Among the chaos of the Freedom Convoy and Canada’s authoritarian reaction, Bitcoin proved itself to be a sovereign financial rail for fueling protests.
The U.S. Securities and Exchange Commission (SEC) will announce its decision on the Bitcoin-linked spot Exchanged Traded Funds (ETFs) proposals filed by investment giants Bitwise and Grayscale. The Commission is expected to make this announcement on the former by July 1st and on the latter by July 6th. Related Reading | Here Are Bitcoin And Ethereum’s […]
The closely followed analyst and host of the popular Coin Bureau channel says that one metaverse altcoin has more potential than most crypto assets in the sector. In a new video update, the pseudonymous analyst known as Guy tells his 2.07 million followers that while its price action has looked underwhelming for many months now, […]
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This is the slightly negative part of Bitcoinists NFT NYC report. For an intro, and the positive side of the event click here. Since we will quote this CNBC report later on, let’s paint a picture of NFT NYC with their words. “Inside the Marriott Marquis nearby, where the conference has rented six floors, crowds […]
The ongoing crypto winter seems to have caught up with Bitcoin miners as they are now sending a ton of coins to exchanges.
As KYC requirements and censorship grow across the world, Bitcoin will return power to the people to move and live as they want.
The first cinematographic NFT project “The Future Is Now Film” shows what blockchain leaders think of future governance systems: will there be even tighter centralization, a symbiosis of traditional and new methods of control or do we need a totally new governance system to replace the old one? Answers to these questions can be found in the two latest episodes, “Transforming The Future” and “Aligning The Future”, which were filmed at the AIBC Summit UAE 2021 in Dubai and Blockchance EU conference in Hamburg. Let’s dive deeper and see what futurists think. Blockchain Is Getting Closer to Traditional Institutions Several years ago, it would have been a bombshell to see government officials at a blockchain conference. Now, in both the AIBC Summit in Dubai and Blockchance EU conference in Hamburg, government officials are among honorable guests for two reasons. First of all, the scale of the change made them notice the inevitable. Secondly, some of the “decentralized futurists” have joined the ranks of centralized organizations in hopes of making a difference. For example, H.E. Justin Sun, the founder of TRON, recently became an ambassador to the World Trade Organization on behalf of Grenada, a country in the Caribbean. In his view, cryptocurrency projects today are “way more efficient than the financial infrastructure that we have today” and now he plans to pave the way for mass adoption. According to Fabian Friedrich, the founder of Blockchance Group, one of the reasons for the Blockchance EU conference to exist is the need to bring together different market players especially the decision-makers who currently govern traditional systems “to take the fear away and show them how positive this movement is, how many chances are in the movement for a better future”. Some have already achieved tangible progress in establishing the dialogue. Fabian Vogelsteller, co-founder of ERC20 Protocol, shared that negotiations with regulators despite the “back and forth” nature of the process, have already brought positive results because “everybody sees the benefits of this technology” while of course the “old has always had the interest to survive”. Will Governments Have a Saying? According to His Excellency Justin Sun, decentralized currencies are more advanced not only on the technological side but also on the philosophical side as they drive the inclusion of smaller countries. That is why it will be only natural for countries to “start to diversify the countries’ reserves” also by building the central bank digital currencies but “the philosophy behind CBDC’s will determine their results”: they could either join a competitive system or “undermine the reputation and the influence in the market in the first place” if they are made to be an appealing asset to use next to cryptocurrencies, for example by simply functioning as a financial tracking tool. Justin Sun believes that when the barriers of the traditional financial system go down, everyone benefits. But according to Brock Pierce, the 2020 US Presidential candidate from the Bitcoin Foundation, there will be beneficiaries and losers. In his view, Dubai, for example, will be the beneficiary of change because it “is doing a good job recognizing the change and adapting to it” but those who resist the change will suffer: “Look at Florida and Miami, they are doing a good job… They are the beneficiary of the change. That is what happens when you embrace the future. You get to be part of it. Resist it and it runs you over. The future is coming” Prominent venture capitalist Tim Draper whose Dad fought in the Korean War has shared a vision of what resistance to change could look like by giving a historical example of North and South Korea as a full government control system versus a “free and open society with democracy” 70 years later: “Average South Korean now makes 430 times what the average North Korean makes in a year, and that is when you adjust for purchasing power. And the average South Korean is 4 inches taller than an average North Korean. It is pretty clear to me which system works better” Dubai: Safe Harbor for Innovations One of the biggest gatherings in the blockchain community held by Eman Pulis & SIGMA Group AIBC Summit UAE 2021 has been held in Dubai a few months prior to Blockchance EU. Dubai is among the first cities that are “taking a tangible stand into abundance and allowing decentralization to flourish” as it is stated by Miguel Francis-Santiago, the Founder of The Future is Now DAO and the mastermind behind #TheFutureisNowFilm, with initiatives like the UAE Crypto Map. Dubai is “on its way to becoming self-sustainable” by leveraging the power of innovative-based ecosystems. Under the leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, with a plethora of initiatives headed by Dubai Blockchain Center and the work of its CEO Dr. Marwan Alzarouni, creating a safe harbor of innovation. And the safe harbor has already brought some fresh fruits. Matthias Mende has launched an innovative celebrity marketplace Bonuz Market just after a couple of years of residency in Dubai and now the project allows celebrities around the world to engage with fans within an NFT and Metaverse platform. Sergej Kunz with 1inch Network bridges the crypto world with traditional banking by working with such regulated institutions like Sygnum Bank. The 1inch Network solution became the deepest liquidity aggregator in the DeFi space: the platform reached over $120 billion in transaction volume since its inception by solving the problem of high entry point and barrier to use cryptocurrencies. Salim Ismail of OpenExO, former CEO of Singularity University, by creating pilots with such traditional businesses like Procter & Gamble, Gucci and KPMG, created a space where new transformational methods of running a company between exponential organization structure and traditional businesses can now pave the way for preserving synapses of the human brain. The US Presidency: to the “Belly of the Beast” According to Ilya Churakov of the decentralized ecosystem Global Digital Club, such bridges need to be built in the “right way” so big opportunities could scale fast and reach mass adoption. But to learn the “right way” we need to study the old one, believes Brock Pierce, the 2020 US Presidential candidate from the Bitcoin Foundation. He dedicated his utmost energy to running the US presidential campaign during the 2020 Year of COVID, in order to understand the mechanics of the political system better and get ready for the next stage in making actionable change: “Why would I subject myself to such a thing [as a Presidential Campaign] if I was not committed to following all the way through… Let’s say it was an exploratory mission. To understand the mechanics of the system, you need to go inside the belly of the beast, to learn how to run a national campaign without any of the existing infrastructure… without any of the funding mechanisms that allow politicians to run for office, without a political platform… and to do it in the midst of COVID. My basic training is complete” According to Crystal Rose Pierce of Sense.Chat, only by “creating the bridge” between traditional systems and the decentralized world can we explore how the interests of different people can be put together for mutually beneficial growth. For the Pierce couple, there is no goal to simply replace the old with the new, there has to be a dialogue. El Salvador: Dreamland for All Nations El Salvador has been creating this bridge perhaps like no one else in the current political system, while becoming the first country to make this brave step towards economic freedom. As a country, they seek to voice their opinion, and make their opinion visible despite the pandemic crisis that was happening in the world at the time and a very clear recommendation from the International Monetary Fund in November of 2021 – not to adopt Bitcoin as a legal tender. Nevertheless, they are going forward with the Bitcoin infrastructure in the country as they are seeking economic freedom, the dream of all nations. William Soriano, a congressman from El Salvador and a prominent Bitcoin advocate, explained how Bitcoin can help other countries by sharing how his homeland plans to “achieve the next level of prosperity”. The first benefit is cutting the unnecessary costs: “Civil war led to 3 million people leaving the country to the US. Those people send 7000 million dollars yearly of remittances. That makes them pay 400 million dollars in fees to companies such as… Moneygram… Ria etc. And this is just El Salvador, a small country…” The second step is financial inclusion. In just 3 months, financial inclusion reached 80% in El Salvador, rising from 1.2 million to 3.8 million people having access to a financial system. Finally, the country set up a plan to use natural resources like volcanoes and geothermal energy with the use of “volcano bonds”, a decentralized financial UBI-type instrument. According to an SDG advocate at the United Nations and the World Economic Forum, Marc Buckley, all countries should follow the example to “stop recreating” a cycle of insanity that leads to financial bubbles following a downturn, on constant repeat – a model Marc believes the world has been viciously revolving around. His Excellency Justin Sun is confident that countries in the Caribbean region will certainly follow the El Salvador example. But we can hardly expect all governments to act and follow this example, so what are the alternatives? Dying Animal vs. Autonomous Private Cities Dr Wolfgang Pinegger, founder of GLBRAIN and CEO of GAMB, believes that “centralization is everywhere”: from social media to banking and governments, the only light at the end of the tunnel being cryptocurrencies which might be “the only way to escape the centralization step by step” with a proper use-case. That is why GAMB Power To The Merchants has developed a solution that solves a major issue in the crypto space – high transaction fees for day-to-day operations. The company has presented a coin with zero transaction fees that will work also in countries where 1$ is a substantial sum for a crypto transaction. This will consequently bring cryptocurrencies closer to mass adoption, and therefore reduce the centralization. In Wolfgang’s view the change might happen quite naturally with a mindshift that is already happening in the younger generation: “But the young generation has already realized that they do not want to be part of this game… (ed. centralization) and the young generation in itself will just change it. Many people from the centralized world will not even realize until it has happened” Veronika Kuett, who works on autonomous systems with Tripolis Corp., thinks that centralized money is “the most powerful tool” that the government would not wish to lose, since it allows them to “inflate” and “debase the money of everyone else”. Governments might react with tightening centralization and they might even succeed in the short term. Of course, printing money helps governments pull resources together which means attracting people “to set up control structures”. But in the end, “this animal has cancer and therefore it will die”. That is why there is no need to waste energy on reforming central banking when “we need to rethink governance” to set up new systems instead: “The strategy is to spend the least amount of energy focusing on old systems but rather build the future, educate people and make them join the new system” One of the solutions according to Veronika is “to have many thousands of smaller entities where we have bonded communities, where we know each other, we trust each other” to “get rid of this anonymity that we have as residents in a very large nation”. The demand for autonomous private cities is already there with many innovative libertarian thinkers facing the limitations of “government’s ever-changing rules”. Irina Litchfield of the Global Autonomous Network also shares an opinion that we need to “create new models of living through autonomous lands, agrotech and regenerative farming, blockchain, new space and beyond”. If Mars colonization would make us rethink governance, why should we not start now? What’s Next? What does the future hold? What sort of future can help humanity reach sustainable goals and how? Follow new episodes of #TheFutureisNowFilm and don’t miss the future through the thoughts and accomplishments of the most innovative minds in the industry. TFIN DAO team and the show’s creator Miguel Francis-Santiago are already working on new episodes filmed in Dubai surrounding the WoW Summit and a 2nd edition of AIBC Summit Dubai 2022 with the support of the NFT-vehicle that will allow for this roving crypto documentary to be featured on such platforms as Netflix, Amazon Prime, and Hulu. To see the retrospective of the blockchain world’s progress, watch the film series 5 year trailer that sums up the last 5 years with over 20 gatherings around the world that Miguel Francis-Santiago and the team have attended, over 19 episodes have been filmed so far and over 15 countries explored through the lens of The Future is Now Film. Join the conversation and become a part of the community by supporting TFIN DAO. Be part of the #TheFutureisNowFilm movement – Website | Telegram | Twitter
The Three Arrow Capital (3AC) collapse has come barely one month after the Terra collapse. Both of these crypto giants crashing in such a short time frame has put the market in one of its most volatile positions yet. The Luna collapse had reverberated through the market and 3AC had taken a lot of heat […]
Cardano (ADA) founder Charles Hoskinson doesn’t think highly of the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Ripple. The SEC sued Ripple in late 2020, alleging the payments firm sold XRP as an unregistered security. In a new interview with BitBoy Crypto, Hoskinson says regulators shouldn’t operate on a case-by-case basis, which he says […]
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The team of ProximaX, a full-stack blockchain platform, announced today that its Xarcade Testnet Browser App has launched. This version is compatible with releasing Browser/HTML5/Web and Web GL games within the testnet environment and all game developers are welcome to discover the new app. This testnet environment is designed to allow game developers to create […]
The post ProximaX’s game tokenization platform Xarcade launches testnet browser app appeared first on CryptoNinjas.
The global cryptocurrency market was on track for another decline on Saturday, as Bitcoin and other top cryptocurrencies took a significant blow throughout the day. The $1.19 trillion crypto industry is currently worth less than it did in July of last year. In the past week, the majority of prominent cryptocurrencies, including Bitcoin, Cardano, Ethereum, Solana, and others, have extended their losses against the US dollar. Overall, the leading cryptocurrencies have lost between half and 80% of their all-time price peaks. The BTC price dropped below $30,000 on Saturday following the release of a critical inflation report on Friday, which showed little indication that price drops will soon begin to cool off. Suggested Reading | Dogecoin Mining Revenue Massively Fell In Past 12 Months Bitcoin Collapses To $27K As of this writing, Bitcoin (BTC) is taking a beating and trading at $27,560.18, down 7.8% in the last seven days, Coingecko data show. This occurred after the world’s largest cryptocurrency remained steady at $30,000 for two days. The dominant cryptocurrency has been trading inside a narrow range for weeks, as crypto and stock markets have struggled to recoup significant upward momentum following a month-long sell-off. Analysts also point to the ongoing conflict in Ukraine and worries over a tightening of monetary policy by the U.S. central bank as reasons for the decline in stock and cryptocurrency values. BTC total market cap at $523 billion on the weekend chart | Source: TradingView.com Darshan Bathija, CEO and co-founder of Vauld, explains: “We are witnessing frequent short-term spikes in volatility because market participants are trading inside a restricted range due to uncertainty regarding the crypto market’s response to macroeconomic conditions.” Currently, the cryptocurrency market has lost 6.1% in the last day alone. This number is lower than the lows recorded in July 2021, when market capitalization reached $1.32 trillion. The entire crypto-economy has not been priced this low since the first week of February 2021. Bitcoin fell to two-week lows on June 11 as bears concluded the week’s trading on Wall Street. ‘Substantial Rebound’ Ahead The BTC/USD pair fell in tandem with stock markets on Friday, wrapping up the week with a hefty loss – the S&P 500 and Nasdaq Composite both dropped 3% and 3%, respectively. Meanwhile, despite the negative reports, investors can anticipate a “substantial rebound” in the fourth quarter of this year for the USD value of bitcoin. According to Nigel Green, CEO and Founder of deVere Group, Bitcoin is highly associated with global stock markets, and a bottom is near for everyone. “I believe that we’ll soon see a bull run that will lead to a significant bounce in the fourth quarter of the year for the world’s leading digital currency,” Green said. Suggested Reading | Ethereum Prices Down For 4th Straight Session As ETH Trades Below $1,800 Featured image from Inc Magazine, chart from TradingView.com
As traders buckle down for the weekend, Bitcoin prices ushered in Friday’s session rather sluggishly. During European trading hours, Bitcoin stayed slightly around $30,000, displaying signs of weakening ahead of the U.S. consumer price index (CPI) release. The price of Bitcoin decreased on Friday after U.S. CPI data revealed that inflation was not abating. Suggested Reading | Ethereum Prices Down For 4th Straight Session As ETH Trades Below $1,800 Bitcoin Drops 1.6% Minutes After CPI Report In contrast to forecasts, the U.S. CPI increased last month, as indicated by the data. BTC fell by 1.6% in the minutes following the release. BTC prices continue to trade below this week’s resistance level of $30,500 and have inched closer to the $29,500 support level. BTC traders have experienced a consolidation between $32,000 and $28,650 after the selloff in May pushed the BTC/USDT pair to a low of $26,350. As a result, the BTC price has oscillated within a range for about a month, signaling market participants’ uncertainty. CPI Climbs 8.6% YOY Last Month According to the U.S. Department of Labor, the CPI, the most commonly followed measure of inflation, rose 8.6 percent year over year in May, up from 8.3 percent in April. The market anticipated a reading of 8 percent. Source: New York Post U.S. inflationary pressures have driven the Federal Reserve to boost interest rates more rapidly, suggesting additional losses for riskier assets. In spite of negative macroeconomic market sentiment and systemic threats in the broader cryptocurrency market, Bitcoin has traded inside a narrow band of $28,000 to $31,000 over the previous 30 days. In addition to rising interest rates, inflation, and the economic uncertainty that has plagued the entire financial system as a result of Russia’s unprovoked invasion of Ukraine, rising interest rates and inflation are also among the primary factors that have contributed to the negative market sentiment. BTC total market cap at $556 billion on the weekend chart | Source: TradingView.com BTC Sheds Nearly 65% From ATH The world’s most sought-after crypto is down almost 65 percent from its all-time high, which was reached in the fourth quarter of 2017. Despite recent losses, Bitcoin values are about 1 percent higher than they were a week ago, when they were trading for less than $29,000. Meanwhile, Saturday’s Coingecko graphic depicts BTC trading at $29,271.63, down 1.5 percent in the last seven days. Suggested Reading | Dogecoin Market Cap Shed $6-B Last Month – Will Bearish Pressure Continue The Pulldown? Featured image from Currency.com, chart from TradingView.com
The VeChain Foundation and the Ultimate Fighting Championship (UFC) announced a multi-year marketing collaboration. The partners claim the deal is a “first of its kind” aimed at “breaking marketing ground” for the blockchain-based organization and the mixed martial arts organization. Related Reading | Why VeChain (VET) Could Be On The Verge Of A 40% Rally In that sense, the VeChain Foundation will have an “unprecedented level of integration into key UFC assets”. This will include live events, broadcast features, in-arena promotion, and original content reserved for UFC distribution alone. Data provided by the UFC claims there are over 900 million households in 175 countries with exposure to its mixed martial arts events. If only 1% of these numbers decide to enter the VeChain (VET) ecosystem, the network would see a huge spike in adoption levels. Co-Founder and CEO of VeChain, Sunny Lu, said the following about the partnership: It is a historical moment when VeChain, the Layer 1 public Blockchain with the most enterprise adoption, joins forces with the fastest growing sport to raise awareness that blockchain technology is critical in helping deliver major global objectives, such as sustainability. This is just the beginning of a multi-year relationship with UFC, and we really look forward to changing the world together. Paul Asencio, UFC Senior Vice President of Global Partnerships acknowledged VeChain’s role in the crypto space and expressed his excitement as they become a major UFC partner. Asencio added: VeChain’s expertise in using real-world blockchain applications to help the public and private sector achieve their carbon-neutral goals is an effort we are proud to support. We’re looking forward to working with VeChain to leverage UFC’s worldwide popularity to promote a positive message that blockchain technology can be used to protect our environment for future generations. How VeChain Will Benefit From Its UFC Deal According to the release, VeChain will own UFC’s official fighter rankings titleship, this is designed to provide the blockchain with visibility and to attract more users to the network. The ranking will be titled “UFC Ranking Powered by VeChain”. The collaboration will also grant VeChain branded presence inside the UFC Octagon across all of its events. The visibility will extend to Pay-Per-View events, UFC digital, and its social media platform, and its in-venue events. UFC and the blockchain-based nonprofit organization will collaborate to create unique content and to develop corporate activities. UFC athletes will receive financial incentives to act as VeChain ambassadors and further strengthen the network’s visibility and potential adoption levels. The partnership will debut next Saturday, June 11 at the Teixeira vs. Prochazka at the Singapore Indoor Stadium. We look forward to working with @ufc in the years ahead & helping the world discover the power of public #blockchain for initiatives from #Carbon management, #Sustainability, #SDGs and much more.#VeChain will revolutionize the global economy. https://t.co/3O4BvO3rAs $VET — VeChain Foundation (@vechainofficial) June 9, 2022 Related Reading | Why VeChain May Run Out Of Fuel After 90% Rally At the time of writing, VET’s price seems to be slightly reacting to the news as it records a 3% profit on its 4-hour chart.