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Showing posts from May 15, 2021

MLB Team Washington Nationals Partners With Terra Blockchain Community, Ballpark Plans to Accept UST

On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
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While Bitcoin Energy Concerns Grow, Nobody Discusses the Carbon and Military Violence Backing US Dollars

This week a great number of bitcoin supporters and skeptics have been arguing over whether or not bitcoin mining is harmful to the global environment. However, crypto supporters have been saying that concerns over the Bitcoin network’s energy supply are absurd, in contrast to the carbon used and the military violence that backs a number of fiat currencies including the U.S. dollar. One could even go as far as to say that the American dollar alone has left boot prints on large groups of humans over the years and desecrated entire countries. Musk and Dorsey Still Use US Dollars When They Know the Currency Leverages Massive Amounts of Carbon and Military Force Elon Musk and his electric car company Tesla ignited a ferocious debate over bitcoin mining and how it affects the global environment. Similarly, the founder of Square and Twitter, Jack Dorsey, added fuel to the argument when his company’s CFO said the payment firm has no current plans to buy more bitcoin ( BTC ). Dorsey then ...
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Grayscale Fund Touts ETF Conversion as Price Discount Issue Solution

Grayscale, one of the largest cryptocurrency fund managers, has declared it is trying to morph the bitcoin trust GBTC into an exchange-traded fund (ETF) to solve its price woes. The exchange rate is now at a 20% price discount compared to its bitcoin holdings, a fact that has many worried about the overall sustainability of their business model. Grayscale Hints at Becoming an ETF Grayscale, the biggest cryptocurrency fund manager in the world, has declared its Grayscale Bitcoin Trust (GBTC) is in the process to become an ETF to get rid of some of the problems it is facing. Grayscale’s CEO, Michael Sonnenshein, declared that morphing GBTC into an ETF would solve many of the inefficiencies that investors are experiencing now when it comes to pricing, a process he said they were 100% committed to doing. Shares of GBTC, the Grayscale Bitcoin Trust, have underperformed its digital counterpart significantly this year, and have reached lower lows during selloffs. This imbalance could ne...
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Bridgewater Associates’ Ray Dalio Warns Crypto’s Success Could Bring Tough Regulation

Bridgewater Associates founder Ray Dalio has warned that cryptocurrency’s biggest risk is its own success. He explained that it could attract regulators to come down tough on the crypto industry because “as a storehold of wealth no government wants to have an alternative currency.” Crypto’s Success May Attract Tough Regulation Ray Dalio, the founder of the world’s largest hedge fund, Bridgewater Associates, warned about the success of cryptocurrencies at the Wall Street Journal “Future of Everything Festival” this week. Dalio is the co-founder and chief investment officer of Bridgewater Associates, whose clients include endowments, governments, foundations, pensions, and sovereign wealth funds. The Bridgewater chief said: Its own biggest risk is its success, because as a storehold of wealth no government wants to have an alternative currency. Dalio has long voiced concerns about regulators coming after bitcoin and other cryptocurrencies if they feel their monetary sovereignty i...
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Square CEO Says ‘Bitcoin Changes Everything for the Better’

The CEO of Square Inc. says that “bitcoin changes everything for the better.” His comment followed one from Square’s CFO reaffirming the company’s corporate bitcoin strategy. The CEO also made a commitment to “forever work to make bitcoin better.” Meanwhile, Square and Ark Invest have published a report arguing “for bitcoin as a key driver of renewable energy’s future.” ‘Bitcoin Changes Everything for the Better’ Following a comment from Square’s chief financial officer, Amrita Ahuja, stating that the company has not changed its bitcoin strategy, CEO Jack Dorsey tweeted Friday: “Bitcoin changes ‘everything’ … for the better. And we will forever work to make bitcoin better.” Dorsey’s statement followed CFO Ahuja’s tweet that says: “Our bitcoin strategy hasn’t changed. We’re deeply committed to this community, including working towards a greener future through our Bitcoin Clean Energy initiative.” She emphasized that “as shared in February, Square continues to access its bitcoin inve...
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DeFi growth helps push crypto’s share of the global money supply above 2%

The cryptocurrency market now accounts for 2% of the global money supply as DeFi and stablecoin growth point to steady increases in adoption. This year decentralized finance (DeFi) has proven to be a transformative sector for the cryptocurrency ecosystem and it is also making waves in among global financial markets as institutional investors become entranced with the potential to earn high yields on stablecoins, altcoins and Bitcoin.  While the price action from Dogecoin ( DOGE ) has dominated the headlines in recent weeks, Delphi Digital has been chronicling the growth of the DeFi ecosystem on the Ethereum ( ETH ) network which has steadily been gaining strength over the past month. Ethereum DeFi performance year-to-date. Source: Delphi Digital According to Delphi Digital researchers, while the majority of growth occurred on Ethereum-based DeFi platforms, protocols across the top ecosystems including Ethereum, BSC, Solana (SOL), Avalanche (AVAX), Polygon (MATIC) and Terra ...
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Maximalists at the movies: Bitcoiners crowdfunding anti-FUD documentary film

A crowdfunded effort aims to set Elon Musk and the mainstream media straight. As the headlines pile up about Bitcoin’s calamitous environmental impact, one group of investors and supporters have stepped up to the plate to defend the world’s largest digital asset with the help of a crowdfunded, FUD-fighting documentary film.  First announced by investor, podcast host, and Bitcoin fanatic Brad Mills on Twitter, the goal of the film is to act as a “definitive” argument for “why Bitcoin will transition the world to renewable energy faster than governments.” I found the filmmaker ( @jamie_jk ) to make the definitive short film on why Bitcoin will transition the world to renewable energy faster than governments. It will only cost $20-30k for a professional mini-doc on BTC energy FUD. I will put up $5k in, who’s with us? #GreenBitcoin https://t.co/7MSPTUlArP — Brad Mills ✍️ (@bradmillscan) May 14, 2021 Mills’ choice of director is Jamie King, best known for STEAL THIS FILM —...
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Chinese Police Return Bitcoin to Victim in 3 Million Yuan Theft Case

Police in China’s Jiangxi province have reportedly recovered bitcoins stolen from a victim and returned them to the owner. The case involves the theft of 8.236 bitcoins, worth approximately 3 million yuan. Police Return Bitcoin to Theft Victim Police in China’s Jiangxi province have reportedly solved a case involving the theft of bitcoins worth almost 3 million yuan ($466,000), local media reported this week. A man, referred to only by his last name Shan, filed a police report stating that he was unable to access his email account linked to his cryptocurrency wallet after someone changed his password. His account contained 8.236 BTC , worth approximately 2.96 million yuan. At the time of writing, this amount of bitcoin is worth $406,949. Preliminary investigations showed that the email account was linked to more than 20 telephone numbers that had been illegally obtained by the suspect to avoid police detection, the authorities say. However, the police eventually located the suspe...
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As Bitcoin Drops in Value, Proof-of-Stake Tokens That Use Less Energy See Double-Digit Gains

Crypto markets have been very volatile in recent times and a great number of digital assets have dropped more than 30% in value during the last three days. Although, not all the coins in the crypto economy are doing badly, as coins that do not leverage proof-of-work (PoW) consensus algorithms have actually done well after the recent Tesla controversy. Distributed ledgers that use delegated validation nodes and proof-of-stake (PoS) blockchains have made double-digit gains in recent days. Green Energy Gains: Cardano, Polkadot, and Polygon Shine As soon as Elon Musk and Tesla sparked the proof-of-work (PoW) consensus algorithm controversy, a few blockchains that use less energy and alternative consensus algorithms have seen massive gains. For instance, cardano (ADA) tapped an all-time high at $2.37 per unit on Saturday. ADA is up a whopping 4,362% against the U.S. dollar during the last 12 months. Seven-day stats show ADA has gained 40% and more than 18% during the last 24 hours. T...
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Data shows the ‘Bitcoin price drops ahead of CME expiries’ claim is a myth

Many traders believe the narrative that Bitcoin price drops ahead of CME BTC futures expiries, but data shows the trend is all bark and no bite. Historically, activity surrounding the Bitcoin ( BTC ) monthly futures and options expiry has been blamed for weakening bullish momentum. A few studies from 2019 found a 2.3% average drop in BTC price 40 hours before the CME futures settlement date.  However, as Cointelegraph reported in June 2020, the effect faded away . While 2020 seems to have rejected the potential negative impact of CME expiries, so far, the current year appears to validate the theory. Bitcoin’s price has been suppressed ahead of futures and options expiry in the first three months of 2021. Bitcoin performance before and after CME expiry, USD. Source: TradingView Some investors and traders have pointed out that Bitcoin’s incredible rally after the recent futures and options expiry dates has become a trend. $BTC options expiry in about 8 hours... Last Frid...
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Bitcoin still on track to $100K despite growing risks, says strategic investor Lyn Alden

Strategic investor Lyn Alden's outlook on Bitcoin remains bullish despite growing risks Strategic investor Lyn Alden is convinced Bitcoin has still the potential to reach $100K in the current bull cycle — despite growing uncertainty and increasing volatility.  “We are seeing a lot of froth throughout the industry”, she said, referring to the latest rally in a number of meme coins such as Doge. “Those are kind of warning signs for the cycle”, she added. Alden said that with the bull run slowing down and growing risks of a correction, it makes sense for some investors to take some money off the table and put it into some other assets. “For people who would have trouble with drawdowns or periods of volatility, it can make sense to rebalance”. Overall, Alden’s position remains bullish given her confidence in the strong fundamentals of the Bitcoin network: “I have a pretty high conviction on it. And so I'm fine with maintaining a pretty large position.” Despite a number of ...
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US City in North Dakota Now Accepts Cryptocurrencies for Bill Payments

A city in the U.S. state of North Dakota has begun accepting cryptocurrencies for utility bill payments. The city’s finance director says, “We are the first municipality in the state of North Dakota, and the third in the nation, to offer this service.” City Government Accepts Crypto Payments The city of Williston in the U.S. state of North Dakota announced Thursday that “it now accepts digital cryptocurrency payments for utility bills.” The city’s finance director, Hercules Cummings, explained that Williston has partnered with Bitpay to accept cryptocurrencies, elaborating: We are the first municipality in the state of North Dakota, and the third in the nation, to offer this service. The announcement clarifies: “Currently, utility bill payments are the only bills eligible to be paid with cryptocurrency. Quality assessments will be conducted, and volumes evaluated, before migrating other bills such as landfill, permits, and licenses.” Bitpay currently supports payments made in ...
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Mark Cuban: Crypto prices increasingly reflect “real demand”

The billionaire is bullish on DAO participation, networks with real usage, and mass adoption on the horizon. In a Twitter thread today, billionaire investor Mark Cuban weighed in on the current state and the future of blockchain technology and investment, ultimately concluding that while there are real obstacles to adoption asset prices are increasingly reflective of real “utility” and “demand,” and that the day will eventually come when crypto is “mature to the point we wondered how we ever lived with out.” Cuban posted the 10-Tweet thread this morning, noting that as the asset class matures prices for cryptocurrencies often are now a byproduct of current use, as opposed to speculative eventual utility. Crypto and each implementation is evolving in real time from "what is the potential utility" to "What is the current utility and how many users does it have". Tokens/Coin prices are now less a bet on the future and more a reflection of real demand. — Mark Cuba...
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VORTECS Report: Dammit, Musk, now you're messing with AAVE too?

Outliers in the raw data preceded significant price movements for both AAVE and ALPHA: Coincidence? Who knew what, and when did they know it? Investigating Watergate in 1973, Senator Howard Baker Jr. wanted the answer. Thanks to a couple of journalists, he eventually got it. And while the stakes may not be as high, the team at Cointelegraph Markets Pro is pretty curious about some interesting crypto data this week. The VORTECS™ Score includes sentiment analysis, tweet and trading volume, and price action as components of the algorithm — which are then weighted according to a proprietary formula based on how similar these are to historical conditions. If there is a similarity in these factors, the score will be higher when historical precedents have most consistently led to higher prices. But while the score is algorithmically-generated, the raw data can sometimes tell a story too. AAVE Idea First off, here’s a chart of tweet volume for AAVE this week, charted against the price...
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A Decade of Self-Professed Satoshi Nakamotos- Where Are These Claimants Now?

The mysterious creator of bitcoin has always been a topical conversation and over the years, a great number of self-proclaimed blockchain inventors have said that they once played the role of Satoshi Nakamoto. Of course, none of these so-called Satoshis have ever proven this to the greater cryptocurrency community, but it hasn’t stopped lots of people from trying. Many Satoshis With Little Proof Satoshi Nakamoto, the inventor of the Bitcoin blockchain , has always been one of the crypto community’s most popular subjects because the story is a thought-provoking mystery. Nakamoto could be an individual or a group, and there have been many theories that have caused people to suspect a number of known candidates. Then there have been individuals that have outright proclaimed that they created the Bitcoin protocol, and they also produce wild stories that are used with the intent to sway people’s minds. There are also a few people who haven’t really said they once filled Satoshi Nakamot...
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Cardano smashes $2 resistance as bullish signals enter for Bitcoin price

New all-time highs keep rolling in for ADA/USD but familiar BTC hodlers have reasons to be "excited" about the coming months. Cardano's ADA token neared $2.40 on May 15 as a select few altcoins bucked the bearish mood to steal the spotlight from a weak Bitcoin ( BTC ). ADA/USD 1-hour candle chart (Binance). Source: Tradingview ADA in price discovery as $2.50 nears Data from Cointelegraph Markets Pro and TradingView  showed ADA/USD climbing through the weekend to hit a record $2.38. Traders had suspected that the long-awaited $2 would come into play in the short term, with Cardano bulls taking down resistance in one fell swoop overnight on Friday. With $2 out of the way, price discovery mode was activated, which delivered the new all-time highs before a consolidation period began at around $2.30. As such, Cardano was giving even previously successful altcoins such as Ether ( ETH ) a run for their money as most tokens saw losses on Saturday. "$ADA is now ...
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