s legally obligated to fund: from Social Security and Medicare to military salaries, tax refunds, national interest payments, etc. A common analogy to the debt ceiling is like a credit limit on a credit card, a MAXED out one at that. Since the inception of the debt ceiling, the U.S. government has never once defaulted on its debt payment.

This is why U.S treasuries are one of the most popular “risk-free” assets on earth. Since the 1940s much of the global economy has been built around the risk-free nature of US bonds. The Treasury Department, who is in charge of making sure the government always pays its bills on time, has been deploying “extraordinary measures” to meet those obligations in order to prevent default. Treasury Secretary Janet “No Tellin” Yellen recently told lawmakers that the government will run out of cash to pay its bills on October 18th. The U.S has $80 billion dollars worth of liabilities due just this month. Yellen said, “A delay on raising the debt ceiling would not only make the federal government look irresponsible. It would likely cause irreparable damage to the US economy and global financial markets.” She also recently stated that she is on board with doing away with the debt ceiling all together.

Do away with your fears and questions about crypto and join the Bitsquad by smashing that like and subscribe button.

Simply put, our options here are to suspend the debt ceiling again, raise the debt ceiling again, do away with the debt ceiling all together, or default on our debt payments for the first time in U.S. history. All of these outcomes involve us delaying the inevitable. The reality is, the higher the debt goes up, the more painful the payback will eventually be. Based on simulations of Moody’s Analytics model of the U.S. economy, the downturn of default would be comparable to that suffered during the 2008 financial crisis.

That means real GDP would decline almost 4% peak to trough, nearly 6 million jobs would be lost, and the unemployment rate would surge back to close to 9% (see Table). Stock prices would be cut almost in one-third at the worst of the selloff, wiping out $15 trillion in household wealth. Treasury yields, mortgage rates, and other consumer and corporate borrowing rates would spike. Even then, the rates would never return to where they were previously. If we were to default, the U.S. Treasury securities no longer would be risk-free and future generations of Americans would pay a steep economic price.

To bring back the credit card analogy, if you were a bank, and a customer owed you 28.4 trillion dollars, would you let this customer open a second credit card and add 3.5 trillion more dollars to the Debt? Yes they’ve never missed a payment but…somethings gotta give soon. If the government cannot borrow money to continue paying for programs, there will be real-world effects for millions of Americans. Here are some of those potential effects according to Janet Yellen:

15 million seniors could stop receiving Social Security payments, or see delays.30 million families could stop receiving President Joe Biden’s expanded Child Tax Credit payments, or see delays.U.S. military service members could stop receiving paychecks.Veterans’ benefits could stop or be delayed.Postal workers and federal employees could stop receiving paychecks.The United States’ credit worthiness could be downgraded, spiking interest rates, which would raise mortgage, car and credit card payments making it harder to buy a house or a car. Doubt in the typically reliable U.S. currency could tank the markets, hurting 401ks and other investments. (The S&P 500 lost 17% in the months surrounding the last debt ceiling standoff in 2011.)FEMA funding for hurricane and wildfire victims could stop.Public health funding for pandemic mitigation efforts could be cut off.Child nutrition program and other food assistance could stop.

Darned if I do darned if I don’t. Clearly defaulting shouldn’t be an option, but if that was to happen for the first time in U.S. history, that would definitely count as a “Black Swan” event that could prematurely send the markets into bearish territory for the foreseeable future.

Another popular idea circulating the Internet to help the government alleviate the pressure of the debt ceiling would be to mint a trillion dollar coin. This idea could be it’s own video by itself, and it could happen in the distant future, but I’ll save you the details considering the White House publically rejected the idea of the trillion-dollar coin on September 20th.

According to Philip Wallach, American Enterprise Institute senior fellow to CNN, “At the end of the day, a fiat currency’s stability doesn’t rest on anything other than peoples belief that money is worth what they’ve believed it to be worth. Doing something like the trillion- dollar coin is a great way to get people to think that the dollar is not such a great currency.”

So what does this mean for crypto? While I’m sure someone is making a Trillion Dollar Meme Coin for the laughs, the short term affects of more debt will be bullish for all crypto. The dollar will continue to lose value and Bitcoin will go up in price. But the psychological impact of going in to more debt and the possibility of deflation making that debt even more painful to pay back, could send all economies to the Wall, including crypto. But that moment for crypto will be it’s time to shine. And as the traditional finance is burning in Wildfire waiting for the government to get it’s act together…crypto will move in faster than a Dothraki hoarde and chance finance forever.

At the end of the day, what makes Bitcoin, Ethereum and other Alts so powerful is that they are a global store of value. Regardless of each countries state of economic affairs, crypto will maintain and appreciate over time on a global level. This is why China doesn’t want its people investing in Bitcoin; they want to keep their money in their central currency to maintain power over their citizens. We dont have control over what happens in China, just like we don’t have control over the outcome of the Debt ceiling. What we do have control of is where we decide to store our own personal value. $100 dollars in 2013 is equivalent in purchasing power to $117 dollars today. In October 2013, one Bitcoin was worth $196.02 and today one Bitcoin is worth $47,686. According to Gemini, merely 14% of the American population currently own crypto assets. You do the math. Lord Varys once said, “Power resides where men believe it resides. It’s a trick; a shadow on a wall. And a very small man can cast a very large shadow.”

That’s all I got, be blessed, BitBoy out!

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Bitmain stops shipment of Antminer crypto mining rigs into China

Bitmain stops shipment of Antminer crypto mining rigs into China | TheBittimes.Com | Scoop.it
Bitmain plans to identify green energy mining opportunities from power generation projects in Chinese provinces.

Bitmain, a Chinese manufacturer of cryptocurrency Mining equipment, has been forced to stop its business in China from Oct. 11 following the crypto ban imposed by local authorities.

In addition to China’s blanket ban on crypto operations, the company has attributed the move to stop shipping Bitcoin (BTC) and cryptocurrency mining rigs as a response to China’s carbon-neutral policies. According to Bitmain’s announcement:

“From October 11, 2021, Antminer will stop shipping to mainland China. For customers in mainland China who have purchased long-term products, our staff will contact them to provide alternative solutions.”

While the company is yet to reveal its plan to help existing customers in China, Bitmain will continue to supply Antminer crypto mining rigs to users across the world, including Taiwan and Hong Kong.

To counter the temporary slowdown in the Chinese market, Bitmain has increased its production capacity for mobile Mining containers - Antbox. In November, the company will host World Digital Mining Summit 2021 in Dubai, where it will discuss green energy Mining opportunities “mainly derived from clean energy power generation projects in Yunnan, Xinjiang” and other Chinese provinces.

Bitmain did not immediately respond to Cointelegraph's request for comment.

Related: Hash rate and difficulty rebound shows miners have recovered from China exodus

Despite China’s recent ban on crypto activities, Bitcoin mining operations are on the path to full recovery as Chinese miners and investors move to friendly jurisdictions.

Cointelegraph reported that Bitcoin’s hash rate difficulty has increased 39% since late July. Moreover, Chinese media outlet Wu Blockchain pointed out that Bitcoin’s difficulty increased by 4.71% at block height 703,584 on Oct. 5, marking the sixth consecutive increase since July 31.

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Stake DAO Referrals

Stake DAO Referrals | TheBittimes.Com | Scoop.it

Stake DAO launched the Referrals System.

You can now earn a premium with cash rewards each month in parallel with the NFT Bonus Rewards System to access boosted APY on Stake DAO.

This month, the Top 100 from the leaderboard on 01st October 2021, will grab their share of 2,200 LP tokens from the Passive Aave USD Strategy (Polygon) as well as exclusive Stake DAO NFT! Stake DAO NFT’s are the key to the NFT Bonus Rewards System and will provide even more additional utility in the future.

The winner of Season 1 of #JoinTheHerd will get a rare Pythia (offering x3 strategy boost) while the 2nd to 5th place herd referrers will get a common Pythia (offering x1 strategy boost).

About Stake DAO

Stake DAO is a non-custodial platform where you can do more with your money. Easily grow, track, and control your assets right from your wallet.

INFO

https://stakedaohq.medium.com/stake-dao-referrals-are-live-7e9aade0a11f

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