Tuesday, August 3, 2021

Tether market dominance is diminishing rapidly. USDC + BUSD are catching up. This is good for the market, and we must educate people to avoid Tether.

Few months ago, Tether made up over 90% of the stablecoin market. However the other regulated stablecoins have gained market share, and currently Tether makes up only around 58% of the stablecoin market.

Share of Total Stablecoin Supply

Currently USDC dominance has risen to 25% while BUSD has risen to 11%. Both USDC and BUSD are much better regulated and approved by US regulatory authorities including NYDFS.

At the current pace, Tether dominance is set to drop below 50% in the coming months. The risks of using Tether have been outlined many times. However with its dominance dropping, Tether losing its peg due to a bank run event wont be as catastrophic now when compared to few months ago, when Tether cornered 90% of the stablecoin market.

Tether's Backed By Shadow Assets

Tether is backed by a basket of instruments including cash, cash equivalents, commercial papers, and even bitcoin/metals. The risky part of their holdings are in the form of commercial papers, and Tether have not disclosed the origin/companies that have provided these papers to Tether. Hence there is a risk of default here, if these companies collapse then these bonds and papers held by Tether wont be worth anything. It is speculated that Tether holds papers from Chinese companies, including large Chinese real estate companies that are currently under stress due to the real estate market in China being under pressure.

In a well regulated market like the bond market of most countries, debt instruments like Tether have to disclose their entire holdings and calculate the NAV (net asset value) of their holdings on a daily basis - this ensures that the investors and end users of these instruments actually know what is backing the debt instruments. However Tether being the shady operator it is, has not even disclosed its full holdings, let alone calculate NAV on a daily basis. This is the source of substantial risk in holding Tether.

Loss of Peg

Imo - if Tether was to collapse, it wont collapse completely i.e to "zero". What would more likely happen is that there would be a loss of peg if it becomes clear that the companies backing the papers held by Tether start to default on their payments or go bankrupt. Given Tether is backed with some cash and cash equivalents which can be considered as safe assets, it is the commercial papers that are prone to default. One can come up with a worst case scenario - a haircut of 60c per USDT i.e. the peg would crash to 40c. This is the worst case scenario given Tether's present holding structure. If this plays out, any person holding USDT could lose 60c per dollar. This is not happening now, or scheduled to happen any time soon, but is just a risk that anyone holding Tether must be aware of.

If USDC and other stablecoins continue to grow, Tether's fallout could be contained very well without any permanent impact to the market. We will definitely see days of red in the charts, but we could be spared structural damages to the crypto markets. Hence it is extremely important that people move from Tether to any other stablecoin - there are dozens of them now that are much better that USDT.

More importantly, USDT seems to have captured the DeFi market as well. All the top DeFi protocols rely now on USDT including Aave, Compound, Curve etc. This need not be the case, and these protocols must lead the way in avoiding Tether and providing their users a much better and transparent stablecoin.

Many Venture Capitals Invest In Shitcoin

For many people, Bitcoin is synonymous with cryptocurrency, but it’s not really what cryptocurrency traders like Adam are interested in. While Bitcoin and Ethereum are known currencies, there is a strange underworld of different cryptocurrencies. They are called altcoins or shitcoins and are essentially cryptocurrencies based on penny shares.

https://www.buyshitcoin.com/2021/08/04/many-venture-capitals-invest-in-shitcoin/

We cannot deny the insane growth of Shitcoins, but with it comes the possibility of a sudden fall in prices. Bitcoin has tripled in value, while many legacy coins explode 30, 40 or even 50 times a day. It is unlikely that the development and marketing of legacy coins will ever be considered shitcoin-slow as interest in cryptocurrencies remains high.

The cryptocurrency industry is a growing new market, making it difficult for investors to draw parallels between real and counterfeit coins. It can be difficult for inexperienced investors to discern the authenticity of a cryptocurrency. The underlying blockchain technology used to manage cryptocurrencies is not familiar to many investors, creating room for mistreatment.

As with the stock market, there are good and bad investment opportunities, and the same goes for cryptocurrencies. Many Shitcoins were created and capitalized by people who jumped on the crypto bandwagon without doing any research. Many people have lost hundreds of thousands of dollars with shitcoins.

Luckily for us, Reddit came to the rescue with a guide to detecting shitcoin currencies. The catch is that shitcoins and currencies are considered bad investments because their prices are based on speculation. Everyone has heard stories of contessoto shopping cheaply, also known as crypto-temping.

Shitcoin is a cryptocurrency that, in a subjective sense, is a bad investment decision. The term “shitcoin” refers to any cryptocurrency that has little value as a digital currency with no immediate or discernible purpose. Conversations on forums and social media tend to keep the wording short because it takes a long time to write about which coins are bad investments.

Key Takeaways Shitcoin is a cryptocurrency with little or no value, or a digital currency with no immediately discernible purpose. The reduced value of Shitcoins is due to investor speculative interest, because Shitcoins were not created in good faith and the price of the currency is based on speculation. The term “shitcoin” is a pejorative term for legacy coins, cryptocurrencies that developed after Bitcoin became popular.

A shitcoin is often referred to as a fraudulent cryptocurrency and is described as a bad investment decision. The coin has no use, and in some cases its value increases dramatically. However, the price can also fall, causing investors who buy their coins at a high price to incur massive losses.

Once upon a time there was a random guy in his basement who created a coin and got millions of investors. Investors showed little interest in these coins due to their low risk of participation. If the coin had its true value, it would attract new investors and rise over time.

Investors invest their capital in digital assets driven by a solid ROI. The intrinsic value is the monetary value of a real asset with a steady cash flow. In behavioral economics, the more risk involved in investing in digital assets, the less potential it has, and the less likely it is that investors will want to capitalize on it, because solid RoI does not guarantee risk (by definition, risk is the most likely outcome).

Some people compare thousands of shit coins to penny shares or small public companies trading for less than $5 a share, but the difference is that most of them were created with a real business model and purpose in mind. Each coin has a unique infrastructure and a different market capitalization. They are called “Altcoins” because they are translated as “alternative coins” and were developed before the famous BTC launch in 2008.

Coins like Dogecoin offer no real value and thus create the meme that characterizes Shitcoins. Due to the lack of regulation in the cryptocurrency market, fraudulent coins with no real value are used as marketing measures to attract new investors and profit from their greed. In fact, investors call them coin money even if they do not make money, but this is a little ridiculous as they play an important role in the project itself and are not subject to large price fluctuations.

One should pay attention to how the price of a particular cryptocurrency develops in the last days, months, or years. The value of old coins can vary according to small gestures or events on the market. Whether it is a kind of pump-and-dump cryptocurrency or has a low market capitalization, its price can be manipulated by other investors, and we are talking about several hundred percent increments and discounts.

Savvy investors are diversifying their crypto portfolios with a range of different assets and products. Instead of investing all of their money in one cryptocurrency, they hedge risks by investing in multiple assets to lower the value of a coin. There is a growing call for investors to consider venturing into cryptocurrencies to be warned about fake traders.

In the past I have seen several Shitcoins that made it onto the market by being confused with real coins. Dogecoin, for example, what people call an old coin or other shit coin, began as a joke and was almost forgotten for a few months until Internet cryptocurrency number one (also known as Elon Musk) decided to start big. As a result, it is now worth an astonishing $50 billion, more than the value of Ford Motor Company.

A good example of this phenomenon is the impressive increase in value of XVG, a privacy coin that many people consider Shitcoin. In a very short time (1-2 months) the value of XVG rose to over $8,000, making a small number of believers very rich. Unfortunately, XVG was a product of exaggeration, and its price fell well below its original value.

https://www.buyshitcoin.com/2021/08/04/many-venture-capitals-invest-in-shitcoin/

Let's discuss possible deflation and what it means for crypto

So, inflation is all the talk right now. Which is understandable in our current macroeconomic environment. But what if we expand our frame of reference to 5, 10 years and beyond?
I've stumbled upon an analysis of a metric on YouTube comparing inflation / deflation after world changing events of either world war or pandemic type.
What was interesting was that the recovery consequences were opposite in both cases. After a war, there's a spike in deflation which after a couple of years turns into rapid inflation, and in the post-pandemic case, there's a spike in inflation which turns into deflation after the same amount - 3 to 7 years and going stronger for possiblity decades.
What does that mean for assets? Of course in an inflationary economy, cash is trash and assets are king, whereas in a deflation value of assets all around is suppressed and cash trumps the return on assets which grow slowly, while purchasing power of cash is rising due to falling prices.
We've seen already how inversely correlated the $dxy (dollar strength index) and bitcoin are, how does one imagine a reality where hard cash is orders of magnitude higher than now?
Or is this time different, since the current amount of money printing is unprecedented?
What do you think? No shitposting here please, I'd like a grounded discussion that'll reveal both bull and bear cases for these eventualities.

Buy the rumor, sell the news.

Give me a chart and I'll give you news to fit it.

Past 2 weeks price movement on Bitcoin may have been due to ethereum price action. Amazon news/Amazon news shut down and binance news prob contributed but in my opinion less.

Crypto usually follow each other. The usual leader is bitcoin. However on rare occasions ethereum leads the charge. Historically ethereum hard forks have caused significant price action on ethereum couple weeks leading up to the fork. And as a result making other cryptos follow. I type this thinking in large part to Byzantium hard fork in October 2017. This is very much supported on the current chart. Though Ethereum volume is not exceeding bitcoin, it's very close and much higher than "normal". And compared to bitcoin from the local low, ethereum have had a much bigger pump % to the local high.

The above is stating the obvious. The prediction following is...... dump coming.

Depending on what chart you are looking at bitcoin had a 10 day green. Ethereum had a 13 consecutive green day. Ethereum Hard fork is launching on the mainnet today/tomorrow depending on where u live. Historically price should have already dumped before the launch (the tiny drop is not what I consider a dump) .

This isn't like the release of a positive earnings report. Even if the launch is successful (which it generally is) price should dump in this time frame significantly. So in the next 72 hours or so I'm predicting a significant price drop. Looking at recent supports price should drop from just over $2500 (current price) to sub $2200 to $1800.

I don't know the fundamental reason. I'm assuming its is because hardfork event is priced in now, after event catalyst is gone people will take profit thinking everyone else will take profit and dump the price as per history.

If this plays out this should have a carry on effect on bitcoin taking its price to sub 33k to sub 30k.

Famous Bitcoin Addresses and Transactions

These are pieces of history anyone can view, stored forever on the most secure network in the world. One of the coolest part about the blockchain being an open, decentralized and immutable ledger is that you can look back into the past at snapshots of very special moments. Here are some famous bitcoin addresses and transactions that involve turning points in the evolution of the currency, or are related to important people or events:

The Genesis Block - The first ever Bitcoin block, mined by Satoshi on Jan 9, 2009. Hundreds of Bitcoin enthusiasts continue to show their appreciation by transferring small amounts of BTC to the same address. As of Aug 19, 2020, there was a total of 68.33526331 BTC logged at the address.
Satoshi's only transaction - This, as far as we know, is the only known address Satoshi ever spent coins from and sent 10 BTC to Hal Finney.
The "Bitcoin Pizza" transaction - On May 22 every year, crypto enthusiasts all over the world celebrate the anniversary of “Bitcoin Pizza Day” by eating pizza? The trend began when Laszlo Hanyecz ordered and paid for two pizzas with 10,000 BTC. This was the first Bitcoin transaction in the real world. Based on the Aug 3, 2021 BTC value of approx. $38,000, that single pizza would be worth around $382 million!
Largest transaction ever - apparantly the single largest transaction ever (550,000 BTC)
Silk Road seized hot wallet coins - The address of the seized hot wallet coins belonging to the users of the infamous Silk Road dark net marketplace.
Ross Ulbricht (DreadPirateRoberts) personal BTC stash - The personal stash of the infamous Silk Road dark net marketplace founder Ross Ulbricht. Now seized by the FBI.
MT.GOX "proof of assets" transaction - When bitcoin exchange Mt.Gox was struggling to stay afloat prior to their infamous collapse, then CEO Mark Karpeles wanted to prove that Mt.Gox was financially sound. To do so, he performed one of the biggest and most risky bitcoin transactions ever. The transaction was from Mt.Gox to Mt.Gox, but regardless it was sent over the bitcoin network to the tune of 442,000 bitcoins.
December 6, 2013: Bitcoin accepted as payment for Tesla Model S - According to a news report about Lamborghini Newport Beach car dealership in California, they sold a Tesla Model S electric car for 91.4 bitcoins, or $103,000 at the time of purchase. The transaction was handled by payment processor BitPay, said Cedric Davy, marketing director for the Costa Mesa, California based dealership. The dealership has never accepted bitcoin directly, but BitPay’s merchant processing service allowed the buyer to use bitcoin as a form of payment, which was converted into USD once the transaction was complete.
One of the richest entities - This transaction links 9 addresses each holding 66,000+ BTC that most definitely belong to the same entity (lets hope not a single person) and the 10th address in the blockchain with the same characteristics is likely part of that. This would imply that a single entity holds over 660,000 Bitcoins.
The U.S. Marshal’s Auction - When the online black market Silk Road was shut down, the U.S. government seized roughly 144,000 bitcoins. In what was a three-part auction, the first auction of coins was sold to venture capitalist and entrepreneur Tim Draper which was for 30,000 bitcoins, worth $19 million USD at the time.
Very old Bitcoins - This address holds almost 80,000 Bitcoins and has never been touched since the deposit in early 2011

Have I missed any important transactions? If you know any that I failed to mention please comment it on this thread! Hope you enjoy this little peak into history.

I have learned the long term trends of the crypto market so you don't have to; the post I needed when I first got into crypto.

This is the monthly chart of bitcoin since inception, what patterns we can spot from this graph that help us predict what can happen next?

Bitcoin goes through cycles, in which bitcoin have phases where prices go parabolic (bull-runs), then it is followed by a correction (bear market).
As you can see, Bitcoin grow logarithmically with time.

Bitcoin cycles since inception

Cycles tend to extend over time, meaning that each cycle will take more time than the previous cycle.

Bitcoin cycles extend through time

Bitcoin return on investment decrease over time.

Bitcoin ROI from market cycle bottom

If you think about it, it actually make sense to have diminishing returns and lengthening cycles. It takes more time and money to move bitcoin from 10k-100k than it takes to move bitcoin from 10$-100$ although it is the same increase in percentage.

What triggers a bull-run?

Usually, the bitcoin halving event triggers increase in price over a long time frame due to the scarcity of the available asset. However, There is a "Golden Cross" that triggers a bull-market. Which is when the 50-day exponential moving average cross over the 200-day exponential moving average. That is usually a bullish signal when given that these exponential moving averages holds as support.

2012 Golden Cross

2015 Golden Cross

2020 Golden Cross

Most of these information I learned through YouTube, specifically a guy named Benjamin Cowen. You guys can search him up his channel is really helpful. All credits to him.

This post is to state the long term trends of the crypto asset class, previous trend doesn't guarantee the continuation of these trends. it is not a financial advice.

This Is What You Sound Like: A Corrupt Politician's Guide to FUDing Crypto

These days, whether you're a hypocritical politician or just an oil baron trying to preserve a net worth with three commas, it's hard to lobby against the availability of deflationary decentralized assets to the masses without sounding like an asshole. It just doesn't seem fair that only the poor billions under your boot should be aware of how hypocritical you sound. Fortunately, using science, I've prepared the following translations, a guide, if you will, so that YOU TOO can understand your own dumbshittery:

YOU SAY: "Crypto is primarily used by criminals for money laundering and extortion."

WE HEAR: "Automobiles are primarily used as getaway vehicles in bank robberies."

You see how this works? Sure, we could get into the fact that the illegal uses of crypto represent a smaller fraction than those of fiat, or that fiat money is far more untraceable than crypto, and so forth, but we're just gonna cut to the chase. Let's move on.

YOU SAY: "Crypto has no intrinsic value."

WE HEAR: "The Mona Lisa has no intrinsic value."

Newsflash: "Value" is a property that we assign to things. It's never intrinsic. You think a rectangular piece of paper with the number 100 on it is 100 times more valuable than the same rectangular piece of paper with the number 1 on it, intrinsically? No. That's a value humans assign to it. Just like how crypto has the value assigned to it by the market.

YOU SAY: "Crypto wastes energy."

WE HEAR: "Watching reality TV wastes energy."

Stop the presses! Society uses energy! Go back to living in caves and we wouldn't use so much energy. If your problem is with coal mining, or petroleum, or natural gas, or whatever, than complain about those things. You don't get to be an environmentalist on one application of energy (which often uses renewables anyway) and ignore the actual polluting sectors they're drawing from.

YOU SAY: "Crypto is too volatile."

WE HEAR: "The weather is too volatile"

Crypto went from zero to over a trillion in a decade, so yes, there's volatility along the way, but that doesn't mean you can't draw conclusions from the trendlines. Somehow, even though daily temperatures are unpredictable, farmers manage to make use of the existence of seasons. And by the way, volatility decreases as the market caps grow.

YOU SAY: "The government will outlaw crypto."

WE HEAR: "The government will outlaw alcohol."

Governments can pass whatever laws they want, but it won't make crypto cease to exist. What do you think happens to the value of an asset when it's illegal? You think it becomes less valuable? Take a look at how marijuana prices plummeted in places it became legal, for example. In any event, when a government "bans" crypto, they're just opting out of wealth to their country. It doesn't take long for countries to realize doing so means they're just losing and reverse course.

YOU SAY: "Crypto can't scale, so it'll never be usable globally."

WE HEAR: "The internet can't scale because it's run on 56k dial-up modems."

Throw a rock in the crypto space and you'll hit a scaling-solution project. This isn't a problem that's unsolvable. We're not talking about how to invent cold-fusion here. The Wright Brothers flyer only flew 900 feet, but I doubt anyone concluded, "whelp, guess we've hit the theoretical distance a plane can fly."

YOU SAY: "Crypto is a bubble."

WE HEAR: "The mobile phone is a bubble."

It's been over a decade, crypto has had four major cycles of 1000% appreciation, each followed by drawndowns to higher prices than the previous. That's not what bubbles do. The word you're looking for is "adoption."

YOU SAY: "Crypto is controlled by China."

WE HEAR: "I have literally not read a single thing about Crypto in the last year."

Okay, we're breaking symmetry with this one, but China FUD, at this point, means you're paying zero attention. China banned bitcoin mining and what happened? the miners moved and the hashrate returned, proving that this FUD was always dumb.

YOU SAY: "Crypto is backed by Tether, which in turn is engaged in fractional banking."

WE HEAR: "Equities are backed by USD, which are issued by fractional banking."

This one is an onion of stupid, layers of stupid upon layers of stupid. I'll just make two points about it: First, if I trade a Picasso for a car, and you trade the Picasso for a house, and the next guy trades the Picasso for cash, and the Picasso turns out to be fake, that doesn't mean the car, the house, and the cash are now worthless. They are not "backed" by fake Picasso. Second, we may suspect that Tether is engaged in fractional banking, but we know that the USD is engaged in fractional banking. Your objection is to all markets, not just crypto.

Anyway, hope you enjoyed this rant.

Rollercoin - Play arcade games to earn free mining power

Mine real bitcoin virtually without worrying to buy physical hardware and electricity cost

Invite friends to play games to mine free bitcoins and other cryptocurrency

New major updates like event quest, collections, new store and etc.

https://rollercoin.com/?r=kqgfq8zs

Rollercoin - Play arcade games to earn free mining power

Mine real bitcoin virtually without worrying to buy physical hardware and electricity cost

Invite friends to play games to mine free bitcoins, dogecoins and other cryptocurrency

New major updates like event quest, collections, new store and etc.

https://rollercoin.com/?r=kqgfq8zs

Rollercoin - Play arcade games to earn free mining power

Mine real bitcoin virtually without worrying to buy physical hardware and electricity cost

Invite friends to play games to mine free bitcoins and other cryptocurrency

New major updates like event quest, collections, new store and etc.

https://rollercoin.com/?r=kqgfq8zs

Rollercoin - Play arcade games to earn free mining power

Mine real bitcoin virtually without worrying to buy physical hardware and electricity cost

Invite friends to play games to mine free bitcoins and other cryptocurrency

New major updates like event quest, collections, new store and etc.

https://rollercoin.com/?r=kqgfq8zs

How much tax do you need to pay in this example?

Let’s say your dad wants to learn about crypto, he invests 10k of fiat send it to an exchange and invests all of it into Bitcoin. He doesn’t have a wallet or know how to open one or care to so he send it to your wallet.

He immediately thinks this is dumb as he says it’s a digital currency that has no value; he then immediately tells you to sell all the Bitcoin for 10k of fiat again and says ‘here son, do you want you want with the money now; just don’t invest it in crypto’

My question is, is this considered to be a taxable event?

If so, for whom?

And how much do we owe?

Thanks in advance.

A Brief Introduction to FSM Coin

https://preview.redd.it/st8ionlyw5f71.png?width=1400&format=png&auto=webp&s=68314f90b43c0f7b3059ee6b86832ad5e44c35da

🌍 Origin

It all started with the FSM (Flying Spaghetti Monster), the God of we Pastafarians, who created the universe after drinking heavily, according to The Gospel of the Flying Spaghetti Monster. If you haven’t heard about this please consider taking a glance at the website of the church. Interested and in need of religion? Just consider yourself a Pastafarian! Try us for thirty days and if you don’t like us, your God will most likely take you back.

🌋💃 The FSM Heaven

Let’s skip over all the other unimportant parts and have a look at the FSM Heaven, which features a Stripper Factory and a giant Beer Volcano. We’d love to see you dressed in His chosen garb: full Pirate regalia. We want you to enjoy Fridays as His chosen holiday.

https://preview.redd.it/8p8g04n0x5f71.png?width=1024&format=png&auto=webp&s=b98587b9294c8c6a2eaa06420a06a8d18ee6a953

However, there’s one thing that He forgot to tell us due to the serious drunkenness. Disclosed by an anonymous non-prophet developer, while beer from the volcano is always free, the Stripper Factory has its own economic system. So He created the FSM coin for that on the He-couldn’t-remember-the day.

🪙 Token Design

🍝 FSM coin and the FORK

There will be two kinds of tokens in Heaven, the FSM coin (ERC-20) and the FORK (ERC-721). You definitely have heard of NFTs which usually function as collectables or representation of LP positions. DeFi yield farming doesn’t sound alien, either. But what is innovative here is that we’ve combined the two scenarios and in the Stripper Factory’s economic system the FORK NFT is a virtual miner which mines FSM coins. In reverse, you can spend FSM coins to mint new FORKs.

🥧 Distribution of FSM coin

As the world was created in 0.062831853 seconds as described in the Gospel, the total supply of FSM coin was casually decided to be its reverse, 3581382600.

The distribution of FSM coin was designed to ensure 100% decentralization, so just like Bitcoin, there will be no ICOs, team allocation, pre-mining, or whatsoever. All the coins will be released through mining immediately after Genesis.

The reward for mining will be halved approximately every four years and in the first four years, half of the total supply will be mined, evenly through blocks.

🍴 The FORK and NFT mining

By saying the word FORK we literally mean the fork, with which you eat spaghetti. You may be wondering how to mine an ERC-20 token and here’s the tool: FORKs. A FORK is an ERC-721 non-fungible token (NFT) that simulates a physical miner. Anyone can stake his/her FORK to start mining FSM coins.

If you’re crypto-native you definitely know that an NFT usually contains some form of media like pictures or short videos. So does the FORK. When minting FORKs, a photo of (preferably) its owner wearing a colander is required, so the FORK is your FORK. You can use it to eat spaghetti (not really), mine FSM coins, gift it to your grandchildren, or sell it to another Pastafarian, etc.

One Ethereum address can mint or own an unlimited number of FORKs but when mining only one FORK is allowed to stake. To generate more rewards, FSM coins can also be staked along with the FORK and bound to the FORK. However, staking FSM coins alone is not a valid way of mining.

The reward for mining is determined by the following formulae. Suppose in a block A FSM coins are produced, and in the state of that block, a total number of B FORKs and C FSM coins are staked, so a Pastafarian who stakes only one FORK can get A \ 60% / B* FSM coins and one who stakes a FORK along with D FSM coins gets A \ 60% / B + A * 40% / C * D* FSM coins as the reward for that block.

Stunned? Just grab your FORK to try it yourself. It’s just 1720 FSM (well, no discounts or refund, sorry) and this price/rate will never change.

To illustrate with an image:

https://preview.redd.it/tknem442x5f71.png?width=1024&format=png&auto=webp&s=87c6a4e51440548922269edb49ed530fedfcc153

🗞️ Insights from the future (Governance)

One night a developer was drunk and in his dream was touched by the Noodly Appendage of the FSM, and the next day he woke up somehow with a fraction of memory from the future. It was about the infinite possibilities of FSM coin and the FORK. With a governance mechanism, the project can be shaped into something way more interesting than its original design.

Whenever you burn 1720 FSM coins to mint a FORK, 5% of the FSM coins will be reserved and temporarily kept in the contract deployer’s address. This address will provide funds for future events of the project.

👾 GameFi

The FORK, as an NFT, is inherently suitable for blockchain games and is also an important piece for the DeFi LEGO. The FSM coin can function as a form of voting power. With these tools combined, various gameplays can be designed on top of this project.

For example, FORK holders can enter a Who-is-Undercover game and when the game ends, one player is voted out and his/her corresponding FORK will be invalidated and burnt.

🖼️ FORK art

Actually, the smart contract does not force the embedded media of the FORK NFT to be related to a portrait with colanders. After the Genesis, whenever you mint a FORK, you can upload the pictures of your own and make the FORK a piece of art (and maybe auction it on NFT platforms). This gives your FORK both aesthetic and practical values.

https://preview.redd.it/tgorbae3x5f71.png?width=960&format=png&auto=webp&s=0cb05eb28293702570193c490e023a31b81b955c

💡 More by Pastafarians

We believe Pastafarians are a group of innovative people so by community governance we will find ways and ideas to build more exciting dapps based on the infrastructure we have now.

As the blockchain industry is developing rapidly, it’s hard to predict what’s the next big thing, but as long as this community exists, we’ll see bold, cracking, fresh, and trendy things added to our FSM Heaven in the near future.

🏁 Proof of Colander (Genesis)

So here comes the question: where is the first FORK from when there are no FSM coins to buy FORKs while earning FSM coins requires a FORK?

Before the FSM coins are available to mine, 2100 FORKs will be gifted to a selected 2100 Pastafarians who have joined the Genesis event. Candidates are asked to take a photo of them wearing a colander and this photo will be on their FORK NFT. We call this process Proof of Colander (PoC) 🤠. Then please head over to our Twitter account and find the Genesis tweet. Quote that tweet with your Ethereum address and your PoC photo to get lucky! Details of the Genesis event will be disclosed in the next post so please stay tuned.

💬 Get connected

Read our latest posts at https://medium.com/@fsmcoin
Get updated by following our Twitter at https://twitter.com/FSMcoin
Join the discussion in our Telegram group at https://t.me/fsm_coin
Interact with FSM on the official website at https://fsmcoin.org

Cryptocurrency predictions for 2021-2025

The cryptocurrency market is currently going through its bad times, but it is important to understand that most experts come to the conclusion that this is a working correction that was bound to happen. But on the Internet and even in authoritative sources, you can find different information about the future of cryptocurrencies for the next year and even more than 5 years. Someone believes that very soon we will see another critical growth of Bitcoin and other coins.

Others argue that it is worth waiting for a sad scenario of events-up to the complete depreciation of any digital token. And so that you are not disoriented by such dubious statements from dubious sources, we have collected for you the opinions of sources who can be trusted and collected all the main forecasts of cryptocurrencies for 2021-2025.

Read the full article on our blog: https://godex.io/blog/crypto-tips/cryptocurrency-predictions-for-2021-2025

Anonymous Journalism

If you have a story from Hong Kong but has to share it anonymously, this might be for you

Due to recent events, I have come to the conclusion that we are in need of a fully anonymous news outlet. The events I am talking about are of course the imprisonment of B3l@rusI@n journalist R@m@n Pr@[t@s3vItj](mailto:t@s3vItj). There are way more examples around the world, but not necessary for my proposal and I do not want to get blacklisted on Reddit once again. I am posting here because it is a closed community, with an interest in unpopular/controversial and even in some countries illegal opinions.

My proposal, a news outlet where every journalist is only known by a number, and all communication is done with encrypted messages, to ensure that no one knows who the journalist is. This system will provide two challenges, firstly, how to ensure that the article is of good quality? Secondly, how does the journalist get paid?

To answer the first question, the posting of articles must get approved by a jury of five anonymous journalists, and this jury is rotated every quarter. Secondly, how will the journalist get paid? In my experience, almost all anonymous journalism is done unpaid, with a few exceptions, we propose to solve this by linking every journalist to a private bitcoin wallet, where the reader can donate to the journalist of their choice, if they want to.

We have already met and overcome lots of obstacles, but if you are interested in writing as a journalist for us/ helping us with internet security or get more information message us at: [sine.nomine.null@protonmail.com](mailto:sine.nomine.null@protonmail.com) or wickr: sinenominenull

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Written by: sine nomine null

Exchange listings not on Coinmarketcal

I'm not sure why the Bitcoin.com and kucoin exchange listings aren't on coinmarketcal.

In fact, I had personally gone ahead and sent two listings for approval to the ergo team which manages the listings there, but to no avail.

In my personal opinion, it would work out for the benefit of the community to have major events listed on such platforms for higher visibility.

Here's hoping that future events are listed!

Edit: Also shoutout to everyone to go vote for events you do see there for Ergo.

Cardano Rumor Rundown August 3, 2021

Hey Everyone!

Let's go...

Newly covered today:

A quarter million votes were cast in Catalyst Fund 5 voting! Apparently, this is over 10x what we saw in Fund 2. https://twitter.com/danny_cryptofay/status/1422253955816505345
Here’s a very good read on one vision for prosperity via CBDC and how such a currency should interact with existing blockchains like Cardano. https://twitter.com/RealNatashaChe/status/1422270993498705921
The Cardano rate on Celsius has been revealed. But, it’s currently lower than common staking rates? https://twitter.com/Mashinsky/status/1422252594957799429

Previously Covered but still interesting:

It looks like the second biggest ETH stakepool or it's custody provider has lost it’s users private keys to $75MM in ETH. Cardano doesn’t have this problem. We get to keep custody of our crypto because we found a better way than slashing. https://stakehound.com/blog-post/fireblocks-eth-2-key-management-incident/ https://twitter.com/JamesSpediacci/status/1407465311180255236
Draft table of contents for Mastering Cardano has been revealed. https://twitter.com/IOHK_Charles/status/1407165366355124225
The June Cardano 360 is currently available on Youtube. https://youtu.be/al5m14299ww
We saw segments on various newer partner entities like Nervos, Orion Protocol, and Revuto. Nervos is a UTXO proof-of-work blockchain which is building a cross-chain bridge with Cardano so that you can use your ADA on Nervos dApps and vice versa. Interoperability is a big theme for Nervos and they plan to have a working testnet within a month. Orion Protocol is building a terminal that will allow for decentralized non-custodial trading across centralized and decentralized exchanges. They say this would not require you to KYC or even have an account with any of these exchanges. Revuto is an online subscription management service that recently completed a $10MM token sale on Cardano.
It was also revealed that Wolfram Labs, COTI, and IOHK have a three-way partnership (a ménage à tech) to build an NFT auction site. The people from Wolfram were talking about very interesting things including live minting during streaming events and automated upload to IPFS. COTI will be building out auction and bidding mechanisms in ADAPay.
Professor Aggelos Kiayias gave us an update on research including that Ouroboros Chronos and Hydra papers have both been accepted into conferences/journals. Chronos will provide Cardano with a global concept of time that doesn’t rely on any outside timekeeper. Prof. Kiayias also pointed out that Hydra is distinguishable from other layer two protocols in that the scripting language is identical to that of the base layer in Cardano such that any dApp that can run on Cardano will run on the Hydra L2. This is a huge plus and superior to many other layer two solutions in other ecosystems where the base layer dApps will not run on layer two. Finally, the Mithril paper has been submitted for peer review. It will provide Cardano light wallets with Succinct Non-interactive Arguments of Knowledge that will give us the best of both worlds: no delays for syncing as in full node wallets while still preserving trustlessness.
Finally, the Goguen Summit will be in late September. Sign up now at summit.cardano.org.
The Fed is once again STRONGLY signalling to us that they are going to regulate stablecoins. The Fed is also specifically calling out Tether for the first time. You need to be thinking about how stablecoin regulation might affect your favorite Cardano DeFi or other project. https://twitter.com/CaitlinLong_/status/1408500265397985282 https://twitter.com/CaitlinLong_/status/1408572624125534212
People are starting to realize that the Stakehound private key loss in ETH may attract unwanted regulatory attention to Ethereum 2.0 while this problem could never have occurred in Cardano. Also, only a few days later another ETH stakepool (this time SharedStake...the sixth biggest ETH Stakepool) allegedly experiences a rugpull that some are valuing at over $30MM. This is another problem that could not happen in Cardano staking. It feels like we stepped into the ring, they rang the bell, and ETH just started punching itself in the head. Eventually it’s going to KO itself. https://twitter.com/Madror7/status/1408505144984051716 https://twitter.com/JamesSpediacci/status/1407761823143645189 https://twitter.com/MeiTrades/status/1408117430656905219 https://sharedstake.medium.com/the-sharedstake-story-by-kairos-44d37aa7837a
Here’s another great Cardano data site. This one is from the Cardano Fans stakepool. https://datastudio.google.com/u/0/reporting/3136c55b-635e-4f46-8e4b-b8ab54f2d460/page/r2LQC
John O’Connor of IOHK points out that France still controls the monetary policy of 14 countries in Africa. There is definitely a built in market on the continent for a project that delivers monetary sovereignty to the people. https://twitter.com/jjtoconnor/status/1408978882129272832
Here’s a great new interview with the CEO of World Mobile from Cardano Chats. https://youtu.be/w0Z2RP6a9HE
New article from the Cardano Foundation on Governance. https://forum.cardano.org/t/blockchain-governance-what-it-is-and-why-it-matters/65493
Sebastien explains some Alonzo HFC event changes. https://twitter.com/SebastienGllmt/status/1409485560012414978
IOG Research update from Prof. Aggelos Kiayias. Really interesting bit right at the beginning on the history of cryptography as a field of study. https://www.youtube.com/watch?v=7UAL_6f7PFw
Sebastien of dcSpark submits a Cardano Improvement Proposal to allow wallets to implement collateral. https://twitter.com/SebastienGllmt/status/1409910858117877763
New Plutus Pioneers Class starting July 1!
Charles says it looks like we will hit Alonzo white on Monday. https://twitter.com/IOHK_Charles/status/1410279529021648896
Coti update from Shahaf Bar-Geffen. https://twitter.com/COTInetwork/status/1410644013863124992
The Mithril paper (allows for trustless light wallets) is now available for your reading pleasure. https://iohk.io/en/research/library/papers/mithrilstake-based-threshold-multisignatures/
The Ouroboros Chronos paper (allows for the blockchain to be its own timekeeper) is also now available. https://iohk.io/en/research/library/papers/ouroboros-chronospermissionless-clock-synchronization-via-proof-of-stake/
Cardano is now a small part of Grayscale’s Digital Large Cap Fund. They actually sold off current holdings in other coins to buy ADA. This is big for institutional adoption! https://twitter.com/Grayscale/status/1410945118228692994
Catalyst Fund 4 results are here. https://adapulse.io/fund-4-results-are-here/
Robert Kornacki of dcSpark releases an article on why every Cardano dApp will use NFTs. The article contains some very interesting discussion on smart contracts in the EUTXO context including language instructing that “UTXOs have smart contracts attached to them and not the other way around” and “[...]the simplest way to think about it is that when a UTXO is created it has the option to have a smart contract attached to it.” https://medium.com/dcspark/every-eutxo-dapp-will-use-nfts-and-heres-why-fd87e6a8c9a6
A very interesting medium article on the concurrency problem in eUTxO blockchains such as Cardano. (Article by Occam Fi....thanks to Muggy Pool for sending it my way). https://medium.com/occam-finance/the-occam-fi-technical-series-on-concurrency-cd5bee0b850c
The concurrency issue in plutus smart contracts has also been recently commented on by Lars and Sebastien. https://twitter.com/LarsBrunjes/status/1390331642103877633 https://twitter.com/LarsBrunjes/status/1403761666383306757 https://twitter.com/SebastienGllmt/status/1410983827481108480
The Cardano Foundation has released a video on its short and long-term strategies to get to one billion users by 2026. https://twitter.com/CardanoStiftung/status/1412137365318127626
Ben O’Hanlon sets the record straight on developer interest in Cardano. https://twitter.com/benohanlon/status/1412136150404370432
As always, Cardano is straight killing the competition in terms of assets staked. https://twitter.com/StakingRewards/status/1412389781003194395
Between Cohort 1 and Cohort 2 of the Plutus Pioneers program there have been 4,300 potential future Cardano developers involved. https://twitter.com/InputOutputHK/status/1412465643245424649
Here’s an interesting chart purporting to show the dates on which various Cardano DeFi projects might have finished products. https://twitter.com/Cryptokev84/status/1412343821757730820/photo/2
IOG says they have started onboarding new SPOs and developers to Alonzo White this week. https://twitter.com/InputOutputHK/status/1412847798274478084
Charles also confirms that Alonzo White may start Friday but probably Monday due to a natural (and warranted) desire to avoid executing a rollout at the start of a weekend. https://youtu.be/yd1eg4QopV8
Daedalus 4.2.0 now adds Ledger & Trezor Catalyst Registration. https://twitter.com/InputOutputHK/status/1413176419186774018
Yoroi 4.5.7 extension release now adds Ledger Catalyst Registration. https://twitter.com/YoroiWallet/status/1413128256836997120
Here’s the voter registration schedule for Catalyst Fund 5! Get yourself registered now even if you’re in cold storage on a hardware wallet! https://iohk.zendesk.com/hc/en-us/articles/900006490763-Project-Catalyst-FAQ
Cardano Gainz Calculator now has a graph showing 10 year growth. https://twitter.com/lesquive1/status/1413249312465866757
Emurgo has released a guide on how to register for Catalyst voting with your Ledger Hardware Wallet. https://github.com/Emurgo/yoroi-mobile/blob/develop/catalyst5-instruction.md
Great new interview with World Mobile’s Mickey Watkins, Charles, and John O’Connor. https://youtu.be/WSSpI8Rtif0
This infographic shows just how big the Cardano DeFi space is getting. https://twitter.com/BPE_Crypto/status/1413973912396963840
This infographic shows just how much DeFi volume is out there for Cardano to steal. https://twitter.com/Coin98Analytics/status/1413514041029394439/photo/1
There is a new stakepool explorer available. https://www.cardanoworld.io/
Very interesting timing with a) Grayscale Buying $50MM ETCG, b) Grayscale adding ADA, and c) Charles joining the ETC Cooperative board given that two of the members of the ETC Cooperative board seem to come from Grayscale and DCG. Maybe the world is starting to understand just what Charles and IOHK have been able to accomplish over the last few years. https://twitter.com/ETCCooperative/status/1410439775950082051 https://twitter.com/ETCCooperative/status/1413328106568421377 https://twitter.com/Grayscale/status/1410945118228692994
There is a new Cardano wallet being introduced by u/berry_ales from the Berry Pool. I have no idea if it will be good or bad at protecting your ADA. Just reporting that it exists. https://twitter.com/berry_ales/status/1414548062207361025
There is currently a lawsuit challenging the notion that staking rewards should be taxed as income. The plaintiff argues that newly created property isn’t taxed as income and that this should also apply to staking rewards. A win here would be very nice for Cardano delegators. https://cointelegraph.com/news/crypto-staking-rewards-and-their-unfair-taxation-in-the-us
The Cardano Foundation’s Cardano Developer Portal is now up and running. https://twitter.com/CardanoStiftung/status/1414640913612255234
Prime Minister Abiy Ahmed’s party has won re-election in a landslide election. https://www.bbc.com/news/world-africa-57791868
Avanti Bank of Wyoming files comments with the Federal Reserve on their new guidelines that could massively impact how the traditional banking system interacts with cryptocurrencies like Cardano. Given what role ADA is likely to play in the future of crypto financial transactions, this is extremely relevant for ADA holders. https://avantibank.com/press/avanti-submits-comments-to-federal-reserve https://twitter.com/CaitlinLong_/status/1414783323193364482
Cardano is still destroying everyone in terms of value staked! https://twitter.com/StakingRewards/status/1414895205384327168
The Cardano ecosystem maps keep getting bigger and more complicated. https://poolg.de/Eco/CardanoEcosystemMap.html
In news that could have significant repercussions for many stablecoin reliant Cardano DeFi projects, Fed Chair Jerome Powell gave some hard signals that they will regulate stablecoins in House Committee testimony. He revealed that the Fed will issue its long-awated paper on stablecoins, CBDCs, and other digital assets in September. Powell also went as far as to say "You wouldn't need stable coins you wouldn't need cryptocurrencies if you had a digital US currency, I think that's one of the stronger arguments in its favor." https://twitter.com/Nate_DiCamillo/status/1415349008034418691
We experienced a successful fork to the Alonzo White testnet! https://twitter.com/InputOutputHK/status/1415399456841863177
Very serious accusations are laid out against the Meld project. https://twitter.com/Bobme808/status/1415283648438358016
The European Central Bank drops news of “a project to prepare for possibly issuing a digital euro.” A digital Euro is coming and regulation of private fiat-pegged stablecoins is coming with it. https://twitter.com/ecb/status/1415273625385644036
IOHK releases a paper on a crypto-backed algorithmic stablecoin. https://twitter.com/IOHK_Charles/status/1415531260470972423
A crypto media personality recently uncovered links between the Priviledge EU Project, Horizon Europe Grant Agreement 780477, and Cardano. https://twitter.com/BreakingADA/status/1415653936703295488
Always the GitHub activity champs! https://twitter.com/ProofofGitHub/status/1416065097794002946
We are now seeing the advent of a so-called “Fair Initial Stakepool Offering”. https://twitter.com/MinswapDEX/status/1416110973690122240
The weekly development update is out. https://roadmap.cardano.org/en/status-updates/update/2021-07-16/
Janet Yellen, Secretary of the Treasury, is calling a meeting of the President’s Working Group on Financial Markets to discuss stablecoins on Monday. Prepare for regulation. https://home.treasury.gov/news/press-releases/jy0276
Coindesk really hates us. Now they are writing articles about Cardano and using words like “crypto-colonialism”. https://www.coindesk.com/the-headache-of-crypto-colonialism
Liqwid says it is on target to be live on day 1 after the Alonzo hardfork combinator event. https://twitter.com/liqwidfinance/status/1416363542975074305
According to maximalists you’re apparently not allowed to be busy with your company authoring papers if you’re in Cardano. https://twitter.com/woonomic/status/1415761569082789890
There is actually a chart showing where all the Meld ISPO delegators came from now. https://twitter.com/stakenoble/status/1416189846054387712
The IOHK mid-month development update for July is out and available for viewing. https://youtu.be/U9K-8jILGcg
Apparently “unsigned Phalices” are a thing in the Cardano ecosystem now. https://twitter.com/unsigned_algo/status/1416909454100992000
The El Faro article reporting meetings between Cardano, Whizgrid of Cyprus, and the brothers of President Bukele of El Salvador definitely contain some extremely interesting details related to a possible Salvadorean national stablecoin by the end of the year and a possible digitization and blockchain storage of a wide range of government related documents next year. This could be huge!!!!!! https://elfaro.net/en/202107/el_salvador/25611/Bukele-Plans-to-Launch-a-National-Cryptocurrency-This-Year.htm
Treasury Secretary Janet Yellen told regulators in the Presidents Working Group on Financial Markets that they must move quickly to regulate stablecoins. So, a Salvadorean market for stablecoins might be good for Cardano. https://www.reuters.com/technology/yellen-says-us-must-move-quickly-establish-stablecoin-rule-framework-2021-07-19/
Sebastien of dcSpark was recently on Cardano Live to discuss Alonzo. https://youtu.be/lejoT_odbOY
Notable news for upcoming Cardano DeFi projects. There may be slightly less competition in the “get a return on your crypto assets” game very soon. The New Jersey AG’s office has delivered a cease and desist letter to BlockFi. The AG’s press release cited BlockFi’s interest bearing deposit accounts as unregistered securities and also mentioned the lack of FDIC or SPIC insurance for it’s depositors. This leaves some lingering questions for Cardano DeFi projects that might be planning to accept deposits or other transfers of value and offering a return of sorts. You could argue that these projects are decentralized where BlockFi was not. But, the AG’s press release seems to cite decentralization as one of the risks of DeFi projects. Also, as a practical matter, there is a question whether decentralization will be a good shield from regulators since many of these projects have companies and real humans with faces and names behind them unlike a truly anonymous founder such as Satoshi Nakamoto. https://www.njoag.gov/new-jersey-bureau-of-securities-orders-cryptocurrency-company-blockfi-to-stop-offering-interest-bearing-accounts/ https://twitter.com/BlockFiZac/status/1417316834244796416
EU is planning to introduce regulations on anonymous crypto wallets. This is a big deal. But, Cardano is probably more prepared than any with its identity solutions that could be used for KYC/AML. https://twitter.com/Wiiinnie/status/1417575921565978628
Cardano didn’t come up in the Cathie Wood, Jack Dorsey, and Elon Musk panel discussion at “The B Word” event. But, given how Elon repeatedly shot down maximalist explanations for the shortcomings of proof-of-work chains in energy consumption and throughput, the whole thing ended up sounding like a long-form pitch for proof-of-stake and Cardano. Seriously, you should check it out. https://www.thebword.org/c/track-2-Bitcoin-As-A-Tool-For-Economic-Empowerment
Emurgo is hiring for community management/product support! https://twitter.com/emurgo_io/status/1417870195952168964
Gary Gensler, SEC Chair, indicates that crypto assets providing synthetic exposure to securities will be regulated as securities. This should be scary news for any Cardano projects that are aimed at exactly that! https://www.sec.gov/news/speech/gensler-remarks-aba-derivatives-futures-law-committee-virtual-mid-year-program-072121
The mainstream press is suddenly realizing the behavioral economics tools that a central bank with CBDCs could wield. There is definitely a universe where this becomes a very dystopian and jarring introduction to virtual currencies for the mainstream. https://twitter.com/NeerajKA/status/1418168477429424135
Wolfram CEO, John Woodard, drops a guest article with IOHK on NFT liveminting. The article seems to have a good amount of focus on the community building potential of NFTs. I think that could be a big growth area for the future. https://iohk.io/en/blog/posts/2021/07/22/wolfram-and-cardano-build-communities-with-nfts-and-liveminting/
IOHK has released its Conclave paper on collective stakepools. https://eprint.iacr.org/2021/742.pdf
It looks like Cardano will be included by Celsius soon. With these types of services, never forget the old adage “not your keys, not your crypto”. https://twitter.com/CardanoDean/status/1418632715012878343
Here’s the IOHK Development Update for July 23! https://twitter.com/InputOutputHK/status/1418635822987943939
Cardano received some coverage in the Motley Fool as an eco-friendly crypto! https://www.fool.com/the-ascent/cryptocurrency/articles/4-eco-friendly-cryptos-you-should-know-about/
The Cardano Foundation is looking for a Content Writer! https://jobs.lever.co/cardanofoundation/da4104e2-178e-43b5-9016-48b612fdcd52
Big lesson for future Cardano DeFi projects: Uniswap Labs just had to censor the Uniswap UI to ban synthetics of underlying securities. Bucket shops have been around for 150 years and illegal for 100 years. It turns out that you can’t do it in crypto either. https://twitter.com/Uniswap/status/1418697012095164420 https://twitter.com/haydenzadams/status/1418961999539712006
Gerowallet has withdrawn their Project Catalyst proposal. https://twitter.com/GeroWallet/status/1419041835331117056
Check out this new video of the World Mobile Team on the ground in Zanzibar. Doesn’t this feel like a better mission for our ecosystem than DeFi? https://twitter.com/WorldMobileTeam/status/1419051567878221828
Reports are coming in that Amazon plans to integrate Bitcoin, Cardano, ETH, & BCH in the very near future. This has apparently been a work in progress for several years. https://www.cityam.com/amazon-definitely-lining-up-bitcoin-payments-and-token-confirms-insider/
Adam Dean brings us open source code to accept ADA in your Woo Commerce store. https://twitter.com/adamKDean/status/1419495005983371264
Weiss Crypto has very good things to say about Cardano. https://twitter.com/WeissCrypto/status/1419685634566938634
Check out this new bot that tweets every time it discovers a Cardano Giveaway Scam! The tweets show ISP and geolocation info for the scammers. Follow this bot and report the scammers! Brought to us by @nicknikiforakis. Thanks for building this, Nick! https://twitter.com/CardanoPhishing
The regulatory purge of stablecoins is getting into full swing now with Bloomberg running a piece on a DOJ criminal probe of the Tether founders. Of particular note for the Cardano ecosystem is that the first attack surface for regulators is the relationship of the stablecoin with legacy banking institutions. This is something that Cardano ecosystem stablecoin, Djed, may already fix with its own crypto backed reserve system. https://www.bloomberg.com/news/articles/2021-07-26/tether-executives-said-to-face-criminal-probe-into-bank-fraud?srnd=economics-vp
Nami Wallet now allows you to mint NFTs for no extra fees (only Cardano network fees) inside the wallet. https://twitter.com/NamiWallet/status/1420031000017608717
More pressure for Crypto regulation is coming to bear today in the U.S. This time it comes in the form of a letter from Senator Elizabethe Warren to Treasury Secretary Janet Yellen (in her position as Chair of the Financial Stability Oversight Council which brings together 10 different financial regulators including the SEC, CFTC, and the Federal Reserve). The letter was sent after a Senate Banking Committee hearing titled “Cryptocurrencies: What are they good for?” https://www.cnbc.com/2021/07/27/elizabeth-warren-presses-yellen-financial-regulator-to-manage-crypto.html
Stephen Wolfram does the first NFT liveminting event where he creates NFTs of cellular automata from the computational universe while live on stream. The first two created were “Crashing Waves” and “Down Arrows”. https://twitter.com/IOHK_Charles/status/1420087229104283656
A new Cardano NFT Marketplace is now live and receiving a lot of attention. https://twitter.com/CNFT_IO/status/1419655915226152961
Lecture Five of Plutus Pioneers Iteration #2 is now up. https://twitter.com/LarsBrunjes/status/1420301011172925446
Project Catalyst now has 30k members! https://twitter.com/InputOutputHK/status/1420474342253678599
Emurgo has released an article about what we can expect from the Yoroi dApp Connector. https://emurgo.io/blog/emurgo-is-thrilled-to-announce-the-yoroi-dapp-connector
Reports are coming in that the new bipartisan Infrastructure Bill contains new provisions that might require a whole host of actors within crypto ecosystems like Cardano to report transactions over $10k. https://www.coindesk.com/new-infrastructure-bill-looks-to-raise-30b-through-crypto-tax https://www.marketwatch.com/story/crypto-allies-rally-against-ignorant-new-tax-rules-in-bipartisan-infrastructure-deal-11627578844 https://twitter.com/jerrybrito/status/1420724068286926853
But this bill is an even bigger deal. If passed as-is, we can probably say RIP to the Wild West Era of crypto (2009-2021). https://beyer.house.gov/news/documentsingle.aspx?DocumentID=5307
The July Cardano 360 can now be viewed on Youtube. https://youtu.be/AG5DspF9tuA
John O’Connor was on SkyNews discussing the Ethiopian Ministry of Education project! He stressed that this was not a profit center for IOHK, and had a chance to refute the “crypto colonialism” strain of thought. https://vimeo.com/581137605
We are kings of the github commits once again! https://twitter.com/ProofofGitHub/status/1421138529908842502
The differences between the currently dominant smart contract blockchain and Cardano’s upcoming smart contract architecture keep getting highlighted by dramatic failures of the former. https://twitter.com/WeissCrypto/status/1421064543900418048
The Cardano subreddit has now crossed 550k members. https://www.reddit.com/r/cardano/
Don’t forget that registration for the Cardano Summit is live. https://summit.cardano.org
In case you missed the July Cardano 360 and don’t have a lot of time. Here is the always great Cardano 360 Mini! https://twitter.com/InputOutputHK/status/1421803459997835266
Reports are coming in that we’ve got final language from the crypto tax reporting piece of the Infrastructure Bill. It’s better but not great or even good. https://twitter.com/jerrybrito/status/1422002228102107142
The Charles AMAs returned on August 1 after a brief break. https://www.youtube.com/watch?v=yKY6VwVq02s

~Army of Spies

Top 10 Advantages of Using Smart Contracts For Your Business

Top 10 Advantages of Using Smart Contracts For Your Business

For as long as the citizenry has done business with each other, there are contracts. A contract may be a binding agreement between two or more parties and is typically enforceable by law.

Over time, they need to evolve in complexity and size. Today, they form the backbone of recent business and trade across the world. Most business contracts are long, arduous, detailed documents with complicated language. They require lawyers and consultants to border them, to decipher them, and if need be, to defend them.

The Future of Contracts

Powerful new technology has emerged in recent years, and it's disrupting the normal ways of managing contracts. Enter, the blockchain platform and therefore the world of smart contracts.

At its most elementary form, a blockchain may be a massive digital ledger of economic transactions. This ledger is often wont to record anything useful and important.

Typical use cases include birth and death certificates, deeds of ownership, financial accounts, medical procedures, claims, and anything which will be recorded in code.

While it had been created to support the Bitcoin cryptocurrency, developers quickly saw the potential for the blockchain platform to disrupt the whole system of traditional record-keeping.

Ethereum, another cryptocurrency with its proprietary blockchain platform, is widely considered to be the longer-term technology for contracts.

What Are Smart Contracts?

Smart contracts are self-executing, self-enforcing contracts. they're governed by the specific terms and conditions laid out within them. These virtual agreements can facilitate the exchange of cash, content, shares, property, or anything useful.

The self-executing nature of those contracts provides an incredible opportunity to be used in any field that relies on data to drive transactions.

What Are the benefits of Smart Contracts?

These contracts already possess multiple advantages over traditional arrangements. This number is probably going to extend within the future as technology improves.

For now, here are ten benefits to using them.

1. Accuracy

One of the first requirements of a sensible contract is to record all terms and conditions in explicit detail.

This is a requirement because an omission could end in transaction errors. As a result, automated contracts avoid the pitfalls of manually filling out tons of forms.

2. Transparency

The terms and conditions of those contracts are fully visible and accessible to all or any relevant parties. There are no thanks to disputing them once the contract is established.

This facilitates total transparency of the transaction to all or any concerned parties.

3. Clear Communication

The need for accuracy in detailing the contract leads to everything being explicit. There is often no room for miscommunication or misinterpretation. Thus, smart contracts can drastically hamper efficiency lost to gaps in communication.

4. Speed

These contracts run on software code and survive the web. As a result, they will execute transactions very quickly. This speed can shave hours off many traditional business processes. There is no got to process documents manually.

5. Security

Automated contracts use the very best level of knowledge encryption currently available, which is that the same standard that modern crypto-currencies use. This level of protection makes them amongst the foremost secure items on the planet wide web.

6. Efficiency

A natural byproduct of the speed and accuracy of those contracts is that the efficiency with which they operate. Higher efficiencies end in more value-generating transactions processed per unit of your time.

7. Paper Free

Businesses across the world are getting increasingly conscious of their impact on the environment. Smart contracts enable the “go-green” movement because they live and inhale the virtual world. This removes the necessity for vast reams of paper.

8. Storage & Backup

These contracts record essential details in each transaction. Therefore, anytime your details are utilized in a contract, they're permanently stored for future records.

In the event of knowledge loss, these attributes are easily retrievable.

9. Savings

Perhaps one of the foremost significant advantages of automated contracts is that they eliminate the necessity for a huge chain of middlemen. There’s no need for lawyers, witnesses, banks and other intermediaries.

10. Trust

Smart contracts generate absolute confidence in their execution. The transparent, autonomous, and secure nature of the agreement removes any possibility of manipulation, bias, or error.

Once solemnized, the contract is executed automatically by the network.

11. Guaranteed Outcomes (Bonus)

Another attraction of those contracts could also be the potential to scale back significantly or maybe eliminate the necessity for litigation and courts. By employing a self-executing contract, parties commit themselves to bind by the principles and determinations of the underlying code.

For

Use Cases for Smart Contracts in Decentralized Finance

Where Do Smart Contracts Work Best?

The self-executing nature of those contracts makes them better suited to some industries over others.

Industries like banking, insurance, healthcare, and land stand to profit from adopting this technology. These industries are built upon a system of clear rules, algorithms, and quantifiable terms of engagement.

Automated contracts are less suitable for industries where service levels are qualitative in nature, like hospitality, food, and beverages.

Moving Forward

Commodity futures contracts (or commodity futures) are a special category of monetary derivatives. they're employed by producers and consumers to hedge against future price fluctuations.

Today, most commodity futures are traded on a couple of centralized exchanges, like the CME or Eurex.

These exchanges charge high fees, act as middlemen, and fret the efficiency of the transaction.

In 2016, the CME earned $3.6 billion in revenues, with a net income of 43%, nearly all of which came from fees generated by commodity futures.

At Brugu, we’re excited to be ready to disrupt the $2 trillion USD commodity exchange with blockchain technology and smart contracts.

We will simplify and standardize the market, and are confident in our ability to revolutionize the longer term of exchange for food and raw materials.

How Bitcoin became El Salvador's legal currency

12 years after it was first introduced as an alternate and experimental currency in 2009, Bitcoin became the legal tender of the Central American nation, El Salvador.
On June 9, 2021, the El Salvador Congress approved President Nayib Bukele’s proposal to embrace the cryptocurrency, a move that delighted the currency’s supporters.
Read on for a chronology of events that got El Salvador motivated to adopt Bitcoin as its legal currency

Source : https://nitl.app//story/?id=154

ETH/USD 1 day analysis 8/3/2021

Today I decided to take a look at ETH (daily) and the cloud is definitely broken. But will the bullish sentiment last? We had 13 green daily candles in a row and that is pretty impressive. But a pullback has already materialized for BTC. Could be a retest or if we lose support we could see us falling more.

EIP 1559 happens tomorrow according to devs. This could lead to a drop. From past experience these types of events tend to have a steady build up until the event and then a sell off happens. I hope that this event is different. I did see someone compare it to the halving for BTC. That is a bullish prediction for sure...

I see that Bitcoin is testing the 100 EMA on the daily (support) and if it fails we may drop. It may not drop til after the EIP 1559 event or somewhere close to it. I believe ETH is tied to BTC but I also believe if ETH experiences a sell off BTC will experience one as well. I cant promise anything. These events do not happen every day so make sure you set a stop loss if you think we are heading for the moon. Just in case.

2400 (approximately) is support currently and the daily cloud is also support. I am not clairvoyant so I cant tell you what will occur after EIP 1559. What I can say is protect your profit. Set a stop loss! WTFDIK???

TLDR: Set a stop loss! EIP 1559 tomorrow. Exciting times for ETH...

https://preview.redd.it/powdgiwhp4f71.png?width=1280&format=png&auto=webp&s=2a7ee94ec47ad7f0efe704d6d7638337b9dfb5cc

Daily News: Miami launching MiamiCoin to fund city projects and infrastructures

Miami will launch its very own MiamiCoin (or MIA) tomorrow, which will be used to fund infrastructures and events in the city. People are able to buy or mine MiamiCoin to invest in the city. If the project takes off and gains popularity, investors will be rewarded with Bitcoin simply by holding it

Miami’s crypto-friendly mayor, Francis Suarez, stated that he wants to make Miami a hub for tech and crypto startups, and has even invited Chinese Bitcoin miners to Florida city. “The City of Miami could end up earning millions of dollars as a result of the popularity of MiamiCoin”, said Suarez

Source: https://decrypt.co/77487/miami-cryptocurrency-miamicoin-launch-bitcoin-rewards