roadrunner

PRESS RELEASE. EverRise, the DeFi project that introduced the concept of buybacks in cryptocurrency, is going live with an upgraded version 2 contract on Monday, November 29th at 11:00 pm UTC. The new RISE token will be available on the Binance Smart Chain, Ethereum, and Polygon networks through PancakeSwap, UniSwap, and QuickSwap, respectively, with one supply across the three blockchains and balanced initial liquidity pools. This is the first time a token has launched on three chains at the same time and marks the first time the RISE token will be available on Polygon. The token was previously available on both the Binance Smart Chain and Ethereum. The upgraded contract features several noteworthy innovations and changes. Larry from Certik.io noted in an update to the EverRise community, “The upgraded EverRise contract is a technological tour de force. The Certik team is impressed with the level of innovation and engineering.” The most significant new feature is the introduction of staking, replacing reflections, and allowing the transaction tax to be reduced from 11% to 6%. Holders choosing to stake their tokens have the flexibility of choosing between one and twelve months staking pools. The reward pool is fed by a brand new automated buyback. Instead of sending tokens to the burn address, the upgraded automated buyback distributes the purchased tokens to the staking reward pool. Tokens will no longer be burned as the supply is now fixed and consolidated in a 10,000:1 ratio to just under 72 billion tokens (71,618,033,988). With the v2.0 launch, the EverRise ecosystem of decentralized application (dApps) will be available to developers on all three chains to bring security and assurance to project developers and investors. EverRise currently offers EverOwn, a smart contract locker, and EverBridge, a cross blockchain bridge capable of block speed transfers, to developers. EverSale, EverLock, EverWallet, and EverSwap are currently planned and in development. EverRise developed two new dApps, EverMigrate and EverStake, to go accompany the upgraded contract. EverMigrate helps to streamline the token migration process and EverStake allows holders to stake their new tokens. EverMigrate will be made available to other projects looking to transition to a new smart contract at a later date. Besides the new dApps on the horizon, EverRise is looking forward to bringing both their token and ecosystem of dApps to more blockchains in the future. They are committed to bringing safety and security to the entire DeFi space. About EverRise EverRise is a blockchain technology company focused on increasing accessibility to decentralized finance by bringing security solutions to the space. Through an innovative ecosystem of decentralized applications, EverRise provides investors and developers the tools to access the widest possible market with the maximum level of security. They are working towards the mass adoption of safety protocols across Binance Smart Chain, Ethereum, and Polygon networks and currently offer EverBridge, EverOwn, EverMigrate, and EverStake with more on the way. Website | Twitter | Telegram | Discord | Reddit | Facebook | Instagram | YouTube This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. View the full article

Google has warned users about the use of its Google Cloud platform by malicious actors to mine cryptocurrencies. In its latest Cloud Threat Intelligence report titled “Threat Horizons,” which provides users with security insights, the company informed that 86% of the compromised instances on Google Cloud platforms were being used to mine cryptocurrencies. Most of the accounts compromised were secured with weak passwords or with no password at all. Google Cloud Used to Mine Cryptocurrencies Software giant Google is alerting users about malicious actors using compromised Google Cloud accounts for mining cryptocurrency. Google Cloud accounts have access to processing power that can be easily redirected to perform malicious tasks. According to the first “Threat Horizons” report, issued by Google to raise awareness about the security weaknesses in its platform, 86% of the compromised accounts are used for this purpose. The report states that cryptocurrency mining in the cloud causes high usage of CPU and/or GPU power. It also makes reference to the mining of alternative cryptocurrencies like Chia, which use storage space as a mining resource. Causes and Mitigation The first cause of the compromise of the examined Google Cloud instances was poor security due to different issues. One of these issues was a weak or inexistent password to access the platform, or a lack of API validation in the instance. With no basic security measures applied, a malicious actor can easily take hold of these platforms. Other cloud platforms are also facing similar problems. Most of the studied instances downloaded the cryptocurrency mining software in less than 22 seconds after being compromised. This shows that there are systematic attacks of these unsecured instances, with the sole intention being to use them for this purpose. Also, the malicious actors seem to be tracking these unsecured Google Instances actively, given that 40% of the unsecured instances were compromised within eight hours of being deployed. Google stated: This suggests that the public IP address space is routinely scanned for vulnerable Cloud instances. It will not be a matter of if a vulnerable Cloud instance is detected, but rather when. To mitigate these risks, the report recommends users follow basic best security practices and implement container analysis and web scanning, tools that will probe the system for security weaknesses using different techniques like crawling. What do you think about the use of Google Instances to mine cryptocurrency by malicious actors? Tell us in the comments section below. View the full article

This month, the price of bitcoin sank below the $60K zone this month after reaching an all-time high (ATH) at $69K per unit. The pseudonymous bitcoin analyst and the creator of the bitcoin price model called stock-to-flow (S2F), Plan B, called the last three months of bitcoin prices correctly but the analyst’s “worst-case scenario” forecast missed the mark in November. Despite the recent bitcoin price drop, Plan B still seems confident bitcoin’s price is “on track towards $100K.” Plan B’s Bitcoin Price Prediction for November Misses the Analyst’s $98K Call The infamous pseudonymous bitcoin analyst Plan B is well respected among bitcoiners and has amassed 1.5 million Twitter followers since October 2017. Plan B is the creator of the popular bitcoin price model called stock-to-flow (S2F), which quantifies the commodity’s (bitcoin) scarcity and then divides it by yearly issuance (the flow). The analyst has done well as far as bitcoin (BTC) price predictions are concerned, but this month one of his calls missed. It started four months ago when Plan B tweeted about his “worst-case scenario for 2021” forecast in June. Plan B stated that he believed BTC prices would be “Aug>47K, Sep>43K, Oct>63K, Nov>98K, Dec>135K” in the worst-case scenario. So far three out of four of his monthly price predictions have come to fruition and Plan B was also correct when he said: “$64K was not the top.” The miss this month was the first time Plan B’s prediction has been off so far as the call for November had a $98K target. Plan B Acknowledges November Price Prediction Missed Plan B acknowledged that his prediction missed this month as bitcoin (BTC) prices slid under the $60K zone following the recent $69K ATH. “Floor model $98K [November] close will probably be a first miss (after nailing Aug, Sep, Oct). S2F model not affected and indeed on track towards $100K,” Plan B stressed to his 1.5 million followers on November 25. More than 39,000 accounts on Twitter liked the tweet and it was shared close to 5,000 times. Correctly forecasting three out of four predictions is very good and Plan B’s followers are curious about what the price will be for the month of December. Two days later, the pseudonymous bitcoin analyst tweeted about the crypto asset’s relative strength index (RSI). “Bitcoin RSI 66 and 10% below monthly close ATH,” Plan B said. The following day, Plan B noted that “bitcoin has better risk-adjusted returns than all other assets.” The analyst also created a poll, which has 18 hours left, but so far has received 142,490 votes. The poll asks if $69K was the top for this halving cycle or if the price of bitcoin (BTC) will exceed the $69K ATH reached on November 10. Stats from Plan B’s poll indicate that at the time of writing, 78.4% think BTC’s price will surpass $69K while 21.6% voted that “$69K was the top.” What do you think about Plan B missing the November prediction but correctly forecasting the last three months prior? Do you think bitcoin is headed for $100K or do you think $69K was the top? Let us know what you think about this subject in the comments section below. View the full article

Bitcoin mining companies are now increasingly experimenting with immersion cooling, a form of cooling that allows them to get more hashpower out of existing miners. According to industry insiders, this cooling alternative will become mainstream in the future, as leading companies are already taking advantage and retrofitting these cooling devices to existing mining operations. Immersion Cooling Getting Attention From Miners Miners are experimenting with an alternative and lesser employed method for maintaining their equipment, called immersion cooling. This cooling process involves submerging already existing mining machines into tanks with a liquid substance that allows heat to be dissipated faster from the mining rigs. This has advantages over air cooling: diminished maintenance times due to less dirt clogging the machines, and better performance. This process in which miners configure these machines to work over their default specs is known as overclocking, and one of the main concerns about doing it is that it generates more heat, which serves to shorten the life of the equipment in the long run. However, with the new method, this downside is mitigated. Nishant Sharma, founder of Blocksbridge, a mining consulting company, declared: It looks like a fish tank with machines inside it. Sooner or later, all big miners will be doing large-scale immersion mining. Big Mining Companies Already Stepping Into the Water While this new cooling method is still far from being mainstream, some big companies are already planning to introduce it to large-scale mining operations. This is the case with Riot Blockchain, a Nasdaq-listed Bitcoin mining company with a valuation of more than $4 billion, that announced in October its next mining operation in Texas will dedicate 200MW (half of its available power) to mining operations that feature immersion cooling. The firm stated: Immersion-cooling technology has never been previously deployed in Bitcoin mining at this scale, to the Company’s knowledge. 46,000 ASIC miners will be positioned in two buildings designed to integrate tanks for cooling the rigs. This recent trend has already started to affect other markets. The demand for the coolant liquid that is used for these applications has grown enormously. David Sundin, co-founder and chief scientist at Texas company Engineered Fluids, stated: Our business has increased 500% in the last six or seven months. It’s just gone through the roof. What do you think about the rising popularity of immersion cooling for mining operations? Tell us in the comments section below. View the full article

While non-fungibe token (NFT) collectibles have been very popular, NFTs have brought a slew of unique debates to the table and one of them has been censorship. The artist behind Stonetoss Comics, a series of political cartoons, has been censored by two very prominent NFT marketplaces — Opensea and Rarible. Stonetoss has told the public on social media that the artist fears these NFT platforms are being used as a “tool for political censorship.” 2 Large NFT Marketplaces Are Accused of Political Censorship Censorship of any kind was loathed in the early days of crypto but these days, acts of censorship have been slipping through the cracks. The very nature of Bitcoin and blockchain technology is touted as “censorship-resistant” tools and non-fungible token (NFT) assets are meant to provide censorship-resistance to things like artwork, online creations, collectibles, virtual items, and more. However, while NFT marketplaces allow users to connect their wallets and buy and sell NFT assets like decentralized exchange (dex) platforms, unlike dex applications, the web portals hosting NFTs are considered centralized. Although some dex applications have been accused of centralization and censorship as well. On November 22, the pseudonymous conservative cartoonist known as “Stonetoss,” told the public about censorship issues the artist was dealing with on the biggest Ethereum NFT marketplace platform Opensea. “Hello Opensea, I am reaching out because I fear your platform is being co-opted as a tool for political censorship. I also sent this message to your support page. My collector community would like a reply,” Stonetoss tweeted. Stonetoss also sent outreach to Rarible as well, as the NFT marketplace also banned the pseudonymous cartoonist’s NFTs. A very special message from Ben about #NFTs Get ready for the @stone_toss comics #NFTLAUNCH Nov 20th! Mark your calendars pic.twitter.com/4BuTJdGu77 — Ben Garrison Cartoon Variant (@CartoonsBen) November 16, 2021 Flurks NFTs De-Platformed from Opensea, Rarible Flurks NFTs have seen support from the conservative cartoonist Ben Garrison, internet funnyman Ricky Berwick and the comedian Sam Hyde. This weekend, the artist Stonetoss spoke with Bitcoin.com News and told our newsdesk about some of the censorship that has happened with the recent Stonetoss NFT collection. “On November the 20th, me and a team of mine launched a sale of 5,000 NFT art pieces connected to my work,” Stonetoss explained to our newsdesk. “The project was titled ‘Flurks.’ The project was a set of generative art pieces in a similar style to the famous ‘Bored Ape’ and ‘Cryptopunks’ NFT projects. The project’s official website is Flurksnft.com. Then the team sold out of the entire inventory of NFTs in 22 minutes.” “The project collected a total of about 420 ethereum, [and] this is equivalent to approximately 1.8 million USD,” Stonetoss further stressed. “As is popular with NFTs, people were immediately speculating on the [resale] price of the artwork on secondary markets like Opensea.io and Rarible.com (the two largest markets in the NFT space). Of course, the shocking sell-out time was a strong signal for huge demand,” Stonetoss said. The pseudonymous cartoonist added: Within about six hours of the sell-out, trade volume of the Flurks NFTs exceeded 100 ethereum on Opensea. It was around that point that, for reasons unknown to us, Opensea had apparently de-listed Flurks from their platform – preventing further sales. Sometime thereafter we were also delisted on Rarible for unstated reasons. Stonetoss Asserts That the Art Is ‘No More Dangerous Dave Chappelle; Telling Jokes Some People Don’t Want to Hear’ Stonetoss further said that the following day, Rarible relisted the Flurks NFT collection but the collection was delisted once again, hours later. The artist doesn’t know why Rarible delisted the NFTs two times, but the cartoonist suspects political censorship. “We believe this de-platforming on both Opensea and Rarible are attempts at political censorship. Because my work as a cartoonist is often political, I have been the regular target of de-platforming campaigns by those who disagree. In response, I have addressed many of the claims made against my work by those wishing to de-platform it,” the cartoonist said. “Specifically, I reject holding any sort of violent personal beliefs or being connected to political extremism such as being a ‘nazi.’ I maintain that my work is no more dangerous than that of Dave Chappelle; telling jokes some people don’t want to hear,” the artist further remarked. The cartoonist added that the artist’s team addressed the grievances using its official outreach to the platforms on Twitter and respectfully tagged Opensea’s and Rarible’s founders as well. “Despite reaching out on their official support channels and on Twitter, we have received no reply from either Opensea or Rarible for why the de-platforming occurred. We speculate that the reason might be due to the inclusion of a Confederate flag as a random trait applied to some of the NFT artworks in the set,” Stonetoss told Bitcoin.com News. “As explained in the Twitter post, we also included Pride flags, Gadsden Flags, and a hammer-and-sickle shirt as traits as well. We believe it is obvious that in this context, the addition of a Confederate flag is no more of an endorsement of the Confederacy as a hammer-and-sickle shirt is an endorsement of communism.” The cartoonist added: Indeed, the confederate flag is still used by some state governments in the USA. It appears that Opensea and Rarible would prefer ANYTHING except having to address the cause for the de-platforming. Both platforms have branded themselves places for artistic expression. In the official Rarible Discord channel, when pressed, a Rarible employee insisted: ‘We don’t delist something just because of it’s political view.’ Stonetoss Is ‘Not Willing to Let Censorship Go Unchallenged’ The artist says that no official word from Opensea and Rarible has been sent to the cartoonist’s team and the artist expects the issue “to be quite embarrassing for a platform touting itself as an art market.” “Personally, I have no doubt that Flurks will enjoy a healthy secondary market even if we have to construct our own platform for it,” Stonetoss concluded. “This was already famously and successfully done by a project called ‘Cryptophunks,’ a knock-off of ‘Cryptopunks.’ However, as a conservative political cartoonist, I am not willing to let this censorship go unchallenged. Indeed, my renown as an artist is precisely because I can operate in this censorious environment.” What do you think about Opensea and Rarible being accused of de-platforming the Stonetoss NFT collection? Let us know what you think about this subject in the comments section below. View the full article

About 8.3% of polled South African internet users own NFTs while a further 9.4% said they plan to acquire such tokens in the future, a study has found. Twelfth-Highest NFT Adoption Rate According to the findings of the latest Finder online survey, about 8.3% of the 1,205 South African internet users surveyed own a non-fungible token (NFT). These findings are enough to see South Africa ranked as the country with the 12th highest NFT adoption in the world. In terms of internet users that plan to acquire NFTs in the future, the survey found that 9.4% of polled South Africans are planning to do so. When this is combined with the number of internet users that already own NFTs, South Africa’s NFT adoption could soon rise to 17.8%. This figure is higher than that of Vietnam (17%) which is currently ranked fifth globally. According to the findings, The Philippines (32%) currently has the most NFT owners globally, followed by Thailand with 27%, Malaysia with 24%, and the United Arab Emirates (UAE) which has 23%. Nigeria, which is ranked sixth globally, is the highest-ranked African country with 13.7% of polled users confirming they own an NFT. South African Men Hold More NFTs Meanwhile, the findings show that South African men are more likely to own NFTs than women, with 10.5% of men compared to 6.3% of women saying they have at least one NFT. According to Finder, this gender gap of 4.2 percentage points is higher than the global average of 2.7%. As expected, younger South Africans dominate with the youngest age group accounting for more than ten percent of the country’s NFT owners. “People aged 18 to 24 are the most likely to have NFTs in South Africa (11%). At the other end of the spectrum are people ages 55 to 64 (5.2%),” the survey explained. Globally, only Thailand and Venezuela have more women buying NFTs than men while at the other of the spectrum UAE has the least number of women that own NFTs. While many expect NFT adoption to increase globally, the survey found Japan to be the country whose internet users have the least knowledge of NFTs. About 90% of Japanese users said they don’t know what NFTs are. Germany has the next highest percentage with 83%, followed by the United Kingdom with 79% of people unsure. What are your thoughts about these findings? Tell us what you think in the comments section below. View the full article

The governor of the Bank of England, the country’s central bank, has voiced concerns about El Salvador choosing bitcoin as a national currency. Citing a recent warning by the International Monetary Fund (IMF) against bitcoin’s use as legal tender, the governor said: “What would worry me most of all is, do the citizens of El Salvador understand the nature and volatility of the currency they have.” Bank of England’s Governor Is Concerned About Bitcoin Being Legal Tender in El Salvador Bank of England (BOE) Governor Andrew Bailey raised concerns about bitcoin being used as legal tender in El Salvador while speaking at the Cambridge University student union Thursday. Bailey explained: It concerns me that a country would choose it as its national currency … What would worry me most of all is, do the citizens of El Salvador understand the nature and volatility of the currency they have. El Salvador passed a bitcoin law making the cryptocurrency legal tender alongside the U.S. dollar in September. Governor Bailey added that the International Monetary Fund (IMF) is not happy that El Salvador has made BTC legal tender. The IMF told El Salvador last week that bitcoin “should not be used as a legal tender.” Citing “bitcoin’s high price volatility,” the Fund stated that the use of BTC “as a legal tender entails significant risks to consumer protection, financial integrity, and financial stability.” In addition, “Its use also gives rise to fiscal contingent liabilities.” The IMF’s warning came one day after El Salvador’s president, Nayib Bukele, announced a plan to build the world’s first “bitcoin city” powered by a volcano and financed by bitcoin bonds. Despite the IMF’s warning, El Salvador bought 100 more bitcoins, taking advantage of Friday’s crypto sell-offs following reports of a new Covid-19 variant. Governor Bailey also commented on the Bank of England’s work to determine whether to issue its own central bank digital currency (CBDC). He emphasized: There is a strong case for digital currencies, but in our view it has to be stable, particularly if it’s being used for payments. That is not true for crypto assets. The Salvadoran president responded to the concerns raised by the governor of the Bank of England via Twitter Saturday. He wrote: “Bank of England is ‘worried’ about El Salvador’s adoption of bitcoin? Really? I guess Bank of England’s interest in the well-being of our people is genuine. Right? I mean, they have always cared about our people. Always. Gotta love Bank of England.” Bukele further tweeted: I’m really concerned about Bank of England printing money out of thin air. What do you think about Andrew Bailey’s comments? Let us know in the comments section below. View the full article

The author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has revealed that he is buying more bitcoin and ether amid rising inflation concerns. “Inflation is a tax on the poor and middle class. Inflation makes the rich richer,” he stressed. Robert Kiyosaki Warns About Inflation, Reveals He’s Buying More Bitcoin and Ether Robert Kiyosaki, the author of Rich Dad Poor Dad, has revealed that he is buying more bitcoin and ether in response to the alarming rise he sees in inflation. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. Kiyosaki tweeted last week: Dollar Tree becomes $1.25 Tree. Inflation is a tax on the poor and middle class. Inflation makes the rich richer. Get smart. Get richer. I am buying more gold, silver, bitcoin, ethereum, rental real estate, and oil. When he tweeted about buying more BTC and ETH, the price of bitcoin was about $56,267 while ether was trading at $4,238 based on data from Bitcoin.com Markets. At the time of writing, the price of bitcoin is $57,264.26 and ether is trading at $4,294. Kiyosaki has previously warned about inflation on several occasions. He has also been recommending bitcoin for quite some time. In October, the famous Rich Dad Poor Dad author tweeted that President Joe Biden and the Federal Reserve are “ripping off poor people,” predicting that the U.S. is sliding into a depression. He noted that Biden and the Fed “need inflation to prevent new depression,” claiming that the two are “corrupt.” He warned that a giant crash is coming, followed by a new depression. He then recommended people buy gold, silver, and bitcoin. In May, Kiyosaki tweeted that the “Fed wants inflation to pay debt with cheaper dollars,” noting that the “Fed will raise interest rates causing stock, bond, real estate & gold crash.” The famous author added that the “biggest problem” is “boomer retirement,” emphasizing that social security, medicare, and America are “broke.” Noting that the Fed will print “more fake money,” he recommended investors “Stick with gold, silver, and bitcoin.” What do you think about Robert Kiyosaki’s comments and investment choices? Let us know in the comments section below. View the full article

Thailand is laying the groundwork to become a “crypto-positive society” with the aim to attract crypto holders and boost its tourism industry. The country hopes to gain back some of the $80 billion in lost tourism revenue due to the Covid-19 pandemic and subsequent shutdown. Thailand Plans to Attract Crypto Holders The Tourism Authority of Thailand (TAT) is working with the country’s regulators to make it easier and more convenient for visitors to spend cryptocurrencies in the country, Bloomberg reported Saturday citing TAT Governor Yuthasak Supasorn. The governor detailed, “There are people who have become wealthy from holding digital currencies and they may want to use the wealth they have accrued,” elaborating: If they can use their currencies here without having to exchange it, or be faced with government taxes, then it would create convenience for them. He explained that the Thai tourism authority is laying the groundwork for the wider acceptance of cryptocurrencies, which it plans to have in place by the time global travel returns to normal. The plan is already being discussed with the Thai Securities and Exchange Commission (SEC), the Bank of Thailand (BOT), and Bitkub Online Co., the largest crypto exchange in the country, the governor revealed. Furthermore, the authority will set up a new unit next year to handle the issuance of its own crypto tokens, produce a wallet, and build a new tourism ecosystem, he added. Thailand currently does not recognize cryptocurrencies, such as bitcoin and ether, as legal tender. The Thai tourism authority aims to recoup some of the $80 billion in lost revenue due to the Covid-19 pandemic. In 2019, Thailand attracted almost 40 million foreign travelers, generating more than $60 billion in revenue. However, the country shut down its borders for more than a year due to the pandemic. It recently opened its borders to vaccinated travelers. Yuthasak suggested that Thailand could recoup about 80% of its pre-pandemic tourism revenue in 2023 with only half the number of foreign tourists in 2019 “by getting someone like Russell Crowe or a crypto holder like Tim Cook to travel here.” He expects Thailand’s tourism industry to return to pre-Covid levels by 2024, adding that the country is targeting about 1 million high-spending tourists in the first quarter of next year. Meanwhile, the authority hopes that 10% of crypto holders will eventually travel to Thailand. The TAT governor opined: Crypto is the future, so we must make Thailand a crypto-positive society to welcome this group of quality tourists. What do you think about Thailand becoming a crypto-positive society? Let us know in the comments section below. View the full article

Boba Network, a recently released L2 layer for Ethereum, has quickly jumped to second place in TVL (total value locked) among all expansion layers. Boba, which is a fork of Optimism, another L2 layer based on rollups, reached more than $1 billion in TVL, surpassing Optimism. This is likely due to the profitable percentages offered by its first decentralized exchange, Oolongswap, which offers yields of over 1,000%. Boba Network L2 Gains Popularity The Boba Network, a recently released L2 layer for Ethereum, has reached second place regarding total value locked (TVL) among L2 solutions, gaining more than 50% in value during the last week. The platform, which is a fork of Optimism, another Optimistic rollup, surpassed its sibling to fall just behind Arbitrum, the leading L2 solution for Ethereum scaling currently. The problems Ethereum is facing regarding scaling have resulted in the rise of this kind of solution, which offers users the possibility of paying less in gas fees but enjoying the security of transactions being processed by the Ethereum blockchain. However, Boba claims to present a unique upgrade compared to what other solutions are offering for fund withdrawals. While other L2 layers present withdrawal periods of seven days, Boba allows users to withdraw funds on L2 in a matter of minutes. Oolongswap Deployed The rise in TVL of the network is most likely due to the launch of the first native decentralized exchange (dex) on its platform, Oolongswap. The exchange, less than a month old, offers high percentages in yield farming, some going over 1,000%. This has likely led profit-seekers to bridge their assets to the Boba Network, depositing these in Oolongswap to enjoy the benefits. The same phenomenon happened when the now leading L2 Ethereum solution Arbitrum launched. Yield seekers were enticed to bridge their funds and deposit them to a yield platform called Arbinyan, which, in the same way that Oolongswap is doing now, offered very high yield percentages for depositors. Also, rumors of an Arbitrum-native token airdrop contributed to this movement. According to data taken from Defillama, a defi tracking platform, Oolongswap’s TVL is now around $463 million, a little more than a third of the assets currently managed on the Boba Network at the time of writing. What do you think about the Boba Network and its rise in TVL? Tell us in the comments section below. View the full article

The second leading crypto asset ethereum has been dealing with high fees since the end of June and today the average ethereum transaction fee is between $5 and $34 per transfer. While there’s been a lot of complaints about ether gas costs this year, Ethereum founder Vitalik Buterin has recommended an Ethereum Improvement Proposal (EIP) that aims to decrease transaction costs by five times. Ethereum developer Tim Beiko discussed the idea as well, and talked about possible “challenges” both long and short term. Moving Ether, Transferring an ERC20, and Swapping Tokens on Ethereum Is Costly — Tim Beiko Shares EIP-4488 Insights Following the London upgrade during the first week of August, it was assumed that EIP-1559 would relieve at least some of the pressure. However, the average transaction network fee continued to rise after the London upgrade reaching, $62 per transfer on November 9. Today, ether gas cost is lower as bitinfocharts.com indicates the average ether fee is 0.0083 ETH per transfer, or $34.09. The web portal l2fees.info shows an ETH transaction as low as $5.77 per transfer, but the cost to move an ERC20 is $13.20, and swapping ETH-based tokens can cost $28.27 per swap. On November 22, Bitcoin.com News reported on the arguments taking place on crypto forums and social media platforms like Twitter, between Ethereum and Avalanche advocates. Ethereum has stiff competition these days as blockchains like Binance Smart Chain, Avalanche, Terra, Solana, Harmony, Near, Fantom, and many more have been siphoning ether users and use cases. Now the high fees seem to be pushing the developers to step up and do something about the expensive gas costs. On November 26, Ethereum developer Tim Beiko shared the most recent developer discussion and talked about an idea to lower the costs of rollups. The gas costs have further pushed Ethereum co-founder Vitalik Buterin to propose leveraging an idea called EIP-4488. “Decrease transaction calldata gas cost, and add a limit of how much total transaction calldata can be in a block,” Buterin suggested on Github on November 24. Essentially, the solution could decrease data transaction costs significantly and estimates say gas cost could be reduced by five times. EIP-4488 leverages a scheme called “calldata,” which is utilized in L2 (layer 2) solutions such as Optimistic and ZK rollups. Beiko talked about the possible solution in his Twitter thread on Friday. “The cost of rollup txns is a function of the data they post back to the Ethereum mainnet,” Beiko said. “If a rollup compresses X transactions and pays Y gas fees to commit it to mainnet, the cost of rollup transactions is a function of Y/X. To do this, rollups add calldata to their transactions, which is currently priced at 16 gas per byte. If we reduce the calldata cost, then we reduce the cost of rollup transactions,” the programmer added. Beiko further stated that one of the challenges to the calldata solution is that it “influences the block sizes on Ethereum.” Beiko continued: It’s literally data we add to each transaction. If we lower the gas cost, and keep the same gas limit, we then have bigger blocks, which can be problematic in the short and long term. Short term, it increases the worst case block size. If, for example, calldata was 1 gas/byte, with a 30m gas block, you’d get a 30MB block (average right now is EIP-4444, EIP-4490, and the Upcoming Arrow Glacier Upgrade Currently, ethereum (ETH) users either are not transacting with ether at all, leveraging expensive L1 (layer 1) network fees, or they are utilizing rollup layer solutions. At the time of writing, L2 solutions are much cheaper than L1 fees and the cost to send ethereum via Loopring can cost up to $0.25 per transfer. Polygon Hermez costs $0.25, Zksync is around $0.27, Optimism costs $2.39 today, and transferring with Arbitrum One is $2.43. Beiko’s thread noted that L1 fees were high but L2 fees were also fairly expensive as well. “Fees on Ethereum are *high* and also aren’t trivial on rollups today (~3-4$ for a ETH send on ORs and ~0.25c on ZKRs), so it’s worth thinking about the tradeoff more,” Beiko said. In addition to talking about EIP-4488, the software programmer also mentioned EIP-4444 (Bound Historical Data in Execution Clients) and EIP-4490. “Clients must stop serving historical headers, bodies, and receipts older than one year on the p2p layer,” the EIP-4444 description says. The EIP-4444 abstract summary adds: Clients may locally prune this historical data — This change will result in less bandwidth usage on the network as clients adopt more lightweight sync strategies based on the PoS weak subjectivity assumption. The Ethereum developer’s Twitter thread also told people about the upcoming December 8th Arrow Glacier upgrade, which aims to postpone the network’s difficulty bomb. While open-source programmers prepare to address the network’s issues, alternative blockchain networks continue to advance on Ethereum’s heels. What do you think about the recent solutions proposed to address the Ethereum network’s high transfer costs? Let us know what you think about this subject in the comments section below. View the full article

Cryptocompare, the firm that provides institutional and retail investors with real-time and historical cryptocurrency data, has published the firm’s November 2021 Digital Asset Management Review. The report covers crypto exchange-traded products (ETPs), and recent findings show alternative crypto asset investment products are outperforming Bitcoin ETPs. Ethereum-Based Investment Product Trade Volumes Increase Every month Cryptocompare publishes a research report that covers the cryptocurrency investment product landscape. The investment products are ETPs tethered to today’s top crypto assets globally such as Grayscale’s GBTC and ETHE funds. Cryptocompare’s Digital Asset Management Review November report explains that ETPs tied to ethereum (ETH), litecoin (LTC), and solana (SOL) saw better returns during a 30-day time frame ending on November 19. “The majority of AUM for trust products continues to reside in Grayscale’s Bitcoin (GBTC – $38.1bn – down 10.1% since October) and Ethereum (ETHE – $12.9bn– up 3.6%) products,” Cryptocompare’s report discloses. “ETC Group’s BTCE product regained the position of highest AUM ETN/ETF product with a gain of 1.2% to $1.5bn. This was followed by Purpose’s Bitcoin ETF (BTCC) and 3iQ Coinshares’ Bitcoin ETF (BTCQ) which fell 6.5% and 10.1% to $1.4bn and $1.2bn respectively,” the Cryptocompare researchers add. Aggregate of Crypto-Based ETP Daily Trade Volumes Slid by 13% — Litecoin and Solana ETPs Outperform Bitcoin Investment Products The research highlights that overall, crypto-based ETP daily volumes slid by 13% but popular ETH-based ETP volume rose. “Average daily trading volumes across all digital asset investment product types fell by an average of 13% from October to $732mn/day,” the study highlights. Cryptocompare’s report notes that Bitcoin-based investment products “performed poorly,” while LTC and SOL-based ETPs did well. Grayscale’s basket fund which contains some of the largest market cap coins returned -15.5%, Cryptocompare detailed. “BTC-based investment products generally saw negative returns in November, led by ETC Group’s BTCE product which returned -13.1%. Similarly, Grayscale’s GBTC trust returned -10.2%,” Cryptocompare’s November study explains. “The best performing investment product was Valour’s BTCZERO product, which returned -6.6%. On the other hand, alternative coins-based products saw positive returns throughout the month, led by 21Shares’ ASOL (Solana-based product) and Grayscale’s LTCN (Litecoin-based product), which returned 22.0% and 14.9% respectively,” Cryptocompare’s report concludes. What do you think about the bitcoin investment products’ performances compared to alternative crypto asset ETP market performances? Let us know what you think about this subject in the comments section below. View the full article

Unexpectedly high demand for Switzerland’s first crypto stamp has created headaches for the national postal service. Swiss Post announced it had to deal with technical issues when numerous orders hit its online shop all at once on the day the innovative offering was made available. Demand for First Crypto Stamp Overwhelms Swiss Post’s Online Store Swiss Post announced the “crypto stamp” initiative in September when it was presented as an attempt to “bridge the gap between the physical and digital worlds in philately.” The state-owned company joined forces with blockchain services provider Inacta to produce the stamp, a first of a kind for the Alpine nation. When the crypto stamp was launched on Thursday morning, Nov. 25, demand was so high that it “temporarily led to technical problems on postshop.ch,” the Swiss Post told the AWP news agency. That’s after the postal service had been contacted by many interested in acquiring the stamp in recent weeks, according to a spokesperson quoted by Swissinfo. The publication details that the crypto stamp consists of two parts – a physical one, which can be bought for 8.90 Swiss francs ($9.50), and a corresponding digital image depicting one of 13 designs. Every physical stamp provides access to the digital representation stored on a blockchain which can be collected and traded. “At first glance, the Swiss Crypto Stamp looks like any ordinary stamp. It is self-adhesive, shows the Matterhorn and the moon on a blue background, and has a face value of 8.90 francs. Owners can use it to frank postal items just like any other stamp,” Swiss Post explained in a statement released on Sept. 30 while also noting: “But the actual crypto stamp is digital and it is a digital collector’s item.” Swiss Post and Inacta plan to issue some 175,000 crypto stamps with 65,000 copies of the most common digital design and only 50 of the rarest. Three-quarters of the limited editions have been purchased in the first three hours of the launch day. In the past few years, Switzerland has established itself as a major crypto-friendly destination in the heart of Europe. Hundreds of companies from the blockchain industry are headquartered or represented in the Swiss crypto valley based in the Canton of Zug. Even state-run enterprises have been seeking involvement in the crypto space. In 2018, Swiss Post announced a collaboration with the telecom provider Swisscom on a blockchain infrastructure project aimed at meeting the security requirements of banks. Earlier this year, the banking subsidiary of the postal service, Postfinance, launched a mobile app providing clients with access to over a dozen cryptocurrencies. Do you think Swiss Post will come up with more crypto projects in the future? Tell us in the comments section below. View the full article

A major tech-focused e-commerce platform, Newegg, has announced that SHIB is coming soon to its platform. Newegg currently accepts cryptocurrencies via Bitpay. The crypto payment service provider is expected to add SHIB support soon, according to AMC Theatres CEO Adam Aron who said his company will start accepting SHIB for payments in the first quarter. SHIB Is Coming Soon to Newegg, the Company Says E-commerce platform Newegg announced on Twitter Friday that SHIB is coming soon to Newegg. Newegg Inc. is one of the leading tech-focused online retailers in North America, with a global reach in Europe, Asia Pacific, Latin America, and the Middle East. Its platform focuses on computer parts, PC components, laptops, gaming systems, automotive parts, and office supplies. Newegg did not elaborate further on its SHIB announcement. However, the platform currently accepts a number of cryptocurrencies via Bitpay. The crypto payment service provider is expected to add shiba inu to its list of supported cryptocurrencies, which includes the rival meme cryptocurrency dogecoin (DOGE). The news of Bitpay possibly supporting SHIB came from the CEO of AMC Theatres, Adam Aron. He tweeted on Nov. 15 that Bitpay has decided to support shiba inu crypto “specifically because I asked, so AMC can take shiba inu for online payments of movie tickets and concessions.” He added that AMC will be the first Bitpay client to accept shiba inu crypto, expecting his company to start accepting SHIB in 60 to 120 days from the date of the announcement. The adoption of the meme crypto shiba inu has been increasing. In November, cryptocurrency exchange Gemini added support for SHIB. Meanwhile, shiba inu proponents are still petitioning on Change.org for the trading platform Robinhood to accept SHIB. So far, 540K signatures have been collected. However, Robinhood recently said that it is in no hurry to list SHIB or any other cryptocurrencies. What do you think about Newegg and AMC Theatres accepting shiba inu crypto? Let us know in the comments section below. View the full article

As reports of a new Covid-19 strain spread, tanking the price of many cryptocurrencies, El Salvador bought the dip. The country has added 100 more bitcoins to its treasury despite a recent warning by the International Monetary Fund (IMF), bringing the total number of bitcoins purchased to 1,220. El Salvador Buys the Dip: 1,220 Bitcoins Purchased to Date El Salvador has taken advantage of the Friday sell-off and purchased 100 more bitcoins as reports of a new coronavirus variant spread. The Salvadoran president, Nayib Bukele, tweeted on Black Friday that his country has bought the dip. “100 extra coins acquired with a discount,” he wrote. An advisory panel of the World Health Organization (WHO) on Friday classified the new Covid-19 variant, first detected in South Africa, as a highly transmissible virus, naming it “Omicron.” The crypto market shed billions of dollars on Friday amid reports of the new coronavirus strain. The price of bitcoin fell from $59,165 Thursday afternoon to $53,798 Friday afternoon. BTC is trading at $54,830.98 per coin at the time of writing based on data from Bitcoin.com Markets. El Salvador made bitcoin legal tender alongside the U.S. dollar on Sept. 7. At the time, the price of BTC was approximately $46,000. Since bitcoin became legal tender, El Salvador has purchased 1,220 BTC altogether, according to announcements by Bukele. The day before the country’s bitcoin law went into effect, El Salvador purchased two sets of 200 bitcoins. It bought 150 BTC more on Sept. 7 and 150 more coins on Sept. 20. Bukele said at the time, “El Salvador now holds 700 coins.” Since then, El Salvador bought 420 more coins on Oct. 27, bringing the total purchase to 1,120 coins. Friday’s purchase pushes the country’s bitcoin stash to 1,220 coins. At the current price, 1,220 bitcoins are worth approximately $66.9 million. President Bukele announced last week a plan to build the world’s first “bitcoin city” powered by a volcano and financed by bitcoin bonds. He noted there would not be any taxes in the bitcoin city except for value-added tax (VAT). However, a day after the announcement, the International Monetary Fund (IMF) warned the country against using BTC as legal tender. The IMF cited “significant risks to consumer protection, financial integrity, and financial stability” as the reasons, adding that it “also gives rise to fiscal contingent liabilities.” What do you think about El Salvador buying the dip amid crypto market sell-offs as a new Covid-19 strain emerged? Let us know in the comments section below. View the full article

South Park’s recent episode called the “Post COVID” special mocks a future where the only currency accepted is bitcoin and other cryptocurrencies. The hour-long animated sitcom picks up years into the future where the main characters are now all grown up, except Kenny McCormick who is dead. Stan Pays for a 1 Night Stay at the ‘Super 12 Motel Plus’ in the Future Using Bitcoin The popular television sitcom South Park featured on Comedy Central is extremely well known in today’s pop culture ever since Trey Parker and Matt Stone created the show in 1997. Over the last 24 years, the animated sitcom has aired more than 300 episodes and in more recent times, Stan Marsh, Kyle Broflovski, Eric Cartman, and Kenny McCormick have been dealing with an interesting world. In the latest episode called “Post COVID,” Stan, who is now an online whiskey consultant, is told by Kyle that Kenny had passed away. When Stan decides to go to Kenny’s funeral services, he spends his stay at the Super 12 Motel Plus and is greeted by a clerk who explains Stan booked one of the motel’s Mach 10 Super Plus rooms. “Now of course we only take bitcoin and other cryptocurrencies,” the motel clerk says to Stan. “Because… ya know — It’s the future — we’ve all decided centralized banking is rigged so we trust more in fly-by-night Ponzi schemes,” the Super 12 Motel Plus clerk added. “Yeah, I know,” Stan sighs and hands the clerk a card bearing the bitcoin logo on it with a QR code. Bitcoin Has Been Featured on Television Since 2012 Bitcoin has been featured in a number of television series’ episodes during the last decade and in various settings. This year bitcoin was mentioned on Marvel Cinematic Universe’s action drama television show “The Falcon and the Winter Soldier.” Bitcoin has been featured on the American comedy-drama series “Shameless” on multiple occasions. The leading crypto asset was also mentioned on two occasions on the American television game show Jeopardy. Before South Park, bitcoin appeared on the shows “Parks and Recreation,” “Mr. Robot,” “Morgan Spurlock Inside Man,” “Navy CIS LA,” “Almost Human,” “House of Cards,” and “The Big Bang Theory.” Bitcoin’s first mention on television was on an episode of “The Good Wife” in 2012 and Krusty the Clown from “The Simpsons” mentioned the cryptocurrency the following year. What do you think about South Park mocking a bitcoin-only world in the latest episode? Let us know what you think about this subject in the comments section below. View the full article

30 days ago on October 28, the total value locked (TVL) in cross-chain bridges to Ethereum was around $22.48 billion and in the face of the recent market dump, the TVL still increased by 9.56%. At the time of writing, there are 135,148 unique depositors and Axie Infinity’s Ronin Bridge holds the largest TVL. Cross-Chain Bridge TVL Continues to Climb While the total value locked in decentralized finance (defi) is $258 billion, the TVL is split among a myriad of blockchains. This includes blockchain networks such as Ethereum (ETH), Binance Smart Chain (BSC), Solana (SOL), Avalanche (AVAX), terra (LUNA), tron (TRON), Fantom (FTM), and Polygon (MATIC). Today, Ethereum commands $170.48 billion of the $258 TVL in defi or 65.89% of the aggregate. Binance Smart Chain captures $19.11 billion on Saturday, which is only 7.40% of the TVL. Solana commands a $13.86 billion TVL this weekend or 5.37% of all the value locked in defi. Many of these defi networks leverage a connection to the Ethereum Virtual Machine (EVM) which allows the protocols to do various things like access liquidity pools and stake tokens. Users leverage cross-chain bridges to connect their assets to the EVM and to utilize Web3 wallets like Metamask, Safepal, and others. Close to a month ago, on October 29, Bitcoin.com News reported on the $22.48 billion TVL in cross-chain bridges to Ethereum. Since then the TVL has increased by 9.56% to $24.63 billion with Axie Infinity’s Ronin Bridge leading the pack. Statistics from Dune Analytics show there are 135,148 unique depositors leveraging cross-chain bridge networks to Ethereum. Besides Ronin, other cross-chain bridges connect to blockchains such as Avalanche, Polygon, Arbitrum, Fantom, Optimism, Boba Network, and Harmony. While Ronin’s bridge TVL is $7.4 billion, the AVAX TVL tied to cross-chain bridge technology is $6.7 billion. Bridges like Arbitrum and Optimism are used as a means to leverage Ethereum transactions but with lower fees. Ethereum fees have dropped in recent times as the average ether fee according to l2fees.info is $9.64 per transaction. But the L2 (Layer 2) fee offered by Polygon Hermez is around $0.25, Arbitrum is $2.78 per transfer, and Optimism is $1.67 per transaction. L2 fees offered by Loopring are $0.26 per transfer and Zksync users will pay around $0.39 today. What do you think about the increase in cross-chain bridge usage during the last 30 days? Let us know what you think about this subject in the comments section below. View the full article

As the end of the year approaches, digital currency values have risen a great deal in 2021 and crypto asset miners have been profiting as a result. According to statistics, the most profitable coin to mine at the end of November is kadena, as an 18 terahash (TH/s) machine can get up to $326 per day. Scrypt coins are the second most profitable these days with up to $110 per day and Ethash miners can make up to $105 per day. Kadena, Scrypt, Ethash, and Eaglesong Mining Far More Profitable Than SHA256 Mining Close to 13 years ago when Bitcoin first launched, the cryptocurrency could be mined with a central processing unit (CPU). This means that anyone with a decent computer at the time could mine and find bitcoin (BTC) block rewards. After that phase, people started to leverage devices with specialized electronic circuits called graphics processing units (GPUs). Today, bitcoin miners utilize application-specific integrated circuit (ASIC) devices to mine BTC. Bitcoin mining rigs dedicate processing power to the SHA256 algorithm and this means a bitcoin ASIC mining device cannot mine coins like ethereum, litecoin, or kadena. Those networks leverage different consensus algorithms and there’s a slew of machines manufactured to mine specific crypto asset networks with unique consensus algorithms. SHA256 is a consensus algorithm used by Bitcoin, but SHA256 miners can also mine coins like bitcoin cash (BCH), bitcoinsv (BSV), peercoin (PPC), and unbreakable (UNB). SHA256 cryptocurrencies are the fifth most profitable to mine at the end of November 2021. The top four most profitable consensus algorithms to mine today include Kadena, Scrypt, Ethash, and Eaglesong. A Kadena-based ASIC miner can get up to $326 per day with 18 TH/s at $0.12 per kilowatt hour (kWh), according to asicminervalue.com stats. A Scrypt-based miner with 9.5 gigahash per second (GH/s) can get $110 per day with the same electrical costs. 750 megahash per second (MH/s) ASIC machines mining the algorithm Ethash (ethereum, ethereum classic, pirl) can get up to $52 per day. Eaglesong-based mining rigs that mine nervos (CKB) can get $45 per day with 12 TH/s. Next-Generation Mining Rigs for Ethash and SHA256 Are on the Horizon There are also consensus algorithms such as Blake2bsia, X11, Blake256R14, and Equihash. Blake2bsia compatible mining rigs mine sia (SIA) and handshake (HNS), while X11 compatible rigs mine dash (DASH) and cannabiscoin (CANN). Blake256R14 mines decred (DCR) while Equihash-based machines can mine zcash (ZEC), hush (HUSH), and zencash (ZEN). SHA256 miners mining bitcoin (BTC) with around 100 TH/s at $0.12 per kWh, can get up to $27 per day mining. The top bitcoin miners process at speeds up to 100 TH/s but SHA256 miners with at least 11.5 TH/s can turn a small profit. During the next few months, a number of next-generation miners are slated to launch. Upcoming mining rig releases that pack a lot more hashpower will be dedicated to consensus algorithms like Ethash and SHA256, according to a few prior announcements. For instance, in July 2022, Bitmain is expected to release the Antminer S19 XP (140 TH/s) and Innosilicon’s A11 Pro ETH (2,000 MH/s) is reportedly coming soon as well. What do you think about the top consensus algorithms today and the profits these networks can obtain? Let us know what you think about this subject in the comments section below. View the full article

Bitcoin’s hashrate has been volatile in recent times following the same patterns as the crypto asset’s price. Three days ago, Bitcoin’s hashrate neared the 180 exahash (EH/s) zone only to plummet to 128 EH/s two days later. The recent shifts have taken place before the upcoming network difficulty adjustment, which is due to change on Sunday. After nine increases in a row and for the first time since mid-July, the difficulty will drop lower instead of increasing. Bitcoin Hashrate Slides Following Price Drop — Mining Difficulty Decrease Expected The fiat value of bitcoin (BTC) has caused the network’s processing power to slow down toward the end of November. Seven days ago, Bitcoin.com News reported on how Bitcoin’s hashrate was steadily climbing higher during the last three months. Today, BTC’s hashrate is coasting along at 168 EH/s after reaching a high of 178 EH/s on November 24. After reaching that high on Wednesday, on Friday the hashrate dropped to a low of 128 EH/s, losing 28% in 48 hours. The slow down is causing the network difficulty to stay lower than usual and this Sunday it’s expected to drop for the first time since July 17, 2021. After the mid-July difficulty change, BTC’s difficulty increased nine times in a row. It is now 52.48% harder to mine BTC than it was 133 days ago on July 17. The next change, which is slated to happen during the early morning hours (EST) on Sunday, is expected to slide by -0.38%. It’s not much but it will deter the mining difficulty from reaching its all-time high (ATH). There’s also been a lot of changes in terms of hashrate distribution among mining pools. Bitmain’s Antpool is the largest bitcoin miner today with 16.79% of the network or 26.15 EH/s in hashrate. Foundry USA is the second-largest bitcoin mining pool with 16.55% of the network’s hashpower, or 25.77 EH/s. While F2pool holds the third position with 15.33% of the hashpower, or 23.87 EH/s, unknown hashrate or stealth miners command 13.14% of the network’s hashpower or just over 20 EH/s. Bitcoin’s mining difficulty recorded an ATH on May 13, 2021, when it reached 25.05 trillion. Today, the network difficulty is 22.67 trillion and the decrease should bring it down to 22.59 trillion by Sunday, November 28, 2021. The 0.38% change is minuscule compared to most difficulty shifts but it will keep the difficulty lower for another two weeks which is helpful to miners while the price of BTC is much lower than it was two weeks ago. Bitcoin’s difficulty increased by 4.69% two weeks ago, four days after BTC reached a price ATH at $69K per unit. What do you think about the upcoming difficulty decrease and the recent hashrate action? Let us know what you think about this subject in the comments section below. View the full article

Nigerian artist Davido has launched a fan token, the Echoke Social Token, that he says gives “power” to his millions of fans. Eliminating the Middlemen A Nigerian pop artist and celebrity, Davido, recently announced the launch of his fan token, the Echoke Social Token, via his Instagram account. According to Davido’s Instagram post, this token not only eliminates unnecessary third parties, but also allows him to directly connect with fans. Davido explained: Happy to finally announce this thing we’ve been working on for a while. It’s the ‘Echoke Social Token’. Everyday, millions of fans create value that is captured by a few execs in a boardroom. Not any more. We’re giving the power back to the fans. He added that holders of the token will get free access to giveaways, NFTs, backstage passes, jobs, festivals, exclusive merchandise, media, and hospitality benefits. Partnership With Crypto Company For the launch of this token, Davido — who previously expressed a desire to start to bitcoin trading company — revealed he has partnered with Bitsika Africa’s new crypto company, Omegoat. Meanwhile, a report by Cryptoplustv states the Echoke Social Token is not going to be sold to fans but will be airdropped or given away to fans over a period of twelve months. The same report also said the first of such giveaways has been set for November 28. What do you think about Davido’s launch of a fan token? Let us know in the comments section below. View the full article

The concept of the metaverse is starting to blow up, and many of the early companies that are invested in it are already reaping some of the benefits from this new trend in the market. Digital land plots in virtual worlds are now selling for millions of dollars on different platforms, including Decentraland and Axie Infinity. Some prices are higher than many physical properties, even in expensive cities. Digital Land Picking Up Value in Metaverse Projects The rise of the metaverse concept and all the companies that are taking it seriously is starting to affect the sales and prices of metaverse-related key elements, like tokens and digital land. This week there have been sales of digital land plots for millions of dollars in key metaverse inspired projects. The first sale of this kind was reported in February by Axie Infinity, a virtual world game, where 8 plots of land were sold for 888 ETH, or $1.5 million dollars. At the time of the sale, Axie Infinity’s team reported this to be the biggest sale ever of one of their genesis land plots. The buyer stated: We’re witnessing a historic moment; the rise of digital nations with their own system of clearly delineated, irrevocable property rights. Axie land has entertainment value, social value, and economic value in the form of future resource flows. Upping the Ante There have been recent sales, however, that have eclipsed even this one on different platforms. The sale of another Axie Infinity land plot was carried out this week, with the buyer paying 550 Ethereum worth $2.3 million for the digital property, breaking the earlier record. However, Axie Infinity is not the only group that has been benefiting from this recent virtual real estate boom. Decentraland, another virtual world project, registered a sale of a property for a record $2.43 million in cryptocurrency this week, also. But this purchase was not made by an individual, but by Metaverse Group, a subsidiary of tokens.com dedicated to metaverse-based real estate investments. With more metaverse projects integrating virtual worlds, the future looks as though it will bring more of these investments from companies that prefer to manage virtual land than to deal with the uncertainties and complexity of managing real property, even when these properties bought are more expensive than real estate in the physical world. What do you think about the recent boom in digital real estate from virtual projects? Tell us in the comments section below. View the full article

Grayscale, a leading cryptocurrency asset manager, seems to have set its gaze on the metaverse as a business opportunity. Yesterday the company released a report where it examined the feasibility of this interconnected virtual world and how these economies can provide a profitable entry for investors, considering this area could grow to be a $1 trillion business in the near future. Grayscale Metaverse Report Paints a Bullish Picture Grayscale, one of the leading crypto asset managers, stated that the metaverse, a concept of an interconnected alternate virtual world, could be a $1 trillion business opportunity for the future. This conclusion is derived from a report titled “The Metaverse. Web 3.0 Virtual Cloud Economies,” issued by the company yesterday, where it analyzes the potential that this initiative could have for early investors. In this report, Grayscale profiles the metaverse as the start of a new paradigm, that will kickstart much innovation in Web 3.0. About the possibilities that the metaverse can bring, it states: This vision for the future state of the web has the potential to transform our social interactions, business dealings, and the internet economy at large. The company states that one of the first addressable markets for this is the gaming industry, with digital economies at the forefront of this charge. Games will grow to be more than just that, as projects like Decentraland, Axie Infinity, and The Sandbox are already showing. But there are also other interesting market opportunities for metaverse initiatives, including payment networks, decentralized finance structures, NFTs, governance, and identity systems that would complement the interactions in these worlds. A Jab at Meta The report also takes a jab at the metaverse iteration that closed companies such as Meta, formerly Facebook, are trying to create by themselves. It states that these closed Web 2.0 companies will have to evolve to interoperate with other companies to really make their metaverse attempts richer. In this sense, the report stresses: We don’t yet know the path Facebook will take with their Metaverse ambitions, but they—like other Web 2.0 companies—will need to make this challenging shift in the face of pressure to meet quarterly results for shareholders. The report suggests there is a big future for metaverse worlds, and that investments made in this regard today might yield important dividends for companies entering the market. What do you think about the latest metaverse report issued by Grayscale? Tell us in the comments section below. View the full article

The World Economic Forum (WEF) has released its latest report on “digital currency governance” this month, addressing stablecoins, cryptocurrencies, and “barriers to financial inclusion.” Like most central banks, regulators, think tanks, and politicians, the WEF publication gives lip service to the power of crypto, but never addresses the elephant in the room: instead of actual access to the utility cryptocurrencies already freely provide, the “unbanked” and impoverished individuals of the world are forced to use a co-opted, fiat 2.0. ‘Financial Inclusion’ and ‘Sensible Regulation’: Freedom for Me, Compliance for Thee According to the World Economic Forum’s November 2021 White Paper Series Report “What is the Value Proposition of Stablecoins for Financial Inclusion”: Financial inclusion is a complex global problem that existing systems and offerings have so far failed to solve. Financial inclusion is not really that complex, but existing systems most definitely are failures. The current paradigm of centralized economic control and central bank fiat currency issuance has so far failed to help those who need economic freedom to survive and thrive the most. An admission from the horse’s mouth, then, if you will. In order to change these old, broken systems, the solutions presented by politicians are always the same: more of the exact same economic dysfunction that created the chaos in the first place. There’s no denying that access to reliable financial services and sound money is an issue plaguing billions of people on this planet. Considering the foundations of fiat currencies themselves, it can be rightly said that the entire global population (aside from those few at the top of the Ponzi scheme fountain of coercive, centralized fractional reserve banking) suffers from a lack of access to fair, secure, and sound financial services, markets, and opportunities. The simple (and sadly, still “controversial”) reason for this is that there are ultimately two classes of people: those who think violence against the non-violent is required for economic order, and those who value freedom and consent in markets. The simple solution is to let individuals own their own money and stop robbing them with taxes and inflation. The former group of people (pro-violent economic interference) incessantly parrots the same lines when it comes to cryptocurrencies. It’s the sort of repetitive, wide-eyed propagandizing one might expect to hear at a holy roller tent meeting, or in some fringe cult, but not from any level-headed economist: “Bitcoin is used mainly for illicit activities and crime.” Of course this is not only statistically false, but compared to fiat currencies like the U.S. dollar, the state is by and far the winner in the “funding-crime” competition. This is common knowledge by now, and so well-documented one is left to conclude that either these regulators are blindingly stupid, or lying. “We need to foster an atmosphere of trust.” That is, trust in the very same financial institutions and political entities that have consistently — and over decades and centuries — proven themselves to be untrustworthy and even malicious. Then there is the blatant hypocrisy, also reminiscent of a cult, where these perceived leaders give lip service to high humanitarian values and virtues, like “financial inclusion,” but never live them out in practice, and never lift a finger to help the poor. U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler says that Satoshi “Nakamoto’s innovation is real,” but proceeds to threaten businesses attempting to provide services via that same innovation, even breaking the SEC’s own legal protocol to do so, applying extremely antiquated laws to this brand new economic paradigm. Likewise, centralized exchanges and financial institutions kowtow to regulators, making it impossible for folks who could once access and trade crypto without an ID, and without threat of being jailed, to reap the benefits of the tech. This is especially true for impoverished areas, which we will touch on below. Even the most so-called progressive politicians and regulators, who make a show of standing against cryptocurrency regulations they deem unfair, still cannot match the elegant peer-to-peer simplicity described in the Bitcoin whitepaper: “A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.” And they do not wish to. Even to the most forward-thinking statist, there is a ruling class and a servant class. In India masses of individuals are currently waiting on the decisions of strangers in parliament to determine if and how they may use their own money. It doesn’t matter if they approve of the final decision or not. Or if they support the state. The law will be forcefully applied to them under threat of violence. Same in the U.S. Same in Europe. Same everywhere. How very inclusive and innovative. Buzzwords like “financial inclusion” and “banking the unbanked” are used, then, to co-opt a technology that is already functional and efficient and does not require violent interference from the state. Still, the bizarre prescription from central banks remains: Use central bank digital currencies (CBDCs) or pre-approved crypto from a state-licensed exchange. You may do whatever you like in complete freedom, as long as we define it. Biggest Examples of Economic Ineptitude and Financial Crime Ignored The WEF report raises two key points in the section titled “Special characteristics of stablecoins for financial inclusion.” Namely, that “Stablecoins (and cryptocurrency) may side-step issues related to consumer mistrust in traditional financial services,” and that they “may uniquely provide digital financial accounts that malicious or untrustworthy actors cannot steal from.” Clearly proponents of economic freedom, and Satoshi Nakamoto himself, have been aware of point two. That was the whole point of bitcoin in the first place. There is no need for a trusted third party to foul things up in one’s transactions anymore. Of course, WEF manages to mangle even this simple point by qualifying the unparalleled security and safety crypto brings: That said, for many end-users today, the overall risk of losing funds through user error, or through financial or technical problems with the digital currency issuer or wallet, is likely to be higher with stablecoins (and cryptocurrency) than with accounts held at regulated financial institutions or providers. This of course ignores the wide range of non-custodial solutions that currently exist for backing up wallets, storing seeds and passwords, and even holding crypto via joint wallets or smart contracts that function as a bank, without the compromise in privacy and trust required for legacy banks. And, if the issue is a risk of losing funds, perhaps it’s good to look at the undisputed grand champions in the contest of losing money: governments. And that will lead us back around to the first point raised by WEF. There is no need to repair trust with governments that will recklessly devalue and stifle assets they force people to trade with. They should most definitely never be trusted. As late, then-U.S. secretary of defense Donald Rumsfeld admitted about department of defense accounting systems in 2001: Our financial systems are decades old. According to some estimates, we cannot track $2.3 trillion in transactions. We cannot share information from floor to floor in this building because it’s stored on dozens of technological systems that are inaccessible or incompatible. If one thinks this centralized ineptitude and inefficiency doesn’t apply to central banking and treasury systems as well, one would be mistaken. Obviously, printing trillions of dollars from thin air to shore up an economy destroyed by the same reckless policies is a fool’s game — and literal counterfeiting scam — but beyond that, there’s plenty of proof blind trust equates to disaster. Mexico’s banking system, as a one-off example, “misplaced” at least $18 million in transfers back in 2018, bringing time-sensitive transactions to a standstill. What’s more, the world’s largest and most trusted names in banking like JPMorgan, Deutsche Bank, Chase, and others are frequently tied to criminal activity like money laundering, and even drug and sex trafficking. All this in view, it is unclear why any sane market actor would trust the same institutions anymore, where there is a better solution, and where security, order, and governance are still possible, but based on verification and not trust — a level playing field created by mathematics and decentralized systems, not politicians. Africa, a Prime Example of Crypto’s Utility In Africa, crypto’s practical utility is on display already, as individuals in countries like Zimbabwe, Nigeria, and Kenya leverage the sound economic principles and efficiency of private digital assets to preserve value and send cross-border payments. Their own centralized fiat systems have failed them immensely, and continue to do so. In Nigeria, for example, instead of looking squarely at the reality of trade on parallel markets, the central bank is arbitrarily assigning unrealistic, official valuations to the fiat currency, shunning crypto users, and pushing an IMF-associated CBDC known as the e-naira. If inclusion is truly the goal, it should be asked why central banks in these struggling regions exclude the crypto sector and stifle innovation. Especially when it’s helping people in need to live and thrive, right now. As financial service Kurepay’s CEO Abikure Tega recently lamented: Due to this recent clampdown which we find difficult to understand considering that Nigeria is not a lawless country, Kurepay, Africa’s foremost social payment app for cryptocurrency & fiat — is announcing the suspension of business operations in Nigeria. Economic Governance Does Not Require a State This article likely has some asking: “But who will make the rules?” To which I reply with the question: “Does each transaction you make in the crypto economy, or on the blockchain, require the oversight of centralized law enforcement to make it reliable?” The issue of private law societies based on objective reality and consent — and not arbitrary statist violence — is a critical one, but is somewhat beyond the scope of this writing. That said, crypto has already shown us that business can be done much easier where trust is not compulsory, and verification goes both ways — not just the serfs presenting their KYC papers to mysterious rulers in shadowy banking edifices. On November 24, there were 1,342,491 ETH transactions according to the Ethereum blockchain explorer etherscan.io. Keep in mind this is only the ETH network, where fees are currently insanely high and moving tokens can be difficult. Imagine the staggering number of transactions, then, that occur across all of the decentralized finance (defi) landscape daily. While there are scams, most of these transactions are successful and peaceful, with no centralized oversight. This is because everyday people wish to trade, succeed, and cooperate. And the complexity of this decentralized economy is mind-boggling. Crypto is said to be full of scammers and risks. While that may be true, it doesn’t begin to compare to the greatest rug-pull of all time — hands-down — which is when the state took the power of money from the individual. Central banks suffer virtually no consequence for fraud, theft, or damages. The paycheck is guaranteed from your taxes. Unlike that restaurant on the corner, which if they poisoned someone would face severe market consequences, the state has made itself the market, and the arbiter of justice, albeit an artificial and violent one. Blockchain, however, is just math, and sound economics gives no quarter to wacky religions, which is why regulators fear things like bitcoin, and must resort to violence. Around the world, central banks, financial regulators, and think tanks are aping the same mantras from their ivory towers to the struggling masses: “We are working for you.” “We want everyone to have access to these innovative financial systems and opportunities.” But what they do is make the solutions crypto provides either impossible to efficiently access, or outright illegal. The truth of the matter is quite simple. This is not about financial planners rallying behind financial inclusion. Rather, it is just the opposite. The self-appointed leaders of the dinosaur systems and institutions of the world are petrified because individuals are now waking up to new possibilities in money via crypto, and they know soon they may be financially irrelevant, themselves completely excluded from the new, freer paradigm being built. What are your thoughts on financial inclusion? Let us know in the comments section below. View the full article

The founder of Paytm, a major digital payment company in India, is “very positive about crypto.” Noting that cryptocurrency is here to stay, he expects it to become a mainstream technology in a few years. Paytm Founder Is ‘Very Positive About Crypto’ Vijay Shekhar Sharma, the founder of Paytm, said at a virtual conference organized by the Indian Chamber of Commerce (ICC) Thursday that cryptocurrency is here to stay, PTI reported. He added that crypto is Silicon Valley’s answer to Wall Street. Paytm is an Indian multinational technology company that specializes in digital payments. The company completed an initial public offering (IPO) last week. In its IPO filing, Paytm revealed that it has 337 million registered consumers and 22 million merchants. Sharma opined: I am very positive about crypto. It is fundamentally based on cryptography and will be the mainstream technology in a few years like the internet which is (now) part of daily life. The Paytm founder admitted that cryptocurrency is currently being used in a speculative manner, elaborating: Every government is confused. In five years, it will be the mainstream technology. Sharma believes that people will realize how the world would be without crypto. However, he stressed that crypto will not replace sovereign currencies, like the Indian rupee. The Paytm founder also said that once his company’s revenue crosses $1 billion, Paytm will be launched in developed countries. “Now Paytm in a JV with a Japanese entity is running Japan’s largest payments system. Later we will go without a partner,” he shared. Early this month, Paytm Chief Financial Officer (CFO) Madhur Deora indicated that his company is open to offering bitcoin services if crypto assets become legal in India. The Indian government is currently pushing for cryptocurrency legislation. A cryptocurrency bill is expected to be introduced and passed during the winter session of parliament which starts next week. The bill seeks to ban private cryptocurrencies with some exceptions. However, the bill has not been published and there have been conflicting reports coming out of India regarding the content of the bill. What do you think about the comments by the Paytm founder? Let us know in the comments section below. View the full article

The CEO of cryptocurrency exchange Binance says that he and Berkshire Hathaway CEO Warren Buffett share a similar investment strategy. However, he said he would not convince the Oracle of Omaha to invest in cryptocurrency. “I get worried if he uses crypto. He may not have the necessary skills or the knowledge on how to keep his own crypto safe,” the Binance CEO stressed. Binance’s CEO on Warren Buffett and Crypto Investing Binance CEO Changpeng Zhao (CZ) talked about Berkshire Hathaway CEO Warren Buffett and cryptocurrency investing on Yahoo Finance Wednesday. Zhao recently praised Buffett’s investing skills after reading a book about him titled “Warren Buffett: Inside the Ultimate Money Mind.” The book provides “a deep analysis of Buffett’s essential wisdom, an intricate mosaic of wide-ranging ideas and insights that Buffett calls a Money Mind,” according to its description. The Binance boss was asked if he were sitting in a room with Buffett, what he would tell the Oracle of Omaha about why he should invest in crypto. Zhao replied: I wouldn’t convince him to invest in crypto. I think it’s not necessary that everybody has to invest in crypto. “My mom doesn’t use the internet that much and that’s fine. The internet is fine. My mom is fine,” the Binance executive continued. “I think basically it’s a free world. We don’t have to convince everybody to use crypto. It’s only for the people who want to use crypto.” He explained that he read the book on Buffett because he reads many investment books. “I recently just stumbled upon it, and it’s a great book, actually,” Zhao emphasized, adding that the Oracle of Omaha “has many investment theses that are timeless. And that still applies to crypto. It’s just that he’s not personally interested in crypto.” In addition, the Binance executive thinks he and Buffett have similar investing strategies. He explained, as noted in the book, that Buffett is not an investor who likes to diversify his portfolio. Zhao described: He likes to hold a small number of stocks that he knows well. And he doesn’t want to diversify across hundreds of stocks. That’s very similar to my personal mentality. I only hold BNB and BTC. I don’t diversify myself across different crypto assets. “Because of his non-diversification, he is not into bitcoin or crypto. That’s fine. We don’t need to convince him,” Zhao emphasized. “He is not short of money. He is at a different stage of life where I think the learnings, the philosophies, the teachings are valuable to the world,” the Binance executive added. The Berkshire Hathaway CEO “is super successful which I respect a lot,” he added, noting that there is no need to get him into crypto. In fact, Zhao said he would be worried if Buffett starts using crypto, stating: I get worried if he uses crypto. He may not have the necessary skills or the knowledge on how to keep his own crypto safe. Buffett has been a vocal critic of bitcoin and cryptocurrency. He called BTC “rat poison squared” in 2018. He also called the cryptocurrency gambling, a game, and not an investment. His righthand man, Charlie Munger, said bitcoin is “disgusting and contrary to the interests of civilization” at Berkshire’s annual meeting in May. Zhao was also asked about his recent discussion on Twitter with Tesla CEO Elon Musk about Binance’s dogecoin problem. Musk, a proponent of the meme cryptocurrency dogecoin, tweeted Tuesday morning that the Binance’s problem “sounds shady.” “Well, I don’t intend to be sassy on Twitter,” the Binance boss explained, emphasizing that Musk was “incorrect” and “lacks research.” He continued: “I am not aggressive by nature, but I’m also not submissive or cowardly when it comes to defending our business. I view defending Binance as my job and defending BNB and the crypto industry as my life’s mission.” Do you agree with Binance CEO Changpeng Zhao about Warren Buffett and crypto? Let us know in the comments section below. View the full article