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Wednesday, December 28, 2022
I'm Sick Of Privatization: Why Bitcoin Pizza Day Matters
I'm Sick Of Privatization: Why Bitcoin Pizza Day Matters
On October 10th, 2014, an anonymous individual took to the internet to order a pizza with 10,000 bitcoins. The transaction was completed within minutes and cost just over $10,000 at the time. Today, that same pizza would be worth over $1 million. And this is just one example of how Bitcoin has quickly become a popular currency for online transactions. What is Bitcoin? Simply put, it’s a digital currency that uses cryptography to secure its transactions and to control the creation of new units. This technology makes it difficult for anyone to counterfeit or manipulate the currency. So what does this have to do with privatization? Everything! When governments start to privatize essential services such as healthcare and education, they inevitably introduce price hikes and decreased quality. This is why we’re seeing so much anger towards privatization in recent years. On October 10th, 2014, people all around the world are coming together to fight back against privatization by using Bitcoin Pizza Day as a rallying cry. By using this day to showcase the benefits of decentralized currencies such as Bitcoin, we can help spread awareness and bring about change.
What is Bitcoin Pizza Day?
On May 22nd, 2017, Bitcoin Pizza Day was created to promote the digital currency and decentralized technology. The event encourages people to make a pizza with bitcoin as the topping. Participants can also donate bitcoin to charity.
Bitcoin Pizza Day is an annual celebration that was started in 2013 by Adam Back, a developer of the cryptocurrency. The goal of the event is to promote awareness of bitcoin and its benefits. For example, one of the benefits of bitcoin is that it is a secure form of payment that does not need approval from a third party like banks or governments.
Since its inception, Bitcoin Pizza Day has raised over $600,000 for various charities around the world including BitGive Foundation and the Water Aid Foundation. This year, there are plans to donate the proceeds from sales at participating restaurants to Feeding America and SaveTheChildren.org.
Why Is Bitcoin Pizza Day Important?
Bitcoin Pizza Day is important because it represents the growing trend of people rejecting privatization. For example, in March 2014, 500 pizzas were ordered with the intention of donating them to the homeless. The goal was to raise awareness about homelessness and show that there are people out there who are fighting for change.
Similarly, in December 2013, 600 pizzas were ordered using the same idea. This time, the goal was to raise money for charity by selling pizza for bitcoin. Once again, this was an attempt to show that people care about their community and will fight against privatization.
These are just two examples of how Bitcoin Pizza Day is important because it shows that there are people who are not afraid to stand up against privatization. It also shows that there is a growing movement of people who refuse to be ignored and want change in their communities.
The Effect of Bitcoin Pizza Day on the Economy
Bitcoin Pizza Day, which took place on February 10th, 2017, is an event that celebrates the decentralized nature of bitcoin and the fact that it can be used to purchase goods and services. The event saw a significant increase in the price of bitcoin, with some transactions reaching as high as $1,000. This shows just how important the cryptocurrency is becoming and highlights the potential that it has to impact the economy.
While there is no clear evidence yet that Bitcoin Pizza Day had any real impact on the economy as a whole, there are definitely some positive implications. Firstly, this shows that people are starting to take interest in digital currencies and see their potential. Secondly, it shows that there is a demand for goods and services using bitcoin - this could lead to more businesses adopting the cryptocurrency in the future. Finally, since bitcoin transactions are relatively anonymous, this could lead to increased spending by those who use it for illegal activities.
Conclusion
Bitcoin Pizza Day is more than just an event. It's a movement that aims to shift the focus of the global conversation about money and economic systems. It's time for us all to ask ourselves some tough questions: Why do we have to rely on centralized institutions to manage our money? What if there was a better, more democratic way? Bitcoin Pizza Day is our chance to start talking about these things – and hopefully make some progress towards finding the answers.
Tuesday, December 27, 2022
Wednesday, 28th December 2022
The Daily Spin. Wen 2023 Wednesday Edition. Yes, we are so done with 2022. Market-wide sentiment also reflects the same, awaiting for the 2023 ball to drop and things to start moving again – hopefully, in a better direction. Until then, just look at the Bitcoin price – lowest volatility in history – it’s as if the market is just in a holding pattern while people take their much needed breaks, and North America gets slammed by the “bomb cyclone” weather phenomenon. Santa really came this year, and he even launched a web3 browser to help onboard the next 200 million users. That’s exactly what we wished for, but I’m not too sure about the judge appointment for SBF… that one seems a bit dodgy. But at least they got the Mango guy. Nobody takes my mangoes without paying the price.
Bitkeep hack losses have now accumulated to $8m since the weekend. Bitcoin miners continue to be “in crisis” mode, as their profitability cycle remains inverted. The bullish TA for Bitcoin is looming neigh, most soon expecting to see the accumulation opportunity of the generation just around the corner. Astar network gets an award, Syscoin moves to build a stronger base in Asia. EVM L2 Cairo’s TVL surpasses SOL’s Rust. Argo pauses trading on the NASDAQ. TerraClassic’s MCAP gets $1bn from all that family money being thrown around during Christmas.
This is actually a jam-packed edition of the Daily Spin! We take a look at Semi-Fungible Tokens (SFTs) in detail. The TL section features a good article on Bridging and Finality, a deep thread on Synapse Protocol, and a medium article on Single-sided Cross-chain AMMs via Symbiosis v2. And last but not least, don’t forget to support the Hal Finney marathon! Here is our round-up of curated news and opinions (surely biased) from the world of Blockchain, keeping you informed over the holiday season with the most trending, in-the-know, and controversial topics. In the name of transparent, dissemination of information to keep you curious, inspired, and clinically sane…
Ongoings at Coinweb
Latest Video Release: Liquidity Pools Explained (Part I) (4mins)
https://youtu.be/Z5byW7OOMP8
KuCoin Labs launches incubation program to accelerate builders (Coinweb, DoraHacks, Ava Labs)
https://cointelegraph.com/press-releases/kucoin-labs-launches-incubation-program-to-accelerate-builders
Coinweb Festive Community Engagement Program “Joy and Cheers” is Live on all Telegram sub-channels, Dec 20 - Jan 3
“Coinweb’s Cross-chain Routing System and Eliminating Platform Risk” a Thread by Anton on Twitter
https://twitter.com/coinwebofficial/status/1602615630879985664?s=46&t=yj1lrGctwO-5NBlfjKPvUg
Toby Interviewed at the Benzinga Future of Crypto Conference, Dec 7 (New York)
https://www.benzinga.com/markets/cryptocurrency/22/12/30022360/coinweb-is-making-a-splash-as-a-leading-layer-two-platform
World Blockchain Summit, Dec 8-9 (Bangkok)
https://coinweb.io/events/its-a-wrap-for-2022-world-blockchain-summit/
It’s OK to Meetup Bangkok 2022, Nov 27 (Bangkok)
https://www.linkedin.com/posts/rukawin_thailand-blockchain-genesis-activity-7002871111134707712-YiCT?utm_source=share&utm_medium=member_desktop
Crypto AM Summit and Awards, Nov 23-24 (London)
https://twitter.com/tobycoinweb/status/1595909263263662081?s=46&t=V-EQfqnAOG7fXAWZ3sMk1Q
“Understanding the Great Crypto Tradeoff” by Toby Gilbert
https://dailyhodl.com/2022/11/16/understanding-the-great-crypto-tradeoff/
“The Time is Now for Blockchain” article on Times of Malta
https://timesofmalta.com/articles/view/time-now-blockchain-a2.994854
Toby’s full presentation at Token2049-London
https://youtu.be/pdtKx3vAs9c
Digital Assets Week, Nov 15-16
Toby joins “Tech for Institutional Grade Digital Assets” Panel with R3 and State Street
https://coinweb.io/events/london-invasion-part-2-digital-assets-week/
On the Radar
PlayToEarn Blockchain Game Awards 2022 (Public Voting Dec 1-29)
https://cryptoslate.com/press-releases/playtoearn-blockchain-game-awards-2022-announced-with-10k-in-prizes/
ArtVentureNFT “Character MOB”, Dec 23-28 (Pattaya)
World Crypto Conference, Jan 13-15 (Zurich)
https://worldcryptoconference.org/
European Blockchain Convention, Feb 15-17 (Barcelona)
Interop Summit, Feb 20-22 (Miami)
On the Block(chain)
Web3 Watch: What are Semi-Fungible Tokens and Why is Coinbase Making a Movie?
https://blockworks.co/news/web3-watch-what-are-semi-fungible-tokens-and-why-is-coinbase-making-a-movie
Billionaire Mark Cuban Says He’s Looking To Buy Bitcoin (BTC) – But There’s a Catch
https://dailyhodl.com/2022/12/27/billionaire-mark-cuban-says-hes-looking-to-buy-bitcoin-btc-but-theres-a-catch/
Gold bug Schiff fires back at Cuban over ‘dumb as f*ck’ comment
https://cryptoslate.com/gold-bug-schiff-fires-back-at-cuban-over-dumb-as-fck-comment/
BitKeep Hack Gets Worse: Over $8,000,000 Worth of Ethereum (ETH), Binance Coin (BNB), Tether (USDT) and DAI Stolen in Crypto Wallet Hack
https://dailyhodl.com/2022/12/27/over-8000000-worth-of-ethereum-eth-binance-coin-bnb-tether-usdt-and-dai-stolen-in-crypto-wallet-hack/
Research: The Antminer profitability crisis
https://cryptoslate.com/the-antminer-profitability-crisis/
U.S. officials arrest and charge Mango attacker
https://cryptoslate.com/u-s-officials-arrest-and-charge-mango-attacker/
The bullish case for Bitcoin as 2022 comes to an end
https://cryptoslate.com/the-bullish-case-for-bitcoin-as-2022-comes-to-an-end/
Bitcoin volatility index hits historic all-time low
https://cryptoslate.com/bitcoin-volatility-index-hits-historic-all-time-low/
Competitive Landscape
Astar Network Named ‘Product of the Year’ at the JBA Annual Blockchain Award
https://dailyhodl.com/2022/12/23/astar-network-named-product-of-the-year-at-the-jba-annual-blockchain-award/
Syscoin Signs Major Deal To Boost Web 3.0 Development in Asia
https://dailyhodl.com/2022/12/21/syscoin-signs-major-deal-to-boost-web-3-0-development-in-asia/
TRON DAO Joins The Enterprise Ethereum Alliance
https://dailyhodl.com/2022/12/27/tron-dao-joins-the-enterprise-ethereum-alliance/
Santa Launches Its Rewarded Browser This Christmas To Bring In the Next 200 Million Users Onto Web 3.0
https://dailyhodl.com/2022/12/26/santa-launches-its-rewarded-browser-this-christmas-to-bring-in-the-next-200-million-users-onto-web-3-0/
Pudgy Penguins NFTs Break All-Time Highs With Holiday Rally
https://www.coindesk.com/business/2022/12/27/pudgy-penguins-nfts-break-all-time-highs-with-holiday-rally/
Ethereum L2 language Cairo’s TVL surpasses Solana’s Rust
https://cryptoslate.com/ethereum-l2-language-cairos-tvl-surpasses-solanas-rust/
Terra Classic regains $1B market cap following Boxing Day surge
https://cryptoslate.com/terra-classic-regains-1-billion-market-cap-following-boxing-day-surge/
World
Putin bans Russian oil exports to countries that implement price cap
https://www.reuters.com/business/energy/putin-bans-russian-oil-exports-countries-that-imposed-price-cap-decree-2022-12-27/
FTX ex-CEO Sam Bankman-Fried’s criminal case assigned to Bill Clinton-appointed judge, Lewis Kaplan
https://cryptoslate.com/ftx-ex-ceo-sam-bankman-frieds-criminal-case-assigned-to-bill-clinton-appointed-judge-lewis-kaplan/
US to investigate $372 million stolen in FTX exploit post bankruptcy
https://cryptoslate.com/us-to-investigate-372-million-stolen-in-ftx-exploit-post-bankruptcy/
Less than 0.5% Nigerians have used the country’s CBDC e-Naira a year after its launch
https://cryptoslate.com/less-than-0-5-nigerians-have-used-the-countrys-cbdc-e-naira-a-year-after-its-launch/
Argo blockchain to suspend trading on NASDAQ for 24 hours
https://cryptoslate.com/argo-blockchain-to-suspend-trading-on-nasdaq-for-24-hours/
“Running Bitcoin” half marathon will commemorate Hal Finney
https://cryptoslate.com/running-bitcoin-half-marathon-will-commemorate-hal-finney/
Southwest cancels thousands more flights; U.S. government vows scrutiny
https://www.reuters.com/world/us/southwest-cancels-thousands-more-us-flights-weather-stays-bitter-2022-12-27/
Chinese hospitals 'extremely busy' as COVID spreads unchecked
https://www.reuters.com/world/china/chinese-hospitals-extremely-busy-covid-spreads-unchecked-2022-12-28/
Thought Leadership
Holding Tech Accountable: Best Of Forbes Tech 2022
https://www.forbes.com/sites/rashishrivastava/2022/12/26/best-of-forbes-tech-2022/?utm_medium=browser_notifications&utm_source=pushly&utm_campaign=2565503&sh=1df48f6c94ba
JPMorgan Strategist Says Crypto Is ‘Non-Existent’ in Portfolios of Institutional Investors: Report
https://dailyhodl.com/2022/12/26/jpmorgan-strategist-says-crypto-is-non-existent-in-portfolios-of-institutional-investors-report/
Bridging and Finality: An Introduction
https://jumpcrypto.com/bridging-and-finality-an-introduction/
Deep Thread On Synapse
https://twitter.com/ReflexivityRes/status/1604944662132826113?utm_source=substack&utm_medium=email
The Apotheosis: single-side cross-chain AMM pools, extreme efficiency, and Symbiosis v2
https://medium.com/symbiosis-fi/symbiosis-v2-2ae3b815c133
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Roadmap and plans for development in 2023 of the Chain Joes gaming platform.
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Institutional Crypto Predictions For 2023: Ethereum, BTC, L2s, NFTs
https://newsbtc.com/wp-content/uploads/2022/12/ETHUSD\_2022-12-27\_09-05-44.png
No less than three renowned crypto institutions have recently given their predictions for the coming year 2023 – and there seems to be one favorite: Ethereum. Other main themes for Coinbase, Darma Capital, and Cumberland include the migration of investors to quality projects, the burgeoning innovation from creative destruction, and some fundamental reforms for the crypto industry as a whole.
The largest U.S. cryptocurrency exchange, Coinbase, estimates that crypto markets will not yet decouple from traditional financial markets in early 2023, with investors focusing on quality projects with sustainable tokenomics and mature ecosystems with liquidity.
Coinbase Predicts Ethereum Ecosystem To Flourish
Coinbase also predicts that the market for layer-1 competitors to Ethereum is oversaturated and that the coming year could be the year of layer-2 blockchains. Thus, Ethereum’s competitors will have a tough time, according to Coinbase. While ETH and the Binance Smart Chain (BSC) will hold up well, TVL will migrate to layer 2 solutions such as Polygon, Optimism, and Arbitrum.
Coinbase also predicts another boom for NFTs, which will see an evolution to integration with personalized IDs, ticketing, subscriptions, real-world assets (RWA) tokenization, and supply chain logistics. In addition, more companies will integrate NFTs for brand building and customer engagement.
As a result of human error in the demise of FTX and other projects in 2022, the American exchange expects regulatory clarity to be critical to the next cycle. Perhaps surprisingly, to some, Coinbase also says institutional lending will sprout and flourish in 2023 with improved due diligence processes – once the bottom is reached.
As for the largest cryptocurrency by market cap, Bitcoin, Coinbase predicts that Mt Gox distribution will not be the big event in 2023, as some analysts claim. Those who wanted to sell have already sold. Moreover, the distributions will be staggered.
With regards to Ethereum, Coinbase shares a bullish outlook due to the Merge. ETH is able to be more efficient as a result of the move to proof of stake and is also deflationary. Moreover, the U.S. exchange predicts that the amount of liquid ETH will continue to decline once withdrawals from the deposit contract are possible after the Shanghai hard fork.
Darma Capital Predicts ETH To Outperform Bitcoin
Just like Coinbase, Darma Capital views the Ethereum Merge as a key development that will have a positive impact on the ETH price. The same goes for the Shanghai hard fork, which will lead to increased ETH staking.
On a technical level, Darma sees proto-danksharding as a game-changer for ETH, while it expects innovations from Lido Finance and Obol Network. Fundamentally, Darma predicts that L2s will be key to adoption by the next wave of consumer-facing applications, mentioning Arbitrum, Optimism, and Immutable.
“Vaporwave Chains” like EOS and Cardano will die out as they lose mainstream interest due to lack of on-chain adoption, Darma says.
The forecast for Bitcoin is not rosy either. According to the institution, BTC will lose market share to altcoins while Ethereum will accomplish the “flippening.” Responsible for this, according to Darma Capital, could be a lack of utility, ESG concerns, and a “failure as a digital gold.”
In general, the digital asset risk management advisor expects that the macroeconomic situation will result in a freeze on interest rate hikes by the U.S. Federal Reserve until the second quarter of 2023. Consequently, the crypto market will see another bull run in Q3 2023.
Three Emerging Narratives
Cumberland DRW LLC expects challenging market conditions and clear regulatory frameworks in 2023 that will lead to innovative solutions. With this in mind, retail investors will focus on exchanges that can score with transparency, spot trading without prefunding, ISDAs & CSAs, the institution says.
As three emerging narratives, the company identifies Bitcoin and Ethereum as reserve currencies, NFTs for IP tokenization, loyalty programs, and customer engagement, specifically citing MATIC, LOOKS, XMON, and GameFi.
At press time, the Ethereum (ETH) price stood at $1,218.
Featured image from Moritz Knoringer / Unsplash, Chart from TradingView.com
Fidelity plans NFT marketplace and financial services in the metaverse
Investment giant Fidelity Investments has filed trademark applications in the United States for a host of Web3 products and services, including a nonfungible token (NFT) marketplace and financial investment and crypto trading services in the metaverse.
This is according to three trademark filings submitted to the United States Patent Trademark Office (USPTO) on Dec. 21, which was highlighted by licensed trademark attorney Mike Kondoudis in a Dec. 27 tweet.
One of the key areas of the firm’s focus appears to be the metaverse, with Fidelity indicating that it could offer a wide range of investment services within virtual worlds including mutual funds, retirement funds, investment management and financial planning.
It also appears that metaverse-based payment services could be in the works, including electronic bill payments, fund transfers and the “financial administration of credit card accounts in the metaverse and other virtual worlds.”
In terms of crypto, the filings indicate that the firm could launch trading and management services in the metaverse, along with providing virtual currency wallet services.
“Electronic wallet services in the nature of electronic storage and processing of virtual currency for electronic payments and transactions via a global computer network; digital currency, virtual currency, cryptocurrency digital token,” the filing reads.
_Fidelity Investments Trademark filing: USPTO_Additionally, Fidelity outlines that it could offer educational services in the metaverse in the form of “conducting classes, workshops, seminars and conferences in the field of investments and in the field of marketing financial services.”
“Providing business information to financial service providers by means of an internet web site, in the field of business marketing in the metaverse and other virtual worlds; referral services in the field of investment advice and financial planning in the metaverse and other virtual worlds” one filing reads.
NFTs are also in Fidelity's plans, with the investment manager stating that it could launch an “online marketplace for buyers and sellers of digital media, namely, non-fungible tokens,” however further details on such are sparse.
Related:Current infrastructure can't support the metaverse, says Huawei report
The latest filings from Fidelity show that the firm has not been spooked by the intense bear market in 2022 and recent FTX implosion, and is instead looking to increase its exposure and offerings in Web3.
The firm essentially outlined as such and called for stronger regulation when responding to a Nov. 21 letter from crypto-hating senators Elizabeth Warren, Tina Smith and Richard Durbin, which had called on Fidelity to reconsider its Bitcoin (BTC) retirement products due to the “volatile, tumultuous and chaotic” nature of crypto assets.
A Fidelity spokesperson told Cointelegraph at the time that the company "has always prioritized operational excellence and customer protection" and noted that "recent events" in the crypto industry have only "underscored the importance of standards and safeguards."
It is also worth noting that back in October, Fidelity was reportedly looking to beef up its crypto unit by hiring 100 new staff members, a stark contrast to a number of crypto firms that have laid off a significant amount of employees this year.
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