Category Archives: Bitcoin
The Indicator That Predicted Historical Bitcoin Price Corrections Flashed Again – CryptoPotato
Despite being more than $3,000 up in the past two days, bitcoins price trajectory has been on the downfall on a more macro scale. According to a recent analysis, the primary reason for this could be the massive drop in the network activity, especially inflows and outflows to and from cryptocurrency exchanges.
It was precisely six months ago when the largest cryptocurrency by market cap spiked to an all-time high of nearly $70,000, perhaps fueled by the hype surrounding the first-ever BTC futures ETF going live in the US.
As the hype dispersed in the following months and other macro-political events took center stage such as the US raising interest rates, the rumored end of the COVID-19 pandemic, and the war between Russia and Ukraine bitcoin slumped in value. At one point, it was down by more than 50% from its peak in just months.
BTC rallied once again at the end of March and neared $50,000, but the start of April was bearish once more, and the asset fell below $40,000 weeks later.
The analysts from CryptoQuant believe there could be another reason behind these sporadic price movements the network activity. In a recent post, they explained the correlation between BTCs price developments and inflows/outflows from cryptocurrency exchanges.
Essentially, they argued that the declining network activity is connected to a rapid price fall, which is confirmed by the graph below.
Historically, a huge drop in address counts (inflows and outflows) lead to a significant price correction for BTC.
As the picture above demonstrates, the network activity has dumped to its lowest levels since before the late 2021 rally.
Although the declining network activity could spell more trouble for BTCs upcoming price movements, theres at least one positive outcome coming from this. The average transaction fees have declined to their lowest levels in about a year, in line with the number of transactions.
BlockchainCom shows that the average costs now stand around $1.4 and were even down to $1.04 a few days back. Just for reference, they reached an all-time high during the April 2021 bull run at over $60. During November 2021 price spike, the fees were around $3.
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The Indicator That Predicted Historical Bitcoin Price Corrections Flashed Again - CryptoPotato
The Download: How AI capitalizes on catastrophe, and the Bitcoin cities of Central America – MIT Technology Review
Ive combed the internet to find you todays most fun/important/scary/fascinating stories about technology.
1 Ukraines internet army is pressurizing Western brands to exit RussiaAnd their campaigns seem to be working. (WSJ $)+ More than one in four people in Ukraine have left their homes. (WSJ $)+ The US and its allies are sending more weapons to Ukraine. (BBC)
2 What has the zero-covid policy taught China?Its saved countless lives, but it is becoming harder and harder to enforce. (The Atlantic $)+ Moderna is optimistic that its new vaccine will offer better protection against variants. (NYT $)
3 NASA wants to charter a mission to UranusWe know surprisingly little about the distant planet. (The Atlantic $)+ Why have we been so focused on sending humans to Mars? (Slate $)+ Maybe we should be sending robots instead of astronauts. (Wired $)
4 People are canceling their Netflix subscriptions in their droves And sneakily sharing passwords between households. (Variety $)+ Netflix may start running ads, too. (Hollywood Reporter)
5 Twitter may be preparing to turn down Elon Musks offer to buy itWhich would force him to reconsider his position. (WSJ $)+ Regardless of the outcome, Musks proposition could ultimately be good for the company. (FT $)+ A crypto billionaire wants to get involved, too. (Bloomberg $)+ Heres what making Twitter's algorithm public could entail. (CNN)
6 Maybe the tech bubble really is impenetrable after all Or maybe were just bored of hearing its about to burst. (NYT $)+ There may be trouble ahead for the UKs startups. (The Times $)
7 Unmasking the woman behind the Libs of TikTok Twitter accountA Brooklyn real estate agent has played an outsized role pushing hateful anti-LGBTQ+ narratives in the US. (WP $)
8 Getting sober is about more than just stopping drinking Sober influencers are reframing our thinking around alcohol. That's not always a positive thing. (Wired $)+ Does paying people to stop drinking keep them sober in the long-term? (Boston Globe $)
9 Why its so hard to build unbiased AIFor starters, bias is in the eye of the beholder. (Vox)+ AI might reduce the number of car crashes. (NYT $)+ Motorists using self-driving cars in the UK might soon be allowed to watch TV behind the wheel. (The Times $)
10 This Twitter account spots writers tics Because you cant keep repeating yourself. Or can you? (New Yorker $)
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The Download: How AI capitalizes on catastrophe, and the Bitcoin cities of Central America - MIT Technology Review
Single Dumbest Thing They Could DoSPAC King Issues Stark Visa And Mastercard Crypto Warning As The Price Of Bitcoin, Ethereum, BNB, XRP, Solana And…
Visa V and Mastercard MA , two of the world's biggest payment processors, have come under pressure from bitcoin, ethereum and decentralized finance (DeFi) projects over the last yearwith Tesla billionaire Elon Musk and others speculating dogecoin could "truly be the future currency of the internet."
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The bitcoin, ethereum and crypto price boompushing the combined crypto market to around $2 trillion from under $500 billion in just 18 monthshas sparked a wave of blockchain-based development, including in high-tech ethereum rivals such as solana and cardano.
Now, Chamath Palihapitiya, a former Facebook executive who runs the venture capital fund Social Capital, has warned there's "a swarm of activity [coming] to dismantle" Visa and Mastercard.
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Chamath Palihapitiya, a former Facebook executive-turned venture capital investor, has long backed ... [+] bitcoin and other blockchain-based projects such as ethereum and its rivals solana and cardano even ahead of their price boom.
"Visa and Mastercard, I think, are doing the single dumbest thing they could do, by being a duopolywhich is raising prices, especially into an inflationary moment, which just lacks complete knowledge and sensitivity of the moment," Palihapitiya said, speaking on the latest episode of the All-In Podcast. Visa and Mastercard are preparing to increase merchant fees, it was reported by the Wall Street Journal last month.
"This week, I was able to see a little bit under the hood of Solana Pay, and that's really exciting," said Palihapitiya, who's gained a reputation over the last couple of years as the "SPAC king" for his successful sponsorship of blank-check funds, or special purpose acquisition companies (SPAC), that raise money in the public markets to buy private companies. "So it's all coming, I think. It's like a swarm of activity to dismantle these payments businesses."
Solana Pay, a digital payment platform that runs on top of the solana blockchain network and can support a range of digital assets such as NFTs, claims to be able to compete with Visa and Mastercard in terms of transactions per second. While bitcoin, without additions such as the Lightning Network, averages just seven transactions per second and ethereum averages only thirteen, solana boasts 65,000 transactions per second without the need for a third-party such as a bank or payments processor.
Late last year, Palihapitiya, who abruptly resigned from his position as the chair of the Virgin Galactic board in February, predicted Visa and MasterCard would be the "biggest business loser[s] in 2022" calling the pair a "completely contrived duopoly that doesn't need to exist."
"Be short these companies and anybody that basically lives off of this 2% or 3% (transaction) tax, and be long well-thought-out, web3 crypto projects that are rebuilding payments infrastructure in a completely decentralized way," he said.
While solana is a decentralized network, it has sacrificed a high degree of decentralization for increased transaction speeds and low fees. Solana has suffered several outages and periods of transaction congestion in recent months, somewhat casting doubt over the blockchain's ability to scale to the same level as bitcoin and ethereum.
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The solana price has rocketed higher since it was launched in 2019, outpacing the likes of bitcoin, ... [+] ethereum, XRP, cardano and other cryptocurrencies over a similar timeline.
However, earlier this year, analysts at Bank of America predicted solana could win a significant amount of market share from ethereum and become the "Visa of the digital asset ecosystem."
"[Solanas] ability to provide high throughput, low cost and ease of use, creates a blockchain optimized for consumer use cases like micropayments, DeFi, NFTs, decentralized networks (web3) and gaming," Bank of America analyst Alkesh Shah wrote in the note to clients.
The crypto market has bounced back this week after a sudden sell-off over the weekend, with the bitcoin price climbing back over the closely-watched $40,000 per bitcoin level.
Solana has led the crypto price rally, climbing 5% over the last 24 hours. The ethereum price has meanwhile shot back over $3,000 per ether.
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Single Dumbest Thing They Could DoSPAC King Issues Stark Visa And Mastercard Crypto Warning As The Price Of Bitcoin, Ethereum, BNB, XRP, Solana And...
Bitcoin’s Promise For The Fourth Industrial Revolution – Bitcoin Magazine
Since its inception, Bitcoin has paved the way for broad adoption of cryptocurrencies and blockchain ledger technology. Now, Bitcoins promise extends into the fourth Industrial Revolution (Industry 4.0). The wave of development and utilization of Bitcoin as decentralized finance (DeFi) for this new revolution carries enormous potential for an increasingly connected global economy.
Industry 4.0 is making waves across global commerce. Bitcoin, through advancing networks and accessibility, challenges traditional perceptions of banking and finance. Meanwhile, its capabilities can assist organizations in overcoming the scalability challenges inherent in global trade. From reducing the negatives of the informal economy to empowering international trade through visibility, Bitcoin will come to mean a lot more to world industry in this current technological revolution.
We see the promise of Bitcoin in solving both the challenges of cryptocurrency and larger economic issues. Networks like Rootstock (RSK), Lightning and Liquid elevate Bitcoin solutions for modern supply-chain visibility and business innovation potential.
One of the most promising roles of a digital currency like bitcoin has always been its global appeal. The decentralized nature of crypto means it can travel around the world safely and immutably without having to be converted or processed through a third-party transaction system. As a result, financial solutions are open to those without access to traditional or international banking systems.
Additionally, the opportunities inherent in DeFi systems stand to help elevate developing countries out of poverty and into a global financial infrastructure. Weve seen such circumstances play out in the growth of Bitcoin in countries like Nigeria, where public perception shifts and crypto applications grow despite governmental oppression and corruption. The value of bitcoin is too evident for this currency to disappear even in restricted markets.
Thats because bitcoin can be used to stabilize fledging economies using a global standard that no one nation owns. In Nigeria, protestors used it to combat a silencing of free speech, donating Bitcoin to aid groups shut out of centralized banking. This demonstrates the role of Bitcoin in fighting corruption and enhancing ones control of ones own financial assets. Similarly, breaking the mental and physical health strain of financial burdens requires that individuals be able to budget and invest as they deem best. Meanwhile, opportunities on a global stage abound for Bitcoin users.
Now, designated networks for managing Bitcoin finances make it easier than ever to engage with these opportunities in a global marketplace. RSK is one example, offering smart-contract functionality over the Bitcoin ecosystem. Users can automate financial transactions based on pre-conditions built into a smart contract. From here, there is unknowable potential in optimizing supply chains and trade deals for mutually beneficial financial gain across countries and industries.
Bitcoin uniquely allows for the creation of a wholly decentralized economy because of the access it provides to a layered, stackable marketplace. Developers all over the world can access this functionality to support people and businesses in decentralized financial solutions. In turn, greater interconnected opportunities and more secure finances are possible regardless of where you are in the world.
Cryptocurrencies have historically had many rails on their capabilities, throttling transaction amount or speed and hampering Bitcoin usability. That isnt the case anymore. Advancements in Bitcoin networks and smart contracts are eliminating scalability challenges, allowing Bitcoin users to engage in commerce as simply as they might with a credit card.
Lightning Network is one example of these scalability solutions. Capable of processing billions of transactions per second across this layered blockchain framework acts against the limitations of legacy systems by managing transactions off-chain while still storing the data in a blockchain ledger. Therefore, the blockchain serves as both arbiter of authenticity and the enforcer of smart contracts. Such functionality stands to support the growth of smart contracts on Bitcoin networks as the fourth Industrial Revolution flourishes.
Paired with advancing artificial intelligence, these networks enable never-before-possible levels of growth for enterprises. Thats because Bitcoin blockchain ledgers and smart contracts can interact with other data-driven technologies to foster unprecedented insight into businesses, behaviors and supply-chain functionality.
The most important tech trends of 2022 revolve around the applications of data in automation and AI as a result of Industry 4.0 advancements in these areas. The Internet of Things (IoT) brings data collection potential across business processes. Then that data is stored over increasingly smart cloud systems. AI is the final piece of that puzzle, layering with Bitcoin to produce automated growth solutions.
Among these solutions are enhanced security provisions for financial data. Bitcoin blockchain networks support security from the base layer. However, additional security can be layered over the blockchain via the stackable nature of Bitcoin. This enables secure and fast Bitcoin transactions from Layer 2 and beyond.
The Liquid Network provides precisely these benefits for Bitcoin transactions. Liquid acts like a conversion process, backed up one-to-one on the Bitcoin mainchain. After converting coins to Liquid, users gain greater speed and confidentiality from transactions and can issue new assets like stablecoins and security tokens. From here, introducing greater security into financial management can be a convenient process for any party completing and verifying a transaction with Bitcoin.
Industry 4.0 requires the means to complete transactions quickly and securely since our interconnected world conducts business at a rapid pace. Bitcoins layer-ability and network- development features enable enhanced security of financial data even when these transactions arent occurring on the base layer of the Bitcoin blockchain. Through the power of Bitcoin networks to further security alongside convenience, one might only expect Bitcoin to grow in popularity with emerging Industry 4.0 tools.
Finally, Bitcoin is reasserting its promise in the fourth Industrial Revolution by empowering greater visibility and convenience in global trade on the whole. Reducing global poverty, eliminating scalability challenges and securing financial data are all steps on the road toward broader Bitcoin integration in world markets. Because this cryptocurrency has the stackability to layer enhanced security and functionality, new data-driven markets have plenty to gain from embracing this technology.
As the world continues to struggle with pandemic-era supply chains and cybersecurity challenges, the implications of Bitcoin are more powerful than ever. For enhancing the potential of Industry 4.0 in your own ventures, explore the power and trajectory of these Bitcoin networks and innovations.
This is a guest post by Frankie Wallace. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
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Bitcoin's Promise For The Fourth Industrial Revolution - Bitcoin Magazine
Bitcoin Is The Modern Monetary Defense Protocol – Bitcoin Magazine
Bitcoin has the potential to challenge 18th-century monetary defensive protocols as a 21st-century modern monetary defense protocol (MMDP) alternative. For starters, the purpose of any defensive protocol is to provide natural barriers which are designed to increase safety and maximize security. So, the stronger the protocol, the superior protection and the security it provides.
The U.S. Constitution, for example, is a defensive protocol that was constructed to protect individual liberties while also outlining the limitations of the people defined for their government. This masterpiece of a defensive protocol is truly a revolutionary document that helped propel civilization forward in ways never experienced before in history. Furthermore, the U.S. eventually established the Department of Defense (not the Department of Offense) as an insurance policy to further defend our way of life. That being said, the right defensive protocol has the potential to shape the future and pave the way forward in ways we cannot fathom at this given moment in time.
Now, built into the countrys defensive protocol under Article 1 Section 10, one will find the nations monetary defensive protocol. This 18th-century monetary defensive protocol attempts to limit the government's ability to spend by decreeing the nation's debts will be paid using gold and silver. As we may have learned, history doesnt repeat itself, but it often rhymes and the nations founders were very aware of the inherent dangers of overextending the countrys obligations through a debased money supply. After all, what is history but a societal pendulum swing that starts with quality money (gold and silver) to quantity currency (debased currency) and then back to quality money again. Up until very recently, gold and silver have been the best defensive monetary protocol against runaway inflation and currency debasement. To this day, gold and silver still plays a key role as an insurance policy as virtually every country holds a significant cache in their reserves.
Currently, our 18th-century defensive monetary protocol remains highly valuable, which is why it is heavily protected by a well-trained and experienced 21st-century military hired by the Department of Defense using highly effective 20th-century tactics. Fort Knox, which reportedly holds the nations gold, is guarded with thick granite walls and blast-proof doors that weigh over 20 tons. It is surrounded with 24-hour per-day, seven-day per-week surveillance, guards positioned in several sentinel stations, a perimeter fence equipped with motion sensors, an electric fence that is a second barrier protecting the installation and the Appalachian Mountains to the east, which provides a natural barrier against potential adversaries. If additional military protection is ever needed, available soldiers, tanks, attack helicopters and artillery are located at the Fort Knox military base nearby. All to say, that is a significant amount of firepower designed to defend the nation's current monetary defense protocol.
For context purposes, gold has been used as the supreme monetary tool to store the value of our goods and build wealth in order to advance civilization for thousands of years. Gold's natural chemical makeup, its indestructible properties, combined with its scarce supply made it the most sound money human beings have discovered. Its use propelled the development of human societies as it transformed a world of bartering to a world of international trade consisting of cutting-edge technological breakthroughs. The possession of gold, although it has an excellent track record as quality money, has repeatedly led to the destruction of civilization and a historical loop that always seems to repeat itself.
The inherent traits of our species, specifically violence and greed, unfortunately always seem to manage to corrupt the money supply. Removing the corruptible and inherently violent nature of human beings from the money supply and instead outsourcing oversight to a line of code may be a viable alternative and solution to a 5,000-year-old problem. Only when civilization discovers this so-called perfect incorruptible money in Bitcoin can it have the opportunity to bring the type of peace that politicians and those alike claim they want to achieve. Now, instead of hiring an army to defend an 18th-century monetary protocol, the Bitcoin network elevates us into the 21st century and uses the power of electricity as a defense system.
That being said, MMDP (otherwise known as the Bitcoin network) is a 21st-century solution to an 18th-century problem and quite possibly a contender to replace inferior monetary defensive protocols in order to maximize the protection of individual rights, while simultaneously preventing irresponsible spending. Sooner or later, MMDP will eventually become a national security priority and the leaders of our nation will come to the realization that safeguarding MMDP may become as much of a national security priority, if not more, as safeguarding an arguably outdated 18th-century monetary protocol. If that turns out to be the case, then it would not be unlikely to see the Department of Defense begin to quickly transcend its dominant role from a 20th-century standpoint and transition to a 21st-century defensive posture as civilization transitions from physical monetary defense to digital monetary defense in and through cyberspace via the power of electricity and storing monetary energy with Bitcoin.
This is a guest post by Matthew Smith. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.
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Bitcoin Is The Modern Monetary Defense Protocol - Bitcoin Magazine
Silvergate Bank Saw Over $14 Billion in Bitcoin, Crypto Deposited In Q1 2022 – Bitcoin Magazine
Silvergate Capital Corporation (NYSE: SI) saw customers deposit an average of $14.7 billion worth of bitcoin and cryptocurrency to the firms platform during the first quarter of this year, up from $13.3 billion during Q4 2021, the company said in its quarterly results report released Tuesday.
We started off 2022 on a strong note, driven by the power of our platform and continued progress on our strategic initiatives, said Alan Lane, president and CEO of Silvergate, in a statement.
As the company positions itself as a viable banking solution for holders of and service providers for assets like bitcoin, the increasing number of customers utilizing the Silvergate Exchange Network (SEN) continues to showcase the market demand from institutional buyers. SEN had over 1,500 customers by the end of last month, Silvergate said, a 27% increase year-over-year as the platform had a little over 1,100 clients in March 31, 2021.
SEN enables real-time U.S. dollar and euro settlement between counterparties, in addition to faster trading, automated funds distribution, and data analysis. Its clients include FTX, Coinbase, Bitstamp, Kraken, and the company behind the USDC stablecoin, Circle.
Im particularly pleased with our first quarter results when you consider that this was one of the most challenging periods for the broader crypto ecosystem since the beginning of the pandemic, Lane said.
A cautious cryptocurrency market resulted in a 35% decrease of U.S. dollar transfers on SEN, bringing Q4 2021 numbers of $219.2 billion down to $142.3 billion during Q1 2022. The platform also saw an year-over-year (YoY) downturn, 15%, as Q1 2021 witnessed $166.5 billion in transactions. Cumulative U.S. dollar transfers on the SEN have now crossed $1 trillion dollars
While volume on the Silvergate Exchange Network was impacted by broader industry trends, I remain encouraged by the continued growth we saw in customers, SEN Leverage commitments, and average deposits, which reached a record $14.7 billion, Lane explained.
Net income and customer acquisition both saw an increase, but SEN Leverage positions noted the biggest growth. While the metric sit at $570.5 million during Q4 2021, it teleported to $1.7 billion in commitments at the end of Q1 2022. Over the past one year, SEN Leverage commitments denoted an increase of over 400%.
Silvergate also announced the acquisition of select technology assets from Diem, the failed stablecoin project from Meta Platforms.
To advance our customer-first approach, we continued to invest in our strategic initiatives, including stablecoin infrastructure through the acquisition of select blockchain-based payment technology assets from the Diem Group, and the launch of the Euro SEN, Lane said.
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Silvergate Bank Saw Over $14 Billion in Bitcoin, Crypto Deposited In Q1 2022 - Bitcoin Magazine
This Privacy Crypto Has Left Bitcoin and Ethereum in the Dust Since February. Should You Buy? – The Motley Fool
Image source: Getty Images
Privacy coin Monero (XMR) is up more than 85% during the past two months.
Many coins and tokens available across the crypto space have had ups and downs over the past several weeks due to macro trends such as record-levels of inflation, rising interest rates from the Federal Reserve, and the ongoing war in Ukraine.
However, at least one crypto project has been bucking that trend with a clear and consistent upward trajectory. According to CoinMarketCap, when you zoom out to the three-month view for privacy coin Monero (XMR), you see that this particular asset is up an incredible 87% since Feb. 24, 2022. While the same website shows that Bitcoin (BTC) is up 18% and Ethereum (ETH) is up 32% for the same timeframe.
In 2014, a group of several developers came together with a focus on developing a blockchain-based project where the top priority was anonymity and privacy -- followed by efficiency and ease of use. Together they created Monero. Monero was one of the first such coins at the time, along with the Dash (DASH) project. Since then, several other privacy type coins have emerged -- which are collectively known as anonymity-enhanced cryptocurrencies (AECs) in crypto circles -- and include AECs such as Oasis (ROSE), Decred (DCR), and Zcash (ZEC).
The AEC class of digital assets are unlike other cryptocurrencies because the privacy coins rely on an array of cryptography tools to cloud the wallet addresses of the receivers and senders of respective AECs. Conversely, the majority of all other virtual currency transactions -- including those of BTC and ETH -- can readily be viewed by anyone who looks at the respective blockchains where trading occurs.
The Monero website states that the project is focused on decentralization, security, and privacy. The site reads, "This level of privacy must be completely accessible to all users, whether they are technologically competent or have no idea how Monero works. A user needs to confidently trust Monero in a way that this person does not feel pressured into changing their spending habits for risk of others finding out."
Ironically, it's these very features that have largely kept the U.S.-based cryptocurrency exchanges such as Coinbase and Gemini from listing XMR, which is currently available on very few crypto exchanges including Binance and Kucoin. U.S. exchanges want to avoid regulatory blowback from listing such privacy coins and tokens because AECs are frequently linked with criminal activities. Regardless, many law-abiding crypto users like the idea of anonymous autonomy, which is the most likely driver of this surge in XMR as people are buying up the coin before it potentially gets blocked or banned.
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As of this writing, Monero is down about a half-percent over the past 24 hours, trading at $253.34 according to CoinMarketCap. It's currently priced 48% off its all-time high of $483.58 in May of last year.
These are only opinions and not financial advice. Each investor should always do their own research, investing only what they can comfortably afford to lose. Given the trending macro conditions, the growing desire for privacy within the crypto space among users, and Monero's low market capitalization of $4.6 billion, this project has a lot of potential -- that is unless governments band together to ban this crypto.
There are hundreds of platforms around the world that are waiting to give you access to thousands of cryptocurrencies. And to find the one that's right for you, you'll need to decide what features that matter most to you.
To help you get started, our independent experts have sifted through the options to bring you some ofour best cryptocurrency exchanges for 2022. Check out the list here and get started on your crypto journey, today.
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This Privacy Crypto Has Left Bitcoin and Ethereum in the Dust Since February. Should You Buy? - The Motley Fool
Jack Dorsey Claims if ‘You’re Building on Ethereum You Have at Least One, if Not Many, Single Points of Failure’ Bitcoin News – Bitcoin News
The internet entrepreneur and former CEO of Twitter, Jack Dorsey, claims if developers are building on Ethereum they have at least one, if not many, single points of failure. The statement was in response to Vitalik Buterins commentary concerning Elon Musk running Twitter.
Jack Dorsey doesnt seem to be interested in anything to do with the Ethereum network, and last Friday he criticized the project. The Twitter conversation started when Ethereums co-creator, Vitalik Buterin, talked about Elon Musk running Twitter. [I] dont oppose Elon running Twitter (at least compared to status quo), but I do disagree with the more generalized enthusiasm for wealthy people/orgs hostile-takeovering social media firms, Buterin tweeted. That could easily go *very* wrong (eg. imagine an ethically-challenged foreign gov doing it).
Following Buterins tweet, Dorsey replied same, and further said: [I] dont believe any individual or institutions should own social media, or more generally media companies. It should be an open and verifiable protocol. Everything is a step toward that. After Dorseys statement, a project called the Deso protocol responded to his remarks. Deso explained that the Deso protocols vision for the future of social media, was similar to the former Twitter CEOs vision.
In response, Dorsey explained, that in his opinion, the Ethereum protocol has one and maybe even many single points of failure. If youre building on [Ethereum] you have at least one, if not many, single points of failure and therefore not interesting to me, Dorsey said.
The former social media chief executives opinion had all kinds of responses, some of which agreed with him and others that did not. You really need to get away from the laser-eyed morons, Jack, one individual said to Dorsey. This is just embarrassing, the person added.
Bitcoin proponent Jeff Booth, author of the book The Price of Tomorrow: Why Deflation is the Key to an Abundant Future, agreed with Dorseys criticism about Ethereum. More entrepreneurs are going to figure this out the hard way over the coming years, Booth said in response to Dorseys tweet. Building on quicksand is a terrible long-term strategy, Booth added. However, software developer and former Slock.it executive, Christoph Jentzsch, disagreed with Booths opinion.
If you are building on the [Ethereum] protocol, no, Jentzsch said. If you are building with a sole dependency on Infura, Metamask and some others, then yes. [The] same is true for [Bitcoin], Jentzsch added. The projects Jentzsch mentioned, and many other aspects of Web3 technology, have been disparaged a great deal and Dorsey himself has criticized Web3 hype in the past.
One specific review of Web3, published during the first week of January, by the cryptographer and computer security researcher, Moxie Marlinspike, explains in great detail a number of vulnerabilities tied to non-fungible tokens (NFTs), decentralized applications (dapps), and Web3 in general. Despite valid Web3 criticism, Dorseys tweet did not get into any specifics concerning so-called single points of failure. The tweet was very vague and simply noted that the former Twitter CEO was not interested in such projects.
What do you think about Jack Dorseys opinion about those who are building with Ethereum? Do you agree with Dorsey? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Bitcoin vs Ethereum: Which one is better? – Marca English
The trend of investing in cryptocurrencies has led to the appearance of more options for those who wish to venture into a market whose main feature is that there is no stability in terms of its value, since its estimation or depreciation is the result of the demand itself.
However, two cryptocurrencies have established themselves as the most popular to date: bitcoin and ethereum.
In both cases, the dilemma for investors lies in finding out which one is better than the other.
It is worth noting that Bitcoin is the most popular cryptocurrency among investors today, while ethereum is a globally accessible computing platform whose impetus lies in a native cryptocurrency called ether, which is valued as the second most popular cryptocurrency in the world of cryptocurrencies.
Both cryptocurrencies are decentralized, as they are neither issued nor regulated by a central bank or other authority, hence their own buying and selling rules are subject to constant movements in the value they acquire.
"While bitcoin continues to maintain its position as the legacy payment asset in the blockchain world; ethereum has advanced its reach as a fuel for decentralized finance in the growing blockchain world," Egor Volotkovich, EVODeFi's managing director of cross-chain solutions, recently noted.
One of the great advantages of bitcoin is that it is a more attractive cryptocurrency for investors because it offers a certain security infrastructure, since its blockchain was designed to be complex to crack.
With respect to Ethereum, its applications make it an option that can open the door to being hacked from different sides.
Aware of these particularities, it is the investors and their interests that define their choice when carrying out their operations.
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Bitcoin vs Ethereum: Which one is better? - Marca English
Crypto Moves Bitcoin, Ether edge up; Iran tightens penalties on unauthorized crypto mining – Arab News
RIYADH: Canadas annual inflation rate accelerated in March to 6.7 percent, a full percentage point higher than in February and well above expectations, driven by widespread price pressures, Statistics Canada data showed on Wednesday.
The rate is the highest since January 1991, when it hit 6.9 percent, and was above the Bank of Canadas 1 percent-3 percent control range for the 12th consecutive month. Analysts surveyed by Reuters had forecast inflation would rise to 6.1 percent in March.
Prices increased against the backdrop of sustained price pressure in Canadian housing markets, substantial supply constraints and geopolitical conflict, which has affected energy, commodity, and agriculture markets, Statscan said.
The CPI common measure, which the Bank of Canada says is the best gauge of the economys performance, rose to 2.8 percent from a revised 2.7 percent in February. CPI trim was 4.7 percent and CPI median was 3.8 percent.
South Africa's annual inflation hits 5.9%
South Africas consumer inflation rose to 5.9 percent year on year in March from 5.7 percent in February, data from Statistics South Africa showed on Wednesday, driven mainly by fuel on the back of higher oil prices because of the war in Ukraine.
The increase in the headline number was slightly below analysts forecasts for 6 percent annual inflation, as food prices which have also been affected by the Russia-Ukraine conflict rose slightly less in March than in February.
Marchs month-on-month consumer inflation was 1.0 percent compared with 0.6 percent in February, in line with economists predictions.
The March figures mean inflation remained just within the central banks 3 percent-6 percent target range, at a joint five-year high along with Decembers reading.
Stripping out energy prices, producer prices rose 14 percent year-on-year.
Japan March exports rise 14.7%
Japans exports rose 14.7 percent in March from a year earlier, Ministry of Finance data showed on Wednesday.
That was weaker than the 17.5 percent increase expected by economists in a Reuters poll, and followed growth of 19.1 percent in February.
March imports gained 31.2 percent year-on-year, versus the median estimate for a 28.9 percent increase.
The trade balance came to a deficit of 412.4 billion yen ($3.19 billion), versus a median estimate for a 100.8 billion yen deficit.
German producer prices at record high
German producer prices rose 30.9 percent on the year in March, reflecting the effects of the war in Ukraine for the first time, data from the Federal Statistics Office showed on Wednesday.
Marchs figures mark six consecutive months of increasingly steeper increases, mainly due to rising energy prices, according to the statistics office.
These results should already contain first implications deriving from Russias attack on Ukraine, said the office.
The jump in factory gate costs, considered a leading indicator for consumer prices, was the biggest since records started in 1949, the statistics office said.
Producer prices registered a jump of 4.9 percent compared to the previous month.
Eurozone production rebounds as expected
Eurozone industrial production rebounded as expected in February from a January slump thanks to stronger output of consumer goods, which offset declines in the output of energy and capital goods, data showed on Wednesday.
The EUs statistics office Eurostat said industrial output in the 19 countries sharing the euro rose 0.7 percent month-on-month for a 2.0 percent year-on-year gain, rebounding from declines of 0.7 percent for the month 1.5 percent year-on-year in January.
Economists polled by Reuters had expected the 0.7 percent monthly increase in February and had forecast a 1.5 percent annual rise.
The data comes largely from before the start of the Russian invasion of Ukraine on Feb. 24 an event that severely shook business sentiment in March.
US mortgage interest rates
The average interest rate on the most popular US home loan climbed to a 12-year high last week and fewer homebuyers sought properties in a sign that the Federal Reserves aim of cooling the housing market may be beginning to have an impact, data from the Mortgage Bankers Association showed on Wednesday.
The average contract rate on a 30-year fixed-rate mortgage increased to 5.2 percent in the week ended April 15 from 5.13 percent a week earlier, the MBA survey showed. It has risen 2 percentage points from one year ago.
The bulk of the run up, however, has occurred since the start of the year, causing the fastest climb in home-financing costs in decades as the Fed abandoned a cautious approach to raising its benchmark overnight lending rate in favor of swifter and more decisive action to bring down persistently high inflation.
China keeps lending benchmark unchanged
China kept its benchmark lending rates for corporate and household loans steady at its April fixing on Wednesday, defying expectations, as Beijing has become more cautious in rolling out easing measures to aid a slowing economy.
The one-year loan prime rate was kept at 3.7 percent, same as previously, and the five-year was unchanged at 4.6 percent.
A vast majority of the 28 traders and analysts surveyed in a snap Reuters poll this week expect a reduction this month. Among them, 11, or 39 percent of all respondents, predicted a marginal cut of 5 basis points in both rates.
Most new and outstanding loans in China are based on the one-year LPR. The five-year rate influences the pricing of mortgages.
(With input from Reuters)