https://i.redd.it/89e6z2fanrr71.jpg
Tuesday, October 5, 2021
CHINA BAN BITCOIN! Exchange #3??? Crypto.com $CRO #38 with Credit card, stake rewards, defi exchange and highly advertise in sporting events and online. (even reddit.) Undervalued? (x-post from /r/SatoshiStreetBets)
https://www.reddit.com/r/SatoshiStreetBets/comments/q2dwyy/china_ban_bitcoin_exchange_3_cryptocom_cro_38/
Why would a Bitcoin fork like eCash having the ability to go viral cause that growth to happen?
Some believe: "there is no need to grow capacity until just-before we need it"
Since we have plenty of capacity for the current demand, many assume there is no need to prioritize capacity growth at this time. That is the obvious logic we have all tended to believe and plan future development based on. In this article I will try to explain why I now believe this intentional delay in developing the ability to handle massive worldwide adoption is a mistake.
Assumptions:
Our goal is massive worldwide adoption by users and merchants (The Bitcoin dream).
Speculators usually drive significant coin-price increases.
Significant coin-price increases (relative to other sha-256 Bitcoins) increase security.
For a coin well-designed for merchant adoption, significant coin-price increases combined with a belief they will continue tends to drive organic adoption.
eCash is well designed for merchant adoption.
We are close to being able to scale, but cannot truthfully promise world-sized reliability yet.
My premise:
I argue we need the ability to "scale" for massive worldwide adoption ASAP and that having that ability will lead to much faster adoption growth over time than we are currently experiencing. I believe we would actually grow massive adoption (viral growth) pretty quickly after an "event" if we could handle the load. Many "events" could be the catalyst for the sudden viral growth spurts I am expecting would happen. I also believe viral growth will NOT happen before we let the world know we can handle it.
Why would viral growth happen?
Many wonder why it would happen since it has not been happening so far. They assume the lower demand for XEC is due to many factors such as the public's ignorance and the massive dishonesty coming from the BTC social-engineering efforts. They seem to think we should continue to rely on efforts to push this boat upstream with education and the development of extra "bells and whistles" around XEC. They wait for the public to discover how great XEC is. The current approach is worthwhile and should work eventually.
Why do I think allowing viral growth will cause it to happen? The short answer is because it can and because of speculators.
I believe BTC tried to "go viral" in 2017 and hit it's capacity ceiling. Many powerful adoption players got burnt by believing BTC would scale if they came on board. I believe most of them still want to adopt a real Bitcoin that can scale for worldwide adoption. This time they and those watching their failed efforts will not be so easily fooled? into thinking a project will fix scaling "as needed" along the way. Viral growth is so fast that strategy is unlikely to be possible anyway. So they wait for a coin that can serve the whole world.
Back in the day, speculators may have also believed BTC would go ever-higher at ever-faster speeds. Their rocket was sabotaged and lost it's ever-faster speeds potential (it can still go higher slowly).
Speculative price-growth is based on belief and code support. If enough people believe it can go up and up that makes it possible. Yes, this is not the best way to grow the marketcap of a cryptocurrency, but it is the way they have all gotten to where they are today. eCash does not need a high coin value to fulfill the dream of Bitcoin, but it sure does not hurt that goal. I argue it even helps spread adoption, strengthen security and attract more development efforts.
Speculators know XEC has a ceiling still. They have not been willing to upset the BTC-Apple-Cart for some limited massive gains. I believe an unlimited and better version of BTC would be able to overcome their reluctance to switch allegiance. It would take some time for them to realize all the security and most other "advantages" BTC claims to have would follow them to XEC. I do think they would realize this while they contemplated the unlimited coin-price growth potential XEC would represent. Until the potential is unlimited, they may continue to support the status quo.
The conspiracy theorist in me wonders if most of the "speculation" is really state-sponsored price manipulation that will never switch to a real P2P cash. Even if that were true today, I believe the other speculators are enough to set things in motion and the marketcap growth would pretty quickly outpace the ability of the powerful dark forces to stop the viral growth in price. I am thinking growth speed peaks up to 10x a day. BTC would end up tiny in comparison even if it tried to keep up.
I believe multiple pulses of viral price growth would lead to viral adoption growth. Once viral growth began, I think it would take something like a year to spread adoption to 15% of businesses worldwide. From there it would just be a matter of time before the dream of Bitcoin was fully realized.
Other coins can scale, If this is true why have they not gone viral?
The short answer is that they are not Bitcoins. BSV is a Bitcoin, but it only pretends it can scale for massive worldwide adoption. It is not the Bitcoin name that matters here, it is the security model, censorship resistance, lack of inflation, battle-tested experience even at high coin-value and when ignoring government norms, commitment to the dream of p2p cash and more that makes XEC a true contender for massive and extended phases of viral growth to world-size levels. It is also all about belief by powerful rich people who can see what coin has a real chance to make them much richer and keep them that way by fulfilling a real need for them and the people of the world.
The alternative
XEC can continue to grow adoption slowly to 15% (over say 10 to 15 years). eCash is great! Growing slowly would be safer and eventually lead to better apps for the world being ready before they were needed. Hopefully we would succeed before some other service fills the need for P2P cash?
Adapted from my article on read dot cash
Why would a Bitcoin having the ability to go viral cause that growth to happen?
Some believe: "No need to grow capacity until just-before we need it"
Many think (or claim) the slow adoption growth of BCH is because there is relatively low demand. Since we have plenty of capacity for the current demand, many assume there is no need to prioritize capacity growth at this time. That is the obvious logic we have all tended to believe and plan future development based on. In this article I will try to explain why I now believe this intentional delay in developing the ability to handle massive worldwide adoption is a mistake.
Assumptions:
Our goal is massive worldwide adoption by users and merchants (The Bitcoin dream).
Speculators usually drive significant coin-price increases.
Significant coin-price increases (relative to other sha-256 Bitcoins) increase security.
For a coin well-designed for merchant adoption, significant coin-price increases combined with a belief they will continue tends to drive organic adoption.
BCH is well designed for merchant adoption.
We are close to being able to scale, but cannot truthfully promise world-sized reliability yet.
My premise:
I argue we need the ability to "scale" for massive worldwide adoption ASAP and that having that ability will lead to much faster adoption growth over time than we are currently experiencing. I believe we would actually grow massive adoption (viral growth) pretty quickly after an "event" if we could handle the load. Many "events" could be the catalyst for the sudden viral growth spurts I am expecting would happen. I also believe viral growth will NOT happen before we let the world know we can handle it.
Why would viral growth happen?
Many wonder why it would happen since it has not been happening so far. They assume the lower demand for BCH is due to many factors such as the public's ignorance and the massive dishonesty coming from the BTC social-engineering efforts. They seem to think we should continue to rely on efforts to push this boat upstream with education and the development of extra "bells and whistles" around BCH. They wait for the public to discover how great BCH is. The current approach is worthwhile and should work eventually.
Why do I think allowing viral growth will cause it to happen? The short answer is because it can and because of speculators.
I believe BTC tried to "go viral" in 2017 and hit it's capacity ceiling. Many powerful adoption players got burnt by believing BTC would scale if they came on board. I believe most of them still want to adopt a real Bitcoin that can scale for worldwide adoption. This time they and those watching their failed efforts will not be so easily fooled? into thinking a project will fix scaling "as needed" along the way. Viral growth is so fast that strategy is unlikely to be possible anyway. So they wait for a coin that can serve the whole world.
Back in the day, speculators may have also believed BTC would go ever-higher at ever-faster speeds. Their rocket was sabotaged and lost it's ever-faster speeds potential (it can still go higher slowly).
Speculative price-growth is based on belief. If enough people believe it can go up and up that makes it possible. Yes, this is not the best way to grow the marketcap of a cryptocurrency, but it is the way they have all gotten to where they are today. BCH does not need a high coin value to fulfill the dream of Bitcoin, but it sure does not hurt that goal. I argue it even helps spread adoption, strengthen security and attract more development efforts.
Speculators know BCH has a ceiling still. They have not been willing to upset the BTC-Apple-Cart for some limited massive gains. I believe an unlimited and better version of BTC would be able to overcome their reluctance to switch allegiance. It would take some time for them to realize all the security and most other "advantages" BTC claims to have would follow them to BCH. I do think they would realize this while they contemplated the unlimited coin-price growth potential BCH would represent. Until the potential is unlimited, they may continue to support the status quo.
The conspiracy theorist in me wonders if most of the "speculation" is really state-sponsored price manipulation that will never switch to a real P2P cash. Even if that were true today, I believe the other speculators are enough to set things in motion and the marketcap growth would pretty quickly outpace the ability of the powerful dark forces to stop the viral growth in price. I am thinking growth speed peaks up to 10x a day. BTC would end up tiny in comparison even if it tried to keep up.
I believe multiple pulses of viral price growth would lead to viral adoption growth. Once viral growth began, I think it would take something like a year to spread adoption to 15% of businesses worldwide. From there it would just be a matter of time before the dream of Bitcoin was fully realized.
Other coins can scale, If this is true why have they not gone viral?
The short answer is that they are not Bitcoins. BSV is a Bitcoin, but it only pretends it can scale for massive worldwide adoption. It is not the Bitcoin name that matters here, it is the security model, censorship resistance, lack of inflation, battle-tested experience even at high coin-value and when ignoring government norms, commitment to the dream of p2p cash and more that makes BCH a true contender for massive and extended phases of viral growth to world-size levels. It is also all about belief by powerful rich people who can see what coin has a real chance to make them much richer and keep them that way by fulfilling a real need for them and the people of the world.
The alternative
BCH can continue to grow adoption slowly to 15% (over say 10 to 15 years). BCH is great! Growing slowly would be safer and eventually lead to better apps for the world being ready before they were needed. Hopefully we would succeed before some other service fills the need for P2P cash?
From my article on read dot cash:
read.cash/@Big-Bubbler/why-would-a-bitcoin-having-the-ability-to-go-viral-cause-that-growth-to-happen-c6d63087
Evening Briefing
The switch from fossil fuels to renewable energy was never going to be easy, and the past few weeks seem to have proven that point. The world is living through the first major energy crisis of the clean-power transition, and it’s unlikely to be the last. The shortages jolting natural gas and electricity markets from the U.K. to China are unfolding just as demand comes back. While volatile energy markets and supply squeezes are hardly new phenomenons, what’s different now is that the richest economies are starting to undergo one of the most ambitious overhauls of their power systems since the dawn of the electric age. This comes with some thorny complications. —David E. Rovella
Bloomberg is tracking the coronavirus pandemic and the progress of global vaccination efforts.
Here are today’s top stories Facebook played a key role in what intelligence agencies have said was a sprawling effort by Russia to subvert the 2016 U.S. presidential election. The social media company has been repeatedly cited as a favored platform for white supremacists and other hate groups. But according to Facebook whistleblower Frances Haugen, who testified before Congress Tuesday, Facebook has always chosen profit over protecting democracy, society, individual safety and the health of children. “I saw Facebook repeatedly encounter conflicts between its own profits and our safety,” she said. “Facebook consistently resolved those conflicts in favor of its own profits. The result has been more division, more harm, more lies, more threats, and more combat.” Senator Richard Blumenthal sharply criticized Chief Executive Officer Mark Zuckerberg for not taking responsibility for the harm his company caused and said Zuckerberg needs to appear before the committee. “Facebook knows its products can be addictive and toxic for children,” Blumenthal said. “They value their profit more than the pain they caused children and families.”
Mark Zuckerberg Photographer: Niall Carson - PA Images/PA Images Driller Amplify Energy took more than three hours to halt California’s worst oil spill in almost three decades. Following an alarm around 2:30 a.m. on Oct. 2 from its San Pedro Bay Pipeline, Amplify didn’t shut the pipeline down until 6:01 a.m. When it did shut it down, the Texas-based company didn’t report the alarm for another three hours. The disaster befouled some of Southern California’s most beautiful beaches.
The cost of shipping in containers has gotten so expensive that Coca-Cola is switching its cargoes from container ships to vessels normally used for commodities like coal and iron ore to help keep the soda flowing.
Generation X has experienced a wealth boom during the pandemic. Household wealth distribution is shifting from older generations to those reaching their peak earnings years.
The clouds seem to be parting for Bitcoin again. The cryptocurrency rallied to around $50,000 after Bank of America strategists threw their weight behind crypto as a new asset class. It probably also helped that Securities and Exchange Commission Chair Gary Gensler said the U.S. (unlike China) won’t ban digital tokens.
Some of the symptoms of so-called long-Covid—ailments that can persist for months after a Covid-19 infection—may be caused by inflammatory molecules trapped inside tiny blood clots. The coronavirus death toll in the U.S. this year is poised to surpass the number of fatalities in 2020, with the overall confirmed total now exceeding 700,000, though the actual number is likely higher. The nation’s fifth infection wave—fueled by the delta strain—is waning, but daily infections still hover near 100,000 and more than 1,800 are dying daily—primarily those who have refused vaccination. Here’s the latest on the pandemic.
On the 10th anniversary of Steve Jobs’s death, Apple Chief Executive Officer Tim Cook told employees that the visionary co-founder would be eager to see what the company develops next. Read the memo.
Tim Cook, chief executive officer of Apple Inc., speaks during an event at the Steve Jobs Theater in Cupertino, California, in 2017. Photographer: David Paul Morris/Bloomberg
What you’ll need to know tomorrow Facebook tries to recover from its devastating system collapse. How Mark Zuckerberg lost $6 billion in just a few hours. Tesla was ordered to pay $137 million over racism in rare verdict. U.S. is pushing Singapore to let Americans enter the city-state freely. All you need to know about Merck’s game-changing Covid pill. Hedge funder Ken Griffin says young workers should go to the office. This is the best restaurant in the world.
What’s Driving the Huge U.S. Rent Spike? Every one of the nation’s 100 largest metro areas has seen month-over-month rent growth during the last five months. The current spike in rents is most pronounced in places like the Phoenix metro area or Boise, where rents for two-bedroom apartments have climbed 15% and 21%, respectively. But those markets aren’t unique: It’s a nationwide phenomenon that’s having a significant impact on housing markets, affordability and access. So what’s behind it all?
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Previewing The LABitConf And Adopting Bitcoin Events In El Salvador
https://bitcoinmagazine.com/industry-events/previewing-labitconf-adopting-bitcoin-events-el-salvador
Five Rules to Help You Not Lose All Your Money In Altcoins
Tl;DR: I've isolated the five principles that I've distilled from expert investors and applied them to high-risk, high-reward altcoin investing.
-
Investing is separated from gambling in large part by the set of fundamental truths investors can always fall back on:
- Diversification of a portfolio with uncorrelated assets decreases risk.
- Exposure to risk increases the probability of reward.
- Past performance is no guarantee of future results.
There is value to having these universal axioms in our back pocket—on red days and green days, pumps or dumps, we can look at them and apply an untainted perspective to our portfolio.
While the above points are true across investing, each different investment has a set of these principles that are only applicable to that specific asset class.
Today, I’d like to address some universal truths that are a bit narrower in scope: the advice, axioms, and principles that are specific and universal to investing in Altcoins.
Below are the five that, when employed properly, can allow you to use altcoins to become wealthy.
Most people who have the conviction that Bitcoin will go to $500k may make an error when evaluating risk by not seeing all of the risks.
Of course crypto investors understand the most apparent risks when buying Bitcoin:
- Volatility Risk, the risk that the price of an asset may fluctuate wildly
- Market Risk, the risk that all assets face as markets rise and fall (part of this is the risk of Bitcoin going to zero)
But other risks must be understood as well:
- Opportunity Cost, the cost of investing in Bitcoin over investing over another asset. Part of this is related to volatility, the likelihood that there might be a lower entry point where you could make more money.
- Regulatory Risk, the risk that Bitcoin or any other cryptocurrency might be regulated out of existence
- Operational Risk, the risk that cryptocurrency might be attacked, hacked or that the internet might go down and you won’t have access to your money
- Inflation Risk, the risk that good returns will be nullified relative to a specific currency’s purchasing power
There’s another type of risk that’s rarely touched on, but exists:
- A type of Liquidity Risk, the likelihood that you’ll have the conviction to hold onto an investment should it dip or should you have to pay some obligation. Maybe Bitcoin goes to $500k, but you were forced to sell at a loss due to some type of personal liquidation event.
All of this leads to a universal truth: even if you knew Bitcoin was going to $500k, you’d still have to consider these other risks. Cloud you withstand a 99% drop? Should you wait for a drop? Do you have obligations to pay? How long will it take to reach your target price?
In a bullish environment where we focus more on price predictions than risk predictions, it’s vitally important to consider these other factors. A good high-risk investor will have an explanation for how to manage every single one of these risks.
The necessity of being right is pretty obvious: if an asset is not effective, not adopted, has no use cases, it will go to zero.
Non-consensus right is a different story: US treasuries are considered the least-risky asset available. You could be right in assuming that they’re going to pay regular yields, but the opportunity to make money is limited because it’s assumed that the payout is secure.
So the opportunity to make high returns is when we go against the agreed-upon norms: if we were to short US treasuries, and then the government went bankrupt, we’d stand to gain tons of money.
For cryptocurrency, we must seek these non-consensus opportunities. Look for divides and disagreements in the community, or better yet, universal opinions. Do you believe in a low-market-cap crypto? That presents a great opportunity for high returns.
Do you think that Bitcoin is going to zero? That's another opportunity to go against the consensus (although keep in mind that sometimes the consensus is correct).
Good high-risk investors seek the opportunity to go against the grain.
Markets can also be inefficient in periods of low volume, ultra-bearish activity, ultra-bullish activity, or in early stages of existence.
If the underlying asset is creating wealth, you’re even better off. While the art market is inefficient, it doesn’t create a lot of new wealth as it’s inaccessible. The accessibility of NFT markets and the fact that it allowed many people to unlock the value of their creations means it’s a tremendous opportunity.
Altcoins are also a good space to apply this philosophy. Low liquidity can be a double-edged sword, benefiting you or making it impossible for you to exit a position. Information efficiencies also apply here.
Take a look at $SPELL and its collateral-backed stablecoin, $MIM. These trading pairs are thinly traded across DEXes, aren't listed on centralized exchanges, and have different prices on different exchanges. On one hand, that's an issue: it's hard to move the assets around, it's hard to understand the current market price.
On the other hand, it's a powerful way for arbitrageurs to create value by making markets and for speculators to get a good deal.
The importance of the ability to double down on a successful investment is illustrated in the popularity of Pro Ratas in venture capital, a contract stipulating that an investor who has already invested also has the first right to future investment opportunities in that company.
Venture capitalists and angels understand that we should bet on winners, not losers. A good asset at a fair price often performs better than a bad asset at a great price. Bubbles should not be wasted.
Investing is about executing and compounding judgement. Two investors starting with the same amount of capital, with one of them having just 10% better judgment, will have wildly different outcomes over the long term.
I’ve always had a difficult time mentally merging these concepts that tend to be contradictory in practice. Take, for example, the following quotes:
“Diversification is protection against ignorance. It makes little sense if you know what you are doing.”
- Warren Buffett
And:
“If you make 100 investments and just one yields a 1000x return, the other 99 investments could go to zero and you would still see a return of 10x for your portfolio.”
-Naval Ravikant
These two investors are not diametrically opposed by any means, in fact, I’d argue that they’re much more similar than different: longtime investors, each with many compounding, mid-sized successes.
These two opposing ideas can be unified by something called the Kelly Criterion.
If you were to place an even money bet (a bet of $1 pays out $1) on a coin that landed on heads 60% of the time, with 100 opportunities, and you were given $100, how much would you bet each time?
Well, the odds are in your favor—so perhaps you should bet the entire amount?
No. If you lose that first bet, you’re left with nothing, and thus your advantage is completely nullified. You must bet a small fraction (there’s a mathematical answer to the equation that I won't get into) to maximize your earnings.
How does this apply to crypto? Well, a nearly-sure bet on a high-reward outcome isn’t, by any means, a sure thing. Capital preservation with high-risk investments is the name of the game. Diversify between high-risk bets. Understand that with a lower risk or larger reward, the larger your optimal bet becomes.
A Successful Cryptocurrency Investor
To be successful, a cryptocurrency investor must create a system in which they can be disciplined, math-driven, reflective, calm. The higher the risk, the lower the margin for error.
The principles will remain the same, the investors, assets, returns, and market conditions will always change. But crypto markets are far from efficient, and periods of outstanding returns are far from over.
Follow your own rules, understand your own risk tolerance. Do it right and there’s plenty of money (2x, 5x, 10x, and even 100x) to be made in high-potential altcoins.
The Problem with Smart Contracts Today (part 1 of an X-part series)
Part 1: https://www.radixdlt.com/post/the-problem-with-smart-contracts-today
1) Intro: Brief history of "CryptoTechnology"
2009: Bitcoin - Single-purpose public, decentralized ledger (architecture: blockchain, dApp: currency)
2013: Ethereum - General-purpose p, d ledger (architecture: blockchain, dApps: programmable)
Interim: <Insert a smart contract platform of choice>
- General-purpose "scalable" p, d ledger (architecture: blockchain, DAG, ...)
\*A gold rush of sorts took/takes place to scale smart contract platforms [SCALABILITY]\*
2019: DeFi - The killer application of Decentralized Ledger Technology (DLT) becomes visible
2020: DeFi summer - The killer DLT-app thesis plays out:
- TVL in DeFi protocols swells from 1bn$ to 7bn$ in 90 days, still dwarfed by global finance: 111tn$
(Source 111tn$: https://www.pwc.com/gx/en/asset-management/asset-management-insights/assets/awm-revolution-full-report-final.pdf)
2) Point: The problem this blog post highlights is that the approach to smart contracts originating from Ethereum (2013) was not (!) designed with Decentralized Finance (DeFi) in mind
You can read in the linked article what the above exactly means
\*Furthermore, (most of) the projects that came behind ETH are tunnel visioned on [SCALABILITY]\*
But they (!) forgot about the prerequisite for scalability: [BUILDABILITY]
Why a prerequisite? => Scalability has a supply & demand side
[SUPPLY(scalability)]: How much traffic can the smart contract platform process per time unit?[DEMAND(scalability)]: How much traffic per time unit is being generated by devs & users?
=> How much scalability a SC platform can supply is (!) meaningless if there is no demand for it.
(Referring to global adoption, tx fees signal at the moment that there is more demand than supply)
TLDR;
If building smart contracts aren't "easy, safe, reusable, and composable."
Then there will be (!) no mass demand on a global scale...
Smart contracts as they are now being built do not satisfy these requirements
An alternative programming paradigm is required for this and is proposed by Radix (part 2)
Case study in the article as an illustration: DEX (Uniswap)
'Prove first the correct way of building and then scale it all up'
3) Key takeaways:
When not [EASY]: "The result is an extremely small community of experienced DeFi developers, a hugely inadequate hiring pool for entrepreneurs that limits what they can create, and DeFi dApps that are as elementary as possible to minimize the risk of expensive exploits."
When not [SAFE]: "The result is that developing virtually any production-ready dApp rapidly becomes a mass of unwieldy code that is extraordinarily difficult to analyze for safe asset management and authorization. The opportunities for exploitation are nearly impossible to avoid."
When not [REUSABLE]: "The result is that Ethereum is full of redundant code, standards are slow to emerge and adapt to needs, and dApps become ever more complex to build. This in turn further amplifies shortcomings of development ease and code safety."
Implications when [COMPOSABLE]: "As more and more dApps are composed together, development difficulty and opportunities for safety failures don’t just add up - they multiply"
+ "Even “scalable” network concepts that retain the possibility of composing dApps together do so by increasing the complexity for the developer."
Blog series, part 1: https://www.radixdlt.com/post/the-problem-with-smart-contracts-today
Postscriptum
PS. There is a preview event for the Alexandria release which will unveil:
* Radix’s “asset-oriented” Radix Engine
&
* Scrypto smart contract language
https://www.radixdlt.com/post/ape-radix-alexandria-preview-event
PPS. There recently was a Radix roundtable: https://www.youtube.com/watch?v=bLPLY70ywt0
Ideal to learn about the vision and the people behind it
Five Rules to Help You Not Lose All Your Money In Altcoins
Tl;DR: I've isolated five principles from expert investors and applied them to high-risk, high-reward altcoin investing.
-Investing is separated from gambling in large part by the set of fundamental truths investors can always fall back on:
- Diversification of a portfolio with uncorrelated assets decreases risk.
- Exposure to risk increases the probability of reward.
- Past performance is no guarantee of future results.
There is value to having these universal axioms in our back pocket—on red days and green days, pumps or dumps, we can look at them and apply an untainted perspective to our portfolio.
While the above points are true across investing, each different investment has a set of these principles that are only applicable to that specific asset class.
Today, I’d like to address some universal truths that are a bit narrower in scope: the advice, axioms, and principles that are specific and universal to investing in altcoins.
Below are the five that, when employed properly, can help you to use altcoins and other risky crypto investments to generate high returns on your portfolio.
Most people who have the conviction that Bitcoin will go to $500k may make an error when evaluating risk by not seeing all of the risks.Of course crypto investors understand the most apparent risks when buying Bitcoin:
- Volatility Risk, the risk that the price of an asset may fluctuate wildly
- Market Risk, the risk that all assets face as markets rise and fall (part of this is the risk of Bitcoin going to zero)
But other risks must be understood as well:
- Opportunity Cost, the cost of investing in Bitcoin over investing over another asset. Part of this is related to volatility, the likelihood that there might be a lower entry point where you could make more money.
- Regulatory Risk, the risk that Bitcoin or any other cryptocurrency might be regulated out of existence
- Operational Risk, the risk that cryptocurrency might be attacked, hacked or that the internet might go down and you won’t have access to your money
- Inflation Risk, the risk that good returns will be nullified relative to a specific currency’s purchasing power
There’s another type of risk that’s rarely touched on, but exists:
- A type of Liquidity Risk, the likelihood that you’ll have the conviction to hold onto an investment should it dip or should you have to pay some obligation. Maybe Bitcoin goes to $500k, but you were forced to sell at a loss due to some type of personal liquidation event.
All of this leads to a universal truth: even if you knew Bitcoin was going to $500k, you’d still have to consider these other risks. Cloud you withstand a 99% drop? Should you wait for a drop? Do you have obligations to pay? How long will it take to reach your target price?
In a bullish environment where we focus more on price predictions than risk predictions, it’s vitally important to consider these other factors. A good high-risk investor will have an explanation for how they plan to manage every single one of these risks.
The necessity of being right is pretty obvious: if an asset is not effective, not adopted, has no use cases, it will go to zero.
Non-consensus right is a different story: US treasuries are considered the least-risky asset available. You could be right in assuming that they’re going to pay regular yields, but the opportunity to make money is limited because it’s assumed that the payout is secure.
So the opportunity to make high returns is when we go against the agreed-upon norms: if we were to short US treasuries, and then the government went bankrupt, we’d stand to gain tons of money.
For cryptocurrency, we must seek these non-consensus opportunities. Look for divides and disagreements in the community, or better yet, universal opinions. Do you believe in a low-market-cap crypto? That presents a great opportunity for high returns.
Do you think that Bitcoin is going to zero? That's another opportunity to go against the consensus (although keep in mind that sometimes the consensus is correct).
Good high-risk investors seek the opportunity to go against the grain.
Markets can also be inefficient in periods of low volume, ultra-bearish activity, ultra-bullish activity, or in early stages of existence.
If the underlying asset is creating wealth, you’re even better off. While the art market is inefficient, it doesn’t create a lot of new wealth as it’s inaccessible. The accessibility of NFT markets and the fact that it allowed many people to unlock the value of their creations means it’s a tremendous opportunity.
Altcoins are also a good space to apply this philosophy. Low liquidity can be a double-edged sword, benefiting you or making it impossible for you to exit a position. Information efficiencies also apply here.
Take a look at up-and-coming lending protocol $SPELL and its collateral-backed stablecoin, $MIM. These trading pairs are thinly traded across DEXes, aren't listed on centralized exchanges, and have different prices on different exchanges. On one hand, that's an issue: it's hard to move the assets around, it's hard to understand the current market price.
On the other hand, it's a powerful way for arbitrageurs to create value by making markets and for speculators to get a good deal.
The importance of the ability to double down on a successful investment is illustrated in the popularity of Pro Ratas in venture capital, a contract stipulating that an investor who has already invested also has the first right to future investment opportunities in that company.
Venture capitalists and angels understand that we should bet on winners, not losers. A good asset at a fair price often performs better than a bad asset at a great price. Bubbles should not be wasted.
Investing is about executing and compounding judgement. Two investors starting with the same amount of capital, with one of them having just 10% better judgment, will have wildly different outcomes over the long term.
I’ve always had a difficult time mentally merging these concepts that tend to be contradictory in practice. Take, for example, the following quotes:
“Diversification is protection against ignorance. It makes little sense if you know what you are doing.”- Warren Buffett
And:
“If you make 100 investments and just one yields a 1000x return, the other 99 investments could go to zero and you would still see a return of 10x for your portfolio.”-Naval Ravikant
These two investors are not diametrically opposed by any means, in fact, I’d argue that they’re much more similar than different: longtime investors, each with many compounding, mid-sized successes.
These two opposing ideas can be unified by something called the Kelly Criterion.
If you were to place an even money bet (a bet of $1 pays out $1) on a coin that landed on heads 60% of the time, with 100 opportunities, and you were given $100, how much would you bet each time?
Well, the odds are in your favor—so perhaps you should bet the entire amount?
No. If you lose that first bet, you’re left with nothing, and thus your advantage is completely nullified. You must bet a small fraction (there’s a mathematical answer to the equation that I won't get into) to maximize your earnings.
How does this apply to crypto? Well, a nearly-sure bet on a high-reward outcome isn’t, by any means, a sure thing. Capital preservation with high-risk investments is the name of the game. Diversify between high-risk bets. Understand that with a lower risk or larger reward, the larger your optimal bet becomes.
A Successful Cryptocurrency Investor
To be successful, a cryptocurrency investor must create a system in which they can be disciplined, math-driven, reflective, calm. The higher the risk, the lower the margin for error.The principles will remain the same, the investors, assets, returns, and market conditions will always change. But crypto markets are far from efficient, and periods of outstanding returns are far from over.
Follow your own rules, understand your own risk tolerance. Do it right and there’s plenty of money (2x, 5x, 10x, and even 100x) to be made in high-potential altcoins.
Community Roundup #17 📢 - October 5th
Hello there, Apes!
Welcome to this week’s WSBDApp Community Roundup, where we keep all apes updated on what’s been happening over the last week. Let's dive in!
Updates on ETP Launch and NFTs
We know you all have been waiting for the launch of Exchange Tradable Portfolios, and we can confirm that it's just around the corner! Our team released this article on both ETPs and the recent NFT launch. Go check that out!
Twitter Spaces Event: WSBDApp <> Balancer
As we said, ETPs are just about to launch. To discuss that, we will have a Twitter Spaces Event tomorrow (Oct 6th) with Balancer Labs. Jaime Rogozinski will be with Fernando Martinelli, CEO & co-founder of Balancer at 7PM UTC on @wsbdapp Twitter profile. Don't miss out!
WSB on Bitcoin.com
Another week with media eyes turned to WSBDApp. Now was time for Bitcoin.com to publish an interview with Jaime Rogozinski discussing Defi, NFTs, and Crypto Regulation. Check that out here.
With ETP announcement coming soon, we hope to see you all tomorrow on the Twitter Spaces Events for the big reveals!
That's it for now folks, see you next week for the weekly Community Roundup!
Perspective: Crypto had two brutal beatings in the past 4 months and is still chilling at over 2 trillion. A Year ago the market was at 340 billion.
With the day to day news we sometimes don't take the time to see the bigger picture. Even if we don't get to see new ATHs soon, it is important to recap how extraordinary resilient the crypto market is right now.
End of May China cracked down on mining. It was not a threat, they did it. At the same time one of the most influential companies of our time reversed it's decision to except Bitcoin. In retrospect it would not be surprising if BTC would trade for 10-15k and Ethereum for 800 now due to those circumstances and yet here we are.
Weeks ago China (the second biggest economy in the world) cracked down on ALL crypto transactions. This time it looks like they will follow through. Even if not we already see that exchanges will not take the risk and are banning Chinese users. This event alone could instantly the whole crypto market cap in half and no one would be surprised and yet here we are!
This is extraordinary! No matter what happens next, the fact that we are at over 2T under those conditions is mind blowing!
Solve hard problems. Build extraordinary experiences. Pave the way for innovation. Join us on our mission to make cryptocurrencies accessible to the world.
The city of Miami can elect to use its growing crypto treasury to benefit the city and its constituents — think new public spaces, improvements to infrastructure, hosting city events, recruiting startups, and more.
MiamiCoin is the first CityCoin to market, going live on June 8, 2021. MiamiCoin is a cryptocurrency powered by the Stacks Protocol, which enables smart contracts on Bitcoin.
MiamiCoin ($MIA) is a way for people to support the Magic City and grow its crypto treasury while earning BTC and STX yield for themselves. MiamiCoin can be mined or bought by individuals who want to support the Magic City and earn crypto yield from the Stacks protocol.
MiamiCoin provides an ongoing crypto revenue stream for the city, while also generating STX and BTC yield for $MIA holders. MiamiCoin can be mined or bought by individuals who want to support the Magic City and earn crypto yield from the Stacks protocol. MiamiCoin additionally benefits holders by allowing them to Stack and earn yield through the Stacks protocol.
The city of Miami can elect to use its growing crypto treasury to benefit the city and its constituents — think new public spaces, improvements to infrastructure, hosting city events, recruiting startups, and more.
How it works: -
MiamiCoin is powered by Stacks, a protocol that enables smart contracts on the Bitcoin network. Anyone can compete to mine MiamiCoin by forwarding their STX tokens through the protocol.
30% of miners’ forwarded STX is directed towards a wallet reserved for Miami, and the remaining 70% can be stacked to earn STX and BTC.
Learn more:-
Caracas / Venezuela: If you care about Bitcoin and P2P Electronic Cash, this is your event today 😏
https://i.redd.it/w9z6cpueznr71.jpg
[Tue, Oct 05 2021] TL;DR — Crypto news you missed in the last 24 hours on Reddit
r/Bitcoin
Bitcoin Decoupling from the Stock Market
El Salvador 🇸🇻- Beautiful People, Great Food and Bright Future!
5 seconds of 'wisdom' from an 'expert': "Fiat is backed by men with guns, Bitcoin is not, so why this thing should have any value" - Economist, Nobel prize-winning NY Times columnist Paul Krugman-
r/ethereum
The merge is coming !
I finally have 1 ETH and I'm looking for the best way to stake it.
Anyone staked Ethereum 2 with 5% APY on coinbase?
r/CryptoCurrency
Bill Gates said “The way cryptocurrency works today allows for certain criminal activities. It’d be good to get rid of that”. Crypto was not used to launder money according to Pandora papers. Its time for these people to swallow their words and be critical of traditional finance and the government.
Griffin Sees Crypto-Mania as ‘Jihadist Call’ Against Dollar. We are terrorists now guys.
In the over 12,9 Million Documents and Terabytes of Data detailing how Billionaires and Politicians have avoided Taxes, Crypto is not used a Single Time
r/btc
Blockstream's Liquid Network Crashed Today
In early 2014, Stephan Molyneux predicted the takeover of Bitcoin by special interest groups ... his prediction turned out to come true. Not worry,🎵 cause we got options! 🎵 Bitcoin Cash (BCH)
Well that didn't age well..."should've used liquid"
r/SatoshiStreetBets
When everything starts to look like crypto.
Buy Shiba before it's not too late
Chainlink Integration announced for leonicorn Swap AMM Protocol
r/CryptoMarkets
Always waking up in the middle of the night
Harmony, an open platform for assets, collectibles, identity, and governance, has partnered with Pledge, an innovative decentralized financing platform.
Edward Snowden Claims China’s Crypto Crackdown Strengthened BTC
r/CryptoCurrencies
Out of all the great projects that pumped, I think MATIC was among the ones that truly deserved it.
Hedge Fund Billionaire Ken Griffin Sees Crypto-Mania As ‘Jihadist Call’ Against Dollar
Shiba Inu Is Now Fifth Most Traded Crypto As SHIB Stunned Cryptocurrency Community By Rising More Than 70% In 24 Hours
r/CoinBase
Coinbase not letting me sell or exchange amp or shiba
unbelievable! Case closed and no one bothered to answer
My Account is on Review for more than a month - really bad
r/binance
Bitcoin is up 📈
ATTENTION this sub is full of scammers
can someone tell me why binance is telling my that i have 20 tether when i in fact dont thanks
r/Ripple
Judge Torres grants amici status to John Deaton and Movants, and Denies Motion to Intervene in Ripple v. SECGov
Charles Gasparino on The Claman Countdown - Oct 4, 2021 - Fox Business
Ripple vs SEC Case Update: XRP Holders Can Help the Court Now. SEC asks Ripple for recordings
r/litecoin
BlockBank Adds Litecoin and doing and event with Charlie
Why are Litecoin and Bitcoin on all Major Platforms?
Sending or receiving litecoin from command line/terminal
r/Monero
Fight the powa
Real-world test: I'll give you $20 of XMR if you can track my BCH transaction.
Reminder: we have a dedicated, self-hosted Monero forum!
r/Stellar
Arf and Tempo Launch New Stellar-Based Payments from Europe to the Philippines - SDF Blog
/r/Stellar Daily Chat Thread
Where do you see XLM a year from now?
r/cardano
Fake Deadalus Wallet is back on the Play Store. Please help to report it.
The whole Facebook issue yesterday really proves how badly we need dapps!
OccamX Cardano DEX - Demo and Concurrency Solution
r/NFT
You can now buy an NFT of my Student Loan Debt for the cost of my Student Loan Debt
The Founder of Wallstreetbets Jaime Rogozinski Discusses Defi, NFTs, and Crypto Regulation
The story line revolves around Dober City, a megalopolis that is obsessed with power, glamour and influence. First drop introduces the audience of 10,000 unique dobermans to the upper class of the City. Main selling point of the project is a mobile game which requires NFTs to play. Info in Comments.
TIRED OF COMPLAINING - LOL PPL GOING TO HATE ME
There is only one valid reasonable complaint: "I ordered my hotspot [from nebra or wherever else] [x] months ago with the expectation it would be delivered in [y] months, and now we are in month [z]"
AND -- this complaint shouldn't be directed at Helium; instead, it should be directed towards
- hotspot manufacturers (helium doesn't profit from hotspot sales)
- the global supply shortage (which has caused shipments from manufacturers like nebra to be delayed)
If you have the aforementioned complaint, JOIN ONE OF THE HUNDREDS OF ONGOING THREADS ON THIS TOPIC TO VOICE YOUR FRUSTERATIONS RATHER THAN START A NEW ONE
Other complaints listed below likely stem from anger and/or idiocrasy and are unsound, including:
- "the profit halving". WRONG. It is a rewards halving, which imbeds scarcity into tokenomics. This is likely premised on Bitcoin's undeniable success; scarcity, in theory, will help generate value for assets (such as HNT) where demand outstrips supply. It's NOT ABOUT QUANTITY... IT'S ABOUT VALUE! ~DUMBASS~ (just made myself laugh)
- "too many new hotspots makes rewards plummet". Unless this complaint stems from your frustration that your helium miner's delivery is delayed in that you ordered when hotspot count was lower and delivery will occur when hotspot count is higher, then swallow your pride because it's clear the research you conducted on Helium was insufficient. Rather, the extensive backlog of hotspots (counting in the hundreds of thousands / nearing millions) has been well-documented by countless sources including Helium for ~6 months (HELLO INSANELY HIGH DEMAND DUE TO PROMISING TECH AND UTILITY vs. CHIP SHORTAGES). Any idiot should know.. more hotspots means more competition for rewards (especially in areas where hotspot density is high i.e. primarily urban areas... and lest not forget, reward distribution (i.e. those hexes) incentivizes hotspot distribution on a wider scale which is a good thing for the network), which means lower yield. Regardless, per #1, if demand outstrips supply, HNT price would be expected to increase; as a result, lower HNT rewards ~wouldn't necessarily~ mean lower value rewarded.... HNT * PRICE = VALUE i.e. MARKET CAP. ON THIS POINT, don't forget the CRYPTO MARKET IS GENERALLY IMMATURE.... CRYPTO PRICES ARE HIGHLY VOLATILE AND IMPACTED BY INTERNAL AND EXTERNAL EVENTS (INCLUDING MACRO AND MICRO PERSPECTIVES) TO A MUCH LARGER DEGREE THAN MATURE MARKETS WOULD BE: I.e. I DONT THINK TOKEN UTILITY IS PIMARY DRIVER OF PRICE
- there are literally so many other arguments to refute this complaint that it's truly exhausting. i) early network pioneers are (and should be) rewarded more than late entrants, ii) didnt your parents raise you with manners!? lol jk, iii) network would fail without new hotspots so you should thank other hotspot owners for helping build a valuable system from which you could benefit through ownership and operating the same i.e. a hotspot, iv) I could go all day but im lazy so let's move to point #3
- Similar to #2: "my hotspot yields less than average rewards": Instead of complaining, SPEND TIME OPTIMIZING YOUR SETUP. Laziness isn't rewarded in life (except from crypto rallies, wink wink). You've already invested ~$500, and if you would have conducted sufficient research you would have learned ~often~ an additional $40-200 investment helps optimize hotspot setup (i.e. buying higher capacity antennae, etc.) which in turn can help maximize rewards at any given location. THERE ARE COUNTLESS YOUTUBE VIDEOS, REDDIT POSTS, ARTICLES, etc. explaining setup optimization. If you don't speak english, I'm sure there are non-english publications of the same. If no publications existing in a language you understand, you have the right to engage a translator. If you cannot afford a translator, one will be appointed to you by the judicial system of the United States. etc. etc. If not in the united States, then bridge to your country for the same. OMG
- Others
- "miner was delayed and now HNT Price is high": HNT Price being high is good. so this complaint is the merely a "miner was delayed" complaint sprinkled with a softer landing. Also... if you had accurately predicted the [20]x rally prior to it happening, then I have to believe you would have bought HNT outright for value appreciation... lack of conviction seems to be your biggest issue... and if you complain you didn't have access to Binance... "with a will, there is a way". Lastly: "Hindsight is 20/20"
- REWARDS ARE TOO LOW "I only get about a half an HNT per day". LOL. THIS IS LITERALLY FUCKING COMICAL. AT TODAY'S PRICE (let's call it $20 for argument's sake, despite HNT currently being $22), ROI would be ~50 DAYS. DUDE(t), THIS IS THE GREATEST ROI IN HISTORY (BETTER THAN REAL ESTATE, Bonds (lol), EQUITIES, ETC.). SUCK IT UP, you POS! MOST INVESTMENTS (THINK PRIVATE EQUITY, etc.) DONT RETURN PRINCIPAL FOR 2+ years !!!MINIMUM!!! Also, if your daily rewards are ~actually insignificant~ then see #2 re: optimizing setup and HOTSPOT PLACEMENT
ANyways. Love You ALL. BIRDIES
Crypto terms 101 - what do they mean
The crypto space has its own terms and jargon and in this post, we give you a primer on some of the most popular crypto terms so you don’t feel left out of any discussion.
So you’ve been intrigued by the fascinating world of blockchains, Bitcoin, Ethereum, other tokens and million-dollar ICOs. While all this is exciting in the start, you might need to learn a couple of new terms to understand what people around you are chatting about.
Just like any other industry, cryptocurrency and blockchain experts and community members have developed their own jargon and terminology, and some terms are jokes or memes, like “hodl”. Let’s take a look at most of these terms below:
ADDY is an acronym for a cryptocurrency public address. It is used by other people to send you coins.
ALTCOIN is any cryptocurrency other than Bitcoin.
ASHDRAKED - when you are “ashdraked”, you have lost all your money by selling Bitcoins.
ASIC Miner or Application Specific Integrated Circuit is dedicated equipment used to mine cryptocurrencies.
HARD FORK is a significant software upgrade without backward compatibility. It is used to introduce changes to key rules of network functioning. A hard fork may split the blockchain into two separate chains.
ATH stands for All Time High and means that the price of a particular coin or token surpassed its records and reached the highest rate ever.
BAGHODLER is a trader who has missed the chance to sell their assets while they were valuable and is now left with coins or tokens that have depreciated significantly.
BEAR is a term you may be familiar with if you have ever traded stocks, fiat currencies or any other traditional financial assets. It means a trader who bets on downward price movement and wants to profit from the fall.
BLOCK REWARD is a reward paid to miners for solving cryptographic puzzles and confirming transactions.
BLOCK HEIGHT is the number of blocks mined after the genesis block.
BTFD this abbreviation stands for Buy The Fu**ing Dip, and should be interpreted as an emphatic recommendation to buy a coin when it has dumped.
CRYPTOCURRENCY WALLET is a physical device or software which keeps track of your coins and allows you to send or receive them.
DECENTRALIZATION is a key term in the crypto space and refers to the vision behind digital currencies like Bitcoin, where there is no central authority or body (government or corporation) which dictates and oversees access to wealth (or services).
DUMP stands for selling a coin or a token.
DUMPING means a downward price movement caused by people massively selling a token.
DYOR means Do Your Own Research, which is usually a response to people asking basic questions without putting an effort into learning about things.
FA or Fundamental Analysis is another Wall Street term that implies an evaluation of underlying forces behind the price movement.
FIAT refers to traditional paper money printed by central banks.
FOMO stands for Fear of Missing Out. It denotes the feeling that urges you to buy an asset with a skyrocketing price until its too late. From the psychological point of view, it is a painful apprehension that someone is benefiting from a situation, while you are left out of it.
FUD stands for Fear, Uncertainty, and Doubt. This term refers to the phenomenon where individuals or organizations spread news (usually fake) to create FUD and increase downward pressure on the market.
FUDster is a person who spreads panic often based on unconfirmed information or gut feelings.
HALVING means a 50% reduction of block reward. This is a scheduled event that usually happens after a particular block is mined.
HASH RATE or Hash Power is the measuring unit of the power consumed by a cryptocurrency network to stay operational.
HODL is a meme term which stands for HOLD or Hold On for Dear Life. Initially, it appeared in the Bitcoin talk forum in 2013 in a post of the user named GameKyuubi who tried to say that he was holding BTC despite a sharp price collapse. Since that time this misspelled word conveys an intention to hold on to a cryptocurrency even if the market goes against you.
JOMO stands for Joy Of Missing Out and means that you enjoy your own business and do not worry about opportunities you might be missing out.
LONG means to enter a long-term position by buying a cryptocurrency and betting on price appreciation.
MCAP stands for Market Capitalization or a total value of all coins (or the coin in question) in circulation.
MINING is a process of doing mathematical calculations to confirm transactions on the network and increase security.
OTC refers to Over The Counter market where an asset is traded via a dealer or broker network as opposed to an exchange.
PRIVATE KEY is a secret alphanumeric combination that is used as a password to your cryptocurrency wallet.
PUBLIC KEY or address is an alphanumeric string related to your private keys. Other people use it to send you coins.
PUMP stands for an upward price movement, usually caused by deliberate actions aimed at increasing prices, generally so it can be sold at a profit.
REKT is another misspelled word. It means a wrecked trader or investor that endured devastating losses due to the price collapse.
SATOSHI NAKAMOTO is the anonymous creator of Bitcoin.
SATOSHI is the smallest unit of Bitcoin equal to 0.00000001 bitcoin.
SHITCOIN is any coin except Bitcoin with no potential value or use at least in the opinion of the person talking about it.
SHORT is the opposite of LONG, and denotes a selling position.
SOFT FORK is a minor protocol update that is backward compatible.
SWING stands for volatile price movements, usually in a zig-zag fashion.
TA or Technical Analysis refers to reading chart patterns and trying to predict the price movements based on its previous performance using various type of tools and technical indicators.
TO THE MOON refers to the upside potential of an asset, meaning that someday its price will skyrocket to new highs, or go to the moon.
WHALE is another borrowed term, this time from the gambling industry. It stands for a person with a big account capable of creating large ripples on the market once they decide to sell or move their holdings.
Vulcan Forged Lists on AscendEX
Global cryptocurrency financial platform, AscendEX is proud to announce the listing of the Vulcan Forged token (PYR) under the trading pair USDT/PYR on Oct. 5 at 1 p.m. UTC. To celebrate the listing, AscendEX and the PYR team will launch several limited-time promotional events, offering users a chance to share pooled rewards up to 60,000 USDT!
Vulcan Forged is a game studio that has migrated to a blockchain network with more than 12 games and thousands of users. VulcanVerse is a live metaverse, combining high-quality graphics with World of Warcraft-style gameplay featuring the building capabilities of Minecraft. Their market differentiation focuses on developing successful games first and then implementing blockchain integrations second, leading to a much more engaging user experience.
Vulcan Forged has grown from a small digital art NFT platform and game studio to a multi-DApp platform, launchpad, and a top-five volume NFT marketplace. They are the second busiest client on the VeChain Network, moving from a few users to thousands with just under $3 million in NFT trading volume. Their fantasy decentralized universe VulcanVerse, backed by fantasy authors and award-winning studios, sold out in days and has already entered the alpha stage of gameplay. Vulcan Forged prides itself on removing gas and crypto fees for game developers using their platform and offers support to any third party helping turn ideas into reality. This support allows community members to create their own games on the platform quickly and affordably.
The native utility token of the Vulcan Forged platform (PYR) is a transferable representation of attributed functions specified in the protocol of the Vulcan Forged platform. PYR is designed as an interoperable utility token on the platform and across different game environments. The PYR Token is an ERC20 token that can be ported to Matic. PYR will be used as a medium of transaction settlement, staking token, and a gaming utility token within the Vulcan Forged ecosystem.
Decentralized gaming is a rapidly growing sector within the crypto space. AscendEX is pleased to support the decentralized gaming ecosystem by partnering with projects like Vulcan Forged.
About AscendEX
AscendEX is a global cryptocurrency financial platform with a comprehensive product suite including spot, margin, and futures trading, wallet services, and staking support for over 200 blockchain projects such as bitcoin, ether, and ripple. Launched in 2018, AscendEX services over 1 million retail and institutional clients globally with a highly liquid trading platform and secure custody solutions. AscendEX has emerged as a leading platform by ROI on its “initial exchange offerings” by supporting some of the industry’s most innovative projects from the DeFi ecosystem such as Thorchain, xDai Stake, and Serum.
AscendEX users receive exclusive access to token airdrops and the ability to purchase tokens at the earliest possible stage. To learn more about how AscendEX is leveraging best practices from both Wall Street and the cryptocurrency ecosystem to bring the best altcoins to its users, please visit www.AscendEX.com.
For more information and updates, please visit:
Website: https://ascendex.com
Twitter: https://twitter.com/AscendEX_Global
Telegram: https://t.me/AscendEXEnglish
Medium: https://medium.com/ascendex
About Vulcan Forged
Vulcan Forged is a game studio that moved to blockchain. It houses more than 12 games and over 100 play to earn routes. VulcanVerse is an already live metaverse with 1000s of users combining high-quality graphics with World of Warcraft (WOW) style gameplay and Minecraft building capabilities.
For more information and updates, please visit:
Website: https://vulcanforged.com/
Twitter: https://twitter.com/vulcanforged
Telegram: https://t.me/veriarti
Discord: https://discord.com/invite/vulcanverse
****
You can read about the Vulcan Forged AscendEX listing here:
Futures-based Bitcoin ETF has '75% chance of approval' in October
A Bitcoin (BTC) exchange-traded fund (ETF) has a 75% chance of being approved this month — in some form.
In comments, this weekend, senior ETF analyst for Bloomberg Eric Balchunas said that United States Bitcoin futures ETFs were “likely on schedule” for the regulatory green light.
Bitcoin futures ETFs "very much alive"
October began with the Securities and Exchange Commission (SEC) announcing a frustrating yet not uncommon delay to their decision on whether or not to approve Bitcoin ETFs.
The various applications, instead of being allowed or denied this month, will now begin to be processed in November.
According to Balchunas, however, Futures-based ETFs are more likely than not to pass muster in the coming weeks.
“Yes, the SEC has kicked can on bitcoin ETF approval BUT that is for the physically-backed ones under '33 Act,” he told Twitter followers.
Balchunas referred to SEC chair Garry Gensler, who last week hinted at a permissive stance regarding the instruments.
“Subsequently, we’ve started to see filings under the Investment Company Act with regard to exchange-traded funds (ETFs) seeking to invest in CME-traded bitcoin futures,” he said in concluding remarks at the Future of Asset Management North America Conference.
Canada's Purpose Bitcoin ETF, which got the go-ahead at the start of the year, beating the U.S. offerings, continues to go from strength to strength.
A long and winding ETF road
The history of Bitcoin ETFs has now spanned several years and seen multiple make-or-break moments in which proponents were all but certain that the SEC would grant its approval.
Originally, BTC price action could move significantly on the back of rumors tied to such events, this effect nonetheless lessening over time.
Bitcoin futures themselves won formal approval in December 2017, in time for the last few days of Bitcoin’s run-up to all-time highs of $20,000.
DeFi Technologies Announces Appointment of Diana Biggs to HIVE Switzerland Board of Directors
TORONTO , Oct. 5, 2021 /PRNewswire/ - DeFi Technologies Inc. (the " Company " or " DeFi Technologies ") (NEO: DEFI) (GR: RMJR) (OTC: DEFTF), a digital asset investment firm bridging the gap between traditional capital markets and decentralized finance, is pleased to announce that HIVE Blockchain Technologies Ltd. (TSX.V:HIVE) (Nasdaq:HIVE) (FSE: HBF) (" HIVE ") has appointed Diana Biggs , CEO of Valour Inc. (" Valour ") and incoming Chief Strategy Officer of DeFi Technologies, to the board of directors of HIVE Switzerland.
Diana is passionate about using technology for building inclusive and sustainable financial services through decentralized networks. A seasoned executive who brings deep experience in digital assets, technology, and financial services, Diana is an Associate Fellow and guest lecturer with Saïd Business School, University of Oxford . Prior to joining Valour as CEO in November 2020 , she was Global Head of Innovation for HSBC Private Banking. Previous roles include VP, Head of Growth and Partnerships at Uphold, Chief Strategy Officer of Soko, and a Management Consultant with Oliver Wyman Financial Services.
"We're thrilled to have Diana on the HIVE Switzerland board. She brings deep DeFi experience to the table and will be instrumental in helping to guide our future efforts in this exciting space," said HIVE Executive Chairman Frank Holmes .
In her new role, Diana will work closely with Johanna Thörnblad, Managing Director of HIVE's two Swedish subsidiaries, Bikupa Datacenter AB and Bikupa Datacenter 2 AB.
"I'm excited to further our partnership with HIVE, while working closely with Johanna on future opportunities in the DeFi space," said Ms. Biggs.
Valour, a wholly owned subsidiary of DeFi Technologies, offers exchange-traded products that allow investors to take concentrated positions in DeFi project tokens through a traditional brokerage account, with low or no management fees.
Under Ms. Biggs' leadership, in September 2021 Valour surpassed $200M USD in assets under management, up 2,000% in 2021. Valour currently offers ETNs in Europe that allow investors to gain exposure to digital assets including Solana (SOL), Cardano (ADA), Ethereum (ETH), Polkadot (DOT), and Bitcoin (BTC).
HIVE's Strategic Investment in DeFi Technologies
In April of 2021, HIVE completed a share swap transaction with DeFi Technologies, giving HIVE approximately 5% ownership of DeFi Technologies in exchange for approximately 1% of HIVE shares.
HIVE Switzerland is home to the majority of HIVE's Ethereum mining operations.
About HIVE Blockchain Technologies Ltd.
HIVE Blockchain Technologies Ltd. went public in 2017 as the first cryptocurrency mining company with a green energy and ESG strategy. HIVE is a growth-oriented technology stock in the emergent blockchain industry. As a company whose shares trade on a major stock exchange, we are building a bridge between the digital currency and blockchain sector and traditional capital markets. HIVE owns state-of-the-art, green energy-powered data centre facilities in Canada , Sweden , and Iceland , where we source only green energy to mine on the cloud and HODL both Ethereum and Bitcoin. Since the beginning of 2021, HIVE has held in secure storage the majority of its ETH and BTC coin mining rewards. Our shares provide investors with exposure to the operating margins of digital currency mining, as well as a portfolio of cryptocurrencies such as ETH and BTC. Because HIVE also owns hard assets such as data centers and advanced multi-use servers, we believe our shares offer investors an attractive way to gain exposure to the cryptocurrency space. HIVE traded over 2 billion shares in 2020.
About DeFi Technologies
DeFi Technologies Inc. is a digital asset investment firm bridging the gap between traditional capital markets and decentralised finance. Our mission is to expand investor access to industry-leading decentralised technologies and the future of finance. We believe that decentralised technologies lie at the heart of financial innovation. On behalf of our shareholders and investors, we identify opportunities and areas of innovation, and build and invest in new technologies and ventures in order to provide diversified exposure across decentralized finance. As a trusted partner for our clients and investors, we provide industry-leading products and top-quality research and education in this fast-growing space. For more information visit defi.tech.
Cautionary note regarding forward-looking information:
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the appointment of officers of the Company and HIVE; the growth and adoption of decentralized finance; the pursuit by DeFi Technologies and its subsidiaries of business opportunities; and the merits or potential returns of any such opportunities. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Such risks, uncertainties and other factors include, but is not limited to the growth and development of DeFi and cryptocurrency sector; rules and regulations with respect to DeFi; general business, economic, competitive, political and social uncertainties. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
THE NEO STOCK EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
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SOURCE DeFi Technologies, Inc.
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DeFi Technologies, Inc. (DEFTF) is a client of RedChip Companies, Inc. DEFTF agreed to pay RedChip Companies, Inc. a $15,000 per month cash fee, plus 50,000 Shares of Rule 144 stock, beginning on March 2nd, 2021 for 12 months of RedChip investor awareness services.
Investor awareness services and programs are designed to help small-cap companies communicate their investment characteristics. RedChip investor awareness services include the preparation of a research profile(s), multimedia marketing, and other awareness services.
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