Cardano Daily Discussion - October 21, 2022

Hello everyone,

Welcome to the Cardano Daily Discussion!

The standard sub rules apply here (see sidebar), with the exception that price discussion is allowed in this thread, though we encourage you to try not to make this the focus and talk about the project itself. Please ask questions, help others and be civil - be sure to get involved in Project Catalyst too!

If you're new, please make sure you're read through the newbies guide and share it with others (use the ?newbies comment command to reference it).

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⚠️ Scam Warning ⚠️

Please read the Cybersecurity guidelines for Cardano Users.

There are ongoing giveaway scams on youtube and many scammers lurking in Cardano's social channels impersonating ambassadors/moderators/official staff contacting users via direct messages.

For example, searching 'cardano' on youtube and sorting by most recent upload date shows several giveaway scams running (all videos in screenshot are scams):

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Ongoing 'giveaway' scams on Youtube

The youtube scams are automated; use stolen footage usually of Charles Hoskinson and are restreamed so to appear to be 'live'; appear to have many watchers (which are bots); use bought hacked channels and are edited to appear like official channels.

Do not be fooled!

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To be clear:

• ⚠️ There is no such thing as a Cardano giveaway
• ⚠️ Never share your seed phrase with ANYONE
• ⚠️ Never send ADA to someone promising to send you more ADA back
• ⚠️ You will never be contacted by ambassadors/moderators/staff

Please report scams on the Cardano Fraud Detection Bureau.

⚠️ Scam Warning ⚠️

Bitcoin/Crypto from Capitalism v Socialism pov (Richard Wolff has entered the chat)

'Karl Marx would see bitcoin as a revolutionary tool to upend capitalism'

https://news.yahoo.com/karl-marx-bitcoin-revolutionary-tool-capitalism-crypto-mile-072727613.html

Dr Wolff Interviewed

about the blockchain's potential to democratise the workplace and lead to less work and more leisure unless it is "subordinated by the present capitalist economic structure".

His views:

"When it comes to crypto, Marx would say it is a distraction, but it also carries the seed of something beyond the mind-numbing condition that capitalism has brought us," Professor Wolff told Yahoo Finance.

"Bitcoin could be part of a revolutionary agenda.

"But it would have to be struggled for, because there are powerful forces that want it to be nothing of the sort, and would want it to be another servant of the same system."

Professor Wolff described the latest rush to own crypto-assets as "correlating with record sales of lottery tickets".

Somehow I doubt his take on Marx's views (I mean other Marxists would disagree with Dr. Wolff here).

But this brings us to where Bitcoin stands in this debate.

In the unlikely event crypto moves to the next stage (large-scale real adoption of government-less P2P currency, etc), is that good for capitalism? Can it lead to true capitalism, corrupt capitalism, socialism, etc? Will it be good for society?

What’s Next for Crypto: The Latest News, New Podcasts, Events, And More

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Currently, government inflation and interest rate announcements seem to be the main driver of Bitcoin and Ethereum prices. It’s a cycle that the market has been locked into all year, with the 6-weekly meetings of the Fed being the main culprit.

The media are predicting ever-higher inflation numbers, and in turn, higher interest rates. Because crypto is what’s termed an on-risk asset, the threat of higher interest rates and their dampening effect on the economy tends to trigger a sell-off in anticipation of the Fed’s announcement. The Fed then release its commentary on the economy and its interest rate guidance. The market gets used to it, and prices adjust.

From a wealth-building point of view, what’s key to note is the influence government policy has on Bitcoin and Ethereum, just like the stock market. This intimate correlation with the wider macroeconomic environment we’re seeing, shows crypto’s growing role in the mainstream financial markets.

Bitcoin update

Bitcoin had a wild ride last week, starting with selling pressure pushing down to a low of $18,183 and then rocketing back up to a high of $19,947 within 14 hours. The price subsequently consolidated just above $19,000 at the weekend to return a small drop of -0.88% week on week.

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Dacxi’s market analysis is produced in partnership with Zerocap, a leading market analyst and crypto asset trader.

Ethereum update

Ethereum (ETH) began the week in the red as the market de-risked ahead of key US economic data. Then, despite a better-than-expected figure, the market displayed little reaction (likely a result of the impending CPI release) which as we mentioned in the introduction to this newsletter is a strong market driver. In the hour prior to the release, ETH dropped as much as 6.6%, then following a better-than-expected figure, it made a rapid 12.93% gain. Following the strong move, the market experienced sideways price action for a weekly close at $1,305.8 for a -1.34% return week on week.

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Dacxi’s market analysis is produced in partnership with Zerocap, a leading market analyst and crypto asset trader.

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DACXI EVENTS

Understanding Global Crowdfunding: What You Need to Know

https://preview.redd.it/884wh7cwm1v91.png?width=720&format=png&auto=webp&s=950ecf7b8eee8d6b7a3639bfdd15150202cd5455

What could the next era in innovation funding mean for you?

Join us on November 3rd for an insight-packed fireside session on everything you need to know about the next stage in global crowdfunding, and what it will mean for the future of the innovation landscape.

You’ll learn:

• What is global crowdfunding?
• How will global crowdfunding work in the future?
• How will Dacxi Chain help lead this change?

Time: 7:00 pm AEST / 9:00 am BST.

Secure your spot here.

Dacxi Chain podcast

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https://preview.redd.it/s5fhn5eym1v91.png?width=720&format=png&auto=webp&s=3c7b80258dc35f8f88c030f9a55a840df5c2b202

How can blockchain democratize innovation and solve the biggest challenges facing global crowdfunding?

We started a podcast to answer just that.

Hosted by crypto expert Andy Pickering, say hello to Unleashed. In our newest series, we connect with thought leaders from across the industry to discover how this technology is changing the world.

• Why the world needs the Dacxi Chain. In our debut episode, Ian Lowe dives into the potential of global crowdfunding and why a blockchain-based ecosystem will be a game changer. Listen here.
• The current state of early-stage funding. In this episode, we’re joined by Colin Kleine, co-founder, and CSO of Scalerr, an advisory company that helps tech start-ups scale globally. Andy and Colin discuss the economic benefits of a thriving innovation sector and how to maximize your value for money from investors. Listen here.

Tune in and let us know what you think!

Will Bitcoin Tank Following The Charles Schwab Indicator? Do BTC Investors Need To Worry?

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The crypto market is giving investors no hope of recovery as the price of Bitcoin returns from its recent gain. In the meantime, futures trading remains the best way to gain from the crypto ecosystem.

Experts in the crypto world revealed that the current market situation results from several macroeconomic factors. These factors include the ongoing war between Ukraine and Russia and inflation. In addition, governments’ expenses have also increased since the break of the Covid-19 up to now.

Another notable factor is the interest rate hikes of the Fed and European Central Bank (ECB). Unfortunately, for now, only imagination can speak for most crypto investors.

Charles Schwab’s Affect On Bitcoin Price Bitcoin has witnessed some gains in the past few days, which looked like a good sign for a green market. But in the last 24 hours, it dropped again by 1.39%. Bitcoin currently trades at $19,215.63 at the time of writing.

Bitcoin might slide below $19,000 l BTCUSDT on Tradingview.comAccording to Charles Schwab, this might be the beginning of another dip in the crypto market due to the anticipated recession. As a result, he warns investors that they should prepare for another bearish movement in the crypto market.

Possibility of The Recession Charles Schwab’s Chief Global Investment Strategist, Jeffery Kleintop, revealed the possibility of the predicted recession. He stated that a significant global economic indicator has dropped to a critical level.

He explained that the OECD leading indicator is currently at a dangerous area, below 99. This is a clear indication of a global recession. He pointed to some past instances when the index dropped below this territory.

According to him, the global economic recession that took place in 2020 was a result of Covid-19. His instances dated far back to mid-1970 and 1974, late 1981 and 1990, and early 2002 and 2008.

The leading indicator revealed significant unsteady business activity and a shift in the broader economy. The present level of the OECD indicator also shows that the consumer confidence index is worse than some past events. These include the subprime mortgage crisis in 2008 and the global pandemic in 2020.

Some organizations, like the World Bank, have also predicted a recession in 2023. It stated that the expected recession is due to the hawkish policy of the European Central Bank and that of the Fed.

BTC Performance During Recession There’s no confirmation regarding the possible movement of Bitcoin during the expected recession. However, chances are that it could appreciate as a result of quantitative easing. But this is only possible if the Fed pulls off a strategy to handle the demand slowdown.

On the other hand, it’s also possible for BTC to dip even further due to the recession. The main reason is that stock markets barely perform well during the recession, and Bitcoin is no exception.

Featured Image From Pixabay, Charts From Tradingview

Bitcoin is stuck in the $19,000-$20,000 range. Ethereum rate fell below $1.3 thousand.

Bitcoin was supposedly due for a recovery rally in the traditionally bullish October. However, this has not yet happened, as sophisticated investors continue to invest in the United States dollar (USD). The dollar has consistently been the most sought-after asset since July thanks to the Federal Reserve's continued efforts to control inflation with unusually large interest rate hikes that have raised the benchmark interest rate by 300 basis points in six months. The tightening of the Fed's policy has dealt tangible risky assets, including cryptocurrencies, and led to a rise in the dollar.

The main altcoin failed to gain a foothold at the psychological mark of $1.300. The price of the token has fallen by 5% over the past two weeks. It lost 2.5% in a day, the decline in two weeks was more than 5%. Token is trading at around $1.290. Over the past month, the token was trading in the range of $1.200 - $1.400, gradually approaching the lower limit.

Ripple fell 3% to $0.45, Cardano dropped 3.1% to $0.35 and Solana fell 2.8% to $29.75. The total market capitalization decreased by 1.9% over the day to $956 billion.

The Fed's rate hike cycle could end in February, paving the way for markets to cut or sell the dollar. However, the chances of such a development of events are vanishingly small. The relative economic strength and energy self-sufficiency of the US may continue to stimulate demand for the dollar even after the Fed stops raising rates. In addition, seasonal trends show that the first quarter is usually positive for the dollar. Coincidentally, Bitcoin's previous bull cycles peaked in December, paving the way for a price crash in the first quarter. And while the bear market of 2018 calmed down in the last month of the year, the bulls remained at the helm in the first three months of 2019 - a seasonally bullish period for the dollar.

Against this background, investors need to invest fiat and cryptocurrency assets in projects that provide a stable income that obviously exceeds inflationary expectations and does not fall under any sanctions, blocking and confiscation. The ASTL project is a simple and elegant solution for potential investors - an investment in the development of the real sector of a diversified portfolio of cryptocurrencies, with a fairly high ROI (up to 18%) with payments in stablecoin (USDT).

In addition, from 17.10 to 23.10, the ASTL investment project is holding a promotion in honor of the first half of the successful work of the investment project. This week we are giving you a unique opportunity to receive an additional bonus to the accrual of tokens corresponding to your initial investment. That is, we immediately increase the amount you invested in ASTL by 5%. More information about the proposals of the ASTL investment project can be found on the website https://astl.io.