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Wednesday, July 27, 2022
MT Gox. Ltd Exchange Abandoned? returns 150K bitcoins creates the whale effect...
After eight years of being on the hook, creditors of the reputed, defunct bitcoin (BTC) exchange might soon receive at least a portion of their losses. While that may sound like good news at a time when the cryptocurrency market could use some, some people are concerned about the possibility of Mt. Gox customers selling their recently recovered BTC. Such concerns might be exaggerated, but the situation warrants monitoring.
Was Mt. Gox an exchange cryptocurrency company or what?
Between 2010 and 2014, Mt. Gox was established as a Tokyo-based cryptocurrency exchange able to operate. At its peak, it was involved in more than 70% of all Bitcoin transactions.
The exchange is sometimes referred to as MtGox or MtGox, even though it is more frequently known as Mt. Gox. The exchange declared bankruptcy in 2014, but litigation and false accusations about it held firm for years.
Initially, it served as a platform for online card trading among fans of the card game "Magic: The Gathering."
Mt. Gox, short for "Magic: The Gathering Online Exchange," was coined. In 2011, Mark Karpeles acquired the website in exchange for revenue for six months. Karpeles progressed to become CEO and the largest shareholder.
At its peak, Mt. Gox was considered the greatest Bitcoin exchange on the planet. It maintained between 70% and 80% of the trading volume.
Due to the sheer volume of transactions it processed, Mt. Gox had a disproportionate influence on the market activity for bitcoin. For instance, it stopped trading for several days in 2013 to stabilize the market.
Also read Whale effect on Solend, how it affects Crypto-Market.
In 2014, the largest Bitcoin exchange in the world at the time went bankrupt after being hacked and having $500 million worth of cryptocurrency stolen.
Karpeles wants MT GOX. to become the Moody of the cryptocurrency world by making it the first global rating agency for cryptocurrency exchanges.
More than 200,000 Bitcoin and Bitcoin Cash were held by the estate in which Mt. Gox’s assets were put. Mt. Gox trustee Nobuaki Kobayashi extended the deadline for submitting claims to March 31, 2020. There was conjecture that Russian hackers were responsible for the theft and that some of the stolen Bitcoins may be recovered. CoinLab, a major creditor of Mt. Gox, has continued to pursue its multibillion-dollar breach of contract action against the company. Mark Karpeles, the CEO of Mt. Gox, was found guilty of manipulating data in order to inflate holdings in 2019.
So what's happening now?
Even though their Bitcoin is now worth less than half of what it was six months ago, let alone just a few months ago when it was worth more than three times what it is now, their return on investment is still respectable given that it was less than INR 80,000 before Mt. Gox closed.
The Rehabilitation Trustee is currently getting ready to make payments (the "Repayments") in accordance with the rehabilitation plan that has been approved and whose confirmation order by the Tokyo District Court.
The abundance of Bitcoins on the market and the eagerly anticipated Ethereum merger in August have sparked rumors about the "Flippening," a term used in the cryptocurrency industry to describe the fictitious event when Ethereum surpasses Bitcoin to become the largest cryptocurrency in terms of market capitalization.
Casein maintained his skepticism, stating that despite a close correlation between the two cryptocurrencies, it is impossible to predict the impact of the switch to Ethereum 2.0 in advance.
Accounts for the exchange's bitcoin-
Mt. Gox only holds around 141,686 BTC, 142,846 bitcoin cash (BCH), and 25600 Crore INR (~$3.2 billion). So instead of a one-time 850,000 BTC liquidation, a worst-case scenario would look like this: 100% of creditors opt for the trustee to liquidate, and the trustee opts to do that all in one fell swoop and sell 141,000 BTC. That represents 8.8% of the total daily exchange volume.
It also suspended all trading and went offline in February 2014 after losing about 850,000 Bitcoin valued at about $500 million at the time. Some of its holdings have subsequently been found. The coins are currently valued at more than INR 16800 Crores, based on Bitcoin trading at close to $21,000.
The only requirements were for McCaleb to receive a 12 percent stake and for Karpeles to give him a six-month revenue share of the exchange in exchange. Mt. Gox joined Tibanne, a web hosting, and development company that Karpeles had established in 2009.
The only conditions were that Karpeles had to share the exchange’s revenues with McCaleb for six months, not hold him legally responsible for any problems and give him a 12 percent stake.
Conclusion
Customers of Mt. Gox may actually turn out to be luckier than those whose investments vanished during the recent market crash.
Keep those who invested their savings in the worthless algorithmic stablecoin Terra in your thoughts, as well as those whose money was entangled in other recent collapses.
It also now shows that MT. Gox, the people invested in it would get their cash as BTC in the accounts.
This worries people about its effects on the market have been anticipated for a while. Maybe a whale effect would be in action again. The price of Bitcoin at the time was a small portion of the current 20,900 BTC, which raised concerns that recipients could instantly sell significant amounts of BTC on the market, pushing prices.
Kobayashi would need to do the repayments to the official board members.
Tron producer Donald Kushner creates Web3-inspired Cryptosaurs NFT collection
"NFTs can aid in the documentation of the creator community through smart contracts," said Kushner.
It's been 40 years since the classic sci-fi adventure film Tron hit movie screens around the world. Produced by Donald Kushner and released by Walt Disney Productions, its highly original futuresque concept made history by revolutionizing the use of computer animation in film while introducing audiences to one of the earliest interpretations of a digital metaverse.
Reflecting on the movie's success, Donald Kushner sat down with Cointelegraph reporter Sean Moore to discuss the success of the film, his new nonfungible token project Cryptosaurs and his thoughts on the future of the metaverse.
Cointelegraph: How do current metaverse implementations compare to what you may have envisioned during the creation of the original Tron film?
Donald Kushner: This is exactly what we envisioned — that the personal computer would overtake that of the mainframe computer. Games and intellectual property would become engines of wealth in a global creator community, and we'd see a battle between centralized and decentralized control of intellectual property, between an ownership economy and a creator economy.
But Kushner has also kept himself up-to-date on navigating the next wave of the digital revolution. "My colleague Mike Bonifer and I invested in crypto in 2018 as a learning experiment. It was his idea. Mike is a quantum storyteller who began as the publicist on Tron and wrote the book The Art of Tron."
As told by Kushner, Bonifer believed that films and streaming content could be financed by crypto and "pre-collectible NFTs." So in 2021, Kushner and Bonifer, along with industry veteran John Scheele, came together to form Gumbotron — a Web3 studio dedicated to Metaverse storytelling.
The firm's newest NFT project Cryptosaurs, developed in conjunction with Forj and Animoca Brands, features collectible digital dinosaur NFT characters, starting with an egg drop in Fall 2022. Each egg is a mystery box containing a line of code. A "gene randomizer" determines a sequence of "freeze-or-hatch" events in early 2023, in which holders of the eggs will be awarded a particular species of Cryptosaur with different uses in the Metaverse. The production team's goal is for holders of the Cryptosaur characters to eventually showcase their NFTs in play-to-earn games, fine art, feature films, virtual reality exhibits, as Metaverse avatars and in other forms of media.
The idea for Cryptosaurs came from the childhood experiences of co-founder John Scheele, who also worked on Tron as a visual effects artist. Scheele's father was the director of the Cleveland Museum of Natural History for 40 years, and family vacations consisted of dinosaur digs. And so, fellow co-founder Mike Bonifer pointed out: "If we can get John to recall the wonder he had as a child on those dino digs, we will have a story."
#blockchain #nonfungible #gamefi #metafi #defi #bitcoin #playtoearn #tron
How to Become a Blockchain Developer? Heres what you need to know!
Blockchain is one of the top emerging technology domains in the current scenario of the IT world. Statistically, the global market of blockchain technology is all set to grow around $20 billion by the year 2025. Meanwhile, Blockchain is not only about Bitcoin but it is something much more enormous than that and the technology is revolutionizing the functioning of the digital world in a more secure and efficient manner. There are various IT giants like Samsung, IBM, Capgemini, etc. that offer ravishing career opportunities for Blockchain Professionals and you can consider becoming a Blockchain Developer to build a worthwhile and successful career!
Blockchain Developers can be majorly classified into two types- Blockchain Software Developer and Core Blockchain Developer. Let’s take a look at the roles & responsibilities of both the profiles:
Core Blockchain Developer:
- Design the Blockchain protocols and consensus protocols.
- Design & monitors the network architecture
- Implement various blockchain features & functionality, etc.
Blockchain Software Developer:
- Develops APIs for blockchain integration
- Develop the frontend & backend of Decentralized Applications
- Develop & Implement Smart Contracts, etc.
1. Start with the Academics
First and foremost, you’re recommended to have an academic background in Computer Science / Information Technology field. You can opt to earn a Bachelor’s or Master’s degree in a particular stream. However, it is not compulsory to have any specific academic background for becoming a Blockchain Developer but it will help you to understand the fundamentals and will lay your foundation to learn Blockchain Technology effectively. Apart from the degree programs, you can opt for several recommended training programs, etc. to get more exposure in the particular technology. Furthermore, almost every IT giant demands these educational qualifications as prerequisites hence it’ll help you to get some ravishing career opportunities as well.
2. Get Proficient with required Tech Skills
Before getting into the Blockchain Development Domain, you’re required to become proficient with several prerequisites technical skills. Let’s take a look at these tech skills:
- Programming Languages: You’re required to learn the programming concepts (especially OOPs concepts) to become a Blockchain Developer. The sound knowledge of programming languages will help you to develop applications for blockchain and various other tasks conveniently. You can opt for programming languages like Java, C++, Python, etc.
- Data Structures: Along with the programming languages, you’re required to command over the Data Structure concepts as well. Data Structures are used by Blockchain Developers to develop the immutable and efficient system. You’re required to have a thorough understanding of various data structures such as linked lists, binary trees, heap, hashing, graphs, and many more.
- Databases & Networking: Furthermore, you’re also required to have some fundamental knowledge of Databases & Networking concepts to start your Blockchain Developer’s journey. It’ll help you to understand the mechanism of distributed systems and other crucial concepts for Blockchain Development.
- Cryptography: Cryptography is one of the must-have technical skills to become a Blockchain Developer. You’re required to learn about various Cryptographic concepts such as digital signatures, hash functions, RSA algorithm, and many more to lay your foundation for the Blockchain Development.
Moreover, apart from these tech skills, you’re required to be familiar with the web designing and development process as it is one of the core aspects of Blockchain Development and will help you while developing Dapps, handling APIs, etc.
3. Understand the Basics of Blockchain
Once you’ll get done with the prerequisite tech skills, now you’re required to understand the fundamentals of Blockchain Technology. You need to know about blockchain technology in detail such as its working, applications, etc. You’re required to have a sound knowledge of Blockchain architecture and understand the concepts like Consensus, Hash functions, Distributed ledger technology, etc. Furthermore, you need to learn about Bitcoin and other crucial concepts such as public and private approaches, Decentralization, and many more. You can opt for various online and offline resources such as tutorials, journals, training & sessions, etc. to get a clear understanding of Blockchain technology.
4. Learn about Cryptonomics
Now let’s move to another crucial aspect for getting into Blockchain Development – Crytponomics!! The word ‘Cryptonomics’ is generated by combining the two terms – Cryptography & Economics. It is concerned with the process of understanding the economical concepts and methodologies behind the cryptocurrencies. You’re required to learn about various crucial concepts such as transaction fees, mining, transaction lifecycle using Bitcoin, and many more to cover the Cryptonomics curriculum. However, Cryptocurrency is just a minor part of entire blockchain technology but you need to understand its mechanism in detail to understand the fundamentals of blockchain.
5. Get Knowledge of Ethereum and DApps
Here comes one of the most prominent parts of Blockchain Development – Ethereum. Ethereum is an open-source decentralized Blockchain network that is used for running smart protocols and allows developing Smart Contracts & Distributed Applications (DApps) without the usual issues like downtime, fraud, third-party interference, and various others. Meanwhile, Decentralized Applications are the software systems that are developed on blockchain platforms such as Ethereum, etc. Moreover, there are several other renowned platforms as well like EOS, Hyperledger, etc. that can be considered for Blockchain but you’re recommended to start your journey with Ethereum due to its versatile functionalities.
6. Learn about Smart Contracts & Solidity
Let’s dive deeper into the domain of Blockchain and learn about other required concepts such as Smart Contracts, Solidity, etc. When it comes to Smart Contracts, it is concerned with the protocols or instructions that are used for automation purposes and there is not any third party interference in this transaction event. Smart Contracts work on 3 major components – Deterministic, Terminable, and Isolation. Furthermore, Solidity is a statically typed, high-level language used to write smart contracts and is majorly influenced by JavaScript. There are several other specific languages as well for writing smart contracts such as Vyper, Simplicity, and many others.
7. Get Some Hands-On Experience
Now what you need to do is gain some hands-on experience in the Blockchain Development domain. It’ll help you to implement all your theoretical learning into the practical world to gain more exposure and become more proficient with the particular technology and respective tools & platforms. You can prefer to write smart contracts, develop your own Dapps, etc. Also, you can apply for various internship or training programs as there you’ll get all the required resources and the environment. Moreover, you can join several recommended discussion groups such as Reddit Forums, Stack Exchange, etc. to connect with the Blockchain professionals and get some useful insights & information.
Furthermore, after going through the above-mentioned skills and approaches, you can opt for several relevant certifications such as IBM Blockchain Certification, Certified Blockchain Solution Architect (CBSA), etc. These certifications will not only help you to analyze and validate your learnings & skills but can also land you various ravishing career opportunities in the particular domain. Moreover, there are several most recommended books mentioned below that you can consider for making your journey of becoming a Blockchain Developer more worthwhile and convenient:
- The Blockchain Developer by Elad Elrom
- The Book of Satoshi by Phil Champagne
- Blockchain Revolution by Don and Alex Tapscott
- The Basics of Bitcoins and Blockchains by Antony Lewis
Farms are buying ETC to keep protitavility high
100% month before supposed MERGE and ETC is only $27 per coin. At this price Short Squeeze is very viable and price can be manipulated up to $80. I doubt merge will happen, however Vitaly Buterin insinuates that ETC is viable PoW blockhain after merge. What you guys think? Can ETC be in top of 8 highest market cap coins?
tltd: world's largest #Bitcoin mining pool #AntPool announced a $10 million investment in the #EthereumClassic (#ETC ) ecosystem at an event last night.
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