Why China Bitcoin crackdown is good news – Crypto engineer explains

TL;DR Breakdown

  • Crypto engineer says China crackdown is good news
  • China pushes for further crypto crackdown

According to a crypto engineer, the constant Bitcoin crackdown by the Chinese government and its agent should be classified as good news for the entire crypto community.

This is in the wake of recent price crashes, which China crackdown has caused Bitcoin and other altcoins over the month.

Brandon Arvanaghi, a former security engineer at crypto exchange Gemini, explained that the Bitcoin crackdown by China should be compared with the country’s harsh stance on Facebook and Google.

Arvanaghi called getting banned in China a rite of passage for free technology and stressed that the Bitcoin crackdown means that Bitcoin is working, not that it’s failing. “It’s making nations shiver in their boots,” he added.

He said nations are following the footstep of China like they did with many western tech firms, which is bullish for Bitcoin in the long run, Arvanaghi said.

“Bitcoin is the greatest store of value in the history of planet Earth; nothing is even comparable,” Arvanaghi said.

“We are going to start valuing our wealth in terms of Bitcoin, and the volatility is the tax that we pay for being on the right side of this trade he said further.

China undeterred, continues heavy Bitcoin crackdown

The Asian country remains undeterred in its quest to squash Bitcoin in the country.

On Monday, the People’s Bank of China, the country’s apex bank, issued a statement ordering commercial banks to cut off all digital currency-related activities, including over-the-counter crypto trading merchants.

OTCs, which has been the best way Chinese residents have managed to circumvent the ban and constant crackdown on Bitcoin, has been targeted by the government again.

The central bank revealed that it had summoned banks such as the Industrial and Commercial Bank of China and the Agricultural Bank of China to a meeting to discuss the rising OTC market that has provided crypto enthusiasts an option of cashing in on their currency.

War on Illegal Bitcoin Mining: Iran Confiscates 7,000 BTC Mining Machines

Iranian authorities have confiscated about 7,000 cryptocurrency mining machines. The latest development is in line with Iran’s crackdown on illegal bitcoin mining activities.

  • According to Reuters on Tuesday (June 22, 2021), General Hossein Rahimi, Tehran police chief, revealed that the computer miners were found at an abandoned factory in Iran’s capital, which was used to carry out illegal cryptocurrency mining activities.
  • The latest seizure is the largest ever carried out by Iranian authorities. Back in January, the Iranian government confiscated over 1,500 unlicensed crypto mining farms. In the same month, authorities seized 45,000 bitcoin mining rigs.
  • Iran’s cheap electricity has seen an influx of bitcoin miners to the country. A study by Elliptic, a blockchain and crypto analytic firm, showed that Iran accounts for over 4% of bitcoin mining.
  • However, the government seems to have come down hard on the bitcoin mining sector, with various operations targeted at illegal BTC miners. According to Iran, bitcoin mining activities allegedly affected the country’s electricity supply.
  • As reported by CryptoPotato in May, the Iranian government placed a temporary ban on BTC mining untill September 2021. The country earlier stated that it would fine miners using household electricity for bitcoin mining.
  • While Iran is clamping down on illegal bitcoin mining activities, China is carrying out a nationwide crackdown on the sector. Regions like Xinjiang, Mongolia, Qinghai, and Yunnan have issued notices for miners to shut down operations.
  • The clampdown on Chinese bitcoin miners has consequently led to a sharp drop in hashrate by nearly 50%.

Powers On… El Salvador is the unlikely leader for sovereign adoption of Bitcoin as national currency

The question is not whether Bitcoin will be the future of money; the question is how, where and when it will be the future of money.

Powers On... is a monthly opinion column from Marc Powers, who spent much of his 40-year legal career working with complex securities-related cases in the United States after a stint with the SEC. He is now an adjunct professor at Florida International University College of Law, where he teaches a course on “Blockchain, Crypto and Regulatory Considerations.”

While attending the Bitcoin 2021 conference in Miami two weeks ago, several things struck me as interesting and significant. While many others have already reported on the conference, my focus will be on a handful of comments or events that I believe are important for the cryptocurrency and blockchain space.

First, the conference was full of churchlike believers, or those curious about crypto and Bitcoin (BTC). Miami Mayor Francis Suarez kicked off the festivities in grand fashion, noting that Miami was the first United States city to place the 2008 Bitcoin white paper on its government’s website. As a transplanted New Yorker who now calls Miami home and teaches blockchain law to law students there, this made me proud.

When the emcee asked how many in the audience had been to this particular Bitcoin conference in prior years, many hands of the 12,000-strong crowd went up. These attendees were long-term holders, developers, investors and entrepreneurs. And they had a strong Libertarian slant, as evidenced in the warmly received keynote speech by Ron Paul, a former senator from Texas, who said that “authoritarians” were running our government and the Federal Reserve and taking our liberties and rights away. Wow! I did not realize Paul had become so radicalized, or had already been so.

MicroStrategy CEO Michael Saylor said that Bitcoin is the life force of the world. Draper Fisher Jurvetson founder Tim Draper commented that Bitcoin represented “freedom and trust.” I love the Winklevosses, who used the metaphor that “Bitcoin is software to gold’s hardware,” and delighted the crowd by proclaiming that the U.S. dollar is the “biggest shitcoin of them all.” Twitter CEO Jack Dorsey rationalized that the “internet needs a native currency.”

Noteworthy, too, is who was not in attendance: the “suits” and “nonbelievers,” so to speak. The financial intermediaries, capitalists and their minions who will be marginalized or eliminated were the true promise and primary purpose of blockchain realized, according to Satoshi Nakamoto. Those absent included the traditional commercial and merchant banks, the venture capital and private equity firms, the traditional investment banks and hedge funds, and the companies and professionals such as law firms and accounting firms helping them play catch up — or helping them figure out a way to “own” the blockchain and thus the consumers and public, through permissioned blockchains.

For me, I found this quite refreshing. It felt like the exciting programs I attended in 2018, during a time when these same absent players were calling Bitcoin a hoax or fraud, and were gleeful at its price collapse that year. While not all those from 2018 understood what the rules of the road might be to create mass adoption, or the best path, there was sincerity, grand camaraderie and a passion for the efforts and speakers — understanding that there is a large unbanked part of the world that could benefit economically and politically from this untethered financial system BTC can create. They were those who realized rampant inflation was insidiously and stealthily devaluing the assets of citizens. As the co-founder and CEO of Paxos, Charles Cascarilla, said at Bitcoin 2021, Bitcoin is not just a good idea but a legitimate idea for an alternative financial system.

Crypto is legitimate

Also interesting to me is the lack of discussion today about the legitimacy of cryptocurrencies as an investment both at the conference and elsewhere. Back in the day, I remember sitting on a panel advocating for blockchain and crypto, with a fellow panelist, an ex-Goldman dude, dismissing crypto by saying he would only accept equity or notes for any investment in a blockchain startup.

Remember when the nonbelievers and others praying for BTC’s demise noted that owning a cryptocurrency was fools’ play, as the coin did not provide you as an investor with shareholder-like dividend rights, rights to any profits of the startup or ecosystem, or governance rights? It is astounding how that concern has almost evaporated from conversations about crypto, now that there is a market capitalization of around $1.2 trillion and the trading of cryptocurrency futures on the Chicago Mercantile Exchange and the New York Stock Exchange parent company Intercontinental Exchange. Maybe DeFi gets some of the credit for that, as it allows investors to earn “interest” by loaning and staking their coins, and some credit also goes to the growing popularity of proof-of-stake, rather than proof-of-work.

El Salvador

However, the showstopper was not Tony Hawk, nor the woman who appeared to be screaming at Dorsey from the first row about Twitter’s privacy policies. It was the young president of the Republic of El Salvador, Nayib Bukele, who hails from the most densely populated country in Central America. He appeared via a video broadcast toward the end of the conference. Since 2001, El Salvador has abandoned its own fiat currency, the colón, and adopted the U.S. dollar as its official currency.

At the conference, Bukele announced that the country would adopt Bitcoin as a second native fiat currency, on par with the U.S. dollar. A few days later, the legislature there passed a new law doing just that. In Miami, he explained that this adoption “will generate jobs and will help provide financial inclusion to thousands outside the formal economy.” (It is reported that about 70% of the adult population in El Salvador does not have a bank account or credit card.)

The law reportedly requires, not just allows, all merchants to accept BTC for goods and services in commercial transactions, with an exception only for those businesses that lack the technology to do so. It also eliminates any capital gains tax on the exchange of BTC for transactions, to provide more stability to the digital asset. Finally, a development bank will be created to hold $150 million in BTC in order to allow merchants the ability to instantly convert BTC to U.S. dollars. Double wow!

Related: Adopting the Bitcoin standard? El Salvador writes itself into history books

Today, we have many countries and municipalities experimenting with use cases for blockchain outside of the financial promise, including for supply chain providence and recording of real estate transactions. Examples include Sweden, the country of Georgia, the United Arab Emirates — and with the help of the International Monetary Fund, others include Bolivia, Peru and Argentina. But no country has ever put assets developed by computer code on par with the U.S. dollar!

It will be interesting to see how the rest of the sovereign states react to this. I am already reading about studies from economists claiming that El Salvador’s economy will collapse from this legislation. And the IMF is posturing. Let’s see which country will be next to do the same. I predict there will be many in the next few years, allowing for this dual system to coexist in these countries. It is something I have been predicting would occur since 2018.

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.

Marc Powers is currently an adjunct professor at Florida International University College of Law, where he is teaching “Blockchain, Crypto and Regulatory Considerations” and “Fintech Law.” He recently retired from practicing at an Am Law 100 law firm, where he built both its national securities litigation and regulatory enforcement practice team and its hedge fund industry practice. Marc started his legal career in the SEC’s Enforcement Division. During his 40 years in law, he was involved in representations including the Bernie Madoff Ponzi scheme, a recent presidential pardon and the Martha Stewart insider trading trial.

The opinions expressed are the author’s alone and do not necessarily reflect the views of Cointelegraph nor Florida International University College of Law or its affiliates. This article is for general information purposes and is not intended to be and should not be taken as legal advice.

ArdCoin (ARDX) is Now Available on UniSwap

Disclaimer: The text below is a press release that was not written by Cryptonews.com. Ulaanbaatar, Mongolia, 2021/06/18 - Mongolia’s first and only blockchain-based loyalty reward program ArdCoin is turning a new page in its history as it lists on Uniswap, the world’s largest decentralized exchange. ARDX is now tradable with ETH and USDT on UniSwap. The exchange operates 100 percent on smart

Cardano Price Analysis: ADA Bears Take Control, Will $1 Hold?

ADA/USD – ADA Plummets Beneath The 100-day MA

Key Support Levels: $1.07, $1.00, $0.913.
Key Resistance Levels: $1.20, $1.30, $1.42.

ADA fell beneath the 100-day MA at $1.42 over the weekend and has since plummetted as low as $1 today.

The cryptocurrency was trading inside a symmetrical triangle pattern and broke toward the downside of the consolidation on Saturday. Yesterday, ADA slipped from the 100-day MA and fell beneath $1.20.

It continued today as ADA broke support at $1.12 (long-term .618 Fib) and dropped into $1 (short-term .886 Fib).

adausd-jun22
ADA/USD Daily Chart. Source: TradingView.

ADA-USD Short Term Price Prediction

Looking ahead, if the bears break $1.07, the first major support lies at $1.00 (200-day MA). This is followed by support at $0.913 (May lows), $0.847 (downside 1.272 Fib Extension), $0.8, and $0.75 (.786 Fib).

On the other side, the first resistance lies at $1.20. This is followed by $1.30 (bearish .236 Fib & falling trend line), $1.42 (100-day MA), and $1.50 (bearish .382 Fib).

The daily RSI reached extremely oversold conditions today, indicating that the sellers must be reaching exhaustion soon. The RSI is now the most oversold since September 2020.

ADA/BTC – ADA Loses 50-day MA and Drops To .5 Fib Support

Key Support Levels: 3440 SAT, 3200 SAT, 3070 SAT.
Key Resistance Levels: 3600 SAT, 3800 SAT, 4000 SAT.

ADA also lost crucial support at 3820 SAT (.382 Fib) this week. It had established this support in June and managed to close each daily candle above it through the month. ADA bounced higher from it over the weekend and climbed above the 50-day MA.

Unfortunately, it was unable to close above the 50-day MA at 4000 SAT and dropped lower from there yesterday as it fell beneath 3820 SAT (.382 Fib). Today, it continued until added support was found at 3440 SAT (.5 Fib).

ADA/BTC Daily Chart. Source: TradingView.

ADA-BTC Short Term Price Prediction

Moving forward, the first support lies at 3440 SAT (.5 Fib). This is followed by 3200 SAT, 3070 SAT (.618 Fib & 100-day MA), and 3000 SAT.

On the other side, the first resistance lies at 3600 SAT. This is followed by 3800 SAT, 4000 SAT (50-day MA), and 4190 SAT (20-day MA).

The RSI is in bearish territory and is still not oversold. This indicates that there might be some more selling pressure on the way.

DCG to Buy Shares of Grayscale’s Ethereum Classic Trust Worth $50M

DCG to Buy Shares of Grayscale's Ethereum Classic Trust Worth $50M 4
  • Digital Currency Group will purchase shares of the Grayscale Ethereum Classic trust worth $50 million
  • Digital Currency Group is the parent company of Grayscale Investments
  • The purchase will not be immediate and will depend on numerous factors
  • Ethereum Classic’s value has been hit hard by the ongoing crypto market pullback led by Bitcoin dropping below $30k

The parent company of Grayscale, Digital Currency Group, has announced that it plans to utilize $50 million to purchase shares of the Grayscale Ethereum Classic Trust (ETCG). Digital Currency Group will use cash on hand to fund the purchase and will do so in the open market.

Furthermore, the team at DCG went on to issue a disclaimer that the intended purchase does not obligate Digital Currency Group to buy ‘any specific number of shares in any period, and may be expanded, extended, modified, or discontinued at any time’. Additionally, the intended purchase will depend on numerous factors including cash available, price of the shares and the market conditions at the time.

Ethereum Classic Drops to $32.21 Amidst Bitcoin Dropping Below $30k

With respect to price, Ethereum Classic (ETC) is trading at $34.5 after dropping to a local low of $32.21 as a result of a crypto-wide pullback led by Bitcoin dipping below the $30k support area.

A quick glance at the daily ETC/USDT chart below reveals that Ethereum Classic (ETC) is headed to bearish territory with the 200-day moving average (green) providing an area of support around the $29 to $28 prize zone.

DCG to Buy Shares of Grayscale's Ethereum Classic Trust Worth $50M 3

Also from the chart, it can be observed that the daily MACD confirms the selling pressure evident with Ethereum Classic. Trade volume is also in the red with the MACD’s histogram further confirming the increased level of selling.

However, the daily MFI and RSI are in oversold territory thus hinting of a probable relief rally at the aforementioned support zone that can be found at the 200-day moving average.

As with all analyses of altcoins, Ethereum Classic’s fate in the markets solely rests on Bitcoin. Consequently, a dip by Bitcoin below the $28k support could result in Ethereum Classic losing the 200-day moving average as support.

StormGain Levels Crypto Mining Playing Field to Billions of Smartphone Users

Disclaimer: The text below is a press release that was not written by Cryptonews.com. The concept of cryptocurrency mining has a somewhat negative connotation to it these days. Many people see it as a waste of electricity as it requires dedicated and expensive hardware. But what if that was no longer the case, and anyone could mine cryptocurrency with their smartphone? Equal Mining Opportunities

Venezuela uses cryptocurrencies to fight crisis and inflation

TL;DR Breakdown

  • Fast food chains accept crypto as a means of payment.
  • Venezuelan migrants send their remittances through LocalBitcoins or Binance.

Venezuelan food driver Pablo Toro is interested in cryptocurrencies and uses them to send money to his relatives. Although there are thousands of alternatives to send money from abroad to the South American country, crypto is the most popular way.

Toro, who emigrated to Colombia in 2019, uses the Valiu mobile app to receive Colombian pesos for his work. Toro exchanges them with the money in the national wallet for Venezuelan bolivars to send to his relatives. However, the Venezuelan economy is subject to hyperinflation, and the government is paying more interest to these transactions.

The Valiu app uses Colombian pesos to buy crypto, especially Bitcoin, which is then sold on LocalBitcoins. The platform is much more reliable for Toro than informal exchange houses, and the commissions are lower.

Alternatives to send money to Venezuela

cryptocurrencies

Toro indicates, when electricity fails in Venezuela and the internet goes down, it affects the remittance sending. That is why residents have turned to crypto alternatives that allow you to send money without worries. Toro is sure that he can make the money order to his family members, and in seconds they will have it in their crypto wallet or bank account.

As US sanctions and hyperinflation affect Venezuela’s economy, crypto has emerged as a solution. Virtual currencies have become a way to send remittances from abroad, save money and thus avoid devaluation.

Crypto companies gain fame after Bitcoin adoption in El Salvador

Although cryptocurrencies had been in the eyes of Venezuelans in previous years, the market in South America resumed. The El Salvador government adopted Bitcoin as a legal currency a few weeks ago. Also, the Argentina authorities have shown their affection for decentralized currencies.

Bolivar transfers on LocalBitcoins represent the largest in value among Latin American currencies. However, the cryptocurrency platform figures have fallen with the Binance adoption in the Latin country.

Binance shows a 75% increase in its operations with bolivars since May. This makes Venezuela the only country in Latin America that trades in cryptocurrencies even though the market is in decline.

Fast-food chains such as Church’s Chicken and Pizza Hut accept Bitcoins as a means of payment. Some technology stores have also been affected by this boom in cryptocurrencies, including USDT and Dash.

Citizens in Venezuela are using cryptocurrencies to avoid their money devaluation. Although Bitcoin is volatile, this does not prevent residents from buying the tokens when they have the opportunity. Although the national government has not formally adopted the decentralized market, the Venezuelan people do not tire of using the tokens.

Rescuing crypto workers from terrible US job conditions: John Paller

John Paller is training a new generation of blockchain workers and giving them the tools to live free from the chains of full-time employment.

After a chance conversation with a Russian dude wearing a weird T-shirt at a 2014 conference Vitalik Buterins father, Dmitry John Pallers life was transformed by having a front-row seat for the birth of Ethereum. He went on to create the largest Ethereum hackathon and founded an initiative to help at-risk youth find job opportunities in the burgeoning crypto industry.

According to Paller, the majority of workers in the United States will be independent and not tied to a particular employer within just a few years from now. But with so many of the necessities of life provided by employers rather than the government, he has set up a new token-based employment co-op to provide independent contractors with benefits, such as medical insurance and retirement plans.

Purple state Ethereum

Growing up in the predominantly Mormon state of Utah, which he describes as a rather dogmatic society, Paller remembers that as a child, he always asked too many questions. Not feeling like he fit in, he moved east over the Rocky Mountains to Denver, Colorado a few years after graduating from Southern Utah University with a business administration degree in accounting and finance in 1997.

 

 

 

 

Denver, according to Paller, is more pragmatic politically we dont get caught up in political dogma as much as other states seem to do. This, he surmises, is due to a mixture of geographical and cultural influences, with a libertarian wild west culture from Wyoming in the north merging with a more liberal, progressive approach from the south in New Mexico and west from California.

I think that Ethereum as a concept really relates well to this sort of egalitarian approach building next-generation public infrastructure using smart contracts. We have a good tech scene here in Colorado.

He serves as the executive steward of ETHDenver, which started with monthly meetups of a couple dozen people before growing into the hundreds suddenly in 2017. This rapid growth inspired him to organize a hackathon in February 2018, a project for which he called up various industry players, such as Ethereum co-founder Joe Lubin, cryptocurrency entrepreneur Erik Voorhees, and dozens of other top projects and luminaries.

We were hoping for 401 people, and the reason for that was because ETH Waterloo in the fall of 2017 had 400 people, and we wanted to be the biggest one ever, he says.

The first event, which Paller describes as part Burning Man, part SXSW, part DevCon, and part Hack the North, was a huge success with 1,500 participants. With four years running so far, the event has become a home turf of the Ethereum movement. This year, we did a fully virtual event, and we hosted over 31,000 people from 94 countries, Paller explains proudly, adding that ETHDenver is transitioning into a true community-owned ecosystem called SporkDAO with a virtual launch party and NFT auction on June 26.

Worker woes

Pallers background is in human resources and finance, and in 2002, he co-founded a staffing company called PeoplePartners to focus on recruiting in the financial sector. After some success, the company managed to buy and merge with another, Lakeshore, where Paller continued to serve as CEO, while the new firm focused on HR technologies in what he refers to as the Uber-for economy where the firm was trying to create an app that would help companies find talent as quickly as Uber finds rides.

Much of Pallers vision for his HR firm revolved around a vague desire to help democratize employment, referring to what he saw as a lopsided social contract where employers have a huge amount of power over employees within U.S. society. Questions started to gnaw at him Why is employment so disproportionate in power and value distribution? Why is healthcare in the United States tied to employment?

It was while reading more broadly into economics and game theory, in hopes of answering these questions, that Paller came across Bitcoin from a friend working at a technology startup who told him it was the future of money. I read the white paper, and I kind of didnt get it, but I bought some, he recalls.

My name is Buterin, Dmitry Buterin

Buying some Bitcoin on a whim was, however, not Pallers only harbinger of blockchain destiny. While attending a small entrepreneurship conference in California in early 2014, he met Dmitry Buterin. There was only probably like 30 people there, so it was a very intimate affair, and he was the interesting, you know, Russian dude with the weird T-shirts, he says. As fathers, they connected over their families and because politically speaking, were both libertarians.

Due to this chance connection, Paller had a direct line to Vitaliks father, who made social media posts on the Ethereum white paper and the ICO. This meant that he had exposure to the project from an early stage and, in early 2016, asked Dmitry to connect him with his son, Vitalik, who was kind enough to spend several hours with me talking about my ideas for use cases. In hindsight, he was very gracious because my use case ideas were terrible I didnt understand decentralization at all, he recounts, adding that his mind was still stuck in the old world of centralized corporate structures.

He eventually did have the lights go on, at which point he decided to do a full pivot in life. It was almost kind of like my version of a midlife crisis, he explains regarding his sudden decision to sell his business, effectively turning his back on a successful career.

 

 

 

 

Apprentio and the next generation

In 2018, Paller co-created Apprentio in collaboration with a local boys and girls club in hopes of providing at-risk youth with opportunities in the emerging blockchain ecosystem. Paller believes that the commonly prescribed path of high school/college/degree/job is not for everyone, especially considering that a four-year college degree in the U.S. can easily result in $100,000 of debt, and the graduation rate for at-risk youth kids that go to college is like 5% most of them drop out, he explains.

We assist these kids 1517 years old get involved in the blockchain technology space by participation in hackathons, building projects, mentoring, tutorials and free resources, and then ultimately hooking them up with projects that are looking for interns.

In Pallers view, Apprentio is investing in a new generation of specialized workers to fit the needs of the future not only the needs of companies but of the workers themselves. With the ability to work remotely and for several projects at the same time, Paller envisions a future with workers who are empowered by choice instead of being effectively held for ransom by employers who demand they work full time in one location in order to access the resources needed for survival.

 

 

The old model is simply not working for workers, as evidenced by the fact that 70% of people in the U.S. labor force are sitting in jobs they hate because they have no better options. Of course, that is part of the problem the reason Americans allow themselves to be subjugated by a corporation is that independent workers lack the security and benefits, such as retirement, health insurance and disability protection afforded to most full-time employees. This total dependence on the employer is a peculiarly American experience, seeing as healthcare, in particular, is seen as a universal right in much of the world, including Canada, Europe and Australia, to name a few.

Self-employment The new normal

According to Paller, the U.S. workforce currently has about 35 million self-employed workers out of a total of 160 million. The movement began in earnest, with many workers not returning to their traditional jobs after the 2008 financial crisis, and following a year of on and off shutdowns and working from home, the trend is only increasing.

The rate of self-employment is accelerating even faster now due to the pandemic. The estimates are 90 million people by 2028 in the U.S. workforce alone.

Though the share of independent workers is rising, Paller sees an untapped niche in the market for human resource systems. From data management to identity verification and credentialing, all of it is designed with the corporation as the customer they are farmers of talent and the talent is the product, Paller explains.

On the blockchain side, the phenomenon of decentralized autonomous organizations, or DAOs, is set to benefit from, and offer opportunities to, this growing crop of independent workers. Play-to-earn games, the increasingly popular framework of blockchain games that allow players to make money within the economies of video games, are also set to burgeon.

All of this poses challenges for governments, which can benefit from the arrangement where most people have an ongoing, full-time job because employment is a great way to make sure that taxes are paid, whereas managing the reporting of independent contractors is much more difficult.

Imagine a world where you work in 20 countries simultaneously with people that share your values, share your worldview, and you dont have to worry about any of the jurisdictional compliance.

Opolis co-op

Pallers brainchild, Opolis, bills itself as a member-owned digital employment cooperative providing benefits, payroll and shared services for the independent worker. Its his attempt to be part of the answer to the challenges of future work. By forming an employment cooperative, the vision is that workers can take back their agency from employers who previously defined their place in society.

The idea came to being in 2017, culminating in a white paper in 2019, followed by a year spent designing a micro-economy within the ecosystem. It is legally set up as a cooperative instead of a corporation or foundation, the latter of which Paller believes creates no incentives to build anything of economic value. As a Colorado cooperative, the entitys participants are able to hold patronage tokens. The token itself, while potentially profit-bearing, is not a security, according to Paller.

 

 

Opolis being set up in this way seems to be more than a mere legal loophole as a co-operative or co-op is defined as an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned enterprise. Paller quotes Dr. Nathan Schneider, a local professor who has commented on the intersection of DAOs and co-ops, which hold many inherent similarities. He also notes that there are European cooperatives that are worth billions, so I think were gonna see a whole new wave of cooperatives.

 

 

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On the ground level, Opolis is already operational and offers independent worker-members in the U.S. a host of services. The basics include health, dental and vision insurance available in various tiers to provide security for the worker, their spouses or entire families. For example, the combined health, dental and vision insurance premiums range from $313 to $557 per month for the worker alone, or from $1,125 to $1,845 for the whole family.

In addition to insurance, Opolis offers the opportunity to elect various retirement savings plans, methods to keep salary consistent even when taking time off, and tools to manage tax deductions for things such as wellness expenses.

On the services side, there is the possibility to create an integrated payroll from various income sources, which streamlines taxation and accounting and opens up the possibility to take a salary in cryptocurrency.

The cooperative is currently operational in only the U.S., but Paller envisions that it could become a global public utility in a way similar to internet infrastructure or cryptocurrency networks.

The goal is to become a global public utility infrastructure for employment at that scale, it doesn’t even need a name it would operate similarly to how people think about TCP IP or even Ethereum layer one. Itll just be a thing that is and does.

 

 

Crypto Bears Claw Markets Lower, Bitcoin Price Drops Below $30K, Analysts Still Optimistic

Crypto Bears Claw Markets Lower, Bitcoin Price Drops Below $30K, Analysts Still Optimistic

The price of bitcoin dropped to a new low in 2021, hitting $28,600 per unit Tuesday morning (EST). BTC has shed more than 10% in value over the last 24 hours and its market capitalization is now less than $600 billion.

Bitcoin Price Plunges Below $29K

Cryptocurrency markets have seen better days as the entire market capitalization of all 9,000+ crypto assets is down 12% at just above $1.2 trillion. Bitcoin (BTC) has shed 26.31% during the last seven days and 42% over the last 90 days.

At the time of publication, BTC rests just below the $30K handle in the $29K region. The value had plummeted to $28,600 per unit Tuesday morning.

BTC/USD price on Bitstamp on June 22, 2021, via bitcoinwisdom.io.

Statistics show that bitcoin’s top trading pair on Tuesday is tether (USDT) which captures 48% of all BTC trades. This is followed by the USD (17.28%), BUSD (7.87%), EUR (5.05%), and JPY (4.80%).

Bitcoin (BTC) dominance among all 9,000+ coins is around 46.9% while ethereum (ETH) commands 17.4% of the entire $1.2 trillion crypto market valuation.

BTC/USD price on Bitstamp as of June 22, 2021, via tradingview.com.

Ethereum is down 13% on Tuesday and currently trades for $1,742 per unit. ETH has lost a whopping 29.40% over the last seven days.

One of the only seven-day gainers this week is mir coin (MIR) which has gained 16.2% during the last week.

In a note to Bitcoin.com News on Tuesday, Alex Siman, founder at Subsocial said: “At this rate of fall, it’s difficult to predict the level at which the price will form a baseline for an imminent rebound, as big investors with the potential to reverse prices are choosing to watch from the sideline. While we can still see a positive dynamic before the end of this year, to me, steeper plunges to $20,000 won’t come as a surprise either.”

Stephen Kelso, Head of Markets, ITI Capital also commented: “Bitcoin is currently trading approximately one-third below its long-term exponential trend-line, a phenomenon it has only exhibited for c.20% of the time. Given the market forces and demand for scarcity assets to protect wealth, ITI believes this is an attractive buying opportunity for investors.”

Pankaj Balani, CEO of Delta Exchange also sent a note to Bitcoin.com News this week. “We believe that there is not much downside for BTC in the short term as we trade near the bottom end of the $30,000-$42,000 trading range. In the short term the macro environment does not look weak with broader markets continuing to rally and U.S. tech stocks posting all-time weekly highs.

“We expect BTC to bounce from here and challenge the $40,000 mark again in the coming weeks. $30,000 is the key level for traders to watch – should we concede 30,000; the sentiment will take a massive hit,” Balani further added. “A conclusive breakdown below $30K might be coupled with heavy selling activity in BTC and the entire crypto market.”

What do you think about the recent crypto price action this week? Let us know what you think about this subject in the comments section below.

Jim Cramer Says He Will Buy Bitcoin Again at This Price Range

Jim Cramer, the former hedge fund manager and host of CNBC’s Mad Money might have sold a majority of his Bitcoin holdings just yesterday, but he is already looking to get in the Bitcoin game again. During his recent appearance of Squawk Box Cramer said he doesn’t believe the market is near its bottom as he can’t see people giving up on the top cryptocurrency. He also said that he would buy Bitcoin again at $10,000-$12,000 price range where he had bought a lot earlier.

He also talked about the Chinese factor and said they don’t like American billionaires to control a rival currency to their own.

The Mad Money host yesterday raised concerns over the Chinese crackdown and revealed that he has sold a majority of his Bitcoin holdings. Cramer had also cited the growing number of ransomware attacks to be another reason behind his selling as he believed the FBI and Treasury department could also issue a crackdown on the top cryptocurrency.

The news about Cramer selling the majority of his Bitcoin holdings came just a couple of months after he revealed he has paid off his house mortgage from Bitcoin Profit.

“I like Ethereum more than Bitcoin at this point”

During today’s appearance on Squawk Box Cramer also said that he likes Ethereum more than BTC at this point. Although he didn’t elaborate on the reasons behind his liking for the second largest crypto asset, it could be because of the China factor.

Bitcoin price today fell below the key support of $30k, currently trading at $29,447 registering a new 5-month low. The next immediate support is between $28,000-$28,500. Just like Bitcoin, most of the altcoins registered a double-digit decline as the crypto market fell by nearly 15%.

The post Jim Cramer Says He Will Buy Bitcoin Again at This Price Range appeared first on Coingape.

Bitcoin Drops 10% After China Moves Forward With Crypto Crackdown

China’s crackdown on cryptocurrency escalated to a whole new level. The news came yesterday that The People’s Bank of China had urged major banks and Alipay to crackdown on crypto trading. Six major banks, including The Agricultural Bank of China and China Construction Bank, and Alipay issued a statement prohibiting the use of the company’s […]

Bitcoin Dips Below USD 30,000

The most popular cryptocurrency, bitcoin (BTC) dropped below the USD 30,000 threshold today, while altcoins bleed even more. Last Tuesday, its price was c. USD 40,500. Since then, the price fell nearly 27% in a week, while in the last 24 hours, it's down more than 9% - trading at USD 29,732 at 13:43 UTC. It hasn't been this low since early January. Overall, BTC is

A ‘seismic mining shift’ may be driving Bitcoin price below $30K: Report

The benchmark cryptocurrency slipped briefly under the $29,500-level this Tuesday as a Glassnode report indicated possibilities of miner capitulation in China.

Bitcoin (BTC) plunged 7.38% to hit its five-month low of $29,313 on Tuesday as the market stared at the prospect of another sell-off, this time led by miners affected by a recent crackdown against cryptocurrency entities in China.

Bitcoin drops below $30K for the first time since January 2021. Source: TradingView.com

The People's Bank of China on Monday said it had summoned multiple regional institutions, including the Agricultural Bank of China, China Construction Bank, and ICBC, as well as Jack Ma's payment platform Alipay, to “strictly implement” its recent ordinances on curbing Bitcoin and other cryptocurrency-related activities, including mining.

Sichuan, a hydropower-rich region in South-West China, ordered the 26 largest crypto mining farms to stop operating, Chinese Media report on Friday. The province was contributing 75% of the total global hash power to run the Bitcoin blockchain network.

The regulatory warnings followed a decline in the Bitcoin market, which, in mid-April, traded near $65,000, spurred by backings from high-profile advocates, including Tesla CEO Elon Musk.

Miner capitulation FUD

A report published by Glassnode revealed a "seismic mining shift" taking place in China. The data analytics platform noted that many miners are in the process of either shutting down or migrating their hash power outside China to comply with the mining ban.

"One of the largest migrations of Bitcoin hash-power in history appears to be underway," wrote Glassnode, adding that the estimated mean hash-rate (7DMA) has declined from circa 155 EH/s to around 125 EH/s in just two weeks after the China FUD (a backronym for Fear, Uncertainty, and Doubt). 

Bitcoin mean hash-rate plunged 16% in two weeks after China FUD. Source: Glassnode

Glassnode anticipated that the Chinese mining industry would likely liquidate a portion of their Bitcoin holdings when coming to grip with relocating their farms abroad or selling their hardware. Those sell-offs might reflect "miners hedging risk" and "obtaining capital to facilitate and fund logistics."

Meanwhile, for some miners, it may be a general exit from the industry entirely, the report added.

Recent on-chain trends have shown a spike in miners' BTC distribution and a decline in accumulation.

For example, the Miner net position change metric, which tracks the transactional flow of Bitcoin mining pools, showed miners distributing BTC at a rate of 4K to 5K per month over the period in which the hash rate fell 16%.

Miners sold more Bitcoin than they held in the last two weeks. Source: Glassnode

"This has reversed the trend of net accumulation which was active since April."

Big investors absorbing miners' OTC distribution

Miner capitulation is not necessarily a bad thing as long as the market absorbs the selling pressure. During the first quarter of 2021, bids for BTC/USD rose from as low as $28,700 to $61,788 even as miners sold their Bitcoin holdings en masse.

Jonathan Ovadia, chief executive at OVEX — a South Africa-based cryptocurrency exchange, credited institutional investors behind the latest sell-off absorption as he drew evidence from MicroStrategy's ongoing Bitcoin accumulation spree. He said:

"The continuous accumulation of Bitcoin by institutional investors, particularly MicroStrategy, is based on a very deep conviction of the potential future upside beyond this current correction."

Meanwhile, taking a look at over-the-counter (OTC) desks, which miners utilize to match their large size distributions with institutional buyers, also showed demand among large volume buyers.

"During both the May Sell-off and over the last two weeks, between 3.0k and 3.5k BTC in net inflows have been observed," Glassnode observed. "However in both instances, almost the full inflow size was absorbed by buyers over just a few weeks.

Miners's supply of 3K BTC to OTC desks met buyers within two weeks. Source: Glassnode

As a result, OTC's Bitcoin balances were relatively flat since April.

Ethernity Chain (ERN) Goes Live On Binance’s Innovation Zone

[PRESS RELEASE – George Town, Cayman Islands, 22nd June 2021]

Ethernity Chain (ERN) is coming to Binance’s Innovation Zone and will receive three trading pairs later today. The popular community-oriented platform with a strong focus on authenticated and limited edition NFTs has received a lot of attention lately. This token listing further enhances the appeal of what Eternity Chain brings to the table.

As a platform renowned for its limited-edition authenticated Non-Fungible Tokens, Ethernity Chain has built up a strong reputation in the past few months. Numerous famous individuals, celebrities, and sports athletes have partnered with the team to create new collectibles on the platform. Recently, Ethernity Chain teamed up with Manny Pacquiao, footballer Pelé, Phil Ivey, Anderson Silva, Marilyn Monroe, and the Winklevoss brothers further illustrating the appeal NFTs have at this time.

The native ERN token has multiple purposes within the Ethernity Chain ecosystem. For example, it can be used to buy NFTs, stake the token for rewards, governance rights through voting on proposals, and is subject to period buybacks by the team through platform profits. Getting this token listed on a major trading platform like Binance can introduce thousands of people to ERN and the broader Ethernity Chain ecosystem.

“When the biggest exchange in the world decides to incorporate your company into theirs, it’s definitely not something to take lightly. This is a massive statement that reverberates to all our artists, charities, icons and of course, the community” – Nick Rose, CEO Ethernity Chain

Binance has confirmed ERN will become part of its Innovation Zone. The Innovation Zone serves as a dedicated trading zone where innovative assets with potentially higher volatility are introduced to Binance’s traders. With this higher trading risk comes a potentially higher reward.

Interested users must go through the Innovation Zone’s web page and complete a questionnaire to access ERN and other listed tokens. There are no trading restrictions on these trading pairs.  For Ethernity Chain, the trading pairs will be ERN/BNB, ERN/BUSD, and ERN/USDT. Trading will commence today at 06:00 AM UTC.

About Ethernity Chain

Ethernity is the groundbreaking authenticated NFT project which auctions verified artwork featuring the top artists and stars from sports, music, film, gaming, tech, history and entertainment. Each of these digital artworks is represented as a non-fungible token (NFT). The pieces feature well-known public figures, and a portion of all funds raised from the endeavor will be donated to charitable causes. Ethernity Chain combines the utility of DeFi and merges it with NFTs to create an exclusive pipeline to rare, collectible content from notable figures and well-established digital artists.

VanEck’s CEO Urges the SEC to Approve a Bitcoin ETF Due to High Customer Demand

Jan van Eck, the CEO of the giant investment manager, VanEck, has asserted that the firm’s customers have a growing appetite for a Bitcoin ETF. This comes amid the company’s frequent attempt to have an exchange-traded product approved in the US.

  • During a recent interview with CNBC, van Eck spoke about the company’s plans to enter the cryptocurrency space through an exchange-traded fund that tracks the performance of bitcoin.
  • The firm has already filed for a few such ETFs. It withdrew the previous attempts, and the latest one, filed earlier this year, has been delayed twice by the US Securities and Exchange Commission.
  • While waiting for the SEC’s final decision, VanEck filed another draft prospectus for a BTC futures mutual fund earlier this week.
  • Called the “Bitcoin Strategy Fund,” it will invest in BTC futures contracts, pooled investment vehicles, and ETPs with exposure to the primary cryptocurrency.
  • However, it will not invest directly in BTC, which is why VanEck’s CEO believes the SEC should focus on approving a Bitcoin ETF. He outlined a significant demand coming from customers for such a product.
  • “We really think the SEC should approve a Bitcoin ETF.” – he noted.

  • However, he believes that the Chairman of the Commission is not “putting it high on his agenda. It is what it is. The SEC is just not moving fast on this.”
  • Van Eck also took a stab at the Grayscale Bitcoin Trust, saying that the only alternative to a BTC ETF in the US is a “closed-end fund that trades it at a 40% premium or 20% discount.”
  • “Bitcoin futures … aren’t any better because of the shape of the futures curve. There’s a futures-based fund that underperformed bitcoin by 22% last year and 8% this year. Can’t predict what the SEC will do, but investors are really asking for a more efficient access vehicle.” – he concluded.

Bitcoin Price Breaks Below $30,000 Support, Erasing 2021 Rally

Bitcoin price is now below $30,000 for the first time since making the 2021 rally now a memory. The leading cryptocurrency by market cap first opened the year at around $28,800 – a price just touched during today’s crypto market bloodbath.

2021 btc open

The entire 2021 is now gone in a flash | BTCUSD on TradingView.com

Bitcoin Price Breaks Below $30,000

Bitcoin price is now back where it started in what had previously been its most bullish year on record, putting the greater bull rally at risk of turning full blown bear market if things trend any lower.

The downtrend has been sharp and fast, cutting crypto prices in half within just one month and setting one of the worst monthly closes on record.

Related Reading | The Missing Ingredient From A Full On Bitcoin Reversal

Bitcoin took a 50% loss while altcoins have dropped more than 70% in many cases. Sentiment turning so negative and an influx of coins reaching exchanges has now led to Bitcoin price plunging below $30,000 for the first time in 2021.bitcoin 12-month

Only a nasty gravestone doji is left on the 12-month | BTCUSD on TradingView.com

2021 Crypto Rally Now Erased, Has The Bull Market Concluded?

The leading cryptocurrency by market cap more than doubled in the first quarter of the year. The rally came to a climax just as Coinbase Global went public on the Nasdaq and crypto market exuberance was at its highest. Markets tend to reverse when participants least expect it, and money is being made easily.

Related Reading | Why Bitcoin Could Slingshot Back To Lows Before Gaining Momentum

Everything was going great for crypto – Elon Musk was about to host Saturday Night Live, but then the rug was pulled on investors. The selloff has also resulted in one of the ugliest yearly candles in the history of Bitcoin.

The current candle is a gravestone doji, which as the name sounds, can have deadly consequences. However, bulls still have five full months left in the year to make sure this bearish signal isn’t left behind.

bitcoin bearish

Could there be a similar reaction as the historic "China pump"? | BTCUSD on TradingView.com

Bitcoin price action, sentiment, and market structure all exhibit similarities to the last time the crypto market took a short-term pause. If something similar were to play out, with lows now swept and panic in the air, a bounce could be imminent.

That doesn’t necessarily mean the downtrend is over, as the rest of the pattern shows. But with $30,000 now broken and the market in extreme fear, anything is possible. A lack of short positions does suggest a squeeze similar to the last time around isn’t as likely, but there’s still time for bulls to prove that the bull market isn’t quite over yet.

Featured image by iStock Photos, Charts from TradingView.com

Bitcoin Price Falls below $30k, Would Need to Hold This Support to Avoid Further Sell-Off

Bitcoin price slipped below $30,000 for the first time in 2021 recording a new 5-month low of $29,469 earlier today. The market sell-off has led to the top cryptocurrency losing its key $30k support, which it has held for more than 6-weeks. The current market sell-off is being attributed to the continuous crypto crackdown by Chinese authorities.

Source: TradingView

After losing the key support of $30K, BTC would need to hold on to an immediate support range of $28,000 – $28,500, failing which the next key support area would be around $24,000 following which it might fall to $20K levels. The top cryptocurrency has already lost 54.33% from its ATH of $64,863 and the current bearish sentiment could push it further down.

Analysts believe if the top cryptocurrency doesn’t bounce back above $30K soon, the week could get bloodier for the crypto market. With the Bitcoin death cross already in play, the market sentiment is currently being dominated by the bears.

The Silver Lining to the Current Market Sell-Off

The current market sell-off being triggered by the Chinese crackdown has a silver lining, as per Bobby Lee the CEO of Ballet Bitcoin wallet, the crypto market has historically bounced back from the sell-off phase which to many seemed like an end of the road to the bull run. Comparing the Chinese crackdown in 2017, Lee highlighted that the authorities had put a similar ban in August 2017, but the crypto market bounced to new highs in November 2017 against all odds.

Mike Novogratz, the CEO of Galaxy Digital said the recent sell-off presents a perfect buying opportunity and believes the market is more mature at present than ever before. He also advocated for regulations as they could help in bringing more institutions to Bitcoin.

The post Bitcoin Price Falls below $30k, Would Need to Hold This Support to Avoid Further Sell-Off appeared first on Coingape.

The China Effect: Bitcoin’s Hashrate to an 8-Month Low as the Issuance of New BTC Slows Down

The consequences of the nationwide Chinese crackdown on Bitcoin mining are more than evident in a few short weeks. The hashrate has dropped dramatically by nearly 50% from its peak, the number of daily issued coins has declined, and the Puell Multiple has reached a multi-month low.

The Effects of the Chinese Crackdown

Although Bitcoin has been banned in China for years, the Asian Superpower doubled down on its stance just recently. It went further this time by ordering several regions to halt BTC mining due to environmental issues.

Being responsible for over 60% of all Bitcoin mining until that moment, this decision had an immediate impact on the network’s hash rate. The metric, which is a measuring unit of the processing power on Bitcoin’s blockchain, dropped to around 100 Ehash/sec for the first time since November 2020. On a shorter scale, this represents a near 50% decrease since the peak in May.

Bitcoin Hash Rate. Source: BitInfoCharts
Bitcoin Hash Rate. Source: BitInfoCharts

While miners complete their transition from China to other nations and the largest blockchain network goes through its next mining difficulty readjustment, the number of daily issued coins has reduced. According to CryptoQuant, this has led to an eight-month low of the Puell Multiple metric.

It’s defined by dividing the daily value of the issued bitcoins in USD by the 365 days moving average of that USD daily value. The analytics company said the Puell Multiple is now down to 0.81.

CryptoQuant’s chart sees 0.5 as the bottom and 4 as the top of this metric’s performance, which means that BTC is nearing its low. In previous similar scenarios, the asset’s price has indeed reacted in a positive way after dropping so low.

Bitcoin Puell Multiple. Source: CryptoQuant
Bitcoin Puell Multiple. Source: CryptoQuant

Bitcoin Below $30K

Although the Puell Multiple could serve as a sign of a positive trend reversal in the long run, the current state of BTC’s price is far from optimistic.

As reported earlier, the primary cryptocurrency dumped below $30,000 for the first time since January. This comes after the aforementioned crackdown from China and multiple reports outlining various bearish signals.

Bitcoin is down by more than 50% in roughly two months after it peaked at $65,000 in mid-April. Moreover, it risks going into a negative territory YTD as it entered 2021 at just over $29,000.

Scaleswap CEO talks benefits and challenges of building a Polygon-powered IDO launchpad

CryptoSlate recently had the opportunity to chat with Ralf Gerteis, the co-founder and CEO of Scaleswap, a Polygon-powered launchpad that will be conducting its IDO on June 25th.

In the interview, we discuss:

  • Background of the Scaleswap founders
  • The problem that Scaleswap is solving
  • How many people are working on the project
  • Types of crypto users who would benefit from a layer-2 launchpad
  • The utility of the Scaleswap-native token (SCA)
  • and more…

The post Scaleswap CEO talks benefits and challenges of building a Polygon-powered IDO launchpad appeared first on CryptoSlate.

Bit Mining Moving 3,000 Bitcoin Mining Machines to Kazakhstan Following China Crackdown

Bit Mining Moving 3,000 Bitcoin Mining Machines to Kazakhstan Following China Crackdown

Shenzhen-based Bit Mining has started shipping bitcoin mining machines to Kazakhstan as the Chinese government cracks down on bitcoin mining operations in the country.

  • Bit Mining Ltd., a mining company based in Shenzhen, announced Monday that “it had successfully delivered its first batch of mining machines to Kazakhstan.”
  • The company explained that bitcoin mining machines will be delivered to Kazakhstan in three batches.
  • The first batch consists of “320 mining machines with a theoretical maximum total hash rate capacity of 18.2 PH/s,” Bit Mining claims, noting that they are “expected to be deployed and in operation by June 27.” The mining company added:

A second and third batch, totaling 2,600 mining machines with a theoretical maximum total hash rate capacity of 102.3 PH/s, are expected to be delivered to Kazakhstan before July 1, 2021.

  • Bit Mining expects to ship its remaining mining machines to overseas data centers over the coming quarters.
  • The move followed the Chinese government cracking down on bitcoin mining operations in the country. The State Grid Sichuan Electric Power Company sent a notice to Bit Mining’s indirectly held subsidiary, Ganzi Changhe Hydropower Consumption Service, on June 19 informing the company that its power supply would be suspended starting on June 19.
  • The Ganzi Changhe data center subsequently suspended its operations.
  • According to Bit Mining’s announcement, the mining operations in Sichuan account for approximately 3% of the company’s total revenue in May.
  • Xianfeng Yang, CEO of Bit Mining, commented:

We are committed to protecting the environment and lowering our carbon footprint. We have been strategically expanding our operations overseas as part of our growth strategy.

  • Bit Mining announced an investment in a cryptocurrency mining data center in Kazakhstan in May. It has also invested in a crypto mining data center in Texas.

What do you think about Chinese miners moving to Kazakhstan? Let us know in the comments section below.

Polkadot’s Reef Uses Pinknode for Safe API Endpoints

Polkadot is continuing its trend to enter strategic partnerships by integrating Pinknode in Reef Finance. Reef is a DeFi platform developed with Substrate Framework, and it will start using Pinknode now. The integration will see Reef providing reliable and secure API endpoints to users globally. The platform will allow users to access numerous DeFi solutions …

Germany commemorates Euro 2020 soccer team with NFTs

The German Football Association will create player NFT cards that can be used in Sorare’s Global Fantasy Football game.

The German Football Association (DFB) has officially announced the debut of national soccer team nonfungbile tokens (NFTs) in partnership with a major blockchain-based fantasy soccer game provider Sorare.

As part of an official license agreement, the DFB will create digital collectible cards on the Ethereum blockchain of 18 players on the German national team through Sorare’s platform. According to an announcement from Sorare, the cards will be available for use in Sorare’s Global Fantasy Football game for the Euro 2020 soccer championship.

By issuing player NFT cards on Sorare’s platform, the DFB aims to find new revenue streams as well as provide more fan engagement opportunities, particularly as COVID-19-related restrictions have resulted in limited game attendance in recent months. 

Related: Crypto fan tokens a mixed bag for game-deprived soccer fans

“Especially in the Corona pandemic, digital offers were and are the only way to enter into direct exchange with our fans. But even though the Corona crisis will hopefully soon be over, we want to continue to use the possibilities of digitalization much more intensively, also with our partners, and offer our fans new interactive opportunities,”  said Holger Blask, the DFB's managing director of marketing and sales.

Founded in 2018, Sorare is a global fantasy football game that allows users to play with officially licensed digital cards featuring 140 football clubs including Liverpool, Real Madrid, Bayern Munich, Juventus and PSG. Last week, the French Football Federation launched its own series of player NFTs prior to the team’s match against Germany.

Dogecoin’s Value Plummets on Account of NASCAR Crash

The meteoric rise of Dogecoin is one of the few exemplary performances that can be cited to symbolize the growing prominence of cryptocurrencies across the globe. Dogecoin, a product of a joke or satire, had gathered unprecedented pace in 2021, with the value of the coin crossing 7.5 cents in the initial months of the …

Sotheby’s will accept Ether and Bitcoin as payments for a diamond valued at $15 million.

TL;DR Breakdown

• Sotheby’s is a luxury auction house that will allow payments with Ether and Bitcoin in July at a diamond auction in Hong Kong.
• It is a 101-carat pear-shaped diamond with an estimated value of $15 million.

Luxury auction house Sotheby’s will hold a diamond auction in Hong Kong in July and has accepted payments in cryptocurrencies. It is a rare 101 carat pear-shaped diamond with an estimated $10 and $15 million value. The auction house has accepted previews for Banksy’s NTF and artwork.

Sotheby’s will accept Ether

Ether

Sotheby’s is the largest luxury auction house in the world. This auction house now has accepted Bitcoin and Ether as payment methods for a rare 101-carat diamond.

The diamond is called The Key 10138; it is pear-shaped and weighs 101.38 carats. It has been classified as a flawless and chemically pure diamond, making it a rare diamond. The sale is scheduled for July 9 in Hong Kong and is expected to bring HK $78 million and HK $118 million.

The luxury auction house has claimed that it will accept crypto payments, especially in Ether and Bitcoin for the diamond. Sotheby’s would accept bids at the live sale or before the auction.

The Key 10138 is the first diamond considered a major diamond worldwide and will be auctioned in cryptocurrencies. It has been named the key 10138 to symbolize a new era towards crypto trading and technology. Sotheby’s has said in the online auction statement that it is a key to world history.

Sotheby’s is open to cryptocurrencies

Luxury auction company Sotheby’s has been open to cryptocurrencies as payment methods before. At a May sale of a Banksy artwork and at the non-fungible token auction called CryptoPunk or NFT held in early June. Characters from Covid Alien, CryptoPunk, sold for $11.8 million.

This year, digital currencies have emerged as a major factor in auction sales after the boom in digital assets exploded in the past 18 months.

So far, this luxury auction house has limited items primarily to artworks, digital collections like NFT, and the diamond auction. The latter marks a milestone for the crypto world and gives other auction houses to accept cryptocurrencies such as Ether and Bitcoin.

Many experts and competent authorities indicate that the crypto volatility market represents a risk for companies and investors. Every day, cryptocurrencies are more accepted around the world as payment methods.

On their Twitter account, Sotheby’s has described the sale as a significant moment for the market and trade evolution.

Public Mint Integrates with USDC to Offer Bridge to Ethereum

[PRESS RELEASE – San Francisco, California, 22nd June 2021]

Public Mint, the fiat-native public blockchain ecosystem, is excited to announce that Circle’s USD Coin (USDC) will now be natively integrated with the Public Mint blockchain, providing a simple gateway to connect Public Mint’s fiat-centric network to the vibrant DeFi ecosystem on Ethereum – and potentially other major networks where USDC is supported in the future. USDC is the leading US-based regulated stablecoin, with over $23 billion in circulation across blockchains like Ethereum, Solana, Algorand and Stellar.

The integration will initially allow Public Mint Partners to deposit from USDC and withdraw to USDC at their addresses via APIs, enabling seamless transfers of liquidity between Public Mint and Ethereum. This functionality is being added to the core Public Mint web wallet and will be rolled out to all Public Mint customers soon.

The two-way USDC bridge enables key Public Mint functionality for both end-users and institutional/DeFi-native players wishing to access the EARN program. For non-crypto-savvy retail users, Public Mint also potentially becomes the perfect onboarding platform to access the cryptocurrency space, making use of various DeFi yield and income opportunities.

The USDC deposit functionality is equally attractive for crypto-native users and investment funds as it enables access to Public Mint’s EARN program, a multi-source earnings application that focuses on providing the highest possible earnings while spreading risk across multiple sources.

By using both DeFi and CeFi opportunities, the platform effectively balances counterparty and smart contract risks. A single smart contract hack, or failure of one of the CeFi partners, would have minimal consequences to funds on EARN, thanks in part to additional insurance coverage across CeFi and innovative DeFi protocols.

“Integrating USDC is a major step forward in the Public Mint roadmap, and we are extremely satisfied to have now closed the deal,” said Paulo Rodrigues, CEO of Public Mint. “USDC is one of the most trusted and regulated stablecoins, and it has a truly global footprint across multiple networks. This makes it the perfect tool to connect Public Mint to the major blockchain ecosystems, starting with Ethereum.”

About Public Mint

Public Mint is an open and complete blockchain platform for fiat money, where funds are fully collateralized and held on deposit with regulated, FDIC-insured institutions. Public Mint offers an open fiat-native blockchain and APIs, ready for anyone to build fiat-native applications and accept credit cards, ACH, wire transfers, stablecoins and more. Public Mint’s EARN platform offers users automated and diversified earnings on USD assets, leveraging the power of DeFi.

About Circle

Circle is a global financial technology firm that enables businesses of all sizes to harness the power of stablecoins and public blockchains for payments, commerce and financial applications worldwide. Circle’s platform has supported more than 100 million transactions by more than 10 million retail customers and more than 1,000 businesses. Circle is also a principal developer of USD Coin (USDC), which together with Coinbase and the Centre Consortium oversees the standards and protocol for what has become the fastest-growing, regulated, fully reserved dollar digital currency. USDC now stands at more than 22 billion and has supported over $615 billion in transactions over the past year. Today, Circle’s transactional services, business accounts, and platform APIs are giving rise to a new generation of financial services and commerce applications that hold the promise of raising global economic prosperity for all through programmable internet commerce. Learn more at https://circle.com

Hedgeye: This Model Predicts Bitcoin at $1,000,000

Hedgeye: This Model Predicts Bitcoin at $1,000,000

Analysts at Hedgeye Risk Management, an investment research and financial media company based in Stamford, Connecticut, have analyzed the Bitcoin stock-to-flow argument. This framework suggests Bitcoin’s price potentially reaching $1 million by the latter half of 2020s, and as much as $10 million per BTC by the 2030s.

“First they ignore you, Then they laugh at you, Then they fight you, Then you win” -Mahatma Gandhi

At its recent peak, Bitcoin’s market cap hit $1.2 trillion. To give you some perspective, that’s bigger than the four largest banks in the United States combined (JP Morgan, Bank of America, Citi, Wells Fargo), as well as the four largest payments platforms combined (Visa, Mastercard, PayPal, Square).

As most long-term holders understand, a confluence of critical factors will continue to aid in the proliferation of crypto adoption across the world.

Among them:

  • Corporations accepting payments via cryptocurrencies
  • Institutions holding crypto on their balance sheets
  • Asset managers creating new investment vehicles (at the time this was written, there are eight money managers with pending Bitcoin ETF applications)
  • The debasement of the U.S. Dollar
  • Increasing distrust in centralized political and monetary institutions

The list goes on and on.

Analysts at Hedgeye Risk Management, an investment research and financial media company based in Stamford, Connecticut, have analyzed the Bitcoin stock-to-flow argument – in line with their approach of observing financial markets through a quantitative lens (which is noticeably devoid of qualitative, narrative-based “calls”).

This framework suggests Bitcoin’s price potentially reaching $1 million by the latter half of 2020s, and as much as $10 million per BTC by the 2030s.

Hedgeye was founded in 2008 by former buy-side analysts to democratize access to hedge-fund quality investment research for everyday investors. In an effort to expand the scope of its research process, Hedgeye’s Macro team created an exhaustive, daily quantitative dashboard on a range of cryptocurrencies and ETFs, aptly named the “Bitcoin Trend Tracker”.

This “Crypto Quant” dashboard breaks down the 1) Price 2) Volume, and 3) Volatility among several other metrics of each asset it tracks. (You can watch Hedgeye Macro analyst Christian Drake’s 30-minute explainer video on how to use the Tracker here).

The goal is simple: Give investors the same high-quality quantitative data for cryptocurrencies available for other asset classes, reflective of the reality that crypto is here to stay. The “Bitcoin Trend Tracker” is no different from Hedgeye’s other proprietary tools which utilize market-based signaling to stay ahead of large movements in any asset.

In addition, one of Hedgeye’s analysts, Josh Steiner, has also performed a fundamental analysis by comparing the Stock-to-Flow model of Bitcoin to that of other hard assets and comparing the evolution of Bitcoin’s price to that Stock-to-Flow framework. Below is a summary of that analysis.

To be clear, it should go without saying that numerous, legitimate risks exist to being long Bitcoin. Smart investors need to be mindful of these risks. They run the gamut and include potential regulatory risk, as well as competitive and technological risk. Anyone who owns Bitcoin (or any cryptocurrency for that matter) needs to be mindful of these potential land mines and risk manage them accordingly.

(You can access the slides featured in this article here)

“The idea here is a simple one,” Steiner explains.

“If you look at the ratio of outstanding supply relative to the flow rate of that supply, you can get the stock-to-flow ratio. Bitcoin’s Stock-to-Flow ratio is currently 54x; roughly 344,000 BTC are being mined annually on an outstanding base of about 18.6 million BTC.

But what’s remarkable about Bitcoin is that it possesses a pre-programmed creation-decline roughly every ~4 years; during each of these events, the reward for mining Bitcoin is cut in half.

That means the Stock-to-Flow ratio is poised to increase logarithmically, roughly 10-fold, every 12 years.

To put that in perspective, by 2036 we should be at a Stock-to-Flow ratio of approximately 1000x – or more than 10x the stock-to-flow of Housing (93x) or Gold (72x). By 2048, there will be another 10-fold increase, which would take the Stock-to-Flow up to 10,000x.”

In plain English, Bitcoin is mathematically designed to exponentially increase its Stock-to-Flow ratio until it ultimately mathematically converges toward infinity. This is both relative to its current state, and relative to other hard-money assets like Housing and Gold. A higher Stock-to-Flow ratio indicates that less new supply is entering the market relative to an asset’s existing, outstanding supply.

In other words, an asset with a higher Stock to Flow ratio should, relative to other assets, retain its value better over the long-term. In a world of easy money and U.S. Dollar debasement, it’s easy to understand Bitcoin’s appeal as not just a hard-money asset, but as an ultra-hard-money asset. Unlike real estate and gold, which have high, but relatively static, Stock-to-Flow multiples, Bitcoin’s Stock-to-Flow ratio will keep increasing exponentially for the next 100+ years.

Steiner circles back to the abiding issue mentioned earlier, the impact on price.

In the chart below, Steiner plots a time-series of Bitcoin’s price (y-axis) versus the Stock-to-Flow ratio as it changes over time (x-axis) out through 2057. Perhaps most importantly, the black dots in the right-hand chart reflect Bitcoin’s historical price versus the theoretical progression implied by the Stock-to-Flow ratio… and it has followed the model very closely thus far.

With over two decades of investing analysis under his belt, Steiner used every regression analysis in the book to model Bitcoin’s future price. The best fit—by far—was a power function. The graphs shown are logarithmic; Bitcoin’s price appreciation has been—and may continue to be—logarithmic.

Every 10-fold increase in Bitcoin’s Stock-to-Flow ratio, which will happen every ~12 years going forward, has produced a ~1,000-fold increase in Bitcoin’s price. And that hasn’t happened once, but twice.”

Steiner explains that he has yet to see another asset behave this way, even after a multi-decade career on both the buyside and sell-side of Wall Street covering Financials, Housing, and Macro.

In the spirit of full transparency, Steiner isn’t keeping his model a secret. The equation for the theoretical progression of Bitcoin’s price (relative to its Stock-to-Flow) is y=1.3268x2.4769.

That equation forecasts Bitcoin to hit $1 million by the latter half of 2020s, and $10 million per BTC by the late 2030s.

Of course, Stock-to-Flow is not the only factor that will influence cryptocurrency prices going forward. The goal of the model is to prove how Bitcoin intrinsically could achieve these price levels.

Furthermore, not everyone plans to be a long-term holder of cryptocurrencies. Many people use crypto in various transactions, or to store value but later realize a gain, among numerous other use-cases.

Hedgeye’s aim is to add a quantitative framework for investing in cryptocurrencies, for both short-duration traders and long-duration investors alike.

Investors can now gain a better understanding of the short-term and long-term movements and correlations that alter the near-term trajectory for various cryptocurrencies and crypto-related ETFs. In other words, Hedgeye is injecting transparency into what will presumably be a massive asset class which one day could rival equities, fixed income and foreign exchange.

The Bitcoin Trend Tracker does exactly that.

As a risk management tool, it focuses on the Price, Volume, Volatility, and correlative characteristics of each asset it tracks. Managed by the Hedgeye Macro team, it continues to evolve based on new models they develop, subscriber feedback, and innovations within crypto.

Hedgeye’s Bitcoin Trend Tracker includes Hedgeye CEO Keith McCullough’s proprietary, buy low, sell high Risk Ranges for Bitcoin, Ethereum, the Grayscale Bitcoin Trust (GBTC) and Microstrategy (MSTR)… in addition to other critical crypto quantitative risk management data you can’t get anywhere else.

Recently, Hedgeye expanded its crypto coverage with proprietary Risk Ranges for the Amplify Transformational Data Sharing ETF (BLOK).

BOTTOM LINE: You can now get access to critical crypto risk management signals with the “Bitcoin Trend Tracker.”

Get more info on Hedgeye’s Bitcoin Trend Tracker here.

Learn more about Hedgeye’s overall investment research process here.


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