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Hedge Fund Manager Anthony Scaramucci Compares Bitcoin to Amazon in the Year 2000, Predicts Strong Q1 for BTC

Renowned hedge fund manager Anthony Scaramucci is comparing Bitcoin (BTC) to e-commerce giant Amazon, which was volatile in its early days but eventually became one of the best-performing stocks. In a new interview on CNBC’s Squawk Box, the SkyBridge Capital founder says Bitcoin has grown exponentially in terms of fundamentals over the last year and […]

The post Hedge Fund Manager Anthony Scaramucci Compares Bitcoin to Amazon in the Year 2000, Predicts Strong Q1 for BTC appeared first on The Daily Hodl.

Thailand Plans to Become ‘Crypto-Positive Society’ — Governor Says ‘Crypto Is the Future’

Thailand Plans to Become ‘Crypto-Positive Society’ — Governor Says ‘Crypto Is the Future’Thailand is laying the groundwork to become a “crypto-positive society” with the aim to attract crypto holders and boost its tourism industry. The country hopes to gain back some of the $80 billion in lost tourism revenue due to the Covid-19 pandemic and subsequent shutdown. Thailand Plans to Attract Crypto Holders The Tourism Authority of […]

Ethereum L2 Scene Heats Up With Boba Network Taking Second Spot in TVL

Ethereum L2 Scene Heats Up With Boba Network Taking Second Spot in TVLBoba Network, a recently released L2 layer for Ethereum, has quickly jumped to second place in TVL (total value locked) among all expansion layers. Boba, which is a fork of Optimism, another L2 layer based on rollups, reached more than $1 billion in TVL, surpassing Optimism. This is likely due to the profitable percentages offered […]

White House Blacklists 8 Chinese Quantum Computing Companies Citing National Security Risks: Report

The Biden Administration has announced that it is blacklisting eight Chinese quantum computing companies over concerns that the technology they possess poses a threat to national security. The companies have been added to the U.S. Department of Commerce’s Entity List, which is a national security tool used by the Bureau of Industry and Security (BIS). […]

The post White House Blacklists 8 Chinese Quantum Computing Companies Citing National Security Risks: Report appeared first on The Daily Hodl.

Ethereum Devs Assess Reducing Data Transfer Cost 5x, EIP-4488 Becomes Possible Solution

Ethereum Devs Assess Reducing Data Transfer Cost 5x, EIP-4488 Becomes Possible SolutionThe second leading crypto asset ethereum has been dealing with high fees since the end of June and today the average ethereum transaction fee is between $5 and $34 per transfer. While there’s been a lot of complaints about ether gas costs this year, Ethereum founder Vitalik Buterin has recommended an Ethereum Improvement Proposal (EIP) […]

Here’s the Worst-Case Scenario for Bitcoin, According to Crypto Analyst Benjamin Cowen

Closely followed crypto analyst Benjamin Cowen is outlining what he thinks is the worst possible scenario for Bitcoin as BTC struggles to reclaim the $60,000 level. In a new strategy session, Cowen takes a look at what he calls the “bull market support band,” which is a combination of the 20-week simple moving average (SMA) […]

The post Here’s the Worst-Case Scenario for Bitcoin, According to Crypto Analyst Benjamin Cowen appeared first on The Daily Hodl.

Tech transformation: Don Tapscott’s ‘Platform Revolution’ book review

In his latest book, ‘Platform Revolution,’ Don Tapscott explains how blockchain technology has converged with AI, machine learning and IoT.

Enterprise blockchain started to take shape in 2016, a time when companies like IBM began to leverage private networks for supply chain management. It was also during 2016 that author Don Tapscott wrote and published Blockchain Revolution, a book that examines the way that blockchain will transform a number of industries.

Following the release of Blockchain Revolution, Tapscott — who is also co-founder of the Blockchain Research Institute — published Supply Chain Revolution in August 2020. Given the timing of the book’s publication, Supply Chain Revolution detailed the way the COVID-19 pandemic exposed glitches throughout supply chains across the world, further explaining how blockchain could be used to solve these challenges.

Almost a year after the release of Supply Chain Revolution, Tapscott has published his latest book, Platform Revolution. Unlike his other two books that explain what blockchain is and how it can be applied to advance certain industries, Platform Revolution goes a step further, taking the thesis that blockchain has reached “platform status.”

Specifically speaking, Tapscott told Cointelegraph that blockchain has matured so much over the years that firms and industries are now building new models upon blockchain as a “platform.” Moreover, Tapscott believes that blockchain has reached a “trivergence” point, making it the greatest technology of today’s digital age:

“There are lots of new technologies in today’s second era of the digital age, including artificial intelligence, machine learning and the Internet of Things. In the end though, the greatest of these technologies is blockchain, which is ‘triverging’ with all of these other technologies.”

Understanding the trivergence of blockchain technology

Tapscott explains throughout the eight chapters of Platform Revolution the way that firms, supply chains and sectors of the economy are building upon blockchain as a platform to make further advancements.

In order to describe the trivergence of blockchain with AI, machine learning and IoT, Chapter 1 of Platform Revolution discusses the way blockchain can secure the future of the digital age. In a nutshell, this chapter talks about digital conglomerates like Facebook (now Meta) and Google, noting that these entities act as landlords for user data. “We create the data and these companies take it away. We are then left with almost nothing — we can’t monetize our data or secure that data as our privacy is being undermined,” said Tapscott.

To solve this ongoing dilemma, Chapter 1 explains the way that open access, fair participation and self-sovereign identity on a blockchain network can improve web access. In particular, the chapter focuses on the way blockchain can solve the problem of manipulation, promote fairness, protect the rights of content creators and more. While this may be, Chapter 1 also details why the trivergence of blockchain, AI and IoT will ultimately lead to Web 3.0. This is described as a network where billions of people, devices and decentralized autonomous organizations, or DAOs, will be able to transact and analyze data for better decision making.

The book’s second chapter examines blockchain’s impact on big data. “Big data” is characterized here as a new asset class that may trump all other assets, given the notion that digital conglomerates have been privately stockpiling user data for years. Yet through encryption technologies like those found within blockchain networks, new privacy rights and property rights to data could very well be achieved.

Related: Book review of Don Tapscott’s collaborative ‘Supply Chain Revolution’

Chapter 3 is an important section of Platform Revolution, as Tapscott and his co-author Anjan Vinod thoroughly examine the relationship between blockchain and AI. According to Tapscott and Vinod, AI is making blockchain one of the broadest technological revolutions ever. This chapter explains the way blockchain can provide a decentralized infrastructure for the entire AI ecosystem. For example, it’s noted here that a decentralized blockchain-based solution may ensure a more democratized, yet secure, means for transmitting data required for AI models.

Chapter 4 further focuses on blockchain and IoT, noting that connected devices will require a ledger to learn and adapt to new things. “It’s where the rubber meets the road for blockchain,” writes Tapscott. While implementation challenges such as quantum computing are also mentioned throughout Chapter 4, this section ultimately describes Web 3.0 as running in a distributed cloud, with a combination of decentralized public and private servers with edge computing capabilities.

The threat of quantum computing

While the impact of blockchain on autonomous vehicles is discussed throughout Chapters 5 and 6, ensuring that Web 3.0 remains distributed and quantum-proof is detailed in Chapters 7 and 8 of Platform Revolution. In particular, the quantum threat to the cybersecurity of global IT systems is analyzed.

For instance, Chapter 7 notes that “There is a one-in-seven chance that a quantum computer will be commercially available by 2026.” In turn, Chapter 8 highlights the need for governance of standards development at three levels: protocol, application and ecosystem.

Related: ‘Blockland’ book review: Part gonzo, part Bitcoin-thriller, 100% recommended

The author of Chapter 8, Christian Keil, details in-depth the different layers of the blockchain technology stack, concluding that stakeholder involvement and the power of network effects are needed for standards development. “The blockchain community needs a standard like OSI, with which cataloging, organizing, and communicating advances in this new technology might be made significantly easier,” writes Keil.

How blockchain relates to other technologies

Platform Revolution concludes with the notion that blockchain is still in its early stages and that its success will depend on how well the current challenges and opportunities are handled for its development. While it’s difficult to predict the future, Tapscott mentioned that the goal behind Platform Revolution is to help people understand the way blockchain fits in with other technologies:

“This book introduces the concept of trivergence, while explaining the relationship between blockchain, AI, IoT, big data and quantum computing. These are all topics people struggle to understand.”

This in mind, Platform Revolution is a must-read for individuals curious about the technologies within the second era of the digital age. For instance, while some may only be familiar with mainstream concepts like AI, Platform Revolution explains the way blockchain relates to artificial intelligence and other popular technologies. 

The book further underscores why blockchain will continue to serve as the backbone for industries, economies, supply chains and other aspects of our lives. “These are all big technologies that everyone is talking about. Platform Revolution explains the way they fit together and why blockchain is central to everything,” added Tapscott.

Crypto Strategist Predicts Strong Bitcoin Bounce, Maps Out Potential Capitulation Levels for Ethereum

A closely followed crypto analyst and trader is saying that Bitcoin is gearing up for recovery as he outlines potential bottom levels for Ethereum. Pseudonymous trader Smart Contracter tells his 193,300 Twitter followers that Bitcoin is flashing signs that the correction is almost over. “No sign of reversal ‘just yet’ but, we just had our […]

The post Crypto Strategist Predicts Strong Bitcoin Bounce, Maps Out Potential Capitulation Levels for Ethereum appeared first on The Daily Hodl.

Report Shows Ethereum, Litecoin, Solana ETPs Outperformed Bitcoin Investment Products in November

Report Shows Ethereum, Litecoin, Solana ETPs Outperformed Bitcoin Investment Products in NovemberCryptocompare, the firm that provides institutional and retail investors with real-time and historical cryptocurrency data, has published the firm’s November 2021 Digital Asset Management Review. The report covers crypto exchange-traded products (ETPs), and recent findings show alternative crypto asset investment products are outperforming Bitcoin ETPs. Ethereum-Based Investment Product Trade Volumes Increase Every month Cryptocompare publishes […]

NFT art will never be mass-market — NFT licenses may be

NFT digital art sales generate headline after headline, though this is not the real mass-market use of this novel technology.

Visa got itself a fancy new Twitter avatar this August, and even though it didn’t stay up for long, the 8-bit-styled picture of a visibly unamused woman with a stylish mohawk still made dozens of headlines. It was not just about the relatively hefty price tag of $150,000. The mere fact that the financial giant bought a nonfungible token (NFT) representing the image from the CryptoPunks collection set off fireworks in the media. It was the best marketing spend Visa’s done all year — the ROI on news articles alone must have paid for the purchase tenfold.

Yes, even Visa “apes in” on NFTs these days, to use an expression NFT collectors drop a lot in the era of the wealthy pouring millions into JPEGs of apes. But even though the technology’s journey from memes to riches has taken it into the digital art world, I don’t think that this will be its mass-market use case.

By now, everyone knows that NFTs essentially bring uniqueness and scarcity, a feature associated with traditional high art, into all shapes and forms of digital art, which is otherwise infinitely reproducible with the good old copy-paste. A link to a specific picture, audio clip or video is sent to the blockchain as part of a transaction, and there we are — even though the file can still be copy-pasted, only one wallet owns its token. That’s where it becomes a posh thing: Donning an NFT image as a Twitter avatar is like wearing a Rolex watch with your name engraved on it. It’s a status symbol to be appreciated by those in the know.

That said, high art and luxury are by definition antonymous to the mass market, as high price and uniqueness are their key selling points. Someone who’s bleeding money can buy a link for millions, but that’s because they might as well burn their money for fun, and they want to show off their wealth to the world. Good luck charging a Regular Joe $150,000 for a link to a picture, though. The focus on NFTs as art by definition limits a promising technology to a relatively small, albeit inarguably posh and eccentric, niche.

The good thing here is that the big NFT digital art sales are making headlines, which is helping to bring NFTs into the mainstream. However, this will not be the main use of NFTs further down the road, but rather a new and expensive plaything for the wealthy and some especially fervent crypto-personalities and communities.

The real deal

First of all, NFTs already have a mass-market use case — they are very much at home in gaming, with CryptoKitties gathering a ton of headlines back in the day. From Axie Infinity to all the newer titles, NFTs are powering a plethora of digital economies, and there, they bring more than sheer uniqueness to the table.

Yes, it’s nice that your NFT sword is unique and has your name on its token, but what’s nicer is that it can decapitate a dragon in one swing, unlike any other, non-unique weapon. And decapitated reptiles are what people are ready to pay for. Fortnite, a free game, brought its publisher $5.1 billion in 2020 on sales of in-game cosmetics, and gamers are already paying for non-unique weapons, mounts, castles and spaceships in dozens of other games. NFTs are just the next step in this direction. And believe it or not, in some developing countries, NFT games have already become a valid source of income.

What looks just as promising is the idea of using NFTs in the corporate world, as part of traditional business processes. The fields where NFTs will likely take off in a big way, if not become the new default way of doing things, aren’t as sexy as high-end luxury. They will, however, greatly benefit from the key feature that NFTs bring to the table: The ability to confirm the authenticity of the associated digital asset. This could be, for example, as simple as the hash of a financial document saved as an NFT on a private or a public blockchain to check whether it’s been tampered with later on.

Software licensing and authentication seems like one of the areas where NFTs will shine, given enough time, with the bonus of possible interoperability. Corporations and individuals alike could shop for licensed software pieces on a single platform, leasing it for as long as needed. This would cut the costs, while also keeping chief information officers’ peace of mind as they have an extra layer of security knowing that any digital asset can be safely and quickly authenticated.

Related: Nonfungible tokens: A new paradigm for intellectual property assets?

Those of you as old as I am remember buying copies of Windows or Adobe CS3 and having a sticker on the back of the box with your serial number. Lose the box, and that was it. This was replaced by SaaS log-ins that stored your serial number, or platforms like Steam and Apple’s App Store, which held your digital asset — except, of course, unless Apple decides it doesn’t have the rights to “Goonies HD” in the store and simply removes your purchase. You bought it? Too bad. Same if the platform was shut down, or if the company decides you somehow violated their 2,000-page terms of service that you agreed with without reading through. The point is, with subscription-based SaaS, you own nothing, even if the solution is deployed on-premise.

NFTs might fix this

Let’s say you’re buying an asset, any digital asset — music, a movie, a license for the software, limited use rights to a photo, whatever. At the moment of purchase, the platform mints a non-fungible token pointing to the original file or download location. The token acts as your proof of purchase. You store the asset locally, most likely accessing it through an app that would use your token to verify ownership (or, for example, if the license period hasn’t ended) whenever you try to interact with it, which would prevent copy-paste distribution and other IP infringements.

With the right design, such a system would even allow the transfer of ownership rights, as long as they are legally baked into the NFT. This way, after enjoying your copy of the “Goonies,” you can gift it to a friend or re-sell it, potentially with a small royalty to be paid either to whoever owns the rights for the movie or to the original seller. The latter, by the way, partially addresses the issue that fueled the shift to SaaS in the first place. Companies don’t want a secondary market because it competes with their sales, but with royalties built into NFTs, they would have a stake in every subsequent re-sale. In other words, each copy of a movie sold becomes a gift that keeps on giving.

Related: We haven’t even begun to tap into the potential of NFTs

Granted, though, the ownership part is what needs more work, especially on the legal front. None of these concepts have been tested, but they need to be, whether by an artist or a collector, just to set the precedent and start charting out a playbook for this terra incognita. Technical expertise and business or legal expertise are not the same thing. Some of us remember the EOS token sale, and how much of the funds raised had to be held until the SEC finished their investigation. Projects talking about their legality and proving their legality in court are two different things.

While the NFTs are not without their flaws, dismissing them as an inherently toxic and fraudulent technology this early into their development is, at best, rushed. Instead, what the field needs are more regulation on the one hand and more entrepreneurship on the other. Art and business walk hand-in-hand these days, and as NFTs mature, their journey from memes to riches will most likely similarly lead them into the corporate world.

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

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

Liam Bussell is the head of corporate communications and investor relations at Banxa, an internationally-compliant fiat-crypto gateway. Before joining Banxa, Liam worked as chief marketing Oofficer at Diginex, chief marketing officer at BC Group, and head of marketing at World First (acquired by Alibaba). Liam is a marketing leader with 18 years experience in building Fintech & Technology companies from bootstrapping through to listing.

Crypto Stamp Crashes Swiss Post’s Online Store With Launch Day Demand

Crypto Stamp Crashes Swiss Post’s Online Store With Launch Day DemandUnexpectedly high demand for Switzerland’s first crypto stamp has created headaches for the national postal service. Swiss Post announced it had to deal with technical issues when numerous orders hit its online shop all at once on the day the innovative offering was made available. Demand for First Crypto Stamp Overwhelms Swiss Post’s Online Store […]

Digital Asset Titan Grayscale Says Metaverse Is in Early Innings, Predicts $1,000,000,000,000 Valuation for Emerging Tech Sector

Crypto giant Grayscale says that the metaverse is still in its very early stages and predicts that the emerging tech sector will soar to become a $1 trillion opportunity. In a new report, Grayscale says that the metaverse is bound to transform gaming with the advent of play-to-earn platforms that enable users to convert their […]

The post Digital Asset Titan Grayscale Says Metaverse Is in Early Innings, Predicts $1,000,000,000,000 Valuation for Emerging Tech Sector appeared first on The Daily Hodl.

Kraken Daily Market Report for November 27 2021

Overview


  • Total spot trading volume at $958 million, the 30-day average is 1.49 billion.
  • Total futures notional at $224.8 million.
  • The top traded coins were, respectively, Bitcoin (+1.9%), Ethereum (+1.4%), Tether (0%), Mana (+0.7%), and Basic Attention Token (+32%).
  • Strong returns again from Basic Attention Token (+32%), now up over 60% over the last 5 days.

November 27, 2021 
 $958.0M traded across all markets today
 Crypto, EUR, USD, JPY, CAD, GBP, CHF, AUD 
BTC 
$54784. 
↑1.9% 
$292.3M
ETH 
$4099.9 
↑1.4% 
$161.6M
USDT 
$1.0008 
↑0.01% 
$115.6M
MANA 
$4.7028 
↑0.7% 
$47.7M
BAT 
$1.7636 
↑32% 
$36.8M
DOT 
$35.179 
↑1.7% 
$30.0M
USDC 
$1.0 
↑0.0% 
$29.4M
SC 
$0.0265 
↑0.7% 
$21.7M
ADA 
$1.5440 
↑0.7% 
$19.7M
OCEAN 
$1.1456 
↓3.1% 
$19.4M
SOL 
$193.01 
↑0.24% 
$18.8M
SAND 
$6.5419 
↓6.5% 
$18.5M
ZEC 
$243.61 
↓1.2% 
$17.8M
XRP 
$0.9456 
↑0.6% 
$14.7M
GRT 
$1.0352 
↑22% 
$13.7M
MINA 
$4.71 
↑2.6% 
$12.8M
STORJ 
$2.8443 
↑4.1% 
$12.0M
LTC 
$195.29 
↓0.31% 
$8.91M
ANT 
$6.4971 
↑28% 
$7.84M
KEEP 
$0.8413 
↑15% 
$7.77M
MATIC 
$1.6149 
↓1.8% 
$7.51M
DOGE 
$0.2050 
↑1.3% 
$6.94M
LINK 
$24.103 
↑0.6% 
$6.7M
FIL 
$57.800 
↑9.3% 
$5.98M
ANKR 
$0.1719 
↓2.2% 
$5.97M
CRV 
$4.842 
↓1.9% 
$5.58M
ENJ 
$3.7089 
↓3.8% 
$4.72M
LRC 
$2.8768 
↑2.4% 
$4.67M
KSM 
$334.92 
↑6.3% 
$4.58M
ALGO 
$1.6788 
↑4.6% 
$4.23M
FLOW 
$11.868 
↑1.1% 
$4.04M
ATOM 
$26.760 
↓1.4% 
$3.84M
LPT 
$59.26 
↑7.7% 
$3.77M
XTZ 
$4.6058 
↓1.2% 
$3.38M
KNC 
$2.0988 
↑3.5% 
$3.15M
DASH 
$183.09 
↓0.5% 
$3.11M
OXT 
$0.5096 
↑5.6% 
$3.06M
BCH 
$563.26 
↑0.9% 
$3.02M
AXS 
$127.55 
↑1.6% 
$2.79M
REN 
$0.9581 
↑7.7% 
$2.59M
XMR 
$227.88 
↑0.5% 
$2.45M
AAVE 
$233.0 
↑0.14% 
$2.3M
XLM 
$0.3262 
↓1.0% 
$2.18M
MOVR 
$323.07 
↑3.6% 
$2.08M
DAI 
$0.9996 
↑0.01% 
$1.81M
NANO 
$4.9040 
↑1.2% 
$1.63M
CTSI 
$0.9993 
↑1.5% 
$1.44M
EOS 
$3.8661 
↑0.18% 
$1.41M
TRX 
$0.0934 
↑1.3% 
$1.38M
OMG 
$8.1249 
↑1.6% 
$1.15M
UNI 
$19.522 
↑1.1% 
$1.06M
EWT 
$9.538 
↑0.8% 
$848K
ICX 
$1.7323 
↑1.3% 
$832K
COMP 
$270.3 
↑3.2% 
$814K
DYDX 
$12.995 
↑1.5% 
$790K
KAVA 
$4.9802 
↑1.8% 
$772K
PERP 
$12.488 
↑0.4% 
$771K
LSK 
$3.6511 
↑3.7% 
$731K
MLN 
$101.39 
↑0.9% 
$702K
CQT 
$1.1059 
↑10% 
$643K
PHA 
$0.6829 
↑8.8% 
$637K
YFI 
$29071. 
↑1.2% 
$596K
WAVES 
$19.222 
↓2.2% 
$593K
CHZ 
$0.4464 
↑0.6% 
$570K
SNX 
$7.706 
↑3.2% 
$567K
SUSHI 
$7.0 
↓1.0% 
$521K
ETC 
$46.76 
↑0.21% 
$494K
QTUM 
$14.49 
↑1.0% 
$490K
BAND 
$8.376 
↑11% 
$466K
RARI 
$18.21 
↑1.3% 
$461K
ZRX 
$1.234 
↑13% 
$444K
INJ 
$12.377 
↓2.9% 
$411K
OGN 
$1.0322 
↑2.6% 
$329K
GHST 
$2.8192 
↓1.4% 
$308K
PAXG 
$1790.3 
↓0.02% 
$303K
BAL 
$19.67 
↑1.1% 
$233K
BNC 
$3.41 
↑3.0% 
$218K
BADGER 
$25.362 
↑2.2% 
$168K
SRM 
$5.146 
↓1.2% 
$154K
KAR 
$5.602 
↓2.4% 
$150K
MKR 
$3149.9 
↑0.02% 
$136K
GNO 
$403.49 
↑1.2% 
$130K
SDN 
$2.1306 
↑1.8% 
$130K
REP 
$21.723 
↑1.5% 
$128K
1INCH 
$3.6957 
↓0.2% 
$113K
RAY 
$9.6875 
↑2.2% 
$86.4K
BNT 
$3.8569 
↑0.16% 
$86.3K
TBTC 
$55410. 
↓7.6% 
$80.8K
OXY 
$1.886 
↓0.4% 
$47.1K
WBTC 
$54683. 
↑0.5% 
$40.8K
MIR 
$2.6460 
↑1.8% 
$34.3K
REPV2 
$21.458 
↓0.7% 
$16.8K

The post Kraken Daily Market Report for November 27 2021 appeared first on Kraken Blog.

6 Questions for Lyn Alden Schwartzer of Lyn Alden Investment Strategy

We ask the buidlers in the blockchain and cryptocurrency sector for their thoughts on the industry… and we throw in a few random zingers to keep them on their toes!


 

This week, our 6 Questions go to Lyn Alden Schwartzer, founder of Lyn Alden Investment Strategy, which provides an investment research service for both retail and institutional investors.

Lyn Alden began her career in engineering. After working in the automation industry as an intern, she graduated from college and started as a junior electronics engineer for an aviation simulation facility. Over the course of a decade, Lyn Alden worked her way up to become the head engineer of the facility, overseeing its project teams, contract staff and technical finances.

On the side, Lyn Alden also had a small investment research business that she enjoyed. Although she loved engineering and management, when her research business grew very large, it began to overshadow her prior work, and she left to pursue her research business full time. Lyn Alden covers macroeconomic trends, and since 2020, she has put a lot of research into Bitcoin, in particular.

 


1 What is the single most innovative use case for blockchain that youve ever seen? It may not be the one likeliest to succeed!

Money.

The unmistakably innovative use case for blockchain is solving the double-spending problem, thus allowing people to transact and store value without a centralized third party.

Everyone is looking for the next thing that blockchains will be applied to, but I think people underestimate how big that total addressable market is from the first real application of blockchains: a peer-to-peer electronic cash system.

The entire world has a store-of-value problem. Interest rates in all developed countries are below the inflation rate. For lack of good money, we have monetized everything else, such as stocks, houses, luxuries and other things. In other words, we store a monetary premium in otherwise non-monetary assets above and beyond their utility value, as we want to hold anything other than cash. This is a problem leading to tens of trillions, or even over a hundred trillion dollars worth of monetary premium stored up in non-monetary assets.

And then beyond that, a significant part of the world has a payment problem. International payments are costly and inefficient they face capital controls, they dont have good access to cheap micropayments, they can be sanctioned, they can be surveilled, they can be confiscated from and so forth. The ability to send censorship-resistant payments is huge, and its something that many people in developed markets dont think about too often, but theyre a huge deal for emerging markets in particular.

 

2 What are the top five Crypto Twitter feeds you cant do without, and why?

Thats a tough question because I like dozens of them. There are plenty of resources that I like from different platforms (e.g., podcasts, interviews, books, articles and so forth), but specifically for Twitter, I guess I have to go with @PrestonPysh, @Gladstein, @Adam3us, @Skwp and @Lightning.

I also like to follow people I disagree with, or broad crypto news feeds, so that my feed is always filled with multiple points of view.

 

3 If the world is getting a new currency, will it be led by CBDCs, a permissionless blockchain like Bitcoin or a permissioned chain such as Diem?

I think for a period of time, we are going to have all of the above.

Some countries like China are strongly pursuing the CBDC route, which gives them more surveillance and control over their economy and population. Theyll have a greater ability to surveil transactions, block transactions, automatically debit peoples accounts based on infractions or their social credit score, and program money so that it can only be used in certain places or certain times. It will also give them the ability to go around the SWIFT system, to give them more control over their international commerce with some of their trading partners.

Most other central banks have not done as many years of research into CBDCs as China has and are not able to move that quickly into a new currency system. I think what we will likely see in the United States is a growing usage of regulated and permissioned stablecoins, including entities such as USD Coin, Diem and others. This can be thought of as a public/private partnership in some ways as these technologies get more integrated into the banking system.

Meanwhile, Bitcoin has been operating for nearly 13 years with increasing adoption and is the digital asset that can be thought of as sufficiently decentralized, with the battle scars to prove it. My expectation is that itll continue to grow over time and become an increasingly attractive form of global collateral and global money. I think the world will maintain various currencies in various ways, but I expect Bitcoin to grow its market share quite a bit from its current small levels. I certainly wouldnt bet against it, and unlike CBDCs and stablecoins that degrade in value over time, Bitcoin represents a way for everyone to have inflation-resistant, confiscation-resistant savings that they can custody if they choose to.

Ive compared this to Game of Thrones. All the political leaders and their kingdoms fight for power and status, while an exponentially growing army of White Walkers builds from beyond the walls, with little respect for the human politicians plans and schemes. Politicians have plans for their currencies, but for many people, Bitcoin represents a better form of savings and, in some circumstances, a better form of payment as well and these advantages might very well interfere with the politicians plans.

 

4 What talent do you lack but wish you had? How would you use it if you had it?

I lack talent in music. There are some things that I learned I had a knack for them, like math and science. I also am decent at some creative areas like writing and storytelling. But music is a big weakness for me. Whenever I tried to learn instruments, it was a slow process and never really clicked for me. When I was a kid, I had a dream of playing in a rock band, but I didnt know the first thing about how to do that. Other dreams were ones that I had tangible ways to accomplish.

My husband can hear a song and then reverse engineer it in his head and play it on the piano. He wasnt taught to do that, it just comes naturally to him as a talent. I dont even know where to start with that its like hieroglyphics to me.

 

5 What do your parents/significant other/friends/kids tell you off for?

That Im a workaholic.

Im not as social as I should be, and I tend to prioritize work over relationships. I tend to get self-absorbed in my work and not show enough appreciation for the wonderful accomplishments, interests and activities of loved ones in my life. Its something I consciously try to improve, and I do think Ive gotten better at it over time, but its a challenge for me.

A lot of people have trouble getting started on a project or thinking of things to do. They have ideas, but they lack initiative or execution. I have the opposite problem where there are a ton of things I want to do, and then I actually start them and work toward completing them which on its surface is a good thing, but it comes at a cost. I usually feel on edge if Im not pursuing an objective and am not good at just being.

There is a healthy balance, and I havent achieved it quite yet.

 

6 Whats the future of social media?

My hope is that it becomes more decentralized over time. When social networks buy other social networks to become networks of networks, I dont think thats healthy for society.

Pendulums tend to swing too far in one direction and then eventually get pushed back hard in the other. On one hand, giving everyone a platform has made for a period of incredible innovation and connectivity and has weakened the gatekeepers. On the other hand, algorithms and pick-your-own-news sources have a tendency to pull people into echo chambers and contribute to polarization in society.

A large part of the rise of mega-corporations over the past decade is a result of benefiting from user data and making users the product rather than the customer. Google and Facebook did this abundantly by offering free software in exchange for collecting a lot of information from them. Amazon also collects a ton of data from retail companies on its platform and then develops its own in-house products based on that data.

It seems to me that people will wake up and want to take back their data. There will hopefully be better browsers, better search functionality and better networks, where people become more actively aware of the data being taken from them and start to take it back.

 

A wish for the blockchain community:

I wish for the blockchain community to lengthen its time preference and focus more on what can be built over 12 years and less on what can be hyped in 12 months. There is a tremendous opportunity here to focus on building solutions that make the world simultaneously more connected and yet also more private, by giving individuals more control over their money and data. The more successful this is, the more it will reduce boundaries that people cannot control, while also allowing them to put up boundaries that they want to.

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New tribes of the Metaverse — Community-owned economies

The gaming ecosystem is set to become more community-driven with the help of decentralized tech, empowering creators and coders.

People have talked in glowing tones about the transformative properties of blockchain since Satoshi Nakamoto launched Bitcoin (BTC) back in 2009 — books have been written, thousands of panels and presentations have complemented its prospects, costumed Bitcoin maximalists have flaunted their newfound wealth. Despite these commendations, the transformation has been slow.

However, whether the delay was due to the global COVID-19 pandemic, or just the time needed to create innovation, we are now on the cusp of change that is creating new economies and ways of human interaction. The Metaverse, with the powerful combination of game theory and blockchain, is creating tokenized incentivisation in virtual worlds. Decentraland has already started to revolutionize people’s lives and interaction, and many similar platforms are being built. The Metaverse will grow to include multiple cross-chain possibilities as the virtual economy grows in importance.

NFTs and the gaming industry

GameFi, a term used to describe the burgeoning intersection between decentralized tech and the video game industry, is where the real value is being created. Nonfungible tokens (NFTs) allow players to own assets with tangible, real-world value and incentivise gamers to participate for longer periods of time, as well as allowing developers to create in-game economies which are based on the creativity and interactions of players as creators and owners.

Related: The Metaverse, play-to-earn and the new economic model of gaming

Blockchain offers numerous advantages to GameFi:

  • Transparency: Making the gamification mechanisms clear, transparent and perhaps codified through a smart contract, users tend to trust more and therefore to invest more resources in terms of money and time.
  • Interoperability: The blockchain allows for the possibility of creating portability of virtual resources outside the limits imposed so far.
  • Liquidity: It is now possible to buy, sell and exchange assets outside of individual games.
  • Autonomous automation with smart contracts, which may enable multiple parties to interact with each other, even without human intervention.

NFTs can increase player engagement and create better gameplay experiences which, ultimately, increases the value of in-game NFTs and tokens. Players can now have agency within the games they want to play, and as to how these games evolve.

Axie Infinity came to prominence, in part, because of its social impact in keeping families out of poverty during the pandemic, and its player-created “scholar” program, which encourages community development, is growing fast. It’s now a multi-billion-dollar, player-controlled game ecosystem.

BlackPool is another example of an early decentralized autonomous organisation (DAO) built for NFT gaming and trading. This platform is very much community-driven; it combines a passion for gaming and art with data analytics and machine learning to provide returns for users. BlackPool has also deployed Axie-like scholarship programs, opening up new income streams for the excluded. Blockchain enables participation, voting rights and monetization within an economy. It is also possible through interoperability to foresee the creation of networks of online communities, with exchanges and interactions among them.

Community first

The big story here is that we are seeing a move from “corporation first” to “community first.” The community forms around an idea or interest through engagement and collaboration with the community, and concepts emerge out of the community. It’s “community first” and “community fast!”

These communities are decentralized and community-governed — designs can be put to vote, and the artwork with the highest number of votes from the community can ultimately get accepted for the final design. Every time someone mints an NFT, the artists who worked on the asset earn royalties from it for each transaction. This will open up unexplored terrains of monetizing creative knowledge and skills. ‍

Related: DeFi’s quest to reimagine finance must come from a community-based design

The create-to-earn model allows creators to take complete control of the game studios and directly participate in developing the game. This provides the community the opportunity to make in-game assets, create NFTs and sell them on secondary marketplaces. This is a powerful new creator economy that is emerging, in which players and coders can liberate their ideas, improve the in-game experience and monetize their intellectual capital. This makes the gaming ecosystem more community-driven, with content creators getting incentivized to enhance the overall playing experience. Anyone with basic coding skills can contribute to the game.

This will also drive new social networks to emerge between creators and fans. The attention economy will be replaced through social tokens in the Metaverse to bring a new immersive fan-run economy. Social tokens based around a brand, community or influencer will allow communities or celebrities to further monetize themselves. They will create bi-directional relationships between creators and consumers, with benefits on both sides. These Web 3.0 communities are collaborating, evangelizing and creating tribal network effects, all helping each other drive the value of their platform.

Digital communities are forming networks through token economies. The more players use or promote the community, the stronger the game and underlying blockchain become. The players are the stakeholders.

Related: DAOs will be the future of online communities in five years

This creates the data infrastructure to enable a harmonized, interconnected Metaverse that further enables tokenized NFTs to include digital data rights, and to store, track and enforce those data rights. We are still in the early days of this transformation, and the future is in the hands of innovators and creators, and the community who support them. These communities are the new tribes of the Metaverse, and the only limit to what is possible is your imagination!

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

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

Jane Thomason is a thought leader on blockchain for social impact. She holds a Ph.D. from the University of Queensland. She has had multiple roles with the British Blockchain & Frontier Technologies Association, the Kerala Blockchain Academy, the Africa Blockchain Center, the UCL Centre for Blockchain Technologies, Frontiers in Blockchain, and Fintech Diversity Radar. She has written multiple books and articles on blockchain. She has been featured in Crypto Curry Club’s 101 Women in Blockchain, the Decade of Women Collaboratory’s Top 10 Digital Frontier Women, Lattice80’s Top 100 Fintech for SDG Influencers, and Thinkers360’s Top 50 Global Thought Leaders and Influencers on Blockchain.

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Bitcoin risks lowest weekly close in 2 months but BTC buyers stock up at $53K

Bitcoin remains attractive for seasoned hodlers, as $50,000 now becomes the point at which confidence could turn to anxiety.

Bitcoin (BTC) hovered around $54,000 on Nov. 28 as the upcoming weekly close showed signs of hitting two-month lows.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Buyers keen at $53,000

Data from Cointelegraph Markets Pro and TradingView followed a quiet 24 hours for BTC/USD after Friday’s $6,000 red candle.

Although quiet into Sunday, the pair nonetheless dipped below a major zone of support on weekly timeframes, opening up the potential for its lowest end-of-week levels since late September.

For trader and analyst Rekt Capital, $55,800 should be reclaimed to reverse this, something which could still “easily” occur.

Such price action was still not enough to deter bulls, with large-volume entities from businesses to nation states “buying the dip.”

On Sunday, Alex Mashinsky, founder and CEO of crypto lending platform Celsius, confirmed that he had added to both his Bitcoin and Ether (ETH) allocations. 

“I bought almost $10m worth of BTC and ETH at the current levels to add to my positions,” he revealed to Twitter followers.

“We may see a retest of $53K for BTC and $4k for ETH but these should be short term bottoms with us going back to $70k from here.”

Mashinsky added that he would sell 50% of his latest purchases should BTC/USD dive below $50,000.

Separate data compiled by analyst Willy Woo meanwhile reinforced the interest in buying Bitcoin at current levels.

Even excluding corporations and exchange-traded funds (ETFs), large-volume buyers are in evidence this week — in contrast to the atmosphere after similar price dips in 2021.

No gains to be had this weekend

There was thus little reprieve from Friday’s cross-market sell-off amid ongoing uncertainty over the latest Coronavirus strain.

Related: Bitcoin AUM falls 9.5% to record largest monthly pullback since July

As Cointelegraph reported, this inflicted immediate cold feet on both crypto and traditional market sentiment, with the Crypto Fear & Greed Index returning to “extreme fear” territory.

Major altcoins thus showed no signs of a rebound as the weekend drew to a close, the top ten cryptocurrencies by market cap firmly in the red on weekly timeframes.

ETH/USD managed to stay above the $4,000 mark on Sunday.

ETH/USD 1-hour candle chart (Bitstamp). Source: TradingView

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US Bitcoin ETF favors Australian approval, but Aussies need to go further

If Australia can embrace the crypto asset class, it could very realistically see an injection of new capital into its markets and the broader economy.

On Oct. 19, 2021, the ProShares Bitcoin Strategy ETF (BITO) launched on the New York Stock Exchange. On its first day, the exchange-traded fund (ETF) saw an influx of close to $1 billion in natural volume and, within 24 hours, Bitcoin (BTC) itself would reach a new all-time high for its price in U.S. dollars. This comes a week after the U.S. Securities and Exchange Commission allowed the ETF’s application to expire, which effectively gave the okay for the product to move ahead. 

This marks a significant step for the United States, but has also sent ripples into other markets globally. If BITO continues to be as well received as its first day would imply, then it is likely more and more will want to follow suit. The ETF offers exposure to derivatives from Bitcoin futures contracts, not Bitcoin itself. While purists may find this undesirable, it provides a notable degree of insulation for investors from Bitcoin’s inherent volatility. Other products in other markets with similar philosophies could help assuage the concerns that have kept institutional players at bay for years.

A success story out of a market like the U.S. certainly sheds a positive light on the prospect of similar funds across the globe, and bringing exposure to Australian institutions stands to be a boon for both Bitcoin as well as the nation’s economy. More importantly, this has provided an opportunity for Australia to take the lead on financial innovation and bring cryptocurrency wholly into its financial flock.

And, for the most part, Australia’s legislators agree. A recent report published by the Parliament of Australia’s Select Committee on Australia as a Technology and Financial Centre proposed the framework that puts Australia on a level playing field with the U.S., the United Kingdom and Singapore.

The ETF domino effect

With that framework in place and following the success of BITO, Australian fund management company BetaShares has launched its Crypto Innovators ETF on the Australian Stock Exchange (ASX) under the ticker CRYP. Exposure to the fund allows investors to track various crypto-focused companies, based on the Bitwise Crypto Industry Innovators 30 Index. The index’s core portfolio consists of major crypto entities such as prominent cryptocurrency exchange platform Coinbase, Bitcoin mining company Riot Blockchain, and Michael Saylor-led business intelligence software firm MicroStrategy.

The fund broke ASX records within 15 minutes of launch, and racked up almost $31.3 million by the end of the opening day.

Essentially, by holding company shares rather than particular crypto assets like Bitcoin and Ether (ETH), BetaShares’s ETF can provide interested clients with a unique opportunity to participate in the booming digital asset market without having to physically purchase any crypto directly. In fact, BetaShares claims that 85% of its index looks at firms that derive a bare minimum of either 75% of their revenue from the crypto market directly, or alternatively possess at least 75% of their assets in direct crypto holdings. This stands to maximize long-term returns as Bitcoin matures but also minimizes the shock of a market reversal, which many believe is virtually inevitable.

This has the potential to be transformative for both Australia as well as broader crypto adoption. The launch of this ETF provides Australian investors and institutions with their first access to Bitcoin, and in a fashion that should calm their concerns surrounding volatility. This, in turn, will bring greater interest into the Bitcoin economy and should help bolster the asset’s price. More importantly, it will be another example of this type of product in action which, with any luck, could inspire other markets worldwide. That being said, Australia doesn’t need to wait for more global adoption when, instead, they should be leading.

In a similar move, and right in Australia’s geographic backyard, New Zealand also saw the launch of its first Bitcoin ETF earlier this month in the form of a new offering called Vault International Bitcoin Fund, or VIBF. VIBF is composed of carefully selected offshore listed Bitcoin Funds and other ETFs. It is the first of its kind to make its way down under, which could further encourage regulators who are in the process of reviewing the first such ETF in the Australian market.

Related: Australian Senators pushing for country to become the next crypto hub

What lies ahead?

The first crypto-exposed ETF is a great development, but it needs to be the first drop in a big bucket. Frankly, there’s almost no end to the possibilities for crypto funds and derivatives, given the sheer diversity available. Even without getting into risky, small-cap projects, there’s literally hundreds of reputable assets already in the market. Just looking at the top coins like Ether and Solana could be the basis for a variety of fund portfolios, but it’s when you get into the blue-chip decentralized finance offerings that things get really interesting.

Liquidity mining, staking and yield farming all have the potential to notably increase returns and, when applied correctly, these techniques don’t need to bring in too much risk. Stablecoin liquidity pools, for example, mitigate the volatility inherent in the cryptocurrency market while rendering higher yields than those found in the traditional markets — providing a stable and profitable fixed-income vehicle for investors to explore. The possibilities for the Australian market are significant, and being among the first major regions to get engaged could actually be a huge push for the nation’s economy. Offering increased exposure to retail products will also be essential to bring the whole population along with the growth.

Related: Regulators are coming for stablecoins, but what should they start with?

Moving forward, if Australia can embrace this new asset class, it could very realistically see an injection of new capital into its markets and the broader economy, not unlike what we are seeing on the heels of the U.S. announcement. Furthermore, it would position Australia as a leader, inspiring other markets to benefit from the massive upside that can come from the implementation of cryptocurrency and its derivatives. Hopefully, those with the power see what is happening and choose to lean in.

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

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

Will Hamilton is the head of trading and research at TCM Capital, which provides traditional capital markets and legal advisory services to the digital asset ecosystem. Will has been heavily involved in the cryptocurrency industry since 2016 and, prior to this, he worked at Pitt Capital Partners, the internal investment bank of Washington H. Soul Pattinson, an investment house based in Sydney.

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Bitcoin AUM falls 9.5% to record largest monthly pullback since July

The Bitcoin assets under management (AUM) market fell 9.5% to $48.7 billion in November while altcoin-based crypto funds such as Ether saw their AUM rise 5.4% to $16.6 billion.

While Bitcoin’s (BTC) position as a viable hedge against fiat inflation continues to attract investors, new data reflects a change in sentiment as Ethereum (ETH) and other cryptocurrency products pick up steam against falling Bitcoin assets under management (AUM).

The Bitcoin AUM market fell 9.5% to $48.7 billion in November, marking the year’s largest month-on-month pullback since July, according to a CryptoCompare report. On the other hand, altcoin-based crypto funds such as ETH saw their AUM rise 5.4% to $16.6 billion.

Monthly AUM of aggregated products. Source – CryptoCompare

As shown in the above graph, the total AUM across all digital asset investment products has fallen 5.5% to $70.0 billion, which coincides with the ongoing bear market ever since Bitcoin achieved an all-time high of above $65,000

As a result of the 9.5% fall, the Bitcoin AUM market represents 70.6% of the total AUM share. Ethereum’s AUM, however, rose 5.4% to $16.6 billion while AUMs representing other crypto assets were up by $2.6 billion.

AUM by asset type. Source – CryptoCompare

Out of the total AUM offerings, Grayscale products amount to 76.8% of the AUM market. The Grayscale-dominated trust products fell by 6.8% to $54.5 billion. Other prominent players include XBT Provider ($5.0bn, 7.2% of total) and 21Shares ($2.5bn, 3.6% of total), evidenced by the graph below:

AUM by company. Source – CryptoCompare

According to the report, weekly flows into Bitcoin-based products in November averaged $94.4 million. Out of the other $67.8 million, Ethereum-based products contributed to roughly $24.4 million, while Cardano- and Tron-based products amounted to $10.7 million and $10.5 million respectively.

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Sporting a market price of nearly $45, Morgan Stanley’s overall Bitcoin-centered portfolio surpasses $300 million, primarily aimed at BTC exposure without direct crypto investments

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